New Risk • Mar 15
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Canadian stocks, typically moving 20% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CA$3.3m free cash flow). Share price has been highly volatile over the past 3 months (20% average weekly change). Revenue is less than US$1m. Minor Risks Shareholders have been diluted in the past year (23% increase in shares outstanding). Market cap is less than US$100m (CA$30.9m market cap, or US$22.5m). New Risk • Jan 14
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Canadian stocks, typically moving 15% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CA$2.9m free cash flow). Earnings have declined by 0.8% per year over the past 5 years. Revenue is less than US$1m. Minor Risks Share price has been volatile over the past 3 months (15% average weekly change). Shareholders have been diluted in the past year (23% increase in shares outstanding). Market cap is less than US$100m (CA$30.9m market cap, or US$22.3m). New Risk • Nov 30
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -CA$2.9m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CA$2.9m free cash flow). Earnings have declined by 0.8% per year over the past 5 years. Revenue is less than US$1m. Minor Risks Shareholders have been diluted in the past year (25% increase in shares outstanding). Market cap is less than US$100m (CA$29.6m market cap, or US$21.2m). New Risk • Sep 16
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (24% average weekly change). Earnings have declined by 10% per year over the past 5 years. Revenue is less than US$1m. Minor Risks Latest financial reports are more than 6 months old (reported December 2024 fiscal period end). Shareholders have been diluted in the past year (25% increase in shares outstanding). Market cap is less than US$100m (CA$39.0m market cap, or US$28.3m). New Risk • Jun 22
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 25% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 10% per year over the past 5 years. Revenue is less than US$1m. Minor Risks Share price has been volatile over the past 3 months (18% average weekly change). Shareholders have been diluted in the past year (25% increase in shares outstanding). Market cap is less than US$100m (CA$30.9m market cap, or US$22.5m). Tillkännagivande • Jun 21
East Africa Metals Inc. Announces Appointment of Gang Chen (Aka Asa Chen) as Director East Africa Metals Inc. announced the appointment of Mr. Gang Chen (aka Asa Chen) as a Director of the Company. Mr. Chen was nominated by Anchises Capital Precious Metal Fund LLC, a significant shareholder of the Company, following its investment of CAD 5,522,000 in the Company's recently closed private placement on June 17, 2025. Mr. Chen has extensive experience in mine development across Africa, including expertise in project acquisitions and strategic negotiations. His appointment further strengthens the Board's ability to oversee the Company's strategic initiatives and enhance shareholder value. New Risk • Jun 19
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Canadian stocks, typically moving 19% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (19% average weekly change). Earnings have declined by 10% per year over the past 5 years. Revenue is less than US$1m. Minor Risk Market cap is less than US$100m (CA$24.1m market cap, or US$17.5m). Tillkännagivande • Jun 18
East Africa Metals Inc. announced that it has received CAD 5.522 million in funding On June 17, 2025, East Africa Metals Inc closed the transaction. All securities issued will be subject to a four-month hold period from the date of issuance. No commissions or finder’s fees will be paid by the company in connection with the private placement. The transaction remains subject to stock exchange approval. The transaction includes participation from new investor, Anchises Capital Precious Metal Fund LLC. The shares represent approximately 18.66% of the outstanding common shares of the company, on an undiluted basis. Prior to the subscription, Anchises did not own any securities of the company. Prior to the subscription, the sole shareholder of Anchises held 3,333,333 common shares of the company, representing approximately 1.52% of the then-outstanding shares of the company on an undiluted basis. Subsequent to the subscription, Anchises and the sole shareholder of Anchises together hold 53,533,333 common shares, representing approximately 19.90% of the outstanding shares of the company, on an undiluted basis. Tillkännagivande • Jun 05
East Africa Metals Inc. announced that it expects to receive CAD 5.522 million in funding East Africa Metals Inc announced a non brokered private placement to issue 50,200,000 common shares at an issue price of CAD 0.11 for the proceeds of CAD 5,522,000 on June 4, 2025. The transaction will involve participation of strategic investor and on closing of the transaction investor will hold 19.9% of the issued and outstanding shares of the company. All securities issued will be subject to a four-month hold period from the date of issuance. No commissions or finder’s fees will be paid by the company. The transaction remains subject to stock exchange approval. Tillkännagivande • Feb 12
East Africa Metals Inc., Annual General Meeting, Apr 17, 2025 East Africa Metals Inc., Annual General Meeting, Apr 17, 2025. New Risk • Sep 01
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -CA$972k This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CA$972k free cash flow). Earnings have declined by 4.1% per year over the past 5 years. Revenue is less than US$1m. Minor Risks Share price has been volatile over the past 3 months (14% average weekly change). Shareholders have been diluted in the past year (5.5% increase in shares outstanding). Market cap is less than US$100m (CA$51.7m market cap, or US$38.4m). Tillkännagivande • Jun 10
