We are reiterating our BUY rating, and revising our fair value estimate from $1.04 to $0.63/share, primarily reflecting lower valuation multiples across the PGM and lithium sectors amid lower metal prices, rather than changes in the underlying projects. Our valuation remains highly conservative, based solely on the River Valley PGM project, and the Manitoba lithium assets. NAM offers diversified exposure to critical minerals and gold, with potential catalysts from River Valley.
Building Critical Minerals Exposure as the West Reshapes Global Supply Chains
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Disclosure: New Age Metals Inc. has paid FRC a fee for research coverage and distribution of reports. This fee creates a potential conflict of interest which readers should consider. See last page for other important disclosures, rating, and risk definitions.
All figures are in C, except for commodity prices, which are in US$.
Price and Volume (1-year)
| YTD | 12M | |
|---|---|---|
| NAM | -65% | -63% |
| TSXV | -18% | -15% |
| SETM* | -19% | -8% |
NAM holds multiple critical metal projects in North America. NAM also owns a ~14% interest in MetalQuest Mining, the 100% owner of an advanced-stage iron ore project in Quebec, and several early-stage gold, copper, and critical mineral projects.
| Target Commodities | Project | Ownership | Location |
|---|---|---|---|
| PGM-Copper-Nickel | River Valley Palladium | 100%, subject to a 3% NSR royalty | Ontario |
| Northern Shield | 100% | Ontario's Ring of Fire region | |
| Platreef | 100% (Gravel Ridge: option to earn a 100% interest) | Ontario | |
| Escape East | 100% | Ontario | |
| Genesis | Rockport Capital can earn up to a 70% interest | Alaska | |
| Lithium-Tantalum-Cesium-Beryllium | 12 Lithium Projects | 100%, subject to a 2% revenue royalty | Manitoba |
| Gold-Antimony | 11 Gold-Antimony Projects | 100% | Newfoundland and Labrador |
| Gold-Copper | Bonanza Ridge | Option to acquire a 100% interest | Ontario |
| Double R Gold | Option to acquire a 100% interest | Ontario | |
| Gold | Thor Gold | Option to acquire a 100% interest | Ontario |
We believe NAM’s exposure to PGMs, lithium, tantalum, cesium, and beryllium, aligns with North American efforts to strengthen critical mineral supply chains and reduce reliance on foreign sources, particularly China. NAM also has indirect exposure to iron, a critical mineral in Canada.
The following sections provide an overview of NAM’s projects.
River Valley is NAM’s flagship and most advanced asset, located 100 km east of the City of Sudbury, and 400 km north of Toronto.
733 drill holes (>155,000 m) completed, providing a substantial database to guide future exploration. At current spot prices, palladium accounts for ~34% of River Valley’s estimated contained metal value, platinum ~21%, copper ~16%, and other metals collectively ~29%.
2021 Resource Estimate
| River Valley Pit Constrained Mineral Resources @ CDN$15/t NSR Cut-Off⁻⁷ | |||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Zone | Class | Tonnes (k) | Pd (g/t) | Pd (koz) | Pt (g/t) | Pt (koz) | Au (g/t) | Au (koz) | Cu (%) | Cu (Mlb) | Co (%) | Co (Mlb) | Ni (%) | Ni (Mlb) | Rh (g/t) | Rh (koz) | Ag (g/t) | Ag (koz) | NSR (CDN$/t) |
| Total | Measured | 15,485 | 0.70 | 347.1 | 0.25 | 122.4 | 0.05 | 22.7 | 0.1 | 23.7 | 0.003 | 0.9 | 0.02 | 5.2 | 0.02 | 10.8 | 0.49 | 242.3 | 59.53 |
