African Energy Announces Delay in Filing of Annual Financial Statements and Related Documents and Grant of Management Cease Trade Order

Vancouver, British Columbia – (May 2, 2023) – African Energy Metals Inc. (TSXV: CUCO; FSE: BC21; OTCQB: NDENF; WKN: A3DEJG) (“African Energy Metals” or the “Company”) announces the Company’s delay in filing the following documents:

      • The Company’s annual audited financial statements for the year ended December 31, 2022, as required by Section 4.2 of National Instrument 51-102 – Continuous Disclosure Obligations;
      • The Company’s management discussion and analysis for the year ended December 31, 2022, as required by Section 5.1(2) of NI 51-102; and
      • Chief Executive Officer and Chief Financial Officer certificates relating to the audited annual financial statements, as required by NI 51-102,

(the “Required Filings”).

The default is due to the Company’s recent change of auditors.  The Company is working diligently to remedy the default by working with its new auditor to ensure the filing of its required filings as soon as possible (see Notice of Change of Auditors filed on the Company’s profile on SEDAR on April 20, 2023).

Accordingly, the Company has applied for, and received, a management cease trade order (“MCTO”) from the British Columbia Securities Commission, pursuant to which the Company will have until June 30, 2023 to file the Required Filings.

The Company is providing this default announcement in accordance with National Policy 12-203 Management Cease Trade Orders (“NP 12-203”). The MCTO will prohibit the Chief Executive Officer and the Chief Financial Officer of the Company from trading in the securities of the Company until such time as the documents are filed. The issuance of the MCTO does not affect the ability of persons other than the Chief Executive Officer and the Chief Financial Officer of the Company to trade in the Company’s securities.

During the period of default and until filing of the documents, the Company intends to satisfy the provisions of the alternative information guidelines as described in Sections 9 and 10 of NI 12-203.  Should the Company fail to file the appropriate Default Status Reports as prescribed by NP 12-203, the securities commissions or regulators may, as a result of such failure, impose an Issuer Cease Trade Order.  Until the Company has filed the documents, members of the company’s management and other insiders are subject to an insider trading blackout policy as per its internal insider trading policy that is consistent with the principles in Section 9 of National Policy 11-207 – Failure-to-File Cease Trade Orders and Revocations in Multiple Jurisdictions.  The Company confirms that it is not subject to any insolvency proceeding as of the date hereof. The Company also confirms that there is no other material information concerning the affairs of the Company that have not been generally disclosed as of the date herein.

About African Energy Metals

 African Energy Metals is a natural resource company with a focus on the acquisition, exploration, development, and operation of uranium, copper, cobalt, and lithium energy metals projects in Africa. African Energy Metals has the intention of acquiring interests in additional concessions or relinquishing concessions in the normal course of business. African Energy Metals has an experienced management team located in the DRC.

For further information, please contact:

Stephen Barley, Executive Chairman Phone: +1-604-428-7050

Email: info@africanenergymetals.com Website: www.africanenergymetals.com

Reader Advisory

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This news release may contain forward-looking information within the meaning of applicable securities laws. All information and statements other than statements of current or historical facts contained in this news release are forward-looking information.

Forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed here and elsewhere in African Energy Metals’ periodic filings with Canadian securities regulators. When used in this news release, words such as “will”, “could”, “plan”, “estimate”, “expect”, “intend”, “may”, “potential”, “should,” and similar expressions, are forward- looking statements. Information provided in this document is necessarily summarized and may not contain all available material information.

Forward-looking statements include those in relation to the filing of the Required Filings and the anticipated timing thereof and the ability of the Company to comply with the provisions of the alternative information guidelines described in sections 9 and 10 of NP 12-203. Although African Energy Metals believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can’t make any assurances that its expectations will be achieved. Such assumptions may prove incorrect. Forward looking statements are necessarily based upon a number of estimates, and assumptions (including the receipt of regulatory approvals) that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward looking statements. 

The forward-looking statements in this news release are made as of the date of this news release, and African Energy Metals disclaims any intention or obligation to update or revise such information, except as required by applicable law.

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