Mr. Harry Barr reports

NEW AGE METALS ANNOUNCES AN INCREASE OF PRIVATE PLACEMENT TO $4 MILLION WITH PARTICIPATION FROM ERIC SPROTT

Due to strong investor demand, New Age Metals Inc. has increased the size of its flow-through unit (FT unit) private placement previously announced Sept. 25, 2025, as filed under the company's profile on SEDAR+ and on the company's website.

The company originally announced the FT unit portion of the private placement to raise up to $1.2-million and it will now increase the FT unit to raise up to $1.7-million. There is no increase to the non-flow-through unit private placement (NFT unit) and all other terms as described in the Sept. 25, 2025, press release remain unchanged and subject to exchange approval. The non-flow-through unit private placement remains at a total of $2.3-million. Eric Sprott has indicated his intention to subscribe for $2-million of the private placement. Mr. Sprott is the largest shareholder in New Age and currently owns 23.2 per cent of the company.

Each FT unit to be issued at a price of 26 cents will consist of one common share of the company that will qualify as a flow-through share within the meaning of Subsection 66(15) of the Income Tax Act (Canada) and one-half of one common share purchase warrant. Each whole FT unit warrant shall entitle the holder thereof to purchase one common share at an exercise price equal to 40 cents at any time up to 36 months from closing of the private placement. In regards to yesterday's announcement and the NFT units, all of those units are placed and that part of the financing has been spoken for.

The company may pay, to eligible persons, a finder's fee with respect to the sale of the units to non-insiders, which may comprise cash and/or non-transferable share purchase warrants. Any finder fee warrants issuable will entitle the finder to purchase one common share at an exercise price of 26 cents for a period of 36 months from closing of the private placement. The proceeds of the FT units will be used for exploration and development on the company's projects located in Newfoundland, Ontario or Manitoba. Proceeds of the 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.

All securities to be issued in connection with the private placement will be subject to a hold period of four months plus one day from the date of issuance. The closing of the private placement is conditional upon the receipt of the conditional approval of the TSX Venture Exchange.

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 metal projects in North America. The company has three divisions: a platinum group element 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.

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.

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