New Age Metals Prepares Its Platinum Group Metals Division to Launch
New Age Metals Inc. New Age Metals Inc. TSXV: NAM / OTCQB NMTLF
Registered Office Field Office [email protected]
101-2148 W 38th Avenue 59 Burtch's Lane www.newagemetals.com
Vancouver, BC V6M 1R9 Rockport, ON K0E 1V0
+1.604.685.1870 +1.613.659.2773
Page1
NEW AGE METALS PREPARES ITS PLATINUM GROUP METALS
DIVISION TO LAUNCH
October 23, 2025, Rockport, ON - New Age Metals Inc. (TSX.V: NAM; OTCQB: NMTLF; FSE:
P7J.F) (“NAM” or the “Company”) is pleased to provide a corporate overview of its Platinum
Group Metals (“PGM”) division, including updates on the flagship River Valley Palladium Project
in Ontario and the Genesis PGM -Cu-Ni Project in Alaska, and commentary on the PGM market
outlook. The PGM division forms a core part of NAM’s strategy to develop critical and precious
metal projects in North America.
Highlights of the PGM Division
- The River Valley Palladium Project is 100% owned by New Age Metals. The Project is
currently at the development stage, having completed a Preliminary Economic Assessment
(“PEA”) in 2023. River Valley is a multi -million ounce Palladium-dominated Mineral
Resource. The current Mineral Resource Estimate contains 2.3 Moz of palladium +
platinum + gold in the Measured and Indicated classification (plus 1.6 Moz Inferred) at
a $15/tonne NSR cut-off. In addition, copper could be a significant potential byproduct
of eventual Palladium and Platinum mining1.
- The Alaskan Genesis PGM-Cu-Ni Project is also 100% owned by New Age Metals. The
Project is road-accessible, has powerline access and is strategically located ~65 km south
of Glennallen and ~265 km east of Anchorage. Surface exploration has identified reef-
style PGM mineralization (chromite-hosted, with grab samples up to 2.4 g/t Pd and 2.4
g/t Pt) and magmatic Ni -Cu sulfides (samples up to 0.96% Ni and 0.58% Cu) across
multiple zones. NAM completed an exploration summer 2025 field program and is in the
process of organizing a phase 2 follow up program.
- Palladium reached an all-time-high price in 2022 of ~US$3,400 per ounce. We are once
again seeing a resurgence in the prices of both Palladium and Platinum as prices of Gold
and Silver are trading at all time highs. It is important to note that Palladium and Platinum
are also precious metals. Palladium is trading +65% YTD and Platinum is trading + 70%
YTD.
1 Company press release titled “New Age Metals Delivers New Positive Preliminary Economic Assessment
of the River Valley Project”, dated June 29, 2023.
New Age Metals Inc. New Age Metals Inc. TSXV: NAM / OTCQB NMTLF
Registered Office Field Office [email protected]
101-2148 W 38th Avenue 59 Burtch's Lane www.newagemetals.com
Vancouver, BC V6M 1R9 Rockport, ON K0E 1V0
+1.604.685.1870 +1.613.659.2773
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River Valley Palladium Project Overview
The River Valley Palladium Project is NAM’s flagship asset, located approximately 100 km
east-northeast of the City of Sudbury, Ontario. The deposit is a large, near-surface disseminated
PGM-copper sulphide system hosted in the Paleoproterozoic-age River Valley Intrusion.
It currently ranks as one of Canada’s largest undeveloped primary PGM deposit s, with an
NI 43 -101 compliant Mineral R esource of approximately 2.3 million ounces of combined
palladium, platinum and gold in the Measured and Indicated classifications, plus 1.6 million
ounces in the Inferred classification.