East Africa Metals Inc. and Tibet Huayu Mining Co. Ltd. Advances Mine Development Through the Final Permitting with Community Engagement East Africa Metals Inc. and development partner, Tibet Huayu Mining Co. Ltd. announced that the progress of mine development plan, on the heels of receiving formal notification from the Ethiopian State Minister of Mines of the approval for extensions to the mine development period for the Mato Bula, Da Tambuk and Terakimti projects located in the Tigray region of the Federal Democratic Republic of Ethiopia. The Mato Bula and Da Tambuk mining licenses, collectively referred to as the Adyabo Project, are held by Tigray Resources Incorporated PLC ("TRI"), which is owned by Tibet Huayu and East Africa, 70% and 30% respectively. TRI has conducted community meetings in Shire to inform local stakeholders about the details of the mine development plan and to gain their support for the program. These meetings included members of the federal, regional and local government as well as community members with interest in the project development. TRI's presentation was received favourably and local experts, Beles Engineering PLC ("Beles"), were commissioned to evaluate and assess all of TRI's obligations to the local population affected by construction project and to work out adequate compensation, which will be fully borne by Tibet Huayu. Also, TRI is working with the local government administration to finalize compensation for the access road so construction can begin as soon as possible. The Adyabo Project Mato Bula and Da Tambuk deposits are high sulphidation gold rich VMS. This submarine porphyry-related system is located in the southern part of the Arabian-Nubian Shield (ANS) in the Tigray region of northern Ethiopia. Mining licences have been received that cover both deposits on Adyabo, Mato Bula Au-Cu-Ag and Da Tambuk Au. Tibet Huayu Mining Co. Limited is responsible for 100% financing of both Adyabo's Mato Bula and Da Tambuk mine construction costs resulting in a 70% THM and 30% EAM ownership. In April 2018, Preliminary Economic Assessment (PEA) results were released on the Mato Bula Gold Copper and Da Tambuk Gold Projects, indicating strong project economics. New Risk • Jun 03
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 5.3% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Revenue is less than US$1m. Minor Risks Share price has been volatile over the past 3 months (17% average weekly change). Shareholders have been diluted in the past year (5.3% increase in shares outstanding). Market cap is less than US$100m (CA$45.2m market cap, or US$33.2m). Tillkännagivande • May 11
Tibet Huayu Mining Co., Ltd. Moves Forward with Mine Development Programs At the Mato Bula and Da Tambuk Mines, Ethiopia East Africa Metals Inc. announced the development of the Mato Bula and Da Tambuk mines has been initiated. EAM's development partner, the Chinese company Tibet Huayu Mining Co. Ltd., through its wholly owned subsidiary Silk Road Investments Co. Ltd., will bear 100% of the costs of mine construction. The mine development program is operated by the jointly owned company Tigray Resources Inc. ("TRI" - 70% Silk Road, 30% East Africa Metals). Once commercial production begins, East Africa will have the right to a Net Profits Interest ("NPI") equivalent to 30% of the total production (Au, Cu), net of mining and processing costs. Operations at Mato Bula and DaTambuk were suspended during the three-year regional conflict which was ended with the signing of the Pretoria Agreement in November 2023. Since that time, TRI has established a base of operations and staff in the nearby town of Shire. The Shire staff are currently working with local authorities and regional governments to prepare the sites for construction activity. In addition to permitting and approvals, TRI's staff has advanced the mine development agenda through: The revised feasibility study of the project has been completed. The revised study includes detailed design parameters that will see the Mato Bula andDa Tambuk mines now developed simultaneously around a central processing facility. The plans for access road construction has been completed and discussions with the local government ("Werda") to finalize the start of construction are in progress. The commencement of road construction is expected to begin prior to the end of May 2024. Community meetings with all stakeholders have been held and support for the project going forward has been confirmed by the Federal and Regional governments and local community. Ministry of Mines official mining cadastral confirms EAM's mining rights to the Mato Bula and da Tambuk Mining Licenses remain active and in good standing. In addition, planning is in progress for a drill program to test the Halima Hill prospect that lies within the Adyabo Mining License. Drilling is expected to begin prior to The end of second quarter 2024. Mato Bula Gold Copper and Da Tambuk Gold Projects. The Adyabo Project Mato Bula and Da tambuk deposits are high sulphidation gold rich VMS. This submarine porphyry-related system is located in the southern part of the Arabian-Nubian Shield (ANS) in the Tigray region of northern Ethiopia. Tillkännagivande • Mar 04
East Africa Metals Inc. announced that it expects to receive CAD 1 million in funding East Africa Metals Inc announced a non-brokered private placement of 10,000,000 units at a price of CAD 0.10 per unit for aggregate gross proceeds of CAD 1,000,000 on March 2, 2024. Each unit is comprised of one common share and one share purchase warrant. Each warrant entitles the holder to acquire a common share at a price of CAD 0.20 for a period of up to three years. The transaction is subject to approval of the TSX Venture Exchange.
