Mr. Harry Barr reports

NEW AGE METALS PREPARES ITS PLATINUM GROUP METALS DIVISION TO LAUNCH

New Age Metals Inc. has provided a corporate overview of its platinum group metals division, including updates on the flagship River Valley palladium project in Ontario and the Genesis PGM-copper-nickel project in Alaska, and commentary on the PGM market outlook. The PGM division forms a core part of New Age Metals' strategy to develop critical and precious metal projects in North America.

Highlights of the PGM division:

• The River Valley palladium project is 100 per cent owned by New Age Metals. The project is currently at the development stage, having completed a preliminary economic assessment in 2023. River Valley is a multimillion-ounce palladium-dominated mineral resource. The current mineral resource estimate contains 2.3 million ounces of palladium plus platinum plus gold in the measured and indicated classification (plus 1.6 Moz inferred) at a $15-per-tonne net smelter royalty cut-off. In addition, copper could be a significant potential byproduct of eventual palladium and platinum mining.
• The Alaskan Genesis PGM-Cu-Ni project is also 100 per cent owned by New Age Metals. The project is road accessible, has power line access, and is strategically located approxiomately 65 kilometres south of Glennallen and approximately 265 km east of Anchorage. Surface exploration has identified reef-style PGM mineralization (chromite hosted, with grab samples up to 2.4 grams per tonne palladium and 2.4 g/t platinum) and magmatic nickel-copper sulphides (samples up to 0.96 per cent Ni and 0.58 per cent Cu) across multiple zones. New Age Metals 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 approximately $3,400 (U.S.) per ounce. The company is 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 up 65 per cent year to date, and platinum is trading up 70 per cent YTD.

River Valley palladium project overview

The River Valley palladium project is New Age Metals' flagship asset, located approximately 100 kilometres east-northeast of the city of Sudbury, Ont. 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 deposits with a National Instrument 43-101-compliant mineral resource 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.

Harry Barr, New Age Metals' chairman and chief executive officer, noted: "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 $1,000 (U.S.) per oz Pd. With the resurgence in PGM prices in 2025, NAM is making plans to relaunch the River Valley project."

Beyond the PEA, New Age Metals continues to derisk and add value to River Valley. Comprehensive environmental baseline studies, reinitiated in 2020 after a long hiatus, were continuing through 2024 to build a stronger 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 pro-active approach to environmental and community engagement at this early stage is expected to position River Valley favourably for advanced development milestones. The company has a current memorandum of understanding, with which the company strives to build and maintain a strong working relationship with the Nipissing First Nation and the Temagami First Nation, which have traditional claims to the land.

In late 2023, New Age Metals commissioned Platsol testwork with SGS Canada Ltd. to evaluate recovery of PGMs through 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 engineering.

New Age Metals is also planning a series of additional drilling programs to convert inferred to indicated mineral resources and exploring downdip/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 has 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 prefeasibility study and feasibility study stages and, ultimately, a production decision.

Additionally, the company has submitted to the Ontario Ministry of Energy and Mines and its 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 (approximately 16,440 metres) in the early 2000s. The collective length of the known River Valley mineralized zones (10) is approximately 16 kilometres (10 miles).

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. New Age Metals owns 100 per cent of Genesis, which encompasses 4,144 hectares (10,240 acres) 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 three km of the all-season Richardson Highway and a high-capacity electric transmission line, with historical access trails reaching into the property from a nearby lodge on the highway. This proximity to infrastructure substantially lowers the logistical barriers for exploration and future development compared with typical greenfield projects in Alaska. Recently, the Trump administration has made several key investments in both Canadian and U.S. companies that are developing rare earth and critical metal projects in America. The week of Oct. 13, the Canadian federal government announced plans to similarly finance Canadian critical metal projects, and 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.

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 sulphide mineralization, with surface samples assaying up to 0.96 per cent Ni and 0.58 per cent 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-metre true thickness in one target area (Sheep Hill). Both the PGM-bearing reefs and the Ni-Cu sulphide 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 nine-kilometre trend across the prospect, and multiple target areas remain untested by any drilling. In the summer of 2025, New Age Metals completed a field program focused on detailed geological mapping and sampling at Sheep Hill, collecting 134 new rock samples (163 including quality assurance/quality control 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 New Age Metals' 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 New Age Metals 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 and market outlook

Platinum group metals -- 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 per cent 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 with traditional cars. Beyond automobiles, PGMs are used in jewellery (platinum and palladium provide durable, tarnish-resistant settings), electronics (small amounts of PGMs in circuit boards, hard disks and sensors improve performance), and medical devices and pharmaceuticals (for example, platinum in pacemakers and anti-cancer drugs), as well as 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 with 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 per cent of the world's platinum (and most of the rhodium, iridium and ruthenium) whereas Russia is the top palladium supplier (around 40 per cent 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 and 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 to 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.

Tighter emission regulations in Europe, China and other regions are maintaining high loadings of PGMs in exhaust aftertreatment 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 fuel cells and for electrolyzers 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 favourable market outlook in the medium and long term. In Canada and the United States, 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 metal

Recently, analysts have stated that this level of investment in mining projects from both countries was only available during short periods in the First and Second World Wars. Finally, the mining industry's corporate management teams have additional methods of mine finance and believe their industry is entering into unprecedented territory for critical metal exploration and mine developments.

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.

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-Cu-Ni Project in Alaska. The PGM division is both an industrial and critical metal division.

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, 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. New Age Metals' technical team is currently working on the exploration plan and budget for the balance of 2025 and for 2026. Further announcements on the Bonanza gold project will be forthcoming.

The company's lithium division is one of the largest mineral claim holders in the Winnipeg River pegmatite field, where the company is exploring hardrock 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., 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 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 metal 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.

New Age Metals' 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 30, the company was pleased to announce that it has received formal approval under Newfoundland and Labrador's junior exploration assistance program, including eligibility for the critical minerals assistance and provincial critical mineral assistance 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 and holds warrants that, if exercised with today's issued and outstanding shares of MQM, would bring New Age Metals to a 19.05-per-cent interest in Metalquest Mining.

Metalquest Mining is developing one of North Americas largest iron ore projects at Lac Otelnuk (Quebec), where approximately $120-million has been spent on the project. High-purity iron oxide became a critical metal federally in Canada and in the provinces of Quebec and Newfoundland and Labrador in 2024. In the summer of 2025, MQM contracted Atkinsrealis, an international engineering company, to complete a GAP analysis on the Lac Otelnuk project and its 2015 feasibility study.

Management is currently aggressively seeking new mineral acquisition opportunities on an international scale. Its philosophy is to be a project generator with the objective of expending sufficient explorations and development expenditure to eventually option its projects with major and junior mining companies through to exploration and development phases on to production.

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

Qualified persons

The contents contained herein that relate to exploration results, mineral resources and the PEA for the River Valley Project and for the Mustang zone are based on information compiled, reviewed or prepared by Dr. Bill Stone, PGeo, lead geoscience consultant for New Age Metals. Dr. Stone is the qualified person as defined by National Instrument 43-101, and has reviewed and approved the geoscience-related technical content of this news release.

Robert M. Retherford, CPG No. 10904, is a qualified person for the purposes of National Instrument 43-101 (Standards of Disclosure for Mineral Projects) and a consultant to New Age Metals, has reviewed and approved the scientific and technical disclosure in this press release relating to the Genesis project. The qualified person has not completed sufficient work to verify the historical information on the project.

We seek Safe Harbor.