New Age Metals Receives TSX Venture Exchange Approval to Expand Double R GOLD Project with Contiguous Dash Lake Acquisition, Northwestern 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
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NEW AGE METALS RECEIVES TSX VENTURE EXCHANGE
APPROVAL TO EXPAND DOUBLE R GOLD PROJECT WITH
CONTIGUOUS DASH LAKE ACQUISITION, NORTHWESTERN
ONTARIO
May 29, 2026 – Rockport, Ontario–New Age Metals Inc. (TSX.V: NAM | OTCQB: NMTLF | FSE:
P7J) (“NAM” or the “Company”) is pleased to announce that further to its news release of May
26, 2026, the Company has received TSX Venture Exchange approval for the Dash Lake Gold-
Copper Project (the “Project”) whereby Torr Resources (the “Torr”) granted the Company the right
to acquire 100% interest in the Project located within the Kakagi-Rowan Lake Greenstone Belt in
the Kenora and Rainy River Districts of northwestern Ontario.
Figure 1: The claims outlined in red represent the Dash Lake Project, which will now be part of the RR
Project. The claims outlined in grey represent New Age Metals’ 100% -owned RR Gold Project, which
adjoins what is now Coeur Mining’s project area. Earlier this year, Coeur completed its friendly acquisition
of New Gold Inc. in a transaction valued at approximately US$7 billion. New Gold’s former production
facility, now owned by Coeur, is 35 km SW to NAM’s RR Gold Project and is known as the Rainy River
Mine. The Kenora mining district has seen a significant increase in exploration activity over the past 18
months, supported by strong infrastructure, a long history of gold exploration and mining, and renewed
interest from major mining companies in the region.
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
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The acquisition builds upon the Company’s previously announced consolidation of the Double R
Gold Project, which consisted of 834 mining claims totaling approximately 17,620 hectares.
Following this acquisition, the Company’s consolidated land position has increased to
approximately 838 mining claims totaling ~18,780 hectares (~46,400 acres).
The acquisition is supported by the region’s established gold mineralization and favourable
structural setting. Recent regional consolidation activity, including Coeur Mining’s $7 Billion
(USD) acquisition of New Gold Inc. and the Rainy River Mine, reflects ongoing interest in the
Rainy River and Kenora districts 1. The Double R Gold Project is located approximately 35 km
northwest of the Rainy River Mine.
Harry Barr, Chairman and CEO, commented: “Northwestern Ontario continues to attract
renewed investment and consolidation activity, and we believe the timing to secure and expand
our large and strategic gold-copper project in the Kenora–Rainy River district is timely.
The addition of the Dash Lake Project materially strengthens our Double R Project and positions
the Company with an expanded footprint in a prospective gold -copper corridor supported by
strong regional geology, infrastructure, and ongoing exploration activ ity. Looking ahead, if the
Company is successful in making a new discovery and establishing a mineral resource, Rainy
River could potentially serve as a regional processing option for our mineralized material.
Our Company has received interest from larger mining companies and is following up on that
interest.
Our objective is to build value through disciplined exploration while positioning the
Company to participate in the next phase of regional growth.
The Double R Project is located only 70 km from the newly established Kenora Field Office.
New Age has expanded its gold portfolio to five projects encompassing approximately
37,000 hectares (91,429 acres) in the Kenora District of Ontario”
Highlights
• Large, contiguous land package consisting of 838 mining claims totalling ~18,780
hectares in the Rainy River–Kenora gold districts
• Strategic location approximately 35 km northwest of the Rainy River Mine and 17
km south of the Cameron Gold deposit
• Access and infrastructure, including logging roads, nearby Highway 71, and regional
power infrastructure
1 As stated here: Coeur Mining, Inc. (2025). Coeur announces acquisition of New Gold to create a new all-North
American senior precious metals producer. Coeur Mining News Release.
