East Africa Metals Inc. provided an update on the progress of the Magambazi Mine development. EAM, having recently toured the site and met with Canaco Tanzania Limited's ("CTL") management along with management from EMG Pamoja Royalties Tanzania Ltd., EMG, EAM's gold trading subsidiary. Management believes that the Magambazi Mine development is ahead of schedule and commissioning of hard-rock mining operations will commence at the North Pit in Second Quarter of 2022.

As previously announced (Press Release – September 27, 2021), PMM Mining Company Limited ("PMM") has commenced engineering work to develop detailed plans for hard rock mining operations and surface equipment installations. The revised resource (Press Release dated October 19, 2021) and the recently completed pit optimization study by the PMM technical team will provide the framework for site development and the production schedule. The decision to begin operations on the South Pit will provide the engineering team the time required resolve the geotechnical issues in the North Pit that are the result of illegal mining operations between 2009 and 2015.

The initial phase of mining is planned to commence at a rate of mining 200 tonnes per day, expanding the processing plant over a 48-month period to 1,000 tonnes per day as the South Pit and underground operations come online. First-year production is targeted to be 10,000 ounces of gold, scaling up to 40,000-ounces annually over a period of 48 months. Construction Update: Having toured the site via helicopter on March 3, 2022, management was pleased with the progress of previously reported construction items, namely the access road to the North Pit which is now complete.

Tailings Reprocessing Production Update: The Company has been informed the reprocessing of the tailings has been completed. (Press Release dated September 13, 2021) EAM's management is awaiting production reconciliations from PMM for Third Quarter and Fourth Quarter of 2021, which have been delayed in order for PMM to settle taxation issues. EAM is confident that the issues will be resolved and expect production numbers shortly from PMM.

CSR Initiatives: It is worth noting that Company's representatives toured the Nyasa Village school that EAM built for the local village and are pleased to report that attendance is at maximum capacity. EAM recognises the importance of developing community relationships with local residents in areas where exploration and mining activities are impacting daily life and remains committed to investing in local communities, as part of the normal business practice.