Dear Shareholders and Interested Parties,
July and August were some of our busiest and most productive months of the year so far, with active field programs running simultaneously across our Kenora Gold and Critical Metals Division, our Newfoundland Gold-Antimony portfolio, and our flagship River Valley Palladium Project, alongside continued progress on financing, working towards multiple strategic partnerships, and building and aligning our corporate and technical team. Below is a summary of the Company’s key activities since our last update, along with a look at our recent site visit to the Kenora field office. You can watch the full site visit here: EXPLORATION Steps to FIND A GOLD Mine in Canada’s Kenora Mining District.
Financing
On July 21, 2026, we closed a non-brokered private placement of 1,613,000 flow-through units at $0.31 per unit for gross proceeds of $500,030. Proceeds are earmarked for exploration and development across our projects in Newfoundland, Manitoba, Kenora, including our Kenora Mining Division, our Gold-Antimony Newfoundland projects. As a reminder we also will be utilizing an approximate $25,000 grant we are receiving from the Manitoba government for proposed work on our Southbay Lithium-Cesium-Tantalum-Beryllium project. This financing was timely and allows the Company extra funds to complete additional work on our projects. Good results to date on all projects dictate a larger spend as we work through our Summer and Fall field season.
Figure 1: New Age Metal’s SouthBay Lithium Project Location
In June 2026 NAM was able to negotiate a 100% return on its entire portfolio of Lithium | Rare element division in Southern Manitoba, where over $11 million has been spent to date leaving the companies with numerous drill targets and a very valuable project with excellent exploration upside.(New Age Metals).
Kenora Gold and Critical Metals Division
Our 2026 field program at the Bonanza Ridge Gold and Critical Metals Project is now fully underway. Field crews have completed initial work at the Kite Lake, Blue Star, Triggs, and South Powerline target areas, collecting a total of 101 grab samples during the June field rotation, with assay results currently pending. At Blue Star, the team identified and mapped additional quartz veining, silicified mafic volcanic rocks, and carbonate-breccia zones near known quartz-vein occurrences. A great deal of mapping and stripping has been completed on the Triggs Prospect (See Press Release). We estimate that another 50-75 samples will be taken and a large amount of channel sampling will be completed on the Triggs before the end of August.
Figure 2: Quartz veining exposed along north side of road west of Kite Lake
In parallel, we are continuing regional data compilation, reinterpretation, and target generation across the broader Kenora land package including the Double R Gold Project and the recently added Dash Lake Gold-Copper Project.. Our new Kenora Projects have tremendous infrastructure, they are road accessible and the main power lines in northwestern Ontario go through our projects. The overall objective of the summer/fall program is to highlight drill-ready targets by the winter of 2027. Our Kenora field office and core facility, now fully operational, continues to serve as the central hub for regional field operations, technical work, sample handling, and coordination of exploration personnel and contractors.
Figure 3: New Age Metals’ Kenora-based field operations office and core facility located approximately 7 miles east of Kenora on Canada’s major east-west highway.
Newfoundland Gold-Antimony Portfolio
Field activities also commenced across our Newfoundland gold-antimony (Au-Sb) portfolio in the St. Alban’s-Bay d’Espoir area. Trenching and channel sampling are underway at the Antimony Ridge-Golden Grit property, building on the excellent grades from the Phase 1 and Phase 2 results reported last season. We also staked a new mineral license, the Citadel Extension, along the trend of Antimony Ridge and adjacent to Newfound Gold Corp.’s Golden Grit ground.
We received the final processed dataset from our late-2025 Xcite helicopter-borne TDEM and LiDAR survey, which identified a large conductive trend extending along strike from the historic Beaver Brook antimony mine, a priority target we intend to follow up on with soil geochemistry sampling. This proposed soil sampling program has been approved for a Junior Exploration Assistance (JEA) Grant from the Government of Newfoundland and Labrador of approximately $75,000 as a non refundable grant which is our second in Newfoundland, which will cover a portion of eligible exploration expenditures. We have hired two full time Newfoundland prospectors who assist Max Kaczmer, our project geologist on both of our Gold-Antimony projects. A project wide update in the form of a press release is expected by mid September (New Age Metals).
Figure 4: An overview of our two projects in NFLD – St Alban’s
River Valley Palladium Project
On July 28, 2026, we signed an Amending Exploration Memorandum of Understanding with Nipissing First Nation, reinforcing our commitment to a cooperative and mutually respectful relationship as we advance exploration and development at our 100%-owned River Valley Palladium PGM Project near Sudbury. Under the Amended MOU, the Company agreed to issue 500,000 non-transferable share purchase warrants, exercisable at $0.60 over five years and subject to a two-year vesting schedule. We remain committed to responsible exploration and to engaging early and respectfully with First Nation communities across all of our project areas (New Age Metals). We have also rearranged our entire core and equipment facility to better access our core equipment and storage area.
Figure 5: Revamping of our 100% owned core facility adjacent to our River Valley PGM project, Sudbury, ON
Figure 6: An organized, revamped core facility River Valley PGM, Sudbury, ON
Critical Minerals Processing Partnership
Earlier in the summer, on June 24, 2026, we entered into a Memorandum of Understanding with Liberate Minerals Limited, an Australian critical minerals and rare earths refining technology company, to evaluate the potential application of Liberate’s processing and refining technology to materials and project data across our lithium, rare metals, platinum group metals, and gold-antimony assets. This collaboration reflects our ongoing effort to identify ways to add downstream value across our diversified project portfolio. We have also signed an agreement with SGS to begin the second phase of our PLATSOL metallurgical test. To read more about PLATSOL see the press release.
