Mr. Eric Sprott reports

ERIC SPROTT ANNOUNCES CHANGES TO HOLDINGS IN NEW AGE METALS INC.

New Age Metals Inc. investor Eric Sprott's 1,621,094 common share purchase warrants (held by 2176423 Ontario Ltd., a corporation he beneficially owns) expired unexercised on Aug. 25, 2025, representing a decrease in holdings of approximately 2.2 per cent of the outstanding common shares held by Mr. Sprott on a partially diluted basis since the date of the last early warning report. Prior to the expiry of these warrants, Mr. Sprott beneficially owned and controlled 12,875,000 shares and 1,621,094 warrants representing approximately 23.2 per cent of the outstanding shares on a non-diluted basis, and approximately 25.4 per cent on a partially diluted basis assuming the exercise of such warrants.

As a result of the warrant expiry, Mr. Sprott now beneficially owns and controls 12,875,000 shares representing approximately 23.2 per cent of the outstanding shares on a non-diluted basis. The warrant expiry resulted in a partially diluted ownership change of greater than 2 per cent and, therefore, the filing of an update to the early warning report.

The securities are held for investment purposes. Mr. Sprott has a long-term view of the investment and may acquire additional securities including on the open market or through private acquisitions or sell the securities including on the open market or through private dispositions in the future depending on market conditions, reformulation of plans and/or other relevant factors.

New Age Metals is located at 101, 2148 West 38th Ave., Vancouver, B.C., V6M 1R9. A copy of the early warning report with respect to the foregoing will appear on New Age Metal's profile on SEDAR+ and may also be obtained by calling Mr. Sprott's office at 416-945-3294 (2176423 Ontario Ltd., 1106, 7 King St. East, Toronto, Ont., M5C 3C5).