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New Age Metals Provides Progress Update on Metallurgical Test Programs for the Pre-Feasibility Study of the River Valley Palladium Project

Press Release

August 10, 2022 Rockport, Ontario – New Age Metals Inc. (TSX.V: NAM; OTCQB: NMTLF; FSE: P7J.F) (“NAM” or “Company”) is pleased to provide an update on the Pre-Feasibility Study (“PFS”) of the River Valley Palladium Project near Sudbury, Ontario (Figure 1). Since the previous project update was announced in a press release dated May 4, 2022, further progress has been made in advancing the mineral processing and metallurgical component of the PFS.

Figure 1. Palladium Mineral Resources in the northern area of the River Valley Palladium Deposit. Mineralized zones (red) projected to surface. Mineral Resource Estimates using C$15/t NSR cut-off and NSR calculation of 2021 Updated Mineral Resources and Technical Report (P&E, 2021). Mineral Resources for Pardo Zone have not been estimated due to lack of drilling.  The Huronian, Grenville and Nipissing geological units not shown for illustration clarity.

Mineral Processing and Metallurgical Testing Program

The testing program at SGS Canada Inc. (Lakefield) (“SGS”) is being managed on behalf of NAM by D.E.N.M Engineering Ltd. (Burlington) (“DENM”) and is nearing completion. The SGS testwork priority was the Dana (South and North) and Lismer (Ridge and North) mineralized zone master and grade variability composites. Grindability testing and flotation testwork on Dana and Lismer master composites commenced in March are now complete. The in-depth flotation work was undertaken on the Lismer and Dana composites under locked cycle testing (“LCT”). LCTs permit the projection of the overall performance of the conceptual flow sheet in terms of expected recovery and concentrate grade. The overall effect of recirculating streams on process stability can also be determined. In addition, reagent consumptions can be more accurately determined for LCT versus standard batch testing. Indicative metal recoveries determined are as follows:

The primary goal of the metallurgical testing was to produce a marketable single bulk copper concentrate (i.e. no selective flotation products) with associated PGM as part of the concentrate. Included in this exercise was the in-depth review of rhodium (Rh) recovery for River Valley. A preliminary metallurgical scoping study by Michigan Technological University (June, 2000) indicated Rh recovery of 27.5%. The resultant LCT for the Lismer (39.1%) and Dana (41.7%) composites have and indicated base Rh recovery of 40%.

In addition to the LCT, variability work on higher than life-of-mine grades was carried out. Initial results indicate possible higher recoveries and final grades at feed grades >1.0 g/t 3E (Au+Pt+Pd). In the 2019 PEA, head grades of >1.0 g/t 3E were planned to be processed in the first 3-years of operation at River Valley. This modelling is underway for the PFS and will be reported accordingly.

The final concentrate grades based on the LCT testing and 0.5% mass pull are as follows:

Comminution testing on the RV variability samples indicated that the River Valley material is a medium to hard mineralized material for grindability and very abrasive when compared to the SGS database. These characteristics will affect the overall grinding mill power input and sizing, as well as liner and media wear operating costs.

The resultant work (flotation and comminution) has allowed for process design data criteria to be generated based on a potential mill throughput of 6 million tonnes per annum. Specific vendors have been contacted for confirmation of unit operations sizing and capital costs to a PFS level. The development of these costs is now underway.

Next Steps in the PFS

While the metallurgical testwork has been advancing, progress have also been made in the other components of the PFS of the River Valley Palladium Project.  Advancements   in the geomechanical-hydrogeological-geotechnical, environmental and community relations, and open pit mine design areas will be reported accordingly.

Pre-Feasibility Completion Schedule

NAM announced commencement of the River Valley Pre-Feasibility Study in the spring 2021(see Company press release dated April 12, 2021). At that time, the Pre-Feasibility Study was slated for completion in 12 months. However, the Covid-19 pandemic, difficulties in finding and retaining experienced labour, a major shortage of suitable drill rigs and experienced drillers, and backlogged assay laboratories have delayed completion of the PFS to Q4 of 2022.

About River Valley

The River Valley Palladium Project is located 100 road-km east from the City of Sudbury. 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, like the village of River Valley, 20 km to the south. A fully executed Memorandum of Understanding is in place with two local First Nation communities.  Environmental baseline studies re-commenced in 2020 and will continue in 2022.

The 2019 PEA results for the River Valley Palladium Project were announced in a Company press release dated June 27, 2019. The PEA outlines a 20,000 t/day open pit mine and processing plant operation producing an average of 119,000 ounces of PdEq per year for a mine life of 14 years.  Using base case US$ metal prices of $1,200/oz Pd, $1,050/oz Pt and $3.25/lb Cu, the PEA showed an after-tax NPV5% of US$138 million and an after-tax IRR of 10%.  At a +20% palladium price of US$1,440/oz Pd, the after-tax NPV5% increases to C$299M and the after-tax IRR to 15%. The current price of Pd is approximately US$2,125/oz Pd.

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 Pd+Pt+Au (“3E”), 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, caesium and rubidium. Further Exploration plans for 2022 include continued mapping/sampling field program following up on prospective trends outlined in the magnetic data, a maiden drill program on the Lithium One Project, and phase two drill program at Lithium Two Project. The company has a partnership with Mineral Resource Limited (MRL, ASX: MIN), one of the top 5 global lithium producers to explore and develop the Company’s lithium project portfolio.

The 2022 budget for the Company’s Lithium Division is $1.8 million

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 and for all or part of our Lithium Division in Manitoba.

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] Farid Mammadov at [email protected] or call 613 659 2773.

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Qualified Persons

David Salari, P.Eng., President of D.E.N.M. Engineering Ltd., and an independent Qualified Person and Competent Person has prepared, reviewed and approved the technical content of this news release.

The contents contained herein that relate to exploration results and Mineral Resources for the River Valley Project are based on information compiled, reviewed or prepared by
Dr. William Stone, P.Geo., a consulting geoscientist for New Age Metals.  Dr. Stone is the Qualified Person as defined by National Instrument 43-101 and has reviewed and approved the technical content of this news release.

On behalf of the Board of Directors

“Harry Barr”

Harry G. Barr

Chairman and CEO

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