Azarga Metals Private Placement Closed

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

VANCOUVER, January 11, 2023 - Azarga Metals Corp. ("Azarga Metals" or the "Company") (TSXV:AZR) has closed its previously announced non-brokered private placement. The second and final tranche closed on November 7, 2022. The Company issued a total of 26,650,001 units (a "Unit") each at a price of $0.015 per Unit (the "Offering") raising of $399,750.

Each Unit consists of one common share of the Company (each, a "Share") and one Share purchase warrant (each whole warrant, a "Warrant"). One Warrant entitles the holder thereof to purchase one Share of the Company at a price of $0.05 per Share for a period of three years from the date of issue.

The Company paid a total of $5,250 cash and issued 349,999 non-transferable broker warrants, on the same terms as a Warrant, in satisfaction of finder's fees on the two closed tranches of the Offering.

All securities issued in connection with the Offering will be subject to a four-month and a day hold period from the date of issue.

Azarga Metals Corp.

"Gordon Tainton"
Gordon Tainton,
President and Chief Executive Officer

For further information please contact: Doris Meyer, at +1 604 536-2711 ext. 3, visit www.azargametals.com. The address of the head office of Azarga Metals is Unit 1 - 15782 Marine Drive, White Rock, BC V4B 1E6, British Columbia, Canada.

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.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

SOURCE: Azarga Metals Corp.