On same date, the company issued 500,000 units at a price of CAD 0.10 per unit for aggregate gross proceeds of CAD 50,000 in its first tranche. The company did not pay any commissions or finder's fees in connection with the First Tranche. Tillkännagivande • Oct 14
East Africa Metals Inc., Annual General Meeting, Dec 15, 2023 East Africa Metals Inc., Annual General Meeting, Dec 15, 2023. Board Change • Nov 16
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 6 experienced directors. 4 highly experienced directors. Independent Director & Mining Advisory Committee Member Zhijun He was the last director to join the board, commencing their role in 2016. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Tillkännagivande • Oct 14
East Africa Metals Inc., Annual General Meeting, Dec 16, 2022 East Africa Metals Inc., Annual General Meeting, Dec 16, 2022. Location: Vancouver, BC Vancouver Canada Board Change • Apr 27
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 7 experienced directors. 3 highly experienced directors. Independent Director & Mining Advisory Committee Member Zhijun He was the last director to join the board, commencing their role in 2016. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Tillkännagivande • Dec 19
East Africa Metals Provides Update on Magambazi Mine Plan Development East Africa Metals Inc. provided an update on the progress of the engineering and mine development work at the Magambazi mine in the Handeni region of the Federal Republic of Tanzania. With the successful completion of the tailings processing in the third quarter of 2021, the technical team for PMM Mining Company Limited ("PMM") are focused on the development of hard-rock mining operations. Phase I of the mining operations will be initiated on surface from two open pit resources, the "North and "South" pits. These pits will be established on areas of the deposit representing approximately 15% of the recently upgraded one-million ounce Measured and Indicated resource. Phase II of the mining operations will be conducted from underground where the resource within the Magambazi ridge will be accessed from the valley floor, 200m below the surface operations, to take full advantage of gravity in the mining process. Engineering work is progressing and detailed plans for mining operations and surface equipment installations are expected to be complete early January 2022. Infrastructure required to initiate and support surface mining operations continues to be upgraded and expanded to increase milling capacity sufficient for surface open-pit operations. Development of the access road to the South Pit site is underway. The processing flow-sheet continues to be refined and expanded to support the hard-rock mining operations. The plans for the expansion of the crushing and grinding circuit continue to be developed. Staged upgrades to the flow-sheet and processing plant will initially expand the capacity of the existing circuit to 1,000 tonnes per day and ultimately to a capacity capable of supporting a 40,000 ounce production rate per year within forty-eight months of commissioning of the hard-rock mining operations. East Africa Metals has completed the formation of its Tanzanian gold trading company, "EMG Royalty Plc.", in order to facilitate the acquisition of the Company's share of gold production from the Magambazi mine. Under the terms of the sale purchase agreement with PMM, EAM holds the rights to acquire 30% of the gold produced from the mining operations for a payment equal to the per ounce cash costs of mining and processing plus 15%. According to Second Quarter 2021 processing reconciliations provided to EAM by PMM the tailings operations produced a total of 645 ounces of gold. EAM's share of the Second Quarter 2021production is 169 ounces with a current value of USD 275,000. The final transfer of the Magambazi mining licenses to PMM and reconciliation of Third Quarter 2021 processing are expected to be completed in early January 2022. Tillkännagivande • Sep 29
