Chairman’s Message – Q2 2023

On behalf of the management and directors, I am pleased to update you on the key milestones completed to date in Q1-2023 and the goals and objectives for New Age Metals (NAM) for the balance of the year.

The Company aims to ensure that we are actively communicating with our shareholders and other stakeholders to the best of our abilities, and we want you to know that we are available to answer any questions or concerns. If you would like to receive an update, please contact us at our Rockport field office line (1-613-659-2773 or 1-800-667-1870). Alternatively, you can reach us via email at or subscribe to our distribution by clicking the subscribe button at the top right corner of our website.

Harry Barr, Chairman & CEO
Harry Barr, Chairman & CEO

River Valley Project Overview

On March 2nd, the Company announced that it now plans to complete the River Valley Project PFS as an updated Preliminary Economic Assessment (“PEA”) instead. The 2019 PEA concept of a large open pit-based mining and processing operation at River Valley did not meet PFS level scrutiny. The 2023 updated PEA will include optimization of the mine plan and methods, production schedule, mineral processing and tailing storage facilities for a smaller, economic operation with reduced environmental footprint and will be included for the first time an underground component. The updated PEA will be completed in summer 2023. On February 7th, the Company announced the assay results from its 2022 exploration drilling program on the River Valley Dana South Zone. Six diamond drill holes were completed totalling 1,328 m at Dana South Zone, located near the north end of the River Valley Deposit, and all intersected Pd mineralization, thereby expanding the known extents of Pd mineralization. We plan to fully model the drill hole results and expand the Dana South Zone through additional step-out drilling as part of NAM’s 2023 exploration program. Utilizing the recommendations from the completed PEA along with our technical teams’ recommendations on at least 3 areas in the Northern portion of the Project, a larger scale drill program will be suggested. A phase 1 drill program is slated to begin mid summer 2023.

Genesis PGM, Battery Metals Project, Alaska

Figure 2: Location of the Genesis PGM-Cu-Ni Project, Nelchina Mining District, Alaska.

The Genesis PGM-Cu-Ni Project is an under explored, highly prospective drill ready property located 460 km south of Fairbanks, Alaska. The map figure below shows the location of the Genesis Project. The Company announced the 2021 exploration program on its 100% owned Genesis PGM-Copper-Nickel Project in Alaska on September 20. The program was completed in two phases. The objective of the program was to complete a surface rock, soil and stream sediment geochemical sampling and geological mapping program at the Bernard Mountain and Sheep Hill areas of the Genesis Project to identify additional future drill targets. The Genesis Project has never been drilled and represents an opportunity for a new discovery. The first phase of work involved the collection of rock grab samples and small soil sample pits were dug to assess soil profiles at target areas outlined from previous work. A subsequent phase of similar geochemical sampling and mapping was completed in late September. The stable land status, ease of access and superb infrastructure make this project prospective for year-round exploration, and development. The Company continues to solicit potential option/joint venture partner(s) to continue the exploration and development of its Genesis Project.

Lithium Division , Manitoba

Regional map of southeast Manitoba showing NAM’s 100% owned Lithium and Rare Element Projects.

The Company’s Lithium Division has had a great start in 2023. On January 24, we announced the commencement of phase 2 drilling at the Lithium Two Project in Southeastern Manitoba. In 2021, Lithium Two drilling encountered high grade lithium mineralization in 11 drill holes along the Eagle Pegmatite over a 500 m strike length. Drilling results included 1.01% Li2O over 16.4 m core length (LT-21-09) with individual samples grading up to 3.49% Li2O. During the 2nd drill program, our Option/Joint Venture Partners, Mineral Resources increased our budget from $1.8 million to $2.3 million and additional funds were used to increase the drill program by 1500 meters. Lithium Two assay results are pending as we still face industry wide assay lab delays, following the backlog of COVID 19 and ongoing labor shortages. We are encouraged by the confidence our partners are showing in the budget increase and are looking forward to the announcement of the 2023/2024 lithium budget, which we expect to be approved by mid April. Moreover, the Company announced in a press releases on February 14th and April 5th that two new 100% owned Projects have been acquired in in Northern Manitoba. The road accessible LCT-Pegmatite Property in Northern Manitoba’s South Bay pegmatite field consists of 4,338 hectares. This area is known to host LCT type rare metal pegmatites of the beryl-columbite subtype, and the area is prospective for lithium and cesium and has excellent potential for lithium in a region that has been historically underexplored. We were also pleased to announce that we have acquired 19,321 hectares of a mineral exploration license (MEL) area at McLaughlin Lake, Manitoba. The MEL covers approximately 30 kms strike length of the Stull-Wunnummin Fault structure. The property hosts spodumene-bearing pegmatites with historical assay values up to 2.87% Li2O 1 and numerous prospective LCT-style pegmatites. These acquisitions confirm our commitment to our lithium division. Management is currently working with local First Nations, stakeholders, and the Manitoba Government to begin the advancements of these projects. The Company is looking to find a strategic partner to advance both its new 100% owned projects to a drill ready stage.

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I would personally like to acknowledge our directors, management team and technical team for their ongoing hard work and dedication to our Company. On behalf of our board of directors, I would like to thank you, our shareholders and interested parties for your continued interest and support.


Harry Barr

Chairman & CEO

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Harry Barr
Chairman & CEO