Enerev5 Metals Updates Private Placement

Toronto, May 11, 2022 - Enerev5 Metals Inc. (TSXV: ENEV) (OTCQB: ENEVF) (the "Company") announces that the TSX Venture Exchange has granted an extension of up to 30 days for completion of the balance of the Company's brokered private placement through IBK Capital Corp. of up to $500,000 of units first announced on March 8, 2022. Each unit is priced at $0.05 and consists of one common share and one common share purchase warrant. Each common share purchase warrant entitles the holder to acquire one additional common share at a price of $0.10 for a period of 24 months from the closing date. To date, the Company has completed two tranches of the private placement raising gross proceeds of $187,500 from the sale of 3,750,000 units.

About Cobalt Blockchain Inc.

Enerev5 Metals Inc. (TSXV: ENEV) (OTCQB: ENEVF) is a Canadian resource company focusing on exploration and development potential, in Africa and other global jurisdictions, related to energy metals such as cobalt, copper and other strategic battery minerals, as well as other net zero related assets. ENEV is committed to exploration and development programs contributing towards net zero carbon and a sustainable energy future.

For more information on the Company, investors should review the Company's filings at www.sedar.com.

For additional information, please contact:

Peter Copetti
Executive Chairman and CEO
Enerev5 Metals Inc.
Telephone: +1-416-519-4009
Email: pc@enerev5.com
Website: www.enerev5.com

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.

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