New Age Metals Pre-Feasibility Study and Exploration Update on the River Valley Palladium Project, Sudbury, Ontario

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Figure 1. Geology map of the northern area of the River Valley Palladium deposit near Sudbury, Ontario. PGM mineralized zones projected to surface. Mineral Resource Estimates using 0.35 g/t PdEq cut-off and PdEq calculation of Preliminary Economic Assessment (2019). The Huronian, Grenville and Nipissing units excluded for illustration clarity.

Pre-Feasibility Study

Mineral Processing and Metallurgical Sampling Drill Program

Four drill holes totalling approximately 800 m have been completed; one each on the Dana North, Dana South, Lismer North and Lismer South Zones (Figure 2). Each of the holes was drilled downwards to intersect as much mineralization as possible for mineral processing and metallurgical testwork by SGS Canada Inc. (Lakefield). HQ-size core was retrieved, logged and sampled metre-by-metre by NAM. Eight-hundred 1-m long ½ core samples plus blind QA/QC samples have now been delivered to SGS, where processing and preparation for assaying and testwork has commenced. Assay results are pending from the laboratory and will be reported when available. The samples will be composited for mineralized zone, rock type and particularly grade variability testing. The testwork program at SGS is being managed on behalf of NAM by D.E.N.M Engineering Ltd. (Burlington).

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Figure 2. Collar location and traces of the four holes drilled in 2021 for mineral processing and metallurgical testwork samples. The fifth (unlabelled) drill hole was planned for contingency, but not drilled. The background is a topography image from the 2014 LiDAR survey of the River Valley Property. The Banshee Zone shown for information only.

Geomechanical Drill Program

The Geomechanical drill program consists of work on 10 drill holes (Figure 3). Five of these holes totalling 1,410 m will be drilled starting in mid-August to provide fresh, oriented HQ-size core material for rock property and structural geology studies by Knight Piésold Ltd. (North Bay). Two of the holes will be drilled at Dana North Zone, one hole at Dana South Zone, at least one hole at Lismer North Zone, and one hole at Lismer Ridge Zone, as planned by Knight Piésold. The drilling will start imminently at Lismer North and be completed by Jacob & Samuel Drilling Ltd. (Sudbury). Additionally, a total of four historical holes at Dana North, Lismer North and Lismer Ridge Zones have been selected to be surveyed by a televiewer instrument for rock type and structural geology information. The drill program is slated for completion in Q4 2021.

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Figure 3. Location of the planned drill holes for the geomechanical studies Knight Piésold. Holes KP21-01 to -06 will be drilled in 2021 and holes labelled DN or LR are historical. Holes KP 21-03, KP21-05, and possibly KP21-06 will also be logged and sampled as exploration drill holes.

In addition to the geomechanical work, the new diamond holes to be drilled at Dana South, Lismer North and Lismer Ridge will also be logged and sampled as exploration holes. Core samples will be sent to SGS Laboratories (Sudbury) for assaying. Assay results will be released when available.

Exploration Drilling

Exploration on the River Valley Property continues during the Pre-Feasibility Study. A focus of the 2021 exploration program is the Banshee Zone (Figure 4). The Banshee Zone was discovered by mineral prospecting and drilling between 2002 to 2004. Despite its central location between the Dana Zones to the north and the Lismer Zones to the east and south, the Banshee Zone has been overlooked in post-2004 exploration programs due to its apparently small size and lower grade. At a cut-off grade of 0.35 g/t PdEq, the current (2019) pit-constrained Mineral Resource Estimate for Banshee is 3.36 Mt grading 0.29 g/t Pd, 0.17 g/t Pt, 0.03 g/t Au, 0.04% Cu and 0.01% Ni, or 0.55 g/t PdEq, all in the Inferred classification. This resource is based on a database of just 22 diamond drill holes totalling 4,274 m, with an average depth of only <200 m below surface. Below that depth, the palladium mineralization remains open to expansion by drilling down-dip along the 700 m strike-length of the Zone. A combination of near-historic high Pd price and its central location means that the Banshee Zone could be of strategic importance to any future mining operation at River Valley.

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Figure 4. Location and hole traces for planned 2021 exploration drill holes at Banshee Zone. The plan consists of drilling 13 holes totalling 4,175 m along 10 cross-sections of the Zone's 700 m strike-length. The deepest hole will penetrate to 300 m below surface.