Figure 1: River Valley Project
Harry Barr, NAM’s Chairman & CEO, noted that “As opposed to the 2019 PEA, which design
was based on a series of open pit along the strike length of the River Valley Project and it was
geared towards a large, bulk tonnage open pit scenario, the 2023 PEA outlines a smaller, higher-
grade operation with lower CAPEX, expanded underground mining, and a much smaller
environmental footprint. Except for a hydrometallurgical PGM recovery test study, River Valley
has been inactive since 2024, when Palladium prices fell below US$1 ,000/oz Pd. With the
resurgence in PGM prices in 2025, NAM is making plans to relaunch the River Valley Project.”
New Age Metals Inc. New Age Metals Inc. TSXV: NAM / OTCQB NMTLF
Registered Office Field Office [email protected]
101-2148 W 38th Avenue 59 Burtch's Lane www.newagemetals.com
Vancouver, BC V6M 1R9 Rockport, ON K0E 1V0
+1.604.685.1870 +1.613.659.2773
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Beyond the PEA, NAM continues to de-risk and add value to River Valley. Comprehensive
environmental baseline studies, re-initiated in 2020 after a long hiatus, were ongoing through 2024
to build a strong er foundation for future permitting . These studies cover surface water and
groundwater monitoring, hydrology, flora/fauna surveys, and more, and have actively involved
local Indigenous communities in the field data collection process . This proactive approach to
environmental and community engagement at this early stage is expected to position River Valley
favorably for advanced development milestones . The Company has a current Memorandum of
Understanding (“MOU”), with which we strive to build and maintain a strong working relationship
with the Nipissing First Nation and the Temagami First Nation, who have traditional claims to the
land.
In late-2023, NAM commissioned Platsol™ testwork with SGS Canada Ltd. to evaluate recovery
of PGMs via hydrometallurgy (which could potentially produce refined metals on-site), aiming to
boost platinum and rhodium recoveries and improve project economics. The positive results from
these studies will be a guide to the next phase of project engineering2.
NAM is also planning a series of additional drilling programs to convert Inferred to Indicated
Mineral Resources and exploring down -dip/down-plunge extensions of the known mineralized
zones, with the goal of expanding the Mineral Resource base and increasing the proportion of
higher-grade material in future mine plans.
The Project h as several high priority drill targets , particularly at depth. With a significant
exploration budget, the Company has the possibility of expanding its Mineral Resources on the
River Valley Project. Together, these initiatives are advancing River Valley toward the Pre -
Feasibility Study and Feasibility Study stages and, ultimately, a production decision.
Additionally, the Company has submitted to the Ontario Ministry of Energy and Mines and our
First Nation Partners, new three -year exploration permit applications. The permits are expected
to be in place by year end and will allow the Company to carry out work on the River Valley
Project, which is to the north ( as defined in the 2023 PEA), and the Mustang Zone, along strike
to the south, for the first time since the previous operators drilled approximately 67 holes (~16,440
metres) in the early 2000s. The collective length of the known River Valley mineralized zones (10)
is approximately 16 km (10 miles).
2 Company press release titled ”NAM Reports High PGM Recoveries from Proof-of-Concept Platsol Testwork on
River Valley”, dated February 29, 2024.
New Age Metals Inc. New Age Metals Inc. TSXV: NAM / OTCQB NMTLF
Registered Office Field Office [email protected]
101-2148 W 38th Avenue 59 Burtch's Lane www.newagemetals.com
Vancouver, BC V6M 1R9 Rockport, ON K0E 1V0
+1.604.685.1870 +1.613.659.2773
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Genesis PGM-Cu-Ni Project Overview
The Genesis PGM-Cu-Ni Project is an earlier -stage exploration project located in the Valdez
Creek mining district of southern Alaska, approximately 265 km east of Anchorage. NAM owns
100% of Genesis, which encompasses 4,144 hectares (10,240 acres) of State of Alaska mining
claims in a geologically prospective mafic/ultramafic complex . A key advantage of Genesis is its
exceptional access and infrastructure for a remote Alaskan project . The claim block lies within 3
km of the all -season Richardson Highway and a high -capacity electric transmission line, with
historical access trails reaching i nto the property from a nearby lodge on the highway . This
proximity to infrastructure substantially lowers the logistical barriers for exploration and future
development compared to typical greenfield projects in Alaska. Recently, the Trump
Administration has made several key investments in both Canadian and US companies that are
developing rare earth and critical metal projects in America. The week of October 13 th, the
Canadian Federal Government announced plans to similarly fund Canadian critical metal projects
as well as JP Morgan Chase announced a plan to invest up to $10 billion in U.S. companies critical
to national security and economic resilience as part of a broader $1.5 trillion pledge.
