Mr. Rishi Kwatra reports

NEW ENERGY METALS ANNOUNCES APPROVAL OF TROITSA COPPER OPTION AGREEMENT AND PROVIDES AN UPDATE ON ROSLYN LITHIUM OPTION

Further to New Energy Metals Corp.'s news release dated Sept. 7, 2022, it has received approval from the TSX Venture Exchange with respect to the Troitsa copper property option agreement. Pursuant to the agreement, the company may acquire a 100-per-cent interest in the Troitsa copper property by making aggregate cash payments of $220,000 and issuing an aggregate of 1.2 million common shares over a period of three years, and completing not less than $5,000 worth of staking or similar acquisition within the area of interest, as defined in the agreement, within 12 months of the execution date of the agreement. In addition, subject to the exercise of the option, the company shall issue an aggregate of 600,000 common shares on the achievement of certain milestones. The agreement also includes certain advance royalty payments obligations following the seventh anniversary of the execution date.

Further to the company's news release dated Dec. 6, 2022, the company entered into an option agreement with Altari Capital Corp. to acquire a 100-per-cent interest in the Roslyn lithium property located in Ontario. The company, its insiders and all parties to the agreement are at arm's length. In consideration for the property, subject to the approval of the TSX Venture Exchange, the company will make aggregate cash payments of $2.3-million over a period of three years, issue 1.43 million common shares within 60 days of signing of the Roslyn agreement and issue additional 800,000 common shares over a period of two years. The Roslyn agreement remains subject to the review and approval of the eExchange and the proceeds from the current proposed private placement will not be used toward the acquisition of the Roslyn property until exchange approval has been received.

Additionally, the company wishes to clarify that the units issuable in the private placement referenced in the news release dated Nov. 10, 2022, were formally issued on Jan. 27, 2023, and that the securities underlying the units are subject to a hold period in Canada for four months and one day from that date. The balance of the disclosure in the news release remains unchanged.

About New Energy Metals Corp.

New Energy Metals is listed on the TSX Venture Exchange under the symbol ENRG and is a Canadian-based resource company. The company has an option to purchase a 100-per-cent title and interest in the Roslyn lithium property, covering 5,100 hectares located 20 kilometres southeast of the Georgia Lake pegmatite field and 35 kilometres southeast of where Rock Tech Lithium just published a PEA (preliminary economic assessment) supporting the indicated mineral resource of 10.6 million tonnes grading 0.88 per cent lithium oxide and an inferred mineral resource of 4.2 million tonnes grading 1.0 per cent lithium oxide. It also has an option to purchase a 100-per-cent title and interest in the Troitsa property covering approximately 7,000 hectares located in the Omineca mining division of British Columbia.

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