New Energy Metals Announces New Director and Chief Financial Officer

Vancouver, British Columbia--(Newsfile Corp. - March 3, 2023) - New Energy Metals Corp. (TSXV: ENRG) (OTC Pink: NEMCF) ("New Energy" or the "Company") is pleased to announce the appointment of Keenan Hohol to New Energy's Board of Directors effective immediately.

Mr. Hohol is a lawyer and executive with over 20 years of international advisory experience, with a record of achievements in the areas of mergers and acquisitions and corporate transactions, corporate governance and corporate development, legal and regulatory compliance, risk management, litigation management, business ethics and anti-corruption, and corporate social responsibility. Mr. Hohol 's previous executive roles include General Counsel, Global Exploration, BHP Billiton; Global Head of Legal, Western Coal and interim General Counsel at Walter Energy; Vice-President, Legal and General Counsel, for Silver Standard Resources; and General Counsel, for Pan American Silver.

The Company also announces the resignation of Mr. Stuart Ross as a director.

Rishi Kwatra, CEO, commented, "On behalf of the the Board, I would like to thank Stuart for his contributions to the Company and wish him all the best in his future endeavours."

Mr. Kwatra continued, "We are very pleased to have someone with Keenan's professional background join New Energy Metals. His expertise in the mining industry and various leadership roles will be of great value to the Company as we continue to execute on our strategy and advance our exploration projects."

The Company is also pleased to announce the appointment of Nilda Rivera as Chief Financial Officer and Corporate Secretary effective immediately. Ms. Rivera has over 20 years of experience in corporate and operational finance and managed publicly listed companies in the areas of accounting, finance, regulatory compliance and corporate governance. She was involved in IPOs, RTOs and mergers and acquisitions in several industries including cannabis, hemp, resource and technology, and assisted various start-up companies in achieving public listings on the CSE, TSXV and OTC, and their uplisting to the TSX and NYSE. Ms. Rivera is currently CFO of Cloud Nine Web3 Technologies Inc. Previously, she served as Vice President of Finance and Corporate Secretary at Aurora Cannabis Inc. where she was instrumental in building its finance team, and involved in completing its early equity and debt financings and its uplisting to the TSX and NYSE. She has also served as CFO, Corporate Secretary and a director for several public mining and exploration companies.

"We are very pleased to welcome Nilda to New Energy's executive team," stated Rishi Kwatra, CEO. "Her caliber and extensive experience in corporate finance will be of great benefit to us as we move the Company forward."

The Company also would like to announce the resignation of Priscilla Ikani as CFO and Corporate Secretary. The Company would like to thank Priscilla for her contributions and commitments to the Company and wishes her success with her future plans.

Pursuant to the Company's Stock Option Plan, the Company granted to directors, officers and employees stock options to purchase 820,000 common shares of the Company exercisable at $0.42 per share for a period of five years.

ON BEHALF OF THE BOARD OF DIRECTORS,

New Energy Metals Corp.

Rishi Kwatra
CEO & Director

#2710 - 200 Granville Street
Vancouver, BC V6C 1S4, Canada
Tel: 778.510.5757
www.new-enrg.com

About New Energy Metals Corp.
New Energy Metals Corp. 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% interest in the Roslyn Lithium property, covering 5,100 hectares located 20 km southeast of the Georgia Lake Pegmatite Field and 35 km southeast of where Rock Tech Lithium just published a PEA supporting the indicated mineral resource of 10.6 Mt (million tonnes) grading 0.88% Li2O and an inferred mineral resource of 4.2 Mt grading 1.0% Li2O (https://www.rocktechlithium.com/news/georgia-lake-project:-pre-feasibility-study-published). The Company also has an option to purchase a 100% interest in the Troitsa Copper property covering approximately 7,000 hectares located in the Omineca Mining Division of British Columbia.

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.

This news release contains forward-looking statements that involve risks and uncertainties. Forward-looking statements or information are based on current expectations, estimates and projections that involve a number of risks and uncertainties which could cause actual results to differ materially from those anticipated by New Energy. The forward-looking statements or information contained in this news release are made as of the date hereof and the Company does not undertake any obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

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