Energy Metals Corporation announced an updated independent mineral resource estimate prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects (?NI 43-101?) (?2024 MRE? or ?2024 Resource?) for its 100% owned Eureka Deposit, Nikolai Nickel Project (?Nikolai? or ?Deposit?) in Alaska, USA, with an effective date of February 12, 2023.

Total Indicated mineral resources of 3.877 billion pounds (1.758 million tonnes) of nickel, 1.276 billion pounds (578,783 tonnes) of copper, and 303 million pounds (137,438 tonnes) of cobalt, plus a total of 4.0 million ounces of platinum, plus palladium and gold in a constrained model totaling 813 million tonnes, at an average grade of 0.29% total NiEq, using a 0.20% NiEq cut-off grade. Total Inferred mineral resources of 4.225 billion pounds (1.916 million tonnes) of nickel, 1.040 billion pounds (471,736 tonnes) of copper, and 327 million pounds (148,324 tonnes) of cobalt, plus a total of 3.4 million ounces of platinum, plus palladium and gold in a constrained model totaling 896 million tonnes, at an average grade of 0.27% total NiEq, using a 0.20% NiEq cut-off grade. A higher-grade core zone has been identified within EZ2, and it shows continuity along much of the strike of the deposit.

The higher-grade core contains an Indicated resource of 211 million tonnes at a grade of 0.34% NiEq and an Inferred resource of 154 million tonnes at a grade of 0.33% NiEq. This zone will continue to be evaluated, as it could positively affect project economics. The 2024 MRE represents a significant, material tonnage increase in the MRE for the Nikolai Nickel project compared to the maiden MRE.

The 2024 MRE is defined by 43 drill holes comprising 35 historic and eight holes drilled in 2023 by AEMC. The drill holes provide confirmation that mineralization is interconnected across all three domains. The deposits remain open along strike and in the down dip direction.

The 2024 MRE incorporates three zones (EZ1, EZ2, EZ3) of sulfide mineralization that cover 4.5 kilometers (2.8 miles) of the Eureka deposit (Figure 1). The Eureka Zone East and Eureka Zone West MRE reported in the 2023 maiden MRE are now connected to form one continuous deposit. As a consequence of joining the two deposits together, the strip ratio was significantly decreased from 3.7:1 to 1.5:1. Chrome and iron are also present within the deposit but have not been reported in the 2024 Resource due to the lack of historical assay data and analytical methods used.

The geologic model used for reporting of mineral resources is a 3D block model that was developed using LeapFrog Edge version 2023.1.1 and MinePlan version 16.1.1. The block model was developed using the UTM NAD83 6N and is in metric units. The block size is 40 m (X), 10 m (Y) and 10 m (Z) rotated by 26 degrees toward the east to align the X-axis along strike at 118 degrees. The block model captures three mineralized ultramafic intrusive bodies (?zones?

or ?solids?) that dip towards the southwest at between 45° and 50°. These three zones are called Eureka Zone 1 (EZ1), Eureka Zone 2 (EZ2) and Eureka Zone 3 (EZ3) from south to north across the deposit, respectively. The mineralized zones were built using Seequent?s Leapfrog Geo software from a drillhole database of 43 drillholes.

Mineral sample assays have been validated for 36 of the 43 drillholes and assay data from these holes has been used to estimate grades for nickel (Ni), copper (Cu), cobalt (Co), platinum (Pt), palladium (Pd), gold (Au), silver (Ag), iron (Fe) and chromium (Cr). All metals, excluding Ag, Fe and Cr, have been used to calculate a NiEq grade based on average (24 month) market prices. Ag and Au grades were capped prior to estimation at 0.6 parts per million (ppm) for Ag and 0.03 ppm for Au within EZ1.

Ni is approximately 77% of the total in-situ value of the metals included in the equivalent grade calculation. Reasonable prospects for economic extraction have been determined by calculating a recovered NiEq cutoff grade of 0.20 percent (%) using the following assumptions: Mining costs USD 2.5/tonne; Processing costs USD 25/tonne; and Processing recovery of 60%. Resources are reported from within an economic pit shell at a 45-degree constant slope using Hexagon mining Pseudoflow algorithm.

No underground mining is considered. Assumed revenue used to drive the pit shell is US$10.60/lb Ni applied to a recovered Ni-equivalent grade assuming 60% recovery for Ni and 50% recovery for all other metal equivalents. This pit optimization does not represent an economic study.

Future engineering studies will be needed to develop optimal bulk tonnage mining methods. The pit-constrained MRE is at an indicated and inferred-level of assurance based in the quantity of exploration data available for grade estimation. Mineral resources are reported for the EZ1, EZ2 and EZ3.