Mr. Rishi Kwatra reports

NEW ENERGY METALS ANNOUNCES CLOSING OF OVERSUBSCRIBED PRIVATE PLACEMENT

Further to its news releases dated Jan. 5, Jan. 12 and Feb. 14, 2023, New Energy Metals Corp. has closed the second and final tranche of its non-brokered private placement of 2,766,000 units at a price of 25 cents per unit for gross proceeds of $691,500. The company has raised an aggregate of $1,366,500 under the first and second tranches of the offering through the issuance of 5,466,000 units.

Each unit consists of one common share in the capital of the company and one-half of one common share purchase warrant. Each warrant entitles the holder to acquire one share at a price of 50 cents per share for a period of 24 months from the date of closing of the offering. In the event that the shares trade at a price of $1 for 10 consecutive trading days, the company may, at its option, accelerate the warrant expiry date by providing notice to the warrant holders by way of a news release that the warrants will expire on the 30th day from the date of the acceleration notice.

Finder's fees under the offering consisted of $4,900 and 19,600 finder's warrants. The finder's warrants are non-transferable, are exercisable at a price of 50 cents per share for a period of two years and are subject to the same acceleration terms as the warrants issued in the offering.

The net proceeds from the offering will be used to finance acquisitions, exploration, working capital and other general corporate purposes. However, none of the proceeds from the offering will be used toward the acquisition of the Roslyn property until exchange approval has been received for this property acquisition.

All securities to be issued pursuant to the offering will be subject to a four-month-and-one-day hold period in accordance with applicable Canadian securities laws.

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 km southeast of where Rock Tech Lithium just published a preliminary economic assessment supporting the indicated mineral resource of 10.6 Mt (million tonnes) grading 0.88 per cent Li2O (lithium oxide) and an inferred mineral resource of 4.2 Mt grading 1 per cent Li2O. 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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