East Africa Metals Inc. Updates Progress on Tanzanian Hard-Rock Mine Development East Africa Metals Inc. provided an update on the progress of the engineering work and the development plan for the hard-rock mining operation on the 1M ounce Magambazi gold deposit in Tanzania, which will ramp up as the tailings processing operations wind down. With the successful commissioning of the tailings processing, project owner/operator PMM Mining Company Limited ("PMM") has turned its attention to the planning of the hard-rock mine development program. Engineering work has commenced to develop detailed plans for mining operations and surface equipment installations. Once complete, the first-year production is targeted to be 10,000 ounces, scaling up to 40,000-ounces annually over a period of 48 months. This work is being completed by PPM engineers and consists of establishing a haul road to the main open pit at Magambazi South, followed by pit clearance and topsoil removal. PMM has advised EAM that grade control drilling is expected to start early next year prior to hard-rock mining. Resource geologists and mine engineers are reviewing the existing resource in the context of processing, grade and recovery data gained from the tailings operation. This work is being completed by local geological consulting firm with in-depth experience in preparing resource estimations for Tanzanian gold projects. This work will closely study the structural controls on mineralization that appear to be an important element of the mineralizing system that were not considered in the original mineral resource disclosed by EAM in a NI 43-101 report in 2012. Other elements of the mineral resource review will include developing a new block model that incorporates rock density data from a total of 468 drill holes rather than 400 diamond drill holes reported earlier. Tillkännagivande • May 21
East Africa Metals Inc. Targets Resource Expansion as It Prepares to Renew Exploration Activity in Ethiopia with Drill Program East Africa Metals Inc. provided an update on the ongoing exploration of its gold and gold/copper/zinc projects in the Federal Democratic Republic of Ethiopia ("Ethiopia"). After productive meetings with government officials in Addis Ababa last week, the Company is looking to building on the success achieved over the past ten years through the Company's investment of approximately $30,000,000 in exploration with the support of the Ministry of Mines and Petroleum ("MoMP"). The Mato Bula Trend Exploration Targets (CNW Group/East Africa Metals Inc.) Halima Hill I.P. - Represents a compelling target as a large, open (to depth and southward) I.P. chargeability anomaly extending laterally 500 metres south beyond the established Mato Bula mineralization. The currently defined copper/gold mineralization increases in silver and zinc content locally in the south region of the resource. Being an open I.P. target, the feature requires drill qualification and has potential, with mineralization identification, to represent a significant spatial increase to the known mineralized footprint. A key intersection in this area includes 24.50 metres grading 0.61 grams per tonne gold, 1.67% copper, 8.0 grams per tonne silver, and 0.96% zinc, from 204.30 metres. Halima Hill is considered a high priority target. Mato Bula Central - Results from the 2017 infill drilling program identified areas of potential high grade mineralization for step out drilling to depth in the central area of Mato Bula. Silica Hill - Resource mineralization remains open to depth. Silica Hill North - Interpretation of geology and mineralization has been revised and additional drill targets have been identified with the objective to build upon an initial intersection of 22.91 metres at 14.34 grams per tonne gold including 8.50 metres at 36.92 grams per tonne gold, from 101.09 metres drill dept. Mato Bula North- A separate copper enriched area of the existing resource remains open laterally and to depth and requires further delineation drilling. Da Tambuk Silica Ridge - Two target areas of artisanal workings, silica alteration and anomalous multi-element soil geochemistry remains to be trenched and drill tested. Da Tambuk deposit - Infill and extension drilling required (deposit currently open to depth and south). The Terakimti, VEM09 and Mayshehagne Exploration Targets (CNW Group/East Africa Metals Inc.) The Company has identified a corridor of anomalous surface geochemistry between the Terakimti deposit and the VTEM09 prospect (a six kilometre separation). The VTEM09 prospect has yielded a number of precious metal-rich VMS related intersections, including 24.06 metres grading 1.88% copper, 3.08 grams per tonne gold, 66.4 grams per tonne silver, and 2.54% zinc, from 35.84 metres drill depth (diamond drill hole TVD009 - news release dated March 27, 2017). Additional drill work warranted in the Terakimti area includes; Supergene - High grade copper mineralization delineation drilling. Primary - VMS mineralization delineation drilling. VTEM09 - Following qualifying metallurgical work and potential resource work, additional diamond drilling would be warranted. Mayshehagne VMS trend - A separate VMS trend centres on the Mayshehagne prospect, located three kilometres south of Terakimti. Precious metal enriched copper-zinc mineralization has been identified at this prospect, including 21.19 metres grading 4.32% copper, 1.04 grams per tonne gold, 35.9 grams per tonne silver, and 6.98% zinc, from 36.58 metres drill depth (diamond drill hole HD011 - news release dated March 27, 2017). Mayshehagne - Following qualifying metallurgical work and potential resource work, additional diamond drilling would be warranted. Is New 90 Day High Low • Feb 11
