New Age Metals Options Genesis Project

New Age Metals Inc. (NAM) has entered into a non-binding Letter of Intent (LOI) with Rockport Capital Corp. to grant RP the right to earn an initial 50% interest in the Company's Genesis project, located in Alaska. The proposed transaction involves cash payments ($25,000), share issuances (1,000,000 common shares), and mandatory exploration expenditures ($250,000) by RP to achieve the initial earn-in. RP also maintains the right to enter into a joint venture to increase its total interest up to 70%. Completion is subject to several conditions including execution of a definitive agreement, TSXV acceptance, minority shareholder approval, completion of a concurrent financing by RP with minimum proceeds of $750,000, and a NI 43-101 compliant Technical Report. The property remains subject to an existing 3% net smelter return (NSR) royalty.

The announcement represents progress on the company's stated strategy to seek joint venture partners for its Genesis PGM-Cu-Ni project, which was previously highlighted in October 2025 and August 2025 news releases as seeking a partner or self-funding. While securing Rockport Capital is positive validation of the asset's potential, the materiality is tempered by several factors: * Non-Binding Nature: The LOI is not definitive; it requires shareholder approval and concurrent financing by RP ($750k minimum). If RP fails to raise this capital, the deal collapses. * Dilution Risk: Issuance of 1M shares plus potential future earn-in obligations increases share count, though the $25k cash payment is negligible relative to the company's liquidity position. * Incremental Progress: This follows a pattern of "optioning" properties (e.g., Gravel Ridge in April 2026) rather than definitive resource definition or closed financing. It reduces NAM's risk exposure on Genesis but does not immediately inject significant capital into the balance sheet compared to the $4M Sprott financing earlier in 2025/2026. * Market Context: The news arrives after a significant price correction from January highs ($0.60) to current levels (~$0.32). While positive for long-term project advancement, it is unlikely to trigger an immediate sharp re-rating without definitive closing terms or assay results confirming the JV partner's confidence in grades.

New Age Metals operates as a diversified critical and precious metals explorer with a focus on high-grade palladium, platinum, gold, copper, nickel, lithium, cesium, and antimony projects across North America. * Flagship Asset: River Valley Palladium Project (Ontario). One of the largest undeveloped PGM projects in North America, located near Sudbury. A Preliminary Economic Assessment was completed previously. * Genesis Project (Alaska): Ni-Cu-PGE property in the Chugach Mountains. Road-accessible but no drilling to date; currently seeking JV partners. * Northern Shield (Ontario): Ring of Fire region PGM-Cu-Ni project, expanded to ~34,000 hectares via staking in April 2026. * St. Alban's (Newfoundland): Antimony-Gold properties showing high-grade grab samples (up to 51.9% Sb and 46.2 g/t Au reported Feb 2026). * Bonanza Ridge & Double R Gold: Ontario gold projects in the Kenora/Rainy River district, adding exposure to the current gold price rally.