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
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• The Company plans to engage with local First Nation communities and intends to
pursue opportunities for collaborative and respectful partnerships, consistent with
its commitment to responsible exploration
• Underexplored Archean greenstone belt within the Wabigoon Subprovince, a geological
terrane that hosts multiple gold deposits elsewhere in northwestern Ontario
• Prospective geology including mafic to felsic metavolcanic rocks, intrusive bodies, and
regional structural features interpreted from government airborne geophysical data
• Gold grain anomalies identified in historical Ontario Geological Survey till
sampling, with up to 25 gold grains reported in samples within the Project area
• Phased, low-impact exploration approach planned to prioritize targets for follow-up work
and potential drilling
A Strategic Gold Hub
The Kenora Mining District and nearby areas have historically been underexplored but are
emerging as an active exploration and development region, supported in part by improved
commodity prices and renewed industry and investor interest.
The region offers a compelling combination of:
• Established mining infrastructure and highway access
• Proximity to power, workforce, and service centers
• Favorable permitting environment and community relationships
Recent acquisitions and investments within and adjacent to the district, include:
• Accelerating regional consolidation, highlighted by Coeur Mining’s announced
acquisition of New Gold in a ~US$7 billion transaction 2.
• The Cameron Gold Project acquisition, led by Frank Giustra’s Fiore Group and First
Mining Gold Corp., in a transaction valued at approximately CAD $27 million3.
• Growing exploration and development activity by junior, mid-tier, and senior mining
companies, reflecting renewed industry interest in the Kenora and nearby districts
The Company notes growing support for mineral exploration at the provincial, regional, and
municipal levels, including policies and initiatives intended to encourage responsible resource
development and investment. Mineralization on adjacent or nearby properties is not necessarily
indicative of mineralization on the Company’s properties.
2 As stated here: Coeur Mining, Inc. (2025). Coeur announces acquisition of New Gold to create a new all-
North American senior precious metals producer. Coeur Mining News Release.
3 As stated here: First Mining Gold Corp. (2025, November 20). First Mining announces new partnership to
advance Cameron Gold Project.
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
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Figure 2: Regional property map highlighting the Kenora District highlighting New Age Metals recent
acquisitions illustrating proximity to Rainy River Mine and Cameron Gold Deposit and nearby towns,
cities, infrastructure.
Geological Setting & Exploration Rationale
The Double R Gold Project is located within an underexplored portion of the Archean Wabigoon
Subprovince greenstone belt, which hosts numerous gold occurrences and deposits elsewhere
in northwestern Ontario. Regional geology and geophysical data, illustrat ed in Figures 1 and 2,
indicate that the Project area is underlain by mixed mafic to felsic metavolcanic rocks intruded by
quartz-feldspar porphyry and tonalite bodies. Government airborne magnetic data further define
interpreted structural features consis tent with regional deformation patterns. Variations in rock
(Coeur Mining)
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
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competency and lithological contacts within the Project area are interpreted to be favourable for
the development of orogenic-style gold mineralization.
Despite its location between two established gold camps, very limited modern systematic
exploration has been conducted over the Project area. Past efforts were sporadic, small-scale,
and largely limited to localized prospecting. Little property-scale geophysics, geochemistry, or
structural interpretation has been completed across most of the Project.
The combination of prospective host rocks, interpreted structural features, and historical gold
grain anomalies indicate that the Project is considered prospective for both high-grade vein-style
mineralization and broader intrusion-related gold systems.
Figure 3: Regional geological map of the Double R Gold Project showing the distribution of mafic to felsic
volcanic rocks, intrusive units, and known historical gold occurrences and Ontario Geological Survey till
sample locations within and adjacent to the Project area. Black circle highlights recent acquisition.
Ontario Geological Survey (OGS) airborne magnetic data collected in 2008 highlights folded
volcanic sequences, intrusive bodies, and regional -scale structural features across the Project
area. These features are interpreted to be consistent with geological environments that host gold
mineralization elsewhere in the Wabigoon Subprovince.
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
Page6
Figure 4: Ontario Geological Survey airborne magnetic (1VD) data covering the Double R Gold Project,
illustrating regional-scale lithological and structural features interpreted from magnetic contrasts. Modified
after Ontario Geological Survey High Resolution Aeromagnetic – Residual Magnetic Intensity (RMI) data.
Black circle highlights recent acquisition.
Next Steps – 2026 Exploration Program
The Company is planning a phased and systematic exploration program designed to evaluate
and prioritize targets across the Project area. The initial phase will focus on compilation and
reinterpretation of available geological, geochemical, and geophysical data, alongside the
collection of regional-scale geochemical samples and the implementation of selected ground
geophysical surveys where appropriate. Airborne geophysical datasets, LiDAR, and other
available remote sensing information will also be integrated to support structural interpretation
and target generation.
