New Age Metals Further Confirms Higher Grades in Metallurgical Drill Holes at Dana and Lismer Zones, River Valley Palladium Project

Metallurgical Sample Assay Program

Further to the announcement dated November 10, 2021, NAM has now received metre-by-metre assay results from SGS for all four of the metallurgical holes drilled at River Valley in 2021
(Figure 1; Table 1). Four short diamond holes were drilled inside the River Valley Deposit, one each at the Dana North, Dana South, Lismer North and Lismer Ridge Mineralized Zones (Table 2). These HQ-size drill holes were planned to validate mineralized zone models and maximize recovery of fresh mineralized sample material for the mineral processing and metallurgical testwork studies. The Dana Zones and the Lismer Zones were selected for study, because they are the most assessible and the best understood of the ten known palladium mineralized zones (Figure 2), and therefore the most probable starting location for any potential mining operation at River Valley. The four drill holes intersected palladium mineralization in gabbroic rocks of the host Breccia Unit for almost the entire length of each hole. The palladium mineralized intersections are summarized below.

The Dana North Zone hole (DN-21-01m) was drilled for 201 m obliquely down-dip, parallel to the metallurgical hole drilled in 2012. Drill hole DN-21-01m intersected 2.08 g/t 3E and 0.12% Cu (or $117/t NSR) over 141.5 m from 0.5 m downhole from surface, including 2.24 g/t 3E and 0.13% Cu (or $126/t NSR) over 124.5 m, and 1.21 g/t 3E and 0.09% Cu (or $68/t NSR) over 55 m from 145 m downhole, including 1.37 g/t 3E and 0.09% Cu ($77/t NSR) over 45 m (Table 1). The relatively higher-grade interval from near-surface is not surprising, given that this hole was collared on some of the highest-grade material ever sampled historically at River Valley. This drill hole also ended in mineralization.

The Dana South Zone hole (DS-21-01m) was drilled for 200 m obliquely down-dip, in contrast to the vertical hole drilled in 2012. Drill hole DS-21-01m intersected 2.74 g/t 3E and 0.20 % Cu over 11 m from surface, and 3.00 g/t 3E and 0.15% Cu (or $166/t NSR) over 66 m from 111 m downhole, including 3.48 g/t 3E and 0.17% Cu over 47 m (or $192/t NSR) (Table 1). These are the highest grade intersects in the four drill holes, consistent with Dana South having the highest average grade of the four mineralized zones (see Figure 1). This drill hole also ended in higher-grade mineralization.

The Lismer North Zone hole (LN-21-01m) was drilled for 185 m obliquely down-dip. Drill hole LN-21-01m intersected 1.02 g/t 3E and 0.13% Cu (or $59/t NSR) over 23 m from 21 m downhole, 1.01 g/t 3E and 0.06% Cu (or $55/t NSR) from over 7 m from 131 m downhole, 0.99 g/t 3E, and 0.08% Cu (or $55/t NSR) over 11 m from 143 m downhole, including 1.63 g/t 3E and 0.12% Cu (or $89/t NSR) over 3 m from 145 m downhole, 1.61 g/t 3E and 0.06% Cu (or $87/t) over 3 m from 151 m downhole, and 2.34 g/t 3E and 0.07% Cu (or $129/t NSR) over 14 m from 162 m downhole (Table 1). Compared to the Dana North and Dana South results, the mineralization at Lismer North appears in this drill hole to be lower grade and less continuous.

The Lismer Ridge Zone hole (LR-21-01m) m was drilled for 215 m obliquely down-dip.
This Lismer Ridge hole (LR-21-01m) intersected 1.06 g/t 3E and 0.06% Cu (or $58/t NSR) over 27 m from 6 m downhole, 0.82 g/t 3E and 0.05% Cu (or $45/t NSR) over 30 m from 130 m downhole, including 2.32 g/t 3E and 0.17% Cu (or $130/t NSR) over 4 m from 156 m downhole, 1.16 g/t 3E and 0.07% Cu (or $83/t NSR) over 21 m from 170 m downhole and 2.39 g/t 3E and 0.07% Cu (or $128/t NSR) over 4 m from 205 m downhole (Table 1). Unlike the other three drill holes, LR-21-01m deviated more than usual and exited the wireframed mineralized domain at
175 m downhole, but remained in mineralization (some higher grade) for an additional 40 m till end of hole. This surprising result makes this area east-adjacent to Lismer Ridge a promising exploration target of interest.

