(TheNewswire)
June 29 th , 2023 - TheNewswire - Rockport,Canada - New Age Metals Inc. (NAM) (TSXV:NAM ) ; ( OTC:NMTLF ) ; ( FSE:P7J) (“NAM” orthe “Company” is pleased to announce the positive results of a newindependent Preliminary Economic Assessment (“PEA”) prepared inaccordance with NI 43-101 for the River Valley Project, a wholly-ownedpalladium-platinum-copper deposit located 60 km east-northeast (100road km) of Sudbury, Ontario. This new PEA was developed by a group ofindependent consultants; namely P&E Mining Consultants Inc.(mining, scheduling, project economics); D.E.N.M. Engineering Ltd.(mineral processing and metallurgy); Knight Piésold Ltd. (tailingsfacility, water management, and rock mechanics); and StoryEnvironmental (environment and community). The Mineral ResourceEstimate upon which this new PEA is based was done by P&E in2021.
PEA Highlights
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Pre-Tax NPV(5%): $289M; After-Tax: $135M
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Pre-Tax IRR: 16%; Post-tax IRR: 11%
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Annual Production: 2.5 Mt of potential process plant feed at an average grade of1.19 g/t PdEq and process recovery of 71.5%, resulting in an averageannual payable Pd production of 47,400 oz.
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Total Tonnes Processed over Life ofMine: 38.6 Mt/16 years
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Pre-production Capital Requirement: $268.7M
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Average Unit Operating Cost: $30.98/t
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Assumed Metal Prices: US$2,150/oz Pd, US$1,050/oz Pt, US$1,830/oz Au, US$4.00/lbCu
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River Valley ProcessFeed: Treated in an on-site conventionalsulphide flotation plant to produce a saleable PGM-enriched Cuconcentrate to be transported off-site for smelting andrefining.
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Project EnhancementOpportunities: Increased metal recoveries andexpanded Mineral Resources
Harry Barr, NAM Chairman & CEO, stated:“The PEA results released today are positive with a post-tax NPV(5%) of $134 M CAD, an IRR of 11% and 16 years of palladium,platinum and copper production. Compared to the 2019 PEA, this 2023 PEA envisions a smaller,higher-grade operation with lower CAPEX, expanded underground miningand reduced open pit mining, and a much-smaller environmentalfootprint . These encouraging results are basedon the 2021 Mineral Resource Estimate, which was produced inaccordance with current CIM standards and guidelines, to provide feedto an on-site 2.5 Mtpa process plant. The next steps include targeting areas fordrilling to convert Inferred to Indicated Mineral Resources, expandingcurrent Mineral Resources, the discovery of new mineralized zones, andto testing of promising new technologies for improved metalrecoveries, all for incorporation into future, more advanced economicstudies .”
PEA Summary *
The site plan layout for the new River Valley PEA isshown in Figure 1 below.
Figure 1. NewPEA site layout plan for the River Valley Palladium Project.
Figure 1 shows five open pits and two underground portals that havebeen used in the engineering design of the Project, the proposedprocess plant site, low-grade stockpile, waste rock storagefacilities, tailings storage facility, and site infrastructure. TheProject as represented in Figure 1 has an area of 38.8 km 2 , which reflectsa major reduction from the 126.5 km 2 site plan areain the 2019 PEA.
The parameters of the PEA are summarized in Table 1.
Table 1. PEA SummaryParameters
Assumptions | |
Palladium Price (Base case) US$/oz | 2,150 |
Exchange Rate US$:CDN$ | 1.35 |
Production Profile | |
Total Tonnes Processed | 38,640,000 |
Process Plant Head Grade PdEq g/t | 1.19 |
Mine Life (years) | 16 |
Daily process plant throughput (tpd) | 6,850 |
Palladium Process Plant Recovery (%) | 71.5 |
Total Payable Palladium Equivalent Ounces | 735,000 |
Average annual Palladium Production Ounces | 47,400 |
Operating Costs ($ per tonne processed) | |
Unit Average LOM Operating Costs | 30.98 |
Open Pit Mining Costs | 12.63 |
Underground Mining Costs | 60.61 |
Processing Costs | 12.69 |
G&A | 2.01 |
LOM Average Cash Cost US$/oz Pd | 1,241 |
Capital Requirements | |
Pre-Production Capital Cost ($ M) | 268.7 |
Sustaining Capital Cost (Life of Mine) ($ M) | 163.0 |
Project Economics | |
Royalties (%) | 3 |
Royalty Payable After $1.5M Buy Down to 1.5% ($ M) | 35.4 |
Taxes (M $) | 255.0 |
Pre-Tax | |
Cumulative Undiscounted Cash Flow ($ M) | 599.0 |
NPV (5% Discount Rate) ($ M) | 289.0 |
IRR (%) | 16 |
Payback (years) | 6.2 |
After-Tax | |
Cumulative Undiscounted Cash Flow ($ M) | 344.0 |
NPV (5% Discount Rate) ($ M) | 135.0 |
IRR (%) | 11 |
Payback (years) | 6.9 |
PEA operating costs and capital costs are presented inTables 2 and 3.
