Metal Energy Updates on the 10,000 Metre Drill Program on its Manibridge High-Grade Nickel Project

TORONTO, Nov. 7, 2022 - Metal Energy Corp. (the "Company" or "Metal Energy") (TSXV: MERG) (OTCQB: MEEEF) is pleased to provide an update on the Phase 2 10,000 metre drill program (the "Program") on the high-grade nickel and copper-cobalt ("Ni-Cu-Co") Manibridge project (the "Project" or "Manibridge") in the Thompson Nickel Belt, Manitoba. Drilling remains focused within the shadow of the past-producing mine that produced 1.3 million tonnes at 2.55% nickel and 0.27% copper from 1971 to 1977.

"We completed a total of 5,331 m in nineteen drill holes (MNB007 to MNB025) between June 6 and July 28 (Table 2). Sixteen drill holes intersected the bedrock, each intersecting nickel-copper-cobalt sulphide mineralization over significant widths. These visual observations were confirmed with a handheld XRF*. Combined with the six drill holes from the winter program (see news release dated August 3, 2022), we have a 100% nickel sulphide intersection success rate in all of our completed drill holes at Manibridge. We've drilled wide- and tight-spaced drill holes across a kilometre strike length and as deep as 700 m; every drill hole continues to intersect Ni-Cu-Co sulphides. Our recent Option Agreements with Mistango River Resource Inc. (CSE:MIS, see news release dated November 2, 2022) provides us with a unique opportunity to continue the Program with minimal dilution, greater insider ownership aligning with shareholders, and preserving capital. We are excited to renew our Phase 2 drill program, and complete the remaining 4,669 m as we progress southwest along this fertile corridor towards the old mine workings," said James Sykes, CEO of Metal Energy.

The Program is planned for 10,000 metres of diamond drilling in approximately 33 drill holes. A total of 5,331 m were completed in 19 drill holes (MNB007 to MNB025) between June 6 and July 28 (Table 1). The drill hole collar locations were within 300 to 600 metres of the old mine workings. The remaining drill holes will progress between 150 to 300 metres of the old mine workings. The average drill hole depths remain planned for between 225 and 400 metres. All drill holes will be inclined between -45 and -85. Figure 1 is a location map of the drill program within the Manibridge project. Figure 2 shows the drill hole locations with respect to the historic Manibridge Mine.

All sixteen drill holes that successfully intersected the bedrock also intersected Ni-Cu-Co sulphide mineralization, confirmed with a handheld XRF*. Drill core observations and XRF results confirm sulphide-rich lithostratigraphy ranges from 1 m thick (MNB018) to 55 m thick (MNB021), with an average thickness exceeding 15 m. Fourteen drill holes intersected two or more zones of Ni-Cu-Co sulphides. All drill holes had evidence of Ni-Cu-Co sulphides occurring as either disseminations within the mafic to ultramafic host rocks, remobilized in foliations and shears, vein-hosted, and/or net-textured or brecciated.

Geochemical assays will be released as they become available from the lab and reviewed for QA/QC by the Company's Technical team.

Metal Energy is the operator of the Program, holds 70% of the Project, and is currently earning towards 100% ownership of Manibridge, which is expected to be earned by the end of 2022. CanAlaska Uranium Ltd. currently holds the remaining 30% of the Project.

Manibridge encompasses 4,368 hectares and is within the world-class Thompson Nickel Belt. The Project is 20 kilometers southwest of Wabowden, which has significant infrastructure and capacity that has supported previous exploration programs, including year-round highway access via Highway 6.

Table 1 below shows some of the historic drill intersections on the Manibridge project.

Table 1 - Selected Historic and Recent Drill Intersections on Manibridge

Notes to Table 1:

• Cut-off grade = 0.3% Ni
• Maximum consecutive internal dilution = 3.0 m downhole
• Historic drill holes have not been verified or confirmed with twinned drill holes
• Metal Energy considers "high-grade" to be nickel mineralization with a concentration greater than 0.8% Ni.
• All reported depths and intervals are drill hole depths and intervals, unless otherwise noted, and do not represent true thicknesses, which have yet to be determined.

FIGURE 1 - Manibridge Project and Phase 2 Drill Program Location

FIGURE 2 - Manibridge Project, Phase 2 Drill Collar Location Map

TABLE 2 - Manibridge Phase 2 Drill Hole Collar Information and Results

Metal Energy is a well-funded nickel and battery metal exploration company with two projects, Manibridge and Strange, in the politically stable jurisdictions of Manitoba and Ontario, Canada, respectively. Both projects are subject to earn-in agreements where the Company can acquire 100% exploration rights to approximately 16,200 hectares.

The technical information contained in this news release has been reviewed and approved by Mike Sweeny, P.Geo., Vice-President, Exploration & Development for Metal Energy, and a Qualified Person as defined in "National Instrument 43-101, Standards of Disclosure for Mineral Projects."

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Certain information set forth in this news release contains forward-looking statements or information ("forward-looking ?statements"), including details about the business of the Company. By their nature, forward-looking statements are subject to numerous risks ?and uncertainties, some of which are beyond the Company's control, including the impact of general economic conditions, ?industry conditions, volatility of commodity prices, currency fluctuations, environmental risks, operational risks, competition from ?other industry participants, stock market volatility. Although the ?Company believes that the expectations in its forward-looking statements are reasonable, its forward-looking statements have ?been based on factors and assumptions concerning future events which may prove to be inaccurate. Those factors and ?assumptions are based upon currently available information. Such statements are subject to known and unknown risks, ?uncertainties and other factors that could influence actual results or events and cause actual results or events to differ materially ?from those stated, anticipated or implied in the forward-looking statements. Accordingly, readers are cautioned not to place undue ?reliance on the forward-looking statements, as no assurance can be provided as to future results, levels of activity or achievements. ?Risks, uncertainties, material assumptions and other factors that could affect actual results are discussed in our public disclosure ?documents available at www.sedar.com including the Filing Statement dated November 15, 2021. Furthermore, the forward-looking statements contained in this document are made as of ?the date of this document and, except as required by applicable law, the Company does not undertake any obligation to publicly ?update or to revise any of the included forward-looking statements, whether as a result of new information, future events or ?otherwise. The forward-looking statements contained in this document are expressly qualified by this cautionary statement.?

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SOURCE Metal Energy