Each of the four drill holes provided an average of approximately 1,700 kg of material for a total of 6,800 kg, plenty for: 1) extensive testwork on a composite sample from each zone plus an overall composite sample from the four zones; 2) comprehensive assaying and QEMSCAN studies to follow the main metals (Pd, Pt, Au and Cu) during the testwork; and 3) high-sensitivity assaying to assist in determining Rh recoveries. The two Dana holes were drilled in June 2021 by Multi Drilling (Rouyn-Noranda) and the two Lismer holes in July 2021 by Jacob & Samuel Drilling Ltd. (Sudbury). After logging, each hole was sampled at 1 metre intervals. Each 1 metre interval was cut into equal halves with a diamond saw. Half the core was sent to SGS Canada Inc's processing facilities in Lakefield for assay and preparation for metallurgical testwork. In total, 809 samples from the four drill holes (plus 37 "blind" certified QC samples) were assayed.

The metallurgical testwork samples were received by SGS Lakefield in June, 2021 (Dana Zones) and August, 2021 (Lismer Zones). The total weight of the samples received was 3,483 kg. Recipes for the four Lismer grade variability composites (0.5 g/t 3E, 0.8 g/t 3E, 1.0 g/t 3E and 1.3 g/t 3E) were finalized and delivered by D.E.N.M Engineering ("DENM") to SGS Lakefield in late-January 2022. Recipes for Dana grade variability composites have been finalized and delivered by D.E.N.M. to SGS in late February, 2022.

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Figure 1. Collar location and traces of the four holes drilled in 2021 for mineral processing and metallurgical testwork material. M&I = Measured and Indicated Mineral Resources, Ind: = Indicated Mineral Resources, Inf = Inferred Mineral Resources. The background is a LiDAR 2014 survey topography image. The Banshee Zone shown for information only.

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Assay Procedures & QA/QC

The two Dana and two Lismer holes were drilled under the supervision of NAM geologists.
The core samples were sent to the SGS Canada Inc. Laboratory in Lakefield, Ontario, for initial sample preparation and assay analyses by SGS Laboratory in Burnaby, B.C. The preparation involved crushing of 3 kg of each sample to 90% passing 1.25 mm, and then pulverizing a representative subsample of ~0.1 kg to 85% passing 75 µm. Palladium, platinum and gold were analyzed by fire assay with ICP-AES finish (GE-FAI30V5). Copper, nickel and 32 additional metals were assayed by two-acid digestion and ICP-OES finish (GE-ICP21B20). Blanks and blind certified standard samples were submitted at regular intervals for assay with the core samples as part of NAM's rigorous Quality Assurance/Quality Control program.

Pre-Feasibility Study Update

A Pre-Feasibility Study of the River Valley Palladium Project was announced in a Company press release dated April, 2021, and a progress update was announced press release dated November 10, 2021. At this point, recipes for Lismer Zone grade variability composites have been delivered by DENM Engineering to SGS Lakefield for blending and testwork studies, as described above. Recipes for Dana Zone grade variability composites will be finalized and delivered by DENM to SGS Lakefield by the end of February 2022. The geomechanical and hydrogeological site investigation studies by Knight Piésold Ltd. are largely completed, whereas the geotechnical site investigation studies continue. Story Environmental continue baseline environmental studies of the River Valley Property and establishing meaningful relationships with local Indigenous Communities. In a press release dated January 26, 2022, NAM announced that a Memorandum of Understanding ("MOU") had been signed with Nipissing First Nation. This MOU is in addition to that signed with Temagami First Nation in 2014 and renewed in 2017.

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.
Fully executed Memorandum of Understandings are in place with local First Nations, environmental baseline studies re-commenced in 2020, and archeological studies were completed in 2021.

The current Mineral Resource Estimate was announced in a press release dated October 5, 2021 (Figure 2). At cut-offs of CDN$15/t NSR (pit constrained) and CDN$50/t NSR (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/t NSR 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/t NSR 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.

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Figure 2. River Valley 2021 pit constrained Mineral Resources at $15/t NSR cut-off. Note that the Pine Zone, situated in the footwall to Dana North Zone, is not exposed at surface. M&I = Measured and Indicated Mineral Resources, Ind: = Indicated Mineral Resources, Inf = Inferred Mineral Resources.

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 February 24, 2022, the palladium price was approximately $US2,400/oz.

The 2021 updated 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 by road east of 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 in 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 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. In 2021 drone geophysics were completed on at least five of the Company's seven projects and in October a maiden drill program on the Company's Lithium Two Project was initiated. On September 28th, 2021, 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 the scientific and exploration results 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.