ORIGINAL: Acquisition Of The Northern Shield Platinum Group Metals-Copper-Nickel Critical Minerals Project In The Ring Of Fire, Northern Ontario

Jan 22, 2026

2026-01-21 17:30 ET – News Release

(via TheNewswire)

January 21, 2026 – TheNewswire – Rockport, Ontario– New Age Metals Inc. (TSX.V: NAM | OTCQB: NMTLF | FSE: P7J) (“NAM” or the “Company”) is pleased to announce that it has acquired via staking the Northern Shield Property within the Ring of Fire , a new platinum group metals (PGM)–copper (Cu)–nickel (Ni) exploration property that adds a significant new project to the Company’s PGM Critical Metals Division, located within the Fishtrap Lake Intrusive Complex in Northern Ontario, Canada. This acquisition represents a first step in NAM’s expanding Ring of Fire strategy.

Harry Barr, Chairman and CEO, commented: “As a Prospect Generator, the acquisition of the Northern Shield Project is aligned with our strategy of building long-term value for shareholders through disciplined growth in platinum group and critical minerals projects. Our flagship River Valley Palladium Project, which hosts a multi-million-ounce NI 43-101 compliant Mineral Resource , provides a strong foundation for the Company, and Northern Shield adds another strategic project to our PGM portfolio at a low entry cost. This positive momentum is further supported by our recently completed financing, raising $4.0 million including a lead order from Mr. Eric Sprott, one of the mining sector’s most respected investors, which strengthens our ability to advance our portfolio and execute on our growth strategy. The government commitment to infrastructure development in Northern Ontario, is emphasized in Figure 1, especially with the recent announcement of a new all-season access road to the Ring of Fire region. The Directors and Management of New Age Metals believe that we are well positioned to benefit from improving access, regional momentum, and responsible resource development in partnership with First Nations.”

Highlights

100% owned, acquisition completed through staking with no option payments, or earn-in obligations

Land position totaling ~20,000 hectares (~54,000 acres) of 939 claims covering a large intrusive complex associated with PGM/Cu/Ni

Extensive historical exploration database, including airborne and ground geophysics, soil geochemistry, mapping, and 7,000 metres previous diamond drilling

Demonstrated mineralized system, with historical drilling intersecting PGM-bearing reef-style horizons, net-textured sulphides, and a vanadium-rich magnetite layer

Multiple priority reef-level targets identified, with prospective stratigraphic positions remaining largely untested along strike and at depth

Clearly defined drill targets identified by previous operators, which remain untested and available for follow-up drilling

The Company has commenced data compilation and planning grassroots programs to refine targets ahead of drilling

Government momentum continues to strengthen the district, with Ontario targeting Spring 2026 for road-corridor construction, supporting long-term access, development efficiency, and future mine buildout.

The Northern Shield Property consists of 939 contiguous mining claim cells totaling roughly ~ 20,000 hectares (~54,000 acres) and covers a well-documented layered mafic–ultramafic intrusive system confirmed by historical drilling and geophysics through publicly available Ontario assessments.

The system is considered prospective for reef-style PGM–Ni–Cu sulphide mineralization and vanadium-rich magnetite layers . The Fishtrap Lake Intrusive Complex is characterized by cyclic anorthosite–gabbro–pyroxenite stratigraphy , magnetite-rich horizons, and localized sulphide mineralization, features that are consistent with environments known to host stratiform PGM systems.

The Northern Shield Project is situated in the James Bay Lowlands region of Ontario , an emerging critical minerals district that includes the Ring of Fire area and nearby exploration and development projects operated by groups such as Wyloo Metals as shown in Figure 2. The presence of active exploration and planned infrastructure development in the broader region highlights the growing strategic importance of this part of northern Ontario.

Mr. Max Kaczmer, Company Exploration Manager stated : “Northern Shield is exactly the type of opportunity we look for at New Age Metals. The property was acquired at very low cost through staking, yet benefits from extensive historical exploration, including drilling that confirmed PGM-bearing, base metals, and vanadium (polymetallic) reef horizons and sulphide mineralization.”

