African Energy Metals Announces Update on Investor Relations Agreements and Resignation of Officer

Vancouver, British Columbia – (August 31, 2023) – African Energy Metals Inc. (TSXV: CUCO; FSE: BC2; WKN: A3DEJG) (“African Energy Metals” or the “Company”) announced today that it has accepted the resignation of Murray Flanigan as Chief Financial Officer of the Company.  The Company wishes to thank Mr. Flanigan for his service to the Company. There were no disagreements between the Company and Mr. Flanigan regarding financial reporting.

The Company also announces that, further to its press release of March 21, 2023, the Company will not be proceeding with the Investor Relations Agreements with  Machai Capital Inc. and Triomphe Holdings Ltd. (dba Capital Analytica). No funds were paid under these agreements.

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. 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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