New Age Metals Announces Private Placement

July 25th, 2019 Rockport, ON, Canada – New Age Metals Inc. (TSX.V: NAM; OTCQB: NMTLF; FSE: P7J) announces a non-brokered private placement of up to $230,000 by way of combined non-flow-through units (“NFT Unit”) at a price of $0.05 per Unit and flow-through units (“FT Unit”) at a price of $0.06 per Unit of the Company.

Each NFT Unit will consist of one common share and one half of one non‐transferable share purchase warrant (“Warrant”) with each whole Warrant being exercisable at a price of $0.10 per share during the first year and $0.12 per share during the second year for a period of two (2) years from the date of closing subject to an accelerated expiry clause.

Each FT Unit will consist of one flow-through common share and one half of one non‐transferable share purchase warrant (“Warrant”) with each whole Warrant being exercisable at a purchase price of $0.10 per share during the first year and $0.12 per share during the second year for a period of two (2) years from the date of closing subject to an accelerated expiry clause.

The securities to be issued in connection with the private placement will be subject to a four‐month plus one-day hold period from the date of closing in accordance with applicable Canadian Securities Laws.  Completion of the private placement and any finder’s fees payable are subject to regulatory approval.

Warrant Accelerator Clause

The Warrants will be subject to an acceleration clause.  If the closing price of the Company’s shares on the TSX Venture Exchange is at or above $0.20 per share for a period of ten (10) consecutive trading days during the exercise period, the Company may accelerate the expiry date of the Warrants to 30 calendar days from the date express written notice is given by the Company.

Use of Proceeds

The primary use of the proceeds of this private placement will be used on the company’s River Valley Project; one of North Americas largest undeveloped primary Platinum Group Metals, (PGM) Projects, for the completion of the Preliminary Economic Assessment (“PEA”) which the  final report is expected to be filed on SEDAR in mid-August. Also, the funds will be used for additional surface sampling and/or drilling on the Project. The River Valley PGM Project is 100% owned by New Age Metals and located in the Sudbury Mining District, 100 kms away from the Sudbury Metallurgical Complex. The balance of the placement will be used for working capital.

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ABOUT NAM’S PGM DIVISION

NAM’s flagship project is its 100% owned River Valley PGM Project (NAM Website – River Valley Project) in the Sudbury Mining District of Northern Ontario (100 km east of Sudbury, Ontario). Recently the company announced the results of the first PEA (see News Release – June 27th, 2019) completed on the River Valley Project. The PEA has been developed by various independent consultants – P&E Mining Consultants Inc. (P&E) was responsible for the open pit mining, surface infrastructure, tailings facility, and project economics; DRA Americas Inc. (“DRA”) was responsible for all metallurgical test work and processing aspects of the Project; and WSP Canada Inc. (“WSP”) was responsible for the Mineral Resource Estimate. The PEA is a preliminary report but it has demonstrated that there are positive economics for a large-scale mining open pit operation, with 14 years of Palladium and Platinum production. The complete technical report is due to be filed on SEDAR in mid-August.

On April 4th, 2018, NAM signed an agreement with one of Alaska’s top geological consulting companies. The companies stated objective is to acquire additional PGM and Rare Metal projects in Alaska. On April 18th, 2018, NAM announced the right to purchase 100% of the Genesis PGM Project, NAM’s first Alaskan PGM acquisition related to the April 4th agreement. The Genesis PGM Project is a road accessible, under explored, highly prospective, multi-prospect drill ready Palladium (Pd)- Platinum (Pt)- Nickel (Ni)- Copper (Cu) property. A comprehensive report on previous exploration and future phases of work was completed by Avalon Development of Fairbanks Alaska in August 2018 on Genesis.

On August 29, the Avalon report was submitted to NAM, management is actively seeking an option/joint-venture partner for this road accessible PGM and Multiple Element Project using the Prospector Generator business model. For more information on the recently announced summer work program at Genesis see the July 25, 2019 news release.

ABOUT NAM’S LITHIUM DIVISION

The Company has eight pegmatite hosted Lithium Projects in the Winnipeg River Pegmatite Field, located in SE Manitoba. Three of the projects are drill ready. The Company has applied for a drill permit for its Lithium Two Project and expects the final permit to be granted by the end of July. This Pegmatite Field hosts the world class Tanco Pegmatite that has been mined for Tantalum, Cesium and Spodumene (one of the primary Lithium ore minerals) in varying capacities, since 1969. NAM’s Lithium Projects are strategically situated in this prolific Pegmatite Field. Presently, NAM is the largest mineral claim holders for Lithium in the Winnipeg River Pegmatite Field. On January 15th 2018, NAM announced an agreement with Azincourt Energy Corporation (see Jan 15, 2018Feb 22nd, 2018 and April 11th, 2018, May 2nd, 2018 Press Releases.

QUALIFIED PERSON

The contents contained herein that relate to Exploration Results or Mineral Resources is based on information compiled, reviewed or prepared by Carey Galeschuk, a consulting geoscientist for New Age Metals.  Mr. Galeschuk is the Qualified Person as defined by National Instrument 43-101 and has reviewed and approved the technical content of this news release.

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.

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