The Ring of Fire is recognized as one of Canada’s most significant emerging critical minerals districts, hosting large-scale nickel, copper, platinum group metals, and chromite discoveries that have attracted sustained interest from industry, governments, and First Nations.

Regional initiatives include proposed all-season access road development , intended to improve connectivity, reduce exploration costs, and support long-term economic opportunities in collaboration with local First Nations communities. This growing infrastructure and exploration momentum underscores the strategic importance of projects located within and adjacent to the Ring of Fire.

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Figure 1. Prime Minister Mark Carney and Ontario Premier Doug Ford signing an agreement on the Ring of Fire Road. Source: https://ontarioconstructionnews.com/ford-predicts-shovels-in-the-ground-by-june-as-ontario-and-canada-move-forward-on-ring-of-fire

The Premier of Ontario, Mr. Doug Ford was quoted on December 23, 2025, in the Ontario Construction News: “This will create jobs, build a more competitive economy and help unlock the enormous economic opportunity of the Ring of Fire.”

Mr. Ford went on to add “ The agreement is the last one needed to launch construction on the Ring of Fire . He predicts shovels will be in the ground in June 2026, as soon as the ground thaws, three whole years ahead of schedule .”

Reflecting this broader regional activity, MetalQuest Mining Inc. (“MQM”) announced on December 3, 2025, that it secured the ROF-1 Project , a district-scale critical minerals land package within the Ontario Ring of Fire (see MQM news release: https://metalquestmining.com/news/metalquest-secures-critical-minerals-project-in-northern-ontarios-ring-of-fire-region/ ). New Age Metals currently holds an equity interest in MetalQuest Mining , providing the Company with additional exposure to exploration activity in the Ring of Fire and reinforcing its strategic focus on platinum group metals and critical minerals in Northern Ontario.

Platinum group metals and base metals have strengthened significantly over the past year. In February 2025 , platinum and palladium averaged approximately US$950–970/oz , copper traded near US$4.00–4.25/lb , nickel around US$16,000–17,000/t , and rhodium near US$10,000/oz , while recent market pricing shows platinum above US$2,500/oz , palladium near US$1,900/oz , copper around US$5.6/lb , nickel near US$17,000/t , and rhodium remaining elevated near US$10,000/oz , reflecting strong demand across critical and platinum group metals markets as shown on Kitco on January 21, 2026.

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Figure 2. Location map of the newly acquired Northern Shield claim blocks showing proximity to the proposed Ring of Fire access road (orange line) and selected regional PGM, VMS, and chromite deposits shown for regional context only.

Mr. Troy Gallik, P.Geo., Senior Exploration Manager, and a member of New Age Metals’ technical team, added: “I participated in evaluating and recommending the Northern Shield Property to New Age Metals based on its technical merits. Historical exploration at Northern Shield has already completed much of the foundational work, with previous operators identifying specific drill targets supported by stratigraphy and geophysics that were not followed up . The Company is now compiling and reinterpreting this extensive dataset and planning low-cost grassroots programs to further refine priority targets ahead of potential drilling.”

Exploration History

Historical exploration on and adjacent to the Northern Shield Property was conducted primarily between 2003 and 2009 and included airborne magnetic and electromagnetic surveys, soil geochemistry, ground geophysics, geological mapping, and diamond drilling. Drilling confirmed a layered anorthosite–gabbro–pyroxenite stratigraphy, localized sulphide mineralization, and magnetite-rich horizons. Several drill holes intersected thin Pt–Pd-bearing reef-style horizons, net-textured sulphides, and a vanadium-rich magnetite layer .

Previous operators consistently concluded in publicly available historical assessment reports (Ontario Geological Survey; early 2000s) that drilling was too widely spaced and did not adequately test the most prospective reef-level stratigraphic positions, and recommended additional drilling to evaluate the continuity and thickness of mineralized horizons defined by coincident geophysical and geochemical anomalies as shown in Figure 3.

