Updated Mineral Resource Estimate Of River Valley Palladium Project

ONTARIO - New Age Metals Inc. Chairman and CEO, Harry Barr, reported, “The independent National Instrument 43-101 (NI 43-101) updated Mineral Resource Estimate for the River Valley Palladium Project has been released. We are very pleased to substantially improve on the previous Mineral Resource Estimates completed for the River Valley Palladium Project.  At a CDN$15/t NSR cut-off, Pd+Pt+Au grades and total Measured and Indicated Mineral Resources increased compared to the previous updated 2019 Mineral Resource Estimate. The presence of higher-grade mineralization for many kilometers of strike-length at River Valley at a wide range of cut-offs, within 100 km of the Sudbury mining and processing hub, bodes well for the ongoing Pre-Feasibility Study. In order to better highlight the potential for economic mining at River Valley, we graduated from a palladium metal grade equivalency used in the 2019 Preliminary Economic Assessment to an NSR-based model in the 2021 updated Mineral Resource Estimate. An advantage of this change is that NSR less the cut-off NSR better showcases the potential positive economics of the River Valley Project. The predominant contribution of palladium to the NSR clearly demonstrates that River Valley is a true PGM deposit, which is very rare outside of southern Africa. In addition, ongoing and future exploration programs will target zones for converting Inferred to Indicated Mineral Resources and new zones nearby with potential to expand the Mineral Resources.”

The updated 2021 Mineral Resource Estimate is based on all historical and 2020 diamond drilling, more conservative mineralized domain wireframing 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 previous 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 mineable 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 April 2021.  At this point, fresh drill core samples from the Dana North, Dana South, Lismer North and Lismer Ridge Zones are being processed, prepared and assayed for mineral processing and metallurgical testwork at SGS Lakefield. The geomechanical drill programs are underway on the Lismer and Dana Zones and the geotechnical site investigation program is to start imminently by Knight-Piesold. Environmental baseline sampling during seasonal low water conditions will be carried out by Story Environmental in Q4 2021.  

Exploration in 2021 is focused on identifying opportunities for converting Inferred to Indicated Mineral Resources and for expanding the known Mineral Resources. An induced polarization geophysical survey and four drill holes totaling 1300 m have been completed at Banshee Zone.  Mineralization was intersected and assays are pending from the laboratory. A new trench has been excavated and more mineralization exposed to the east adjacent to the known mineralization at Dana South Zone. Mapping and sampling are underway and will be completed in Q4 2021.