Mr. Harry Barr reports

NEW AGE METALS CLOSES LIFE FINANCING

New Age Metals Inc. has closed its non-brokered private placement and has issued five million units at a purchase price of 20 cents per unit for gross proceeds raised of $1-million.

Each unit consisted of one common share of the company and one-half of one share purchase warrant of the company. Each warrant entitles the holder to acquire one additional common share of the company at an exercise price of 25 cents per warrant share for a period of 24 months expiring on Sept. 16, 2028, subject to an accelerated expiry date, whereby, if at any time prior to the expiry date, the closing price of the company's shares on the TSX Venture Exchange trades at or above a price of 45 cents per share for 10 consecutive trading days during the exercise period, the company may, at its option, accelerate the expiry date of the warrants to the date that is 30 calendar days from the date express written notice is given by the company.

The offering was completed pursuant to the listed issuer financing exemption (LIFE) available under Part 5A of National Instrument 45-106, Prospectus Exemptions, as amended by Coordinated Blanket Order 45-935, Exemptions from Certain Conditions of the Listed Issuer Financing Exemption; accordingly the shares, the warrants and the warrant shares are free trading.

In connection with the closing, the company paid finders' fees of $70,000 in cash and 350,000 finders' warrants to Ventum Financial Corp. Each finder's warrant entitles the holder to purchase one common share at a purchase price of 25 cents per share for a until Sept. 16, 2028, subject to the same accelerated expiry date above. The finders' warrants are subject to regulatory hold period expiring on Jan. 17, 2027, in accordance with applicable securities laws. The offering is subject to final TSX Venture Exchange approval.

About New Age Metals Inc.

New Age Metals is a Canadian junior mineral exploration and development company focused on identifying, acquiring and advancing a diversified portfolio of critical and precious metals projects across Ontario, Manitoba, Newfoundland and Alaska. The company's flagship asset is the 100-per-cent-owned River Valley palladium-platinum project, which is at development stage, located approximately 100 kilometres east of Sudbury in Ontario, one of North America's largest undeveloped primary palladium projects and supported by a 2023 preliminary economic assessment. The company also holds a growing portfolio of exploration assets, including its 100-per-cent-owned Manitoba lithium division, Newfoundland gold-antimony division, gold and critical metals division in Kenora, Ont., Northern Ontario's Ring of Fire division, Thunder Bay PGM (platinum group metal) division and the Genesis PGM-Cu-Ni (PGM-copper-nickel) project in Alaska. Through a project-generator model, the company uses acquisitions, exploration, option agreements and strategic partnerships to advance a diversified pipeline of critical and precious metal exploration and development projects.

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