Vancouver, British Columbia--(Newsfile Corp. - January 31, 2024) - AsiaBaseMetals Inc. (TSXV: ABZ) (the "Company") announces the appointment of Mr. Bruce Bragagnolo to the Board of Directors of the Company, and the grant of stock options. Mr. Bragagnolo will also join the Company's Audit Committee and Compensation Committee.

Mr. Bragagnolo is the Executive Chairman and a Director of Regency Silver Corp., a Mexico focused gold-copper-silver exploration company advancing its flagship wholly owned high grade Dios Padre gold-copper-silver project in Sonora, Mexico. Regency Silver made a major gold-copper-silver discovery at Dios Padre in 2022. Bruce is the co-founder and former Chief Executive Officer of Timmins Gold Corp. (name changed to Alio Gold Inc.) which was a former +100,000 oz. per year gold producer. He is also the co-founder and the former CEO of Silvermex Resources Ltd., a silver explorer which was acquired by First Majestic Silver in 2011 for a market capitalization of $175 million. Mr. Bragagnolo's strategic planning, business development, administration and financing abilities were instrumental in structuring and raising over $75 million in equity and debt for Timmins Gold and overseeing the growth of the company as it transitioned from junior developer to a +100,000 oz. per year gold producer with a peak market capitalization of over $450 million. Mr. Bragagnolo obtained a degree in law from the University of British Columbia and is a member of the Law Society of British Columbia.

"Having had the pleasure of knowing Bruce for almost thirty years, working with Bruce in the past, including previously on the Board of AsiaBaseMetals, and the opportunity to follow his accomplishments, I'm sure the Company will benefit from his knowledge and relationships as it moves forward to continue to build shareholder value for all shareholders," stated Raj Chowdhry.

Mr. Deepak Varshney has tendered his resignation as a director of the Company, effective immediately, in order to devote the time required for managing his other business commitments. Raj Chowdhry, Chairman of AsiaBaseMetals, said, "We appreciate what Deepak has contributed to the Company and wish him all the best in his future endeavors."

Stock Options

The Company announces that, subject to Exchange approval, it has granted 250,000 stock options (the "Stock Options") to certain directors of the Company under the Company's stock option plan. The Stock Options will be exercisable at a price of $0.20 per share for a period of five (5) years from date of grant and will vest immediately.