New Age Metals Closes First Tranche of Private Placement for $2.45 Million

Vancouver, BC — October 3, 2025 — Leads & Copy — New Age Metals Inc. has announced the closing of the first tranche of a non-brokered private placement financing, issuing 1,730,771 flow-through units at $0.26 per unit and 9,090,910 non-flow-through units, raising aggregate gross proceeds of $2,450,000.

Each flow-through unit consists of one flow-through common share and one-half of a share purchase warrant, with each whole warrant allowing the holder to purchase an additional common share at $0.40 for three years. Each non-flow-through unit includes one common share and one-half of a share purchase warrant, also exercisable at $0.40 per share for three years.

Finder’s fees of $27,000.02 in cash and 142,307 non-transferable finder warrants were paid to GloRes Securities Inc. and PB Markets Inc. in connection with the flow-through unit tranche closing. The finder warrants are exercisable at $0.26 per share for three years. No finder fees were paid for the non-flow-through units.

The placement is subject to TSX Venture Exchange approval, with all securities subject to a four-month hold period expiring February 4, 2026. Proceeds from the flow-through units will fund exploration and development of the company’s projects in Newfoundland, Ontario, and Manitoba, while proceeds from the non-flow-through units will be used for exploration and general working capital.

Mr. Eric Sprott, through 2176423 Ontario Ltd., acquired 9,090,910 units for $2,000,000.20. Following the completion of the private placement, Mr. Sprott beneficially owns and controls 21,965,910 Common Shares and 4,545,455 warrants representing approximately 33.1% of the outstanding Shares on a non-diluted basis and 37.4% on a partially-diluted basis assuming the exercise of such warrants.

The Units were acquired by Sprott for investment purposes. Mr. Sprott has a long-term view of the investment and may acquire additional securities of the Company including on the open market or through private acquisitions or sell securities of the Company including on the open market or through private dispositions in the future depending on market conditions, reformulation of plans and/or other relevant factors.

A copy of Sprott's early warning report will appear on New Age Metals’ profile on SEDAR+ and may also be obtained by calling Mr. Sprott’s office at (416) 945-3294 (1106-7 King Street East, Toronto, ON, M5C 3C5).

Harry Barr at Hbarr@newagemetals.com or Farid Mammadov at faridm@newagemetals.com or call 613 659 2773.

Source: New Age Metals Inc.