New Age Metals Initiates 2026 Platinum Group Metal Exploration at River Valley, Ontario
New Age Metals TSX-V: NAM OTCQB: NMTLF
Field Office: 59 Burtch’s Lane, Rockport, ON, Canada, K0E 1V0 [email protected]
+1.613. 659.2773 www.newagemetals.com
NEW AGE METALS INITIATES 2026 PLATINUM GROUP
METAL EXPLORATION AT RIVER VALLEY, ONTARIO
February 4, 202 6 – Rockport, Ontario – New Age Metals Inc. (TSX.V: NAM | OTCQB:
NMTLF | FSE: P7J) (“NAM” or the “Company”) is pleased to announce the commencement of
its 2026 platinum group metal (“PGM”) exploration program at its 100% -owned River Valley
Project (“River Valley” or “RV”), located approximately 100 km east of Sudbury, Ontario. This
program forms part of NAM’s aggressive growth strategy to expand its PGM portfolio
through strategic acquisitions across North America, underscored by the Company’s recent
acquisition of the Northern Shield Project in Ontario’s Ring of Fire.
Phase 1 of a planned two -phase exploration program will focus on a DasVision 3D Induced
Polarization (IP) survey over the Mustang Zone, situated southeast along strike from the main
River Valley mineralized trend on NAM’s mining leases (Figure 2). The survey is being carried
out by Abitibi Geophysics of Val -d’Or, Québec, a leading provider of advanced geophysical
services.
The program is designed to generate high-priority drill targets and support the expansion and
upgrading of mineral resources within the underexplored Mustang Zone.
Highlights
• A 3-year exploration permit is in place for the River Valley Project, covering
geophysical surveys and drilling on the Mustang Property
• Contract signed with Abitibi Geophysics (Val d’Or) for the DasVision 3D IP survey and
interpretation
• The DasVision 3D IP survey is now underway
• The survey results will generate priority targets for drill
testing in 2026
• Platinum and copper prices at recent multi-year highs, with palladium (Figure 1) and
rhodium rebounding strongly from recent lows in early 2025, reinforcing the strategic
value of PGM-Cu exploration
• NAM is advancing a joint venture strategy for the 4 .5 km Mustang Zone to bring in a
strategic PGM partner while the Company prioritizes development of its core River Valley
resource area
New Age Metals TSX-V: NAM OTCQB: NMTLF
Field Office: 59 Burtch’s Lane, Rockport, ON, Canada, K0E 1V0 [email protected]
+1.613. 659.2773 www.newagemetals.com
• The Company maintains ongoing engagement with Nipissing First Nation pursuant to a
Memorandum of Understanding at River Valley.
Figure 1: Palladium Price Graph as of February 2, 2026. Source: Google Finance, NYMEX Palladium
Continuous Futures (P AW00) price chart, data from CME Group, accessed February 2, 2026.
New Age Metals TSX-V: NAM OTCQB: NMTLF
Field Office: 59 Burtch’s Lane, Rockport, ON, Canada, K0E 1V0 [email protected]
+1.613. 659.2773 www.newagemetals.com
Figure 2: Location of the Mustang Zone Southeast Along Strike of the Main Dana North -Razor Zones. Source:
P&E (2023). Figure Description: Geological map showing the offsets of the River Valley Deposit ( red) along
north and northeast -trending faults into the separate mineralized zones. Note that the Mustang Zone (circled),
the subject of this press release, is contiguous along strike with the Razor Zone. Das Vision survey is expected to
better understand the ore-body geometry which will aid drill targeting and resource expansion.
Harry Barr, Chairman and CEO, commented : “We are very pleased to launch the 2026
exploration season at the River Valley PGM project. The company is utilizing the first -ever
DasVision 3D IP survey (Figure 3) on the property, marking the first systematic exploration work
on the 4.5-kilometre-long Mustang Zone since 2002. Platinum and copper prices are at recent
highs, while palladium and rhodium have rebounded strongly from their 2023 –2025 lows.
New Age Metals TSX-V: NAM OTCQB: NMTLF
Field Office: 59 Burtch’s Lane, Rockport, ON, Canada, K0E 1V0 [email protected]
+1.613. 659.2773 www.newagemetals.com
The macroeconomic backdrop for critical metals has rarely been more supportive for the mining
industry.
Figure 3: DAS Vision dDistributed Acquisition System (simplified schematic) Source: Abitibi Geophysics (DAS
Vision system), via Axceta
At New Age Metals, our vision is to build a leading North American PGM company, anchored
by our flagship River Valley development and exploration project and strengthened by a growing
pipeline of additional PGM exploration and development assets.
As we advance exploration on the Mustang Zone, the survey is expected to generate high -
quality drill targets that will help unlock additional value for our shareholders and further
enhance River Valley’s standing as one of North America’s premier development-stage PGM
assets.”
The DasVision 3D IP Survey
DasVision 3D IP is a ground distributed array system that utilizes independent receivers, thereby
avoiding lengthy and troublesome wiring between receivers. This flexible setup is practical for
surveying large systems at depths exceeding 1,000 metres, while retaining high resolution and
still performing well on shallower targets. Unlike traditional 2D IP surveys collected along
individual lines, the 3D IP survey is conducted over a grid, providing improved resolution
and subsurface modeling in geologically complex environments such as the Mustang Zone.