Figure 2: Map showing a portion of the ATV trail (red line), walking trail (green line) and the
preliminary sample points (yellow dots) from the fieldwork portion of the project.
New Age Metals Inc. New Age Metals Inc. TSXV: NAM / OTCQB NMTLF
Registered Office Field Office [email protected]
101-2148 W 38th Avenue 59 Burtch's Lane www.newagemetals.com
Vancouver, BC V6M 1R9 Rockport, ON K0E 1V0
+1.604.685.1870 +1.613.659.2773
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Surface exploration to date has identified two compelling styles of magmatic mineralization at
Genesis. The first is a reef-style PGM mineralization hosted by chromitite layers, analogous to
the Platreef or Bushveld-type occurrences – selective rock sampling has returned grades of up to
2.4 g/t Palladium and 2.4 g/t Platinum in these chromite-hosted PGM reefs. The second style is
disseminated to massive nickel-copper sulfide mineralization, with surface samples assaying up
to 0.96% Ni and 0.58% Cu, along with associated PGMs. Notably, these mineralized zones occur
at surface and have been traced in outcrop for roughly 2,000 metres of strike length with
approximately 40 m true thickness in one target area (Sheep Hill). Both the PGM -bearing reefs
and the Ni -Cu sulfide zones remain open in all directions (west, east, north, and at depth),
indicating significant room to expand known mineralization with further exploration drilling.
The broader exploration potential at Genesis is underscored by the scale of the geochemical and
geophysical anomalies on the property. PGM and base metal anomalies have been identified along
a 9 km trend across the prospect, and multiple target areas remain untested by any drilling. In the
summer of 2025, NAM completed a field program focused on detailed geological mapping and
sampling at Sheep Hill, collecting 134 new rock samples (163 including QA/QC blanks/standards)
which have been sent for assay, with results pending. This work further refined the target zones
and improved trail access ahead of an eventual maiden drill program. Genesis represents a
promising discovery-stage PGM project in a mining-friendly jurisdiction, and NAM’s strategy
is to leverage partnerships to unlock its value. The Company is actively seeking an earn -in or
joint venture partner to advance Genesis, given the project’s large scale and the significant
exploration capital required to fully assess its potential. A partnership would allow NAM to remain
focused on its flagship River Valley Project while still benefiting from major exploration successes
at Genesis through retained ownership.
About Platinum Group Metals (PGMs) and Market Outlook
Platinum Group Metals (PGMs) – primarily palladium, platinum, and rhodium – are critical
metals for modern industry and clean technology. Their unique properties include catalytic activity,
high melting points, and resistance to corrosion, which enable a wide range of applications. The
automotive sector is the largest consumer of PGMs: over 80% of annual palladium and
rhodium output is used in catalytic converters to reduce vehicle emissions , helping cars meet
stringent air quality standards. Platinum is also used in catalytic converters (especially for diesel
engines) and is increasingly important in next -generation hydrogen fuel cells for vehicles and
energy storage, where it serves as a critical catalyst. In addition, hybrid cars may use as much as
three times the PGM loading compared to traditional cars. Beyond automobiles, PGMs are used
in jewelry (platinum and palladium provide durable, tarnish-resistant settings), electronics (small
amounts of PGMs in circuit boards, hard disks, and sensors improve performance), medical
devices and pharmaceuticals (e.g. platinum in pacemakers and anti -cancer drugs), as well as
New Age Metals Inc. New Age Metals Inc. TSXV: NAM / OTCQB NMTLF
Registered Office Field Office [email protected]
101-2148 W 38th Avenue 59 Burtch's Lane www.newagemetals.com
Vancouver, BC V6M 1R9 Rockport, ON K0E 1V0
+1.604.685.1870 +1.613.659.2773
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chemical and petroleum refining (platinum/palladium catalysts for production of chemicals and
fuel). This diversity of uses underpins a robust baseline demand for PGMs across economic cycles.
