Mr. Harry Barr reports

NEW AGE METALS INCREASES ITS OWNERSHIP IN METALQUEST MINING

New Age Metals Inc. has participated in a non-brokered private placement of MetalQuest Mining Inc. (MQM), a TSX Venture-listed junior mining company and the 100-per-cent owner of the historic multibillion-tonne Lac Otelnuk iron ore project in Nunavik, Quebec. In 2024, the Quebec, Newfoundland and Labrador, and federal governments announced that high-purity iron ore is a critical metal.

Further to required early warning disclosure filed on SEDAR+ July 31, 2025, New Age Metals received board and TSX-V approvals to increase its ownership in MQM from 6.44 per cent to 19.05 per cent on a postconversion beneficial ownership basis. Undiluted, New Age has increased its ownership in MQM from 6.44 per cent to 12.79 per cent.

The company's investment will assist MQM with its go-forward plan. AtkinsRealis, an international engineering company, was contracted by MQM's management on June 25 and, it has a mandate and the technical depth and northern project experience which makes it an ideal partner for the next phase of Lac Otelnuk.

Harry Barr, chairman and chief executive officer of New Age Metals and significant MQM shareholder, states: "Lac Otelnuk is one of North America's largest undeveloped iron ore projects. Although the iron ore industry has faced headwinds in recent years, there have been three major companies that have made new investments in the Labrador trough region in 2025. The Labrador trough produces 99.8 per cent of Canadian iron ore production. Vale will invest up to $208-million (Australian) in phases in the Iron Bear project and Nippon Steel and Sojitz have committed to invest up to $245-million in the Kami iron mine partnership with Champion Iron Ore. The MetalQuest investment affords New Age Metals another strategic investment in critical metals."

Funds for this investment were sourced from a New Age stock account composed of equity positions the company has received through option and joint venture agreements with various junior exploration companies over the years and in this case are being utilized to increase New Age's strategic investment portfolio in critical metal projects. Management continues to look at other undervalued equity positions within the critical and precious metals space.

Importantly, this strategic investment did not draw on New Age's general treasury, ensuring that capital allocated for the company's core exploration and development programs remains intact.

About MetalQuest Mining and the Lac Otelnuk iron ore project

MetalQuest Mining holds a 100-per-cent interest in the Lac Otelnuk iron ore project, one of the largest undeveloped iron ore deposits in North America. Located in Nunavik, Northern Quebec, the project hosts an estimated 20 billion tonnes of iron ore in the measured and indicated category and about six billion tonnes in the inferred category, based on a historic 2015 feasibility study. Over $120-million has been invested in the project to date, which includes extensive drilling, two National Instrument 43-101 resource studies, engineering and environmental baseline work, and a complete historic feasibility study in 2015.

Lac Otelnuk is strategically positioned to supply direct reduction (DR) grade iron ore -- an essential feedstock for low-emission steelmaking through hydrogen-based reduction and electric arc furnaces. With global demand for cleaner steel inputs rising, the project is well aligned with evolving market needs and green industrial policy trends.

MQM recently contracted AtkinsRealis, an international engineering company, whose mandate will begin with a detailed gap analysis, identifying what workstreams need to be updated or expanded from the previous studies. MQM now has a partner who understands how to build a mine of the future, one that meets the demands of the green steel economy, respects the environment, the local communities and their culture.

About New Age's critical metal divisions

Before its additional equity investment in MetalQuest Mining, New Age Metals as a junior mineral exploration and development company focused on the discovery, exploration and development of green metal projects in North America. The company has three divisions: a platinum group metal division, a lithium/rare element division and a gold-antimony division. The company now has exposure to its fourth critical metal, high-purity iron ore.

Management is currently aggressively seeking new mineral acquisition opportunities. The company's philosophy is to be a project generator with the objective of optioning New Age's projects with major and mid-tier mining companies through to production.

The company is actively seeking an option/joint venture partner for its River Valley palladium project and its road-accessible Genesis PGE-Cu-Ni (platinum group element-copper-nickel) property in Alaska.

We seek Safe Harbor.