| Indicated | 73,513 | 0.51 | 1,198.9 | 0.2 | 476.7 | 0.03 | 82.7 | 0.1 | 89.9 | 0.002 | 4 | 0.01 | 22.4 | 0.02 | 42.3 | 0.22 | 512.7 | 44.70 | |
| Meas + Ind | 88,998 | 0.54 | 1,548.0 | 0.21 | 599.1 | 0.04 | 105.4 | 0.06 | 113.6 | 0.002 | 4.9 | 0.010 | 27.6 | 0.02 | 53.1 | 0.26 | 755.0 | 47.28 | |
| Inferred | 92,679 | 0.35 | 1,033.3 | 0.15 | 461.8 | 0.03 | 91.8 | 0 | 86.1 | 0.002 | 3.2 | 0.02 | 41.4 | 0.01 | 41.9 | 0.25 | 740.7 | 31.06 | |
| River Valley Out-of-Pit Mineral Resources @ CDN$50/t NSR Cut-Off | |||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Zone | Class | Tonnes (k) | Pd (g/t) | Pd (koz) | Pt (g/t) | Pt (koz) | Au (g/t) | Au (koz) | Cu (%) | Cu (Mlb) | Co (%) | Co (Mlb) | Ni (%) | Ni (Mlb) | Rh (g/t) | Rh (koz) | Ag (g/t) | Ag (koz) | NSR (CDN$/t) |
| Total | Measured | 2.9 | 1.05 | 0.10 | 0.37 | 0.03 | 0.07 | 0.01 | 0.1 | 0.01 | 0.003 | 0 | 0.03 | 0 | 0.03 | 0 | 0.51 | 0.05 | 89.72 |
| Indicated | 639.3 | 1.08 | 22.21 | 0.35 | 7.26 | 0.06 | 1.25 | 0.1 | 1.06 | 0.003 | 0.04 | 0.02 | 2.28 | 0.03 | 0.66 | 0.23 | 4.79 | 88.46 | |
| M+I | 642.1 | 1.08 | 22.31 | 0.35 | 7.29 | 0.06 | 1.25 | 0.1 | 1.07 | 0.003 | 0.04 | 0.02 | 0.28 | 0.03 | 0.66 | 0.23 | 4.84 | 88.47 | |
| Inferred | 1,589.2 | 0.79 | 40.38 | 0.37 | 18.82 | 0.05 | 2.44 | 0.1 | 2.04 | 0.002 | 0.07 | 0.02 | 0.56 | 0.04 | 1.79 | 0.30 | 15.29 | 68.14 | |
| River Valley Total Mineral Resources @ CDN$15 & CDN$50/t NSR Cut-Off | |||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Zone | Class | Tonnes (k) | Pd (g/t) | Pd (koz) | Pt (g/t) | Pt (koz) | Au (g/t) | Au (koz) | Cu (%) | Cu (Mlb) | Co (%) | Co (Mlb) | Ni (%) | Ni (Mlb) | Rh (g/t) | Rh (koz) | Ag (g/t) | Ag (koz) | NSR (CDN$/t) |
| Total | Measured | 15,488 | 0.70 | 347.20 | 0.25 | 122.4 | 0.05 | 22.7 | 0.1 | 23.7 | 0.003 | 0.9 | 0.02 | 5.2 | 0.02 | 10.8 | 0.49 | 242.4 | 59.54 |
| Indicated | 74,152 | 0.51 | 1,221.10 | 0.20 | 484.0 | 0.04 | 84.0 | 0.1 | 91.00 | 0.002 | 4.0 | 0.01 | 22.7 | 0.02 | 43.0 | 0.22 | 517.5 | 45.08 | |
| Meas + Ind | 89,640 | 0.54 | 1,568.30 | 0.21 | 606.4 | 0.04 | 106.7 | 0.1 | 114.7 | 0.002 | 4.9 | 0.01 | 27.9 | 0.02 | 53.8 | 0.26 | 759.8 | 47.58 | |
| Inferred | 94,268 | 0.35 | 1,073.70 | 0.16 | 480.6 | 0.03 | 94.2 | 0 | 88.1 | 0.002 | 3.3 | 0.02 | 42.0 | 0.01 | 43.7 | 0.25 | 756.0 | 31.69 | |
A 2023 independent study (PEA) showed an after-tax NPV of $140M, with a low after-tax IRR of 11%, based on $2,150/oz palladium (spot: $1,050/oz). Resources are spread across multiple targets (zones).
2023 PEA Highlights
| Open-Pit + UG | 2023 PEA |
|---|---|
| Palladium Price - US$/oz | $2,150 |
| Exchange Rate US$:C$ | 1.35 |
| Production Profile | |
| Total Tonnes Processed | 38,640,000 |
| Process Plant Head Grade: PdEq g/t | 1.19 |
| Mine Life (years) | 16 |
| Daily process plant throughput (tpd) | 6,850 |
| Palladium Process Plant Recovery | 72% |
| Total Payable Palladium Equivalent Ounces | 735,000 |
| Average Annual Palladium Production Ounces | 47,400 |
| Operating Costs | |
| LOM Average Cash Cost US$/oz | $1,241 |
| Capital Requirements | |
| Pre-Production Capital Cost | $268.7 M |
| After-Tax | |
| NPV (5% Discount Rate) | $140 M |
| IRR | 11% |
| Payback (years) | 7 |
We believe there is potential for resource expansion, with several adjacent targets underexplored or untested. In particular, recent geophysical and desktop studies have identified new targets across the largely underexplored Mustang zone, where ~65 holes have been drilled, and over $4M spent to date.
