East Africa Metals Inc. announced the development of the Mato Bula and Da Tambuk mines has been initiated. EAM's development partner, the Chinese company Tibet Huayu Mining Co. Ltd., through its wholly owned subsidiary Silk Road Investments Co.

Ltd., will bear 100% of the costs of mine construction. The mine development program is operated by the jointly owned company Tigray Resources Inc. ("TRI" - 70% Silk Road, 30% East Africa Metals). Once commercial production begins, East Africa will have the right to a Net Profits Interest ("NPI") equivalent to 30% of the total production (Au, Cu), net of mining and processing costs.

Operations at Mato Bula and DaTambuk were suspended during the three-year regional conflict which was ended with the signing of the Pretoria Agreement in November 2023. Since that time, TRI has established a base of operations and staff in the nearby town of Shire. The Shire staff are currently working with local authorities and regional governments to prepare the sites for construction activity.

In addition to permitting and approvals, TRI's staff has advanced the mine development agenda through: The revised feasibility study of the project has been completed. The revised study includes detailed design parameters that will see the Mato Bula andDa Tambuk mines now developed simultaneously around a central processing facility. The plans for access road construction has been completed and discussions with the local government ("Werda") to finalize the start of construction are in progress.

The commencement of road construction is expected to begin prior to the end of May 2024. Community meetings with all stakeholders have been held and support for the project going forward has been confirmed by the Federal and Regional governments and local community. Ministry of Mines official mining cadastral confirms EAM's mining rights to the Mato Bula and da Tambuk Mining Licenses remain active and in good standing.

In addition, planning is in progress for a drill program to test the Halima Hill prospect that lies within the Adyabo Mining License. Drilling is expected to begin prior to The end of second quarter 2024. Mato Bula Gold Copper and Da Tambuk Gold Projects.

The Adyabo Project Mato Bula and Da tambuk deposits are high sulphidation gold rich VMS. This submarine porphyry-related system is located in the southern part of the Arabian-Nubian Shield (ANS) in the Tigray region of northern Ethiopia.