Chairman's Message, 1 February 2017

We are pleased to update Our Shareholders thus far in 2017, and outline our plans for the balance of 2017 and beyond. Our equity funding objective, in 2017, is to raise additional capital to complete new milestones on our 100% owned River Valley PGM Project, near Sudbury, Ontario and to continue to fund our new Lithium Division. In early February 2017, the company changed its name from Pacific North West Capital Corp. to New Age Metals to better reflect our Two Metals Divisions and highlight our search for Green Metals. Your company also completed a 3 for 1 share share consolidation. This new corporate structure will allow for additional equity fund raising and was completed so we could meet the minimum funding price of five cents a share required by the Toronto Venture Exchange. Our technical team is finalizing the 2017 exploration plans and budgets for both divisions and announcements for our summer/fall work programs will be forthcoming

With regards to development funding, we are currently reaching out to Major Mining Companies, Mine Finance Companies and Metal Investment Groups, in order to find a Partner, committed to continue River Valley's Aggressive Development Program. Our Flagship Project, the River Valley Platinum Group Metals (PGM) Project, has made significant advances over the last few years and is now Canada's Largest Primary PGM Project.

River Valley is a Primary PGM deposit, like the Lac des Iles and Stillwater Mine deposits of Canada and USA, respectively. This means that the majority of potential Payable Metal, from a possible mining operation at River Valley, would be Palladium plus Platinum rather than Nickel plus Copper. Primary PGM deposits are rare outside of South Africa and Russia and River Valley is the Largest Undeveloped Primary PGM deposit in Canada. Sudbury is one of the Top 5 Nickel-Copper-PGM Sulphide Mining and Processing Centre's Globally. Part of our 2017 plan is to continue to raise Equity Capital, while making our best efforts to partner with a Major Mining Company and or a Private Equity Finance Company, to help NAM further develop the River Valley Project. In the meantime, we continue to fund the development or our Core Project, through equity.

In early February and March of 2017, Management is scheduled to attend 2 mining conferences in Capetown South Africa and the PDAC in Toronto. Our objective is to promote corporate awareness, raise equity and continue our search for Joint Venture Partners.

In February and March, 2015, a New High Grade Discovery of PGM's was made at T2, in the Northern Portion of our Project (see: March 11, 2015 and Drilling Commences, October 11, 2016 December 6, 2016 News Releases). A Spring/Summer, 2016 Financing was used to continue the review of previous drill information and, based upon the T2 (Pine Zone) discovery, complete a New Geological Interpretation of River Valley, in order to further determine the origin of the Higher Grade Mineralization, discovered in early August, 2016. Given the positive news from the 2016 drill program, our objective is to define a minimum of 1 Million Ounces, in the Northern Portion of the Project, which has traditionally been of a Higher Grade than the Southern Portion of the Project.

The River Valley Extension Project was acquired, in August, 2016 (see: Strategic & Adjacent PGM Project News Release). This Project overlies a 4 km long PGM Mineralized Trend, which is the southward continuation of the River Valley PGM Deposit. A total of 57 Diamond Drill Holes Had Been Drilled, on this New Project, by the previous operator. The Main Mineralization Zone remains Open at Depth and our Technical Team is currently reviewing the Past Exploration Records, with the objective of Outlining a Go Forward Exploration Plan, for 2017, on the River Valley Extension Project.

The Directors and Management of NAM decided, in early 2016 to add a second Division to Our Project Portfolio. A New Lithium and Rare Earth Division has been established. Management believes that PGM's, Lithium and certain Rare Earths (Green Metals) have excellent future growth potential and strong market demand. Going forward, this New Division will explore for the Minerals needed to fuel the demand of our 21st Century Technologies. This new direction will involve the Acquisition of New Projects and additions to our existing Technical Team (see: Ron Hieber, Trevor Richardson News Releases). Since the addition of the Company's Lithium Division and the establishment of our wholly owned Lithium Canada Development, the holding company for our Canadian Projects. The Company has acquired 5 New Canadian Lithium Projects, all in a Centralized Area, approximately 75 to 150 kms NE of Winnipeg, Manitoba. (see Diagram: Aug 16 2016 News Release).

These new Projects are currently being Ground-Proofed, with the objective of completing Geological Reports and Geological Recommendations, on each Project. Based upon Continued Positive Results, our objective is to have 1-3 of these New Projects at the Drill Ready Stage, by the end of the 1st Quarter of 2017.

Management continues to work on securing a Funding Mechanism, which will advance our Project Development Plans and include finding Option/Joint Venture Partners for both divisions.


Large resources in PGM's, situated near strategic mining centers like Sudbury, are Rare and In-Demand. Global PGM production is under pressure, as worldwide demand increases. Due to the scarcity in North American PGM Projects, we are encouraged at the renewed interest we are attracting for Funding our River Valley Project. Our Objective is to find a New Partner, to help us Develop this Large and Important Project. Metal Prices have remained relatively strong and demand is expected to increase, for PGM's and Base Metals, during the next few years. Lithium will be needed to continue to fuel the demand for the Battery Industry and future Storage Demands. The Exploration Sector has suffered considerably, over the last 5 years, however, in 2016, there were signs that a bottom may have been reached. Despite the current financial conditions for Junior Explorers, we continue to raise Additional Equity Funding and have completed a series of Project Milestones and New Project Acquisitions, in 2016 and plan to continue their development in 2017. Our objective is to continue to add Shareholder Value through Exploration, which will highlight the importance and ultimate value of the River Valley Project and our New Lithium Division.

For further information on New Age Metals, please visit our website:

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On behalf of the Board of Directors, I would personally like to acknowledge our Directors, Management Team and Technical Team, for their hard work and dedication to Our Company to date.

Thank you for your continued interest and support.

Yours sincerely,

Harry Barr

Chairman & CEO

Harry Barr, Chairman & CEO

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