New Age Metals Inc.
Company Data
| Introduction
| Projects in Hand
| Management
News Update
| Chinese
| Address ： |
18 – 8511 General Currie Road Richmond, BC Canada V6Y 1M3 |
| Tel No.： | 604-685-1870 |
| Fax No.： | 604-685-8045 |
| Toll Free No.： | 1-800-667-1870 |
| Web Site： | www.newagemetals.com |
| E-mail： | hbarr@newagemetals.com |
| Contact Person： | Harry Barr |
| Position： | Chairman & CEO |
| Traded Market： | TSX-V | OTCQB | FSE |
| Traded Symbol： | NAM | NMTLF | P7J2 |
| Outstanding Shares： | 222 Million |
| 52 Week High： | $ 0.095 |
| 52 Week Low： | $ 0.04 |
| Present Price： | Click Here |
New Age Metals is a well financed mineral exploration and development company focused on the discovery, exploration and development of green metal projects in North America. Eric Sprott the billionaire resource investor owns ~24.5% of the New Age. The Company has two divisions; a Platinum Group Metals (PGM) division and a Lithium/Rare Element division.
The Company is developing its 100%-owned flagship multi-million ounce River Valley Palladium Project near Sudbury, Ontario, one of the largest undeveloped primary palladium projects in North America. Mineral Resources Limited, the 4th largest global lithium producer, has entered into an exploration agreement with New Age Metals in Manitoba to fund the Company’s exploration activities. The Company is one of the largest land owners in the Winnipeg River Pegmatite field. Many of the projects are located in and around the Tanco Mine, Canada’s only lithium producer.
The Company is actively seeking an option/joint venture partner for its newly acquired Northman, McLaughlin Lake and South Bay lithium projects in Northern Manitoba, and its 100%-owned road-accessible Genesis (Battery Metals) PGM-Copper-Nickel project in Alaska.
River Valley Palladium Project, Ontario, Canada
- 100% ownership of a multi-million ounce district scale Palladium asset
- 107 sq. km (includes 2 Mining Leases)
- One of the largest Palladium projects in North America
- Only 100 road-km from Sudbury, Ontario
- Superb infrastructure setting with road and rail links to Sudbury infrastructure
- Fully funded for Pre-Feasibility Study
- Blue-sky exploration upside, world-class mining district
- 2021 Mineral Resource Estimates: 2.28 million ounces of Pd+Pt+Au Measured & Indicated, 1.648 million ounces of Pd+Pt+Au Inferred
- Preliminary Economic Assessment (PEA)
- The 2023 Preliminary Economic Assessment (PEA) returned a positive result with a post-tax NPV (5%) of CAD$134 M, an IRR of 11% and 16 years of palladium, platinum and copper production. Compared to the 2019 PEA, this 2023 PEA envisions a smaller, higher-grade operation with lower CAPEX, expanded underground mining and reduced open pit mining, and a much-smaller environmental footprint. (See news release dated June 29, 2023)
- Active review of rhodium potential
- Diamond Drilling: 733 holes totalling >155,000 metres
Pre-Feasibility Study Objectives
- Started April 2021, expected update in Q1 2023
- Optimize value-per-tonne of material moved in an open-pit operation
- Further evaluate Rhodium as a payable metal
- Test modern processing technology and increase metal recoveries
- Integrate recent, improved pricing for payable metals
- Update to a tightly constrained domain model for mineralization zones
Upcoming Milestones
- Rhodium evaluation to determine potential recovery
- 2023 Exploration program
PGM Exploration Targets
- Many induced polarization (IP) anomalies similar to Pine zone extend NE & SW of footwall contact
- Priority exploration targets detected in IP geophysical surveys over footwall
- Palladium targets located adjacent to existing mineral resources (zones) and potential open pit locations
- Possible magmatic feeder zones and structural offsets
- Additional 12 km of IP to be completed to identify new targets for drill testing
Genesis PGM-Cu-Ni Project, Alaska
- 100%-owned
- 3 km from highway & electric transmission line
- Known PGM-Cu-Ni mineralization covers 9 km. Fall 2021 surface sampling and mapping program
- Seeking exploration and development option/JV partner
- Drill-ready PGM-Cu-Ni reef style target: 2.4 g/t Pd, 2.4 g/t Pt, 0.96% Ni and 0.58% Cu on surface
Lithium Projects, Manitoba, Canada
- 12, 100%-owned projects, 3 drill-ready
- Largest regional claim holder: ~26,000 ha
- Exploration agreement with Sagkeeng First Nation
- Partnership with Mineral Resources Limited (ASX- MIN), 4th largest lithium producer in the world to explore and develop NAM’s lithium division.
