New Age Metals Inc. [NAM-TSXV, NMTLF-OTC, P7J-FSE] said it has increased the size of a previously announced flow-through unit private placement financing, which is now expected to raise $4.0 million. Proceeds are earmarked for exploration and development of the company’s projects in Newfoundland, Ontario and Manitoba.
In a press release on September 25, 2025, the company said it was raising $3.5 million from a non-brokered private placement offering consisting of up to $2.3 million in non flow-through units priced at 22 cents each, and up to $1.2 million in flow-through units priced at 26 cents per FT unit. The company also said financier Eric Sprott has indicated his intention to subscribe for $2.0 million of the private placement. Sprott is currently the company’s largest shareholder, owning 23% of New Age.
In its latest update on Friday, the company said it will now increase the amount of FT units, to raise up to $1.7 million. “There is no increase to the non-flow-through unit private placement and all other terms described in the September 25 press release remain unchanged, subject to Exchange approval,” the company said in a press release, Friday.
Under the terms of the financing, each FT unit will consist of one common share that will qualify as a flow-through share within the meaning of the Income Tax Act (Canada) and one half of one common share purchase warrant. Each whole FT unit warrant will entitle the holder to purchase one common share at an exercise price of 40 cents at any time up to 36 months from the closing date. “In regards to [Thursday’s] announcement and the NFT units, all of those units are placed and that part of the financing has been spoken for,’’ the company said.
On Friday, New Age shares eased lower, falling 3.1% or $0.01 to 31 cents. The shares currently trade in a 52-week range of 34 cents and $0.07.
New Age Metals has three divisions: a platinum group element division, a lithium/Rare Element division and an Antimony-Gold Division as well as an investment in Metal Quest Mining Corp.’s [MQM-TSXV, MQMIF-OTC] high purity Lac Otelnuk Iron Ore Project.
The PGE Division includes the 100%-owned River Valley project, which ranks as one of North America’s largest undeveloped primary palladium projects.
It hosts a measured and indicated pit-constrained resource of 99.2 million tonnes of 0.52 g/t palladium, 0.20 g/t platinum, 0.009 g/t rhodium, 0.03 g/t gold, 0.06% copper, 0.02% nickel, 0.006% cobalt or 0.90 g/t palladium equivalent.
That adds up to a measured and indicated resource of almost 2.4 million ounces of platinum group metals or 2.87 million palladium equivalent ounces.
New Age said River Valley PGM has excellent infrastructure and is located within 100 kilometres of the Sudbury Metallurgical Complex. The project area is linked to Sudbury by a network of all-weather highways, roads, and rail beds and is accessible year-round with hydro grid and natural gas power nearby.
