New Age Metals Announces Palladium Assay Results from 2022 Drilling Program at River Valley

Drilling Highlights

• DS-22-01:1.553 g/t Pd+Pt+Au ("3E") and 0.070% Cu over 14 m from 249 m downhole at the Dana South-Extension target

• DS-22-02: 0.891 g/t 3E and 0.091% Cu over 14 m from 210 m downhole at the Dana South-Extension Target

• DS-22-03: 1.335 g/t 3E and 0.134% Cu over 41 m from 258 m downhole at the Dana South-Extension Target

• DS-22-04:1.251 g/t 3E and 0.145% Cu over23 m from 190 m downhole at the Dana South extension Target

• DS-22-05:2.076 g/t 3E and 0.131% Cu over 63 m from 12 m downhole at the Dana South-SET Target

• DS-22-06:1.073 g/t 3E and 0.085% Cu over 3 m from 11 m downhole at the Dana South-SET Target

The mineralization at the Dana South-Extension Target remains open to expansion by drilling along strike and at depth.

NAM's Chairman and CEO, Harry Barr, said, "In terms of Pd grade and zone location, Dana South is one of the most important mineralized zones at River Valley. The fact that there now appears to be even more higher-grade mineralization there than is included in the current Mineral Resource Estimate is very encouraging for the future exploration upside of the River Valley Project. We plan to fully model the drill hole results and expand the Dana South Zone though additional step-out drilling as part of NAM's 2023 exploration program.

Dana South Zone 2022 Drilling Program

Two Pd mineralization targets were drilled in September 2022: 1) the Dana South-Extension Target and 2) the Dana South-SET Target (Figure 2).

Dana South-Extension Drilling Results

Four drill holes totalling 1,133 m were completed at the Dana South-Extension Target (Table 1). These drill holes were designed to test for mineralization intersected in a 2021 geomechanical drill hole that intersected a thick interval of higher-grade mineralization outside the modelled boundary of Dana South mineralized (see NAM press release dated June 9, 2022). All four 2022 drill holes intersected Pd mineralization. Assay interval highlights are listed in Table 2.

Drill holes DS-22-01 to DS-22-03 were completed on a step-out cross-section 50 m from the previously interpreted, faulted boundary of Dana South (Figure 2). Drill hole DS-22-01 tested the middle part of the section, returned four mineralized intersections, one of which is higher-grade than the average grade of the current Dana South Mineral Resources (Table 2). DS-22-02, drilled above DS-22-01, intersected 6.803 g/t 3E over 1 m from 197 m downhole. DS-22-03, the deepest hole on the section, returned the best results: 1.335 g/t 3E and 0.134 % Cu over 41 m from 258 m downhole, including 2.010 g/t 3E and 0.156% Cu over 15 m from 268 m downhole and 1.582 g/t 3E and 0.221% Cu over 9 m from 288 m downhole.

Drill hole DS-22-04, completed on an additional 50-m step-out, returned three mineralized intersections. The best of these intersections was 1.251 g/t 3E and 0.145% Cu over 23 m from 190 m downhole, including 1.744 g/t and 0.205% Cu over 13 m from 195 m downhole. In addition, DS-22-04 also intersected mineralization from surface; that is, 0.969 g/t 3E and 0.110% Cu over 10.4 m from bedrock surface (Figure 2). This shallower occurrence of mineralization is known from historical drilling, but the latter is currently too sparse for Mineral Resource estimation.

Dana South-SET Results

Two drill holes totalling 195 m were completed at the Dana South-SET Target (Table 1).
An inclined hole (DS-22-05) and a vertical hole (DS-22-05) were designed to test the mineralization in a trench excavated in 2021 on mineralized outcrops 100 m to the east of the Dana South Mineral Resources (see NAM press release dated March 9, 2022) (Figures 1 and 2). Both drill holes intersected mineralization under the trench. Assay interval highlights are listed in Table 2.

Drill hole DS-22-05 intersected 2.076 g/t 3E over 63 m from 12 m downhole, including 3.316 g/t 3E and 0.191% Cu over 14 m from 13 m downhole, 2.833 g/t 3E and 0.157% Cu over 15 m from 30 m downhole, and 2.674 g/t 3E and 0.155% Cu over 12 m from 48 m downhole. Drill hole
DS-22-06 intersected 0.629 g/t 3E and 0.063% Cu over 4 m from 3 m downhole and 1.073 g/t 3E over 3 m from 11 m downhole. These drill results and preliminary surface mapping of the trench indicate that the mineralization at SET is the Dana South Zone offset sinistrally on the southeast side of a NNE-trending fault. Infill-drilling is required at SET for incorporation of this mineralization into future Mineral Resource estimations.

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Figure 1. Location of the two drill targets at the Dana South Zone of the River Valley Deposit (red).
The River Valley mineralized zones (red) dip steeply to the southwest and are projected to surface. The Mineral Resources were estimated using $15/t NSR cut-off and NSR calculation described in the 2021 Updated Mineral Resources and Technical Report (P&E, 2021 - filed under NAM's profile on SEDAR). Note that the Huronian, Grenville and Nipissing geological units not shown for illustration clarity.

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Figure 2. Plan view of the Dana South Zone at River Valley. The 2022 drill program collar locations and hole traces are coloured and sized by 3E mineralized interval. The mineralized intervals in drill holes DS-22-01 to DS-22-04 confirm and expand the extent of higher-grade Pd mineralization in 2021 drill hole KP21-05 outside of the Mineral Resources (red). Drill holes DS-22-05 and DS-22-06 confirm that the mineralization previously excavated in the surface trench at SET is present at depth.

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Notes: 1 UTM NAD83 Zone 17N; 2masl = metres above sea level

Notes: 1 Core length, not true thickness; 23E = Pd+Pt+Au

Assay Procedures & QA/QC

The six Dana South Zone drill holes were completed 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 then to SGS Laboratory in Burnaby, BC for assay analysis. The sample 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 ?m. Palladium, platinum and gold were analyzed by fire assay with ICP-AES finish (GE-FAI30V5). Copper, nickel, sulphur and 32 additional elements 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.

River Valley Project Pre-Feasibility Study Update

On October 28, 2022, NAM announced its decision to delay release of the PFS, in order to enable confirmation and optimization of critical project options and development of a more indicative value of the River Valley Project. Project options under review include increased underground mining, mine plan and mineral processing enhancements, tailings management alternatives, and converting and extending Mineral Resources, among others, which offer additional flexibility and potential for better economics. In addition, current price volatility due to inflationary pressure and economic uncertainty continues to make it difficult to obtain suitable long-term cost quotes for site equipment and infrastructure systems from potential vendors.

Subject to the determination of the above options and stabilization of the economic climate, NAM plans to finalize the River Valley Project Study. An update on when the PFS is anticipated to be completed will be provided in Q1 2023.

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. In addition to River Valley, NAM owns 100% of the Genesis PGM-Cu-Ni Project in Alaska, and 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. Further Exploration plans for 2023 include continued mapping/sampling field program following up on prospective trends outlined in the magnetic data, and phase two drill program at Lithium Two Project along with identifying additional drill targets throughout the company's 11 projects. The Company has a partnership with Mineral Resource Limited (MRL, ASX: MIN), a top global lithium producer to explore and develop the Company's lithium project portfolio. The 2022 budget for the Company's Lithium Division is $1.8 million and will include work till the end of Q1 2023.

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 Farid Mammadov at faridm@newagemetals.com or phone 613 659 2773.

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Qualified Person

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 River Valley 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.