New Age Metals receives TSX-V OK for Bonanza project

Oct 28, 2025

2025-10-27 19:19 ET – News Release

Mr. Harry Barr reports

NEW AGE METALS RECEIVES EXCHANGE APPROVAL FOR BONANZA GOLD PROJECT, KENORA GOLD DISTRICT, ONTARIO

New Age Metals Inc., further to its news release of Oct. 1, 2025, has received TSX Venture Exchange approval for the Bonanza gold project with arm’s-length parties, Doug Bundy, Dave Burt and Jon Burt, who are all local Kenora mining district prospectors. The partners granted the company an option to acquire 100 per cent of the project. The project consists of 114 mining claims and one patented mining claim totalling 2,191 hectares or 5,414 acres, and is located approximately 25 kilometres (km) southeast of Kenora in Northwestern Ontario. The partners will also retain a 2-per-cent net smelter return (NSR) royalty, of which New Age Metals has the right to repurchase 1 per cent for $1-million.

Highlights of the Bonanza gold project are:

Multiple high-grade mineral occurrences of gold at surface;
Excellent infrastructure, including road access to all areas to the project and provincial grid power lines;
Located 25 km southeast of city of Kenora, a major Northwestern Ontario economic hub with a population of approximately 14,800;
Select due diligence surface grab sample assays include 1.1 grams per tonne (g/t) gold (Au), 3.7 g/t Au, 8.9 g/t Au, 13.2 g/t Au, 22.2 g/t Au, 31.9 g/t Au and up to 127 g/t Au from five prospects on the project;
Lack of modern-day exploration;
Drill-ready with three-year permits in place;
The company’s long-term goal is to assemble a district-scale gold asset in Kenora that can ultimately attract the attention of major gold producers that are now cash rich with significant new exploration funds.

In connection with the closing of the transaction, the company is issuing an aggregate 302,298 common shares, at a deemed price of 41.35 cents per share, and is making a total cash payment of $40,000 to the partners pursuant to the terms of the agreement. The remaining share payments under the terms of the agreement will be calculated based on the 10-day trading average of New Age Metals shares at the time of each issuance subject to a minimum deemed issue price of 24.75 cents per share. The agreement also provides for contingent milestone payments of $250,000 in cash or shares, or combination thereof, on the completion of a National Instrument 43-101-compliant mineral resource and technical report outlining more than one million ounces of gold, and an additional $250,000 in cash or shares, or combination thereof, for a compliant mineral resource exceeding 2.5 million ounces. If the company issues any shares in connection with the contingent milestone payments, those shares remain subject to TSX Venture Exchange approval.

The shares issuable are subject to a four-month-plus-one-day hold period in accordance with applicable Canadian securities laws. No finders’ fees were paid by the company in connection with the transaction.

With the gold price and demand at historic highs, parts of the Kenora district have seen limited application of modern exploration methods, which provides New Age Metals with an opportunity to unlock significant value through the use of new techniques, advanced technologies and upgraded mineralization models. The company’s long-term goal is to assemble a district-scale gold asset in Kenora that can ultimately attract the attention of major gold producers that are now cash rich with significant new exploration funds, as a result of their recent enhanced profitability. Given the severe lack of funds in recent years for the junior mining industry, there has been little new modern-day exploration completed in this region.

Chairman and chief executive officer Harry Barr states: “We began our search for new gold assets in early 2024, leading to the establishment of our gold-antimony division in Newfoundland in early 2025. Since then, our technical and management teams have been systematically reviewing projects on an international scale.

“Always more comfortable with North American assets, the directors, management and technical team of NAM believe the Bonanza gold project and parts of the Kenora mining district have been underexplored, underappreciated and underfunded in recent years. This new acquisition adds to our diversified mineral portfolio and we believe it is a significant gold exploration project for the company . This additional gold project will allow our shareholders more exposure to what we believe is one of most significant gold rallies in recent history. Gold is not a new metal for the New Age Metals management team and board of directors; in fact, we collectively have over 150 years experience in the gold industry.

“Currently, our technical team is working with the prospectors Mr. Bundy and Mr. Burt, and are completing a second phase of work on the Bonanza project. Fieldwork is expected to be concluded by the end of the month and a number of assays will be sent to the lab. Additionally, the team will be completing desktop work to co-ordinate all the results from both phases of work and compile a tremendous amount of digital data that came from the property and government sources over the years.

“Lastly, the technical/prospecting team are reboxing old core from historical drilling on the property and moving it to a new facility. Results are expected before year-end and management are working to complete the 2026 exploration budget for the Bonanza gold project.

“From the onset, our corporate objective has been to acquire and develop critical metal projects. Today, we are a well-financed, multiasset company that is aggressively expanding its project portfolio across gold, antimony, lithium and platinum group metals. In my opinion, our flagship asset is still the River Valley platinum group metal project, in Sudbury, Ont., and both platinum and palladium have enjoyed major price increases in the last three months.

