Electric Metals (USA) Limited Announces Option and Acquisition Agreement for the Sale of Nevada Silver Assets to Altair Resources Inc.

• Sale proceeds delivers a combination of cash, shares and a multi-year exploration expenditure commitment.
• Enables EML to focus on developing the high-grade Emily Manganese Project, Minnesota, while retaining an economic interest in the Nevada silver assets.

TORONTO, ON / ACCESSWIRE / November 22, 2023 / Electric Metals (USA) Limited ("EML" or the "Company") (TSXV:EML)(OTCQB:EMUSF) is pleased to announce that it has entered into an option and acquisition agreement (the "Option Agreement") with Altair Resources Inc. ("Altair") for the sale (the "Transaction") of up to 100% of its Nevada silver assets, including the Corcoran Canyon gold-silver project, the Belmont gold-silver project and the Belmont North gold-silver project (collectively, the "Assets" or the "Project"), located in the Tonopah District in Nye County, Nevada.

Pursuant to the Transaction, Altair, which is an arm's length party to EML, will have the right to acquire up to a 100% interest in the Assets through the acquisition of EML subsidiary, North American Silver Corporation ("NAS"), by making payments to EML and its subsidiary of cash and common shares of Altair ("Altair Shares"), and the expenditure of funds on the Project, as per the following payment schedule (all currency references are to Canadian Dollars):

• Within 30 days of announcing the Option Agreement - $440,428 cash payment.
• On or before 1^st anniversary of the Option Agreement $617,072 in Project expenditure, $472,500 cash payment and $500,000 in Altair Shares†.
• On or before 2^nd anniversary of the Option Agreement $2,400,000 in Project expenditures, approx. US$96,343 cash payment and $1,500,000 in Altair Shares^†.
• On or before the 3^rd anniversary of the Option Agreement $2,750,000 in Project expenditures and $2,000,000 in Altair Shares^†.
• On or before the 4^th anniversary of the final approval of the plan of operations for the Project $3,000,000 in Project expenditures and $2,500,000 in Altair Shares^†.

If Altair elects to execute all Option Agreement tranches, EML will receive over $1.0 million in cash and $6.5 million in Altair shares. Additionally, Altair will have invested nearly $9 million in project expenditures.