Mr. Harry Barr reports

NEW AGE METALS PROVIDES UPDATE ON THE WINTER DRILLING PROGRAM AND DETAILED GEOPHYSICAL STUDY AT THE WINNIPEG RIVER-CAT LAKE LITHIUM PROJECT

New Age Metals Inc., in conjunction with its farm-in/joint venture agreement with Mineral Resources Ltd. (MinRes), has provided an update on the drilling operations and exploration program at its Winnipeg River-Cat Lake lithium project in southeast Manitoba. The project area hosts numerous spodumene-bearing pegmatites and surrounds the world-class Tanco mine. The program is being carried out by Platinum Diamond Drilling Inc. with technical and geological oversight by Axiom Exploration Group Ltd.

Two thousand twenty-four drill program update

The 2024 exploration program has completed 54 of 57 diamond drill holes for approximately 12,500 total metres, targeting high-priority geophysical and geochemical targets identified from the extensive summer fieldwork campaign. Diamond drilling on the Lithium Two and Lithium East properties has been completed, with continuing drilling at the Bird River lithium property. The unseasonable warm conditions have forced the company to postpone drilling on the Lithman West property, as access relies on an ice bridge crossing and current conditions do not allow for safe crossing. The Lithman West property is a high-priority target area where geophysics analysis identified numerous demagnetized trends, analogous to those on the Tanco mine property which lies three kilometres east along strike. The company plans to further progress the understanding of the property by collecting additional surface data to correlate with high-priority targets identified by the Australian consulting company Resource Potentials. A drill program for this project will be slated for the winter of 2025.

To date, 1,452 core samples have been submitted to SGS Laboratories for analysis and results are pending. Mineralization has been identified visually in some exploration holes on the Lithium Two property. Drill hole LT24-032, targeting the FD5 pegmatite on the Lithium Two property, intersected 21.75 metres core length of spodumene-bearing pegmatite. Drill hole LT24-044, targeting the Magpie showing discovered during the summer program intersected, 66.60 metres core length of pegmatite with localized spodumene zones. On the Lithman East property, drill testing underneath elevated cesium (Cs) values on the Lithman East property, intersected 199.33 metres core length of pegmatite with preliminary observations, indicating a fractionated pegmatite (assays pending). Orientation of these pegmatites and true width has yet to be defined.

Harry Barr, chairman and chief executive officer, commented: "We are pleased with how the 2024 drill campaign has progressed despite the challenging weather conditions. Our contractors were able to complete 12,500 m of the originally planned 15,000 m in an extremely efficient manner. The exploration drilling has proved that our properties cover a large LCT [lithium, cesium, tantalum]-style pegmatite field and that the potential for a discovery remains. The safety of our contractors remains our highest priority and while it is unfortunate that we were unable to test the Lithman West property, we are content with the amount of drilling we were able to complete in such a short time frame and given the historically warm winter. We eagerly await the pending assay results from the drill program and look forward to providing further updates."

Geophysics interpretation update

Resource potentials based out of Perth, Western Australia, were contracted to conduct a detailed analysis, interpretation and targeting of the company's large geophysical dataset, in conjunction with geological and geochemical data.

Newly acquired and pre-existing geological, geochemical and geophysical exploration datasets were compiled over the regional project area, including wide-spaced government datasets and high-resolution company datasets, especially the recently acquired 4,354 line km of high-resolution helicopter-borne magnetic, radiometric and lidar (light detection and ranging) digital elevation model (DEM) survey datasets flown by Axiom in summer of 2023. The different mineral exploration datasets were processed and imaged to generate suites of geophysical and geochemical anomaly images for use in GIS (geographic information system) software. Government and company geology maps and observations, rock ages, mineralized lithium pegmatite deposit locations, mapped pegmatites, DEM, and different geochemical and geophysical anomaly images, were integrated together and reviewed in GIS to interpret geological domains, shear and fault structures, and other key geological features. Anomaly patterns and trends were also interpreted and traced out in GIS to identify granite contacts, including radiogenically hot granites, which could be the parent granites for lithium-bearing pegmatites, including the world-class Tanco deposit which sits adjacent to the project areas, radiometric trends and anomaly zones, which could be caused by internal granites and pegmatites within the east-to-west-trending host greenstone belt, major and minor shear zones, late crossfaults, and east-west-oriented faults, which are key targets for hosting lithium-bearing pegmatites and demagnetized zones within the greenstone belt rocks, which could indicate thick and flat zones of pegmatite intrusions at depth. Areas having overlapping geological, geochemical and geophysical anomalies of interest were outlined in GIS as target areas for detailed follow-up exploration, and were assigned a priority from one (high) to three (low). This regional- and prospect-scale interpretation and lithium pegmatite targeting work is continuing, with several high-priority target areas already identified along geological trend to the east and west of Tanco.

CEO interview video

Agoracom released a corporate overview on the company, which can be accessed on-line.

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 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. In addition to River Valley, New Age owns 100 per cent of the Genesis PGM-Cu-Ni (platinum-group-metals-copper-nickel) project in Alaska, and plans to complete a surface mapping and sampling program in 2022.

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.

Exploration for 2024 includes 12,500 metres of diamond drilling following up on the anomalous results from the geochemical samples collected during summer 2023 and geophysical/structural interpretation. The company has a partnership with Mineral Resource Ltd., 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 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 Northman and South Bay lithium projects in Northern Manitoba, and its road-accessible Genesis PGM-Cu-Ni project in Alaska.

Qualified person

The technical information in this news release has been reviewed and approved by Lynde Guillaume, senior geologist, Axiom Exploration Ltd., an independent consultant of the company and a qualified person as defined by National Instrument 43-101.

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