European Energy Metals announced commencement of the 2023 Phase I Exploration Program at its Lithium-Cesium-Tantalum ("LCT") and Rare Earth Element ("REE") Finnish Pegmatite Project, consisting of five exploration concessions covering 2,300 square kilometers in central and southern Finland. Phase I will consist of mapping and sampling of the documented pegmatite occurrences throughout the Finnish Pegmatite Project. Prospecting for new occurrences will also form part of the program. Resourceful Geoscience Solutions Inc., a Canadian consulting firm with in-country experience, will undertake the program, with assistance from Finnish company GeoPool OY. The exploration crews plan to work north to south commencing with the Nabbia concession, through Lappajarvi East and West, to Katalia and finally wrapping up at the Kovelo concession. Samples will be sent to the ALS Minerals geochemical prep lab in Sodankyla, Finland. The samples will be analyzed with procedure ME-MS89L, utilizing a sodium peroxide fusion and ALS's Super Trace ICP-MS methodology. Pursuant to an earn-in agreement with Capella Minerals Ltd., European Energy has the right to earn an 80% interest in the Finnish Pegmatite Project by issuing 1,750,000 shares, paying CAD 500,000 and incurring CAD 2,500,000 dollars in exploration expenditures staged over a 4 year earn in period. A detailed assessment of the historic and government exploration data compiled by the Finnish Geological Survey (" GTK") identified a series of permissive tracts for LCT pegmatites. The concessions comprising the Finnish Pegmatite Project were identified as a result of this pegmatite research. The Finland Pegmatite Project consists of four exploration concessions in central Finland and one exploration concession in southern Finland. These reservations cover a total area of 2,300 square kilometres and are focused on Lithium-Cesium -Tantalum or LCT pegmatite complexes located within the Jarvi-Pohjanmaa and Seinajoki lithium-permissive tracts as defined by the Geological Survey of Finland (GTK). Four of the reservations (Nabba, Lappajarvi West, Lappajarvi East and Kaatiala) lie immediately adjacent to, and to the south of, Keliber Oy's spodumene mine development project in the Kaustinen district. Keliber Oy is a consortium, comprised of Sibanye-Stillwater (79%), Finnish Minerals Group (20%) and Finnish shareholders (1%). A Definitive Feasibility Study by Hatch dated June 14, 2018 states a JORC Code 2012 compliant Measured and Indicated Mineral Resource of 9.47 million tonnes at a grade of 1.16% Li2O. European Energy cautions investors the presence of lithium mineralization at Keliber Oy is not
necessarily indicative of similar mineralization at the Nabba concession.