East Africa Metals Grants Stock Options

Vancouver, British Columbia – February 2, 2025 – East Africa Metals Inc. (TSX-V: EAM and Frakfurt: EA1) has granted an aggregate of 16.3 million stock options to certain directors, officers and consultants pursuant to the company’s stock option plan. The options have an exercise price of 15 cents per share and an expiry date of Feb. 1, 2031. The options vest immediately and are subject to the approval of the TSX Venture Exchange. All securities are subject to a statutory hold period of four months and one day from the date of grant, in compliance with applicable stock exchange policies.

The grant of stock options to certain directors and officers constitutes a related party transaction pursuant to Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions. The company is relying on exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101, respectively, as the fair market value of the stock options granted to related parties does not exceed 25 per cent of the company’s market capitalization. The company did not file a material change report 21 days before the grant of the stock options, which is reasonable for a grant of stock options given the exemptions being relied upon.

About East Africa Metals

The company’s principal assets include a 30-per-cent net profits interest in the Mato Bula and Da Tambuk mines (collectively, the Adyabo property) and a 70-per-cent project interest in the Harvest polymetallic VMS (volcanogenic massive sulphide) exploration project in the Tigray region of Ethiopia. In addition, the company has a 30-per-cent net streaming interest in the Magambazi mine in the Tanga region of Tanzania.

East Africa Metals has invested $66.8-million (U.S.) in African exploration since 2005 and has identified a total of 2.8 million ounces of gold and gold equivalent resources, representing an average discovery cost per ounce of $24 (U.S.).

For further information contact:
Nick Watters, Business Development
Telephone: +1 (604) 488-0822
Email investors@eastafricametals.com
Website: www.eastafricametals.com

Cautionary Statement Regarding Forward-Looking Information

This news release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “anticipate”, “believe”, “plan”, “expect”, “intend”, “estimate”, “forecast”, “project”, “budget”, “schedule”, “may”, “will”, “could”, “might”, “should”, “indicate” or variations of such words or similar words or expressions. Forward-looking information is based on reasonable assumptions that have been made by East Africa as at the date of such information and is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of East Africa to be materially different from those expressed or implied by such forward-looking information, including but not limited to: timing of receipt of mining permit; timing of mining development; projected heap leach recoveries; early exploration; the closing of the agreement with the exploration and development company to advance  the Magambazi Project or identify any other corporate opportunities for the Company;  mineral exploration and development; metal and mineral prices; availability of capital; accuracy of East Africa’s projections and estimates, including the initial mineral resource for the Adyabo, Harvest  and Magambazi Properties; interest and exchange rates; competition; stock price fluctuations; availability of drilling equipment and access; actual results of current exploration activities; government regulation; political or economic developments; foreign taxation risks; environmental risks; insurance risks; capital expenditures; operating or technical difficulties in connection with development activities; personnel relations; the speculative nature of strategic metal exploration and development including the risks of diminishing quantities of grades of reserves; contests over title to properties; and changes in project parameters as plans continue to be refined, as well as those risk factors set out in  in East Africa’s management’s discussion and analysis for the nine months ended December 31, 2023 and for the year ended March 31, 2023. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. The contained gold, copper and silver figures shown are in situ. No assurance can be given that the estimated quantities will be produced. Forward-looking statements are based on assumptions management believes to be reasonable, including but not limited to the timely closing of the financing; the ability of East Africa’s operating partner in Tanzania to reactivate the mining operations at Magambazi or the success of East Africa to recover the Magambazi project from the operating partner and engagement of new operating partners; the price of gold, silver, copper and zinc; the demand for gold, silver, copper and zinc; the ability to carry on exploration and development activities; the timely receipt of any required approvals; the ability to obtain qualified personnel, equipment and services in a timely and cost-efficient manner; the ability to operate in a safe, efficient and effective manner; the renewal or extension of exploration Licenses; the regulatory framework regarding environmental matters, and such other assumptions and factors as set out herein. Although East Africa has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. The Company does not update or revise forward looking information even if new information becomes available unless legislation requires the Company do so. Accordingly, readers should not place undue reliance on forward-looking information contained herein, except in accordance with applicable securities laws.

Neither 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.