Mr. Harry Barr reports

NEW AGE METALS ANNOUNCES CONSOLIDATION

New Age Metals Inc.'s board of directors has approved a consolidation of the company's issued and outstanding shares on a one-new-for-four-old basis, consolidating its 222,237,002 currently outstanding shares to 55,559,251 shares.

Chairman and chief executive officer Harry Barr stated: "The consolidation of a company is always a hard decision to make. Based on the junior mining industry being in a multiyear downturn and our current share price not being above five cents for almost a year, the directors and management of NAM have decided to consolidate the company shares. This decision was made at a time when the company still has a respectable treasury of approximately $3.7-million (cash, securities and accounts receivable), but any additional financing at the current share price would be very dilutive. A consolidation over time may increase share price given the decrease in the issued and outstanding shares. It would also allow the company to pursue additional financing in the future at potentially higher stock prices. Managing the share count more effectively can also reduce volatility and create a more stable trading environment. This should allow the company to attract a broader base of shareholders potentially leading to increased liquidity and inflow of capital.

"In my 40-plus years of experience, many junior mining companies wait until their treasury is depleted and they have no further choice but to consolidate. This current down cycle is one of the longest I have ever witnessed in our industry. It is well into its fourth year and cannot persist indefinitely, and we want to be positioned and ready for the turnaround," added Mr. Barr.

Management believes a consolidated company is better positioned to take advantage of future opportunities, such as new acquisitions, mergers and joint ventures.

The company does not intend to change its name or seek a new stock trading symbol in connection with the consolidation. The company's shares will continue to trade under the symbol NAM. The company will not be issuing fractional shares as a result of the consolidation. Instead, all fractional shares equal or greater to one-half will be rounded to the next whole share. The company's outstanding stock options and share purchase warrants will be adjusted upon completion of the consolidation.

Upon receipt of regulatory approval, a letter of transmittal will be sent to the registered shareholders providing instructions to surrender the share certificates evidencing their preconsolidated common shares for replacement certificates of New Age Metals representing the number of postconsolidated common shares they are entitled to as a result of the consolidation. Until surrendered, each certificate representing the preconsolidated common shares will be deemed to represent the number of postconsolidated common shares of New Age Metals that the holder thereof is entitled to as a result of the consolidation.

The consolidation remains subject to TSX Venture Exchange approval. The effective date and further details will be disclosed in a subsequent news release.

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 kilometres by road east of Sudbury, Ont. In addition to River Valley, New Age Metals owns 100 per cent of the Genesis platinum-group-element-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 hardrock lithium and various rare elements such as tantalum, rubidium and cesium. In conjunction with its farm-in/joint venture agreement with Mineral Resources Ltd., the company is pleased to announce that summer fieldwork has commenced on the company's Winnipeg River-Cat Lake lithium projects of southeastern Manitoba. This work is in conjunction with a research project being carried out across the properties in partnership with the University of New Brunswick and the University of British Columbia, and supported by the Manitoba Geological Survey. A budget from June, 2024, to April, 2025, of approximately $450,000 has been approved by Mineral Resources, a top global lithium producer, to explore and develop the company's lithium project portfolio in Southern Manitoba. Its 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.

Management is currently aggressively seeking new mineral acquisition opportunities on an international scale.

We seek Safe Harbor.