Mr. Harry Barr reports

NAM DELIVERS NEW POSITIVE PRELIMINARY ECONOMIC ASSESSMENT OF ITS RIVER VALLEY PALLADIUM PROJECT

New Age Metals Inc. has filed a new, positive National Instrument 43-101 preliminary economic assessment (PEA) technical report on SEDAR for its 100-per-cent-owned River Valley palladium project, 60 kilometres east-northeast of Sudbury, Ont. The results of the PEA were previously announced in a company press release dated June 29, 2023. This is the company's second PEA completed on River Valley (see company press release dated June 27, 2019). The effective date of this new report is June 29, 2023.

New PEA highlights:

• Pretax net present value (5 per cent): $296-million; after-tax: $140-million;
• Pretax internal rate of return: 16 per cent; after-tax IRR: 11 per cent;
• Annual production: 2.5 million tonnes (Mt) of potential process plant feed at an average grade of 1.19 grams per tonne palladium equivalent and process recovery of 71.5 per cent, resulting in an average annual payable Pd production of 47,400 ounces;
• Total tonnes processed over life of mine: 38.6 Mt/16 years;
• Preproduction capital requirement: $269-million;
• Average unit operating cost: $30.98/t;
• Assumed metal prices: $2,150 (U.S.)/oz Pd, $1,050 (U.S.)/oz platinum, $1,830 (U.S.)/oz gold, $4 (U.S.)/pound copper;
• River Valley process plant feed: Treated in an on-site conventional sulphide flotation plant to produce a saleable platinum group metal-enriched Cu concentrate for transport off site for smelting and refining;
• Project enhancement opportunities: Increased metal recoveries and expanded mineral resources.

Harry Barr, New Age Metals chairman and chief executive officer, stated: "We are pleased to file the report for the River Valley 2023 PEA, which shows positive results with an after-tax NPV (5 per cent) of $140-million and IRR of 11 per cent, and 16 years of palladium, platinum and copper production. Compared to the 2019 PEA, this new PEA is based on a much smaller, higher-grade operation with markedly lower capex, expanded underground mining and reduced open-pit mining, and significantly smaller environmental impact. These encouraging results are based on the 2021 mineral resource estimate, produced in accordance with current CIM standards and guidelines, to provide feed to an on-site 2.5-million-tonne-per-annum process plant. The next steps in project development include testing of promising new technologies for improved platinum metal recoveries and targeting areas for drilling to convert inferred to indicated mineral resources, expanding current mineral resources, and the discovery and delineation of new mineralized zones, all for incorporation into future, more advanced economic studies."

PEA summary*

*This PEA was prepared in accordance with National Instrument 43-101 -- Standards of Disclosure for Mineral Projects. It was prepared by P&E Mining Consultants Inc. with DENM Engineering Ltd., Knight Piesold Ltd. and Story Environmental. Readers are cautioned that the PEA is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be classified as mineral reserves, and there is no certainty that the PEA will be realized. Mineral resources that are not mineral reserves do not have demonstrated economic variability.

Next steps

At least two major opportunities to increase the value of the River Valley palladium project are:

1. Improved metal recoveries;
2. Increased mineral resources.

1. Improved metal recoveries

Hydrometallurgical options

The main focus of this PEA from a processing standpoint is conventional milling and flotation with upgrading of the resultant copper concentrate to a marketable product. The final concentrate (copper and PGMs) would be shipped to specific smelters to treat the River Valley product as a part of the revenue stream.

As an alternative to shipping to smelters, pressure leaching and metal precipitation options to recover platinum group metals (PGMs), gold and base metals will be investigated. Several PGM deposits worldwide are currently being subject to hydrometallurgical testing, as a potentially economic alternative to base metal smelters.

Alternative flotation applications

Conventional flotation of the River Valley material has thus far been unable to produce a high-grade marketable smelter concentrate for maximum net smelter returns.

