Report For Multi-Million Ounce River Valley Palladium Deposit

ONTARIO - New Age Metals Inc. reported the filing of an independent Technical Report in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (NI 43-101) on the River Valley Palladium Deposit, near Sudbury, Ontario.  The Technical Report, titled “Technical Report and Updated Mineral Resource Estimate of the River Valley Palladium Project, Dana, Janes, McWilliams, and Pardo Townships, Sudbury Mining Division, Ontario”, has been prepared by P&E Mining Consultants Inc.

The updated 2021 Mineral Resource Estimate is based on all historical and 2020 diamond drilling, more conservative mineralized domain wire-framing strategy and revised mineralized domain modeling, inverse distance grade interpretation methodology, and higher overall metal prices, particularly for palladium. As a result, Measured and Indicated Mineral Resources increased compared to the 2019 updated Mineral Resource Estimate. At the CDN$15/t NSR cut-off, the pit constrained Measured & Indicated Mineral Resources total of 89 Mt grading 0.79 g/t Pd+Pt+Au (2.3 Moz) reported herein significantly exceeds the potentially extractable Mineral Resources total of 78 Mt grading 0.79 g/t Pd+Pt+Au (2.0 Moz) reported in the 2019 Preliminary Economic Assessment of River Valley.

A Pre-Feasibility Study of the River Valley Palladium Project was announced in a Company press release dated April 2021. A progress update was announced in a Company press release dated November 10, 2021.  At this point, the final batch of assay results for fresh drill core samples from the Dana North, Dana South, Lismer North and Lismer Ridge Zones should be delivered by SGS Canada Inc. this week. The geomechanical and hydrogeological site investigation studies by Knight Piésold Ltd. are largely completed, whereas the geotechnical site investigation studies are ongoing. Story Environmental continued baseline environmental studies of the River Valley Property and working towards establishing meaningful relationships with local Indigenous Communities.  

At this point in 2021, four Mineral Resource expansion holes totaling 1,277 m have been drilled at the Banshee Zone, which is located between the Dana Zones to the North and the Lismer Zones to the northeast and east. Mineralization was intersected in the drill holes and assays are pending from the laboratory. Near the Dana South Zone, a new trench has been excavated and more mineralization exposed to the east adjacent to the mineralized domain. Channel samples have been taken of the mineralization and assays are pending from the laboratory.