Global Energy Metals Corporation provided a key update from its Millennium copper-cobalt-gold (Cu-Co-Au) project ("Millennium" and/or the "Project") located in Queensland, Australia. Global Energy Metals holds a 49% carried interest in the Project. GEMC announced that strategic partner, Metal Bank Ltd. ("MBK"), has released a JORC 2012 Mineral Resource Estimate ("MRE") update for the Millennium Co-Cu-Au deposit located approximately 35km WNW of Cloncurry in North Queensland of 8.4Mt @ 0.09% Co, 0.29% Cu and 0.12g/t Au for a 1.23% CuEq.

The Millennium deposit represents a near-term critical minerals development opportunity, at surface on granted mining leases and proximal to existing mining infrastructure in a renowned exploration and mining region. Millennium 2023 MRE Update: In December 2021, MBK entered a joint venture agreement with battery mineral experts Global Energy Metals to earn-in up to 80% of the Millennium Co- Cu project. Over the following 12 months MBK conducted exploration, drilling, sampling, geophysics and other work programs to advance Millennium, grow the resource and test additional targets, including 33 drill holes for 3,873.1m.

MBK earned a 51% interest in the project on 5 December 2022 and has now completed formal resource work to provide the first MRE update since 2016 for 8.4Mt @ 0.09% Co, 0.29% Cu and 0.12g/t Au for a 1.23% CuEq (previous resource of 5.9Mt @ 0.11% Co, 0.32% Cu and 0.11g/t Au for 1.08% CuEq, 0.7% CuEq% cut-off, no RPEEE applied). Initial 2023 MRE scoping work was undertaken by Haren Consulting, with a formal JORC 2012 MRE review and Reasonable Prospects for Eventual Economic Extraction (RPEEE) assessment by Cube Consulting. The 2023 MRE update uTlises 67 drill holes for 9,400.1m completed from 2013 to 2022 (2016 Resource 40 holes for 6,240m) plus integration of RPEEE aspects.

The additional drill holes include 10 diamond (DD), one large diameter water-bore hole and Reverse Circulation (RC) holes by Hammer Metals/GEMC in 2018, and 10 RC and 5 DD holes by MBK in 2021 and 2022. Drilling has added extensions to the previous model out to ~1500m along strike and up to ~240m depth (remaining open), provided significant confidence to drill spacing and continuity along strike and depth, and retained close structural and wireframe interpretation to the 2016 MRE. Metallurgical samples were also obtained for preliminary testwork in 2018, with subsequent high grade composite results demonstrating high recoveries (>95%) into Cu-Au and Co concentrates.

The 2023 MRE update integrates the above with an approximate 50m x 50-100m drill spacing using RPEEE factors in a dominantly open-cut mining scenario using 0.4% CuEq cut-off and underground resources using a 1.00% CuEq cutoff. Long term consensus metal price forecasts of Cu: US$3.50/lb ($7,716/t); Co: US$32.00/lb ($70,547.84/t); Au: US$1,900/oz were used with a corresponding CuEq% formula of: CuEq = Cu% +(Co% x 9.16) + (Au g/t x 0.678) Importantly, the 2023 MRE update with RPEEE consideration compares favorably with the unconstrained 2016 MRE, with a 42% tonnage increase and 14% grade increase despite mining and economic constraints. Exploration Target: In conjunction with this 2023 MRE Update, MBK has revised the overall project Exploration Target for Millennium to 12-14Mt @ 1.0-1.3% CuEq (inclusive of current MRE), supported by its updated mineralization model, high grade Co-Cu intersections at depth which remain open, a number of infill and extensional gaps in the existing MRE, and additional scope for improving geology, metallurgy, geotechnical and economic parameters including for the updated MRE.

The potential quantity and grade of the Exploration Targets is conceptual in nature. There has been insufficient exploration to estimate an additional Mineral Resource and it is uncertain if further exploration will result in the estimation of a Mineral Resource. The Exploration Targets take no account of geological complexity that may be encountered, possible mining method or metallurgical recovery factors.

It is acknowledged that the currently available data is insufficient spatially in terms of the density of drill holes, and in quality, in terms of MBK's final audit procedures for down hole data, data acquisition and processing, for the results of this analysis to be classified as Mineral Re- sources in accordance with the JORC Code.