Rockport - New Age Metals Inc. (NAM) (TSXV:NAM); (OTC:NMTLF); (FSE:P7J) ('NAM' or the 'Company') is pleased to announce the results of a proof-of-concept PLATSOL leaching testwork program on its 100% owned River Valley Palladium Project, near Sudbury, Ontario.

This Platsol testwork was completed by SGS Canada Inc. ('SGS') on concentrates made from drill core samples of the Dana and Lismer mineralized zones, as recommended in the 2023 Preliminary Economic Assessment ('PEA'). This proof-of-concept PLATSOL study is part of a post-PEA metallurgical optimization program designed to examine new and alternative technologies for significantly improving recovery of platinum group metals ('PGM'), gold and copper at the River Valley Project.

Highlights

The initial PlatsolTM process testing on the Dana and Lismer Zones rougher flotation concentrate samples returned positive results with the best observed test results showing final extractions of 93% palladium, 88% platinum, 98% gold, 99% copper and 98% nickel for Dana and 93% palladium, 85% platinum, 98% gold, 100% copper and 98% nickel for Lismer;

PGM precipitation recovery testing showed 99% palladium, 94% platinum and 99% gold were recovered in a low-weight final precipitate with grades of 2,908 g/t Pd, 882 g/t Pt and 56.6 g/t Au for Dana and 99% palladium, 77% platinum and 99% gold recovered in a low-weight final precipitate with grades of 1,832 g/t Pd, 607 g/t Pt and 8.32 g/t Au for Lismer. These high precipitation recoveries are in-line with the Platsol process;

Sample material for the Platsol testing was derived from 2021 drill core of the Dana and Lismer Zones stored at SGS Lakefield, Ontario ('SGS');

The sample materials at SGS were composited using the same procedures and recipes as used to make the rougher Cu-PGM sulphide concentrates for the 2023 PEA and Additional, follow-up testwork recommended.

Harry Barr, Chairman & CEO, stated: 'The very positive palladium and platinum recoveries highlight the potential of our River Valley Project through a metallurgical process that includes the Platsol. We look forward to refining these encouraging, initial Platsol results through further testwork, as we enhance the viability of our unique, primary, multi-million ounce PGM project.'

These two zones were subject to the proof-of-concept PLATSOL testwork reported herein. Also shown are pit-constrained Mineral Resources at $15/t NSR cut-off for all the mineralized zones at River Valley. For explanation of the NSR, see NAM's press release dated October 5, 2021. Notes: The Pine Zone is not exposed at surface. M&I = Measured and Indicated Mineral Resources; Ind = Indicated Mineral Resources and Inf = Inferred Mineral Resources.

What is Platsol

Platsol is a high-temperature and pressure acid leaching hydrometallurgical process developed at SGS Canada Inc. for recovery of PGM, gold and base metals from low-grade, bulk-tonnage polymetallic deposits. Previously, PLATSOL testwork studies of Duluth (Minnesota), Marathon (northwestern Ontario), and Pedra Blanca (Brazil) Deposits materials have resulted in Pd, Pt, Au and Cu recoveries of >90%. Conventional locked cycle flotation testwork at River Valley produces a bulk copper concentrate (13% Cu) with significantly elevated PGM values (96 g/t Pd and 25 g/t Pt for Dana) that, however, is undervalued by base metal smelters. Based on the high recoveries of PGM reported in this press release, Platsol presents a potentially valuable opportunity to produce a much higher-value product at River Valley for metal refining off-site.

This proof-of-concept Platsol study of River Valley commenced at SGS Lakefield in October 2023 and was completed in February 2024. The study was managed for NAM by D.E.N.M. Engineering Ltd. of Burlington, Ontario and the results could trigger a full, follow-up Platsol study later in 2024.

Platsol Testwork Results for River Valley

Two mineralized samples from the Dana and Lismer Zones were subjected to a proof-of-concept PlatsolTM process amenability testwork program for the recovery of palladium, platinum, gold, copper and nickel. Rougher flotation on the Dana and Lismer samples provided adequate amounts of concentrates for the purpose of this initial PlatsolTM process testing.

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 Element Projects, situated 100 km by road east-northeast 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 Company's 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, rubidium, and cesium. Exploration plans for 2024 include up to 15,000 meters of diamond drilling following-up on the anomalous results from the geochemical samples collected during summer 2023 and geophysical/structural interpretation. 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 in Southern Manitoba. 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 our newly acquired Northman and South Bay Lithium Projects in northern Manitoba, and its road-accessible Genesis

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.

Contact:

Tel: +1-604-685-1870

Fax: +1-604-685-8045

Email: info@newagemetals.com

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