RIVER VALLEY PALLADIUM PRE-FEASIBILITY STUDY UPDATE

Oct 31, 2022 | Ontario Mining News

New Age Metals Inc. (TSX.V: NAM; OTCQB: 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.

NAM has decided to delay release of the PFS, in order to enable confirmation and optimization of critical project options and development of a more indicative value of the River Valley Project. Project options under review include increased underground mining, mine plan and mineral processing enhancements, tailings management alternatives, and converting and extending Mineral Resources, among others, which offer additional flexibility and potential for better economics. In addition, current price volatility due to inflationary pressure and economic uncertainty has made it difficult to obtain suitable long-term cost quotes for site equipment and infrastructure systems from potential vendors.

Subject to the determination of the above options and stabilization of the economic climate, NAM plans to finalize the River Valley Project PFS. An update on when the PFS is anticipated to be completed will be provided before the end of Q1 2023.

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.

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 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.

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 phone 613 659 2773.