New 90-day high: CA$0.44 The company is up 144% from its price of CA$0.18 on 10 November 2020. The Canadian market is up 13% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is up 1.0% over the same period. Tillkännagivande • Feb 02
East Africa Metals Inc. Provides Update on the Ongoing Exploration/Development of Its Gold and Gold/Copper/Zinc Projects in the Federal Democratic Republic of Ethiopia East Africa Metals Inc. provided an update on the ongoing exploration/development of its gold and gold/copper/zinc projects in the Federal Democratic Republic of Ethiopia. EAM has completed planning and received government approval for CAD 2.7 million, Phase 1 exploration program that will include 8,000m of diamond drilling, 115 line kilometers of geophysical surveys, environmental, metallurgical studies and resource calculations/updates. The exploration program is set to commence as soon as travel restrictions for the Tigray region are lifted. The undrilled Halima Hill I.P. anomaly that is an extension of the geophysical signature of the Mato Bula resource, and the exploration of the Mato Bula Trend, the continuation of prospective geology between the Mato Bula and Da Tambuk mining licenses, represent first priority exploration targets on the Adyabo property. Tillkännagivande • Jan 29
East Africa Metals Inc. Announces Commissioning of Tailings Re-Processing Operation at Magambazi East Africa Metals Inc. announced that, it has received the following update from its Tanzanian partner, PMM Mining Company Limited ("PMM"). PMM Mining has informed EAM it has engaged development of a plan to re-process existing tailings from artisanal mining activities that took place between 2007 and 2016 at the Magambazi site, during which time large, active artisanal mining operations extracted gold from high-grade quartz veins within the Magambazi main zone. To date, PMM has completed the construction of the tailings re-processing plant and initiated start-up of the re-processing operation. The tailing re-processing operation is expected to be in full production prior to the end of the first quarter of 2021. During 2018, Canaco Tanzania Limited ("CTL") surveyed the volume of the tailings, which were mined from its licenses by a group of illegal miners, who were exploiting the high-grade gold veins intercepted during a drilling program conducted in its license area. Recent stockpiled tailings have not been sampled by CTL; however, the gold assay from different piles of tailings taken in November 2007 indicated a significant amount of gold was unrecovered in the ore mined from Magambazi deposit. The gold tailings totalled an estimated 32,000 tonnes at undetermined grade and metallurgical recoveries. The processing flow-sheet will see the tailings re-milled to further expose remaining free gold, followed by treatment through a gravity circuit and finally through a CIP Plant. PMM is currently on site working towards the final stages to commission the CIP Plant. Is New 90 Day High Low • Jan 27
New 90-day high: CA$0.38 The company is up 92% from its price of CA$0.20 on 28 October 2020. The Canadian market is up 18% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is up 1.0% over the same period. Tillkännagivande • Jan 13
East Africa Metals Inc. Provides Update on Ethiopian Development East Africa Metals Inc. provided an update on the status of development programs on the Company's Ethiopia projects. Tibet Huayu Mining Co. Ltd. ("THM"), EAM's operating partner for the Adyabo Projects, has been prepared to initiate the development of the Mato Bula and Da Tambuk mines since November 2020, when COVID travel restrictions were projected to be lifted and the mobilization of staff and equipment to site was expected to commence. This mobilization effort was further delayed by imposition of a state of emergency in response to conflict between the Ethiopian Federal Armed Forces and the Tigrayan People's Liberation Front. According to statements released by Ethiopian government, security has been re-established in the Tigray region and current activities are focused on facilitating a return to normalcy. THM will resume the mobilization of staff and equipment to Ethiopia and initiate the construction as soon as the Ethiopian government's mandated travel restrictions in the Tigray region are lifted. Mobilization and future transportation and import requirements are