New Age Metals Inc. announced the continuation of environmental baseline studies in 2024 on its 100% owned River Valley Palladium Project, accessible by paved highway 100 km east of the City of Sudbury. The 2024 Environmental Baseline Program will focus on continuation of surface water and groundwater sampling and water level and flow monitoring studies in the River Valley Project area. To date, the environmental baseline studies have focused mainly in the area of the Pine, Dana, Banshee and Lismer Zones, in the northern part of the Project area.

In 2024, the Environmental Baseline Program will be reviewed and the studies potentially extended to the southeast, as appropriate, to capture the Varley, Azen, Razor, and Mustang Zones. These baseline studies will be led by Story Environmental (Haileybury and North Bay, Ontario) and include participation of environmental technicians from local First Nation communities, namely Temagami First Nation (Bear Island) and Nipissing First Nation (Garden City). Each of these First Nation communities has a Memorandum of Understanding ("MOU") in place with NAM; Temagami First Nation since 2014 and Nipissing First Nation since 2022.

Each MOU sets out a framework for meaningful community engagement and relationship building as the Project advances through future development studies and the permitting process. The River Valley Palladium Project is located 100 road-km east-northeast from the City of Sudbury, in northeastern Ontario. 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, particularly the Village of River Valley, 20 km to the south. Fully executed Memorandum of Understandings are in place with the Temagami First Nation and the Nipissing First Nation groups since 2014 and 2022, respectively. Environmental baseline studies re-commenced in 2020 and will continue in 2024.

The New PEA results for the River Valley Palladium Project were announced in NAM's a press release dated June 29, 2023. The PEA outlines a 6,850 t/day open pit and underground mine and processing plant operation producing an average of 47,400 ounces of Pd per year over a mine life of 16 years. Using assumed metal prices of USD 2,150/oz Pd, $1,050/oz Pt, $1,830/oz Au and $4.00/lb Cu, the PEA shows a pre-tax NPV(5%) of USD 296 million and a pre-tax IRR of 16% and an after-tax NPV(5%) of $140M and after-tax IRR of 11%.

Opportunities identified in the PEA to advance the viability of the Project include metallurgical studies to improve platinum metal recoveries and exploration programs to increase higher-grade Mineral Resources. A scoping-level PlatsolTM testwork program with SGS Canada Limited is currently underway to investigate the possibility of recovering PGM by hydrometallurgical processes and bypass the need for a smelter.