Figure 7: Schematic representation of thePLATSOL process, featuring a flow sheet, laboratory equipment and conceptual processing plant image. Source: New Age Metals website: www.newagemetals.com (May, 2026).
Corporate Team Update
On July 31, 2026, we announced that Farid Mammadov, Vice President of Investor Relations, will be departing the Company after five years of dedicated service. On behalf of the Board and management, I want to thank Farid for his significant contributions to the growth of New Age Metals and wish him continued success in his next business life chapter. To support a seamless transition, Connor Barr has been engaged on a consulting basis as the Company’s Chief of Staff, working closely with me and senior management on corporate strategy, executive operations, business development, and corporate communications.
Genesis PGM-Cu-Ni Project (Alaska)
As previously announced, on May 6, 2026 we entered into a non-binding letter of intent with Rockport Capital Corp., a TSXV Capital Pool Company, under which Rockport would earn an initial 50% interest in our 100%-owned Genesis Project in Alaska by making a $25,000 cash payment, issuing 1,000,000 common shares, and incurring at least $250,000 in exploration expenditures on the property, with the right to earn up to an additional 20% through a future joint venture, for a combined 70% interest. Genesis is a nickel-copper-platinum group elements property located in the northeastern Chugach Mountains, roughly 75 road miles north of Valdez, and benefits from close proximity to the all-season Richardson Highway and a high-capacity power line. To advance the project this season, we engaged Alaska Earth Sciences (AES) of Anchorage, our longstanding technical consultant on Genesis, to carry out this year’s summer/fall field program, building on AES’s prior mapping, sampling, and prospecting work at Sheep Hill following up on platinum group metals, copper, and nickel anomalies previously identified in Aurora Geosciences’ 2021 sediment and rock sampling. We have contracted Alaska Earth Sciences to complete the next phase of work on the Alaska PGM/Copper/Nickel Project by mid August. Results are expected by year end.
Figure 8: Location of Alaska Genesis Project
Figure 9: Image of Tonsina River Lodge which our technical crew will utilize for the 2026 Field program. This facility is road accessible to the Alaska Genesis Project.
Figure 10: Map of the project area, lodging, proposed access route, and preliminary sampling grid.
Figure 11: Image showing the loaded ATV trailer on the trail to Genesis from our previous 2025 Field Program
On the Ground: Kenora Site Visit
In early August, Connor Barr and a small contingent from our Rockport office traveled to our new Kenora field office to give shareholders a direct, on-the-ground look at our Bonanza Ridge Gold Project and the infrastructure supporting our Kenora Gold and Critical Metals Division. The visit included time with our local prospectors Dave Bert, Doug Bundy and George Zubrick, a walkthrough of the Triggs property where we discussed the structural setting behind our highest-grade showings, a review of historical drill core from the 2010 program, and a recap of our proposed and ongoing 2026 field season. This year’s Phase includes a large project wide geophysical program, over 200 assays submitted to the lab, as we move closer to achieve our objective of defining drill targets for the first half of 2027. We also visited the Kite Lake, Blue Star and Powerline targets which are being actively explored with boots on the ground, prospective and channel sampling. We continue to move our First Nations relations forward in the Kenora Mining District . To that end we met with as many local First Nations representatives as possible and are working on several programs to help educate younger members of the local communities. In regards to exploration procedures we also have hired two young gentlemen who are doing a great job working with our technical team. I have spent time with River White and Omry Jeffery Scott and I must say they are excited to learn part of our exploration procedures and they want to stay included in our industry. I would also like to thank Doug Bundy and his wife Celeste in regards to their ongoing help with our exploration efforts and their work with local stakeholders and our continued First Nations relations.
You can watch the full site visit here: EXPLORATION Steps to FIND A GOLD Mine in Canada’s Kenora Mining District.
Going Forward
As we move through August, our focus remains on advancing our summer and fall field programs across Kenora, Newfoundland, Ring of Fire, Thunderbay, Genesis and River Valley PGM Projects, incorporating pending assay results into our exploration targeting, and continuing to build out our Kenora field office as a regional hub for northwestern Ontario and eastern Manitoba operations. We will also continue to progress our technical review with Liberate Minerals and maintain active engagement with First Nations communities and other stakeholders across our project areas. I would like to take this opportunity to thank Percy Clark and his team from Clark exploration for their help on our Northwestern Ontario Projects. Finally as New Age Metals Inc owns approximately 14.2% of MetalQuest Mining (TSX.V: MQM) shares we have enclosed MQM’s most recent chairman’s message as well. (See MQM Chairman’s Message)
Thank you to our shareholders, partners, and stakeholders for your continued support. We remain committed to executing a disciplined strategy focused on responsible growth, technical progress, and long-term value creation.
We encourage interested parties to set up a meeting with management by emailing info@newagemetals.com or calling +1 (613) 659-2773.
On behalf of the Board of Directors and Management, thank you for your continued support and trust in New Age Metals.
Sincerely,
Harry G. Barr
Chairman and CEO
New Age Metals (TSXV: NAM | OTC: NMTLF | FSE: P7J)
Email: Hbarr@newagemetals.com
Phone: 613-659-2773