New Age Metals Inc. announced the positive results of a new independent Preliminary Economic Assessment (PEA) prepared in accordance with NI 43-101 for the River Valley Project, a wholly-owned palladium-platinum-copper deposit located 60 km east-northeast (100 road km) of Sudbury, Ontario. This new PEA was developed by a group of independent consultants; namely P&E Mining Consultants Inc. (mining, scheduling, project economics); D.E.N.M. Engineering Ltd. (mineral processing and metallurgy); Knight Piésold Ltd. (tailings facility, water management, and rock mechanics); and Story Environmental (environment and community). The Mineral Resource Estimate upon which this new PEA is based was done by P&E in 2021.

PEA Highlights: Pre-Tax NPV(5%): $289 million; After-Tax: $135 million. Pre-Tax IRR: 16%; Post-tax IRR: 11%. Annual Production: 2.5 Mt of potential process plant feed at an average grade of 1.19 g/t PdEq and process recovery of 71.5%, resulting in an average annual payable Pd production of 47,400 oz.

Total Tonnes Processed over Life of Mine: 38.6 Mt/16 years. Pre-production Capital Requirement: $268.7 million. Average Unit Operating Cost: $30.98/t. Assumed Metal Prices: USD 2,150/oz Pd, USD 1,050/oz Pt, USD 1,830/oz Au, USD 4.00/lb Cu.

River Valley Process Feed: Treated in an on-site conventional sulphide flotation plant to produce a saleable. PGM-enriched Cu concentrate to be transported off-site for smelting and refining. Project Enhancement Opportunities: Increased metal recoveries and expanded Mineral Resources.