Mr. Harry Barr reports

NAM TO CONTINUE ENVIRONMENTAL BASELINE STUDIES ON ITS RIVER VALLEY PALLADIUM PROJECT IN 2024

New Age Metals Inc. is continuing environmental baseline studies in 2024 on its 100-per-cent-owned River Valley palladium project, accessible by paved highway 100 kilometres east of the city of Sudbury.

Highlights:

1. In 2024, environmental baseline studies at River Valley are entering their fifth consecutive year and will ensure that New Age Metals is in a strong position to meet future regulatory permitting requirements. These continuing environmental baseline studies will include surface water, hydrology and groundwater.
2. In addition, New Age Metals is continuing engagement with stakeholders, regulators and local communities, particularly first nations with traditional land claims in the River Valley project area.

Harry Barr, chairman and chief executive officer of New Age Metals, commented: "We are pleased with the progress to date on the environmental baseline work at the River Valley palladium project, especially with the participation of technical specialists from the local first nations groups. By being so pro-active at this early stage of project development, we are confident that NAM will be well positioned to accelerate future mineral exploration programs and project development studies."

2024 environmental baseline program

The 2024 environmental baseline program will focus on continuation of surface water and groundwater sampling and water level and flow monitoring studies in the River Valley project area.

To date, the environmental baseline studies have focused mainly in the area of the Pine, Dana, Banshee and Lismer zones, in the northern part of the project area. In 2024, the environmental baseline program will be reviewed and the studies potentially extended to the southeast, as appropriate, to capture the Varley, Azen, Razor and Mustang zones.

These baseline studies will be led by Story Environmental (Haileybury and North Bay, Ont.) and include participation of environmental technicians from local first nation communities, namely Temagami First Nation (Bear Island) and Nipissing First Nation (Garden City). Each of these first nation communities has a memorandum of understanding (MOU) in place with New Age Metals; Temagami First Nation since 2014 and Nipissing First Nation since 2022. Each MOU sets out a framework for meaningful community engagement and relationship building as the project advances through future development studies and the permitting process.

About the River Valley palladium project

The River Valley palladium project is located 100 road-kilometre east-northeast from the city of Sudbury, in Northeastern Ontario. 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, particularly 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 in 2024.

The new preliminary economic assessment results for the River Valley palladium project were announced in New Age Metals' 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/pound copper, the PEA shows a pretax net present value (5 per cent) of $296-million (U.S.) and a pretax 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 identified in the PEA to advance the viability of the project include metallurgical studies to improve platinum metal recoveries and exploration programs to increase higher-grade mineral resources. A scoping-level Platsol test work program with SGS Canada Ltd. is currently under way to investigate the possibility of recovering platinum group metals by hydrometallurgical processes and bypass the need for a smelter. Results of the Platsol test work will be released when available.

The PEA was prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects 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.

Qualified persons

The contents contained herein that relate to exploration results, mineral resources and the PEA for the River Valley project are 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.

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