Resource Expansion Potential
To potentially enhance project economics, NAM is pursuing exploration in untested areas, while advancing metallurgical testing to improve metal recoveries.
| Recent Developments | ||
|---|---|---|
| Key Developments | Details | Implications |
| Resource upside | Geophysical survey over 4.3 km² at the Mustang Zone identified six anomalies and five drill targets. | Could add resources and extend mine life. |
| Metal recovery |
|
Higher recoveries could improve project economics. |
| Social licence | Long-term agreements with the Nipissing and Temagami First Nations. | Supports development and may reduce permitting risks. |
In April 2026, NAM acquired ~2,000 hectares, expanding its land package in the area to ~34,000 hectares (84,000 acres), located near projects held by major miners. Ontario is advancing all-season road access to the Ring of Fire, potentially improving access for exploration and future development.
Management is reviewing historical data to identify priority targets, followed by technical studies, a geophysical survey in 2027, and phased drilling.
This early-stage project is prospective for PGM, nickel, and copper. Phase one fieldwork planned to be completed by year-end.
Located near Canada’s only primary palladium mine, Lac des Îles, the project benefits from established mining infrastructure, and proximity to major industry players, potentially enhancing its acquisition appeal. Historical exploration, including mapping, geophysics, surface sampling and limited drilling, identified palladium-enriched surface areas, while several targets remain underexplored. In April 2026, NAM expanded its land package by optioning the adjacent 740-hectare Gravel Ridge property, bringing the total to ~17,630 hectares (43,565 acres).
Management plans to review historical data, conduct field mapping and sampling, and advance priority targets. We estimate the project is two to three years from a maiden resource estimate.
Escape East complements the Platreef PGM project, and strengthens the company’s land position in a highly prospective mining region, adjacent to the advanced-stage Thunder Bay North project controlled by Clean Air Metals.
NAM plans phased exploration, starting with historical data review and site validation, followed by geophysical surveys and drilling.
NAM is building a regional gold portfolio in the underexplored Kenora Mining District through acquisitions, targeting projects with historical exploration data, and established drill targets.
The project covers ~19,240 hectares (47,550 acres), comprising the Bonanza/Magnet Lake claims, and the Lavender Lake/South Gibi Lake properties, where NAM can earn a 100% interest through option agreements.
The project is located ~25 km southeast of Kenora, a major economic hub in northwestern Ontario. NAM operates an office, accommodation for 10 people, and a core-cutting facility ~7 miles east of Kenora.
2026 sampling returned up to 4.77 g/t gold, within the typical 1–5 g/t range for gold projects, with remaining results expected to guide winter 2027 drilling.
Located ~35 km northwest of the Rainy River mine, and ~17 km north of Seva Mining’s (TSXV: SEVA) advanced-stage Cameron gold project, Double R benefits from proximity to established, and advanced-stage gold assets. Rainy River produced 290 Koz of gold in 2025, before being acquired by Coeur Mining in March 2026, as part of its ~$10B acquisition of New Gold.
In May 2026, NAM expanded its land package to ~18,780 hectares (46,400 acres) by optioning the contiguous 1,160-hectare Dash Lake gold-copper property.
NAM will explore the property in phases, starting with data compilation, target ranking, regional sampling, and geophysical surveys.
NAM has signed an option agreement with Benton Resources to acquire the Thor gold project, with due diligence ongoing.
The project hosts several kilometres of prospective rocks, partially tested conductors up to 1.9 km long, historical trenches, and untested anomalies, highlighting significant exploration potential.
Subject to positive due diligence, NAM plans a phased exploration program comprising sampling, mapping, IP geophysics, trenching, and ~2,000 m of drilling.
The division is strategically located near Newfound Gold’s Queensway project, and along the same geological trend as the past-producing Beaver Brook antimony mine, highlighting regional exploration potential.
This project forms part of NAM’s 11-property gold-antimony portfolio in south-central Newfoundland, covering 20,950 hectares (51,768 acres).
Antimony is a designated critical mineral, with China dominating global supply. NAM is conducting trenching and channel sampling, with a drill program planned for 2027.
