26 May 2022

Caerus Mineral Resources PLC

('Caerus' or the 'Company')

Alliance with EV Metals Group, Expansion and Diversification Plans

Caerus Mineral Resources (CMRS) plc gained Admission to the London Stock Exchange in March, 2021 to focus primarily on developing mineral resources in Europe in response to the transition and drive towards 'Clean Energy' economies based on wind, solar and electric vehicles and battery storage. From Admission, Caerus has been proud to have EV Metals Group (EV Metals) (www.evmetalsgroup.com) as a Cornerstone Investor and now updates investors and the markets on the future of the relationship.

EV Metals is a fully integrated global battery chemicals and technology business with supply chains from raw materials in Australia to high-purity chemicals to be produced in Saudi Arabia. The Strategic Alliance between Caerus and EV Metals is being renewed to create an exciting diversified future for Caerus on the back of the transformative announcement at 7am this morning of the acquisition by EV Metals of the majority of the Battery Materials business of Johnson Matthey plc (www.prnewswire.com/news-releases/johnson-matthey-announces-sale-of-battery-materials-301555487). The sale includes Johnson Matthey's innovative technologies, assets at the Battery Technology Centres in the UK, a research centre in Moosburg, Germany and the partly constructed production site at Konin in Poland.

EV Metals has approached Caerus to renew and expand the original Strategic Alliance to enable EV Metals to comply with the "Rules of Origin" (RoO) for electric automotive products under the EU-UK Trade and Co-operation Agreement (TCA) so that they qualify to be tariff- and quota-free. The RoO stipulate the proportion of an automotive product in value terms that must be created from a UK-EU source as summarised by the Faraday Institution briefing of 5.3.21 (www.faraday.cam.ac.uk/) and published in the EU Journal under OJ L 149, 30.4.2021, p. 10-2539). Automotive products covered by the TCA include lithium, copper, cobalt, nickel, other metals and industrial minerals in the context of battery packs for electric vehicles and hybrids.

Caerus thereby becomes a key component of the EV Metals Business Plan by virtue of having, from the outset, an emphasis on development and production of copper from its multiple opportunities in Cyprus, a region with a long mining history and significant untapped value. EV Metals has recognised the rapid advances made by Caerus since Admission, culminating in the recent definition at its flagship Troulli project of a JORC-2012 compliant 4.9 million tonnes at 0.41% Cu and 0.2 g/t Au for 20,000 t of Cu metal and 31,000 ounces of Au, from a cut-off grade of 0.26% Cu equivalent.

A second pillar of the reinvigorated Strategic Alliance is that EV Metals has agreed with Caerus that it becomes the preferred vehicle by which EV Metals will further its ambitions in the European raw materials market. This will be by way of acquiring advanced mining and production projects that further facilitate compliance with the UK-EU Trade & Cooperation Agreement that is to achieve a permanent state by 2027, after a currently in-force, phase-in period.

In order to underpin the commitment to the future of Caerus, EV Metals has agreed to make a substantial investment in the Company by way of increasing its present shareholding on terms to be agreed and by providing expertise and guidance through new appointments to the Board of Directors announced today. Subject to shareholder approval these appointments will be renewed at the Annual General Meeting (AGM) on June 1^st. In parallel, the Company announces the withdrawal of the original AGM Resolutions 2 and 4 under consideration by shareholders and their amendment to Resolutions 2a, 2b and 4a now posted on the Caerus web site.

Further announcements will be made in the near future.

Charles Long, CEO of Caerus said: "This is an exciting opportunity for Caerus that extends our influence from becoming a primary producer of metals within the EU to having a strategic link to the downstream production of battery materials, essential to the Clean Energy future that Caerus has always subscribed to. We will continue to advance our Cyprus assets to production through our Joint Ventures and Partnerships and we welcome the expanded horizons that the renewed Strategic Alliance with EV Metals offers"

Michael Naylor, CEO of EV Metals said: "We have always had a strong relationship with Caerus and we have been seeking the opportunity and the right time to further develop and deepen our ties. Our just announced transaction with Johnson Matthey is transformational but it requires us to have a means of optimising our markets through delivery of our products in line with the UK-EU Trade and Cooperation Agreement. Caerus offers that prospect as well as a means of increasing our raw material assets based in the EU though Joint Ventures and acquisitions".

For further information, please visit www.caerusmineralresources.com or contact:

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Market Abuse Regulation (MAR) Disclosure

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation 9EU) No 596/2014 until the release of this announcement.