New Age Metals Initiates 2026 Platinum Group Metal Exploration At River Valley, Ontario

(TheNewswire)

February 4, 2026 – TheNewswire - Rockport, Ontario– New Age Metals Inc. (TSX.V: NAM | OTCQB: NMTLF | FSE: P7J) (“NAM” or the “Company”) is pleased to announce the commencement of its 2026 platinum group metal (“PGM”) exploration program at its 100%-owned River Valley Project (“River Valley” or “RV”), located approximately 100 km east of Sudbury, Ontario. This program forms part of NAM’s aggressive growth strategy to expand its PGM portfolio through strategic acquisitions across North America, underscored by the Company’s recent acquisition of the Northern Shield Project in Ontario’s Ring of Fire.

Phase 1 of a planned two-phase exploration program will focus on a DasVision 3D Induced Polarization (IP) survey over the Mustang Zone, situated southeast along strike from the main River Valley mineralized trend on NAM’s mining leases (Figure 2). The survey is being carried out by Abitibi Geophysics of Val-d’Or, Québec, a leading provider of advanced geophysical services.

The program is designed to generate high-priority drill targets and support the expansion and upgrading of mineral resources within the underexplored Mustang Zone.

Highlights

• A 3-year exploration permit is in place for the River Valley Project, covering geophysical surveys and drilling on the Mustang Property 

• 

  Contract signed with Abitibi Geophysics (Val d’Or) for the DasVision 3D IP survey and interpretation 

• The DasVision 3D IP survey is now underway  

• The survey results will generate priority targets for drill testing in 2026 

• Platinum and copper prices at recent multi-year highs, with palladium (Figure 1) and rhodium rebounding strongly from recent lows in early 2025, reinforcing the strategic value of PGM-Cu exploration 

• NAM is advancing a joint venture strategy for the 4.5 km Mustang Zone to bring in a strategic PGM partner while the Company prioritizes development of its core River Valley resource area 

• The Company maintains ongoing engagement with Nipissing First Nation pursuant to a Memorandum of Understanding at River Valley. 

 Figure 1: Palladium Price Graph as of February 2, 2026. Source: Google Finance, NYMEX Palladium Continuous Futures (PAW00) price chart, data from CME Group, accessed February 2, 2026.

 

Figure 2: Location of the Mustang Zone Southeast Along Strike of the Main Dana North-Razor Zones. Source: P&E (2023). Figure Description: Geological map showing the offsets of the River Valley Deposit (red) along north and northeast-trending faults into the separate mineralized zones. Note that the Mustang Zone (circled), the subject of this press release, is contiguous along strike with the Razor Zone. Das Vision survey is expected to better understand the ore-body geometry which will aid drill targeting and resource expansion.

 

Harry Barr, Chairman and CEO, commented: “We are very pleased to launch the 2026 exploration season at the River Valley PGM project. The company is utilizing the first-ever DasVision 3D IP survey (Figure 3) on the property, marking the first systematic exploration work on the 4.5-kilometre-long Mustang Zone since 2002. Platinum and copper prices are at recent highs, while palladium and rhodium have rebounded strongly from their 2023–2025 lows. The macroeconomic backdrop for critical metals has rarely been more supportive for the mining industry.

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Figure 3: DAS Vision dDistributed Acquisition System (simplified schematic) Source: Abitibi Geophysics (DAS Vision system), via Axceta

 

At New Age Metals, our vision is to build a leading North American PGM company, anchored by our flagship River Valley development and exploration project and strengthened by a growing pipeline of additional PGM exploration and development assets.

As we advance exploration on the Mustang Zone, the survey is expected to generate high-quality drill targets that will help unlock additional value for our shareholders and further enhance River Valley’s standing as one of North America’s premier development-stage PGM assets.”

The DasVision 3D IP Survey

DasVision 3D IP is a ground distributed array system that utilizes independent receivers, thereby avoiding lengthy and troublesome wiring between receivers. This flexible setup is practical for surveying large systems at depths exceeding 1,000 metres, while retaining high resolution and still performing well on shallower targets. Unlike traditional 2D IP surveys collected along individual lines, the 3D IP survey is conducted over a grid, providing improved resolution and subsurface modeling in geologically complex environments such as the Mustang Zone.

 

The goals and objectives of the DasVision Survey at Mustang are four-fold:

1. Generate Mineral Resource targets for in-fill drilling and conversion of Inferred to Indicated Mineral Resources;

 

2. Generate exploration targets along strike and at depth for expansion of the Mineral Resources;

 

3. Cover gaps in historical 2D IP surveys completed by prior operator; and

 

4. Map the location and the detailed geometry of the Mustang Zone in 3D space.

The Mustang IP survey is designed to cover the three mineralized domains in the Mustang Mineralized Trend that are included in the current Mineral Resources (Figure 4). The survey length is 53 line-km, which started in January, and is slated for completion in February 2026. The survey is designed to achieve a depth of investigation of at least 350 m below surface. This depth is approximately 200 m below the average depth of the historical (2000 to 2002) drilling completed at Mustang.    

