Mr. Harry Barr reports

NEW AGE METALS COMMENCES MAIDEN DRILL PROGRAM AT ITS LITHIUM TWO PROJECT IN SOUTHEASTERN MANITOBA, CANADA

New Age Metals Inc.'s maiden drill program on its Lithium Two project that is part of its Manitoba lithium division has commenced. The company plans to drill a minimum of 1,500 metres. The program is going to consist of drilling eight shallow holes to a maximum depth of 200 metres below surface.

Highlights:

• A minimum 1,500-metre maiden drill program at the company's Lithium Two project has commenced.
• The program is financed by Mineral Resources Ltd. (MRL), the world's fifth-largest lithium producer, as per the agreement between New Age and MRL that was the subject of a Sept. 28 press release.
• New Age has also contracted geological consultancy Axiom Exploration to manage the drill program on behalf of the company and Manitoba-based Rodren Drilling to complete the work.
• Lithium Two hosts a historic non-National Instrument 43-101-compliant mineral resource of 544,000 tonnes at 1.4 per cent lithium oxide (Li2O) to a depth of 60 metres. This amount has not been confirmed by a qualified person at this time.
• The Eagle pegmatite is the primary target for the maiden drill program. It is exposed on surface and was last drilled in 1948.
• Surface sampling programs at the Eagle pegmatite conducted by New Age has yielded assays up to 3.8 per cent Li2O.
• New Age has an active exploration agreement with the Sagkeeng First Nation and will be working in partnership with members of Sagkeeng.
• New Age is the largest mineral claimholder in the Winnipeg River pegmatite field. All of the claims are held by Lithium Canada Development, a wholly owned subsidiary of New Age.

Harry Barr, chairman and chief executive officer, commented: "This maiden drill program in Manitoba is a significant milestone for the company. We have fulfilled our stated objectives for the lithium division to date by acquiring a robust land package in southeast Manitoba and recently completing our option/joint venture agreement with Mineral Resources. Our agreement equips us with the necessary funding and expertise to strategically explore and develop the greenstone belt that we are operating in. The preparation for this program has been extensive and has included various rounds of surface exploration, as well as UAV [unmanned aerial vehicle] borne drone geophysics."

Lithium Two project

The Lithium Two project covers 137 hectares and is located approximately 20 kilometres north of the Tanco mine that is owned and operated by Sinomine Rare Metals Co. Lithium Two is geologically situated in the Cat Lake portion of the Winnipeg River pegmatite field and is road accessible. This pegmatite field is hosted in the Archean-age Bird River greenstone belt and into the surrounding granites. To date, three pegmatites have been identified on the Lithium Two project.

The Eagle pegmatite is exposed at surface as a series of lenticular spodumene-bearing dikes, over approximately 823 metres with widths up to 30 metres. The Eagle pegmatite has a general strike of 77 degrees and a near vertical dip. The FD No. 5 pegmatite is surface exposed over an area of 27 and 15 metres and is poorly exposed away from the main showing. The unit strikes at 80 degrees with a near-vertical dip to the north. The FD No. 5 pegmatite appears to have not been previously drill tested. Surface sampling over the two pegmatites during the 2016 field season yielded assays for the Eagle pegmatite up to 2.44 per cent Li2O and assays up to 3.04 per cent Li2O for the FD No. 5 pegmatite.

Drill plan

The purpose of the maiden drill program is to first confirm the historical resource that was identified at the Eagle pegmatite on the Lithium Two project in 1948. An initial eight holes are planned to be drilled to the 200-metre level. The company is permitted to drill additional holes should preliminary results justify doing so.

In advance of the drill program, an archeological assessment has been completed by White Spruce Archaeology on the Lithium Two project that has identified three areas of archeological potential. Drilling activity will occur outside of a 25-metre buffer around the identified areas. All drill trails will stay outside of the identified areas. The recommendations for the Lithium Two project have been reviewed and agreed by the archaeological assessment services unit, historic resources branch, Ministry of Sport, Culture and Heritage.

About New Age Metals Inc.

New Age Metals is a junior mineral exploration and development company focused on the discovery, exploration and development of green metal projects in North America. The company has two divisions: a platinum group metals (PGM) division and a lithium/rare element division.

The PGM division includes the 100-per-cent-owned, multimillion-ounce, district-scale River Valley project, one of North America's largest undeveloped platinum group metals projects, situated 100 kilometres (km) northeast from Sudbury, Ont.

The company completed a positive preliminary economic assessment on the project in 2019 and is fully financed to complete a prefeasibility study on the project. A technical report is slated to be published by the end of the first half of 2022.

In addition to River Valley, the company is the 100-per-cent owner of the Genesis PGM-copper-nickel project.

New Age's lithium division is one of the largest mineral claimholders in the Winnipeg River pegmatite field, where the company is exploring for hard-rock lithium and various rare elements such as tantalum and rubidium. In 2021, drone geophysics were completed on at least five of the company's seven projects and, in October, a maiden drill program on the company's Lithium Two project was initiated. On Sept. 28, the company announced a partnership with Mineral Resource, the world's fifth-largest lithium producer, to explore and develop the company's lithium project portfolio.

Its philosophy is to be a project generator with the objective of optioning its projects to major and junior mining companies to potentially develop them through to production. The company is actively seeking an option/joint venture partner for its road-accessible Genesis PGM-copper-nickel project in Alaska.

Qualified person

This maiden 2021 drilling and exploration program is being conducted under the supervision of Lynde Guillaume, GIT, and Matthew Schwab, PGeo, both of Axiom Exploration Group Ltd. A thorough chain-of-custody and quality assurance/quality control (QA/QC) program is being carried out during the 2020 drill program on all half-core split samples. The implemented QA/QC procedures will include the insertion of certified standard control samples, duplicates and blanks to ensure proper calibration of lab equipment. Sample analyses are being conducted by SRC Geoanalytical Laboratories in Saskatoon, Sask.

The technical information in this news release has been reviewed and approved by Mr. Schwab, PGeo (senior vice-president at Axiom), who is a qualified person for the company as defined under National Instrument 43-101 (Standards of Disclosure for Mineral Projects).

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