EnviroMetal Technologies Inc. ("EnviroMetal" or the "Company"), (CSE:ETI)(OTCQB:EVLLF)(7N2:FSE) is pleased to provide the following corporate update regarding mining and electronic waste processing operations for the calendar quarter ended September 30, 2022.

In July, EnviroMetal's management commenced a review of its market positioning and business opportunities for EnviroMetal's patented metal recovery technology (the "EnviroMetal Process") within the mining and electronic waste ("E-Waste") processing industries. Based on this review the Company has undertaken the following initiatives:

• Focus on developing a high margin business by licensing the EnviroMetal Process to gold miners.
• Shift the Company's E-Waste business strategy from processing material sourced from outside suppliers to providing technology and related services to existing and new E-Waster processors.
• Restructure the Company's operations to align with the Company's new positioning within the mining and E-Waste industries.

Gold Mining Focus

The EnviroMetal Process is the foundation of the Company's technology licensing business model. It provides miners a simple, on-site gold recovery solution without the necessity for sodium cyanide or smelting. The EnviroMetal Process incorporates proven technologies in a novel manner to address real challenges facing miners seeking to maximize return on investment while meeting environmental, social, and corporate governance obligations and goals.

Compared to other processing options, the EnviroMetal Process can provide quantifiable and other benefits for miners including improved on site and overall gold recoveries, higher gold payments, increased net profits and operating margins, decreased per ounce production costs, lower shipping costs, reduced operational risk, simplified logistics, less reliance on third parties, increased control over metal processing and sales, and reduced carbon emissions and water consumption.

During the quarter ended September 30, 2022, EnviroMetal conducted amenability and recovery test work on a variety of samples received from numerous clients and suppliers. The results of these tests further confirmed the EnviroMetal Process in most cases offers similar or superior leach kinetics (speed) and gold recoveries when compared to sodium cyanide.

In August and September, the Company conducted a series of controlled tests designed to establish base case lixiviant consumption and associated per tonne operating costs using the EnviroMetal Process. Additional work to expand on the base case data and establish operating costs under different processing scenarios has been initiated. Base case operating costs are a key consideration for miners in evaluating processing options and establishing this key metric represents a significant milestone in the commercialization of the EnviroMetal Process.

New E-Waste Strategy

Factors largely outside EnviroMetal's control, including local and international logistics delays, increased shipping costs, declining E-Waste recycling levels, a shift to asset destruction or refurbishment for high-grade E-Waste, programs and policies which encourage the shredding and smelting of E-Waste, increasing competition from foreign smelters, and inconsistent industry regulation and enforcement have negatively impacted Company's ability to establish a reliable and economic E-Waste supply.

In response to the ongoing changes in the E-Waste industry the Company is shifting its E-Waste strategy from material processing to consulting and potentially licensing intellectual property to existing and new E-Waste processors. EnviroMetal believes this new strategy presents several advantages:

• It is less capital intensive;
• It offers the potential for significantly higher operating margins;
• It allows the Company to focus most of its resources on the much larger gold mining market; and
• It aligns closely with the strategy for technology deployment in the gold mining industry.

Restructuring of Operations

In July, the Company relocated its corporate headquarters in Burnaby, British Columbia, Canada. The new location includes expanded laboratory facilities, offices, warehousing, and space to accommodate a pilot plant for processing mining and E-Waste concentrates within a lower cost footprint. To streamline research and development and consulting work for clients EnviroMetal plans to relocate its existing mining pilot plant and related equipment from its current location at the Company's EnviroCircuit facility to the new headquarters location once currently scheduled programs have been completed.

Wayne Moorhouse, President and CEO, commented, "The Company is at an inflection point, to grow our business we must focus on opportunities that drive the most value and position EnviroMetal as an emerging commercial stage company with robust operating margins. We have identified gravity and flotation gold concentrates as an exciting market opportunity where we can deliver value for both our shareholders and mining partners. In the third quarter, we made some important decisions to put us on a new trajectory and we continue that path in the fourth quarter with specific objectives."

Q4 2022 Objectives

• Complete E-Waste licensing opportunity analysis with engagement from industry participants;
• Relocate the mining pilot plant to the Company's corporate headquarters;
• Advance pilot scale processing programs with mining clients; and
• Increase project pipeline through an expanded marketing campaign to gold gravity and flotation concentrate producers across North America.

EnviroMetal looks forward to reporting on its progress toward the accomplishment of these objectives and the successful commercialization of the EnviroMetal Process.

About EnviroMetal Technologies Inc.

EnviroMetal Technologies is engaged in the development and commercialization of environmentally friendly formulas and technologies for the treatment of materials in the primary and secondary metals industries. Using its proprietary non-cyanide, water-based, neutral pH treatment process, EnviroMetal extracts precious metals from ores, concentrates, and E-Waste. For more information please visit: https://EnviroMetal.com

Contact Information:

Jason Leikam
VP Corporate Development
EnviroMetal Technologies Inc.
This email address is being protected from spambots. You need JavaScript enabled to view it.
(604) 428-2400 x 104

Forward-Looking Statements

This News Release contains "forward-looking information" and "forward-looking statements" within the meaning of applicable Canadian and the United States securities legislation. Statements contained herein that are not based on historical or current fact, including without limitation statements containing the words "anticipates," "believes," "may," "continues," "estimates," "expects," and "will" and words of similar import, constitute "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking information may include, but is not limited to, information concerning our Research and Development activities, the accuracy of our capital and operating cost estimates; production and processing estimates; the results, the adequacy of EnviroMetal's financial resources, and timing of development of ongoing research and development projects, costs and timing of future revenues or profits and adequacy of financial resources. Wherever possible, words such as "plans", "expects", "projects", "assumes", "budget", "strategy", "scheduled", "estimates", "forecasts", "anticipates", "believes", "intends", "targets" and similar expressions or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, or the negative forms of any of these terms and similar expressions, have been used to identify forward-looking statements and information. Statements concerning future revenue or earnings estimates may also be deemed to constitute forward-looking information. Any statements that express or involve discussions concerning predictions, expectations, beliefs, plans, projections, objectives, assumptions, or future events or performance are not statements of historical fact and may be forward-looking information. Forward-looking information is subject to a variety of known and unknown risks, uncertainties, and other factors that could cause actual events or results to differ from those expressed or implied by the forward-looking information. Forward-looking information is based on the expectations and opinions of EnviroMetal's management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise. We do not assume any obligation to update forward-looking information, whether as a result of new information, future events, or otherwise, other than as required by applicable law. For the reasons set forth above, prospective investors should not place undue reliance on forward-looking information. The CSE has not approved or disapproved of the information contained herein.