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 thecommencement of its 2026 platinum group metal (“PGM”) explorationprogram at its 100%-owned River Valley Project (“River Valley” or“RV”), located approximately 100 km east of Sudbury, Ontario.This program forms part ofNAM’s aggressive growth strategy to expand its PGM portfolio throughstrategic acquisitions across North America, underscored by theCompany’s recentacquisition of the Northern Shield Project in Ontario’s Ring ofFire.

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

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

Highlights

• A 3-yearexploration permit is in place for the RiverValley Project, covering geophysical surveys and drilling on theMustang Property 

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

• The DasVision 3D IP survey is nowunderway  

• The survey results will generate priority targets fordrill testing in 2026 

• Platinum and copper prices at recentmulti-year highs, with palladium (Figure 1) and rhodium reboundingstrongly 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 PGMpartner while the Company prioritizes development of its core RiverValley resource area 

• The Company maintains ongoing engagement withNipissing First Nationpursuant 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.

Figure2:Location of the Mustang Zone Southeast Along Strike of the Main DanaNorth-Razor Zones. Source: P&E (2023).FigureDescription: Geological mapshowing the offsets of the River Valley Deposit (red) along north and northeast-trendingfaults into the separate mineralized zones. Note that the Mustang Zone(circled), the subject of this press release, is contiguous alongstrike with the Razor Zone. Das Vision survey is expected to betterunderstand the ore-body geometry which will aid drill targeting andresource expansion.

Harry Barr,Chairman and CEO, commented: “We are very pleased to launch the 2026exploration season at the River Valley PGM project. The company isutilizing the first-ever DasVision 3D IP survey (Figure 3) on theproperty, marking the first systematic exploration work on the4.5-kilometre-long Mustang Zone since 2002. Platinum and copper prices are at recenthighs, while palladium and rhodium have rebounded strongly from their2023–2025 lows. The macroeconomic backdrop forcritical metals has rarely been more supportive for the miningindustry.

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

At New Age Metals, our vision is to build a leading NorthAmerican PGM company, anchored by our flagshipRiver Valley development and exploration project and strengthened by agrowing pipeline of additional PGM exploration and development assets.

As we advance exploration on theMustang Zone, the survey is expected to generate high-quality drilltargets that will help unlock additional value for our shareholdersand further enhance River Valley’s standing as one of NorthAmerica’s premier development-stage PGM assets.”

The DasVision 3D IP Survey

DasVision 3D IP is a ground distributed array systemthat utilizes independent receivers, thereby avoiding lengthy andtroublesome wiring between receivers. This flexible setup is practicalfor surveying large systems at depths exceeding 1,000 metres, whileretaining high resolution and still performing well on shallowertargets. Unlike traditional 2DIP surveys collected along individual lines, the 3D IP survey isconducted over a grid, providing improved resolution and subsurfacemodeling in geologically complex environments such as the MustangZone.

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

1. Generate Mineral Resource targets forin-fill drilling and conversion of Inferred to Indicated MineralResources;

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

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

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

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

The IP survey will provide high-resolution 3D depthinversions of chargeability and resistivity features with advancedinterpretations and recommendations for priority targets and drill testing.  

Figure 4: DasVision 3D IP SurveyPlan 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 surveybase line (BL 1400E) is oriented north-to-south and the survey lines(L0N to L2800 N) are oriented east-to-west.  The three MineralResource domains are projected to surface and encompass about 60% ofthe mineralized zone.

About the Mustang Zone

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

Impala Platinum Holdings Limited (“Implats”) signedan option agreement in 1999 with Mustang Minerals to earn 60% interestin the Mustang Property.  In February 2003, Implats ceased work onthe property, after spending $3.8 million. The exploration workincluded surface geophysical surveys, mineral prospecting, geologicalmapping, trenching and completion of 67 diamond drill holes totalling16,442 m. Drilling traced themineralized zone from the Razor Zone in the northwest for a distanceof 4.5 km to the southeast along strike within the River ValleyIntrusion. Highlight drill hole intersectionsare listed in Table 1. New Age Metals acquired the Mustang Property inAugust, 2016 (PFN, 2016)1. Aside from minor due diligence work insummer 2016, no further field work has been completed on the Mustangproperty.

