New Age Metals Enters Due Diligence Period With Benton Resources Inc.

New Age Metals Inc. (NAM) has entered into an option agreement with Benton Resources Inc. to potentially acquire a 100% interest in the Abernethy Lake Gold Project, which is set to be renamed the Kenora Thunder Gold Project. The property is situated in the Kenora Mining District of Northwestern Ontario, approximately 10 km from the City of Kenora. NAM has a due diligence period extending until November 15, 2026, during which it will assess regulatory, Indigenous, and permitting requirements before making a final decision on whether to exercise the option.

To earn the full interest in the project, NAM is required to make aggregate cash payments of $10,000 and issue an aggregate of 500,000 common shares. Additionally, the company must incur aggregate work expenditures of $150,000 over a period of 2.5 years from the effective date. Benton Resources retains a 2% Net Smelter Return (NSR) royalty on the property, though NAM holds the right to repurchase 1% of that NSR for $1,000,000.

The land package comprises 4 claims, 70 cells, and approximately 1,461 hectares. Historical drilling conducted by Benton Resources in 2011 returned anomalous gold in 8 of 9 holes, including intercept ABE11-07, which reported 0.46 g/t Au over 92.5m, including 3.34 g/t Au over 4.5m. Earlier drilling by Hudson Bay Exploration in 1975 returned 17.8 g/t Au over 1.52m. If the option is exercised, NAM plans to proceed with mapping, prospecting, soil sampling, line cutting, trenching, ground geophysics, and a Phase 1 drill program.

This acquisition would mark NAM’s third gold and critical metal project in the Kenora Mining District, an area supported by the newly established Kenora Field Office. Management views the Kenora District as a premier Canadian jurisdiction characterized by excellent infrastructure and growing strategic interest.

New Age Metals Inc. (NAM) has aggressively consolidated land in the Kenora District over the past 12 months, acquiring or optioning Bonanza Ridge, Dash Lake, Double R, Magnet Lake, Lavender Lake, and South Gibi Lake. The Abernethy Lake option continues that district-scale consolidation pattern. The earn-in requirements are minimal, totaling $160,000 in cash or share value plus $150,000 in work. This represents a low-capital, high-optionality addition that aligns with the company's project-generator model.

The market has already priced in NAM's aggressive Kenora expansion strategy. The news is incremental and expected given the company's recent acquisition pace. The market is discounting speculative grassroots projects until drill results or financing milestones materialize.

No material change to the balance sheet, cash runway, or operational footprint occurs upon signing. The impact is strictly strategic and long-term.

New Age Metals Inc. (NAM) operates as a project generator and early-stage explorer, focusing on acquiring, staking, and optioning district-scale mineral properties across Canada and the US. The company leverages a lean corporate structure, outsourcing technical work to consultants and contractors while retaining ownership and management control.

The company’s flagship River Valley Palladium Project in Ontario is 100% owned and has completed a multi-million ounce PEA. It has advanced to Phase II PLATSOL™ metallurgical testwork and 3D IP surveying at the Mustang Zone. In Kenora, Ontario, the 100% owned Bonanza Ridge Gold & Critical Metals project was expanded via options to include Lavender Lake and South Gibi Lake. Recent grab samples returned up to 4.77 g/t Au, with winter drilling targeted.

In the Newfoundland Gold-Antimony Division, high-grade grab samples returned up to 51.9% Sb and 46.2 g/t Au, while trenching and geophysical surveys are underway. The Genesis PGM-Cu-Ni Project in Alaska is a joint venture option with Rockport Capital Corp. Additionally, New Age Metals Inc. regained 100% ownership of the Manitoba Lithium Project after terminating its JV with Mineral Resources Ltd., subject to a 2% revenue royalty.