New Age Metals Closes Second Finance Tranche Raising An Additional $933,399.36 With Eric Sprott Subscribing To $2 Million In The First Tranche

Core Viewpoint - New Age Metals Inc. has successfully closed the second tranche of a non-brokered private placement financing, raising a total of $933,399.36, contributing to an aggregate total of $3,383,399.56 from both tranches [1] Financing Details - The second tranche involved the issuance of 3,068,846 flow-through units at $0.26 each and 615,906 non-flow-through units at $0.22 each [1] - The first tranche saw Mr. Eric Sprott, the largest shareholder, subscribe for $2,000,000, acquiring 9,090,910 units, resulting in his ownership of approximately 37.4% of the company on a partially diluted basis before the second tranche [1][4] Unit Composition - Each flow-through unit consists of one common share and one half of a share purchase warrant, with the whole warrant allowing the purchase of an additional common share at $0.40 for three years [2] - Each non-flow-through unit also consists of one common share and one half of a share purchase warrant, with the same terms as the flow-through units [3] Use of Proceeds - Proceeds from the flow-through units will be allocated for exploration and development of projects in Newfoundland, Ontario, and Manitoba, while proceeds from non-flow-through units will be used for exploration and general working capital [6] Project Highlights - The flagship asset is the River Valley Palladium-Platinum Project, one of the largest undeveloped primary palladium projects in North America, currently in the development stage with a Preliminary Economic Assessment released in 2023 [4][9] - The price of palladium has increased by approximately 65% and platinum by 80% over the last six months, indicating a favorable market environment for the company's projects [4] Ongoing Programs - Phase 2 of the Newfoundland Gold-Antimony Division summer/fall field program is underway, with promising results from Phase 1 [4] - The company is awaiting assay results from the summer Phase 1 field program on its Genesis PGM-Cu-Ni Project in Alaska, with plans for Phase 2 development [4] Strategic Partnerships - The company has a long-standing option agreement with Mineral Resources Ltd., which is funding NAM's Lithium Division [4][11] - NAM is actively seeking new mineral acquisition opportunities on an international scale, aiming to generate projects for optioning with major and junior mining companies [16]