New Age Metals, Rockport Capital Form Joint Venture for Genesis Ni-Cu-PGE Project
News provided byNew Age Metals Inc · 2 min read
September 2, 2026, Vancouver, British Columbia, New Age Metals Inc. ("NAM") has announced a definitive property option and joint venture agreement with Rockport Capital Corp. ("Rockport") for the Genesis Ni-Cu-PGE project in south central Alaska. This agreement, effective as of September 1, 2026, grants Rockport the right to earn an initial 50% interest in the project, with the potential to increase its stake to 70% through additional investments.
Under the terms of the agreement, Rockport will pay NAM $25,000 in cash and issue 1,000,000 common shares, while funding at least $250,000 in exploration expenses within 12 months of the deal's closing. If Rockport chooses to exercise its option to form a joint venture, it must pay an additional $10,000, issue 250,000 more shares, and fund an additional $750,000 in exploration expenditures within 36 months. Absent this election, the parties will form a 50/50 joint venture with the same financial obligations.
NAM will remain the operator of the project throughout, receiving an operator service fee of 4% of exploration expenditures until the initial earn-in, and 8% at the joint venture stage, reflecting NAM's established technical team and infrastructure. NAM retains a significant continuing interest in the project, not less than 30%, or 50% under the default joint venture, with exploration costs to be funded by Rockport through the earn-in expenditures.
The 2026 field program is set to commence around August 5, 2026, with NAM as the operator. Expenses incurred by NAM will be reimbursed by Rockport following the deal's completion and will be credited toward Rockport's initial earn-in expenditure commitment.
The Genesis project is a road-accessible Ni-Cu-PGE property located in the northeastern Chugach Mountains, approximately 75 road miles north of Valdez and within 3 km of the all-season paved Richardson Highway. The property encompasses 64 contiguous 160-acre State of Alaska mining claims covering 10,240 acres (about 4,144 hectares). A technical report prepared in accordance with National Instrument 43-101 will be filed under Rockport’s profile on SEDAR+ in connection with the transaction.
The transaction is subject to various conditions, including TSXV acceptance, approval by a majority of the minority shareholders of Rockport, and Rockport’s concurrent financing for at least $750,000 (up to $2,000,000). There can be no assurance that the transaction will be completed as proposed or at all. The project remains subject to a 3% net smelter return royalty held by Anglo Alaska Gold Corp.
Harry G. Barr, Chairman and CEO of NAM, stated, "This agreement is a significant step in advancing our exploration and development efforts in Alaska. We are excited to collaborate with Rockport to bring this project to the next level."
New Age Metals Inc., a Tier 1 TSXV junior mineral exploration and development company, holds a 100% interest in the Genesis project through its wholly owned Alaskan subsidiary, Pacific North West Capital Corp. USA. The company is focused on the discovery, exploration, and development of critical green metal projects in North America, with divisions dedicated to Platinum Group Elements, Lithium/Rare Metals, and Antimony-Gold.