European Energy Metals Announces Private Placement and Officer Change

Vancouver, British Columbia--(Newsfile Corp. - June 7, 2023) - European Energy Metals Corp. (TSXV: FIN) (FSE: W28) ("European Energy Metals" or the "Company") is pleased to announce a non-brokered private placement of up to 6,950,000 units ("Units") at a price of $0.36 to raise gross proceeds of up to $2,502,000 (the "Private Placement"). Each Unit will consist of one common share of the Company and one half of a common share purchase warrant (each whole warrant, a "Warrant"). Each Warrant will entitle the holder to acquire one additional common share at an exercise price of $0.75 for a period of three years following closing of the Private Placement.

The Company may pay finder's fees in the amount of 7% cash and issue finder's warrants equal to 7% of the number of Units placed by such finder on all or a portion of the Private Placement. The finder's warrants will have the same terms of the Warrants forming part of the Units.

The Company intends to use the net proceeds of the Private Placement for exploration work on its properties and for working capital. Completion of the Private Placement remains subject to the approval of the TSX Venture Exchange.

The Company is also pleased to announce that Julia Stone has been appointed as Chief Financial Officer of the Company and Yulia McCutcheon as Corporate Secretary of the Company effective today.

Ms. Stone is a Chartered Professional Accountant and a senior associate with Fehr & Associates, a registered designated accounting practice, focusing primarily on tax compliance for corporations and high net worth individuals and business support. Ms. Stone received her Chartered Professional Accounting designation in 2016 and has worked with numerous mining and metals companies, both public and private, including as Chief Financial Officer for BioVaxys Technology Corp. (formerly Lions Bay Mining Corp.) from July 2018 to July 2020, and CMP Mining Inc. from November 2020 to present.

Ms. McCutcheon brings to the position over seven years of corporate secretarial and administrative experience working with multiple clients in the junior mining sector. Ms. McCutcheon holds an accounting degree from Ball State University (Muncie, IN) and a master's degree in International Affairs from The New School University (New York, NY).

About European Energy Metals Corp.

European Energy Metals Corp. is a junior mining company focused on the exploration and development of its portfolio of five lithium and rare-earth element projects in Finland covering over 2,300 square kilometres and its Champ precious metal property near Castlegar, British Columbia.

FOR FURTHER INFORMATION PLEASE CONTACT:

Jeremy Poirier, CEO
Telephone: 604-722-9842

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 statements regarding completion of the Private Placement and the use of the net proceeds of the Private Placement. 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 the Company's ability to locate suitable investors for the Private Placement or obtain the approval of the TSX Venture Exchange, management's discretion to re-allocate the net proceeds of the Private Placement, 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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