New Age Metals Expands Bonanza Ridge Gold And Critical Metals Project/Strategic Acquisition Of Lavender Lake & South Gibi Lake Properties

Core Insights - New Age Metals Inc. has entered into an option agreement to acquire the Lavender and Gibi Properties, expanding its exploration portfolio in the Kenora Gold District [1][3][14] - The combined land position now totals approximately 8,500 hectares, enhancing the company's strategic footprint in a region known for both precious and critical metals [3][19] Property Details - The Lavender Property consists of 64 mining claims and 1 patented mining claim, covering 1,335 hectares, while the Gibi Property includes 186 mining claims totaling 3,881 hectares [2] - The company has the option to acquire 100% of these properties, subject to a 2% net smelter return royalty, which can be reduced to 1% for a payment of $1 million [2] Exploration and Sampling - A due diligence site visit in October 2025 confirmed the presence of multiple mineralized structural targets across both properties, with known occurrences of gold and copper [6][7] - Grab samples from the Lavender Property showed significant mineralization, including copper values up to 10,014 ppm and gold values up to 172 ppb [9][11] Strategic Positioning - The acquisition strengthens the company's position in the Bonanza Ridge Gold and Critical Metals Project area, which is recognized for its potential in gold and critical metals exploration [3][14] - The Kenora Gold District is noted for its historic gold production and ongoing investment from major mining companies, making it an attractive area for new discoveries [19] Financial Terms of the Agreement - The option agreement includes a series of cash payments and share issuances over three years, starting with $15,000 within 10 days of regulatory approval [20][21] - The agreement allows the company to terminate after the first year's commitments are fulfilled, with no finder's fees associated with the transaction [20] Infrastructure and Access - The properties benefit from excellent year-round access and infrastructure, including nearby highways and power transmission lines, facilitating exploration activities [7][18] - The strategic location near Kenora provides direct access to mining services and skilled labor, enhancing the company's operational capabilities [7][19]