The project is located 75 miles north of Valdez, Alaska. NAM has entered into an agreement with Rockport Capital Corp. (TSXV: R.P), a capital pool company, allowing it to earn up to a 70% interest in the project.
| HIGH-GRADE SAMPLING RESULTS | ||
|---|---|---|
| Metal | Highest Value (from grab samples) | Typical Deposit Grade |
| Pd | Up to 2.4 g/t | ~0.7 – 3.0 g/t (PGE deposits) |
| Pt | Up to 2.4 g/t | ~0.7 – 3.0 g/t (PGE deposits) |
| Ni | Up to 0.96% | ~0.5 – 2.0% Ni (Ni deposits) |
| Cu | Up to 0.58% | ~0.3 – 1.0% Cu (Cu deposits) |
NAM’s 100% owned Manitoba lithium portfolio spans the prospective Winnipeg River–Cat Lake pegmatite field, near the Tanco lithium-cesium-tantalum mine, and other historical mining sites.
Lithium Projects, Manitoba
NAM’s joint venture with lithium major Mineral Resources Limited (MRL) ended in May 2026, following MRL’s $11.5M investment in advancing NAM’s Manitoba lithium projects. While the transition may initially appear unfavourable, we note that NAM regained 100% ownership, and retains MRL-funded exploration data, over 10 years of project assessment work, and at least two key undrilled targets. This positions NAM to negotiate potentially more favourable terms with a future partner.
In June 2026, NAM partnered with Australia-based Liberate Minerals, a private mineral-processing technology company, to evaluate Liberate’s technology for recovering lithium, platinum, and gold-antimony. In October, NAM submitted ~75 kg of beryllium samples for testing, with results expected in Q1-2027. Positive results could open the door to a new processing opportunity for NAM’s projects.
| Key Financial Data (FYE - April 30) | ||
|---|---|---|
| (C$) | 2027 (3M) | Current (FRC Est.) |
| Cash | $2,562,724 | $3,254,326 |
| Working Capital | $5,031,798 | $5,723,400 |
| Mineral Assets | $12,124,052 | |
| Total Assets | $17,477,917 | |
| Net Income (Loss) | -$381,436 | |
| EPS | -$0.005 | |
NAM has a strong balance sheet.
| (in C$) - YE: April 30 | 2027 (3M) | Current (FRC Est.) |
|---|---|---|
| Cash | $2,562,724 | $3,254,326 |
| Working Capital | $5,031,798 | $5,723,400 |
| Current Ratio | 37.26 | |
| LT Debt / Assets | - | |
| Monthly Burn Rate (G&A) | -$103,359 | |
| Property Related Activities | -$887,883 | |
| Cash from Financing Activities | $464,528 |
| Options | # | Exercise Price | Amount |
|---|---|---|---|
| Total | 4,212,500 | $0.35 | $1,463,500 |
| In-the-Money | - | - | - |
| Warrants | # | Exercise Price | Amount |
|---|---|---|---|
| Total | 12,537,202 | $0.37 | $4,683,384 |
| In-the-Money | - | - | - |
NAM trades at $2/oz PGM (previously $8/oz), well below the peer average of $9/oz (previously $13/oz). Applying the peer average, our fair value estimate on River Valley decreased to $0.35/share (previously $0.56/share).
| PGM Companies | Location | EV ($, M) | EV / Resource ($ / oz) |
|---|---|---|---|
| Generation Mining | Ontario, Canada | $261 | $27.90 |
| Sibanye Stillwater | U.S. / South Africa | $10,885 | $27.80 |
| Bravo Mining Corp. | Pará State, Brazil | $174 | $13.49 |
| Clean Air Metals | Ontario, Canada | $12 | $6.63 |
| Platinum Group Metals | South Africa | $165 | $4.34 |
| New Age Metals | Ontario, Canada | $7 | $2.11 |
| Nickel Creek Platinum | Yukon, Canada | $7 | $0.21 |
| Average (excl. outliers) | $9.10 | ||
| Fair Value of River Valley ($, M) | $27,969,095 | ||
| Fair Value per Share | $0.35 |
Early-stage lithium projects are trading at an average Enterprise Value (EV) of $643/ha (previously $1,110/ha). Applying this benchmark to NAM’s lithium land position implies a fair value of $0.21/share (previously $0.39/share).
| Lithium Juniors | EV / Area ($/ha) | |
|---|---|---|
| 1 | Century Lithium | $12,686 |
| 2 | Standard Lithium | $6,146 |
| 3 | Noram Lithium | $5,296 |
| 4 | Frontier Lithium | $2,893 |
| 5 | Pure Energy | $741 |
| 6 | Lithium Chile | $452 |
| 7 | NOA Lithium Brines | $414 |
| 8 | Wealth Minerals | $393 |
| 9 | Ultra Lithium | $295 |
| 10 | Lake Resources | $291 |
| 11 | Argentina Lithium | $214 |
| 12 | E3 Metals | $92 |
| 13 | Lithium Energi Exploration | $28 |
| Average (excld. outliers) | $1,653 | |
| Advanced Stage (average) | $2,134 | |
| Early-Stage (average) | $643 |
Our sum-of-parts valuation implies a fair value of $0.63/share (previously $1.04/share), reflecting lower sector multiples rather than project-specific factors. Given their early-stage nature, we assign no value to NAM’s other projects at this time.