The IP survey will provide high-resolution 3D depth inversions of chargeability and resistivity features with advanced interpretations and recommendations for priority targets and drill testing.  

 

Figure 4: DasVision 3D IP Survey Plan at the RV Mustang Zone Source: Modified by NAM from Abitibi Geophysics (2025). Figure Description: The DasVision 3D IP Survey Plan area is outlined in red.  The survey base line (BL 1400E) is oriented north-to-south and the survey lines (L0N to L2800 N) are oriented east-to-west.  The three Mineral Resource domains are projected to surface and encompass about 60% of the mineralized zone.

About the Mustang Zone

PGM-Cu mineralization at Mustang was discovered by Mustang Minerals in 1999.
The mineralization appears to be hosted in the same geological unit of the Paleoproterozoic River Valley Intrusion (gabbronorite-anorthosite) that hosts the 11 km-long PGM-Cu mineralized zones along strike to the north of Mustang on NAM’s original River Valley Property.

Impala Platinum Holdings Limited (“Implats”) signed an option agreement in 1999 with Mustang Minerals to earn 60% interest in the Mustang Property.  In February 2003, Implats ceased work on the property, after spending $3.8 million. The exploration work included surface geophysical surveys, mineral prospecting, geological mapping, trenching and completion of 67 diamond drill holes totalling 16,442 m. Drilling traced the mineralized zone from the Razor Zone in the northwest for a distance of 4.5 km to the southeast along strike within the River Valley Intrusion. Highlight drill hole intersections are listed in Table 1. New Age Metals acquired the Mustang Property in August, 2016 (PFN, 2016)1. Aside from minor due diligence work in summer 2016, no further field work has been completed on the Mustang property.

Since 2016, Mineral Resources Estimates for the Mustang Zone were generated for the 2019 and 2023 Preliminary Economic Assessments (P&E, 2019, 20232,3) of the River Valley Project. The current (2023) Mineral Resource Estimates for the Mustang Zone are summarized in Table 2.  

The restart of exploration in 2026 at Mustang is driven largely by all-time high metal prices of Pt (exceeding US$2,900/oz on January 26, 2026: www.kitco.com) and Cu (exceeding US$6/lb in January, 2026: www.kitco.com) and resurgent metals prices of Pd and Rh (US$1,900/oz and US$10,000/oz, respectively: www.kitco.com). The 4.5 km long Mustang Zone has not been subject to systematic exploration since 2002, and therefore is under-explored compared to the 11 km long main RV mineralized trend along strike to the northwest.

  

1. PFN. 2016. PFN Acquires Strategic & Adjacent PGM Project, near Sudbury, Ontario’s River Valley, Adding 4 km to core PGM Project. Company press release dated August 4, 2016. Listed under the NAM profile on SEDAR+.

2. P&E and DRA. 2019. Updated Mineral Resource Estimate and Preliminary Economic Assessment of the River Valley Project, Dana, Janes, McWilliams, and Pardo Townships, Sudbury Mining Division, Ontario. Dated August 7, 2019.

3. P&E. 2023. Preliminary Economic assessment of the River Valley Palladium Project, Dana, Janes, McWilliams, and Pardo Townships, Sudbury Mining Division, Ontario. Dated August 11, 2023.

 

Notes: Lower cut-off grade = 0.2 g/t Pd+Pt+Au. No minimum thickness set.

 

Source: P&E. 2023. Preliminary Economic Assessment of the River Valley Palladium Project, Dana, Janes, McWilliams and Pardo Townships, Sudbury Mining Division, Ontario

Notes:

1. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

2. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.

3. The Inferred Mineral Resource in this estimate has a lower level of confidence than that applied to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of the Inferred Mineral Resource could potentially be upgraded to an Indicated Mineral Resource with continued exploration.

4. The Mineral Resources were estimated in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions (2014) and Best Practices Guidelines (2019) prepared by the CIM Standing Committee on Reserve Definitions and adopted by the CIM Council.

5. The Mineral Resource Estimate is based on US$ metal prices of $1,850/oz Pd, $900/oz Pt, $1,600/oz Au, $3.00/lb Cu, $16/lb Co, $6.50/lb Ni, $8,000/oz Rh, $18.50/oz Ag. The US$:CDN$ exchange rate used was 0.75.