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Figure 3. Proposed drill targets in white circles showing planned drill hole locations overlain on an airborne magnetic interpretation of the Fishtrap Lake Intrusive Complex by previous operators. Previous drilling shown in black circle areas. Vaillancourt, C., & Bliss, I. C. (2008). Assessment report on the Highbank Lake Property, Northern Ontario, Canada . Northern Shield Resources Inc.

Qualified Person

Troy Gallik, P.Geo. (Member ID 3550), a Practising Registrant and Qualified Person (“QP”) as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects , has reviewed and approved the scientific and technical information contained in this news release. Mr. Gallik is a geological consultant to New Age Metals Inc. and is not independent of the Company for the purposes of NI 43-101.

The QP has reviewed available assessment files, historical drill logs, geophysical data, government geological data, and publicly available technical reports relevant to the Company’s newly acquired claims. The QP has not completed sufficient work to independently verify all historical information referenced herein, particularly information generated by previous operators. However, the QP considers the historical information to be relevant and reliable for the purposes of identifying and discussing exploration potential.

About NAM

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 Metals division, an Antimony-Gold Division as well as an investment in MetalQuest Mining’s (TSXV:MQM | OTC:MQMIF) high purity Lac Otelnuk Iron Project.

The PGM Division includes the 100% owned, multi-million-ounce, district-scale River Valley Project, one of North America’s largest undeveloped Platinum Group Element Projects, situated 100 km by road east of Sudbury, Ontario. In addition to River Valley, NAM owns 100% of the Genesis PGM-Cu-Ni Project in Alaska. Most recent PGM announcement: https://newagemetals.com/new-age-metals-prepares-its-platinum-group-metals-division-to-launch/ .

New Age Metals’ Antimony–Gold division is located in Newfoundland and comprises a 20,950-hectare land package across 11 non-contiguous properties. Six of these properties are situated in the St. Alban’s area, along Canstar’s Swanger and Little River mineralized trends. The remaining five properties are strategically positioned along the same regional geological trend as the past-producing Beaver Brook Antimony Mine and are also located near New Found Gold’s Queensway South Gold Project.

Management has completed Phase 1 exploration and has now finished Phase 2 fieldwork. The Phase 2 program successfully delineated multiple gold–antimony (Au–Sb) trends, and the Company is currently planning follow-up exploration while awaiting additional assay results. These results will be used to guide exploration targeting and program planning for 2026 and beyond. Most recent releases: https://newagemetals.com/axiom-exploration-group-initiates-xcite-helicopter-borne-tdem-survey-over-nams-sentinel-antimony-property-newfoundland-nam-monitors-fintech-solutions-to-enhance-market-transparency/

https://newagemetals.com/new-age-metals-samples-high-grade-antimony-gold-silver-and-lead-at-st-albans-newfoundland-and-starts-phase-2-exploration/

The Bonanza Ridge Gold and Critical Metals Project has been significantly expanded with the option agreements for the Lavender Lake and South Gibi Lake properties, adding a combined ~5,216 hectares (~12,889 acres) of prospective ground in the Kenora Gold District of northwestern Ontario. These properties, located about 25 km southeast of Kenora, are strategically positioned along a favourable structural corridor adjacent to NAM’s flagship Bonanza Gold Property, and host known gold and copper occurrences with minimal modern exploration to date. The consolidated portfolio now comprises approximately 8,500 hectares of contiguous land within an emerging gold and critical metals jurisdiction, providing substantial opportunities for follow-up field work, structural modeling, target generation, and future drill campaigns. Recent announcement: https://newagemetals.com/new-age-metals-expands-bonanza-ridge-gold-andcritical-metals-project-strategic-acquisition-oflavender-lake-south-gibi-lake-properties/ .

