Ontario Ring of Fire Division

Project Overview

New Age Metals Inc. (TSXV: NAM) acquired the Northern Shield Property in January 2026 through staking, adding a significant new platinum group metals (PGM)-copper-nickel exploration project to the Company’s PGM Critical Metals Division. The property is situated within the Fishtrap Lake Intrusive Complex in the Ring of Fire region of Northern Ontario and was acquired at low cost with no option payments or earn-in obligations.

In February 2026, NAM expanded the project by staking an additional 621 mining claims covering approximately 12,000 hectares (29,653 acres) in the southern extension of the property. The Northern Shield Project’s total land package now stands at approximately 32,000 hectares (79,074 acres), materially increasing NAM’s position along interpreted mafic-ultramafic geological trends within the Ring of Fire. The expanded footprint represents one of the largest contiguous PGM-focused land packages in this emerging district.

The Magnet Lake Property (1,147 ha, optioned December 2025) and Lavender Lake Property (1,335 ha, optioned December 2025) together add significant copper and gold exploration potential to the consolidated package, with due diligence programs confirming copper mineralization including samples up to 2.14% Cu and gold-bearing quartz vein systems. The South Gibi Lake Property (3,881 ha, optioned December 2025) further extends the land position to the south and east along the same regional structural trend. The combined portfolio positions NAM as one of the largest claim holders in this portion of the Kenora Mining District.

The Kenora Gold District is a historic gold-producing region recognized since the late 1800s for its high-grade Archean lode-gold deposits and has seen renewed interest from majors, mid-tier producers, and junior companies. With limited application of modern exploration techniques across much of the district, NAM believes the Bonanza Ridge project offers significant opportunity to unlock value through systematic, discovery-driven exploration.

Property & Ownership

The Northern Shield Project now comprises approximately 1,560 contiguous mining claim cells totaling approximately 32,000 hectares (79,074 acres), 100% owned by New Age Metals Inc. The property was acquired in two tranches: the initial 939 claims (~20,000 ha) in January 2026, and an additional 621 claims (~12,000 ha) in the southern extension in February 2026 both through staking with no option payments, royalties, or earn-in obligations. NAM holds full control over exploration and development of the asset.

Regional Geology

The Ring of Fire

The Ring of Fire is one of Canada’s most significant emerging critical minerals districts, located in the James Bay Lowlands of Northern Ontario. It is underlain by the McFaulds Lake Greenstone Belt, a sequence of Neoarchean volcanic and intrusive rocks hosting multiple styles of critical mineral mineralization. The broader district also includes the Fishtrap Lake Intrusive Complex a layered mafic-ultramafic intrusion that is the host of the Northern Shield Property and is considered prospective for magmatic PGM, Ni-Cu sulphide, and vanadium-rich magnetite mineralization.

The Ring of Fire is recognized as a priority critical minerals region under Ontario’s Critical Minerals Strategy. Growing government engagement, advancing infrastructure planning, and increasing First Nations participation are collectively supporting renewed exploration momentum across the district, creating a favorable backdrop for responsible, early-stage exploration and land consolidation.

Property Geology

The Northern Shield Property covers a well-documented layered mafic-ultramafic intrusive system within the Fishtrap Lake Intrusive Complex. The system is characterized by cyclic anorthosite-gabbro-pyroxenite stratigraphy, magnetite-rich horizons, and localized sulphide mineralization features consistent with environments known to host stratiform PGM systems. The property is considered prospective for reef-style PGM-Ni-Cu sulphide mineralization and vanadium-rich magnetite layers.

Historical exploration conducted primarily between 2003 and 2009 included airborne magnetic and electromagnetic surveys, soil geochemistry, ground geophysics, geological mapping, and diamond drilling. Drilling confirmed the layered stratigraphy, intersecting thin Pt-Pd-bearing reef-style horizons, net-textured sulphides, and a vanadium-rich magnetite layer. Previous operators consistently concluded that drilling was too widely spaced and did not adequately test the most prospective reef-level stratigraphic positions, recommending additional drilling to evaluate the continuity and thickness of mineralized horizons defined by coincident geophysical and geochemical anomalies.

Multiple clearly defined drill targets identified by previous operators remain untested, representing the primary focus of NAM’s planned exploration program. All historical information referenced is derived from publicly available Ontario Geological Survey assessment reports filed by previous operators.

Historical exploration results have not been independently verified by the QP and are preliminary in nature. They should not be relied upon until further work is completed.

Go Forward Plan

Data compilation and geological interpretation are continuing across the expanded 32,000-hectare land package to prioritize targets and optimize exploration planning. Initial work will include the reinterpretation of historical airborne magnetic and electromagnetic datasets across both the original and southern extension areas, integration of historical geochemical and geological mapping data, and the design of targeted low-cost field programs to ground-truth and prioritize untested drill targets identified by previous operators.

Results from these programs will be used to design a staged, cost-effective drill program focused on the highest-priority reef-level stratigraphic targets. The go-forward strategy is consistent with NAM’s prospect generator model: systematically advancing technically robust exploration assets toward a drill-ready stage, with a focus on attracting joint venture or option partners to fund advanced exploration through to discovery.