New Age Metals Inc. (TSX.V: NAM; OTCQB: NMTLF; FSE: P7J.F) (“NAM” or the “Company”) announcesthat, the Company’s board of directors have approved a consolidation of the Company's issued and outstanding shares on a 4 old for 1 new basis, consolidating its 222,237,002 currently outstanding shares to 55,559,251 shares.

Chairman and CEO Harry Barr states, “The consolidation of a company is always a hard decision to make. Based on the Junior Mining Industry being in a multi-year downturn and our current share price not being above $0.05 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+ 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 4th year andcannot persist indefinitely and we want to be positioned and ready for the turn around.”, adds 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, aletteroftransmittalwillbesenttotheregisteredshareholdersprovidinginstructionstosurrender thesharecertificatesevidencingtheirpre-consolidatedcommonsharesforreplacementcertificates ofNAMrepresentingthenumberofpost-consolidatedcommonsharestheyareentitledtoasaresult oftheconsolidation.Untilsurrendered,eachcertificaterepresentingthepre-consolidatedcommon shareswillbedeemedtorepresentthenumberofpost-consolidatedcommonsharesofNew Age Metals Inc. 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 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 Element division and a Lithium/Rare Element division.

The PGE Division includes the 100% owned, multi-million-ounce, district-scale River Valley Project, one of North America’s largest undeveloped Platinum Group Element Projects, situated 100 km by road east of Sudbury, Ontario. In addition to River Valley, NAM owns 100% of the Genesis PGE-Cu-Ni 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 hard rock lithium and various rare elements such as tantalum, rubidium, and cesium. In conjunction with its Farm-in/Joint Venture agreement with Mineral Resources Ltd. (“MinRes”) is pleased to announce that summer field work has commenced on the Company’s Winnipeg River-Cat Lake Lithium Projects of Southeast Manitoba. This work is in conjunction with a research project being carried out across the properties in partnership with the University of New Brunswick, University of British Columbia, and supported by the Manitoba Geological Survey. A budget from June 2024 to April 2025 of ~$450,000 has been approved by Mineral Resources Ltd (MRL, ASX: MIN), a top global lithium producer to explore and develop the Company’s lithium project portfolio in Southern Manitoba. 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 our 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.

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.com or Farid Mammadov at faridm@newagemetals.com or call 613 659 2773.

CEO Interview Video

Agoracom released a corporate overview on the Company which can be accessed by clicking the following link.

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On behalf of the Board of Directors

“Harry Barr”

Harry G. Barr

Chairman and CEO