Subject to the results of the initial work, a second phase will focus on more detailed follow-up
activities, including infill geochemical sampling, targeted geological mapping, and prospecting to
ground-truth priority anomalies and refine exploration targets. Results from these programs will
guide subsequent exploration planning, including the potential delineation of drill-ready targets.
Kenora Field Office
The Company has recently leased a Kenora-based field operations office and core facility to
support exploration activities across northwestern Ontario and eastern Manitoba. The Company
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
Page7
hosted a successful grand opening with over 70 local stakeholders (politicians, First Nations,
shareholders and contractors) in attendance. The proposed facility would be intended to provide
centralized logistical, administrative, and technical support for the Company’s regional exploration
programs, including:
• Office space for geological, technical, and field staff
• Secure storage for exploration equipment, samples, and records
• Core handling, logging, and short-term core storage facilities
• Staging and dispatch of field crews and contractors
• Coordination of community engagement, permitting, and local services
Kenora is strategically located in close proximity to the Company’s active and planned exploration
properties, as well as to established transportation routes, supply chains, and analytical
laboratories. Establishing a regional operations hub is expected to improve field efficiency, reduce
mobilization times, and enhance coordination of multi-project exploration activities.
The facility is intended to support exploration programs only and is not associated with any mineral
processing, production, or development activities.
Figure 5: New Age Metals’ Kenora-based field operations office and core facility.
Terms of the Agreement
To exercise the Option, NAM’s agreement calls for a series of cash payments and share
issuances to Torr, as well as exploration expenditures on the Project as outlined below. Any share
payments that become issuable under the terms of the agreement will be based on a 10 -day
trading average immediately preceding the date of issuance, subject to a minimum deemed issue
price of $0.2325 per share. NAM has the ability to terminate the agreement any time after the first
year’s commitments have been completed. There are no finder’s fees payable in connection with
this transaction.
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
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Timing Cash (CAD) Shares Exploration
Expenditures (CAD)
Upon receipt of regulatory approval $15,000 50,000 –
1st anniversary of the Effective Date $10,000 100,000 $50,000
2nd anniversary of the Effective Date $15,000 50,000 $100,000
3rd anniversary of the Effective Date $15,000 50,000 $150,000
4th anniversary of the Effective Date $20,000 50,000 $200,000
$75,000.00 300,000 $500,000.00
The transaction and any securities issued in connection with the agreement are subject to TSX
Venture Exchange approval and a four -month plus one day hold period in accordance with
applicable Securities Laws.
Torr will retain a 2.0% net smelter return royalty (NSR) on the Project. The Company shall have the
right, at any time, to repurchase 1.0% of the NSR for a one -time payment of $1,000,000, thereby
reducing Torr’s NSR to 1.0%.
Qualified Person
The scientific and technical information contained in this news release has been reviewed and
approved by Troy Gallik, P.Geo. (Member ID 3550) , a Practising Registrant and Qualified
Person (“QP”) as defined by National Instrument 43 -101 – Standards of Disclosure for Mineral
Projects. Mr. Gallik is a geological consultant to New Age Metals Inc. and is not independent of
the Company within the meaning of NI 43-101.
The QP has reviewed available assessment files, historical exploration data, including drill logs
where available, geophysical and geochemical datasets, and relevant government geological
information pertaining to the Project. The QP has also reviewed publ icly available technical
reports and disclosure relevant to the property and surrounding area.
The QP has not independently verified all historical information disclosed in this news release,
including data generated by previous operators. Such information has been used solely for the
purpose of providing an indication of the exploration potential o f the Project. While the QP
considers this information to be relevant for exploration purposes, it should not be relied upon as
an estimate of mineral resources or reserves, and additional work will be required to verify and
validate historical results.
The Mining Investment Event 2026
New Age Metals’ management team will be attending THE Mining Investment Event 2026 in
Québec City, where the Company is scheduled to participate in more than 2 0 meetings with
potential investors, major and mid -tier mining companies, First Nations partners, government
organizations, and other key industry stakeholders. Management looks forward to a productive
conference and the opportunity to further advance discu ssions around the Company’s growing
portfolio of precious and critical metals projects.