New Age Metals Inc. provided an update on the Pre-Feasibility Study (PFS) of the River Valley Palladium Project near Sudbury, Ontario. NAM has decided 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 has made 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 PFS. An update on when the PFS is anticipated to be completed will be provided before the end of first quarter of 2023.