Rockport, Ontario — December 9, 2025 — Leads & Copy — New Age Metals Inc. (TSX-V: NAM) has acquired the Magnet Lake Property, effective December 4, 2025, through an option agreement with prospectors George and Richard Zebruck.
The Magnet Lake Property, consisting of 55 mining claims totaling 1,147 ha (2,834 acres), is located approximately 25 km southeast of Kenora in northwestern Ontario. New Age Metals has the option to acquire 100% of the property, subject to a 2% net smelter return (NSR) royalty retained by the prospectors, which the company can reduce to 1% for $1 million in cash.
The Magnet Lake Property will be incorporated into the Bonanza Ridge Gold and Critical Metals Project. Highlights of the Magnet Lake Property include multiple enriched and elevated copper occurrences at the surface, such as 2.14% Cu, 0.70% Cu, 0.25% Cu, 0.23% Cu, and 0.20% Cu, as well as five additional samples grading 0.10%–0.12% Cu. The property has road, trail, and boat access to all areas, with provincial grid power lines nearby.
Harry Barr, Chairman & CEO of New Age Metals, stated that the acquisition of the Magnet Lake Property adds to the company’s growing portfolio, noting the Ontario government’s efforts to advance its Critical Minerals Strategy. Barr also mentioned recent government–First Nation agreements to open development pathways in the Ring of Fire, further highlighting the province’s commitment to building a world-class critical-minerals jurisdiction.
New Age Metals also has a 12.2% ownership in Metal Quest Mining Corp. (TSXV: MQM; OTC: MQMIF; FSE:E7Q.F), which is actively acquiring strategic positions in the Ring of Fire region. According to Barr, New Age Metals is positioned to benefit from the increasing critical-metals activity in the province and internationally, with the Magnet Lake Property aligning with the company’s vision of value creation through discovery in top-tier jurisdictions.
A mid-October due diligence site visit and verification sampling program confirmed the presence of high-grade copper mineralization on the Property, particularly at the Gold Lake and Hollow Lake Prospects. Thirty-seven grab samples were taken from quartz veins, basalt, gabbro, and sulfide zones at three prospects. A newly discovered outcrop at the Hollow Lake Prospect returned an assay of 2.14% copper.
To exercise the option, New Age Metals’ agreement includes a series of cash payments and share issuances to the prospectors and exploration expenditures on the project. Any share payments will be based on a 10-day trading average prior to the date of issuance, subject to a minimum deemed issue price of $0.27 per share. New Age Metals has the option to terminate the agreement any time after the first year’s commitments have been completed.
NAM maintains a rigorous QA/QC protocol. Two certified reference materials (“CRMs”) were inserted into the sample batch. When collected, all samples were individually sealed in heavy-duty plastic bags, labeled with unique sample numbers, and placed into rice bags for transport. Continuous possession of the samples was maintained until they were dropped off at a courier service in Saskatoon for express delivery to SGS Canada Minerals laboratory facilities in Burnaby, British Columbia.
Dr. William Stone, P.Geo., an independent Qualified Person, reviewed and approved the scientific and technical data disclosure in the release.
New Age Metals is 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 Element division, an Antimony-Gold Division, and an investment in MetalQuest Mining’s Lac Otelnuk Iron Project.
For more information, contact Harry Barr at Hbarr@newagemetals.com or Farid Mammadov at faridm@newagemetals.com or call 613 659 2773.
Source: New Age Metals Inc.
