Global Energy Metals Corporation announces that aRer the compleKon of mulKple drill campaigns at the Millennium Cobalt-Copper project ("Millennium" and/or the "Project") and review of key mineralized intercepts confirming high cobalt grades, that the Project is ready for a significant update to the historical resource esKmate. Due to the potenKal increase to previously reported tonnes and the suggested significant economic value of cobalt as well as copper and gold in the project, the updated resource esKmate warrants GEMC's joint venture partner, Metal Bank Limited ("Metal Bank" and/or "MBK"), to secure an experienced consulKng group to complete a new study. Metal Bank is speaking with qualified parKes and is expecKng to finalise their engagement shortly which will allow for the compleKon of the updated cobalt-copper resource and its release to the market.

GEMC will provide further updates to the project and updated resource when made available. Having recently incurred in excess of $1 million in exploraKon spend on the project, MBK now holds a 51% interest in the Millennium project with MBK having the sole and exclusive right to earn an addiKonal 29% joint venture interest (taking its total interest to 80%) by funding exploraKon expenditure to the amount of $2 million. GEMC holds a carried 49% interest in the Project.

The Millennium Project represents an excellent opportunity for the advancement and development of a cobalt-copper asset of significant size, close to processing soluKons and excellent infrastructure in the Mount Isa region with Global Energy Metal benefiKng from exploraKon spend and advancement of the Project while being carried on the next $2 million of expenditures. The cobalt grades confirm Millennium as one of Australia's highest grade undeveloped baGery metals projects, contained within granted mining licenses. The Millennium Copper and Cobalt Project near Cloncurry in NW QLD currently holds a JORC 2012-compliant Inferred Resource of 5.9Mt @ 1.08% CuEq1 (Cu-Co-Au-Ag) across 5 granted Mining Leases with significant potenKal for expansion.

It is located 19km from the Rocklands copper-cobalt project with an established processing plant capable of treaKng Millennium-style ores once recommissioned. MBK's 2021 and 2022 drill results and other previous drilling, in conjuncKon with significant appreciaKon in cobalt and copper prices since Maiden Resource reporKng in 2016, provided support for an iniKal ExploraKon Target for the Project of 8 ­ 10Mt @ 1.0 ­ 1.1% CuEq. MBK developed a three-phase work program for Millennium in 2022 seeking to confirm the ExploraKon Target for the Project, and future Resource expansion and development potenKal.

The ExploraKon Target is based on extensions both along strike and at depth in both the Southern and Central Area cobalt-copper-gold resources and in the Northern Area, where shallow copper intervals at broad spacing have been returned some 800-1000m north of the closest Resource. MBK's Phase 2 drilling program at Millennium was completed in September 2022. Assay results returned high cobalt grades, extending the depth of the Resource and the scope of the central area resource some 120m north of the exisKng JORC 2012 Inferred Resource.

All results from the 2022 drilling program are being reviewed in detail with Resource upgrade work and planning to then commence for the next phase of work at Millennium.