Mr. Harry Barr reports

NEW AGE METALS INITIATES PLATSOL TESTWORK AT THE RIVER VALLEY PALLADIUM PROJECT, ONTARIO

New Age Metals Inc. has started an initial Platsol leaching testwork program on its 100-per-cent-owned River Valley palladium project, near Sudbury, Ont. The Platsol testwork will be carried out by SGS Canada Inc. on concentrates of drill core samples from the Dana and Lismer mineralized zones, as recommended in the new preliminary economic assessment (PEA) of the project (see company press release dated Aug. 11, 2023). This proof-of-concept Platsol study is part of a post-PEA metallurgical optimization program designed to examine new and alternative technologies for significantly improving recovery of platinum metals (PGM), gold and copper at the River Valley project.

Platsol is a high-temperature and pressure acid leaching hydrometallurgical process developed at SGS Canada for recovery of PGM, gold and base metals from low-grade, bulk-tonnage polymetallic deposits. Previously, Platsol testwork studies of Duluth (Minnesota), Marathon (Northwestern Ontario) and Pedra Blanca (Brazil) deposits materials have resulted in Pd, Pt, Au and Cu recoveries of greater than 90 per cent. Conventional flotation testwork at River Valley produces a bulk Cu concentrate with significantly elevated PGM values that, however, is undervalued by base metal smelters.

Based on the greater than 90-per-cent recoveries of PGM and Cu elsewhere, Platsol presents a potentially unique opportunity to produce a much higher-value product at River Valley for metal refining off-site.

This proof-of-concept Platsol study of River Valley will commence imminently at SGS Lakefield and be completed in Q4 2023. It will be managed for NAM by D.E.N.M. Engineering Ltd. of Burlington, Ont. Results will be announced when available and could trigger a full follow-up Platsol study in 2024.

Research report

Fundamental Research Corp. (FRC), a Vancouver-based research group, has published an update report on New Age Metals. FRC provides a fee-based coverage.

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 memorandum of understandings 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 and will continue through 2023.

The new PEA results for the River Valley palladium project were announced in New Age's press release dated June 29, 2023. The PEA outlines a 6,850-tonne-per-day open pit and underground mine and processing plant operation producing an average of 47,400 ounces of Pd per year over a mine life of 16 years. Using assumed metal prices of $2,150 (U.S.)/ounce Pd, $1,050/oz Pt, $1,830/oz Au and $4.00/lb Cu, the PEA shows a pretax NPV (net present value) (5 per cent) of $296-million (U.S.) and a pretax IRR (internal rate of return) of 16 per cent and an after-tax NPV (5 per cent) of $140-million and after-tax IRR of 11 per cent. Opportunities to progress the viability of the project include improved metal recoveries and increased higher-grade mineral resources.

The PEA was prepared in accordance with National Instrument 43-101 -- Standards of Disclosure of Mineral Projects. It was prepared by P&E Mining Consultants Inc. with D.E.N.M. 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.

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 of Sudbury, Ont. In addition to River Valley, New Age owns 100 per cent of the Genesis PGE-copper-nickel project in Alaska and plans to complete a surface mapping and sampling program in 2023.

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. Further exploration plans for 2023 include continued mapping/sampling field programs following up on the anomalous results from the soil and rock samples collected previously during summer 2023. 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. In Northern Manitoba, the company recently signed an option/joint venture binding term sheet with Native Mineral Resources to develop the McLaughlin Lake lithium project. 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 and South Bay lithium projects in Northern Manitoba, and its road-accessible Genesis PGE-Cu-Ni project in Alaska.

Qualified persons

The contents contained herein that relate to exploration results, mineral resources and the PEA for the River Valley project is based on information compiled, reviewed or prepared by Dr. Bill Stone, PGeo, lead geoscience consultant for New Age Metals. Dr. Stone is the qualified person as defined by National Instrument 43-101 and has reviewed and approved the geoscience-related technical content of this news release.

David Salari, PEng of D.E.N.M. Engineering, has reviewed and approved the metallurgically related content of this press release.

We seek Safe Harbor.