6. The NSR estimates use flotation recoveries of 80% for Pd, 80% for Pt, 80% for Au, 85% for Cu, 25% for Co, 30% for Ni, 80% for Rh and 65% for Ag and smelter payables of 80% for Pd, 80% for Pt, 85% for Au, 85% for Cu, 50% for Co, 90% for Ni, 80% for Rh and 65% for Ag.

7. The pit optimization used a mining cost of CDN$2.25/t mined, combined processing and G&A costs of CDN$15/t, and pit slopes of 50º. The out-of-pit Mineral Resources used combined underground mining, processing and G&A costs of CDN$50/t.

8. Out-of-pit Mineral Resources were determined to be potentially extractable with the longhole mining method.

Qualified Person

Dr. William Stone, P.Geo. (PGO – 1569) an independent Qualified Person for the purposes of National Instrument 43-101 Standards of Disclosure for Mineral Projects and a geoscience consultant to NAM, has reviewed and approved the scientific and technical data disclosure in this press release.

About NAM

New Age Metals is a junior mineral exploration and development company focused on the discovery, exploration, and development of critical green metal projects in North America. The Company has three divisions: a Platinum Group Element division, a Lithium/Rare Metals division, an Antimony-Gold Division as well as an investment in MetalQuest Mining’s (TSXV:MQM | OTC:MQMIF) high purity Lac Otelnuk Iron Project.

The PGM Division includes the 100% owned, multi-million-ounce, district-scale River Valley Project, one of North America’s largest undeveloped Platinum Group Element Projects, situated 100 km by road east of Sudbury, Ontario. In addition to River Valley, NAM owns 100% of the Genesis PGM-Cu-Ni Project in Alaska. Most recent PGM announcement:  https://newagemetals.com/new-age-metals-prepares-its-platinum-group-metals-division-to-launch/.

New Age Metals’ Antimony–Gold division is located in Newfoundland and comprises a 20,950-hectare land package across 11 non-contiguous properties. Six of these properties are situated in the St. Alban’s area, along Canstar’s Swanger and Little River mineralized trends. The remaining five properties are strategically positioned along the same regional geological trend as the past-producing Beaver Brook Antimony Mine and are also located near New Found Gold’s Queensway South Gold Project.

Management has completed Phase 1 exploration and has now finished Phase 2 fieldwork. The Phase 2 program successfully delineated multiple gold–antimony (Au–Sb) trends, and the Company is currently planning follow-up exploration while awaiting additional assay results. These results will be used to guide exploration targeting and program planning for 2026 and beyond. Most recent releases: https://newagemetals.com/axiom-exploration-group-initiates-xcite-helicopter-borne-tdem-survey-over-nams-sentinel-antimony-property-newfoundland-nam-monitors-fintech-solutions-to-enhance-market-transparency/

https://newagemetals.com/new-age-metals-samples-high-grade-antimony-gold-silver-and-lead-at-st-albans-newfoundland-and-starts-phase-2-exploration

On January 21st 2026, New Age Metals announced the successful acquisition of the Northern Shield PGM-Copper-Nickel Project located in Ontario’s Ring of Fire Region, located within the Fishtrap Lake Intrusive Complex in Northern Ontario, Canada. This acquisition represents a first step in NAM’s expanding Ring of Fire strategy.

The Bonanza Ridge Gold and Critical Metals Project has been significantly expanded with the option agreements for the Lavender Lake and South Gibi Lake properties, adding a combined ~5,216 hectares (~12,889 acres) of prospective ground in the Kenora Gold District of northwestern Ontario. These properties, located about 25 km southeast of Kenora, are strategically positioned along a favourable structural corridor adjacent to NAM’s flagship Bonanza Gold Property, and host known gold and copper occurrences with minimal modern exploration to date. The consolidated portfolio now comprises approximately 8,500 hectares of contiguous land within an emerging gold and critical metals jurisdiction, providing substantial opportunities for follow-up field work, structural modeling, target generation, and future drill campaigns. Recent announcement:https://newagemetals.com/new-age-metals-expands-bonanza-ridge-gold-andcritical-metals-project-strategic-acquisition-oflavender-lake-south-gibi-lake-properties/.

The Company is establishing a Kenora, Ontario based field operations hub to support exploration activities across Northwestern Ontario and Eastern Manitoba. The proposed facility would provide centralized logistical, technical, and administrative support for regional exploration programs and is expected to improve field efficiency and coordination.

The Company’s Lithium Division is one of the largest mineral claim holders in the Winnipeg River Pegmatite Field, where the Company is exploring hard rock lithium and various rare elements such as tantalum, rubidium, and cesium. NAM is developing its lithium division in conjunction with its Farm-in/Joint Venture agreement with Mineral Resources Ltd. (“MinRes”), one of the world’s largest lithium producers. A minimum budget to maintain the Projects has been approved by Mineral Resources Ltd for May 2025 to April 2026. Management is currently working on providing Mineral Resources, a go forward exploration program for spring, summer, and fall 2026.

