Toronto - Enerev5 Metals Inc. (TSXV: ENEV ) (OTCQB: ENEVF) (the 'Company') announces that it intends to complete a brokered private placement of up to $500,000 of units ('Units'), with each Unit consisting of one common share of the Company and one common share purchase warrant (a 'Warrant').

Each Warrant will entitle the holder to acquire one additional common share of the Company at a price of $0.10 for a period of two years from the date of issue. . The Units are being offered on a brokered basis through IBK Capital Corp. (the 'Agent').

The Company has completed a first tranche of the placement with the issue and sale of 3,000,000 Units at a price of $0.05 per Unit for gross proceeds of $150,000 (the 'First Tranche'). The Company paid the Agent a a cash fee of $13,500, and issued to the Agent 300,000 non-transferable broker warrants (the 'Broker Warrants') in connection with the completion of the First Tranche. Each Broker Warrant entitles the holder to acquire one Unit of the Company (having the same terms as those issued in the First Tranche) at a price of $0.05 until March 7, 2024. IBK Capital Corp.is a 'connected issuer' and 'related issuer' of the Company, as defined in Canadian securities legislation, by virtue of the ownership of securities of the Company by its directors and officers.

Net proceeds from the First Tranche will be used for working capital and other general corporate purposes. All securities issued in the First Tranche are subject to a 4-month hold period.

A greater than 10% shareholder of the Company acquired all 3,000,000 Units sold in the First Tranche. As a result of the participation in the First Tranche by the insider, the First Tranche was considered to be a 'related party transaction' as defined under Multilateral Instrument 61-101 ('MI 61-101') and TSX Venture Exchange policy 5.9 ('Policy 5.9'). The participation of the insider in the First Tranche and the extent of such participation was not finalized until shortly prior to the completion of the First Tranche. Accordingly, it was not possible to publicly disclose details of the nature and extent of related party participation in the First Tranche at least 21 days prior to the completion date.

About Cobalt Blockchain Inc.

Enerev5 Metals Inc. (TSXV: ENEV) (OTCQB: ENEVF) is a Canadian resource company focusing on exploration and development potential, in Africa and other global jurisdictions, related to energy metals such as cobalt, copper and other strategic battery minerals, as well as other net zero related assets. ENEV is committed to exploration and development programs contributing towards net zero carbon and a sustainable energy future.

Contact:

Peter Copetti

Tel: +1-416-519-4009

Email: pc@enerev5.com

Web: www.enerev5.com

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