New Age Metals Reports Banshee Zone IP Survey Results

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Figure 1. Geological setting of the Banshee Zone within the River Valley Intrusion, near Sudbury, Ontario. Also shown is the distribution of pit constrained Mineral Resources at $15/t NSR (Net Smelter Return) cut-off (see NAM press release dated October 5, 2021). Note that the Pine Zone is not exposed at surface. M&I = Measured and Indicated, Ind: = Indicated, Inf = Inferred.

OreVision® 3D Survey

This OreVision® 3D survey was performed by Abitibi Geophysics along 4 cut-lines (roughly 6 line-km) over the Banshee Zone area (Figure 2). This survey was conducted using the Pole-dipole configuration of "a" spacing equal to 37.5 m and "n" spacings of 1 to 30, with in-line and across-line measurements (3D DC-IP design) and depth penetration of up to 485 m vertically below surface.

The inversions performed incorporated the previous survey data from the nearby 2017 geophysical survey. That survey included four OreVison® 3D survey lines, acquired using the same configuration as this new dataset.

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Figure 2. OreVision® 3D 2021 survey cut-line grid (four thicker blue lines) overlain on generalized geological map of the Banshee Zone area. The thinner blue lines to the northeast were surveyed (to the edge of the Banshee Zone) by OreVision IP in 2017.

Results

The OreVision® 3D survey was completed over the Banshee Zone in the early summer of 2021. Following QAQC protocols, data processing and integration with the 2017 survey data, and inversion and interpretation, Abitibi Geophysics delivered 11 sub-surface targets and three surface targets to NAM for further evaluation (Figure 3). NAM prioritized the targets situated on chargeability highs that continue to depths of up to 400 m below surface for follow-up evaluation work and potential drill testing. The prioritized targets on the Banshee Zone trend (northwest) potentially coincide with contact-type palladium mineralization (historical drill hole BL-02: 1.11 g/t Pd+Pt+Au/7.5 m) and may indicate potential for Mineral Resource expansion by drilling down-dip and across strike, particularly in the north part of the Zone. The prioritized targets on cross-cutting (north to northeast-trending) faults may indicate areas of mineralization transposed into the footwall during deformation, like the Pine Zone farther north (Figure 1). Such footwall structural targets (for example, near historical drill holes BL-19, -11 and -13 and BL-21 in Figure 3) represent an under-explored target type at the Banshee Zone and, more generally, on the River Valley Property.

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Figure 3. Surface (white stars) and sub-surface (red squares - with masl elevations in metres) OreVision® 3D targets overlain on calculated Metal Factor [Metal Factor = (chargeability/?resistivity) x 1000] plan map at 250 m elevation (about 60 m below surface) for Banshee Zone (grey). OreVision® 3D inversion products generated by Abitibi Geophysics. The targets (white circles) that correspond to or overlap with high Metal Factor map values are prioritized by NAM for follow-up work. Also shown are the historical drill holes.

Next Steps

The current drill program plan for Banshee Zone will be revisited and revised in view of the new targets generated by the OreVision® 3D IP survey. The surface targets (outcrops or subcrops) will be prospected or stripped when field conditions allow. Exploration drilling is tentatively slated to resume in the Banshee Zone area in H1 2022.

Banshee Zone Background

The Banshee Zone was drilled between 2002 and 2004 and is currently defined in 22 diamond drill holes totalling 4,274 m. The Zone measures 700 m long and up to 100 m wide, is drilled to an average depth of 134 m vertically below surface (maximum depth = 261 m), strikes NNE, and dips vertically to steeply to the east (i.e., overturned). At a CDN$15 NSR/t cut-off, the current (2021) Mineral Resource Estimate of the Banshee Zone is 2.44 Mt grading 0.29 g/t Pd, 0.17 g/t Pt, 0.03 g/t Au, 0.06% Cu, 0.01% Ni, or CDN$30.11 NSR/t for 39 koz of 3E in the Indicated classification and 3.51 Mt grading 0.29 g/t Pd, 0.16 g/t Pt, 0.06% Cu, 0.01% Ni or CDN$29.28 NSR/t for 53 koz of 3E in the Inferred classification. The Banshee Zone remains open to expansion by drilling, particularly at depth.

The Banshee Zone is located between the core Dana Zones to the North and the Lismer Zones to the east and south (Figure 1), which collectively are the focus of the ongoing Pre-Feasibility Study of the River Valley Project. Due to its central location, Banshee could therefore be of strategic importance to any potential future mining-processing operation at the Project.

Pre-Feasibility Study Update

A Pre-Feasibility Study of the River Valley Palladium Project was announced in a Company press release dated 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 and geotechnical drilling and pit excavation programs are underway on the Dana and Lismer Zones, under the direction of Knight-Piésold. Environmental baseline sampling and surface water and hydrological studies will be carried out by Story Environmental in Q4 2021.

Exploration Update

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 (subject of this press release) and four drill holes totalling 1,300 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. Channel sampling is complete and samples will be submitted to the assay lab shortly.

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 press release dated October 5, 2021.
At cut-offs of CDN$15NSR/t (pit constrained) and CDN$50NSR/t (out-of-pit), the Mineral Resource Estimate consists of: 89.9 Mt grading 0.54 g/t Pd, 0.21 g/t Pt, 0.04 g/t Au and 0.06% Cu, or CDN$47.58 NSR/t in the Measured and Indicated classifications; and 94 Mt grading 0.35 g/t Pd, 0.16 g/t Pt, 0.04 g/t Au and 0.06% Cu, or CDN$31.69 NSR/t in the Inferred classification. Contained metal contents are 2.3 Moz Pd+Pt+Au in the Measured and Indicated classifications and 1.6 Moz Pd+Pt+Au in the Inferred classification.

The 2019 PEA results for the River Valley Palladium Project were announced in a press release dated June 27, 2019, and are based on the updated 2019 Mineral Resource Estimate for River Valley.

The 2019 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%. As of October 26, 2021 the palladium price is $US1,962/oz.

The updated 2021 Mineral Resource Estimate will form a basis for the ongoing Pre-Feasibility Study of the River Valley Palladium Project.

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 in 2022. In addition to River Valley, the Company owns 100% of the Genesis PGM-Cu-Ni Project in Alaska, and plans to complete a surface mapping and sampling program there 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. Exploration in 2021 has included drone geophysics on at least five of the Company's seven projects and a maiden drill program on the Company's Lithium Two Project. On September 28, the Company announced a partnership with Mineral Resource Limited (MRL, ASX: MIN), the world's fifth largest lithium producer to explore and develop the Company's lithium project portfolio.

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 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.