Table 2. Operating CostSummary
Operating Cost | Unit | LoM |
Open Pit Mining Cost | $/t mined | 2.95 |
Open Pit Mining Cost | $/t processed | 12.63 |
Underground Mining Cost | $/t processed | 60.61 |
Process Cost | $/t processed | 12.69 |
G&A | $/t processed | 2.01 |
Unit LoM Average Operating | $/t processed | 30.98 |
Table 3. Capital Cost Summary
Development Capital | Initial (Y-2, Y-1) ($ M) | Sustaining ($ M) | Total LOM ($ M) |
Open Pit Development and Equipment | 37.0 | 59.4 | 96.4 |
Process Plant | 119.2 | 119.2 | |
On-Site Infrastructure | 17.4 | 17.4 | |
Electrical Powerline | 30.0 | 30.0 | |
Tailings Management Facility | 17.0 | 27.0 | 44.0 |
Owner's Costs | 10.0 | 10.0 | |
Underground Mine Development | 37.1 | 37.1 | |
Reclamation Bond and Closure | 16.3 | 16.3 | |
Contingency | 29.9 | 18.1 | 48.0 |
Total Capital | 268.7 | 163 | 431.7 |
*This PEA was prepared in accordancewith National Instrument 43-101 (“NI 43-01”) Standards ofDisclosure of Mineral Projects. It was prepared byP&E Mining Consultants Inc. with D.E.N.M. Engineering Ltd., KnightPiésold Ltd. and Story Environmental. Readers are cautioned that thePEA is preliminary in nature and includes Inferred Mineral Resourcesthat are considered too speculative geologically to have the economicconsiderations applied to them that would enable them to be classifiedas Mineral Reserves, and there is no certainty that the PEA will berealized. Mineral Resources that are not Mineral Reserves do nothave demonstrated economic variability. The Company plans to file thePEA Technical Report (“Technical Report”) on SEDAR at www.sedar.com within 45 days of the date of this pressrelease. All currency is stated as CDN$ unless indicatedotherwise.
Opportunities to Enhance ProjectValue
Two major opportunities to enhanceProject value are: 1) improved metal recovery; and 2) increasedMineral Resources.
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1) ImprovedMetal Recoveries
HYDROMETALLURGICAL OPTIONS The main focus of this PEA from a processingstand point is conventional milling and flotation with upgrading ofthe resultant copper concentrate to a marketable product. The finalconcentrate (copper and PGMs) would be shipped to specific smelters totreat the River Valley product as a part of the revenue stream.
As an alternative to shipping to smelters, pressureleaching and metal precipitation options to recover platinum groupmetals (“PGMs”), gold and base metals will be investigated.Several PGM deposits worldwide are currently being subject tohydrometallurgical testing as a potentially economic alternative tobase metal smelters.
Alternative Flotation Applications. Conventional flotation of the River Valleymaterial has thus far been unable to produce a high-grade marketablesmelter concentrate for maximum net smelter returns.
The expected concentrate grades based on the recent testing at SGSLakefield were detailed in New Age Metals press release dated August9, 2022.
Preliminary scoping work has been completed on the River Valleymaterial utilizing two flotation alternatives to produce ahigher-grade rougher concentrate and also possible increases in PGMrecoveries. The two technologies being investigated are the Woodgroveflotation and the Glencore (Jameson) cell techniques.
Rhodium Recovery & Marketability. Additional work in this area would be beneficialfor the Project,
due to the high metal price of rhodium. The testwork recently completeshowed the ability to recover rhodium in the final concentrate, albeitnot at a saleable threshold grade for the smelters. Review of therhodium mineralogy and process alternatives is recommended.