“In June of this year, NAM upsized its equity position in MetalQuest Mining to approximately 12 per cent. MetalQuest Mining Inc. […] controls […] 100 per cent of a substantial, high-purity iron deposit project in the Labrador Trough, Quebec. Approximately $120-million has been spent to date, including a historical NI 43-101 mineral resource estimate and a 2015 feasibility study. For the company’s most recent press release, please [visit the company’s website].”

Farid Mammadov, vice-president of investor relations, states: “In today’s climate of global uncertainty, gold has once again proven itself to be one of the world’s most essential metals. Gold price has reached an all high and global demand continues to climb. These market conditions have opened the door for NAM to add to its already diversified and significant project portfolio and mineral inventory. The response to our recent private placement indicates that there is renewed investor interest in both our company and the broader junior mining industry. Proof that the industry is turning around was the recent upsizing of our private placement to $4-million. Mr. Eric Sprott indicated his intention to subscribe for $2-million hard dollars for last week’s placement. Currently, the company has approximately $6.5-million in cash, marketable securities and restricted securities and no debt.”

The Kenora gold district

The Kenora gold district, located in Northwestern Ontario, has been recognized since the late-1800s as one of Canada’s most prolific gold camps. Known for its high-grade Archean lode-gold deposits, the district has supported mineral exploration and some mining for more than a century. With established infrastructure, year-round access and a highly skilled work force, Kenora has potential to become a cornerstone of Ontario’s mining industry. Some of the active majors and mid-tier companies in the District are Agnico Eagle, Kinross, Centerra and New Gold.

Due diligence site visit and sampling

A due diligence site visit and verification sampling program was successfully executed in early September, 2025. Twenty-five grab samples were taken from quartz veins, quartz-carbonate veins and sulphide zones at five prospects distributed along four km across the property. The mineralized vein and zones are hosted in silicified, carbonated and sulphidized (mainly pyrite) mafic to intermediate volcanic and plutonic host rocks. The rocks are cut by a regional high-strain zone and property-scale and smaller scale structures and generally metamorphosed under greenschist conditions.

The mineral occurrences sampled and RUSH gold assay results are listed in the attached table. The due diligence program successfully confirmed the presence of high-grade gold mineralization on the project, particularly at the Triggs, Kite Lake, Stella and Blue Star prospects.

Analytical methods, chain of custody, and quality assurance and quality control (QA/QC)

New Age Metals maintained a rigorous QA/QC protocol for all the verification rock samples collected for due diligence purposes. Two certified reference materials (CRMs) were inserted into the sample batch. The CRMs were sourced from industry-certified providers and selected to match, as closely as possible, the expected mineralization style and grade ranges of the samples.

All samples were individually sealed in heavy-duty plastic bags, labelled with unique sample numbers and placed into rice bags for transport. Continuous possession of the samples was maintained until they were dropped off at a courier service in Saskatoon for express delivery to SGS Canada Minerals laboratory facilities in Burnaby, B.C. At this facility, the samples were weighed and prepared into pulps in accordance with SGS’s standard procedures before being analyzed on a RUSH basis for gold.

The analytical work included:

Gold: gold (Au) exploration grade 50-gram fire assay with atomic absorption spectrometry (AAS) (reporting limits five to 10,000 parts per billion (ppb)) (GE-FAA50V5);
Gold: Au overlimit analysis high-grade 50-gram fire assay with gravimetric finish (reporting limits 0.5 to 10,000 parts per million (ppm)) (GO-FAG50V).

Internal laboratory QA/QC procedures at SGS included the insertion and analysis of certified reference materials, analytical blanks and sample duplicates with the submitted samples to monitor analytical accuracy and precision.

Qualified person

Dr. William Stone, PGeo, 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 collected, reviewed and approved the scientific and technical disclosure in this news release.

The qualified person has not completed sufficient work to verify the historical information on the neighbouring and other properties in the Kenora region. Nevertheless, the qualified person considers that drilling and analytical results were completed to industry standard practices. The reader is cautioned that mineral occurrences, prospects and deposits on neighbouring properties are not necessarily indicative of mineralization on the company’s properties. This information may provide an indication of the exploration potential of the properties but might not be representative of exploration results.

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 (PGE) division, gold division, a lithium/rare element division, an antimony-gold division, as well as an investment in MetalQuest Mining’s high-purity Lac Otelnuk iron project (1).

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 km by road east of Sudbury, Ont. In addition to River Valley, New Age Metals owns 100 per cent of the Genesis PGE-Cu-Ni (PGE-copper-nickel) 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 forth coming.

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. New Age Metals 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. 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 metals 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 (JEA) program, including eligibility for the critical minerals assistance (CMA) and provincial critical mineral assistance (PCMA) 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 MetalQuest, 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 two projects at Lac Otelnuk (Quebec), where approximately $120-million has been spent on the project. For more information, please visit the MetalQuest website. 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, MetalQuest 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. The company’s 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 our and its road-accessible Genesis PGE-Cu-Ni project in Alaska.

We seek Safe Harbor.

https://newagemetals.com/