Thunder Bay Division

Project Overview

New Age Metals (TSXV: NAM) acquired the Platreef PGM Project in February 2026 through staking, adding a new platinum group metals–nickel–copper (PGM–Ni–Cu) exploration property to the Company’s PGM Division. The project comprises 834 mining claims covering approximately 16,680 hectares (~41,200 acres) within the Lac des Îles Igneous Complex in Northwestern Ontario, approximately 80 km from the City of Thunder Bay. The acquisition was completed at low cost with no option payments or earn-in obligations, and NAM holds a 100% interest in the project.

The Platreef PGM Project is situated within Canada’s only established primary palladium mining district. The property’s geological setting is interpreted to be prospective for intrusion-hosted PGM mineralization based on the presence of magnetite-bearing gabbroic intrusions, above-background palladium values in historical surface samples, sulphide-bearing zones associated with intrusive contacts, and coincident magnetic and IP anomalies. Multiple untested or underexplored intrusive and geophysical targets have been identified across the property.

The acquisition strengthens NAM’s position as one of Canada’s most active PGM explorers, adding a fourth project to a growing portfolio that includes the flagship River Valley PGM Project in Sudbury, the Northern Shield PGM Project in the Ring of Fire, and the Genesis PGM–Cu–Ni Project in Alaska. The Platreef PGM Project is consistent with NAM’s prospect generator strategy: acquiring technically well-supported exploration assets at low entry cost in proven mining districts, and advancing them systematically toward joint venture or option partnerships with larger producers.

Property & Ownership

The Platreef PGM Project comprises 834 mining claims totaling approximately 16,680 hectares (~41,200 acres), 100% owned by New Age Metals Inc. The property was acquired through staking in February 2026 with no option payments, royalties, or earn-in obligations. NAM holds full control over exploration and development of the asset.

Regional Geology

Lac des Îles Igneous Complex

The Lac des Îles area of Northwestern Ontario is home to Canada’s only primary palladium mining operation, the Lac des Îles Mine, owned and operated by Impala Canada Ltd.. The mine is hosted within the Lac des Îles Igneous Complex, a Neoarchean layered mafic–ultramafic intrusion considered prospective for intrusion-hosted platinum group metals, nickel, and copper mineralization.

Platinum group metals are recognized as critical minerals by the Government of Canada due to their importance in emissions control technologies, clean energy systems, and advanced industrial applications, and the Lac des Îles district is strategically significant as the only domestic primary palladium-producing address in Canada. The region benefits from well-established mining infrastructure, strong government support for responsible resource development, and growing demand for PGMs in the green economy.

Property Geology

The Platreef PGM Project is situated within the Lac des Îles Igneous Complex and is interpreted to be prospective for intrusion-hosted PGM–Ni–Cu mineralization. Historical exploration on and adjacent to the property identified magnetite-bearing gabbroic intrusions, sulphide-bearing zones spatially associated with intrusive contacts, and above-background palladium values in historical surface samples. Coincident magnetic and induced polarization anomalies have been identified across the property and provide the primary basis for target generation.

Previous exploration is interpreted to have been constrained by limited mechanical stripping, an incomplete understanding of intrusive geometry, and drill orientations that may not have optimally tested the most prospective intrusive targets. The majority of identified geophysical anomalies and favourable intrusive horizons across the property remain untested, representing the primary focus of NAM’s planned exploration program.

Go Forward Plan

NAM intends to advance the Platreef PGM Project through a phased and systematic exploration program focused on refining geological understanding, defining priority targets, and advancing the project toward potential drill testing. Initial work will include compiling and reviewing historical geological mapping, drill data, geophysical surveys, and government datasets, followed by field verification including mapping, prospecting, and lithogeochemical sampling.

The Company may undertake additional ground-based geophysical surveys to refine subsurface targets, and selective mechanical stripping where appropriate to improve bedrock exposure. Priority targets will be advanced to diamond drilling subject to results, permitting, and available funding. Engagement with local First Nations and stakeholders will be initiated early to ensure transparent communication and responsible exploration practices throughout the program.