The expected concentrate grades based on the recent testing at SGS Lakefield were detailed in New Age Metals' press release dated Aug. 9, 2022.

Preliminary scoping work has been completed on the River Valley material utilizing two flotation alternatives to produce a higher-grade rougher concentrate and also possible increases in PGM recoveries. The two technologies being investigated are the Woodgrove flotation and the Glencore (Jameson) cell techniques.

Rhodium recovery and marketability

Additional work in this area would be beneficial for the project, due to the relatively high metal price of rhodium. The test work recently completed showed the ability to recover rhodium in the final concentrate, albeit not at a saleable threshold grade for the smelters. Review of the rhodium mineralogy and process alternatives is recommended.

An initial proof-of-concept PLATSOL test program is under development with SGS Canada Inc. for completion in Q4 of 2023.

2. Increased mineral resources

Major infill, expansion and exploration drill programs are planned at River Valley to: 1) convert inferred to indicated mineral resources at the Lismer and Varley zones; 2) expand current mineral resources at depth and along strike at the Dana South, Banshee, Lismer Ridge, Varley and Azen zones; and 3) test targets and delineate mineralized zones that show potential for inclusion in future mineral resource modelling, particularly in the footwall to the River Valley intrusion, as guided by the results of surface and down-hole geophysical surveys and 3-D geological modelling.

The drilling programs are slated to commence in H2 2023, subject to financing.

About the River Valley project

The River Valley palladium project is located 100 road kilometres east-northeast 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. Fully executed memorandums of understanding are in place with the Temagami First Nation and the Nipissing First Nation groups, since 2014 and 2022, respectively. Environmental baseline studies recommenced in 2020 are planned to continue through 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 element division and a lithium/rare element division.

The PGE division includes the 100-per-cent-owned, multimillion-ounce, district-scale River Valley project, one of North America's largest undeveloped platinum group element projects, situated 100 km by road east-northeast of Sudbury, Ont. The company is actively seeking an option/joint venture partner to advance its River Valley palladium project.

In addition to River Valley, New Age Metals owns 100 per cent of the Genesis PGE-copper-nickel project in Alaska, and plans to complete a surface mapping and sampling program in 2022. The company is actively seeking an option/joint venture partner for its road-accessible Genesis PGE-Cu-Ni project in Alaska.

The company's lithium division is one of the largest mineral claim holders 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 has announced its preliminary $2-million 2023 to 2024 exploration budget that will cover the first four months of the program. A larger budget has been submitted to its partner Mineral Resources Ltd. and New Age Metals expects it to be approved this summer. Further exploration plans for 2023 include geophysical surveying, summer fieldwork (which will include mapping, lithogeochemistry, MMI soil geochemistry, biogeochemistry, channel sampling) and permits/archeological surveys. The company has a partnership with Mineral Resource, a top global lithium producer, to explore and develop the company's lithium project portfolio in Southern Manitoba. The company's philosophy is to be a project generator with the objective of optioning its projects with major and junior mining companies through to production.

The company is actively seeking an option/joint venture partner for its newly acquired Northman, McLaughlin Lake and South Bay lithium projects in Northern Manitoba, and its road-accessible Genesis PGE-Cu-Ni project in Alaska.

Qualified persons

This PEA was prepared under the supervision of Eugene Puritch, PEng, FEC, CET, of P&E Mining Consultants. The metallurgical test work, process plant design and cost estimates were prepared by David Salari, PEng, of DENM Engineering. The tailings facility and water management were prepared by Jessica Breault, PEng, and the rock mechanics design input was prepared by Ben Peacock, PEng, of Knight Piesold. The environmental, community and ESG (environmental, social, governance) write-up was prepared by Maria Story, PEng, of Story Environmental. Mr. Puritch reviewed and approved the technical information in this press release. William Stone, PGeo, lead geoscience consultant for New Age Metals, is the company's qualified person as defined by NI 43-101 and has reviewed and approved the technical content of this press release.

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