AGORACOM Small-cap Investor Relations Blog

SPONSOR: New Age Metals Inc. The company owns one of North America’s largest primary platinum group metals deposit in Sudbury, Canada. Updated NI 43-101 Mineral Resource Estimate 2,867,000 PdEq Measured and Indicated Ounces, with an additional 1,059,000 PdEq Ounces Inferred. Learn More.

Anglo American chief ‘surprised’ by palladium bull market

Neil Hume in Cape Town

• The bull market in palladium has come as a surprise to the chief executive of Anglo American, one of the world’s biggest producers of the metal.

In an interview with the Financial Times, Mark Cutifani said he had not anticipated the barnstorming performance of palladium, which has surged 75 per cent over the past year to around $2,400 an ounce.

“Am I surprised prices have risen to this degree? Yes. And the reason is I thought there would be more substitution [from carmakers] back to platinum,” he said. “It will still happen over time. I have not changed my view. What I underestimated, very clearly, was the focus on the automakers have on making sure they manage emissions.”

In March 2018 Mr Cutifani said the rapid rise in the precious metal’s price has created a “bubble” but that its value was likely to remain high for some time. At that point palladium was trading at around $1,350 an ounce. The price subsequently rose as high as $2,555 before dropping back to about $2,400 today.

Palladium is a vital ingredient in catalysts for petrol and hybrid cars that convert toxic emissions such as carbon monoxide and nitrogen oxide to carbon dioxide, water and nitrogen. Demand for the metal has increased due to tightening emission standards in the automotive industry, particularly in China, that require more of it to be used in car catalysts.

“The way I put it, the CEO of an auto company won’t get fired for spending $20 on a vehicle on a bit more palladium. What they might get fired for is not meeting their emissions targets. That’s the critical issue,” said Mr Cutifani. After nearly a decade of undersupply the market is now critically short of palladium and scrambling to find new sources of supply.

It has also sparked a crime wave with thieves in London jacking up cars to steal the catalytic converters, which are then sold to scrap metal dealers for cash. Production of palladium is constrained because it is mined as a byproduct of platinum and nickel — commodities where new projects have been few and far between.

“What people are learning is that you can’t just turn its [supply] on and off. It’s not a flick of the switch. Mines take a long time to develop. Now, are we reacting, yes . . . but it takes a bit of time.” Additional reporting by Harry Dempsey in London.

Source: https://www.ft.com/content/61e14260-4737-11ea-aeb3-955839e06441

• Eric Sprott announces that, today, 2176423 Ontario Ltd., a corporation which is beneficially owned by him, acquired ownership of 14,000,000 units of New Age Metals Inc.,
• At a price of $0.05 per share for aggregate consideration of $700,000

Toronto, Ontario–(February 3, 2020) – Eric Sprott announces that, today, 2176423 Ontario Ltd., a corporation which is beneficially owned by him, acquired ownership of 14,000,000 units of New Age Metals Inc., pursuant to a private placement, at a price of $0.05 per share for aggregate consideration of $700,000. Each unit consists of one common share and one common share purchase warrant. Each whole warrant entitles the holder to acquire one common share at an exercise price of $0.10 per share for a period of two years.

Mr. Sprott now beneficially owns and controls 14,000,000 common shares and 14,000,000 common share purchase warrants of New Age Metals (representing approximately 10.2% of the outstanding shares on a non diluted basis and approximately 18.6% on a partially diluted basis). Prior to the acquisition, Mr. Sprott did not beneficially own or control any shares of New Age Metals Inc.

The units were acquired by Mr. Sprott, through 2176423 Ontario for investment purposes. Mr. Sprott has a long-term view of the investment and may acquire additional securities of New Age Metals including on the open market or through private acquisitions or sell securities of New Age Metals including on the open market or through private dispositions in the future depending on market conditions, reformulation of plans and/or other relevant factors.

New Age Metals is located at Suite 101-2148 West 38th Avenue, Vancouver, BC V6M 1R9. A copy of 2176423 Ontario’s early warning report will appear on New Age Metals profile on SEDAR at www.sedar.com and may also be obtained by calling Mr. Sprott’s office (416) 945-3294 (200 Bay Street, Suite 2600, Royal Bank Plaza, South Tower, Toronto, Ontario M5J 2J1).

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/52058

• Closed a fully subscribed private placement of 40 million units for aggregate gross proceeds of $2-million managed by IBK Capital Corp.