The 2021 exploration plan for Banshee consists of 13 holes totalling 4,175 m (Figure 4), designed to expand the known extents of mineralization down-dip. The exploration drilling commenced at the south end of Banshee in late July, following completion of the IP geophysical survey in June (see Company press release dated July 6, 2021). To date, four of the drill holes have been completed and contact-type Cu-Fe sulphide mineralization typical of the River Valley Deposit was encountered. Core sample assays are pending from the laboratory in Sudbury and will be released when available.

About River Valley

The River Valley Palladium Project is located 100 road-km east from the City of Sudbury.
The Project area is linked to Sudbury by a network of all-weather highways, roads and rail beds and is accessible year-round with hydro grid and natural gas power nearby. River Valley enjoys the strong support of local communities, like the village of River Valley, 20 km to the south.
A fully executed Memorandum of Understanding is in place with a local First Nation. Environmental baseline studies re-commenced in 2020.

The current Mineral Resource Estimate was announced in a Company press release dated January 15, 2019 and is based on metal prices substantially lower than today. At a cut-off grade of
0.35 g/t PdEq, the Mineral Resource consists of: 99 Mt grading 0.52 g/t Pd, 0.20 g/t Pt, 0.03 g/t Au and 0.06% Cu, or 0.90 g/t PdEq in the Measured and Indicated classifications; and 52 Mt grading 0.31 g/t Pd, 0.15 g/t Pt, 0.04 g/t Au and 0.04% Cu, or 0.63 g/t PdEq in the Inferred classification. Contained metal contents are 2.4 Moz Pd+Pt+Au or 2.9 Moz PdEq in the Measured and Indicated classifications and 0.8 Moz Pd+Pt+Au or 1.1 Moz PdEq in the Inferred classification.

The 2019 PEA results for the River Valley Palladium Project were announced in a press release dated June 27, 2019. The PEA outlines a 20,000 t/day open pit mine and processing plant operation producing an average of 119,000 ounces of PdEq per year over a mine life of 14 years. Using base case metal prices of US$1,200/oz Pd, $1,050/oz Pt and $3.25/lb Cu, the PEA showed a pre-tax NPV5% of US$261 million and a pre-tax IRR of 13%. At a +20% palladium price of $1,440/oz Pd, the pre-tax NPV5% increases to $501M and the pre-tax IRR to 19%. The current price of Pd is approximately $2,515/oz Pd.

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 from Sudbury, Ontario. The Company completed a positive Preliminary Economic Assessment on the Project in 2019 and, is fully financed to complete a Pre-Feasibility Study on the Project. A technical report is slated to be published by the end of the first half of 2022.

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

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. 2021 plans include drone geophysics on at least five of the Company's seven projects and a maiden drill program on the Company's Lithium Two Project.

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 and for all or part of our Lithium Division in Manitoba.

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 Cody Hunt at Codyh@newagemetals.com or call 613 659 2773.

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Qualified Persons

The contents contained herein that relate to Exploration Results and Mineral Resources for the River Valley Project is based on information compiled, reviewed or prepared by Dr. Bill Stone, P.Geo., a consulting geoscientist for New Age Metals. Dr. Stone is the Qualified Person as defined by National Instrument 43-101 and has reviewed and approved the technical content of this news release.

On behalf of the Board of Directors

"Harry Barr"

Harry G. Barr

Chairman and CEO

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Cautionary Note Regarding Forward Looking Statements: This release contains forward-looking statements that involve risks and uncertainties. These statements may differ materially from actual future events or results and are based on current expectations or beliefs. For this purpose, statements of historical fact may be deemed to be forward-looking statements. In addition, forward-looking statements include statements in which the Company uses words such as "continue", "efforts", "expect", "believe", "anticipate", "confident", "intend", "strategy", "plan", "will", "estimate", "project", "goal", "target", "prospects", "optimistic" or similar expressions. These statements by their nature involve risks and uncertainties, and actual results may differ materially depending on a variety of important factors, including, among others, the Company's ability and continuation of efforts to timely and completely make available adequate current public information, additional or different regulatory and legal requirements and restrictions that may be imposed, and other factors as may be discussed in the documents filed by the Company on SEDAR (www.sedar.com), including the most recent reports that identify important risk factors that could cause actual results to differ from those contained in the forward-looking statements. The Company does not undertake any obligation to review or confirm analysts' expectations or estimates or to release publicly any revisions to any forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. Investors should not place undue reliance on forward-looking statements.