More recently, analyst started discussing the increased use of platinum and palladium as a store of
value, like gold, due to the fact it has a higher density and is easier to transport compared to silver.
The market outlook for PGMs remains positive, driven by constrained supply and evolving
demand in both traditional and emerging applications . Global PGM supply is highly
concentrated geographically, which poses supply risks. South Africa alone produces about 70 to
80% of the world’s platinum (and most of the rhodium, iridium, and ruthenium), wh ereas Russia
is the top palladium supplier (around 40% of global output). In recent years, PGM markets have
been in deficit as demand outstripped supply. Notably, the platinum market entered a structural
deficit in 2021 –2022 and is forecast to remain in deficit through 2025, according to Johnson
Matthey’s latest analysis. Palladium had over a decade of consecutive deficits (2012–2024), which
drove prices to the record highs., In 2025, palladium is expected to move closer to balance as
automotive demand eases slightly and recycling increases.
Figure 3: 5-year price chart for the price of palladium per ounce in US Dollars.
Palladium is up 68.4%.
New Age Metals Inc. New Age Metals Inc. TSXV: NAM / OTCQB NMTLF
Registered Office Field Office [email protected]
101-2148 W 38th Avenue 59 Burtch's Lane www.newagemetals.com
Vancouver, BC V6M 1R9 Rockport, ON K0E 1V0
+1.604.685.1870 +1.613.659.2773
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Tighter emissions regulations in Europe, China, and other regions are maintaining high loadings
of PGMs in exhaust after -treatment systems. Looking ahead, emerging growth areas such as the
coming hydrogen economy are expected to bolster PGM demand – platinum-based catalysts
are essential for proton-exchange membrane (“PEM”) fuel cells and for electrolysers that produce
hydrogen fuel. Coupled with limited new mine supply and the concentration of existing supply in
a few jurisdictions, the fundamentals for PGMs can be said to be a favorable market outlook in
the medium and long term. In Canada and the US, PGMs are classified as Critical Minerals due to
their irreplaceable role in reducing emissions and enabling technologies like fuel cells and the
dominance of supply from high-risk international sources.
Unprecedented Government Support for Critical Metals
Recently Analysts have stated that this level of investment in mining projects from both countries
was only available during short periods in World War I and II. Finally, the mining industry’s
corporates Management teams have additional methods of mine finance and believe their industry
is entering into unprecedented territory for critical metals exploration and mine developments.
About NAM
New Age Metals is a junior mineral exploration and development company focused on the
discovery, exploration, and development of critical green and precious metal projects in North
America. The Company has four divisions: a Platinum Group Element division, Gold Division, a
Lithium/Rare Element division, an Antimony -Gold Division as well as an investment in
MetalQuest Mining’s (TSXV:MQM | OTC:MQMIF) a high purity Lac Otelnuk Iron “Ore” Project.
The PGE Division includes the 100% owned, multi-million-ounce, district-scale River Valley
Project, one of North America’s largest undeveloped Platinum Group Element Projects,
situated 100 km by road east of Sudbury, Ontario. In addition to River Valley, NAM owns
100% of the Genesis PGE -Cu-Ni Project in Alaska. The PGM Division is both an industrial and
critical metal division.