- Lithium One Project (2,294 ha, drill-ready)
- More than 40 known pegmatites
- Exploration focused on Silverleaf (4.1% Li2O (2020)) and Annie pegmatites (0.6% Li2O (2018))
- Lithium Two Project (145.4 ha, drill-ready)
- Historical resource of 544,000 tonnes at 1.4% Li2O
- 3 known pegmatites
- The second phase drilling program was successful in extending the Eagle Pegmatite mineralized zone to a depth of 150 m below surface. (See news release dated June 13, 2023)
- Lithman West Project (1,016 ha, drill-ready)
- Flown with drone geophysics in 2021
- Situated along strike and to west of the Tanco pegmatite
- Numerous rock and soil anomalies warrant drilling
Investment Highlights
Diversification
- Two green metal divisions: platinum group metals & lithium and rare elements
Prospect Generator
- Advancing non-core assets though strategic partnerships/non-dilutive financings
Leadership
- Experienced explorers, geologists and developers with vast experience
Potential
- Developing one of the largest palladium projects in North America
Vision
- Quality, fully-owned projects with significant exploration upside
Management and Directors
Harry Barr, Chairman, Chief Executive Officer and Director
Founder, Chairman and CEO of International Metals Group
Over 30 years of experience in the mining industry, focus on acquisition, finance and development of mineral projects on international scale
Oversaw over 300 option/joint venture agreements with major, mid-tier, and junior mining companies
Robert Guanzon, CPA, CMA, Chief Financial Officer
Has been in the field of accounting for more than 25 years
Charlotte Brown, Corporate Secretary
An administrator with over 15 years of experience
Colin Bird, Director
Over 35 years of international experience in developing, financing, operating and managing nickel, copper, gold and coal mines
Chris Berlet, Director
30 years of experience in both finance and the mineral industries
John Londry, Director
30 years of experience in the mineral exploration and mining industry
Ron Hieber, Director
Internationally recognized expert in Platinum Group Metals
Advisors & Technical Tem
Gordon Chunnet, B.Sc., PGM Specialist, Advisor
Richard Zemoroz, Project Geologist
Farid Mammadov, Marketing and Communications
Bill Stone, Ph.D, P.Geo., Consulting Geoscientist, PGM Specialist
Axiom Exploration, Consulting Geoscientists; Lithium, Rare Metals Specialists
Curt Freeman, Consulting Geologist
Ali Hassanalizadeh, M.Sc., P.Geo., MBA, Advisory Board, Consulting Geologist
Faraz Rasheed, B.Eng., Business Development
On June 17, 2024, New Age Metals Inc. announced that in conjunction with University of Manitoba researchers are poised to unlock more sustainable ways to extract mineral resources, thanks to a $1.5 million dollar grant from Natural Sciences and Engineering Research Council (NSERC).
Critical metals, including lithium, nickel and platinum group elements (PGEs) and other strategically important minerals play a vital role in various high-tech industries, from renewable energy to electronics manufacturing and contribute to the provincial economy. However, their extraction and processing pose unique challenges, including environmental concerns and supply chain vulnerabilities.
The project will focus on several key objectives, including:
- Advancing exploration techniques to identify new critical metals deposits in Manitoba
- Training the next generation of geologists in critical metals research
- Developing environmentally responsible exploration methods
- Facilitating knowledge transfer and workforce development to support the growth of Manitoba's Indigenous communities.
"By harnessing the collective expertise of academia, industry, and government, we can address the complex challenges facing the critical minerals industry and create sustainable solutions for the future," said Harry Barr, Chairman & CEO at New Age Metals
On February 06, 2024, New Age Metals Inc. is continuing environmental baseline studies in 2024 on its 100-per-cent-owned River Valley palladium project, accessible by paved highway 100 kilometres east of the city of Sudbury. Highlights:
- In 2024, environmental baseline studies at River Valley are entering their fifth consecutive year and will ensure that New Age Metals is in a strong position to meet future regulatory permitting requirements. These continuing environmental baseline studies will include surface water, hydrology and groundwater.
- In addition, New Age Metals is continuing engagement with stakeholders, regulators and local communities, particularly first nations with traditional land claims in the River Valley project area.
Harry Barr, chairman and chief executive officer of New Age Metals, commented: "We are pleased with the progress to date on the environmental baseline work at the River Valley palladium project, especially with the participation of technical specialists from the local first nations groups. By being so pro-active at this early stage of project development, we are confident that NAM will be well positioned to accelerate future mineral exploration programs and project development studies."
