New Age Metals Closes Second Finance Tranche Raising An Additional $933,399.36 With Eric Sprott Subscribing To $2 Million In The First Tranche

Executive Summary

• New Age Metals Inc. closed the second tranche of a non‑brokered private placement, issuing 3,068,846 FT Units at $0.26 and 615,906 NFT Units at $0.22 for gross proceeds of $933,399.36, bringing total proceeds from both tranches to $3,383,399.56.
• The financing includes flow‑through tax‑credit units with half‑share purchase warrants (exercise price $0.40, three‑year term) and non‑flow‑through units with identical warrant terms; finder fees of $45,594.99 cash plus 172,902 non‑transferable warrants were also issued.
• Proceeds will be used for exploration and development of projects in Newfoundland, Ontario and Manitoba (FT Units) and for general working capital and additional exploration (NFT Units).

Key Details

• Units Issued – Second Tranche
• FT Units: 3,068,846 units @ $0.26 each → $797,500.00 gross proceeds
• NFT Units: 615,906 units @ $0.22 each → $135,899.36 gross proceeds
• Total Gross Proceeds (both tranches): $3,383,399.56
• First Tranche Subscription: Eric Sprott subscribed for $2,000,000 for 9,090,910 units, holding ~37.4% of the company pre‑closing.
• Unit Structure
• Each FT Unit = 1 flow‑through common share + ½ warrant (full warrant = right to purchase 1 additional share at $0.40, exercisable for three years).
• Each NFT Unit = 1 common share + ½ warrant (same exercise price and term as FT warrants).
• Finder’s Fees – Cash: $45,594.99; Warrants: 172,902 non‑transferable warrants exercisable at $0.26 per share for three years.
• Insider Participation: Insiders purchased 431,817 NFT Units (related‑party transaction under MI 61‑101). No material change report filed prior to closing because insider participation details were unknown at that time.
• Use of Proceeds
• FT Unit proceeds → exploration & development of projects in Newfoundland, Ontario, Manitoba.
• NFT Unit proceeds → additional exploration activities and general working capital.
• Regulatory Notes – All securities subject to TSX Venture Exchange approval; FT Units carry a four‑month + one‑day hold period expiring 2026‑02‑11.

Notable Quotes

“Our continued ability to secure financing supports the aggressive exploration program across our flagship River Valley PGM project and other high‑potential assets,” – Harry G. Barr, Chairman and CEO.