European Energy Metals Acquires New Exploration Licenses in Finland and Provides Exploration Update

Vancouver, British Columbia--(Newsfile Corp. - August 15, 2024) - European Energy Metals (TSXV: FIN) (FSE: W28) ("European Energy Metals" or the "Company") is pleased to announce that it submitted applications for five new Exploration Licenses (ELs) adding to its extensive land holdings in Finland.

Five new EL applications covering 10,220 hectares (ha) were recently submitted to Finnish regulators. The new Els cover geological terrane considered highly prospective for Lithium-Cesium-Tantalum (LCT) Pegmatites in the Kaustinen region of Central Finland. The new Els augment the company's existing Nabba and Nabba 2 ELs with total EL holdings now at 15,770 ha (see Figure 1 below).

The new licenses are largely contiguous with Sibanye-Stillwater/Keliber (SK) licenses, which host several LCT spodumene-pegmatite deposits with published resources of approximately 17 million tonnes grading 1% Li2O (SSK annual reports; Geological Survey of Finland). SK is currently constructing a complete lithium supply chain complex including a centrally located spodumene concentrator mill near Kaustinen which SK intends to truck ore to from several different deposits. The Company's licenses are within one kilometre of several known lithium rich spodumene-pegmatite deposits and within one kilometre from SKs spodumene concentrator plant.

Figure 1: Finnish Exploration Licenses and Tenements

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Lithium Exploration Program

The 2024 field program has been underway since late May and includes data compilation, detailed prospecting, geological mapping, selective trenching, ground magnetic geophysics and Base-of-Till (BoT) sampling to identify and refine targets for diamond drilling in the fall.

Field crews have begun following up on the results of the 2023 exploration program where widespread lithium-rich, spodumene-bearing pegmatite mineralization was discovered. During the 2023 exploration program, crews identified multiple occurrences of lithium bearing spodumene pegmatite mineralization on the underlying Nabba Exploration Reservation, which has now been converted to an EL. The highlight was the discovery of the Kyrola Prospect, an 850m long by 110m wide spodumene-bearing pegmatite boulder field, where 49 rock chip grab samples assayed from 3.84% Li₂O to 0.003% Li₂O, with 15 of the 49 samples returning grades in excess of 0.50% Li₂O (Li₂O = lithium oxide). The extent of the boulder field is constrained only by low-lying overburden covered areas and farm fields. The mean assay of these samples was 0.53% Li₂O. Fifteen samples assayed greater than 0.50% Li₂O, eleven assayed greater than 1.00% Li₂O, four assayed greater than 2.00% Li₂O and one assayed greater than 3.00% Li₂O. The boulders are generally angular and range in size from small hand size cobbles up to +1.5m in diameter.

Jeremy Poirier, the Company's Chief Executive Officer, commented, "The expansion of our exploration licenses allowed for more significant exploration to test and define the subsurface extent of widespread mineralization identified on surface. In conjunction, our 2024 exploration program is designed to advance these projects and areas to a drill definition stage. The prospectivity of our tenements is highlighted by the proximity to other significant known deposits in addition to Keliber's lithium concentrator currently under construction."

About European Energy Metals Corp.

European Energy Metals Corp. is a junior mining company primarily focussed on the Lithium-Cesium-Tantalum Finnish Pegmatite Project in central Finland. Governing bodies in Europe and Finland are legislating environmentally friendly and energy independent laws and policies. One of the key components is access to REE and, specifically, lithium. The Company's concessions are located within 15 kms of the Keliber mine and production complex, currently under construction and expected to begin production in H2 2025. The Company cautions the presence of lithium mineralization on Keliber's properties is not necessarily indicative of similar mineralization on the Company's mineral reservations.

An estimated €600 million investment by Keliber's parent company Sibanye-Stillwater Limited (NYSE:SBSW) in partnership with the Finnish Minerals Group (www.mineralsgroup.fi) is underway in the Kautinen Region and will see the development of open-pit and underground mining from several deposits, construction of a central spodumene concentrator plant and a lithium hydroxide chemical plant at tidewater in Kokkola. When completed, this complex will comprise a complete hard-rock spodumene pegmatite lithium supply chain (source: www.sibanyestillwater.com).

The Company also has several 100 percent owned precious metals projects in Northern Finland. They are located in the Paleo-Proterozoic Greenstone Terrane of Northern Finland comprised of multiple greenstone belts including the CLGB which hosts world-class gold (eg Kittila Deposit, owned by Agnico Eagle and Ikkari Deposit, owned by Rupert Resources) and base metal deposits (eg Kevitsa owned by Boliden and Sakatti owned by Aglo-American). The belt's potential is also suggested by the presence of several major mining companies in the belt. The belt has very recently garnered significant interest following an offer from Rupert Resources to buy B2Gold's 70% interest in a Joint Venture between B2Gold and Aurion Resources which lies adjacent to Ruperts Ikkari Deposit, for $102 million. The joint venture ground is strategic to Ruperts proposed development of the Ikkari Deposit but is also host to numerous gold prospects along a structural corridor that extends >125 km.

QA/QC Statement

Mike Basha, P.Eng., P.Geo. (NL), VP Exploration of European Energy Metals Corp., a Qualified Person as defined by National Instrument 43-101, has approved this press release.

Samples were submitted to ALS Laboratories in Sodankyla Finland. ALS inserted internal standards, blanks and pulp duplicates within each sample batch as part of their own internal monitoring of quality control protocols. European Energy Metals monitors precision and bias performance by inserting certified lithium standards (OREAS 750 and OREAS 753) as well as blanks into each batch submitted to ALS at a rate of 1:25.

The major element oxides and trace elements including Li, Cs, Ta and Be were analysed by ALS analytical package ME-MS89L + B-MS89L involving digestion by Na2O2 fusion followed by ALS's super trace ICP-MS methodology. QAQC results to date do not indicate any analytical accuracy issues with all standards returning values Li values within 3 standard deviations of their certified mean and blanks returning expected values.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Statements Regarding Forward Looking Information

This news release contains forward-looking information within the meaning of applicable securities legislation. Forward-looking information is typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or are those, which, by their nature, refer to future events. Such statements include, without limitation, statements regarding the future results of operations, performance and achievements of the Company, including the presence of lithium or gold mineralization at, and the exploration and development potential of, the Company's properties, as well as the timing and costs of any future exploration at the properties. Although the Company believes that such statements are reasonable, it can give no assurances that such expectations will prove to be correct. All such forward-looking information is based on certain assumptions and analyses made by the Company in light of their experience and perception of historical trends, current conditions and expected future developments, as well as other factors management believes are appropriate in the circumstances. This information, however, is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. Important factors that could cause actual results to differ from this forward-looking information include unexpected costs of any anticipated work programs and the ability to fund such unexpected costs, required approvals in connection with any work programs and the ability to obtain such approvals, risks inherent in exploration as well as those described under the heading "Risks and Uncertainties" in the Company's most recently filed MD&A. The Company does not intend, and expressly disclaims any obligation to, update or revise the forward-looking information contained in this news release, except as required by law. Readers are cautioned not to place undue reliance on forward-looking information.

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