New Age Metals Increases its Ownership in MetalQuest Mining

Core Viewpoint - New Age Metals Inc. (NAM) is increasing its stake in MetalQuest Mining Inc. (MQM) to enhance its strategic investment in critical metals, particularly high-purity iron ore, which is deemed essential for future steel production [1][2][3] Group 1: Investment Details - NAM's ownership in MQM has risen from 6.44% to 19.05% on a post-conversion beneficial ownership basis, and undiluted ownership increased from 6.44% to 12.79% [2] - The investment will support MQM's Go-Forward Plan, with AtkinsRéalis contracted to conduct a gap analysis for the Lac Otelnuk Iron Ore Project [3][8] - The funds for this investment were sourced from NAM's stock account, ensuring that the capital for core exploration and development programs remains intact [4] Group 2: Project Overview - The Lac Otelnuk Iron Ore Project is one of North America's largest undeveloped iron ore deposits, with an estimated 20 billion tonnes of iron ore in the measured and indicated category and approximately 6 billion tonnes in the inferred category [5] - Over $120 million has been invested in the project, which includes extensive drilling and a complete historic Feasibility Study conducted in 2015 [5] - The project is strategically positioned to supply Direct Reduction (DR)-grade iron ore, aligning with the rising global demand for cleaner steel inputs [7] Group 3: Market Context - The iron ore industry has faced challenges, but significant investments have been made in the Labrador Trough region in 2025, with Vale and Nippon Steel committing substantial funds to iron ore projects [3] - The investment in MQM allows NAM to further diversify its portfolio in critical metals, which now includes high-purity iron ore as its fourth critical metal [10]