New Age Metals to Regain Full Control of Southeastern Manitoba Lithium-Cesium-Tantalum Portfolio
(TheNewswire)
Vancouver BC – June 3, 2026 –
TheNewswire - New Age Metals Inc. (TSX.V: NAM; OTCQB:
NMTLF; FSE: P7J) (“NAM” or the “Company”)announces that the Company and its wholly owned subsidiary,
Lithium Canada Development Inc. (“LCD”), have simultaneously
entered into a termination agreement (the “TA”) and royalty deed
agreement (the “RA”), (collectively the “Agreements”) dated
May 27, 2026 with Lithium
Mineral Resources Pty Ltd, a wholly owned subsidiary of Mineral
Resources Limited (ASX:MIN) (“MinRes”), on
the Company’s Lithium and Rare Metals Project located in Manitoba,
Canada (the “Tenements”).
The Project was previously subject to a farm-in and
joint venture agreement (“FJVA”) between the Company, LCD and
MinRes, dated August 29, 2022, as amended.
Under the terms of the FJVA:
MinRes had the right to earn an initial 51%
participating interest in the tenements and associated Project assets.
To earn this initial interest, MinRes was required to
complete CAD$4,000,000 in expenditures within 56 months of the
effective date of the FJVA.
The initial farm-in obligation expired on May 27, 2026.
During the term of the agreement, MinRes made a
significant capital investment in the Project through various
exploration activities, including:
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District consolidation through staking and
acquisitions;
Geological mapping, prospecting, and systematic
geochemical surveys;
Geophysical surveys;
Diamond drilling;
Construction of a core storage facility;
Assaying and laboratory analysis.
In recognition of MinRes’ significant investment and
work completed on the Project, NAM has agreed to grant MinRes a 2%
revenue royalty on the Project.
In turn, MinRes has agreed to pay NAM CAD$135,426,
representing all outstanding invoices and financial obligations
between the parties under the FJVA as of the date of the termination
agreement.
Under the terms of the TA, MinRes has agreed to
relinquish all of its rights and interest under the FJVA and will no
longer retain any earn-in or joint venture rights in respect of the
Tenements. All rights and ownership to the Tenements will revert back
to NAM and it will own 100% interest in the Tenements, subject to the
2% revenue royalty to be retained by MinRes.
Under the terms of the RA, the Company will retain the
right to repurchase 1.0% of the revenue royalty at any time for a
period of four years from the effective date of the RA upon payment to
MinRes of CAD$1,500,000.
In consideration for MinRes agreeing to relinquish its
Farm-In Interests and all other rights under the FJVA, and under the
terms of the RA, the Company agreed to grant MinRes a 2% revenue
royalty over the Tenements pertaining to lithium, cesium and tantalum,
and any ores extracted and recovered from the Tenements in which
lithium, cesium or tantalum is a principal and/or payable
element.
Harry Barr, CEO and Director of New
Age Metals, stated
“We would like to sincerely thank MinRes and
their technical and financial teams for their contributions and
partnership during the term of our agreement.
As New Age Metals moves forward with 100% ownership of
the Manitoba Lithium and Rare Metals Project, we remain focused on
advancing the many drill-ready targets identified across the Project,
while continuing to develop the next generation of exploration targets
through systematic fieldwork and technical review Our technical team
believes the Project continues to demonstrate significant potential,
particularly in light of strengthening lithium, cesium, and tantalum
prices and the growing global focus on critical metal supply security.
With full ownership restored, the Company will have greater
flexibility to advance exploration and development activities in a
manner that supports long-term shareholder value.
New Age Metals also remains committed to working
collaboratively with Sagkeeng First Nation under its long-term
exploration agreement as the Company advances the Project.”
The Mining Investment Event
2026
New Age Metals’ management team is currently
attending THE Mining Investment Event 2026 in Québec City, where the
Company is scheduled to participate in more than 20 meetings with
potential investors, major and mid-tier mining companies, First
Nations partners, government organizations, and other key industry
stakeholders. Management looks forward to a productive conference and
the opportunity to further advance discussions around the Company’s
growing portfolio of precious and critical metals projects.
