New Age Metals Commences IP Survey Over the Banshee Zone of the River Valley Palladium Deposit

IP Survey

The IP survey option selected for Banshee is Abitibi Geophysics' OreVision 3D, which is the configuration to be field deployed has a depth of investigation of up to 485 m below surface.
The IP survey will be completed over a newly cut 10 line-km grid (Figure 2). The new line-grid overlaps with the limit of previous IP surveys (2017 and 2018) in the Grenvillian footwall and the River Valley Intrusion hanging wall rocks to Banshee, plus the Banshee Zone itself. The position of the Banshee Zone is known from drilling and mineralized surface outcrops.

From the end of June start date, the IP survey should be completed in about 1 week of starting and an interpretation report delivered in 1 month of completion. The IP survey data will be processed and inverted to aid identification of IP chargeability features of interest outside the known extents of the Banshee Zone for drill testing. The IP survey is designed to detect chargeability features along the faults cutting at high-angle to the basal contact (Figure 2), which may contain structurally-controlled mineralization. The Pine Zone is the best-known example of what could be structurally-controlled mineralization at River Valley. A 5,000 m exploration and infill drill program is provisionally planned at River Valley in 2021, mainly at the Banshee Zone.

Banshee Zone Background

The Banshee Zone was drilled between 2002 and 2004 and is currently defined in 22 diamond drill holes totalling 4,274 metres. The Zone measures 700 m long and up to 100 m wide, is drilled to depths of locally up to 300 m vertically below surface, strikes NNE, and dips vertically to steeply to the east (i.e., overturned). At a cut-off grade of 0.35 g/t, the current (2019) Mineral Resource Estimate of the Banshee Zone is 3.36 Mt grading 0.29 g/t Pd, 0.17 g/t Pt, 0.03 g/t Au, 0.04% Cu, 0.01% Ni, or 0.55 g/t PdEq, all in the Inferred classification. The 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.

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

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Figure 2. Location of the new cut-line grid (blue lines) for the OreVision 3D IP Survey relative to the current limit of IP survey coverage (black outline), location of the Banshee Zone (solid red body), and high-angle faults (white lines) that offset the basal contact of the Paleoproterozoic age River Valley Intrusion.

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 $2,700/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.