Chairman’s Message – Q3 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. On August 25, the Company announced that the shareholders of the Company approved the creation of 2176423 Ontario Ltd., a corporation beneficially owned by Eric Sprott, as a new control person of the Company. This allowed for the closing of the second tranche of a private placement financing announced on March 26. As a result of this financing, Mr. Sprott beneficially owns and controls approximately 24.5% of the Company’s issued and outstanding shares on a non-diluted basis.

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

In the summer and early Fall, the Company continued its Pre-Feasibility Study activities at our 100% owned River Valley PGM Project. Two announcements were made in July regarding the commencement of an IP survey over the Banshee Zone at River Valley and an update on environmental baseline studies at the project. A drill rig completed work on our 3rd and 4th metallurgical holes and all material has been sent to SGS Minerals Lakefield to begin work on our metallurgical study. Results from this major study are expected to the end of January 2022. The results for the 2nd round of rhodium assays are expected to be announced before the end of November along with the results of the 4 exploration holes that were drilled in the Banchee zone. In early October we planned to announce an updated Ni 43-101 mineral resource estimate for the project. Updates on other Pre-feasibility activities will be forthcoming.

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.

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. The Company announced the 2021 exploration program on its 100% owned Genesis PGM-Copper-Nickel Project in Alaska on September 20. The program was completed in two phases. The objective of the program was to 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. Results from the 2021 program are expected by or before the end of the year. The stable land status, ease of access and superb 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.

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 Manitoba we completed the field component of a second phase drone geophysics campaign. The drone geophysics programs are designed to identify future drill targets throughout the Manitoba project portfolio and studies have now been completed on 5 of our 7 Projects. On September 28th the Company announced that it entered into a binding term sheet on its Manitoba lithium division with Mineral Resources Limited (MRL, ASX: MIN), the 5th largest lithium producer in the world, which has a A$9 billion market cap. Under the terms of the agreement MRL can earn up to a 75% interest in the projects as follows:

-MRL has the right to acquire an initial 51% interst by completing c$4,000,000 of exploration and development activities and C$400,000 in cash payments within 42 months from the Effective Date

-MRL can earn an additional 14% interest (65%) by completing a NI 43-101 compliant mineral resource estimate and a Pre-Feasibility Study on developing a spodumene concentration operation at one or more of NAM’s Projects

-MRL can earn an additional 10% interest (75%) by funding the Project to the point of a final construction decision made by MRL

In the last week of September, we mobilized a field crew to our Manitoba lithium projects. The objectives of the program were to first assess site logistics and planned drill locations for the Lithium Two Project drill program which is slated to begin in early October, and to follow-up on UAV magnetic survey results on the projects that were surveyed in 2021. The results from this field program will be incorporated into a go-forward exploration program in Manitoba.

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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.


Harry Barr

Chairman & CEO

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Harry Barr
Chairman & CEO