| FRC Valuation | Fair Value/Share |
|---|---|
| PGM - River Valley | $0.35 |
| Other PGM-Copper-Nickel Projects | - |
| Lithium Portfolio | $0.21 |
| Gold-Copper Portfolio | - |
| Gold - Antimony Portfolio | - |
| Gold Portfolio | - |
| Working Capital | $0.07 |
| Fair Value | $0.63 |
We are reiterating our BUY rating, and revising our fair value estimate from $1.04 to $0.63/share, primarily reflecting lower valuation multiples across the PGM and lithium sectors amid lower metal prices, rather than changes in the underlying projects. Our valuation remains highly conservative, based solely on the River Valley PGM project, and the Manitoba lithium assets.
NAM offers diversified exposure to critical minerals and gold, with potential catalysts from River Valley. Its strategic portfolio, strong investor backing, and potential for future partnerships could create opportunities as Western nations seek to strengthen critical mineral supply chains.
We are maintaining our risk rating of 5 (Highly Speculative).
We believe the company is exposed to the following key risks (not exhaustive):
Sid Rajeev, B.Tech, MBA, CFA — Head of Research, Fundamental Research Corp.
Nina Rose Coderis, B.Sc (Geology) — Equity Analyst, Fundamental Research Corp.
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Buy – Fair value is 12% above the current market price; or risk and reward is favorable
Hold – Fair value is between 5% to 12% above the current market price
Sell – Fair value is 5% above, or less, than the current market value; or risk and reward is unfavorable
Suspended or Rating N/A— Coverage and ratings suspended until more information can be obtained from the company regarding recent events.
1 (Low Risk) - The company operates in an industry where it has a strong position (for example a monopoly, high market share etc.) or operates in a regulated industry. The future outlook is stable or positive for the industry. The company generates positive free cash flow and has a history of profitability. The capital structure is conservative with little or no debt.
2 (Below Average Risk) - The company operates in an industry where the fundamentals and outlook are positive. The industry and company are relatively less sensitive to systematic risk than companies with a Risk Rating of 3. The company has a history of profitability and has demonstrated its ability to generate positive free cash flows (though current free cash flow may be negative due to capital investment). The company’s capital structure is conservative with little to modest use of debt.
3 (Average Risk) - The company operates in an industry that has average sensitivity to systematic risk. The industry may be cyclical. Profits and cash flow are sensitive to economic factors although the company has demonstrated its ability to generate positive earnings and cash flow. Debt use is in line with industry averages, and coverage ratios are sufficient.
4 (Speculative) - The company has little or no history of generating earnings or cash flow. Debt use is higher. These companies may be in start-up mode or in a turnaround situation. These companies should be considered speculative.
5 (Highly Speculative) - The company has no history of generating earnings or cash flow. They may operate in a new industry with new, and unproven products. Products may be at the development stage, testing, or seeking regulatory approval. These companies may run into liquidity issues and may rely on external funding. These stocks are considered highly speculative.
Definition of FRC’s Fair Value Estimate – Our fair value estimate is the theoretical value of the company’s equity using widely accepted methods of valuation such as discount cash flow or comparables. IT IS NOT A TARGET PRICE or PREDICTION OF THE FUTURE STOCK PRICE.
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The distribution of FRC’s ratings are as follows: BUY (76%), HOLD (2%), SELL / SUSPEND (22%).
This report contains "forward looking" statements. Forward-looking statements regarding the Company and/or stock’s performance inherently involve risks and uncertainties that could cause actual results to differ from such forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to, continued acceptance of the Company's products/services in the marketplace; acceptance in the marketplace of the Company's new product lines/services; competitive factors; new product/service introductions by others; technological changes; dependence on suppliers; systematic market risks and other risks discussed in the Company's periodic report filings, including interim reports, annual reports, and annual information forms filed with the various securities regulators. By making these forward-looking statements, Fundamental Research Corp. and the analyst/author of this report undertakes no obligation to update these statements for revisions or changes after the date of this report. A report initiating coverage will most often be updated quarterly while a report issuing a rating may have no further or less frequent updates because the subject company is likely to be in earlier stages where nothing material may occur quarter to quarter.
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Discussion
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