7th June 2023 – TheNewswire - Rockport, Ontario – New Age Metals Inc. (TSXV:NAM) (OTC:NMTLF) (FSE:P7J) ("NAM" or the "Company"), is pleased to announce that the Manitoba Mineral Development Fund (MMDF) has approved a grant of $ 300,000 for the Company. The allotment of this amount will be in three $ 100,000 installments.

NAM will provide MMDF/Manitoba Government access to all information related to the Project(s) activities performed, and expenditures incurred, directly or indirectly, for the entire amount of funding allocated to them.

The funding will be used for the following purposes as outlined in the previous Press Release (subject to change):

•            Mapping – Complete updated property bedrock geology maps with detailed structural analysis of pegmatite distribution and internal zonation

•            Lithogeochemistry – Property wide rock sampling to gather geochemical data on identified targets and develop future drill targets

•            Mobile Metal Ion (MMI) Soil Geochemistry – Targeted sampling grids to identify pegmatite extensions and anomalous areas where surficial cover prohibits bedrock analysis

•            Biogeochemistry - Targeted sampling grids to identify pegmatite extensions and anomalous areas where the terrain does not permit MMI soil sampling

The Summer Field Program is planned to better define historical documented showings and anomalous grab samples collected between 2018-2022, as well as to potentially locate buried LCT pegmatites. The main objective is to define and prioritize drill targets and bring additional projects to a drill ready stage in an effort to establish an economically exploitable lithium deposit in close proximity to Tanco Mine.

The MMDF funding will be in addition to our $2 million preliminary budget approved by our partner Mineral Resources Limited (“MinRes”). An additional and final 2023/2024 budget has been submitted to MinRes and is expected to be approved in Summer 2023.  

On behalf of our Board of Directors and our Shareholders, we would like to thank Manitoba Mineral Development Fund for the grant, and we look forward to putting this money to good use.

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. The Company plans to complete a Preliminary Economic Assessment and announce its findings by the summer of 2023. In addition to River Valley, NAM owns 100% of the road accessible Genesis PGM-Cu-Ni Project in Alaska and plans to complete an Option-Joint Venture arrangement with a third party mining company to develop the project.

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 caesium. The company has announced its preliminary $2 million 2023/24 exploration budget that will cover the first 4 months of the program. A larger budget has been submitted to our partner MinRes and we expect it to be approved this summer. Further Exploration plans for 2023 include geophysical surveying, summer field work (which will include mapping, lithogeochemistry, MMI Soil Geochemistry, Biogeochemistry, Channel sampling), and Permits/Archaeological surveys.

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 its road-accessible Genesis PGM-Cu-Ni project in Alaska, and its 3 100% owned lithium projects in Northern 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 info@newagemetals.com or Harry Barr at Hbarr@newagemetals.com or Farid Mammadov at faridm@newagemetals.com or call 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.