On January 16, 2024, New Age Metals Inc., in conjunction with its farm-in/joint venture agreement with Mineral Resources Ltd. (MinRes), as part of its $7-million 2023/2024 exploration budget, has commenced drilling operations at its Winnipeg River/Cat Lake lithium project in southeast Manitoba. The exploration program is being carried out by Platinum Diamond Drilling Inc. ( " Platinum") with technical and geological oversight by Axiom Exploration Group Ltd. ("Axiom").
2024 Drill Program Overview: The 2024 winter drill program has commenced and will comprise up to 15,000 meters of planned exploration drilling. Drilling will be conducted over four of the Company's properties within the project area including Lithium Two, Bird River, Lithman West and Lithman East.
Chairman and CEO Harry Barr commented; "After extensive project development and planning to get to this point, we are proud to announce the commencement of our most aggressive drill program to date for our Lithium Division. Together with our partners from Mineral Resources and consultants from Axiom, we have systematically developed our understanding of the project area over the last few years and now have well-defined, high priority targets that give us great confidence for this program. On behalf of New Age Metals, we wish for a safe drill program for our contractors and consultants and look forward to positive results."
On January 11, 2024, In conjunction with its farm-in/joint venture agreement with Mineral Resources Ltd. (MinRes), New Age Metals Inc. has received all assay results from the extensive summer exploration program on the company's Winnipeg River/Cat Lake lithium projects of southeast Manitoba.
The sampling campaign was conducted by the Company's technical consultants from Axiom Exploration Group Ltd. ("Axiom"). A total of 2086 rock lithogeochemistry samples, 2601 MMI soil geochemistry samples, and 328 MMV biogeochemistry were collected over the 20,270 hectare land package.
A detailed geostatistical review of the results is ongoing in conjugation with a structural analysis/interpretation by Resource Potentials Ltd. ("Respot") of all newly acquired high-resolution Tri-axial magnetics, Radiometrics, and LiDAR data. To date the assessment has yielded several priority targets to be considered highly prospective for lithium-cesium-tantalum ("LCT") type pegmatites.
"Review of the results derived from the summer program has successfully identified numerous target areas for the focus of our much-anticipated winter drilling campaign which is slated to begin the week of January 15 th 2023," said Harry Barr, Chairman and CEO of New Age Metals. "Our team will continue follow-up work from the data received as we now have an extensive geological database integrating historical data compilation with a recent and robust sampling and geophysical program. Together with our partners from Mineral Resources, we look forward to further testing these targets with a 15,000 meter winter drill program and develop our properties that surround the prolific Tanco Mine."
On December 22, 2023, The TSX Venture Exchange has accepted for filing documentation pertaining to an option agreement dated Dec. 1, 2023, with an arm's-length optionor to acquire an undivided 100-per-cent interest in the mineral property claims Bridge P9486E and Bridge 1 MB 3068, located in the Bird River area in the province of Manitoba, Canada.
Pursuant to the terms of the agreement, in the event that the option is fully exercised, a 2-per-cent gross overriding royalty shall be retained by the optionor. The company has the exclusive right to purchase a 1-per-cent royalty at the price of $1-million and the optionor shall retain a 1-per-cent royalty.
On December 11, 2023, New Age Metals Inc. has entered into an option agreement dated Dec. 1, 2023, with W.S. Ferreira Ltd. to acquire an undivided 100-per-cent interest in the mineral property claim Bridge and Bridge 1 located in the Bird River area in the province of Manitoba, Canada.
In order to exercise the Option, the Company is required to make cash and share payments to Ferreira as follows:
A payment of $40,000 on or before December 29, 2023
A payment of $50,000 on or before January 10, 2025
A payment of $60,000 on or before January 10, 2026
Issue 100,000 common shares of the Company on or before December 29, 2023
Issue 200,000 common shares of the Company on or before January 10, 2025
Issue 200,000 common shares of the Company on or before January 10, 2026
Pursuant to the terms of the Agreement, in the event that the Option is fully exercised, a 2% Gross Over Ridding Royalty (the "Royalty") shall be retained by Ferreira. The Company has the exclusive right to purchase 1% of the Royalty for $1 million dollars.
On November 22, 2023, New Age Metals Inc. has released its environmental, social and governance/sustainability report for the year 2022-2023. The scope of this project encompasses both New Age Metals' Manitoba lithium project and River Valley platinum group metal project.
