Global Energy Metals Corporation announced it has entered into a binding agreement to consolidate 100% ownership of the Lovelock Mine and Treasure Box projects in Nevada, USA (the "Project") via a mineral claim purchase agreement with Nevada Sunrise Metals Corpora'on ("Nevada Sunrise") (the "Transac'on"). The Transac'on will increase the current interest in the Projects from the current 85% to 100% GEMC holding 100% ownership of the Project will simplify decision-making and provides the structure to oversee the rapid explora'on and development of key U.S. based cri'cal minerals projects. Consolida'on of 100% of the Projects ownership will de-risk the funding pathway and enhance GEMC's ability to source capital for the development of the Projects from a wider range of providers when compared with the exis'ng joint venture ownership structure Considera'on will be paid in GEMC shares, subject to TSX Venture Exchange approval, over 12 months thereby allowing the shareholders of the vendor to retain exposure to the Projects.

The Transac'on will simplify and de-risk the funding pathway for the Projects and will greatly enhance the Company's ability to source capital from a wider pool of investors. Management believes that this in turn may potenally deliver enhanced returns to shareholders as the Project's advance. Please refer to the GEMC news release dated January 31, 2023 providing a detailed summary of the results from mul'ple explora'on programs carried out in 2022 at the Projects located in the S'llwater Range in Nevada, USA, along with an overview of the Company's near term project advancement following the explora'on results.

The Company currently owns a 85% interest in the Projects with Nevada Sunrise holding 15%. Following comple'on of the Transac'on, Global Energy Metals will have an undivided 100% interest in the Projects subject to the 2% net smelter royalty in favour of Primus Resources L.C. (the "Royalty").