About NAM
New Age Metals is a junior mineral exploration and
development company focused on the discovery, exploration, and
development of critical green metal projects in North America. The
Company has three divisions: a Platinum Group Element division, a
Lithium/Rare Metals division, an Antimony-Gold Division as well as an
investment in MetalQuest Mining’s
(TSXV:MQM | OTC:MQMIF) high purity
Lac Otelnuk Iron Project.
The PGM Division includes the 100%
owned, multi-million-ounce, district-scale River Valley Project, one
of North America’s largest undeveloped Platinum Group Element
Projects, situated 100 km by road east of Sudbury, Ontario.
In addition, on January 21st 2026, the
Company recently expanded its Platinum Group Metals portfolio through
the acquisition of the Northern Shield PGM Project in Ontario’s Ring
of Fire region, strengthening its exposure to district-scale
mafic–ultramafic systems prospective for nickel, copper, and
platinum group elements.
On February 26, 2026, the Company also acquired the
Platreef PGM and Escape East PGM Projects, both platinum group
metals–nickel–copper (PGM–Ni–Cu) exploration properties
located in northwestern Ontario within and nearby the prospective Lac
des Iles Igneous Complex. The Complex hosts Canada’s only primary
palladium-producing operation, owned and operated by Impala Canada
Ltd., a wholly owned subsidiary of Impala Platinum Holdings
Limited.
New Age Metals’ Antimony–Gold
Division is focused on advancing a district-scale land package in
Newfoundland comprising 20,950 hectares across 11 non-contiguous
properties. Six of these properties are located
in the St. Alban’s area along the Swanger’s Cove and Little River
mineralized trends, while the remaining five are strategically
positioned along the same regional geological corridor as the
past-producing Beaver Brook Antimony Mine and near New Found Gold’s
Queensway South Gold Project.
The Company recently completed its Phase 2 exploration
program at the St. Alban’s properties, which significantly advanced
the project through the identification of high-grade, structurally
controlled gold–antimony mineralization along an emerging ~16 km
Au–Sb trend. Highlights from Phase 2 include grab samples returning
up to 51.9% antimony and 46.2 g/t gold at the Antimony Ridge property,
confirming the strength and scale of this developing mineralized
system. In response to these results, NAM expanded its land position
by staking an additional 40 claims (~1,000 hectares), including the
Pardy Head antimony occurrence, and has received approvals for
trenching in preparation for the next phase of exploration. The
Company is now planning follow-up trenching and drill targeting for
2026 as it advances this highly prospective critical minerals and gold
asset in Newfoundland. Most recent releases:
New Age Metals has established a growing Gold and
Critical Metals Division in the Kenora Gold District of northwestern
Ontario, highlighted by its 100%-owned Double R Gold Project and the
Bonanza Ridge Gold and Critical Metals Project. The Bonanza Ridge
Project has been significantly expanded through option agreements for
the Lavender Lake and South Gibi Lake properties, adding a combined
approximately 5,216 hectares, or 12,889 acres, of prospective ground
located about 25 km southeast of Kenora. Together, these properties
are strategically positioned along a favourable structural corridor
adjacent to NAM’s flagship Bonanza Gold Property and host known gold
and copper occurrences with limited modern exploration completed to
date. The Company’s consolidated Kenora-area portfolio now includes
the Double R Gold Project and the expanded Bonanza Ridge package,
providing NAM with a meaningful land position in an emerging gold and
critical metals jurisdiction with substantial opportunities for
follow-up field work, structural modeling, target generation, and
future drill campaigns.
The Company has established a Kenora, Ontario based field operations
hub to support exploration activities across
Northwestern Ontario and Eastern Manitoba. The proposed facility would
provide centralized logistical, technical, and administrative support
for regional exploration programs and is expected to improve field
efficiency and coordination.
