New Age Metals Options Magnet Lake Property Further Expanding the Bonanza Ridge Gold & Critical Metals Project, Kenora Mining District, Ontario
Press Release
December 9th, 2025 – Rockport, Ontario– New Age Metals Inc. (TSX.V: NAM | OTCQB: NMTLF | FSE: P7J) (“NAM” or the “Company”) is pleased to announce that effective December 4, 2025, after completing its due diligence, the Company has entered into an option agreement with arms-length parties, Mr. George Zebruck and Mr. Richard Zebruck (Kenora District prospectors) to acquire the Magnet Lake Property. The Property consists of 55 mining claims totalling 1,147 ha (2,834 acres) and is located ~25 km southeast of the City of Kenora in northwestern Ontario. NAM has the option to acquire a 100% of the Property pursuant to the terms and conditions outlined below, subject to a 2% net smelter return (NSR) royalty retained by the prospectors, which the Company has an option to buy down to 1% for $1 million in cash.
With this acquisition, the Magnet Lake Property will be incorporated into the Company’s rapidly expanding Bonanza Ridge Gold and Critical Metals Project (see news release dated October 27, 2025: New Age Metals Receives Exchange Approval for Bonanza Gold Project, Kenora Gold District, Ontario). This addition reinforces New Age Metals’ commitment to building one of the largest claim holdings in the Kenora Mining District — an emerging critical- and precious-metals region.
Highlights of the Magnet Lake Property are as follows:
- Multiple enriched and elevated copper occurrences at surface including; 2.14% Cu, 0.70% Cu, 0.25% Cu, 0.23% Cu, 0.20% Cu, and five additional samples grading 0.10%–0.12% Cu (see Table 1 below);
- Excellent infrastructure, with road, trail and boat access to all areas of the Property and provincial grid power lines nearby;
- Located 25 km southeast of Kenora, a major northwestern Ontario economic hub with a population of ~14,800;
- Limited modern exploration, leaving substantial potential for new discoveries.
- NAM is committed to working collaboratively with local First Nations to ensure responsible, sustainable exploration that respects community values and priorities.
Harry Barr, Chairman & CEO of New Age Metals, stated, “We are very pleased to add the Magnet Lake Property to our growing portfolio at a time when the Ontario Government is aggressively advancing its Critical Minerals Strategy. Recent government–First Nation agreements to open development pathways in the Ring of Fire underscore the province’s long-term commitment to building a world-class critical-minerals jurisdiction.
With our 12.2% ownership in Metal Quest Mining Corp. (TSXV: MQM; OTC: MQMIF; FSE:E7Q.F) (“MQM” or the “Company”), which is actively acquiring strategic positions in the Ring of Fire region (see MQM news release: MetalQuest Secures Critical Minerals Project in Northern Ontario’s Ring of Fire Region), New Age Metals is well-positioned to benefit from the expanding critical-metals momentum across the province and internationally.
The acquisition of the Magnet Lake Property aligns perfectly with our vision of creating value through discovery in top-tier jurisdictions.”
Due Diligence Site Visit and Sampling Results
A due diligence site visit and verification sampling program was successfully executed in mid-October, 2025. Thirty-seven grab samples were taken from quartz veins, basalt, gabbro, and sulphide zones at 3 prospects on the Magnet Lake Property. The mineralization occurs in mafic volcanic to mafic and ultramafic rocks that host visible chalcopyrite, pyrrhotite, pyrite, and localized malachite. The rocks are generally metamorphosed under greenschist conditions.
The mineral occurrences sampled, and RUSH fire-assay and multi-element assay results are shown in Figure 1 and listed in Table 1. Photographs of selected high-grade samples are shown in Figure 2. The due diligence program successfully confirmed the presence of high-grade copper mineralization on the Property, particularly at the Gold Lake and Hollow Lake Prospects. The historical Hollow Lake Prospect was not confirmed by the prospectors prior to this site visit but, while prospecting, a newly discovered outcrop was uncovered, and a grab sample assay returned 2.14% copper (Sample# 572586).
Figure 1: Grab sample assay results from the due diligence verification program on the Magnet Lake Property. The map also illustrates the adjacent Bonanza Ridge Gold Property (shown outlined in grey), where recent due diligence sampling returned grades of up to 127 g/t Au at the Triggs Occurrence and 31.9 g/t Au at the Blue Star Occurrence.
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