New Age Metals Provides Progress Update ON Pre-Feasibility Study of the River Valley Palladium Project
New Age Metals TSX-V: NAM OTCQB: NMTLF
Field Office: 59 Burtch’s Lane, Rockport, ON, Canada, K0E 1V0 [email protected]
+1.613. 659.2773 www.newagemetals.com
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NEW AGE METALS PROVIDES PROGRESS UPDATE ON
PRE-FEASIBILITY STUDY OF THE RIVER VALLEY
PALLADIUM PROJECT
May 4, 2022 Rockport, Ontario - New Age Metals Inc. (TSX.V: NAM; OTCQB: NMTLF; FSE:
P7J.F) (“NAM” or “Company”) is pleased to provide an update on the Pre-Feasibility Study of
the River Valley Palladium Project , one of North Americas largest undeveloped Platinum
Group Metals Projects near Sudbury, Ontario (Figure 1). Progress has been made in
advancing the mineral processing and metallurgical, geomechanical, hydrogeological,
geotechnical, and environmental and community engagement work components of the Pre-
Feasibility Study.
Figure 1. Palladium Mineral Resources in the northern area of the River Valley Palladium Deposit near
Sudbury, Ontario. Mineralized zones ( red) projected to surface. Mineral Resource Estimates using CDN$15/t
NSR cut -off and NSR calculation of 2021 Updated Mineral R esources and Technical Report (P&E, 2021).
Mineral Resources for Pardo Zone have not been estimated due to lack of drilling. The Huronian, Grenville
and Nipissing geological units not shown for illustration clarity.
New Age Metals TSX-V: NAM OTCQB: NMTLF
Field Office: 59 Burtch’s Lane, Rockport, ON, Canada, K0E 1V0 [email protected]
+1.613. 659.2773 www.newagemetals.com
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Mineral Processing and Metallurgical Testing Program
The mineral processing and metallurgical testing program at SGS Canada Inc. (Lakefield) (“SGS”)
is being managed on behalf of NAM by D.E.N.M Engineering Ltd. (Burlington) (“DENM”).
SGS with inputs from DENM and NAM, created Dana and Lismer mineralized zone master
and grade variability composites in February for the key Dana and Lismer Zones (Figure 1).
Grindability testing and initial flotation testwork on Dana and Lismer master
composites commenced in March . The initial flotation testwork is designed to confirm
parameters for the locked cycle testing variability work from the previous 2012 scoping
study level work and the best conditions to move forward. SGS has advised that indicative
metal recoveries should be available by the end of May.
Mineralogical sulphide and platinum metal studies of the Lismer Zones also commenced in
February. In addition to Pd and Pt minerals, the mineralogical study will focu s on
detection of nickel sulphide minerals (mainly pentlandite) and rhodium mineral
(hollingworthite) and other minor PGM phases . In addition, Rh assaying of MinMet
sample drill core commenced in February at GeoLabs (see Company press release dated
March 22, 2022). This work, in conjunction with metal recovery testwork at SGS, will
culminate, for the first time, in robust rhodium recovery determinations for River Valley.
Furthermore, p hysical and chemical studies of the tailings produced during metallurgical
testwork at SGS will be released by the end of July. These studies will be completed at SGS
under the direction of Knight-Piésold, as part of this Pre-Feasibility Study.
Geomechanical-Hydrogeological and Geotechnical Programs
Site investigation work by Knight -Piésold Ltd. (“KP”) was completed in March, which
included bedrock and surficial drilling as well as pit excavations . Two of the five
geomechanical drill holes (KP21-01 at Lismer Ridge Zone and drill hole KP21 -05 at Dana
South Zone – see Figure 1) were logged and sampled by NAM geologists as exploration holes.
Mineralized drill c ore samples were sent to SGS (Lakefield, Ontario ) for initial sample
preparation, and then to SGS Laboratory in Burnaby, BC for assay analysis. The results will
be released when available.
New Age Metals TSX-V: NAM OTCQB: NMTLF
Field Office: 59 Burtch’s Lane, Rockport, ON, Canada, K0E 1V0 [email protected]
+1.613. 659.2773 www.newagemetals.com
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Rock mass quality and structural domains have been determined by KP, based on logging of
oriented drill core , downhole televiewer survey results, laboratory testing, and historical
structural geology mapping and modelling studies. Open slope recommendations were
issued in April for review and comment. Design work has now commenced on site water
management structures. Design work on the tailing storage facilities will follow.
Environmental Baseline Studies and Community Relations Engagement
Story Environmental Inc. (“Story”) continued baseline environmental studies of the River
Valley Property and building effective relationships with local First Nations communities,
for future permit applications and approvals.
The ongoing environmental studies consisted of aquatics, surface water and hydrology field
work on the Property in the late fall of 2021 and winter of 2022. The surface water field work
involved Temagami First Nation personnel. Also, groundwater monitoring wells were
installed in the fall of 2021. In addition, a desktop atmospheric assessment was completed
for the Property in January 2022 .
An Exploration Memorandum of Understanding (“ MOU”) was signed with Nipissing
First Nation in late-January 2022 (see Company press release dated January 26, 2022).
This MOU is in addition to the MOU signed previously with Temagami First Nation in 2014
and amended in 2017. Story assisted with set-up and led a community meeting with
Temagami First Nation in early December 2021 , during which a River Valley Palladium
Project update was presented.
In March 2022, t he Mineral Development Branch confirmed, based on the Project’s early
stage of development, that NAM’s Duty to Consult remains limited to these two First Nation
communities.
