Multi-Metal Development: Reconnaissance Survey Indicates an Extension of Mineralization at Bleiberg Property, Austria

Vancouver, British Columbia--(Newsfile Corp. - August 8, 2022) - Multi-Metal Development Ltd (TSXV: MLY) (OTC Pink: MLYCF) (formerly American Cumo Mining Corporation) is pleased to announce that it has discovered along strike, several surface exposures of zinc-lead mineralization at its Bleiberg Property in Austria, similar to what has been historically mined. The new mineralization is exposed between 4 and 12 km beyond the end of the existing underground workings (see figure below). The survey consisted of a series of traverses covering the area of the strike extension of the mineralization. A portable x-ray spectrometer (Bruker S1 Titan) was used to analyze mineralization identified. Out of a total of 162 outcrop locations studied, 28 contained visible zinc-lead mineralization. Six readings were taken at each mineralized location and averaged to give an indication of the possible grade. Results range from 0.41% to 8.24% zinc and 0.34% to 41.48% Pb. Note these results are considered indications only of grade not actual grade, as the spectrometer being used only scans the near surface of the outcrop.

Figure 1

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The Bleiberg property consists of 116 exploration licenses totaling 6,582.4 hectares that cover the western 8 kilometers of a historically defined mineralized zone, 130 kilometres southeast of the city of Salzburg, Austria. It is a very well-known 700-year-old mine site with extensive data, numerous scientific publications, and over 1,150 km of underground workings with numerous shafts. The mine site covers a total strike length of over 20 km of which the first 12 kilometers have been mined historically. The project is close to railway and power lines and has all the infrastructure available. The licenses being purchased are located at the western end of the mine complex where the most recent (1993) drilling was completed. The Bleiberg mine operated from the 1300's through to 1993, when it closed as part of a larger bankruptcy of a Austrian state-owned mining conglomerate. Historic production was about 500,000 tonnes per year, and it was one of the largest germanium producers in the world while it was in production. Germanium is used by the semiconductor industry and in solar panels. Average mined grades were 5 to 6 percent zinc, 1 to 1.2 percent lead, and 150 to 200 parts per million (ppm) germanium. The deposit also averaged 10% Fluorite and 0.2% Cadmium. Based on published estimates done by Cenry (1991) and Schroll (2006), Bleiberg has a geologic target of 13 to 50 million tonnes at grades similar to the average historic production grades.

Note: The targets and the potential quantity and grade are conceptual in nature as there had been insufficient exploration work done to define Mineral Resources as defined by NI 43-101 and it is uncertain if further exploration would result in establishing the existence of Mineral Resources.

Shaun Dykes, President and CEO, stated, "The discovery of surface mineralization along strike from the historical defined zones extends the strike length for exploration from 8km to 20km. With the recent increase in demand and prices for the metals contained in Bleiberg and the positive future for green energy minerals such as Germanium, Bleiberg is a tremendous opportunity to add significant value. The multi-element nature of the Bleiberg deposit (Zn-Ge-Pb-Cd-F) and the Company's expertise in ore-sorting will be beneficial to the development of this new project."

Mr. Shaun M. Dykes, M.Sc. (Eng), P.Geo., President and CEO of the Company is the designated qualified person for the CuMo Project, and prepared the technical information contained in this news release.

About Multi-Metal Development Ltd ("MultiMet")

MultiMet is focused on advancing the CuMo Project owned by its subsidiary International CuMo Mining Corp. towards feasibility and working on its Bleiberg project in Austria. Management is continuing to build an even stronger foundation from which to move the Company and its projects forward. For more information, please visit www.multimetdev.com.

For further information, please contact:

Multi-Metal Development Ltd

Shaun Dykes, President and Chief Executive Officer
Tel: (604) 689-7902
Email: info@multimetdev.com

Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this new release.

Cautionary statement regarding forward‐looking information

This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation including, but not limited to, statements that address activities, events or developments that the Company expects or anticipates will or may occur in the future, such the Company's ability to move its CuMo Project to feasibility and production, and to become one of the largest and lowest-cost molybdenum producers in the world as well as a significant producer of copper and silver. Forward-looking information is based on a number of material factors and assumptions, including the result of exploration activities, the ability of the Company to raise the financing for a feasibility study and to put the CuMo project into production, that no labour shortages or delays are experienced, that plant and equipment function as specified that the Court will not intervene with the Company's proposed exploration activities at the CuMo Project, and the ability of the Company to obtain all requisite permits and licenses to advance the CuMo Project and eventually bring it into production. Forward-looking information involves known and unknown risks, future events, conditions, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future prediction, projection or forecast expressed or implied by the forward-looking information. Such factors include, among others, the interpretation and actual results of current exploration activities; changes in project parameters as plans continue to be refined; future prices of molybdenum, silver and copper; possible variations in grade or recovery rates; labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing, as well as those factors disclosed in the Company's publicly filed documents, including the Company's Management's Discussion and Analysis for the period ended March 31, 2022. There may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking information.

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