New Age Metals to Regain Full Control of Southeastern Manitoba Lithium-Cesium-Tantalum Portfolio

Executive Summary

• New Age Metals and its subsidiary LCD have terminated a farm-in and joint venture agreement with MinRes for its Manitoba Lithium and Rare Metals Project, reverting 100% ownership to NAM.
• In exchange for MinRes relinquishing all earn-in and JV rights, NAM has granted a 2% revenue royalty on the project and received CAD$135,426 for outstanding invoices.
• NAM retains a four-year option to repurchase 1.0% of the royalty for CAD$1.5 million, while management continues to advance exploration and attend industry conferences.

Key Details

• Agreement Type: Termination Agreement (TA) and Royalty Deed Agreement (RA) dated May 27, 2026.
• Counterparties: New Age Metals Inc. (NAM) / Lithium Canada Development Inc. (LCD) and Lithium Mineral Resources Pty Ltd (MinRes, wholly owned subsidiary of Mineral Resources Limited ASX:MIN).
• Project: Lithium and Rare Metals Project in Manitoba, Canada (the "Tenements").
• Previous FJVA Terms: MinRes had the right to earn an initial 51% interest by completing CAD$4,000,000 in expenditures within 56 months. The earn-in obligation expired on May 27, 2026.
• MinRes Expenditures/Work: Completed district consolidation, geological mapping, prospecting, geochemical/geophysical surveys, diamond drilling, core storage facility construction, and assaying/lab analysis.
• Royalty Grant: NAM grants MinRes a 2% revenue royalty on the Tenements pertaining to lithium, cesium, and tantalum (and ores where these are principal/payable elements).
• Cash Settlement: MinRes pays NAM CAD$135,426 representing all outstanding invoices and financial obligations under the FJVA.
• Royalty Repurchase Option: NAM retains the right to repurchase 1.0% of the revenue royalty at any time within four years from the RA effective date for CAD$1,500,000.
• Ownership Reversion: MinRes relinquishes all rights/interests under the FJVA; 100% ownership of the Tenements reverts to NAM, subject to the 2% royalty.
• Conference Activity: Management attending THE Mining Investment Event 2026 in Québec City for over 20 meetings with investors, mining companies, First Nations, and government stakeholders.

Notable Quotes

• Harry Barr, CEO and Director: “We would like to sincerely thank MinRes and their technical and financial teams for their contributions and partnership during the term of our agreement. As New Age Metals moves forward with 100% ownership of the Manitoba Lithium and Rare Metals Project, we remain focused on advancing the many drill-ready targets identified across the Project, while continuing to develop the next generation of exploration targets through systematic fieldwork and technical review. Our technical team believes the Project continues to demonstrate significant potential, particularly in light of strengthening lithium, cesium, and tantalum prices and the growing global focus on critical metal supply security. With full ownership restored, the Company will have greater flexibility to advance exploration and development activities in a manner that supports long-term shareholder value.”
• “New Age Metals also remains committed to working collaboratively with Sagkeeng First Nation under its long-term exploration agreement as the Company advances the Project.”