(TheNewswire)
January 26, 2022 – TheNewswire - Rockport, Ontario, Canada – New AgeMetals Inc. (‘NAM’) (TSXV:NAM ) ; ( OTC:NMTLF ) ; ( FSE:P7J.F) New Age Metals is pleased to announce that it has signed an Exploration Memorandum of Understanding(“MOU”) on January 6, 2022 with Nipissing First Nation (“NFN”)to continue to promote a mutually respectful relationship with FirstNations concerning NAM’s exploration programs on its mining leasesand claims within the River Valley Project (the “Project”). NFNholds inherent Aboriginal rights and treaty rights to and over certainterritory within the Company’s Project and NFN exercises thoserights and asserts certain rights and claims in respect of surface andsubsurface rights.
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Harry Barr, Chairman & CEO stated, “ New Age Metals is verypleased to sign this Memorandum of Understanding and to be an activeParticipant with Nipissing First Nation . New Age Metals acknowledges that the RiverValley Project is subject to Aboriginal traditional and treaty rightswhich are protected under Section 35 of the Constitution Act,Canada . By signing this agreement, the Companybelieves that there is a structured method to work constructively withthe Nipissing First Nation in regards to the exploration anddevelopment of any of the company’s claims that are located ontraditional territories. ”
Nipissing First Nation Chief Scott McLeod added,“Through this MOU, NFN’s leadership commits to participatingmeaningfully in discussions with NAM related to ongoing explorationactivities on our traditional territory in River Valley. Ongoingengagement and consultations with our nation members will ensure anypotential mine developments respect our rights and the importance ofthe environment while creating direct benefits for ourNation.”
New Age Metals is undertaking mineral explorationactivities on mining leases and mining claims related to the Company'sRiver Valley Project (the "Project"). The Company'sexploration activities are located on lands which NFN assert are partof their traditional territory and in which NFN assert their membershold and exercise Aboriginal and/or Treaty rights. The MOU establishesa foundation for collaborative and respectful communications betweenthe Parties to facilitate New Age Metals' consultation with NFN toensure that any exploration activities, including the initial workwithin the NFN traditional territory, are conducted for the mutualbenefit of NFN and NAM, while recognizing the importance of theenvironment and NFN traditional territory and the associatedAboriginal and treaty rights of NFN and its members.
Future Negotiation of FurtherAgreements
In the event of the Project moving into construction,this MOU outlines the scope and timelines for the parties to negotiatefurther agreements. These negotiations shall be undertaken havingregard to the scope, duration and estimated economics of advancedexplorations and/or the mine. The Company’s flagship River ValleyPalladium Project is progressing through its fully financedPre-Feasibility Study which is slated for completion in 2022.
Share Purchase Warrants
Under the terms of each of the MOU, the Company hasagreed to issue an aggregate 1,000,000 non-transferable share purchasewarrants (the “Warrants”) which will entitle the holder topurchase 1,000,000 common shares of the Company at an exercise priceof $0.20 for a period of five (5) years from the date of issuance,subject to TSX Venture Exchange approval.
Any securities issued will be subject to a hold periodof four months plus one day in accordance with regulatoryrequirements.
About NAM
New Age Metals is a junior mineral exploration and development companyfocused on the discovery, exploration, and development of green metalprojects in North America. The Company has two divisions; a PlatinumGroup Metals (PGM) division and a Lithium / Rare Element division.
The PGM Division includes the 100% owned,multi-million-ounce, district scale River Valley Project, one of NorthAmerica’s largest undeveloped Platinum Group Metals projects,situated 100 km northeast from Sudbury, Ontario. The Company completed a positivePreliminary Economic Assessment on the Project in 2019 and is fullyfinanced to complete a Pre-Feasibility Study on the Project. Atechnical report is slated to be published by the end of the firsthalf of 2022. In addition to River Valley, theCompany is the 100% owner of the Genesis PGM-Cu-Ni Project.
NAM’s Lithium Division is one of the largest mineral claim holdersin the Winnipeg River Pegmatite Field, where the Company is exploringfor hard rock lithium and various rare elements such as tantalum andrubidium. In 2021 drone geophysics were completed on at least five ofthe Company’s seven projects and in October a maiden drill programon the Company’s Lithium Two Project was initiated. On September28 th , the Companyannounced a partnership with Mineral Resource Limited (MRL, ASX: MIN),the world’s fifth largest lithium producer to explore and developthe Company’s lithium project portfolio.
Our philosophy is to be a project generator with the objective ofoptioning our projects to major and junior mining companies topotentially develop them through to production. The Company isactively seeking an option / joint venture partner for itsroad-accessible Genesis PGM-Cu-Ni Project in Alaska.
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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 RegulationServices Provider (as that term is defined in the policies of the TSXVenture Exchange) accepts responsibility for the adequacy or accuracyof this release.
Cautionary Note Regarding Forward Looking Statements:This release contains forward-looking statements that involve risksand uncertainties. These statements may differ materially fromactual future events or results and are based on current expectationsor beliefs. For this purpose, statements of historical fact may bedeemed to be forward-looking statements. In addition,forward-looking statements include statements in which the Companyuses words such as “continue”, “efforts”, “expect”,“believe”, “anticipate”, “confident”, “intend”,“strategy”, “plan”, “will”, “estimate”, “project”,“goal”, “target”, “prospects”, “optimistic” or similarexpressions. These statements by their nature involve risks anduncertainties, and actual results may differ materially depending on avariety of important factors, including, among others, the Company’sability and continuation of efforts to timely and completely makeavailable adequate current public information, additional or differentregulatory and legal requirements and restrictions that may beimposed, and other factors as may be discussed in the documents filedby the Company on SEDAR (www.sedar.com), including the most recentreports that identify important risk factors that could cause actualresults to differ from those contained in the forward-lookingstatements. The Company does not undertake any obligation to reviewor confirm analysts’ expectations or estimates or to releasepublicly any revisions to any forward-looking statements to reflectevents or circumstances after the date hereof or to reflect theoccurrence of unanticipated events. Investors should not place unduereliance on forward-looking statements.
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