New Age Metals Announces Amendment to the Genesis Project Option and Joint Venture Agreement with Rockport Capital Corp.

New Age Metals Inc. (NAM) has amended its Genesis Project option and joint venture agreement with Rockport Capital Corp., originally signed on September 1, 2026. The amendment makes Rockport’s additional 20% earn-in, which would bring its total interest to 70%, conditional on an election delivered within 120 days.

If Rockport does not elect the additional 20%, the parties will form a 50/50 unincorporated joint venture. In this fallback scenario, Rockport has no further cash, share, or exploration obligations beyond the initial earn-in. Consequently, NAM’s fallback interest improves from 30% under the original mandatory structure to 50%.

Operator fees remain at 4% on exploration expenditures until the initial earn-in is complete, and 8% of direct program costs at the joint venture stage. The existing 3% net smelter return (NSR) royalty in favor of Anglo Alaska Gold Corp. is unchanged. Completion conditions include TSXV acceptance, minority shareholder approval, Rockport's concurrent financing of $750k-$2M, and filing of a final NI 43-101 technical report.

New Age Metals Inc. (NAM) has finalized an amendment to its September 1 definitive agreement with Rockport, a structural adjustment designed to reduce downside risk by removing mandatory future expenditures and rendering the additional earn-in optional. From NAM’s perspective, the fallback scenario is improved, securing a 50% interest instead of 30% if Rockport walks away from the additional earn-in.

The amendment serves as an expected, incremental adjustment to a previously announced related-party transaction. It facilitates deal closure by aligning incentives but does not introduce new discoveries, unexpected financial windfalls, or changes to the core project economics. Under the original agreement, Rockport was required to fund $750,000 in exploration expenditures for the additional 20% regardless of election. The amendment shifts this to a conditional earn-in, lowering the barrier to closing the initial 50% interest.

New Age Metals Inc. (NAM) operates as a project generator focused on critical metals, platinum group metals (PGMs), and precious metals across North America. Its flagship asset is the River Valley Palladium Project in Ontario, a multi-million-ounce district-scale PGM asset that includes a 2023 Preliminary Economic Assessment (PEA). The company is currently advancing Phase II PLATSOL metallurgical optimization at the site.

The company’s portfolio also includes the Genesis Ni-Cu-PGE project in Alaska, the Bonanza Ridge Gold & Critical Metals project in Ontario, and the Newfoundland Au-Sb portfolio. In Manitoba, New Age Metals holds 100% ownership of a lithium project following the exit of MinRes. Additional assets include the Northern Shield and Platreef PGM projects in Ontario. The company’s strategy involves aggressive land acquisition, joint venture partnerships, and systematic exploration advancement across diverse jurisdictions.