Since 2016, Mineral Resources Estimates for the MustangZone were generated for the 2019 and 2023 Preliminary EconomicAssessments (P&E, 2019, 20232,3) of the RiverValley Project. The current (2023) Mineral Resource Estimates for theMustang Zone are summarized in Table 2.  

The restart of exploration in 2026 at Mustang is drivenlargely by all-time high metal prices of Pt (exceeding US$2,900/oz onJanuary 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 andUS$10,000/oz, respectively: www.kitco.com). The 4.5 km long MustangZone has not been subject to systematic exploration since 2002, andtherefore is under-explored compared to the 11 km long main RVmineralized 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. UpdatedMineral Resource Estimate and Preliminary Economic Assessment of theRiver Valley Project, Dana, Janes, McWilliams, and Pardo Townships,Sudbury Mining Division, Ontario. Dated August 7, 2019.

3. P&E. 2023. PreliminaryEconomic 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/tPd+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 notMineral Reserves do not have demonstrated economic viability.

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

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

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

5. The Mineral Resource Estimate isbased 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, $18.50/oz Ag. TheUS$:CDN$ exchange rate used was 0.75.

6. The NSR estimates use flotationrecoveries of 80% for Pd, 80% for Pt, 80% for Au, 85% for Cu, 25% forCo, 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 amining cost of CDN$2.25/t mined, combined processing and G&A costsof CDN$15/t, and pit slopes of 50º. The out-of-pit Mineral Resourcesused combined underground mining, processing and G&A costs ofCDN$50/t.

8. Out-of-pit Mineral Resources weredetermined to be potentially extractable with the longhole miningmethod.

QualifiedPerson

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

About NAM

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

The PGM Division includes the 100%owned, multi-million-ounce, district-scale River Valley Project, oneof North America’s largest undeveloped Platinum Group ElementProjects, situated 100 km by road east of Sudbury,Ontario. In addition to River Valley, NAM owns100% of the Genesis PGM-Cu-Ni Project in Alaska. Most recent PGMannouncement:  https://newagemetals.com/new-age-metals-prepares-its-platinum-group-metals-division-to-launch/.

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

Management has completed Phase 1 exploration and hasnow finished Phase 2 fieldwork. The Phase 2 program successfullydelineated multiple gold–antimony (Au–Sb) trends, and the Companyis currently planning follow-up exploration while awaiting additionalassay results. These results will be used to guide explorationtargeting and program planning for 2026 and beyond. Most recentreleases: 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 successfulacquisition of the Northern Shield PGM-Copper-NickelProject located in Ontario’s Ring of FireRegion, located within the Fishtrap Lake Intrusive Complex in NorthernOntario, Canada. This acquisition represents a first step in NAM’sexpanding Ring of Fire strategy.

The BonanzaRidge Gold and Critical Metals Project has beensignificantly expanded with the option agreements forthe Lavender Lake and South GibiLake properties, adding a combined ~5,216hectares (~12,889 acres) of prospective ground in the Kenora Gold District of northwestern Ontario. These properties, located about 25km southeast of Kenora, are strategicallypositioned along a favourable structural corridor adjacent to NAM’sflagship Bonanza Gold Property, and host known gold and copperoccurrences with minimal modern exploration to date. The consolidatedportfolio now comprises approximately 8,500 hectares ofcontiguous land within an emerging gold and critical metalsjurisdiction, providing substantial opportunities for follow-up fieldwork, structural modeling, target generation, and future drillcampaigns. 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 operationshub to support exploration activities acrossNorthwestern Ontario and Eastern Manitoba. The proposed facility wouldprovide centralized logistical, technical, and administrative supportfor regional exploration programs and is expected to improve fieldefficiency and coordination.

