Global Energy Metals JV Partner Kingsrose Mining Intersects 9.3 Metres at 1.0 % Nickel and 0.3 % Copper at Newly Discovered Sulphide Zone, Rana Project

Vancouver, October 23, 2023 - Global Energy Metals Corp. (TSXV:GEMC) (OTC:GBLEF) (FSE:5GE1) ("Global Energy Metals", the "Company" and/or "GEMC"), a multi-jurisdictional, multi-commodity critical mineral exploration and development company focused on growth-oriented battery metal projects supporting the global transition to clean energy, is pleased to announce analytical results from the first two diamond drill holes at the Rånbogen prospect, Råna Project, Norway (Figures 1 to 7 and Tables 1 and 2). Drilling has delivered high-grade massive sulphide nickel-copper-cobalt mineralisation in both holes over an interpreted strike length of 150 metres, within a previously undrilled area which is open along strike and down dip.

Highlights

Hole 23RAN002:

• High-grade massive and breccia sulphide zone returned 9.3 metres at 1.0 % Ni, 0.3 % Cu and 0.10 % Co from 176.5 metres, within a broader upper mineralised zone which returned:

  • 26.2 metres at 0.7 % Ni, 0.2 % Cu and 0.06 % Co from 169.0 metres (Hole 23RAN002, Figure 7)

• Lower mineralised zone returned 2.7 metres at 0.9 % Ni, 0.1 % Cu and 0.08 % Co from 281.9 metres (Hole 23RAN002, Figure 7)

Hole 23RAN001:

• Two semi-massive to massive sulphide zones were intercepted 150 metres northwest along strike from 23RAN002 (Figure 5)

  • Semi massive to massive sulphide zone returned 2.4 metres at 0.8 % Ni, 0.2 % Cu, 0.10 % Co from 66.4 metres (Hole 23RAN001, Figure 6), within a broader mineralised interval of:

  • 10.2 metres at 0.4 % Ni, 0.1 % Cu, 0.05 % Co from 63.7 metres (Hole 23RAN001, Figure 6)

• Semi-massive sulphide lens returned 1.3 metres at 0.6 % Ni, 0.3 % Cu and 0.09 % Co from 167.9 metres (Hole 23RAN001)

Andrew Tunningley, Kingsrose Head of Exploration at Kingsrose, commented:

"The discovery of a new high-grade, relatively shallow nickel-copper sulphide zone in our first holes at Rånbogen is consistent with our view that the wider Råna intrusion has substantial potential to host to significant mineralisation outside of the historical mine. The holes were planned using a combination of geological mapping, MT and EM geophysical data. There are several additional targets in the Rånbogen prospect area with similar signatures still to drill test.

Two stacked zones of sulphide mineralisation have been intercepted in holes 23RAN001 and 23RAN002, which indicates that the intrusion has experienced

multiple sulphide-generative events at various stratigraphic intervals, increasing the search space and scale potential. The whole intrusion outcrops over 70 square kilometres, with mineralised prospects at surface across the exposed highly prospective lower zone of the intrusion, which remains underexplored."

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Discussion of Results

Rånbogen

Mineralisation in 23RAN001 and 23RAN002 has been intercepted in two main zones over a strike length of 150 metres and is broadly coincident with an ovoid, east-west trending MT conductor. Strongly conductive EM modelled plates striking northwest-southeast over 300 metres occur within the MT conductor, and mineralisation in holes 23RAN001 and 23RAN002 is broadly coincident with these plates.

• Mineralisation is open along strike and down dip, as indicated by the MT and EM data (Figure 5).

• There are several other MT conductors with coincident EM plates and mineralised nickel rock chips at Rånbogen which remain untested (Figure 5).

• These targets will form the focus of the remaining drill campaign and will be subject to continued ground and borehole EM surveys to aid drill targeting.

The upper zone of mineralisation in 23RAN002 is hosted by peridotite and comprises a broad, disseminated zone of sulphide which is cross cut by a 9 metre wide zone of sulphide veins, breccia and net, semi-massive and massive pyrrhotite-pentlandite-chalcopyrite (Figures 1 to 3). The lower mineralised zone is located at the contact between norite and peridotite and is inferred to represent an intrusive sulphide breccia containing autoliths of peridotite.