Chairman and chief executive officer Harry Barr commented: "On behalf of the management and directors, I am pleased to update you on the key milestones completed to date in 2023 and the goals and objectives for New Age Metals (NAM) for the balance of the year. From NAM's inception to this date, our primary focus before delving into any project has been to identify all key stakeholders, especially ones involved with the environmental and social prospects in the regions that our projects are located in. To this effect, we have not only spent a substantial amount in that direction but have and are directly engaged with the first nations, custodians and communities around all our properties. Our team at NAM have a firm belief that where the success of a project is deduced from its financial statements and economic prospects, the sustainability of that success lies solely in strong consideration of environmental, social and governance (ESG) metrics of that said project, which further gives us the motivation, encouragement and the social licence to operate.
On October 31, 2023, New Age Metals Inc., in conjunction with its farm-in/joint venture agreement with Mineral Resources Ltd. (MRL), has released the results of recently received assays at its Winnipeg River-Cat Lake lithium projects of Southeast Manitoba. An extensive summer work program has been underway since mid-May including airborne geophysical surveying, rock and soil sampling, biogeochemical sampling, and outcrop stripping in preparation for the winter drilling program. The 2023/2024 budget for the above work including approximately 15,000 meters of drilling is $7 million. The work has already successfully identified new spodumene occurrences on the Lithium Two and Bird River Lithium properties. Additionally, numerous known targets have been further delineated and recent assays from geochemical sampling identified several new areas to be considered highly prospective for lithium-cesium-tantalum ("LCT") type pegmatites based on geostatistical review of the results. Highlights :
Six grab samples from the Tappy Pegmatite returned over 1.0 % Li O including up to 5.07 % Li O. Additional pegmatites identified ~150 m to the west (assay results pending).
On October 16, 2023, New Age Metals Inc. has been approved for graduation from Tier 2 issuer status to Tier 1 issuer status by the TSX Venture Exchange. New Age Metals will commence trading as a Tier 1 issuer on Wednesday, Oct. 18, 2023.
The TSX-V classifies issuers into different tiers based on certain standards, including historical financial performance, stage of development and financial resources. Tier 1 is the TSX-V's premier tier and is reserved for the TSX-V's most advanced issuers with the most significant financial resources.
On September 26, 2023, New Age Metals Inc. has started an initial Platsol leaching testwork program on its 100-per-cent-owned River Valley palladium project, near Sudbury, Ont. The Platsol testwork will be carried out by SGS Canada Inc. on concentrates of drill core samples from the Dana and Lismer mineralized zones, as recommended in the new preliminary economic assessment (PEA) of the project (see company press release dated Aug. 11, 2023). This proof-of-concept Platsol study is part of a post-PEA metallurgical optimization program designed to examine new and alternative technologies for significantly improving recovery of platinum metals (PGM), gold and copper at the River Valley project.
Platsol is a high-temperature and pressure acid leaching hydrometallurgical process developed at SGS Canada for recovery of PGM, gold and base metals from low-grade, bulk-tonnage polymetallic deposits. Previously, Platsol testwork studies of Duluth (Minnesota), Marathon (Northwestern Ontario) and Pedra Blanca (Brazil) deposits materials have resulted in Pd, Pt, Au and Cu recoveries of greater than 90 per cent. Conventional flotation testwork at River Valley produces a bulk Cu concentrate with significantly elevated PGM values that, however, is undervalued by base metal smelters.
Based on the greater than 90-per-cent recoveries of PGM and Cu elsewhere, Platsol presents a potentially unique opportunity to produce a much higher-value product at River Valley for metal refining off-site.
On September 06, 2023, New Age Metals Inc., in conjunction with its farm-in/joint venture agreement with Mineral Resources Ltd. (MRL), has approved a budget of $7-million to finance advancement of the company's Winnipeg River-Cat Lake lithium projects. The approved budget includes continuing and recently completed geophysical surveys, soil and rock geochemical sampling grids, mapping/prospecting, as well as 15,000 metres of diamond drilling set to commence early January, 2024. The program is designed to test several target areas on the Lithium Two, Lithman West, Lithman East, Cat Lake and Bird River properties.
New Age Metals maintains an active exploration agreement with the Sagkeeng First Nation and will be working with Sagkeeng on these projects. The company is conducting its program with the support of its partner Mineral Resource, a top global lithium producer, and its consultant Axiom Exploration Group.
