Mr. Harry Barr reports

NEW AGE METALS CLOSES SECOND FINANCE TRANCHE RAISING AN ADDITIONAL $933,399.36 WITH ERIC SPROTT SUBSCRIBING TO $2 MILLION IN THE FIRST TRANCHE

New Age Metals Inc. has closed the second tranche of a non brokered private placement financing by issuing 3,068,846 flow-through units (FT units) at a price of 26 cents per FT unit and issuing 615,906 non-flow-through units (NFT units) at a price of 22 cents per NFT unit for gross proceeds in the second tranche of $933,399.36 and an aggregate first and second tranche total of $3,383,399.56.

In the first tranche, Eric Sprott subscribed for $2-million of the private placement for 9,090,910 units. Mr. Sprott is the largest shareholder of New Age. Before today's second tranche closing, Mr. Sprott owned 37.4 per cent of the company on a partially diluted basis.

Highlights of the company

• The company's flagship asset is the River Valley palladium-platinum project, located in the Sudbury mining district, and is one of the largest undeveloped primary palladium projects in North America. The River Valley PGM project currently is at the development stage, having released a preliminary economic assessment (PEA) in 2023. The project has multiple drill targets that were recommended from the recent PEA.
• Price of palladium is up approximately 65 per cent in the last six months, and price of platinum is up approximately 80 per cent in the last six months.
• Mr. Sprott currently owns approximately 37 per cent of New Age Metals on a partially diluted basis before the closing of today's second tranche.
• Phase 2 of the Newfoundland gold-antimony division summer/fall field program is currently under way, with a phase 1 grab sample returning as high as 15.2 per cent Sb (antimony) from Antimony Ridge.
• The company is awaiting assay results from the summer phase 1 field program on its 100-per-cent-owned road accessible Genesis PGM-Cu-Ni (platinum group metals-copper-nickel) project in Alaska. Management and its technical team are working toward a budget and plan for phase 2 on Genesis.
• The company has a long-standing option agreement with Mineral Resources Ltd. An international lithium producer who is funding New Age's lithium division.
• New Age owns 12.7 per cent of MetalQuest Mining.
• Management is currently aggressively seeking new mineral acquisition opportunities on an international scale.

Each FT unit consisted of one flow-through common share of the company and one-half of one share purchase warrant. Each whole warrant entitles the holder thereof to purchase one additional common share of the company at an exercise price of 40 cents per share, for a period of three years from closing.

Each NFT unit consisted of one common share of the company and one-half of one share purchase warrant. Each whole warrant entitling the holder thereof to purchase one additional common share of the company at an exercise price of 40 cents per share for a period of three years from closing.

Finders' fees in the aggregate amount of $45,594.99 in cash and 172,902 non-transferable finder warrants were in connection with the second tranche closing. The finder warrants are exercisable at a price of 26 cents per share for a period of three years from closing.

The foregoing is subject to TSX Venture Exchange approval. All securities issued in connection with the first tranche closing are subject to a four-month-and-a-day hold period expiring Feb. 11, 2026, in accordance with applicable Canadian securities laws.

The proceeds of the FT unit private placement will be used for exploration and development of the company's projects located in Newfoundland, Ontario and Manitoba. Proceeds of the NFT units will be used for exploration and general working capital. Completion of the private placement and any finder fees payable are subject to all necessary regulatory approvals.

Existing insiders of the company purchased an aggregate of 431,817 NFT units of the offering, which is considered a related party transaction within the meaning of Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions and TSX Venture Exchange Policy 5.9 (which incorporates by reference MI 61-101). The company relied on exemptions from the formal valuation and minority shareholder approval requirements under sections 5.5(a) and 5.7(1)(a), respectively, of MI 61-101, as neither the fair market value of the NFT units to be purchased on behalf of insiders nor the consideration to be paid by insiders exceeded 25 per cent of the company's market capitalization. A material change report will be filed fewer than 21 days prior to the closing of the offering. The company did not file a material change report 21 days before closing of the offerings as the details of insider participation were not known at that time.

About New Age Metals Inc.

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 high-purity Lac Otelnuk iron ore project.

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