New Age Metals TSX-V: NAM OTCQB: NMTLF
Field Office: 59 Burtch’s Lane, Rockport, ON, Canada, K0E 1V0 [email protected]
+1.613. 659.2773 www.newagemetals.com
The goals and objectives of the DasVision Survey at Mustang are four-fold:
1. Generate Mineral Resource targets for in -fill drilling and conversion of Inferred to
Indicated Mineral Resources;
2. Generate exploration targets along strike and at depth for expansion of the Mineral
Resources;
3. Cover gaps in historical 2D IP surveys completed by prior operator; and
4. Map the location and the detailed geometry of the Mustang Zone in 3D space.
The Mustang IP survey is designed to cover the three mineralized domains in the Mustang
Mineralized Trend that are included in the current Mineral Resources (Figure 4). The survey
length is 53 line-km, which started in January, and is slated for completion in February 2026. The
survey is designed to achieve a depth of investigation of at least 350 m below surface. This depth
is approximately 200 m below the average depth of the historical (2000 to 2002) drilling
completed at Mustang.
The IP survey will provide high -resolution 3D depth inversions of chargeability and resistivity
features with advanced interpretations and recommendations for priority targets and drill
testing.
New Age Metals TSX-V: NAM OTCQB: NMTLF
Field Office: 59 Burtch’s Lane, Rockport, ON, Canada, K0E 1V0 [email protected]
+1.613. 659.2773 www.newagemetals.com
Figure 4: DasVision 3D IP Survey Plan at the RV Mustang Zone Source: Modified by NAM from Abitibi Geophysics
(2025). Figure Description: The DasVision 3D IP Survey Plan area is outlined in red. The survey base line (BL
1400E) is oriented north-to-south and the survey lines (L0N to L2800 N) are oriented east-to-west. The three
Mineral Resource domains are projected to surface and encompass about 60% of the mineralized zone.
New Age Metals TSX-V: NAM OTCQB: NMTLF
Field Office: 59 Burtch’s Lane, Rockport, ON, Canada, K0E 1V0 [email protected]
+1.613. 659.2773 www.newagemetals.com
About the Mustang Zone
PGM-Cu mineralization at Mustang was discovered by Mustang Minerals in 1999.
The mineralization appears to be hosted in the same geological unit of the Paleoproterozoic River
Valley Intrusion (gabbronorite-anorthosite) that hosts the 11 km-long PGM-Cu mineralized zones
along strike to the north of Mustang on NAM’s original River Valley Property.
Impala Platinum Holdings Limited (“Implats”) signed an option agreement in 1999 with Mustang
Minerals to earn 60% interest in the Mustang Property. In February 2003, Implats ceased work on
the property, after spending $3.8 million. The exploration work included surface geophysical
surveys, mineral prospecting, geological mapping, trenching and completion of 67 diamond drill
holes totalling 16,442 m. Drilling traced the mineralized zone from the Razor Zone in the
northwest for a distance of 4.5 km to the southeast along strike within the River Valley
Intrusion. Highlight drill hole intersections are listed in Table 1. New Age Metals acquired the
Mustang Property in August, 2016 (PFN, 2016)1. Aside from minor due diligence work in summer
2016, no further field work has been completed on the Mustang property.
Since 2016, Mineral Resources Estimates for the Mustang Zone were generated for the 2019 and
2023 Preliminary Economic Assessments (P&E, 2019, 2023 2,3) of the River Valley Project . The
current (2023) Mineral Resource Estimates for the Mustang Zone are summarized in Table 2.
The restart of exploration in 2026 at Mustang is driven largely by all-time high metal prices of Pt
(exceeding US$2,900/oz on January 26, 2026: www.kitco.com) and Cu (exceeding US$6/lb in
January, 2026: www.kitco.com) and resurgent metals prices of Pd and Rh (US$1,900/oz and
US$10,000/oz, respectively: www.kitco.com). The 4.5 km long Mustang Zone has not been subject
to systematic exploration since 2002, and therefore is under-explored compared to the 11 km long
main RV mineralized trend along strike to the northwest.
1. PFN. 2016. PFN Acquires Strategic & Adjacent PGM Project, near Sudbury, Ontario’s River Valley, Adding 4
km to core PGM Project. Company press release dated August 4, 2016. Listed under the NAM profile on
SEDAR+.
2. P&E and DRA. 2019. Updated Mineral Resource Estimate and Preliminary Economic Assessment of the River
Valley Project, Dana, Janes, McWilliams, and Pardo Townships, Sudbury Mining Division, Ontario. Dated August
7, 2019.
New Age Metals TSX-V: NAM OTCQB: NMTLF
Field Office: 59 Burtch’s Lane, Rockport, ON, Canada, K0E 1V0 [email protected]
+1.613. 659.2773 www.newagemetals.com
3. P&E. 2023. Preliminary Economic assessment of the River Valley Palladium Project, Dana, Janes,
McWilliams, and Pardo Townships, Sudbury Mining Division, Ontario. Dated August 11, 2023.
Table 1
Top 10 Highlight Intercepts in Historical Drilling at RVM
Drill Hole From
(m)
To
(m)
Length
(m)
Pd+Pt+Au
(g/t)
Cu
(ppm)
MR02-58 92.5 95.1 0.6 2.90 28
MR02-62 153.7 158.9 5.2 2.15 585
MR02-63 73.2 79.0 5.8 1.83 176
MR00-09 133.0 139.0 6.0 1.61 653
MR00-03 188.0 194.0 6.0 1.44 73
MR02-50 64.5 68.5 4.0 1.36 2,914
MR00-10 189.0 193.0 4.0 1.07 927
MR01-33 205.0 208.0 3.0 1.06 23
MR02-58 189.5 192.5 3.0 1.05 62
MR01-20 8.0 27.0 19.0 0.99 1,041
Notes: Lower cut-off grade = 0.2 g/t Pd+Pt+Au. No minimum thickness set.