Mr. Rishi Kwatra reports

NEW ENERGY ANNOUNCES EFFECTIVE DATE OF SHARE CONSOLIDATION

New Energy Metals Corp., further to its news release dated March 6, 2024, has received final acceptance from the TSX Venture Exchange of the consolidation of its common shares on the basis of one postconsolidation share for every 10 preconsolidation shares.

Effective at the opening of trading on Monday, March 25, 2024, the common shares of the company will commence trading on the TSX-V on a consolidated basis. As a result of the share consolidation, the 35,846,767 issued and outstanding common shares will be reduced to approximately 3,584,677 common shares, with approximately 769,120 common shares reserved for issuance. No fractional shares will be issued and any postconsolidated fraction of a share will be rounded to the nearest whole number of shares. The exercise or conversion price and the number of common shares issuable under any of the company's outstanding convertible instruments will be proportionately adjusted on the effective date.

The name of the company remains the same following the share consolidation and the company will continue to trade under the trading symbol ENRG on the TSX-V and under the symbol NRGYF on the OTC (over-the-counter) markets. The new Cusip number will be 643844 30 1 and the new ISIN will be CA 643844 30 1 3.

Shareholders of record as of the record date who hold common shares represented by a physical certificate or DRS statement will receive a letter of transmittal from the transfer agent of the company, Endeavor Trust Corp., with instructions on how to exchange their existing certificates or DRS statements for certificates or DRS statements representing shares on a postconsolidation basis.

Beneficial shareholders who hold their common shares through intermediaries (securities brokers, dealers, banks, financial institutions etc.) and who have questions regarding how the share consolidation will be processed should contact their intermediaries.

About New Energy Metals Corp.

New Energy is a Canadian-based resource company listed on the TSX Venture Exchange under the symbol ENRG.

The company has an option to purchase a 100-per-cent interest in the Atikokan lithium project, which comprises 3,788 hectares and is located approximately 12 kilometres east of Atikokan, Ont. The claims straddle the contact between a peraluminous S-type muscovite-bearing granite and metasediments within the Quetico subprovince. The Quetico-Marmion subprovincial boundary lies just four kilometres north of the property.

The company also has an option to purchase a 100-per-cent interest in the Roslyn lithium property, covering 5,100 hectares located 25 kilometres southeast of the Georgia Lake pegmatite field and 35 kilometres southeast of where Rock Tech Lithium just published a 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 Li2O.

The company also has an option to purchase a 100-per-cent interest in the Troitsa copper property, covering approximately 7,000 hectares located in the Omineca mining division of British Columbia.

We seek Safe Harbor.