expected to benefit from the LAPSSET Corridor Project, Eastern Africa's largest and most ambitious infrastructure project. This mega project is planned to integrate the regional transportation infrastructure of Kenya, Ethiopia and South Sudan and consists of a number of key infrastructure projects including: a new 32 berth port at Lamu Kenya; interregional highways; petroleum pipelines; interregional standard gauge railway; international airports and High Grand Falls hydro-electric project. Construction and production plans remain unchanged, with the start of construction now anticipated in early 2021 with a one-year construction timeline to complete the parallel development of both mining operations. EAM has been further informed that plant commissioning will be initiated upon the completion of the mine development and full production capacity expected within three months thereafter. The mining operations will lead to the processing of a combined 300,000 tonnes annually. The first stage of plant processing operations will be based on a combination of gravity and flotation recovery with projected metallurgical recoveries of 70% for gold and 85% for copper. A C.I.L. (Carbon in Leach) plant is planned for construction in the third year, and the processing of the tailings projected to increase the gold recovery up to 90%. The detailed design for construction is now complete, and THM has filed the revised engineering study with the Ministry responsible for mining. Is New 90 Day High Low • Jan 11
New 90-day high: CA$0.34 The company is up 130% from its price of CA$0.15 on 13 October 2020. The Canadian market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is down 1.0% over the same period. Is New 90 Day High Low • Dec 22
New 90-day high: CA$0.23 The company is up 44% from its price of CA$0.16 on 21 September 2020. The Canadian market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is down 5.0% over the same period. Recent Insider Transactions Derivative • Dec 11
Independent Director exercised options to buy CA$200k worth of stock. On the 8th of December, Antony Harwood exercised options to buy 1.00m shares at a strike price of around CA$0.10, costing a total of CA$100k. As of today, Antony currently holds no shares directly. This was the only transaction from an insider over the last 12 months. Tillkännagivande • Nov 26
East Africa Metals Inc. Advances Discussions to Develop Harvest Project, Ethiopia East Africa Metals Inc. announced company management is advancing discussions with potential mining partners for the development and operation of the Harvest Copper-Gold VMS Project in Ethiopia. The Company currently owns 70% of Harvest Mining PLC ("Harvest") through its wholly-owned subsidiary, Tigray Ethiopia Holdings Inc. ("TEHI"). Harvest holds the Terakimti Mining License (the "Harvest Property" or "Harvest Project") including the Terakimti Oxide deposit and the Terakimti Sulphide resources in Ethiopia. The Company is in discussions with an arm's length party (the "Purchaser") for the acquisition of up to 55% interest in the Harvest Project. Negotiations for the Harvest Project (including the Terakimti Oxide and Terakimti Sulphide deposits) are active and ongoing and are using previously disclosed terms as a framework for discussions that, in exchange for 55% interest of Harvest, EAM will receive: A cash payment of USD 500,000; A commitment from the Purchaser to finance, develop and operate the Terakimti Oxide and Terakimti Sulphide projects. On completion of the proposed transaction: EAM intends to dispose of the rights (interest) to 55% post-tax profits/Government distributions of Harvest. EAM will hold the rights (interest) to 15% post tax profits/Government distributions of Harvest. Closing conditions will include: Required approvals including and not limited to Board, Regulatory, and Government approvals, Execution of a definitive agreement; and EAM having received the cash payment of USD 500,000. EAM will retain the mineral rights, and all exploration obligations for the prospective targets not incorporated in the Terakimti Mining License ("EAM Harvest Resources"). EAM shall give the Purchaser a right of first refusal of reasonable duration to acquire the EAM Harvest Resources subject to the terms of the Harvest Joint Venture. Consideration for the acquisition of future EAM Harvest Resources by the Purchaser will be based on: cash payment and allocated % of post-tax profits of the new mineral resources. Is New 90 Day High Low • Oct 24
New 90-day high: CA$0.22 The company is up 47% from its price of CA$0.15 on 24 July 2020. The Canadian market is up 2.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is down 4.0% over the same period. 
