Mr. Harry Barr reports

NEW AGE METALS COMPLETES PHASE 3 RHODIUM GEOCHEMISTRY STUDY OF THE RIVER VALLEY PALLADIUM PROJECT

New Age Metals Inc. has completed the Rh (rhodium) geochemistry study of the River Valley palladium deposit, 100 kilometres east of Sudbury, Ont. Phase 3 of the Rh geochemistry study collected 552 one-fourth HQ core samples from four metallurgical drill holes completed in 2021 within the Dana North, Dana South, Lismer North and Lismer Ridge zones. This announcement presents new Rh assay data for these 552 samples. These zones are located in the northern five kilometres of the 16 km long River Valley palladium deposit. In addition to Rh, the core samples were also assayed for gold (Au), iridium (Ir), palladium (Pd), platinum (Pt) and ruthenium (Ru) at the Geoscience Laboratories in Sudbury.

The new Rh data covered herein are in to addition to data generated from recent and historical exploration drill core, surface channel samples and grab samples of the River Valley deposit (see New Age press releases dated March 2, 2021, for phase 1 and Dec. 15, 2021, for the phase 2 results; see also Pacific North West Capital Corp. press release dated July 26, 2011). Rh is the most valuable platinum group metal (PGM), with recent spot price highs of about 7,950 (U.S.)/ounce Rh, roughly five times higher than Pd and seven times higher than Pt. However, Rh analyses are too costly to be performed on every drill core assay sample. Rh is reported in the current mineral resource estimate for the River Valley deposit (see New Age press release dated Oct. 5, 2021), based on regression analysis of historical drill core and channel sample assay data for the Dana and Lismer zones.

The purpose of the multiphase Rh geochemistry study program is threefold:

1. Investigate Rh grades and distribution trends within the River Valley deposit;
2. Develop a more robust regression technique to estimate Rh concentrations from Pt grades for future mineral resource estimates;
3. Investigate the potential of Rh as payable metal at River Valley.

Each of these topics are addressed herein.

1) Rh grade and distribution trends

In total, 552 samples of mineralized drill core intervals in the four metallurgical holes were selected for Rh assay: 200 from Dana North, 148 from Dana South, 84 from Lismer North and 120 from Lismer Ridge. Over all, the Rh assays values returned range from 0.0007 gram per tonne to 0.306 g/t Rh.

Thirty-four drill of the core samples returned assays of greater than or equal to 0.100 g/t Rh (the first attached table) and 113 samples returned assays greater than 0.050 g/t Rh. The highest assay result for Ir is 0.069 g/t and for Ru is 0.039 g/t, also for the samples from the Lismer Ridge zone.

The announcement of these 552 results increases the total inventory of Rh data assays for River Valley to 8,610 (the second attached table). At 80.2 per cent of the total, the results for Dana North still dominate the inventory. However, the maximum Rh assay in this data set is reported for the Lismer Ridge zone, located three kilometres south along strike from Dana North.

Statistically, the assay results show strong positive correlation of Rh with the other four PGE (R squared greater than 0.9) and moderate to strong correlation with Au (R squared greater than 0.6) (the third attached table), consistent with presence in the mineral phases Hollingworthite [(Rh, Pt, Pd)AsS], platarsite [(PtAsS) with minor Rh and Ru)] and laurite [(RuS 2 with minor Rh)], each of which has been identified in previous mineralogical and scientific studies of River Valley. In contrast, Rh shows moderate correlation (R squared greater than 0.6) with Cu, Ni and S at the Dana zones and weak correlation (R squared less than 0.5) with Cu, Ni and particularly S at the Lismer zones. On the other hand, and as previously reported for the Pine and Lismer North zones, Rh (and Ru) do not correlate with chromium (Rh R squared less than 0.010, and therefore is very unlikely to be held in Cr bearing phases like chromite). The evident occurrence of Rh independently of chromite differs from other Rh bearing PGE deposits elsewhere, and could potentially benefit metallurgical recovery processes. Similarly, the presence of laurite could bode well for potential Ru recovery.

2) Development of a reliable regression technique

Statistical analysis indicates that Rh assay values for the remaining River Valley deposit (greater than 100,000 samples) can be estimated on the basis of measured Pt values through regression analysis. At this stage, non-linear regression models appear to be better than linear regression models for predicting higher Rh values.

3) Investigate the potential of Rh as payable metal at River Valley

In order to progress Rh studies further, subsequent phases of work will take samples of PGE mineralized intervals from additional mineralized zones to establish and confirm the spatial distribution of rhodium, where practical, throughout the River Valley deposit.

Specifically, the mineralized zones selected to be studied next include the Lismer Ridge zone and the Varley zone.

Rhodium recovery testwork and detailed mineralogical investigations will be included in future metallurgical studies, in order to determine whether Rh could be a payable metal for a potential PGM mining operation at River Valley. Additionally, non-linear regression models will be further investigated for more even more reliable prediction of Rh contents, particularly higher values, where Rh assays are not available.

Rhodium

Rh is the rarest and most valuable of the PGEs (platinum group elements). The main use for Rh is in catalytic converters designed to clean vehicle emissions. This metal is particularly effective in cleaning nitric oxide emissions from internal combustion engine vehicles. The majority of Rh is produced as a byproduct of platinum mining in South Africa. South Africa is the world's largest producer of Rh (about 80 per cent), followed by Russia (about 10 per cent), Zimbabwe (about 5 per cent), Canada (about 2 per cent) and the United States (about 2 per cent).

