New Age Metals Receives Exchange Approval for Bonanza Gold Project, Kenora Gold District, Ontario

On October 27, 2025, New Age Metals (NAM) announced that it has received approval from the TSX Venture Exchange for its option agreement to acquire a 100% interest in the Bonanza Gold Project, located in the Kenora Gold District of Ontario. The news release also recaps the terms of the option agreement and provides a brief overview of the project's high-grade gold potential, as previously announced.

This news is a procedural and administrative update. The material event was the initial announcement of the option agreement to acquire the Bonanza Gold Project on October 1, 2025. The market has already had sufficient time to price in the acquisition of this new asset.

The stock price experienced a significant rally from late September through early October, driven by the dual catalysts of the $4 million financing led by Eric Sprott and the announcement of this new high-grade gold project acquisition. The share price moved from a low of $0.16 on September 17 to a high of $0.55 on October 9.

This exchange approval is a necessary step to finalize the transaction and allows the company to make its initial cash and share payments to the optionors and begin its work commitments. While it is a positive development as it removes any minor uncertainty about the deal's finalization, it was fully expected and does not introduce new information that would materially impact the company's valuation or stock price. Therefore, the impact is routine and only marginally positive.

The progression of news in October has been consistent. After announcing the project acquisition (Oct 1) and successfully closing the $4M financing in three tranches (Oct 3, 10, 17), and signaling a relaunch of the PGM division (Oct 23), this final approval for the gold project is the logical next step.

New Age Metals is a project generator and developer focused on green and critical metals. The company operates through several divisions: - PGM Division: Includes the flagship River Valley Project in Ontario, one of North America's largest undeveloped PGM deposits, and the Genesis PGM-Cu-Ni Project in Alaska. - Lithium Division: Holds a large land package in the Winnipeg River Pegmatite Field, Manitoba, under a farm-in/JV agreement with major producer Mineral Resources Ltd. (MinRes). - Gold-Antimony Division: Comprises a significant land package of recently staked properties in Newfoundland, strategically located near known mineral trends and past-producing mines. - Gold Division: Newly established with the optioning of the Bonanza Gold Project in the Kenora Gold District, Ontario. - Strategic Investments: Holds a ~12.8% interest in MetalQuest Mining Inc., which is developing the large Lac Otelnuk iron ore project.

While River Valley was historically the flagship project, it has been inactive since 2024. The company's recent focus has shifted to diversifying its portfolio with the Newfoundland and Ontario acquisitions, funded by the recent $4M financing. An October 23, 2025 update signaled plans to relaunch the River Valley project due to resurgent PGM prices.