New Age Metals Inc. (TSX.V: NAM | OTCQB: NMTLF | FSE: P7J) (“NAM” or the “Company”) is pleased to announce that effective May 21, 2026 (the “Effective Date”) it has entered into an option agreement (the “Agreement”), after completing its due diligence, with arms-length party, Torr Resources Corp.(“Torr”) to acquire up to a 100% interest in the Dash Lake Gold-Copper Project (the “Dash Lake Project”), which is directly contiguous with and expands the Company’s Double R Project located in the Kenora and Rainy River Districts of northwestern Ontario.
The Dash Lake Project is located within the Kakagi-Rowan Lake Greenstone Belt in Northwestern Ontario and currently comprises four (4) multi-cell mining claims totaling approximately 1,160 hectares, together with all associated mineral rights.
Figure 1: The claims outlined in red represent the Dash Lake Project, which will now be part of the RR Project. The claims outlined in grey represent New Age Metals’ 100%-owned RR Gold Project, which adjoins what is now Coeur Mining’s project area. Earlier this year, Coeur completed its friendly acquisition of New Gold Inc. in a transaction valued at approximately US$7 billion. New Gold’s former production facility, now owned by Coeur, is 35 km SW to NAM’s RR Gold Project and is known as the Rainy River Mine. The Kenora mining district has seen a significant increase in exploration activity over the past 18 months, supported by strong infrastructure, a long history of gold exploration and mining, and renewed interest from major mining companies in the region.
The acquisition builds upon the Company’s previously announced consolidation of the Double R Gold Project, which consisted of 834 mining claims totaling approximately 17,620 hectares. Following this acquisition, the Company’s consolidated land position has increased to approximately 838 mining claims totaling ~18,780 hectares (~46,400 acres).
The acquisition is supported by the region’s established gold mineralization and favourable structural setting. Recent regional consolidation activity, including Coeur Mining’s $7 Billion (USD) acquisition of New Gold Inc. and the Rainy River Mine, reflects ongoing interest in the Rainy River and Kenora districts [1].The Double R Gold Project is located approximately 35 km northwest of the Rainy River Mine.
Harry Barr, Chairman and CEO, commented: “Northwestern Ontario continues to attract renewed investment and consolidation activity, and we believe the timing to secure and expand our large and strategic gold-copper project in the Kenora–Rainy River district is timely.
The addition of the Dash Lake Project materially strengthens our Double R Project and positions the Company with an expanded footprint in a prospective gold-copper corridor supported by strong regional geology, infrastructure, and ongoing exploration activity. Looking ahead, if the Company is successful in making a new discovery and establishing a mineral resource, Rainy River could potentially serve as a regional processing option for our mineralized material.
Our Company has received interest from larger mining companies and is following up on that interest.
Our objective is to build value through disciplined exploration while positioning the Company to participate in the next phase of regional growth.
The Double R Project is located only 70 km from the newly established Kenora Field Office. New Age has expanded its gold portfolio to five projects encompassing approximately 37,000 hectares (91,429 acres) in the Kenora District of Ontario”
Highlights
- Large, contiguous land package consisting of 838 mining claims totalling ~18,780 hectares in the Rainy River–Kenora gold districts
- Strategic location approximately 35 km northwest of the Rainy River Mine and 17 km south of the Cameron Gold deposit
- Access and infrastructure, including logging roads, nearby Highway 71, and regional power infrastructure
- The Company plans to engage with local First Nation communities and intends to pursue opportunities for collaborative and respectful partnerships, consistent with its commitment to responsible exploration
- Underexplored Archean greenstone belt within the Wabigoon Subprovince, a geological terrane that hosts multiple gold deposits elsewhere in northwestern Ontario
- Prospective geology including mafic to felsic metavolcanic rocks, intrusive bodies, and regional structural features interpreted from government airborne geophysical data
- Gold grain anomalies identified in historical Ontario Geological Survey till sampling, with up to 25 gold grains reported in samples within the Project area
- Phased, low-impact exploration approach planned to prioritize targets for follow-up work and potential drilling
A Strategic Gold Hub
The Kenora Mining District and nearby areashave historically been underexplored but are emerging as an active exploration and development region, supported in part by improved commodity prices and renewed industry and investor interest.
The region offers a compelling combination of:
- Established mining infrastructure and highway access
- Proximity to power, workforce, and service centers
- Favorable permitting environment and community relationships
Recent acquisitions and investments within and adjacent to the district, include:
- Accelerating regional consolidation, highlighted by Coeur Mining’s announced acquisition of New Gold in a ~US$7 billion transaction [2].
- The Cameron Gold Project acquisition, led by Frank Giustra’s Fiore Group and First Mining Gold Corp., in a transaction valued at approximately CAD $27 million[3].
- Growing exploration and development activity by junior, mid-tier, and senior mining companies, reflecting renewed industry interest in the Kenora and nearby districts
The Company notes growing support for mineral exploration at the provincial, regional, and municipal levels, including policies and initiatives intended to encourage responsible resource development and investment. Mineralization on adjacent or nearby properties is not necessarily indicative of mineralization on the Company’s properties.
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