On October 1 st 2025, the Company announced that it has entered into agreement to option the
Bonanza Gold Project, located in the Kenora Gold District. The Project consists of 114 mining
claims and 1 patented Mining Claim totalling 2,191 hectares or 5,414 acres. The Project has
multiple high-grade mineral occurrences with spectacular visible gold at surface along with
excellent infrastructure including road access to all areas of the Project along with provincial
grid power lines. The Kenora Gold District is known for its high-grade Archean lode -gold
deposits and has supported mineral exploration and some mining- for more than a century. Some
of the active majors and mid -tier companies in the District are Agnico Eagle, Kinross, Centerra
and New Gold. NAM’s technical team is currently working on the exploration plan and budget for
New Age Metals Inc. New Age Metals Inc. TSXV: NAM / OTCQB NMTLF
Registered Office Field Office [email protected]
101-2148 W 38th Avenue 59 Burtch's Lane www.newagemetals.com
Vancouver, BC V6M 1R9 Rockport, ON K0E 1V0
+1.604.685.1870 +1.613.659.2773
Page8
the balance of 2025 and for 2026. Further announcements on the Bonanza Gold Project will b e
forth coming.
The Company’s Lithium Division is one of the largest mineral claim holders in the Winnipeg River
Pegmatite Field, where the Company is exploring hard rock lithium and various rare elements such
as tantalum, rubidium, and cesium. NAM is developing its lithium division in conjunction with
its Farm-in/Joint Venture agreement with Mineral Resources Ltd. (“MinRes”), one of the
world’s largest lithium producers. A minimum budget to maintain the Projects has been
approved by Mineral Resources Ltd for May 2025 to A pril 2026. The Companies agreed to the
minimum budget due to current lithium pricing and forest fire dangers in the immediate area
In April 2024, a $1.5M NSERC Alliance grant was awarded to a collaboration led by the
University of Manitoba (Drs. Fayek and Camacho), with academic partners from Lakehead
University (Dr. Hollings) and industry partners including New Age Metals and Grid Metals.
This research is focused on advancing Canada’s critical metals sector, with New Age Metals’
portion targeting its Bird River lithium properties. Approximately $107,000 of work is planned
on New Age’s properties in 2025. The early work will include co re sampling and field visits
starting this summer. The project will likely extend beyond the original 3 -year term, due to its
delayed start.
New Age Metals Inc. is supporting a successful $180K Mitacs research grant, awarded in
2023, through its $90K contribution (already accounted for and paid under the Mineral
Resources joint venture). This academic partnership with the University of New Brunswick and
the University of British Columbia is focused on understanding the origin and controls of lithium
pegmatite mineralization in the Cat Lake–Winnipeg River field. Fieldwork for the MSc. thesis has
been completed, while the post -doctoral phase is ongoing at UNB. This collaboration provides
access to top-tier scientific expertise and equipment, significantly reducing analysis costs and
adding long-term value to the project.
NAM’s Gold-Antimony division is in Newfoundland and spans roughly 20,000 hectares. The
majority of these properties are in St. Alban’s area, along Canstar’s Swanger and Little River
mineralized trends. The remaining properties are strategically located along the same geological
trend as the past-producing Beaver Brook Antimony Mine and in proximity to New Found Gold’s
Queensway South Gold Project. Management has recently completed Phase 1 Exploration of the
Project, Phase 2 has been initiated, and further news will follow. On July 30th, the Company was
pleased to announce that it has received formal approval under Newfoundland and
Labrador’s Junior Exploration Assistance ( “JEA”) Program , including eligibility for the
Critical Minerals Assistance ( “CMA”) and Provincial Critical Mineral Assistance ( “PCMA”)
streams. The potential rebate total for eligible exploration activities is $71,975.
On August 6, 2025, New Age Metals announced an additional investment in a 4th critical metal.
NAM currently owns approximately 12.79% and holds warrants that, if exercised with today’s