2) Increased Mineral Resources
The distribution of the current Mineral Resources atRiver Valley is shown in Figure 2.
Major infill, expansion and exploration drill programsare planned to: 1) convert Inferred to Indicated Mineral Resources atthe Lismer and Varley Zones; 2) expand current Mineral Resources atdepth and along strike at the Dana South, Banshee, Lismer Ridge,Varley and Azen Zones; and 3) test targets and delineate mineralizedzones that show potential for inclusion in future Mineral Resourcemodelling, particularly in the footwall to the River Valley Intrusion,as guided by geophysical survey and 3-D geological modellingresults.
The drilling programs are slated to commenced in H22023, subject to financing.
Figure 2. Distribution of pit constrained Mineral Resources at $15/t NSRcut-off. The priority mineralized zones for infill, expansion andexploration drilling are labelled red . Note that the Pine Zone is not exposed at surface.
M&I = Measured and Indicated Mineral Resources, Ind: = IndicatedMineral Resources, Inf = Inferred Mineral Resources.
PEA Details
Mineral Resources
The details of the 2021 updated Mineral ResourceEstimate were announced in a Company press release dated October 5,2021. The effective date of the updated Mineral Resource Estimate isSeptember 14, 2021. At cut-offs of CDN$15/t NSR (pit constrained) andCDN$50/t NSR (out-of-pit), the Mineral Resource Estimate consists of:89.9 Mt grading 0.54 g/t Pd, 0.21 g/t Pt, 0.04 g/t Au and 0.06% Cu, orCDN$47.58/t NSR in the Measured and Indicated classifications; and 94Mt grading 0.35 g/t Pd, 0.16 g/t Pt, 0.04 g/t Au and 0.06% Cu, orCDN$31.69/t NSR in the Inferred classification. Contained metal contents are 2.3 Moz Pd+Pt+Au in the Measuredand Indicated classifications and 1.6 Moz Pd+Pt+Au in the Inferredclassification Table 4.
Notes: Class = Classification, Meas + Ind = Measured and Indicatedclassifications.
1 Mineral Resources that are not MineralReserves do not have demonstrated economic viability.
2. The estimate of Mineral Resources may bematerially affected by environmental, permitting, legal, title,taxation, socio-political, marketing, or other relevant issues.
3. The Inferred Mineral Resource in thisestimate has a lower level of confidence than that applied to anIndicated Mineral Resource and must not be converted to a MineralReserve. It is reasonably expected that the majority of the InferredMineral Resource could potentially be upgraded to an Indicated MineralResource with continued exploration.
4. The Mineral Resources were estimated inaccordance with the Canadian Institute of Mining, Metallurgy andPetroleum (CIM), CIM Standards on Mineral Resources and Reserves,Definitions (2014) and Best Practices Guidelines (2019) prepared bythe CIM Standing Committee on Reserve Definitions and adopted by theCIM Council.
5. The Mineral Resource Estimate is based onUS$ metal prices of $1,850/oz Pd, $900/oz Pt, $1,600/oz Au, $3.00/lbCu, $16/lb Co, $6.50/lb Ni, $8,000/oz Rh, $18.50/oz Ag. The US$:CDN rate used was 0.75.
6. The NSR estimates use flotationrecoveries of 80% for Pd, 80% for Pt, 80% for Au, 85% for Cu, 25% forCo, 90% for Ni, 80% for Rh and 65% for Ag and smelter payables of 80%for Pd, 80% for Pt, 85% for Au, 85% for Cu, 50% for Co, 90% for Ni,80% for Rh and 65% for Ag.
7 The pit optimization used a mining costof $2.25/t mined, combined processing and G&A costs of CDN$15/t,and pit slopes of 50º. The out-of-pit Mineral Resources usedunderground mining, processing and G&A cost of CDN$50/t.
8 Out-of-pit Mineral Resources weredetermined to be potentially extractable with the longhole miningmethod.
The predominant contribution of Pd + Pt to the NSRvalue (86%) is particularly noteworthy, given the rarity of suchprimary platinum-group metal deposits in secure and established globalmining jurisdictions.
The Mineral Resource Estimate is sensitive to the selection ofreporting NSR cut-off values for pit constrained Mineral Resources. Ata cut-off of /t NSR, pit constrained Mineral Resources arepresented in Table 5.
