River Valley Palladium Pre-Feasibility Update
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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RIVER VALLEY PALLADIUM PRE-FEASIBILITY UPDATE
October 28, 2022 Rockport, Ontario - New Age Metals Inc. (TSX.V: NAM; OTCQB: NMTLF;
FSE: P7J.F) (“NAM” or “Company”) wishes to provide a n 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 Q1 2023.
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 Metals Projects, situated
100 km by road east 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 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. Further Exploration plans for 2022 include c ontinued mapping/sampling
field program following up on prospective trends outlined in the magnetic data, and phase two drill
program at Lithium Two Project. 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. The 2022 budget for the Company’s Lithium Division
is $1.8 million.
Our philosophy is to be a project generator with the objective of optioning our projects with major
and junior min ing 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.
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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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 Farid Mammadov
at [email protected] or phone 613 659 2773.
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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 Exchange) accepts responsibility for the adequacy or accuracy of this release. 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.