Mr. Harry Barr reports

NEW AGE METALS CLOSES PRIVATE PLACEMENT FOR A TOTAL OF $4 MILLION WITH ERIC SPROTT SUBSCRIBING FOR $2 MILLION IN THE FIRST TRANCHE

New Age Metals Inc, has closed the third and final tranche of a non-brokered private placement financing by issuing 1,738,845 flow-through units at a price of 26 cents per flow-through unit and issuing 747,727 non-flow-through units at a price of 22 cents per non-flow-through unit for gross proceeds in the third tranche of $616,599.64, with an aggregate of $4-million in all tranches.

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 Metals. Before today's closing, Mr. Sprott owned approximately 34.37 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 (platinum group metal) 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.
• The price of palladium is up approximately 74 per cent in the past six months, and the price of platinum is up approximately 79 per cent in the past six months.
• Mr. Sprott currently owns approximately 34.37 per cent of New Age Metals on a partially diluted basis before the closing of today's third 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 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/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 that is financing New Age Metals' lithium division.
• New Age Metals owns 12.7 per cent of Metalquest Mining Inc.
• Management is currently aggressively seeking new mineral acquisition opportunities on an international scale.

Each flow-through 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 non-flow-through unit consisted of one 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.

Finders' fees in the aggregate amount of $22,070 in cash and 88,337 non-transferable finder warrants were paid in connection with the closing of the final tranche. 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-one-day hold period expiring Feb. 18, 2026, in accordance with applicable Canadian securities laws.

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

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, a gold division, a lithium/rare element division and an antimony-gold division) as well as an investment in Metalquest Mining's high-purity Lac Otelnuk iron ore project.

On Sept. 25, 2025, the company announced a $3.5-million financing with a lead order from Eric Sprott for $2-million. Due to heightened investor demand, the company increased the financing to $4-million on Sept. 26. On Oct. 10, the company closed the second tranche of the financing, with Mr. Sprott subscribing to $2-million. On Oct. 10, Mr. Sprott owned 37.4 per cent of the company on a partially diluted basis and is the largest shareholder. The company is well financed with no debt.

The PGE division includes the 100-per-cent-owned, multimillion-ounce, district-scale River Valley project, one of North America's largest undeveloped platinum group element projects, situated 100 kilometres by road east of Sudbury, Ont. In addition to River Valley, New Age Metals owns 100 per cent of the Genesis PGE/copper/nickel project in Alaska.

On Oct. 1, 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 one 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; the district 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. New Age Metals' technical team is currently back in the field working on the second phase of the company's fall program.

Management, with New Age Metals' technical team, is also preparing the Bonanza gold project's go-forward plan, exploration plan and budgets for the balance of 2025 and for the 2026 year. Further announcements on the Bonanza gold project will be forthcoming. During the visit, the company filmed a due diligence site visit video, which takes the viewer behind the scenes of a project acquisition. The second part of this corporate video is now released.

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. New Age Metals 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 for May, 2025, to April, 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 $1.5-million NSERC (Natural Sciences and Engineering Research Council of Canada) Alliance grant was awarded to a collaboration led by the University of Manitoba (Dr. Fayek and Dr. 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 core sampling and field visits starting this summer. The project will likely extend beyond the original three-year term, due to its delayed start.

New Age Metals is supporting a successful $180,000 Mitacs research grant, awarded in 2023, through its $90,000 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 postdoctoral phase is continuing 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.

On Sept. 9, 2025, the company announced the completion of the summer 2025 exploration program on the 100-per-cent-owned Alaskan platinum group metal/copper/nickel Genesis project. The project is road accessible and situated within three kilometres the all-season Richardson Highway and a high-capacity power line. Known mineralization covers a distance of nine kilometres across the prospect. The target areas have never been drilled. A technical report is available. The company is actively seeking an option/joint venture partner for its road-accessible Genesis PGM/copper/nickel project in Alaska.

The Alaskan Genesis project has ample surface showings of copper, nickel, platinum and palladium and has never been drilled. It is road accessible and less than 45 minutes, using an access trail, from one of Alaska's most famous lodges, the Tonsina Lodge.

New Age Metals' antimony-gold division is in Newfoundland and spans over 19,800 hectares consisting of 11 non-contiguous properties. Six of these properties are in St. Alban's area, along Canstar's Swanger and Little River mineralized trends. The remaining five 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 of the project, phase 2 has been initiated, and further news will follow. On July 30, 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 Aug. 6, 2025, New Age Metals announced an additional investment in a fourth critical metal. New Age Metals currently owns approximately 12.79 per cent of Metalquest Mining and holds warrants that, if exercised with today's issued and outstanding shares of Metalquest Mining, would bring New Age Metals to a 19.05-per-cent interest in Metalquest Mining.inc.

Metalquest Mining is developing one of North America's largest iron ore projects, where approximately $120-million has been spent on the project. High-purity iron ore became a critical metal federally in Canada and in the provinces of Quebec and Newfoundland and Labrador in 2024. In the summer of 2025, Metalquest Mining has contracted Atkinsrealis, an international engineering company, to complete a gap analysis on the Lac Otelnuk project and its 2015 feasibility study. The study is expected to be released before the end of October.

Management is currently aggressively seeking new mineral acquisition opportunities on an international scale. New Age Metals' philosophy is to be a project generator with the objective of optioning its projects with major and junior mining companies through to production.

The company is actively seeking an option/joint venture partner for its road-accessible Genesis PGE/copper/nickel project in Alaska.

We seek Safe Harbor.