Disclosure: New Age Metals Inc. has paid FRC a fee for research coverage and distribution of reports. See last page for other important disclosures, rating, and risk definitions.
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Price and Volume (1-year)
* Qualified Persons: Troy Gallik, P.Geo., Dr. William (Bill) Stone, P.Geo , Robert M Retherford, CPG, Consultants to New Age Metals.
* New Age Metals Inc. has paid FRC a fee for research coverage and distribution of reports. See last page for other important disclosures, rating, and risk definitions. All figures in C$ unless otherwise specified.
Multiple critical metal projects in North America
Portfolio Summary
Source: Company
NAM also owns a ~10% interest in MetalQuest Mining (TSXV: MQM, MCAP: $14M), the 100% owner of an advanced-stage iron ore project in Quebec, and several early-stage gold, copper, and critical mineral projects
Source: Company
PGMs, lithium, and antimony are designated as critical minerals in the U.S. and Canada, prompting a major push to build a North American supply chain amid elevated geopolitical tensions
The following sections summarize new acquisitions, as well as upcoming plans for legacy projects.
River Valley Palladium Project, Ontario
This advanced-stage project spans 107 km² in Sudbury, a world-renowned Ni-Cu-PGM mining district , with major processing facilities.
NAM’s flagship and most advanced asset
Project Location
Source: Company
Located 100 km east of the City of Sudbury, and 400 km north of Toronto
The property hosts one of the largest undeveloped PGM deposits in North America
2021 Resource Estimate
Based on US$1,850/oz Pd, US$900/oz Pt, US$1,600/oz Au
Source: Company
A total of 733 holes (> 155,000 m) have been completed
Palladium makes up 50% of contained precious metal ounces
2023 PEA Highlights
An independent economic study (PEA) showed an after-tax NPV of $140M, and a low after-tax IRR of 11%, based on US$2,150/oz palladium vs a spot price of US$1,820/oz
The next phase of exploration aims to improve project economics by potentially expanding the known resource
Resource Expansion Potential
Source: Company
Resources are spread across multiple targets (zones)
We believe there is potential for resource expansion, as several targets adjacent to existing resources remain under explored or completely untested
NAM has initiated an exploration program on the largely untested 4.5 km Mustang zone (see map above). The program involves geophysical and electromagnetic surveys to identify high-priority drill targets. Successful results could lead to drilling, potentially expanding the existing resource estimate, and improving the project’s economics.
Begins exploration on the relatively untested Mustang zone
In order to potentially enhance project economics, the company is planning a phase two study using a metal recovery process (PLATSOL™) developed by engineering consultants SGS Canada. NAM conducted preliminary studies in 2024, which reported robust improvements in metal recovery rates compared to the standard processing assumptions used in the 2023 PEA. Phase two will involve expanded and more detailed tests. If successful, higher recoveries would lead to increased metal production, and improved project economics. The company is allocating $0.5M for additional drilling to obtain fresh samples for the study.
Phase two using PLATSOL™ aims to boost metal recoveries
Northern Shield Project, Ring of Fire , Ontario
NAM has acquired 32,000 hectares (79,000 acres) of mineral claims within the Fishtrap Lake Intrusive Complex in Ontario’s Ring of Fire. This is the company’s first acquisition in the region. The Ring of Fire is one of Canada’s largest undeveloped mineral districts, rich in critical minerals such as nickel, copper, and platinum-group metals (PGMs). The project is at the exploration stage, but benefits from extensive historical work (2003–2009), including geophysics, geochemistry, mapping, and over 7,000 m of drilling. Past drilling confirmed multiple rock layers , and promising platinum, palladium, and vanadium zones (targets), though several remain underexplored.
All recent acquisitions were completed through property staking, meaning mineral rights were acquired directly from the provincial government, resulting in minimal acquisition costs
Project Location
The green and red highlighted areas represent the Northern Shield property.
Source: Company
The Ontario and federal governments have agreed to build an all season access road to the Ring of Fire, with construction starting this year, which would reduce logistical barriers and accelerate mining activity in the region
Close to several projects held by large miners
Management is reviewing historical data to identify priority targets. They plan field checks, additional studies, and phased drilling. We believe the project is one to two years from a maiden resource estimate.
The area is prospective for PGM, nickel, copper, and vanadium
Platreef PGM Project, Ontario
NAM has acquired approximately 16,680 hectares (41, 200 acres) in the Lac des Îles Igneous Complex, about 80 km from Thunder Bay. The property is in a well-established mining district that hosts Canada’s only primary palladium mine, the Lac des Îles Mine. The region has established infrastructure and logistical advantages, which are important for mining. Proximity to major players also makes the project attractive for potential acquisitions. The project is at the exploration stage but benefits from historical work , including geological mapping, geophysics, surface sampling, and limited drilling. While past exploration found metal-rich areas with higher-than-normal palladium on the surface, several targets were not systematically explored. Management plans a phased exploration strategy, starting with reviewing historical data, and field verification through mapping and sampling. We believe the project is two to three years from a maiden resource estimate.
