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New Age Metals Announces $1.8 million Budget for 2022 Exploration Program, Lithium Division, Manitoba

Press Release

May 26th, 2022, Rockport, Ontario – New Age Metals Inc. (TSX.V: NAM; OTCQB: NMTLF; FSE: P7J.F) (“NAM” or the “Company”) is pleased to report that the company’s partner Mineral Resources Limited has approved the 2022 exploration budget and program for its Manitoba Lithium division.

Harry Barr, Chairman & CEO stated, “We are happy to have received approval for the 2022 exploration program from our partner, Mineral Resources Limited. This budget is the largest to date for our Lithium Division and will include a comprehensive exploration program covering multiple properties. With the support of our partner, Mineral Resources Limited, we are looking forward to the advancement of our projects this coming season.”

NAM’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, cesium and rubidium.

The 2022 exploration program includes a second drill program on the Company’s Lithium Two Project and initial drill program on the Lithium One Project. The 2 drill programs will be part of a  comprehensive exploration plan set to commence in spring 2022 that includes:

  • Satellite Data Acquisition and Analysis on all claim areas
    • A multivariate exploration approach, combining existing geological, geochemical, and geophysical data with multiple satellite analyses to identify new and potential mineral targets.
  • Helicopter-Borne Tri-Axial Magnetic Surveying on prospective ground not already covered by the 2021 surveys
  • Summer mapping and prospecting program to ground truth areas of interest identified from both the geophysical surveys and the satellite analysis in conjunction with verifying historical data
  • Phase 2 drilling of the Eagle Pegmatite to follow-up on the successful results of the 2021 drilling on the Lithium Two Project.
  • Diamond drilling of the ‘Silverleaf’ target on the Lithium One Project.

About NAM

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 PGM Division includes the 100% owned, multi-million-ounce, district scale River Valley Project, one of North America’s largest undeveloped Platinum Group Metals Projects, situated 100 km by road east of Sudbury, Ontario. The Company completed a positive Preliminary Economic Assessment on the Project in 2019 and, is fully financed to complete a Pre-Feasibility Study on the Project in 2022. In addition to River Valley, the Company owns 100% of the Genesis PGM-Cu-Ni Project in Alaska and has plans to complete a surface mapping and sampling program in 2022.

The 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 and rubidium. The plans for 2022 include additional geophysical surveys and a maiden drill program on the Lithium One Project, phase two drill program at Lithium Two Project, and a field program to follow up prospective targets identified on the five grids completed in the 2021 geophysical surveys to identify additional drill targets. On September 28, 2021, the Company announced a partnership with Mineral Resource Limited (MRL, ASX: MIN), the world’s fifth largest lithium producer to explore and develop the Company’s lithium project portfolio. Our philosophy is to be a project generator with the objective of optioning our projects with major and junior mining companies through to production. The Company is actively seeking an option/ joint venture partner for its road-accessible Genesis PGM-Cu-Ni project in Alaska.

Investors are invited to visit the New Age Metals website at www.newagemetals.com where they can review the company and its corporate activities. Any questions or comments can be directed to [email protected] or Harry Barr at [email protected]

Qualified Person

The technical information in this news release has been reviewed and approved by Matthew Schwab, P.Geo. (Senior Vice President, Axiom), who is a “Qualified Person” for the Company as defined under National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”).

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On behalf of the Board of Directors

“Harry Barr“

Harry G. Barr

Chairman and CEO

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