Vancouver, BC / TheNewswire / July 5, 2023 / Global Energy Metals Corporation TSXV:GEMC | OTCQB:GBLEF | FSE:5GE1 (“Global Energy Metals”, the “Company” and/or “GEMC”), a multi-jurisdictional, multi-commodity critical mineral exploration and development company focused on growth-oriented battery metal projects supporting the global transition to clean energy, is pleased to announce that through its 100% owned Australian subsidiary, Element Minerals Australia Pty Limited (“Element”), it has entered into an agreement with Mulga Minerals Pty Ltd. (“Mulga”) and Mt Dockerell Mining Pty Ltd. (“MDM”), 100% owned subsidiaries of Hammer Metals Limited (“Hammer”), to divest an 80% interest in the Mount Dorothy and Cobalt Ridge projects, two copper-cobalt-gold explorations projects located in Mount Isa, Queensland Australia (the “Mount Isa Projects”).

GEMC originally acquired the Mount Isa Projects from Hammer in parcel with the Millennium project, a copper-cobalt-gold asset that is currently being advanced through a carried joint venture partnership with Metal Bank Limited.  Through project funded exploration by Metal Bank, an updated JORC 2012 Mineral Resource Estimate (MRE) was established with Millennium hosting 8.4Mt @ 1.23% CuEq (0.09% Co, 0.29% Cu and 0.12g/t Au) including open cut (86%) and underground (14%) Resources, representing a 42% tonnage increase and 14% grade increase from the 2016 MRE (See news release dated March 21, 2023 for details).

In consideration of the 80% interest, Mulga and MDM will grant Element a 1% NSR on each of the Mount Isa Projects and incur all costs associated with project advancement including exploration, maintenance and holding costs up until completion of a Pre-Feasibility Study.  After completion of a Pre-Feasibility Study, Element will have the option to fund its pro-rata annual spend, or an election to not fund will result in dilution based on a standard JV dilution formula.