Mining: OP & UG
The River Valley Project is planned to be mined by bothopen pit and underground methods. Initial mining would be by open pitat the northwest end of the Deposit, close to the proposed processplant site.
A series of five open pits would be mined, starting at Dana North Zoneand progressing in a southeasterly direction to the Varley Zone. TheDana North Pit contains approximately half of the mineralized processplant feed. Higher grade underground mineralization is planned to bemined during production years two to seven, and will totalapproximately 3 Mt of process plant feed. The underground miningmethod is planned to be sublevel longhole stoping with cemented rockbackfill.
The average open pit strip ratio is envisaged to be3.4:1 over the life-of-mine. It is anticipatedthat a fleet of 90 t haul trucks, 10 m 3 excavators, and254 mm diameter hole rotary drills will be utilized, followingindustry standard conventional open pit mining techniques.
Mineral Processing
The new PEA annual process feed rate to the RiverValley process plant will be 2.5 Mtpy (6,850 mtpd) of mineralizedmaterial. The process plant remains as previously designed to producea single copper sulphide and PGM concentrate. The dewatered and driedconcentrate would be hauled off-site for smelting.
Simplified process plant details are as follows:
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Run-of-Mine (ROM) to be crushed in a single primary jawcrusher to 150 mm sizing (380 mtph);
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SAG mill in closed circuit with a recycle pebblecrusher and ball mill to produce flotation feed (310 mtph);
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Rougher flotation, regrinding of the associatedconcentrate, three-stage cleaning circuit to produce the finalconcentrate;
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Concentrate dewatering, filtering, drying for shippingto the smelter;
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Tailings thickening prior to pumping to the tailingsmanagement facility (TMF);
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Standard process water recovery would be from theassociated thickeners and return water from the TMF area. Make-upwater for the process would be from one the lakes on the Property; and
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Power for the facility will be provided by a dedicated44 kV feeder line from Crystal Falls Transformer Station.
Initial discussions with Hydro One (suppler and builder) have beencompleted regarding options, capital and $/kwh estimates.
Tailings & WaterManagement
Tailings Management. The Tailings Management Facility (“TMF”) would consist ofa two-cell valley impoundment to provide safe and permanent storagefor tailings for the first seven years of the mine life. The remainingtailings would be stored in the Dana open pit when it has been minedout. The TMF impoundment would be developed by constructing threeembankments (North, Divider, and South Embankments) using thedownstream construction method. The embankments will be constructed instages to suit the tailings storage requirement throughout the firstseven years of the mine life.
Thickened tailings slurry would be delivered to the TMFat a solids content of approximately 55% by mass. The tailings areexpected to be non-acid generating. Inert waste rock and processedwaste rock from open pit mine development would be used to constructthe TMF embankment. The upstream face of the embankment would be linedwith a 100 mil HDPE geomembrane overlying non-woven geotextile.
The geomembrane will be tied into bedrock along the upstream toe via aconcrete plinth.
Water Management. Site contact water would be managed within sediment basins,the Water Management Pond (“WMP”), open pits, and the TMF. Thesediment basins would collect runoff from the site infrastructureareas for sediment control prior to routing the collected water to theWMP immediately north of the TMF. The WMP would be used to temporarilystore supernatant water from the TMF, contact water from siteinfrastructure, and inflows into the open pits and undergroundworkings. The WMP would provide reclaim water to the processing plant.Excess water would be pumped to the water treatment plant andsubsequently discharged to the environment.
The primary water management objectives include:
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Provide temporary containment of the EnvironmentalDesign Flood (“EDF”) within the TMF basin duringoperations;
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Provide temporary storage and conveyance of the InflowDesign Flood (“IDF”) via spillways from the TMF and WMP;
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Maintain a small supernatant pond within the TMF basinby transferring runoff and supernatant to the WMP on an ongoing basisvia pump barge and pipeline;
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Collect and manage contact water via surface watermanagement measures;
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Maximize reclamation of contact water from the WMP tothe process plant. This approach will minimize freshwater requirementsand water discharge volumes; and
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Treat and discharge excess supernatant water, minewater (pit and underground inflow), and contact water to theenvironment, as required during the mine life, via the wastewatertreatment and discharge systems.
