New Age Metals Options Magnet Lake Property Further Expanding the Bonanza Ridge Gold & Critical Metals Project, Kenora Mining District, Ontario

Core Viewpoint - New Age Metals Inc. has entered into an option agreement to acquire the Magnet Lake Property, which consists of 55 mining claims totaling 1,147 hectares, located near Kenora, Ontario, enhancing its portfolio in the critical and precious metals sector [1][2][3] Acquisition Details - The Magnet Lake Property will be integrated into the Bonanza Ridge Gold and Critical Metals Project, reinforcing the company's position in the Kenora Mining District [2] - The acquisition includes a 2% net smelter return (NSR) royalty, which can be reduced to 1% for $1 million in cash [1] Exploration and Sampling Results - A due diligence site visit in October 2025 confirmed high-grade copper mineralization, particularly at the Gold Lake and Hollow Lake Prospects, with a notable grab sample returning 2.14% copper [5][6][19] - The property has excellent infrastructure, including road access and nearby power lines, and is located 25 km from Kenora, a significant economic hub [7][18] Strategic Positioning - The acquisition aligns with the Ontario Government's Critical Minerals Strategy, which aims to develop a world-class critical minerals jurisdiction [3][19] - New Age Metals holds a 12.2% stake in Metal Quest Mining Corp., which is also acquiring strategic positions in the Ring of Fire region, positioning the company to benefit from the growing critical metals market [4][19] Financial Terms of the Option Agreement - The option agreement includes a series of cash payments and share issuances over three years, starting with $10,000 and $25,000 in shares within 10 days of regulatory approval [21][22] - The agreement allows the company to terminate after fulfilling the first year's commitments [21] Industry Context - Copper has been designated a critical mineral by the Government of Canada since 2024, highlighting its importance in clean technologies and supply chain security [19] - The Kenora Gold District has a long history of high-grade mineralization and is recognized for its potential in the mining industry, with established infrastructure and a skilled workforce [20]