The global average mineral resource/reserve grade is 0.281 g/t Rh, with the lowest reported mineral resource/reserve grade of 0.010 g/t Rh and the highest reported mineral resource/reserve grade of 0.381 g/t Rh (source: S&P Global, 2020). As of May 1, 2023, the price of rhodium is about $7,300 (U.S.)/oz (source: Kitco May 1, 2023).

Assay procedures and quality control

Drill (one-fourth HQ) core samples were selected by NAM geologists from PGE-Cu sulphide mineralized intervals in the Dana North and South and Lismer North and Ridge drill holes completed in 2021. The samples were delivered directly to Geoscience Laboratory in Sudbury for processing, preparation and assay analyses. Gold, iridium, palladium, platinum, rhodium and ruthenium were assayed by 30 g nickel fire assay with ICP-MS finish (IMP-200; ISO/IEC 17025 accredited). Copper, nickel, cobalt, sulphur, chromium and 28 additional elements had previously been assayed by two-acid digestion and ICP-OES finish by SGS Laboratory in Burnaby, B.C. (see New Age press release dated March 1, 2022). Blanks and blind certified reference material (standards) samples were inserted at regular intervals for assay with the core samples, as part of New Age's rigorous quality control program.

About the River Valley palladium project

The River Valley palladium project is located 100 road km east from the City of Sudbury.

The project area is linked to Sudbury by a network of all-weather highways, roads and rail beds, and is accessible year-round with hydro grid and natural gas power nearby. River Valley enjoys the strong support of local communities, like the village of River Valley, 20 km to the south.

A fully executed memorandum of understanding is in place with a local first nation. Environmental baseline studies recommenced in 2020 are planned to continue through 2023.

The details of the 2021 updated mineral resource estimate were announced in a company press release dated Oct. 5, 2021. At cut-offs of $15/t NSR (pit constrained) and $50/t NSR (out of pit), the mineral resource estimate consists of: 89.9 Mt grading 0.54 g/t Pd, 0.21 g/t Pt, 0.04 g/t Au and 0.06 per cent Cu, or $47.58/t NSR in the measured and indicated classifications; and 94 Mt grading 0.35 g/t Pd, 0.16 g/t Pt, 0.04 g/t Au and 0.06 per cent Cu, or $31.69/t NSR in the inferred classification. Contained metal contents are 2.3 Moz Pd plus Pt plus Au in the measured and indicated classifications and 1.6 Moz Pd plus Pt plus Au in the inferred classification.

The 2019 preliminary economic assessment (PEA) results for the River Valley palladium project were announced in a press release dated June 27, 2019, and are based on the 2019 updated mineral resource estimate. The 2019 PEA outlines a 20,000 t/day open pit mine and processing plant operation producing an average of 119,000 ounces of PdEq per year over a mine life of 14 years. Using base case metal prices of $1,200 (U.S.)/oz Pd, $1,050/oz Pt and $3.25/lb Cu, the PEA showed a pretax NPV5 per cent (net present value, 5-per-cent discount rate) of $261-million (U.S.) and a pretax IRR (internal rate of return) of 13 per cent. At a plus-20-per-cent palladium price of $1,440/oz Pd, the pretax NPV5 per cent increases to $501-million and the pretax IRR to 19 per cent.

The updated 2021 mineral resource estimate forms a basis for the ongoing updated PEA of the River Valley palladium project. The updated PEA results are due to be released in the summer of 2023.

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 metal division and a lithium/rare element division.

The platinum group metal division includes the 100-per-cent-owned, multimillion-ounce, district-scale River Valley project, one of North America's largest undeveloped platinum group metal projects, situated 100 kilometres by road east of Sudbury, Ont. The company plans to have an updated preliminary economic assessment (PEA) completed on the project by midsummer and will announce its exploration plans within the next 60 days. In addition to River Valley, New Age Metals owns 100 per cent of the road-accessible Genesis platinum group metal/copper/nickel project in Alaska and plans to complete an option/joint venture arrangement with a third party mining company to develop the project.

The company'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, rubidium and cesium. The company recently completed a phase 2 drill program at the Lithium Two project and is beginning to receive initial assay results. Further exploration plans for 2023/2024 include continued mapping/sampling field programs following up on prospective trends outlined in the magnetic data and 2022 surface sampling, additional geophysical surveys, and diamond drilling. The company has a partnership with Mineral Resources, a top global lithium producer, to explore and develop the company's lithium project portfolio.

The 2023/2024 budget for New Age Metals' Manitoba lithium division has been submitted to Mineral Resources and a final budget is expected by mid-April, 2023. The company is currently completing its 2022/2023 $2.3-million budget.

New Age Metals' philosophy is to be a project generator with the objective of optioning the company's projects with major and junior mining companies through to production.

The company is actively seeking an option/joint venture partner for its newly acquired McLaughlin Lake lithium project and the SouthBay lithium project in Northern Manitoba and its road-accessible Genesis platinum group metal/copper/nickel project in Alaska.

Qualified person

The contents contained herein that relate to exploration results or mineral resources is based on information compiled, reviewed or prepared by Dr. Bill Stone, PGeo, a consulting geoscientist for New Age Metals. Dr. Stone is the qualified person as defined by National Instrument 43-101 and has reviewed and approved the platinum-group-element/platinum-group-metal-related technical content of this news release.

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