The Company is establishing a Kenora, Ontario based field operations hub to support exploration activities across Northwestern Ontario and Eastern Manitoba. The proposed facility would provide centralized logistical, technical, and administrative support for regional exploration programs and is expected to improve field efficiency and coordination.

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. NAM 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 Ltd for May 2025 to April 2026. Management is currently working on providing Mineral Resources, a go forward exploration program for spring, summer, and fall 2026.

In April 2024, a $1.5M NSERC Alliance grant was awarded to a collaboration led by the University of Manitoba (Drs. Fayek and 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. The 2025 work included core sampling and field visits. The project will likely extend beyond the original 3-year term, due to its delayed start. The parties involved in this grant plan to meet over the next 60 days and will announce our plans for 2026 and beyond.

New Age Metals Inc. is supporting a successful $180K Mitacs research grant, awarded in 2023, through its $90K 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. MSc and post-doctoral research programs have recently been completed, and the Company is reviewing the results with the academic institutions to assess how the findings may be incorporated into future exploration programs. This collaboration provides access to top-tier scientific expertise and equipment, significantly reducing analysis costs and adding long-term value to the project.

The Company is actively seeking an option/joint venture partner for our and its road-accessible Genesis PGM-Cu-Ni Project in Alaska and results from our Summer/Fall Program are expected by the end of the year. Recent announcement: https://newagemetals.com/new-age-metals-completes-summer-2025-exploration-program-on-the-genesis-pgm-cu-ni-project-alaska/ .

On August 6, 2025, New Age Metals announced an additional investment in a 4th critical metal. NAM currently owns approximately 9.63% and holds warrants that, if exercised with today’s issued and outstanding shares of MQM, would bring NAM to a 14.6% interest in MetalQuest Mining inc.

MetalQuest Mining inc. is developing one of North Americas largest iron projects, where approximately $120 million has been spent on the project. For more information, please visit MetalQuestMining.com . High-purity iron 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. Results are expected in Q1 2026.

MetalQuest Mining has secured the ROF-1 Project , a district-scale critical minerals land package in Ontario’s Ring of Fire totaling 1,034 claim cells (~20,800 hectares). The Ring of Fire is one of Canada’s most important emerging critical minerals districts, supported by growing infrastructure and government attention as the region advances toward potential development. ROF-1 Project is located approximately 10 km from major nearby deposits and has identified exploration potential for VMS-style mineralization and multiple untested target corridors based on historic work and technical review. This acquisition represents MetalQuest’s first step in building a broader multi-project Ring of Fire strategy, with the Company continuing to review additional opportunities in the region.

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

Investors are invited to visit the New Age Metals website at www.newagemetals.com where they can review the company and its corporate activities. Any questions or comments can be directed to [email protected] or Harry Barr at [email protected] or Farid Mammadov at [email protected] or call 613 659 2773.

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On behalf of the Board of Directors

“Harry Barr”

Harry G. Barr

Chairman and CEO

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Note Regarding Forward Looking Statements: This release contains forward-looking statements that involve risks and uncertainties. These statements may differ materially from actual future events or results and are based on current expectations or beliefs. For this purpose, statements of historical fact may be deemed to be forward-looking statements. In addition, forward-looking statements include statements in which the Company uses words such as “continue”, “efforts”, “expect”, “believe”, “anticipate”, “confident”, “intend”, “strategy”, “plan”, “will”, “estimate”, “project”, “goal”, “target”, “prospects”, “optimistic” or similar expressions. These statements by their nature involve risks and uncertainties, and actual results may differ materially depending on a variety of important factors, including, among others, the Company’s ability and continuation of efforts to timely and completely make available adequate current public information, additional or different regulatory and legal requirements and restrictions that may be imposed, and other factors as may be discussed in the documents filed by the Company on SEDAR (www.sedar.com), including the most recent reports that identify important risk factors that could cause actual results to differ from those contained in the forward-looking statements. The Company does not undertake any obligation to review or confirm analysts’ expectations or estimates or to release publicly any revisions to any forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. Investors should not place undue reliance on forward-looking statements.

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