The area is prospective for PGM, nickel, and copper
Escape East PGM-Ni-Cu Project, Ontario
This 4,000-hectare (9,880 acres) PGM–Ni–Cu exploration property is also located within the Lac des Îles Igneous Complex, and adjacent to the advanced-stage Thunder Bay North project controlled by Clean Air Metals (TSXV: AIR/MCAP: $21M).
Location Map
Source: Company
Complements the Platreef PGM project, and strengthens the company’s land position in a highly prospective mining region
The property has never been drilled , but it has gone through early exploration work like airborne magnetic surveys, ground geophysics, mapping, and prospecting. Th ese programs ha ve identified several promising areas, but none of them have been tested.
NAM plans to explore the project in stages. First, the team will review and analyze all existing data. Then they will visit the site to confirm findings, run more geophysical surveys, and if results are positive and permits are approved, move ahead with drilling.
Double R Gold-Copper Project, Ontario
This 17,620-hectare (43,540 acres) gold exploration property is in the Kenora Mining District of northwestern Ontario, about 35 km northwest of the Rainy River mine , and 17 km from First Mining Gold’s (TSX: FF) advanced-stage Cameron gold project. The Rainy River Mine, recently acquired by Coeur Mining (NYSE: CDE) through its US$7 B purchase of New Gold, produced 290 Koz of gold in 2025, making it a mid-to-large-scale operation.
No modern drilling has been done on this property. Past work and government surveys show promising rocks, structures, and gold in soil samples, with some grab samples testing as high as 1.7 gpt , which means the area could have gold worth exploring further. Globally, most operating gold mines have grades in the 1–3 g/t range.
Location Map
Source: Company
Untested 17,620-ha property near the Rainy River mine, and the Cameron Gold project
NAM will explore the property in phases, starting with data review, regional sampling, and geophysical surveys.
The company has leased a field office and core facility in Kenora to support its properties in Ontario and eastern Manitoba. The hub offers office space, secure core storage, handling facilities, and coordination for field crews, permitting, and community engagement.
NAM’s Kenora- Based Field Operations Office and Core Facility
Source: Company
Field office and core facility supporting exploration for regional projects
St. Alban’s Antimony– Gold Project, Newfoundland
A recent exploration program identified very high-grade antimony (up to 51.9%; typical grades 1–5%) , and gold (up to 46.2 g/t; typical 1–3 g/t) across three main zones. Other metals, including zinc, lead, and copper, were also detected, indicating the area may host a large polymetallic system. In 2026, the company plans to continue trenching, mapping, drilling, and exploration.
This property is part of an early-stage portfolio covering 19,300 ha, which includes 12 gold-antimony projects in Newfoundland.
Newfoundland Properties
Source: Company
Strategically located near New Found Gold’s (TSXV: NFG) Queensway project, and along the same geological trend as the past-producing Beaver Brook antimony mine
Other Projects
Genesis PGM-Cu-Ni Project, Alaska
Source: Company
Undrilled property with promising grab sample results; NAM is planning exploration in 2026–2027
Lithium Projects, Manitoba
Partner Mineral Resources (MRL) has spent over $10M in exploration; NAM to present 2026/27 budget to MRL; 2025 work included core sampling and field visits
Bonanza Gold Project, Ontario - 2025 Sampling Highlights
Source: Company
Located ~25 km southeast of Kenora; drill-ready, with permits in place; five prospects identified across 4 km of the project area; plans to acquire more land in the region
Financials
Strong balance sheet
Can raise up to $0.10M from in-the-money options
Source: FRC / Company
FRC Valuation & Rating
Source: FRC / S&P Capital IQ / Various
At $8/oz PGM (previously $7/oz), NAM continues to trade well below the comparables’ average of $13/oz (previously $12/oz)Applying the comparables average, our fair value estimate on River Valley increased to $0.56/share (previously $0.50/share)
Source: FRC / S&P Capital IQ / Various
Early-stage lithium projects are trading at an average Enterprise Value (EV) of $1,110/ha (previously $1,023/ha)
Applying this average to the land position of NAM implies a fair value of $0.39/share (previously $0.36/ share
Source: FRC
Using a sum-of-parts valuation, we arrive at a fair value of $1.04/share (previously $0.95/share)
Given their early-stage nature, we are not currently assigning a value to the company’s other projects
We are reiterating our BUY rating, and raising our fair value estimate from $0.95 to $1.04/share. NAM is rapidly expanding its portfolio of PGM, lithium, gold, and critical minerals projects , while advancing its flagship River Valley project, supported by strong investor backing. Near-term catalysts include exploration programs, JV partnerships, and potential improvements at River Valley, offering exposure to multiple high-potential assets.
Risks
We believe the company is exposed to the following key risks (not exhaustive):
We are maintaining our risk rating of 5 (Highly Speculative)
