Chairman’s Message – Q2 2021

On behalf of the management and directors, I am pleased to update you on the key milestones completed to date in 2021 and the goals and objectives for New Age Metals (NAM) for the balance of the year.

The Company aims to ensure that we are actively communicating with investors 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

As part of our ongoing investor awareness program, we are participating in a series of virtual roadshow presentations with Renmark Financial Communications where stakeholders can watch and listen to NAM management present the Company, provide progress updates and take live questions. To participate in a presentation, please go to our website and subscribe for news where you will also receive event invitations. Video replays of previous presentations have been made available on our investor relations website.

After the successful completion of a $5.26M equity financing in March of this year, the Company was asked by our single largest shareholder, Mr. Eric Sprott to increase his position in NAM. On March 26, 2021 the Company announced a $5.05M financing, with a $5M lead order from Mr. Sprott. After a first tranche of $2.975M was closed, Mr. Sprott now owns approximately 19.9% of the issued and outstanding shares of the Company. The second tranche of the March 26 financing is to be completed five days after the Company receives shareholder approval for Mr. Sprott to become a new control person of the Company, as a result of owning more than 20% of Company on a non-diluted basis. The Company will be holding an annual shareholders meeting on in mid August, 2021 to obtain shareholder approval for this transaction and the creation of a new control person. Upon completion of the second tranche, Mr. Sprott would hold an aggregate of 51,500,000 Common Shares and 32,750,000 Warrants representing a 24.67% non-diluted interest in the Company.

The proceeds from this financing are being allocated to the flagship River Valley Project Pre-Feasibility Study (PFS) and the project’s 2021 exploration and development program. The PFS is slated to be completed in H2-2022.

Harry Barr, Chairman & CEO
Harry Barr, Chairman & CEO

River Valley Project Overview

On April 12, the Company announced the initiation of the River Valley Project PFS. Management engaged a team of third-party consultants including: P&E Mining Consultants Inc. for Initial Mineral Reserve estimation, mine planning, economic analysis and Project Lead; SGS Canada Inc. and D.E.N.M. Engineering Ltd. for mineral processing and metallurgical test work; Knight-Piésold Consulting for design of the tailings facility and open pit geotechnical engineering; and Story Environmental for environmental baseline studies, archaeological studies, community impact interactions and permitting.

On May 12, the Company announced the initiation of a metallurgical program which will be incorporated in the PFS. The purpose of the study is to investigate the optimal flow sheet parameters for processing mineralized material from River Valley. The Company is drilling fresh material from four different mineralized zones at the project to be delivered to SGS Canada Inc. of Lakefield, Ontario (SGS). This program will be the first metallurgical program that will assess rhodium recoverability at River Valley.

The Company is fully funded to deliver consistent news flow to the market with its exploration and development program in 2021 at River Valley that will be occurring concurrently with the PFS. The exploration and development program will include trenching, geophysics, rhodium assaying and drilling programs.

A project-wide rhodium evaluation program that is being undertaken to assess whether rhodium could be a payable metal for any potential mining operation at River Valley continued in June. A potential rhodium metal credit may be significant at current pricing (June 16, 2021 bid price = USD $22,600/oz) and our objective is to complete sufficient re-assaying and recovery studies to prove that rhodium could provide up to 5% of the Project’s payable metal package. On June 10 the Company reported that samples were collected from eight mineralized intervals in four diamond drill cores on a key cross-section for rhodium analysis as part of a phase two rhodium assaying study (phase one completed in 2020 and announced on March 2). 189 samples have been submitted to Geo Labs in Sudbury for preparation and high-sensitivity assay analysis. Assay results are expected in September. The Mineral Resource Estimation work completed to date shows over 25,000 ounces of rhodium in the Measured plus Indicated resource classification and an additional 20,000 ounces in the Inferred classification. However, the assaying to date is insufficient to allow for a rhodium credit and inclusion as a payable metal in the PEA or further studies.

Genesis PGM, Base Metal 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. In 2021 the Company plans to complete a surface exploration and mapping program with the objective of further defining drill targets. The stable land status, ease of access and superb infrastructure make this project prospective for year-round exploration, and development. In August of 2021, the Company plans to complete a surface sampling and mapping program on the Genesis Project. 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.

The Company has seven Lithium and Rare Element Projects in the Winnipeg River Pegmatite Field, located in South East Manitoba and situated around the Tanco Mine. The world-class Tanco Pegmatite is a highly fractionated lithium-cesium-tantalum (LCT)–type pegmatite that has historically been mined (Tanco Mine) since 1969 for Li, Ta, Cs, Rb and Be ores.

In advance of a H2-2021 drill program, the Company has been systematically completing a UAV-borne drone magnetometry survey over the project portfolio to identify future drill targets. A first phase survey that covered the Cat Lake, Lithium Two, and Lithman West projects was announced on April 6, and a second phase that surveyed the Lithman East and Lithman North projects was announced on May 19. Interpretation of the results of these surveys will be the subject of future news releases. In the Fall, the company plans to complete a maiden drill program on its Lithium 2 project. The Company continues to solicit potential option/joint venture partner(s) to continue the exploration and development of its Lithium division.

The Company continues to solicit potential option/joint venture partner(s) to continue the development of its Lithium division.

Opt-in List

If you have not done so already, we encourage you to sign up on our website ( to receive our updated news or click here.

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.


Harry Barr

Chairman & CEO

Stay Updated

"If you have not done so already, we encourage you to sign up to receive updated news, event details and industry info."

Harry Barr
Chairman & CEO