Chairman’s Message – Q4 2024
On behalf of the management and directors, I am pleased to update you on the key milestones completed to date in 2024 and the goals and objectives for New Age Metals (NAM) for next year.
The Company aims to ensure that we are actively communicating with our shareholders and other stakeholders to the best of our abilities, and we want you to know that we are available to answer any questions or concerns. If you would like to receive an update, please contact us at our Rockport field office line (1-613-659-2773 or 1-800-667-1870). Alternatively, you can reach us via email at info@newagemetals.com or subscribe to our distribution by clicking the subscribe button at the top right corner of our website.
River Valley Project Overview
In 2024, we achieved progress on our 100% owned River Valley Palladium Project, underscoring our commitment to advancing this flagship project. As a reminder, the River Valley Project is a multi million ounce primary palladium deposit with Preliminary Economic Assessment completed in 2023. The successful completion of a proof-of-concept PLATSOL™ leaching testwork program this year marked a milestone in our metallurgical advancements. Developed by SGS Lakefield, the PLATSOL™ process enhances the recovery of platinum group metals (PGMs), gold, and base metals from sulfide ores and concentrates by leveraging high temperature, pressure, and an acidic chloride solution. The results demonstrated high recoveries, improved project economics, and the potential for large-scale application. Concurrently, we continued our environmental baseline studies, focusing on monitoring local ecosystems, evaluating potential impacts, and implementing mitigation strategies to ensure sustainable development. Our technical team is now working on a Phase Two Budget for further optimization of the PLATSOL™ process. We are also actively seeking government funding and grants for critical metals and exploring new acquisition opportunities in response to the downturn in PGM prices, particularly targeting copper, copper/gold, and other polymetallic projects internationally. River Valley also holds strategic importance due to ongoing geopolitical and supply chain challenges affecting global PGM supplies. Management remains committed to advancing this cornerstone PGM asset during this down cycle of lower PGM prices. These efforts collectively aim to enhance our project portfolio, diversify our assets, and reinforce our commitment to delivering value to our shareholders through strategic project development, new property acquisitions and advanced, sustainable practices. Management would also like to remind the reader that the River Valley Project still has tremendous upside in regards to its exploration potential. When palladium prices improve and the junior mining industry becomes more robust, follow up drilling will be completed on the many areas outlined in the 2023 Preliminary Economic Assessment.
Genesis PGM, Battery Metals Project, Alaska
Figure 2: Location of the Genesis PGM-Cu-Ni Project, Nelchina Mining District, Alaska.
The Genesis PGM-Cu-Ni Project is an under explored, highly prospective drill ready property located 460 km south of Fairbanks, Alaska. The map figure below shows the location of the Genesis Project. Over the past several years, the Company completed two phases of work on its 100% owned Genesis PGM-Copper-Nickel Project in Alaska. The objective of the program was to complete a surface rock, soil and stream sediment geochemical sampling and geological mapping program at the Bernard Mountain and Sheep Hill areas of the Genesis Project to identify additional future drill targets. The Genesis Project has never been drilled and represents an opportunity for a new discovery. The first phase of work involved the collection of rock grab samples and small soil sample pits were dug to assess soil profiles at target areas outlined from previous work. A subsequent phase of similar geochemical sampling and mapping was completed in late September. The stable land status, ease of access and good infrastructure make this project prospective for year-round exploration, and development. The Company continues to solicit potential option/joint venture partner(s) to continue the exploration and development of its Genesis Project.
Lithium Division , Manitoba
Regional map of southeast Manitoba showing NAM’s 100% owned Lithium and Rare Element Projects.
2024 was a very busy and productive year for our Lithium Division. Our $7 million 2023/24 exploration budget included ~12,700 meters of drilling. New Age Metals released the much-anticipated lithium drill results from its Winter 2024 Exploration Drill Programs on June 11th. The work was fully funded by our partner Mineral Resources Ltd., a top 5 global lithium producer. NAM also announced the positive news of an exploration grant worth $1.5 million.
On June 11th, NAM announced the results of the Winter Drilling Program. We were pleased with the safe and efficient execution of our drill campaign by our contractors and technical team. The abundance of pegmatites and promising geochemical results highlight the high potential for Lithium-Cesium-Tantalum (LCT) mineralization. The discovery of new lithium-bearing pegmatites validates our team’s targeting methods and reaffirms our commitment to advancing exploration. We aim to position New Age Metals as a key player in meeting global lithium demand and look forward to announcing our summer exploration plans to build on these results. We encourage interested parties to visit the press release from June 11th for details of the results.
On June 17th, we announced NAM’s participation in the University of Manitoba’s sustainable mineral exploration grant for $1.5 million, which will be shared equally with Grid Metals. The University of Manitoba researchers are poised to unlock more sustainable ways to extract mineral resources, thanks to a $1.5 million grant from the Natural Sciences and Engineering Research Council (NSERC). By harnessing the collective expertise of academia, industry, and government, we can address the complex challenges facing the critical minerals industry and create sustainable solutions for the future.
The project will focus on several key objectives over a three-year period, including:
- Advancing exploration techniques to identify new critical metals deposits in Manitoba
- Training the next generation of geologists in critical metals research
- Developing environmentally responsible exploration methods
- Facilitating knowledge transfer and workforce development to support the growth of Manitoba’s Indigenous communities.
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I would personally like to acknowledge our directors, management team and technical team for their ongoing hard work and dedication to our Company. On behalf of our board of directors, I would like to thank you, our shareholders and interested parties for your continued interest and support.
Sincerely,
Harry Barr
Chairman & CEO
NEW AGE METALS INC.
