Dear Shareholders and Interested Parties,
June was an active and productive month for New Age Metals as we continued advancing our flagship River Valley Palladium Project while expanding exploration activities across our NFLD Gold-Antimony Division and the Kenora Gold-Critical Metals Division.
Over the past several weeks, management attended a number of well-organized mining and critical-metals conferences, meeting with investors, mining companies, government groups, First Nations partners, and other stakeholders. These discussions continue to reinforce the growing interest in North American critical minerals, precious metals, copper, and platinum group metals.
River Valley: Improving the Development Pathway
River Valley remains New Age Metals’ primary development focus. Rather than simply growing the resource, our objective is to improve the Project’s economics and better define the most attractive path toward development.
Overview of the River Valley Project
In May, the Company launched Phase 2 of its PLATSOL metallurgical optimization program with SGS Canada in Lakefield, Ontario. Earlier testwork delivered strong recoveries for palladium, platinum, gold, copper, and nickel. The current program is designed to determine whether the PLATSOL process can further improve metal recoveries, produce a higher-value polymetallic product, and potentially reduce reliance on conventional smelting.
Overview of PLATSOL process
This work is important because better recoveries, improved payable metal terms, and lower smelting and transportation costs could have a meaningful positive impact on the future economics of River Valley. Results from the Phase 2 program are expected before year-end.
We are also advancing the Mustang Zone in the southern portion of the River Valley trend. The Company recently completed a 3D induced-polarization geophysical survey to improve drill targeting and better understand this underexplored 4-to-4.5-kilometre section of the broader 16-kilometre mineralized system. Mustang offers additional exploration upside and could provide a lower-cost opportunity to add ounces through future drilling.
Building Our Kenora Gold and Critical Metals Division
Outside of River Valley, the Company has continued building a significant land position in the Kenora Mining District of northwestern Ontario. New Age Metals now controls approximately 36,860 hectares of prospective gold and copper ground in the region.
Both regional projects. Bonanza Ridge to the west near Kenora and the Double R Gold and Critical Metal Project that is adjacent to the Coeur Rainy River Gold Mine
To support this work efficiently, the Company has established a Kenora field office that provides accommodations, core-handling facilities, vehicle and equipment storage, and access to regional exploration infrastructure. This operating base allows our technical team to work across northwestern Ontario and southeastern Manitoba while keeping field costs disciplined.
At the Bonanza Ridge Gold and Critical Metals Project, our team is conducting geological mapping, surface sampling, trenching, historic core review, and reassaying. Approximately three kilometres of new access trails have also been completed, improving access to priority target areas. The goal of this summer and fall work is to generate high-priority drill targets for a future discovery-focused drill program.
The Company has also expanded its Double R Gold Project through the acquisition of the contiguous Dash Lake property. The combined Double R / Dash Lake project now covers approximately 18,780 hectares in the Kenora-Rainy River district, an area that continues to attract increased attention from larger mining companies.
Newfoundland Gold-Antimony Division
Our Newfoundland Gold-Antimony Division continues to deliver encouraging exploration results. Recent work in the St. Alban’s area outlined a prospective gold-antimony corridor extending approximately 16 kilometres.
Map of the NFLD Gold-Antimony Division
At Antimony Ridge, sampling returned high-grade results of up to 51.9% antimony and 46.2 g/t gold. The Company has expanded its land package, received trenching approvals, and is advancing mapping, trenching, and drill planning across priority areas. With antimony increasingly recognized as an important critical mineral, we believe this division provides shareholders with meaningful exposure to both gold and antimony exploration upside.
High-grade angular stibnite float sample 445127 from the Antimony Ridge property that graded 51.9% Sb
Currently, we have 2 full time NFLD prospectors and our geological consultant Max Kaczmer is in the field with them this summer. Our main objective is to outline and delineate one or more drill programs for late fall 2026/winter 2027.
Manitoba Lithium Division
During the month, New Age Metals regained 100% ownership of its southeastern Manitoba Lithium Division. The projects have benefited from substantial historical exploration expenditures and remain in good standing for many years.
The Company now has the flexibility to advance the portfolio directly or seek a new strategic partner to help fund future exploration. The division includes a large collection of lithium-cesium-tantalum projects in a well-known hard-rock lithium district, with several priority targets remaining to be evaluated. We have an inhouse multi-million dollar program, outlined by way of report and we plan to use this information to find a new partner to help us to continue the development of this division. The approx. $11.5 million spent to date has all of our claims in good standing for the next 15 years. We also have a large grant that is in place where Grid Metals and New Age Metals are sharing $1.5 million over the next 3 years. We also received a MDNF grant for our Southbay Project, for ~$25,000 and will be spending up to $60,000 on this project before the end of this season. Lastly, we intend to expand our search on our large database for a new mineral called Berylium.
Looking Ahead
New Age Metals enters the second half of 2026 with a strong working capital position, no debt, active field crews, and multiple exploration and development catalysts across the portfolio.
Management remains focused on advancing River Valley through metallurgical optimization and improved technical planning, while also building drill-ready targets in Kenora and Newfoundland. We believe this balanced approach gives shareholders exposure to a large North American PGM development project as well as discovery-driven gold, copper, antimony, and lithium exploration opportunities.
If you have any questions or would like to speak with us, I encourage you to book a meeting with myself or Farid Mammadov. Whether you are an existing shareholder seeking updates or a prospective shareholder interested in learning more, we would be pleased to connect.
Please use this link to schedule a virtual meeting. You will also find a meeting link on the homepage of our website.
On behalf of the Board and Management, I would like to thank our shareholders and interested parties for your continued support.
Regards,
Harry Barr
Chairman & CEO
New Age Metals
+1 613-659-2773
