BeMetals Corp. announced it has further extended the Seta Vein with recently received assay results for drill holes KT22-13 to KT22-15 from its ongoing diamond drilling program at the Kato Gold Project (‘Kato' or the ‘Property') in Hokkaido. The Company also provides a summary of progress for all its Kazan gold projects in Japan.

Drilling has been paused for a short winter break and will resume next month to test both depth and grade zonation of the Kato mineralization. This phase of drilling will also test exploration targets to the southeast, along strike from 2022 drilling program. The discovery potential of the country has generated significant exploration interest from senior gold producers such as B2Gold Corp., a strategic cornerstone investor in BeMetals, and major gold producers including Newmont Corporation and Barrick Gold Corporation.

Company believe there are very few remaining regions of the world that are under-explored with the pedigree for gold discovery and development potential as provided by Japan.' 2022 KATO PROJECT DRILLING PROGRAM: The drilling to-date at the Kato Project has already successfully extended the high-grade gold zone, along strike of the Seta Vein Zone some 160 metres from the historical intersections of MMAJ completed in the early 1990s. Holes KT22-11 and KT22-12 support this significant extension which returned 6.42 g/t Au over 11.50 metres and 3.06 g/t Au over 26.10 metres respectively.

These intersections include 7.80 g/t over 8.70 metres with 11.88 g/t Au over 4.52 metres in KT22-11, and 4.88 g/t Au over 10.20 metres with 5.76 g/t Au over 5.05 metres in KT22-12. In addition, and potentially most importantly the new drilling results from holes KT22-13 and KT22-15 provide further strike extension of the Seta Vein by approximately 400 metres from hole KT22-11. While the grade of the Seta Vein in these two drill holes was 0.47 g/t Au over 30.00 metres, including 1.25 g/t Au over 5.25 metres, and 0.29 g/t Au over 17.50 metres is relatively low.

It is interpreted that these holes intersected the upper reaches of the vein where such grades could be expected. Observation of certain quartz vein textures support these intersections being at a relatively high level in the system. Planned drilling in 2023 will test below these latest intersections where improved grade continuity could be expected.

This has been seen in other areas of the Project area. Drill holes KT22-12 and KT22-15 also intersected the recently identified Kamitake Vein Zone close to the Seta Vein. The Kamitake Vein Zone provided grades of 0.58 g/t Au over 16.75 metres including 0.84 g/t Au over 4.65 metres and 0.81 g/t Au over 2.10 metres in KT22-12, and 0.86 g/t Au over 3.67 metres in KT22-15.

These mineralized veins are trending towards an area where high-grade outcrop rock chip samples were taken in the Seta River valley. All the data to-date, provide compelling drill targets for upcoming 2023 drilling campaign to commence in February. During the recently completed drilling campaign, additional drilling equipment was used that appears to improve drilling efficiency in the shallow, highly altered units of the host rocks.

BeMetals also plans to test other advanced core drilling technology to further improve drill productivity and core recovery. THE KATO GOLD PROJECT: The Kato Gold Project is BeMetals' most advanced, of five exploration projects in Japan based on the amount of available historical drilling information in central Hokkaido. The Kato Project (historically referred to as the Seta River Prospect) is an example of a remarkably well-preserved epithermal gold system.

This mineralization style is an example of an epithermal system and the classic analogy for this mineralization type in Japan is the Hishikari Gold Mine, on Kyushu. Global examples of this type of mineralization include mines such as Lihir (Papua New Guinea), Kupol and Julietta (Russia), Waihi (New Zealand) and Masbate (Philippines). The Property was previously drilled by the Japanese state agency MMAJ in the 1990s and during that time results included high-grade intervals of gold such as 17.5 metres grading 8.15 g/t Au in hole 5MAHB-2 and 18.65 metres grading 5.01 g/t Au in hole 7MAHB-1. OTHER KAZAN GOLD EXPLORATION PROPERTIES: TODOROKI, KONOMAI, TASHIRO AND HOKUSATSU PROJECTS At the Todoroki Gold-Silver Project (‘Todoroki') in western Hokkaido the Company completed a phase of geological compilation and target generation based upon rock chip and cut channel sampling with geological mapping completed during the year.

This data has been integrated with historical data from the past producing Todoroki Gold Mine. This combined work has led to the generation of robust targets for drill testing during the 2023 field season. Such targets, if successfully drilled would provide material extensions to the Todoroki vein swarm, many of which were historically mined in certain areas.

Available records indicate that some 200,000 ounces of gold, and 7.4 million ounces of silver were produced at Todoroki up to 1943. Following WW2, mining continued intermittently until the 1980s but production information for this period is uncertain. At the Company's Konomai Project in northern Hokkaido, a soil and rock chip sampling program was completed near the historical Otowa Gold Mine on the Konomai property.

When the full set of results are available these will be integrated with existing data to generate targets for follow-up exploration. In Kyushu, BeMetals received permission from the civil aviation authority and will complete an airborne drone magnetic survey at the Tashiro Project. Also, the Company will undertake a mapping and sampling program at the Hokusatsu Project.