New Age Metals TSX-V: NAM OTCQB: NMTLF
Field Office: 59 Burtch’s Lane, Rockport, ON, Canada, K0E 1V0 [email protected]
+1.613. 659.2773 www.newagemetals.com
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Mineral Resources/Reserves, Mining, Infrastructure, Cash Flow Model
The River Valley 2021 Updated Mineral Resource Technical Report by P&E Mining
Consultants Inc (“P&E”) was filed on SEDAR in November 2021 (see Company press release
dated November 19, 2021) . At cut -offs of CDN$15/t NSR (pit constrained) and CDN$50/t
NSR (o ut-of-pit), the Mineral Resource Estimate consists of: 89.9 Mt grading 0.54 g/t Pd,
0.21 g/t Pt, 0.04 g/t Au and 0.06% Cu, or CDN$47.58/t NSR in the Measured and Indicated
classifications; and 94 Mt grading 0.35 g/t Pd, 0.16 g/t Pt, 0.04 g/t Au and 0.06% Cu,
or CDN$31.69/t NSR in the Inferred classification. Contained metal contents are 2.3 Moz
Pd+Pt+Au in the Measured and Indicated classifications and 1.6 Moz Pd+Pt+Au in the
Inferred classification. This Mineral Resource Estimate will underpin the ongoing
Pre-Feasibility Study. The pit constrained Measured & Indicated Mineral Resources total
of 89 Mt grading 0.79 g/t Pd+Pt+Au (2.3 Moz) reported significantly exceeds the potentially
economic portion Mineral Resources total of 78 Mt grading 0.79 g/t Pd+Pt+Au (2.0 Moz)
reported in the 2019 Preliminary Economic Assessment (“PEA”) of River Valley.
The Pre-Feasibility Study as led by P&E will consider optimized mine production and
mineral processing rates, based on th e current, potentially more valuable Updated
Mineral Resource Estimate than that which underpinned the 2019 PEA . Pit slope
recommendations by K night-Piésold have been reviewed and accepted. SGS/DENM are
scheduled to deliver i ndicative m etal recoveries to P&E by the end of May 2022 for NSR
modelling and Mineral Reserve estimation work.
Pre-Feasibility Completion Schedule
NAM announced commencement of the River Valley Pre-Feasibility Study in the spring 2021
(see Company press release dated April 12, 2021). At that time, the Pre-Feasibility Study was
slated for completion in 12 to 14 months. However, the Covid-19 pandemic, difficulties in
finding and retaining experience d labour, a major shortage of suitable drill rigs and
experienced drillers, and backlogged assay laboratories have delayed completion of the PFS
to Q4 of 2022.
New Age Metals TSX-V: NAM OTCQB: NMTLF
Field Office: 59 Burtch’s Lane, Rockport, ON, Canada, K0E 1V0 [email protected]
+1.613. 659.2773 www.newagemetals.com
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About River Valley
The River Valley Palladium Project is located 100 road -km east from the City of
Sudbury . 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 , like the
village of River Valley, 20 km to the south. A fully executed Memorandum of Understanding
is in place with two local First Nation communities. Environmental baseline studies re -
commenced in 2020 and will continue in 2022.
The 2019 PEA results for the River Valley Palladium Project were announced in a Company
press release dated June 27, 2019. The PEA outlines a 20,000 t/day open pit mine and
processing plant operation producing an average of 119,000 ounces of PdEq per year for a
mine life of 14 years. Using base case metal prices of US$1,200/oz Pd, $1,050/oz Pt and
$3.25/lb Cu, the PEA showed a n after-tax NPV5% of US$138 million and an after-tax IRR of
10%. At a +20% palladium price of $1,440/oz Pd, the after-tax NPV5% increases to $299M
and the after-tax IRR to 15%. The current price of Pd is approximately $2,100/oz Pd.
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 Pd+Pt+Au (“3E”), 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. The Company completed
a positive Preliminary Economic Assessment on the Project in 2019 and, is fully
financed to complete a Pre-Feasibility Study on the Project in 2022. In addition to River
Valley, the Company owns 100% of the Genesis PGM -Cu-Ni Project in Alaska, and has plans
to complete a surface mapping and sampling program in 2022.
New Age Metals TSX-V: NAM OTCQB: NMTLF
Field Office: 59 Burtch’s Lane, Rockport, ON, Canada, K0E 1V0 [email protected]
+1.613. 659.2773 www.newagemetals.com
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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. In 2021 drone geophysics were completed on at least five of the
Company’s seven projects and in March 2022 the maiden drill results on the Company’s Lithium
Two Project were announced. On September 28, 2021 , the Company announced a
partnership with Mineral Resource Limited (MRL, ASX: MIN), the wor ld’s fifth largest
lithium producer to explore and develop the Company’s lithium project portfolio.
NAM is currently finalizing the 2022 exploration budget and management believes that
2022 will include the most aggressive exploration on the projects to da te.
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
and for all or part of our Lithium Division in Manitoba.
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 [email protected] or Harry Barr at [email protected] or call 613
659 2773.
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Qualified Persons
The contents contained herein that relate to Exploration Results and Mineral Resources for
the River Valley Project is based on information compiled, reviewed or prepared by
Dr. William 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 technical content of this news release.
New Age Metals TSX-V: NAM OTCQB: NMTLF
Field Office: 59 Burtch’s Lane, Rockport, ON, Canada, K0E 1V0 [email protected]
+1.613. 659.2773 www.newagemetals.com
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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 Exchang e )
accepts responsibility for the adequacy or accuracy of this release. Cautionary Note Regarding Forward Looking Statements: This rele a se
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”,
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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 a nd
restrictions that may be imposed, and other factors as may be discussed in the documents filed by th e 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
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or estimates or to release publicly any revisions to any forward-looking statements to reflect events or circumstances after the date here of
or to reflect the occurrence of unanticipated events. Investors should not place undue reliance on forward-looking statements.