Environment, Community, ESG
Since the 2019 PEA, NAM has worked to reduce the proposedenvironmental footprint of the Rive Valley Project. The new 2023 PEA concept replaces open pitmining adjacent to Pine Lake with underground mining and significantlyreduces the size of the Project’s remaining open pit mines.Therefore, the Project no longer requires the construction of damswithin Pine Lake and eliminates the associated impact on fish and fishhabitat . By extracting higher-grade materialfrom underground, NAM would also reduce the rate of mining andprocessing for the Project. This modification would reduce the footprint of the process plantand waste rock areas, and reduce the size of the processing equipment,which in turn would reduce the carbon footprint of the Project.
The River Valley Project is situated on the traditionalterritory of Temagami First Nation and Nipissing First Nation. AMemorandum of Understanding was signed by Temagami First Nation in2014 and amended in 2017. Temagami First Nation has assisted with thecompletion of baseline archaeological, surface water quality,groundwater, and hydrology studies and members of the community alsoparticipated in a site visit in September 2022. A Memorandum ofUnderstanding was signed with Nipissing First Nation in
late-January 2022. In 2023, NAM anticipates that Nipissing FirstNation will also participate in the Project’songoing baseline environmental data collection. Regular Projectupdates are provided to each of these communities.
The Project will be required to obtain numerousprovincial and federal approvals and permits.
It is anticipated that the Project will be subject to both provincialenvironmental assessments and a federal Impact Assessment. The Projectwill proceed with a coordinated process to increase efficiencies andreduce duplication of effort during these assessments. However, thepermitting for the Project will be less onerous now, than that for themuch larger Project presented in the 2019 PEA.
NAM has developed an Environmental and SocialGovernance (“ESG”) Strategy and will prepare an ESG SustainabilityReport annually to disclose and communicate ESG-related information toNAM’s stakeholders. The first ESG Sustainability Report is posted onNAM’s website. As outlined in its ESG Strategy, NAM is committed tomanaging and operating their assets in a manner that is protective ofhuman health and safety and the environment. It is NAM’s policy tocomply, in all material respects, with applicable health, safety andenvironmental laws and regulations.
Project Economics &Sensitivities
The economic results of the PEA are summarized in Table6 on an after-tax basis. The sensitivities and the impact of cashflows have been calculated for ±20% variations against the basecase.
Table 6. Project EconomicsSensitivity
Project Sensitivity Analysis | |||||||||
Pd Price Sensitivity | |||||||||
% | -20% | -15% | -10% | -5% | Base Case | 5% | 10% | 15% | 20% |
US$/oz | 1,720 | 1,828 | 1,935 | 2,043 | 2,150 | 2,258 | 2,365 | 2,473 | 2,580 |
NPV (CDN$ M) | -31 | 12 | 55 | 95 | 135 | 174 | 217 | 252 | 295 |
IRR (%) | 4 | 6 | 8 | 9 | 11 | 13 | 15 | 16 | 18 |
OPEX Sensitivity | |||||||||
% | -20% | -15% | -10% | -5% | Base Case | 5% | 10% | 15% | 20% |
Cost Per Tonne | 25 | 26 | 28 | 29 | 31 | 33 | 34 | 36 | 37 |
NPV (CDN$ M) | 213 | 193 | 174 | 154 | 135 | 115 | 95 | 76 | 56 |
IRR (%) | 17 | 15 | 14 | 12 | 11 | 10 | 9 | 8 | 7 |
CAPEX Sensitivity | |||||||||
% | -20% | -15% | -10% | -5% | Base Case | 5% | 10% | 15% | 20% |
CAPEX (CDN$ M) | 345 | 367 | 389 | 410 | 432 | 453 | 475 | 496 | 518 |
NPV (CDN$ M) | 242 | 220 | 190 | 160 | 135 | 105 | 79 | 53 | 21 |
IRR (%) | 16 | 15 | 14 | 12 | 11 | 10 | 9 | 7 | 6 |
The Project is sensitive to Pd recovery. A 20% increasein Pd recovery, possibly resulting from hydrometallurgical treatment,results in an increased after-tax 5% discount rate NPV of $250M and anafter-tax IRR of 16%.
About the River Valley Project
The River Valley Palladium Project is located 100road-km east from the City of Sudbury.
The Project area is linked to Sudbury by a network of all-weatherhighways, roads and rail beds and is accessible year-round with hydrogrid and natural gas power nearby. River Valley enjoys the strongsupport of local communities, like the Village of River Valley, 20 kmto the south. Fully executed Memorandum ofUnderstandings are in place with two local First Nation groups.Environmental baseline studies re-commenced in 2020 are planned tocontinue through 2023.