The Company’s Lithium Division is one of the largest
mineral claim holders in the Winnipeg River Pegmatite Field, where the
Company is exploring hard rock lithium and various rare metals such as
tantalum, rubidium, and cesium.
In April 2024, a $1.5M NSERC Alliance
grant was awarded to a collaboration led by the University of Manitoba
(Drs. Fayek and Camacho), with academic partners from Lakehead
University (Dr. Hollings) and industry partners including New Age
Metals and Grid Metals. This research is
focused on advancing Canada’s critical metals sector, with New Age
Metals’ portion targeting its Bird River lithium properties. The
2025 work included core sampling and field visits. The project will
likely extend beyond the original 3-year term,
due to its delayed start. The parties involved in this grant plan to
meet over the next 60 days and will announce our plans for 2026 and
beyond.
On August 6, 2025, New Age Metals announced
an additional investment in a
4th critical metal. NAM currently owns
approximately 14.39% of MetalQuest Mining (TSXV:MQM), which has
ownership of the development stage Lac Otelnuk Iron Project, located
in the Labrador Trough, Quebec.
MetalQuest Mining inc. is developing
one of North America’s largest iron projects, where approximately
$120 million has been spent on the project. For more
information, please
visit MetalQuestMining.com . High-purity iron became a critical
metal Federally in Canada and in the Provinces of Quebec and
Newfoundland and Labrador in 2024. In the summer of 2025, MQM
contracted AtkinsRealis, an international engineering company, to
complete a GAP Analysis on the Lac Otelnuk Project and its 2015
Feasibility Study.
MetalQuest Mining Inc. (“MQM”)
has expanded its presence in the Ontario Ring of Fire through the
acquisition of both the ROF-1 Project and the recently announced
Fishhook Polymetallic Project. The Fishhook
Project further strengthens MetalQuest’s regional footprint,
targeting polymetallic mineralization prospective for base and
critical metals.
Management is currently aggressively
seeking new mineral acquisition opportunities on an international
scale. Our philosophy is to be a project
generator with the objective of optioning our projects with major and
junior mining companies through to production.
Investors are invited to visit the New Age Metals
website at www.newagemetals.com where they can review the company and
its corporate activities. Any questions or comments can be directed
to info@newagemetals.com or
Harry Barr at Hbarr@newagemetals.com or
Farid Mammadov at faridm@newagemetals.com or
call 613 659 2773.
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On behalf of the
Board of Directors
Harry G.
Barr
Chairman and
CEO
Neither the TSX Venture Exchange nor
its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for the
adequacy or accuracy of this release.
Cautionary Note
Regarding Forward Looking Statements: This release contains forward-looking
statements that involve risks and uncertainties. These statements may
differ materially from actual future events or results and are based
on current expectations or beliefs. For this purpose, statements of
historical fact may be deemed to be forward-looking statements. In addition,
forward-looking statements include statements in which the Company
uses words such as “continue”, “efforts”, “expect”,
“believe”, “anticipate”, “confident”, “intend”,
“strategy”, “plan”, “will”, “estimate”, “project”,
“goal”, “target”, “prospects”, “optimistic” or similar
expressions. These statements by their nature involve risks and
uncertainties, and actual results may differ materially depending on a
variety of important factors, including, among others, the Company’s
ability and continuation of efforts to timely and completely make
available adequate current public information, additional or different
regulatory and legal requirements and restrictions that may be
imposed, and other factors as may be discussed in the documents filed
by the Company on SEDAR (www.sedar.com), including the most recent
reports that identify important risk factors that could cause actual
results to differ from those contained in the forward-looking
statements. The Company does not undertake any obligation to review or
confirm analysts’ expectations or estimates or to release publicly
any revisions to any forward-looking statements to reflect events or
circumstances after the date hereof or to reflect the occurrence of
unanticipated events. Investors should not place undue reliance on
forward-looking statements.
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