Enerev5 Metals Commences Exploration Program on Its Goals Met Energy Metals Project

Toronto, October 11, 2023 - Enerev5 Metals Inc. (TSXV: ENEV) (OTCQB: ENEVF) ("Enerev5" or the "Company") announces the commencement of an exploration program on its wholly owned Goals Met project in Quebec consisting of an airborne geophysical survey designed to identify and confirm the contact of a large anorthosite intrusion on the property (the "Contact").

The airborne survey is planned to commence within the next week, weather permitting. The plan is to fly 120 kilometres of helicopter-borne AirTEM lines in an effort to better identify the Contact and any conductors along the estimated 20 kilometres of Contact length across the property. The Contact is strongly magnetic making exploration best suited using a helicopter time domain electromagnetic and magnetic geophysical survey system. Such systems can explore to depths of 300 meters and are ideal for direct drill programs.

Enerev5's Goals Met property is located about three kilometres from the staging area for the helicopter-borne survey. The staging area is located adjacent to a highway used to service four hydroelectric power stations owned by Hydro-Quebec. The highway connects this area to the town of Havre-Saint-Pierre, to the south, on the north shore of the St. Lawrence River in Eastern Quebec. Being close to critical infrastructure is advantageous for exploration in this underexplored area of Quebec. Activity in the area includes work being done by at least six other groups, one of which is Go Metals Corp. and its HSP nickel-copper exploration project located less than 20 kilometres to the north-northeast of the Goals Met property. Go Metals is planning follow-up drilling after completing its geophysics program announced on September 19, 2023.

The Goals Met claims were acquired through the staking of 135 mining claims comprising approximately 7,290 hectares. The claims were acquired in keeping with the Company's focus on exploration and development potential related to critical energy metals such as nickel, copper and cobalt, in mining friendly and politically stable jurisdictions.

Please refer to the Company's website, www.enerev5.com for more information about the Company's critical energy metals projects in Quebec.

About Enerev5 Metals Inc.

Enerev5 Metals Inc. (TSXV: ENEV) (OTCQB: ENEVF) is a Canadian resource company focused on exploration and development potential, related to critical energy metals such as nickel, copper, cobalt and other strategic battery minerals, as well as other net zero carbon related assets.

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

For additional information, please contact:

John F. O'Donnell
CEO and Chairman of the Board
Enerev5 Metals Inc.
Telephone: +1-647-966-3100
Website: www.enerev5.com

Forward-Looking Statements

This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address future activities and events or developments that the Company expects are forward-looking statements. Such statements include those regarding the anticipated exploration activities on the Goals Met property including the timing thereof. Although the Company believes the expectations expressed in such statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the statements. There are certain factors that could cause actual results to differ materially from those in forward-looking statements. These include market prices, exploitation, and exploration successes, continued availability of capital and financing, and general economic, market or business conditions, including the continuing effects of the COVID pandemic and the situation in Ukraine. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. For more information on the Company, investors should review registered filings at www.sedarplus.ca or on its website at 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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/183635