• The stacked and cross-cutting nature of mineralisation indicates that there is potential for multiple sulphide-generative events, therefore multiple mineralised zones of varying scale and nickel tenor.

• Sulphide grain size is variable and includes coarse-grained pentlandite which occurs as loop textures, and coarse-grained chalcopyrite which is often concentrated at the margins of sulphide veins and intrusions.

• It is interpreted that the vari-textured host rocks, cross-cutting injected sulphide, coarse-grained pentlandite loop textures and formation of a peridotite-norite sill complex are indicative of a dynamic and multiphase intrusive system, in support of a syn-orogenic chonolith model of emplacement. Such mineral systems are fertile settings for nickel sulphide deposits worldwide.

Mineralisation in holes 23RAN001 and 23RAN002 is stratigraphically higher than mineralised outcrops in the north of the Rånbogen prospect area and the Bruvann Mine.

• This suggests that mineralisation occurs in multiple horizons associated with sills of peridotite.

• Similar, underexplored peridotite sills with elevated nickel in historical rock chips are observed along the lower zone of the intrusion including at Arnes, Storvatnet and Eiterdalen (Figure 4).

• It is inferred that the entire intrusion is prospective for the discovery of multiple mineralised lenses associated with peridotite sills and as offset lenses of mineralisation in the wall rocks.

• Exploration will continue to define additional drill targets using the proven methodology applied by Kingsrose to date.

Bruvann

Results from hole 23BRU004 have been received (Figure 8). This hole was designed to test to the west and down dip from open mineralisation in the southwest of the mined area and intercepted two low grade zones of disseminated sulphide, between 13.8 and 14.2 metres wide and 0.22 to 0.24 % Ni, hosted in peridotite. Although below the threshold for reporting of a significant intercept, these results demonstrate that the intrusion and mineralisation is open to the west along strike and down plunge, where there is potential for discovery of additional massive sulphide zones adjacent to the intrusion sidewalls or as offset bodies within the footwall host rocks.

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Kingsrose Mining Limited

Kingsrose is a leading sustainability-conscious and technically proficient mineral exploration company listed on the ASX. The Company has a discovery-focused strategy, targeting the acquisition and exploration of critical mineral deposits having Tier-1 potential, that has resulted in the acquisition of, or joint venture into, the Råna nickel-copper-cobalt, Penikat PGE and Porsanger PGE-nickel-copper projects in Finland and Norway. Additionally, Kingsrose has been selected for the first cohort of the BHP Xplor exploration accelerator program which commenced in January 2023.

Qualified Person
Mr. Paul Sarjeant, P. Geo., a Director and shareholder is the qualified person for this release as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects.

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Global Energy Metals Corp.

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Global Energy Metals Corp. offers investment exposure to the growing rechargeable battery and electric vehicle market by building a diversified global portfolio of exploration and growth-stage battery mineral assets.

Global Energy Metals recognizes that the proliferation and growth of the electrified economy in the coming decades is underpinned by the availability of battery metals, including cobalt, nickel, copper, lithium and other raw materials. To be part of the solution and respond to this electrification movement, Global Energy Metals has taken a 'consolidate, partner and invest' approach and in doing so have assembled and are advancing a portfolio of strategically significant investments in battery metal resources.

As demonstrated with the Company's current copper, nickel and cobalt projects in Canada, Australia, Norway and the United States, GEMC is investing-in, exploring and developing prospective, scaleable assets in established mining and processing jurisdictions in close proximity to end-use markets. Global Energy Metals is targeting projects with low logistics and processing risks, so that they can be fast tracked to enter the supply chain in this cycle. The Company is also collaborating with industry peers to strengthen its exposure to these critical commodities and the associated technologies required for a cleaner future.

Securing exposure to these critical minerals powering the eMobility revolution is a generational investment opportunity. Global Energy Metals believes Now is the Time to be part of this electrification movement.

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