Enerev5 Closes Barbara Bay Acquisition

Toronto, Ontario--(Newsfile Corp. - December 5, 2022) - Enerev5 Metals Inc. (TSXV: ENEV) (OTCQB: ENEVF) (Enerev5 or the "Company") announces that it has completed the expansion of its nickel exploration project, named "Barbara Bay" in Quebec by closing the acquisition of claims by way of an agreement between the Company and arms-length parties (the "Vendors") to acquire a 100% interest in 171 mining claims comprising approximately 9,234 hectares in the Province of Quebec, for a total consideration of 5,000,000 common shares of the Company (the "Consideration Shares"). The project now comprises about 33,200 hectares of contiguous claims.

As first described in the Company's press release dated November 18, 2022, summarizing the property, geophysical consultant Steve Balch, one of the Vendors, commented, "The Company has staked almost the entire contact of an anorthosite intrusion that has strong similarities to that of the Go Metals HSP project. There are several historic showings of copper, nickel and cobalt at the interpreted contact which is derived from a high resolution magnetic and EM survey flown in the 1990s. There are several EM conductors at the contact. The strategy is to re-fly the intrusion using modern technology and to setup a direct drilling program that could commence this summer." Steve Balch is a qualified person within the meaning of NI 43-101 and is responsible for the technical information contained in this press release.

The Company will release more information regarding the geo-significance of the Barbara Bay property when available. All of the claims were acquired in keeping with the Company's focus on exploration and development potential related to energy metals such as nickel, copper, cobalt and other strategic battery minerals, and the Company's increasing focus on projects in mining friendly and politically stable jurisdictions.

The Consideration Shares are fully paid and non-assessable shares of the Company issued at a deemed price of $0.05 per share. The Consideration Shares are subject to escrow provisions requiring the shares to be released from escrow, 50% on closing of this agreement, subject to a four month hold period, and a further 50% six months from the date of closing. The Company has reimbursed the Vendors for their government staking fees ($11,687.50) plus staking costs ($1,000) for a total of $12,687.50. The Company closed the transaction as an expedited acquisition within the meaning of the TSX Venture Exchange ("TSXV"), and the TSXV approved its classification as such.

The Company also announces that it will be increasing its current 10,000,000 Unit ($500,000) private placement (the "Private Placement") by an additional 2,000,000 Units to a maximum 12,000,000 units ("Units) or $600,000, subject to approval by the TSXV. The Private Placement, which expires on December 18, 2022, is being conducted through through IBK Capital Corp. Each Unit is priced at $0.05 and consists of one common share and one common share purchase warrant. Each common share purchase warrant entitles the holder to acquire one additional common share at a price of $0.05 for a period of five years from the closing date. Brokers may receive a cash commission equal to 9% of the gross proceeds raised and non-transferrable broker warrants ("Broker Warrants") equal to 10% of the Units sold. Each Broker warrant entitles the holder to acquire one unit at CDN$0.05 for a 60-month period. $292,500 of the Private Placement has already been completed as previously reported.

Net proceeds from the remainder of the Private Placement will be used for administrative expenses and general working capital. All securities issued in the Private Placement are subject to a 4-month hold period.

About Enerev5 Metals Inc.

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

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

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.enerev5metals.net

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.

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