Vancouver, BC / TheNewswire / June 7, 2021 / Global Energy Metals Corporation TSXV:GEMC | OTC:GBLEF | FSE:5GE1 (“Global Energy Metals”, the “Company” and/or “GEMC”), a company involved in investment exposure to the battery metals supply chain, is pleased to announce that it has entered into a binding Term Sheet with Metal Bank Limited (“Metal Bank” and/or “MBK”) for a 6 month exclusive option (“Option”) in favour of MBK to earn-in and joint venture the Millennium Copper, Cobalt and Gold Project in Mt Isa, Queensland (“Millennium Project”) owned by GEMC’s wholly owned subsidiary, Element Minerals Australia Pty Ltd (“EMA”).

The Millennium Project is an advanced exploration and development project located in the Mount Isa region, 19km from the Rocklands copper-cobalt project which is host to 55.4Mt of Resources grading 0.64%Cu, 0.15 g/t Au, 290ppm Co (0.90% CuEq)¹. The Millennium Project holds an inferred 2012 JORC resource of 5.89MT @ 1.08% CuEq² across 5 granted Mining Leases with significant potential for expansion.

Highlights

• Global Energy Metals and Metal Bank Limited (ASX:MBK) have signed a binding Term Sheet for a 6 month exclusive option for MBK to earn-in and joint venture GEMC’s Millennium copper-cobalt-gold Project in Queensland;

• Millennium contains an inferred Cu equivalent Mineral Resource of 5.89MT² with substantial growth upside;

•  Millennium presents as an excellent opportunity to advance and develop a copper-cobalt asset of significant size in close proximity to processing solutions and excellent infrastructure in the Mount Isa region;

• During the proposed exclusive 6 month option period, MBK will undertake further due diligence and sole-fund an initial exploration program;

• At the end of the Option Period, MBK will have the right to commence a formal earn-in to the Project to earn up to an 80% interest; and

• The transaction advances GEMC’s objectives of monetizing its existing projects by unlocking unrealized value and advancing projects through partner funded exploration; and

• GEMC retains project level exposure while diversifying its equity holdings in a well managed company that is creating value through a combination of exportation success and quality project acquisition.

"Global Energy welcomes the opportunity to partner with Metal Bank to fund a phased work campaign at our Millennium Cobalt-Copper-Gold project, which presents as an excellent opportunity for successful exploration and development of a highly prospective battery metal project.  Additionally , it provides GEMC with continued exposure to the project through both maintained project level ownership and a sizeable equity interest in Metal Bank.”

Mitchell Smith, GEMC President and CEO 

"Our agreement with GEMC provides MBK with an option to earn-in to an advanced copper-cobalt asset of significant size with excellent expansion potential and an accelerated pathway to production.

The market fundamentals for copper and cobalt are extremely favourable and we consider there is significant growth potential across the project area. We are excited to be partnering on this project with GEMC, a company advancing and building a diversified global portfolio of exploration and growth-stage battery mineral assets.”

Inés Scotland, MBK Chair

Global Energy Metals Corporation(TSXV:GEMC | OTC:GBLEF | FSE:5GE1)

Global Energy Metals is focused on offering investment exposure to the raw materials deemed critical for the growing rechargeable battery market, by building a diversified global portfolio of battery mineral assets including key strategic partners. GEMC anticipates growing its business through the acquisition and development of battery mineral projects alongside key strategic partners.  The Company holds 100% of the Millennium Cobalt Project and two neighbouring discovery stage exploration-stage cobalt assets in Mount Isa, Australia positioning it as a leading cobalt-copper explorer and developer in the famed mining district in Queensland, Australia. The Company, through its 100% owned subsidiary U.S. Battery Metals Corporation, holds an 85% interest in two battery mineral projects, the Lovelock Cobalt Mine and Treasure Box Project, located on the doorstep of the world’s largest lithium-ion battery production plant, the GigaNevada battery mega factory that Tesla Motors Ltd. and partner Panasonic Corp. have built in Nevada, USA. Additionally, the Company holds a 70% interest in the past-producing Werner Lake Cobalt Mine project in Ontario, Canada.