Chairman and chief executive officer Harry Barr states: "We are exceptionally pleased to announce the largest lithium exploration budget in Manitoba for the 2023/2024 season. Our partner Mineral Resources clearly understands the exploration business and we are happy for their technical and financial support. New Age Metals was early in the Manitoba rush to acquire large tracts of lithium and REE [rare earth element] projects. Our 2023/2024 budget illustrates the confidence our combined companies have in the future of lithium and REEs in Manitoba."
On August 17, 2023, New Age Metals Inc. has entered a binding term sheet with Australian junior mining company, Native Mineral Resources (NMR). Under the terms, NMR can earn up to a 75-per-cent interest in New Age's McLaughlin Lake project:
- NMR has the right to acquire an initial 51-per-cent interest by completing $500,000 of exploration and development activities within 18 months from the effective date, and pay a $75,000 cash payment and issue $200,000 (Australian) in NMR shares.
- NMR can earn an additional 9-per-cent interest (60 per cent) by completing an additional $500,000 (for a total of a $1-million) of exploration and development activities within three years from effective date, and making an additional $100,000 cash payment and issuing $200,000 (Australian) in NMR shares.
- NMR can earn an additional 5-per-cent interest (65 per cent) by making a $100,000 cash payment and issuing $350,000 (Australian) in NMR shares, which will be escrowed for six months.
- NMR will pay an additional $100,000 cash payment at the end of year 4.
- NMR can earn an additional 10-per-cent interest (75 per cent) by making a $100,000 cash payment and issuing $650,000 (Australian) in NMR shares, escrowed for six months. NMR must also complete a JORC (Joint Ore Reserve Committee)-compliant mineral resource of (indicated) 10 million tonnes (Mt) at a minimum 1.25 per cent Li2O (lithium oxide) in spodumene less than 150 m deep, NMR reserves the right to continue if samples are below 1.25 per cent Li2O in spodumene.
- In years 4 and 5, NMR must spend a minimum additional $2-million in this agreement, for a total of $3-million in exploration expenditures.
- New Age will be the field manager and a joint venture (JV) committee will be formed to approve work programs. New Age will receive 10 per cent on contracts under $100,000 and 5 per cent on contracts over $100,000.
- New Age will receive a 2-per-cent net smelter royalty (NSR) on the project, with an option to buy down 1 per cent for $2-million, leaving New Age a 1-per-cent NSR in the project in perpetuity.
- The parties will have 24 months to negotiate and enter into a formal farm-in and joint venture agreement, based on the terms presented in the binding term sheet agreement.
- New Age will pay a finder's fee of $20,000 (Australian) in regards to this transaction.
On August 11, 2023, New Age Metals Inc. announced the filing of a new, positive National Instrument 43-101 Preliminary Economic Assessment (“PEA”) Technical Report (“the Report”) on SEDAR for its 100%-owned River Valley Palladium Project, 60 km east-northeast of Sudbury, Ontario. The results of the PEA were previously announced in a Company press release dated June 29, 2023. This is NAM’s second PEA completed on River Valley (see Company press release dated June 27, 2019). The effective date of this new Report is June 29, 2023. New PEA Highlights:
Pre-Tax NPV(5%): $296M; After-Tax: $140M
Pre-Tax IRR: 16%; After-tax IRR: 11%
Annual Production: 2.5 Mt of potential process plant feed at an average grade of 1.19 g/t PdEq and process recovery of 71.5%, resulting in an average annual payable Pd production of 47,400 oz.
Total Tonnes Processed over Life of Mine: 38.6 Mt/16 years
Pre-production Capital Requirement: $269M
Average Unit Operating Cost: $30.98/t
Assumed US$ Metal Prices: $2,150/oz Pd, $1,050/oz Pt, $1,830/oz Au, $4.00/lb Cu
River Valley Process Plant Feed: Treated in an on-site conventional sulphide flotation plant to produce a saleable PGM-enriched Cu concentrate for transport off-site for smelting and refining
Project Enhancement Opportunities: Increased metal recoveries and expanded Mineral Resources
June 29, 2023, New Age Metals Delivers New Positive Preliminary Economic Assessment of the River Valley Palladium Project
June 13, 2023, New Age Metals Announces Second Phase Drilling Results on the Lithium Two Project, MB. The program was successful in extending the Eagle Pegmatite mineralized zone to a depth of 150 m below surface.
June 7, 2023, New Age Metals Receives $300,000 Grant from Manitoba Mineral Development Fund
May 24, 2023, 2023/2024 Interim Budget of $2 Million Approved By Mineral Resources to Fund Summer/Fall Exploration Program, Lithium Division, Manitoba