New Age Metals Inc. (TSXV:NAM); (OTC:NMTLF); (FSE:P7J.F) (“NAM” or “Company”) wishes to provide an update on the Pre-Feasibility Study (“PFS”) of the River Valley Palladium Project near Sudbury, Ontario.

In a press release dated October 28, 2022, NAM announced its decision to delay completion of the PFS pending investigation and optimization of critical project enhancements and development of a more indicative value of the River Valley Project. Since then, Project options investigated include increased underground mining, mine plan and mineral processing enhancements, tailings management alternatives, and converting and extending Mineral Resources, among others, that offered potential for additional flexibility and better economics. Furthermore, price volatility due to rising inflationary pressure and economic uncertainty had made it difficult to obtain suitable long-term cost quotes for site equipment and infrastructure systems from potential vendors.

As a result of the 4-month investigation of the Project options listed above and the continued economic uncertainty, NAM announces that it now plans to complete the River Valley Project PFS as an updated Preliminary Economic Assessment (“PEA”) instead. The 2019 PEA concept of a large open pit-based mining and processing operation at River Valley has not held-up to PFS level scrutiny. The 2023 updated PEA will include optimization of the mine plan and methods, production schedule, mineral processing and tailing storage facilities for a smaller, economic operation with reduced environmental footprint. The updated PEA will be completed in summer 2023, roughly three years since the 2019 PEA.

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. In addition to River Valley, NAM owns 100% of the Genesis PGM-Cu-Ni Project in Alaska and plans to complete a surface mapping and sampling program in 2022.

Update for 2023. 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. Further Exploration plans for 2022 include continued mapping/sampling field program following up on prospective trends outlined in the magnetic data, and phase two drill program at Lithium Two Project. The Company has a partnership with Mineral Resource Limited (MRL, ASX: MIN), a top global lithium producer to explore and develop the Company’s lithium project portfolio. The 2022/2023 budget for the Company’s Lithium Division is $2.3 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.

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 info@newagemetals.com or Harry Barr at Hbarr@newagemetals.comor Farid Mammadov at faridm@newagemetals.com or phone 613 659 2773.

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On behalf of the Board of Directors

“Harry Barr”

Harry G. Barr

Chairman and CEO