About NAM
New Age Metals is a junior mineral exploration anddevelopment company focused on the discovery, exploration anddevelopment of green metal projects in North America. The Company hastwo divisions; a Platinum Group Element division and a Lithium/RareElement division.
The PGE Division includes the 100% owned,multi-million-ounce, district-scale River Valley Project, one of NorthAmerica’s largest undeveloped Platinum Group Element Projects,situated 100 km by road east of Sudbury, Ontario. In addition to RiverValley, NAM owns 100% of the Genesis PGE-Cu-Ni Project in Alaska, andplans to complete a surface mapping and sampling program in 2022.
The Company’s Lithium Division is one of the largestmineral claim holders in the Winnipeg River Pegmatite Field, where theCompany is exploring for hard rock lithium and various rare elements,such as tantalum, rubidium, and cesium. The Company has announced itspreliminary $2 million 2023-2024 exploration budget that will coverthe first 4 months of the program. A larger budget has been submittedto our partner Mineral Resources Limited and we expect it to beapproved this summer. Further Exploration plans for 2023 includegeophysical surveying, summer field work (which will include mapping,lithogeochemistry, MMI soil geochemistry, biogeochemistry, channelsampling), and permits/ archaeological surveys. The Company has apartnership with Mineral Resource Limited (MRL, ASX: MIN), a topglobal lithium producer to explore and develop the Company’s lithiumproject portfolio in Southern Manitoba. Our philosophy is to be aproject generator with the objective of optioning our projects withmajor and junior mining companies through to production. The Company is activelyseeking an option/joint venture partner for our newly acquiredNorthman, McLaughlin Lake, and South Bay Lithium Projects in northernManitoba, and its road-accessible Genesis PGE-Cu-Ni Project inAlaska .
Investors are invited to visit theNew Age Metals website at www.newagemetals.com where they can reviewthe company and its corporate activities. Any questions or commentscan 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.
If you have not done so already, we encourage you tosign-up on our website ( www.newagemetals.com ) to receive our updated news.
This PEA was prepared under the supervision of EugenePuritch, P.Eng., FEC, CET of P&E Mining Consultants Inc. Themetallurgical testwork, process plant design and cost estimates wereprepared by David Salari, P.Eng. of D.E.N.M Engineering Ltd. Thetailings facility and water management were prepared by JessicaBreault, P.Eng., the rock mechanics design input was prepared by wereprepared by Ben Peacock, P.Eng. of Knight Piésold Ltd. TheEnvironmental, Community and ESG write-up was prepared by Maria Story,P.Eng., of Story Environmental Inc. Mr. Puritch reviewed and approvedthe technical information in this press release. William Stone,P.Geo., Lead Geoscience Consultant for New Age Metals, is the CompanyQualified Person as defined by NI 43-101 and has reviewed and approvedthe technical content of this press release.
On behalf of the Board of Directors
“ Harry Barr”
Harry G. Barr
Chairman and CEO
Neither the TSX Venture Exchange norits Regulation Services Provider (as that term is defined in thepolicies of the TSX Venture Exchange) accepts responsibility for theadequacy or accuracy of this release. Cautionary Note RegardingForward Looking Statements: This release contains forward-lookingstatements that involve risks and uncertainties. These statementsmay differ materially from actual future events or results and arebased on current expectations or beliefs. For this purpose,statements of historical fact may be deemed to be forward-lookingstatements. In addition, forward-looking statements includestatements 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. Thesestatements by their nature involve risks and uncertainties, and actualresults may differ materially depending on a variety of importantfactors, including, among others, the Company’s ability andcontinuation of efforts to timely and completely make availableadequate current public information, additional or differentregulatory and legal requirements and restrictions that may beimposed, and other factors as may be discussed in the documents filedby the Company on SEDAR (www.sedar.com), including the most recentreports that identify important risk factors that could cause actualresults to differ from those contained in the forward-lookingstatements. The Company does not undertake any obligation to reviewor confirm analysts’ expectations or estimates or to releasepublicly any revisions to any forward-looking statements to reflectevents or circumstances after the date hereof or to reflect theoccurrence of unanticipated events. Investors should not place unduereliance on forward-looking statements.
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