February 3, 2020 – Rockport, ON, Canada – New Age Metals Inc. (the “Company”) (TSXV:NAM); (OTC:NMTLF); (FSE:P7J) has closed a fully subscribed private placement of 40 million units for aggregate gross proceeds of $2-million managed by IBK Capital Corp. Each Unit consisted of one common share and one common share purchase warrant (“Warrant”), where each Warrant entitles the holder to purchase one additional common share at a price of $0.10 per share for a period of two (2) years from the date of closing.

In connection with the closing, the Company paid fees to IBK Capital Corp. in the amount of $104,000 in cash and issued 3,300,000 broker warrants. The Company also paid fees to Mackie Research Capital Corporation in the amount of $28,000 in cash and issued 700,000 broker warrants. Each broker warrant is exercisable into a unit under the same terms as the private placement.

New Age Metals is pleased to announce that Eric Sprott, through 2176423 Ontario Ltd., has purchased $700,000 of the fully subscribed private placement. A new insider was created in connection with the financing. 2176423 Ontario Ltd. (a company beneficially owned by Eric Sprott) purchased 14,000,000 units of the Company representing approximately 18.56% of the Company’s current issued and outstanding shares on a post conversion beneficial ownership basis. Prior to his purchase, 2176423 Ontario Ltd. (Eric Sprott) did not beneficially own or control any securities of the Company. The Units were acquired for investment purposes.

Harry Barr, Chairman and Chief Executive Officer of New Age Metals, reports: “We are very pleased to have Eric Sprott as a partner of New Age Metals Inc. His record of success is quite simply unmatched.”

The gross proceeds of this financing will be used to develop the Company’s 100-per-cent owned River Valley palladium project, located 60 miles from the Sudbury metallurgical complex in Sudbury, Ontario.

All securities issued in connection with the private placement are subject to regulatory approval and are subject to a four month plus one day hold period expiring on June 4, 2020, in accordance with applicable Securities Laws.

Opt-in List

If you have not done so already, we encourage you to sign up on our website (www.newagemetals.com) to receive our updated news or click here.

About NAM

New Age Metals is a junior mineral exploration and development company focused on the discovery, exploration and development of green metal projects in North America. The Company has two divisions; a Platinum Group Metals division and a Lithium/Rare Element division. The PGM division includes the 100% owned River Valley Project, one of North Americas largest undeveloped Platinum Group Metals Projects, situated 100 kilometers from Sudbury, Ontario as well as the Genesis PGM Project in Alaska. The Lithium division is the largest mineral claim holder in the Winnipeg River Pegmatite Field where the Company is exploring for hard rock lithium and various rare elements such as tantalum and rubidium. Our philosophy is to be a project generator with the objective of optioning our projects with major and junior mining companies through to production. New Age Metals is a junior resource company on the TSX Venture Exchange, trading symbol NAM, OTCQB: NMTLF; FSE: P7J with 96,843,766 shares issued to date.

Investors are invited to visit the New Age Metals website at www.newagemetals.com where they can review the company and its corporate activities. For further information any questions or comments can be directed to [email protected] or Harry Barr at [email protected] or Cody Hunt at [email protected] or call 613 659 2773.

On behalf of the Board of Directors

“Harry Barr”

Harry G. Barr, Chairman and CEO

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Note Regarding Forward Looking Statements: This release contains forward-looking statements that involve risks and uncertainties. These statements may differ materially from actual future events or results and are based on current expectations or beliefs. For this purpose, statements of historical fact may be deemed to be forward-looking statements. In addition, forward-looking statements include statements in which the Company uses words such as “continue”, “efforts”, “expect”, “believe”, “anticipate”, “confident”, “intend”, “strategy”, “plan”, “will”, “estimate”, “project”, “goal”, “target”, “prospects”, “optimistic” or similar expressions. These statements by their nature involve risks and uncertainties, and actual results may differ materially depending on a variety of important factors, including, among others, the Company’s ability and continuation of efforts to timely and completely make available adequate current public information, additional or different regulatory and legal requirements and restrictions that may be imposed, and other factors as may be discussed in the documents filed by the Company on SEDAR (www.sedar.com), including the most recent reports that identify important risk factors that could cause actual results to differ from those contained in the forward-looking statements. The Company does not undertake any obligation to review or confirm analysts’ expectations or estimates or to release publicly any revisions to any forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. Investors should not place undue reliance on forward-looking statements.

Copyright (c) 2020 TheNewswire – All rights reserved.