New Age Metals Inc.
Diversified Critical Metals Portfolio – Sprott Boosts Stake: Resuming Coverage
Published: Oct 30, 2025
Author: FRC Analysts
Disclosure: New Age Metals Inc. has paid FRC a fee for research coverage and distribution of reports. See last page for other important disclosures, rating, and risk definitions.
Company Details
Sector – Basic Materials / Industry – Other Industrial Metals & Mining
Trading Information
Ticker & Exchange NAM.V: TSX NMTLF: OTCQX
Report Highlights
- We are resuming coverage on New Age Metals/NAM. The company has assembled a portfolio targeting platinum group metals (PGM), lithium, gold, and antimony – all high interest commodities gaining significant attention from resource companies, the U.S government, and capital markets.
- Earlier this month, NAM closed a $4M equity financing, with Eric Sprott (a prominent/influential resource investor) subscribing for $2M, boosting his ownership in NAM to 30% – a strong testament to the company’s management and its portfolio.
- The PGM Division includes the flagship River Valley PGM project in Ontario and the Genesis PGM-Cu-Ni project in Alaska. River Valley hosts a large tonnage, low-grade PGM deposit with a completed Preliminary Economic Assessment. The project has resource expansion potential, as multiple targets over ~10 miles (16 km) of strike, adjacent to existing resources, remain untested. Gold is trading near record highs, up 50% YTD, while platinum and palladium have outperformed, rising 72% and 56%, respectively.
- NAM holds 11 early-stage lithium projects in Manitoba through a JV with Australian lithium producer Mineral Resources Limited (ASX: MIN/MCAP: $8B). With lithium prices up 28% in the past four months, and the U.S. government taking an equity stake in Lithium Americas’ (TSX: LAC) Nevada project, market sentiment toward lithium juniors, particularly North American projects, is strongly rebounding.
- NAM’s gold-antimony portfolio comprises of early-stage projects in Newfoundland and Ontario. The Newfoundland properties are strategically located near New Found Gold Corp. (TSXV: NFG)’s Queensway gold project, and the past-producing Beaver Brook antimony mine. Antimony is increasingly strategic for energy storage, clean energy, and high-tech applications. Supply constraints from China and Russia have pushed prices higher, while North America remains fully import-dependent.
- Near-term catalysts include efforts to enhance River Valley’s economics and advance lithium, gold, and antimony exploration.
* Qualified Person: Dr. William Stone, P.Geo., Robert M. Retherford, CPG, Consultants to New Age Metals
* New Age Metals Inc. has paid FRC a fee for research coverage and distribution of reports. See last page for other important disclosures, rating, and risk definitions. All figures in C$ unless otherwise specified.
Price and Volume (1-year)
Fundamental Research Corp. Equity Rating Scale:
Fundamental Research Corp. Equity Rating Scale (ratings are not a recommendation to acquire, dispose of, or take no action regarding a security; the definition of our ratings are explained below):
- Buy – Fair value is 12% above the current market price; or risk and reward is favorable
- Hold – Fair value is between 5% to 12% above the current market price
- Sell – Fair value is 5% above, or less, than the current market value; or risk and reward is unfavorable
- Suspended or Rating N/A – Coverage and ratings suspended until more information can be obtained from the company regarding recent events.
Fundamental Research Corp. – Risk Rating Scale:
- (Low Risk) – The company operates in an industry where it has a strong position (for example a monopoly, high market share etc.) or operates in a regulated industry. The future outlook is stable or positive for the industry. The company generates positive free cash flow and has a history of profitability. The capital structure is conservative with little or no debt.
- (Below Average Risk) – The company operates in an industry where the fundamentals and outlook are positive. The industry and company are relatively less sensitive to systematic risk than companies with a Risk Rating of 3. The company has a history of profitability and has demonstrated its ability to generate positive free cash flows (though current free cash flow may be negative due to capital investment). The company’s capital structure is conservative with little to modest use of debt.
- (Average Risk) – The company operates in an industry that has average sensitivity to systematic risk. The industry may be cyclical. Profits and cash flow are sensitive to economic factors although the company has demonstrated its ability to generate positive earnings and cash flow. Debt use is in line with industry averages, and coverage ratios are sufficient.
- (Speculative) – The company has little or no history of generating earnings or cash flow. Debt use is higher. These companies may be in start-up mode or in a turnaround situation. These companies should be considered speculative.
- (Highly Speculative) – The company has no history of generating earnings or cash flow. They may operate in a new industry with new, and unproven products. Products may be at the development stage, testing, or seeking regulatory approval. These companies may run into liquidity issues and may rely on external funding. These stocks are considered highly speculative.
Definition of FRC’s Fair Value Estimate – Our fair value estimate is the theoretical value of the company’s equity using widely accepted methods of valuation such as discount cash flow or comparables. IT IS NOT A TARGET PRICE or PREDICTION OF THE FUTURE STOCK PRICE.
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The distribution of FRC’s ratings are as follows: BUY (69%), HOLD (3%), SELL / SUSPEND (28%). Yorkton Equity Group Inc.
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