In April 2024, a $1.5M NSERC Alliance grant was awarded to a collaboration led by the University of Manitoba (Drs. Fayek and Camacho), with academic partners from Lakehead University (Dr. Hollings) and industry partners including New Age Metals and Grid Metals. This research is focused on advancing Canada’s critical metals sector, with New Age Metals’ portion targeting its Bird River lithium properties. The 2025 work included core sampling and field visits. The project will likely extend beyond the original 3-year term, due to its delayed start. The parties involved in this grant plan to meet over the next 60 days and will announce our plans for 2026 and beyond.

New Age Metals Inc. is supporting a successful $180K Mitacs research grant, awarded in 2023, through its $90K contribution (already accounted for and paid under the Mineral Resources joint venture). This academic partnership with the University of New Brunswick and the University of British Columbia is focused on understanding the origin and controls of lithium pegmatite mineralization in the Cat Lake–Winnipeg River field. MSc and post-doctoral research programs have recently been completed, and the Company is reviewing the results with the academic institutions to assess how the findings may be incorporated into future exploration programs. This collaboration provides access to top-tier scientific expertise and equipment, significantly reducing analysis costs and adding long-term value to the project.

The Company is actively seeking an option/joint venture partner for our and its road-accessible Genesis PGM-Cu-Ni Project in Alaska and results from our Summer/Fall Program are expected by the end of the year. Recent announcement: https://newagemetals.com/new-age-metals-completes-summer-2025-exploration-program-on-the-genesis-pgm-cu-ni-project-alaska/ .

On August 6, 2025, New Age Metals announced an additional investment in a 4th critical metal. NAM currently owns approximately 9.63% and holds warrants that, if exercised with today’s issued and outstanding shares of MQM, would bring NAM to a 14.6% interest in MetalQuest Mining inc.

MetalQuest Mining inc. is developing one of North Americas largest iron projects, where approximately $120 million has been spent on the project. For more information, please visit MetalQuestMining.com . High-purity iron became a critical metal Federally in Canada and in the Provinces of Quebec and Newfoundland and Labrador in 2024. In the summer of 2025, MQM contracted AtkinsRealis, an international engineering company, to complete a GAP Analysis on the Lac Otelnuk Project and its 2015 Feasibility Study. Results are expected in Q1 2026.

MetalQuest Mining has secured the ROF-1 Project, a district-scale critical minerals land package in Ontario’s Ring of Fire totaling 1,034 claim cells (~20,800 hectares). The Ring of Fire is one of Canada’s most important emerging critical minerals districts, supported by growing infrastructure and government attention as the region advances toward potential development. ROF-1 Project is located approximately 10 km from major nearby deposits and has identified exploration potential for VMS-style mineralization and multiple untested target corridors based on historic work and technical review. This acquisition represents MetalQuest’s first step in building a broader multi-project Ring of Fire strategy, with the Company continuing to review additional opportunities in the region.

Management is currently aggressively seeking new mineral acquisition opportunities on an international scale. Our philosophy is to be a project generator with the objective of optioning our projects with major and junior mining companies through to production.

Investors are invited to visit the New Age Metals website at www.newagemetals.com where they can review the company and its corporate activities. Any questions or comments can be directed to info@newagemetals.com or Harry Barr at Hbarr@newagemetals.com or Farid Mammadov at faridm@newagemetals.com or call 613 659 2773.

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On behalf of the Board of Directors

“Harry Barr”

Harry G. Barr

Chairman and CEO

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Note Regarding Forward Looking Statements: This release contains forward-looking statements that involve risks and uncertainties. These statements may differ materially from actual future events or results and are based on current expectations or beliefs. For this purpose, statements of historical fact may be deemed to be forward-looking statements. In addition, forward-looking statements include statements in which the Company uses words such as “continue”, “efforts”, “expect”, “believe”, “anticipate”, “confident”, “intend”, “strategy”, “plan”, “will”, “estimate”, “project”, “goal”, “target”, “prospects”, “optimistic” or similar expressions. These statements by their nature involve risks and uncertainties, and actual results may differ materially depending on a variety of important factors, including, among others, the Company’s ability and continuation of efforts to timely and completely make available adequate current public information, additional or different regulatory and legal requirements and restrictions that may be imposed, and other factors as may be discussed in the documents filed by the Company on SEDAR (www.sedar.com), including the most recent reports that identify important risk factors that could cause actual results to differ from those contained in the forward-looking statements. The Company does not undertake any obligation to review or confirm analysts’ expectations or estimates or to release publicly any revisions to any forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. Investors should not place undue reliance on forward-looking statements.

    

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