Dear Shareholders and Interested Parties,
I apologize for sending this month’s Chairman’s Message a few days later than usual. Our management team attended THE Mining Investment Event in Québec City, where we held more than 30 meetings with existing and potential shareholders, major and mid-tier mining companies, royalty and streaming companies, government officials, and other key stakeholders. As always, we are actively following up on these discussions and the requests of the interested parties we met.
JUNE CONFERENCE AND STAKEHODLER OUTREACH
Following the Québec City conference, members of the NAM team attended the Critical Minerals for Defense conference in Toronto on June 9–10. The event brought together mining leaders, investors, defense suppliers, and government representatives to discuss how defense demand is creating new opportunities for critical minerals and strengthening Canada’s role in allied supply chains.
The conference provided valuable insight into the policy, financing, processing, offtake, and procurement considerations shaping demand for defense-critical minerals. These discussions remain highly relevant to NAM’s diversified portfolio of platinum group metals, gold, antimony, copper, nickel, lithium, and other critical metals projects in North America.
MAY CORPORATE DEVELOPMENTS
May was an important month for New Age Metals as we continued to advance our strategy of building value across our portfolio of precious and critical metals projects in North America.
During the month, the Company issued several important updates covering our Platinum Group Metals division, our Kenora Gold and Critical Metals division, and our broader project-generator strategy.
GENESIS PROJECT, ALASKA
On May 6, 2026, we announced that New Age Metals had entered into a non-binding letter of intent with Rockport Capital Corp. regarding the Company’s Genesis Project in Alaska. Under the proposed transaction, Rockport would have the right to earn an initial 50% interest in Genesis, with the potential to earn up to an additional 20% interest through a future joint venture arrangement.
Genesis is a nickel-copper-platinum group elements project located in the northeastern Chugach Mountains of Alaska, approximately 75 road miles north of Valdez, and benefits from proximity to highway and power infrastructure. This transaction is consistent with our project-generator philosophy, allowing NAM to maintain meaningful exposure to exploration upside while seeking partners to help advance projects and reduce direct capital requirements for our shareholders.
The proposed transaction is non-arm’s length, as certain directors and officers of New Age Metals are also directors, officers, or shareholders of Rockport.
RIVER VALLEY PLATSOL™ METALURGICALL PrROGRAM
On May 20, 2026, we announced the launch of the next phase of PLATSOL™ metallurgical optimization testwork at our 100%-owned River Valley Platinum Group Metals Project, located approximately 100 km east-northeast of Sudbury, Ontario. This work is being completed by SGS Canada Inc. at its Lakefield, Ontario facility and is designed to build on the encouraging proof-of-concept results previously announced by the Company.
The second phase will focus on optimizing process conditions, producing flotation concentrates for PLATSOL™ testing, evaluating downstream PGM recovery, and improving our understanding of how the PLATSOL™ process could potentially enhance metal recoveries and overall product value at River Valley.
River Valley remains one of the largest undeveloped primary palladium projects in North America, and we believe continued metallurgical work is an important step in evaluating future development pathways for the Project.
DOUBLE R GOLD PROJECT EXPANSION
On May 26, 2026, we announced the expansion of our Double R Gold Project through the acquisition of the contiguous Dash Lake Gold-Copper Project in northwestern Ontario. The Dash Lake Project adds approximately 1,160 hectares to the Double R land package and materially strengthens NAM’s position in the Kenora and Rainy River districts.
Following the acquisition, the consolidated Double R Project now comprises approximately 838 mining claims totaling approximately 18,780 hectares, or 46,400 acres. We were also pleased to report that the Company received TSX Venture Exchange approval for the Dash Lake acquisition, allowing us to move forward with our plans for the expanded Double R Project.
The Project is located in a region that continues to see strong exploration activity, infrastructure advantages, and renewed interest from major mining companies. Importantly, Double R is located approximately 35 km northwest of the Rainy River Mine and is contiguous with the Rainy River claim block at one end of the Project.
This acquisition further strengthens NAM’s growing Kenora Gold and Critical Metals division and provides the Company with another district-scale exploration project in the highly prospective and active Kenora Mining District.
KENORA AND NEWFOUNDLAND EXPLORATION
On the exploration front, we now have teams in the field in the Kenora district utilizing our new Kenora Field Office and core facility. Our technical team is completing mapping, sampling, trenching, and re-examination of selected historic drill core on the Bonanza Gold Project, with the objective of reassaying intervals that were not previously assayed. Further announcements will follow.
With respect to our Newfoundland Gold-Antimony Division, we have hired two Newfoundland-based prospectors who are currently on the ground completing surface sampling and preparing portions of our project areas for trenching. The objective is to outline drill targets for the fall of 2026 and winter of 2027.
Max Kaczmer, the Project’s Senior Geologist, arrived in Newfoundland on June 15 and is completing analysis of the geophysical work undertaken earlier this year while working with our prospecting team to trench several priority areas. We expect to provide further updates throughout the summer.
At River Valley, we are advancing the second phase of PLATSOL™ testwork. With respect to our Ring of Fire projects, we are preparing for a geophysical program later this year. By the end of June, we expect to provide a series of updates outlining our progress across the Company’s Canadian projects, together with an update on the Genesis Project.
LOOKING AHEAD
Looking ahead, NAM remains focused on disciplined execution of our summer and fall exploration activities across the portfolio.
Our priorities include advancing the River Valley PLATSOL™ optimization program, continuing exploration and target generation across our expanding Ontario gold and critical metals portfolio, engaging with First Nations and local communities, and seeking strategic partners for select projects where outside capital and technical expertise can help unlock value.
We believe our diversified portfolio, strong technical team, growing Ontario and Newfoundland footprints, and exposure to platinum group metals, gold, antimony, copper, nickel, lithium, and other critical metals position the Company well at a time when North American supply chains are receiving increasing attention from governments, industry, and investors.
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