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

In April 2024, a $1.5M NSERC Alliancegrant was awarded to a collaboration led by the University of Manitoba(Drs. Fayek and Camacho), with academic partners from LakeheadUniversity (Dr. Hollings) and industry partners including New AgeMetals and Grid Metals. This research isfocused on advancing Canada’s critical metals sector, with New AgeMetals’ portion targeting its Bird River lithium properties. The2025 work included core sampling and field visits. The project willlikely extend beyond the original 3-year term, due to its delayedstart. The parties involved in this grant plan to meet over the next60 days and will announce our plans for 2026 and beyond.

New Age Metals Inc. is supporting asuccessful $180K Mitacs research grant, awarded in 2023, through its$90K contribution (already accounted for and paid under the MineralResources joint venture). This academicpartnership with the University of New Brunswick and the University ofBritish Columbia is focused on understanding the origin and controlsof lithium pegmatite mineralization in the Cat Lake–Winnipeg Riverfield. MSc and post-doctoral research programs have recently beencompleted, and the Company is reviewing the results with the academicinstitutions to assess how the findings may be incorporated intofuture exploration programs. This collaboration provides access to top-tier scientific expertiseand equipment, significantly reducing analysis costs and addinglong-term value to the project.

The Company is actively seeking anoption/joint venture partner for our and its road-accessible GenesisPGM-Cu-Ni Project in Alaska and results from our Summer/Fall Programare 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 announcedan additional investment in a4th critical metal. NAM currently ownsapproximately 9.63% and holds warrants that, if exercised withtoday’s issued and outstanding shares of MQM,would bring NAM to a 14.6% interest in MetalQuest Mining inc.

MetalQuest Mining inc. is developingone of North Americas largest iron projects, where approximately $120million has been spent on the project. For moreinformation, please visitMetalQuestMining.com .High-purity iron became a critical metal Federally in Canada and inthe Provinces of Quebec and Newfoundland and Labrador in 2024. In thesummer of 2025, MQM contracted AtkinsRealis, an internationalengineering company, to complete a GAP Analysis on the Lac OtelnukProject and its 2015 Feasibility Study. Results are expected in Q12026.

MetalQuest Mining has secured the ROF-1 Project, adistrict-scale critical minerals land package in Ontario’s Ring ofFire totaling 1,034 claim cells (~20,800 hectares). The Ring of Fire is one of Canada’s mostimportant emerging critical minerals districts, supported by growinginfrastructure and government attention as the region advances towardpotential development. ROF-1 Project is locatedapproximately 10 km from major nearby deposits and has identifiedexploration potential for VMS-style mineralization and multipleuntested target corridors based on historic work and technicalreview. This acquisitionrepresents MetalQuest’s first step in building a broadermulti-project Ring of Fire strategy, with the Company continuing toreview additional opportunities in the region.

Management is currently aggressivelyseeking new mineral acquisition opportunities on an internationalscale. Our philosophy is to be a projectgenerator with the objective of optioning our projects with major andjunior mining companies through to production.

Investors are invited to visit the New Age Metalswebsite at www.newagemetals.com where they can review the company andits corporate activities. Any questions or comments can be directedto info@newagemetals.com or Harry Barr at Hbarr@newagemetals.com or FaridMammadov at faridm@newagemetals.com or call 613 659 2773.

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On behalf of the Board ofDirectors

“Harry Barr”

Harry G. Barr

Chairman and CEO

Neither the TSX Venture Exchange norits Regulation Services Provider (as that term is defined in thepolicies of the TSX Venture Exchange) accepts responsibility for theadequacy or accuracy of this release.

Cautionary NoteRegarding Forward Looking Statements: This release contains forward-lookingstatements that involve risks and uncertainties. These statements maydiffer materially from actual future events or results and are basedon current expectations or beliefs. For this purpose, statements ofhistorical fact may be deemed 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 review orconfirm analysts’ expectations or estimates or to release publiclyany revisions to any forward-looking statements to reflect events orcircumstances after the date hereof or to reflect the occurrence ofunanticipated events. Investors should not place undue reliance onforward-looking statements.

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