New Age Exploration Ltd

Acquisition of Wallah Silver Project (NSW) completed after conditions were met, including licence renewal. Paid A$100,000 plus 57,142,857 shares at A$0.0035; a further A$200,000 and 57.1m shares are payable on milestones. Seller keeps a 1% NSR, with A$3m buyback.

asset acquisition disposition

Lammerlaw hole LAMRC015 at Bella returned 24m @ 1.66g/t Au from 54m, which the company calls a new shear-hosted discovery. It lies 92m west of LAMRC013 (6m @ 0.65g/t); 14 more Bella holes await assays in Q3. No resource.

drilling result

Final assays from the 40-hole Wagyu program include 4m @ 11.0g/t from 120m in 25WR058 and 10m @ 1.12g/t at Target 10. Mineralisation is open eastward and below 100m. Confirms the Hemi-style interpretation; no resource yet.

drilling result

Geologist Kirby Johnson, 35+ years including BHP, becomes CEO, and Executive Director Joshua Wellisch resigns. NAE also agrees to buy the Wallah Silver Project in NSW, a historic silver-lead mine area, adding a new silver thread beyond Wagyu and New Zealand.

director officer appointment

First assays from the 4,034m Wagyu program, 24 of 40 holes, include 18m @ 1.47g/t from 48m and 16m @ 0.82g/t. Company reads this as a Hemi-style intrusion-related system. Resplits of 2025 samples lifted some intercepts, including 1m @ 7.8g/t. Scale unproven; 16 holes pending.

drilling result

An RC rig reached Wagyu and was to start the ~4,000m follow-up program on 20 November 2025. It targets extensions at Targets 1, 6 and 10 and a new Target 11 zone. Follows the May 2025 maiden program that returned 8m @ 5.0g/t.

drilling spud

NAE raised A$3.75m via placement at 0.25c per share, a 16.7% discount, to fund up to 4,000m of Wagyu RC drilling and Lammerlaw follow-up. Tranche 2 of 897.9m shares and the 1-for-3 1.2c options need shareholder approval. Euroz Hartleys led.

capital raising announcement

Lammerlaw's maiden RC drilling hit shear-hosted gold in fresh schist, best 6m @ 0.65g/t Au from 92m including 2m @ 1.05g/t. Three other holes gave 0.1-0.4g/t. Resolves the Phase 1 assay wait; early stage, no resource defined.

drilling result

The sale of Lochinvar Coal Ltd to Paladar, binding since July 2024, has completed. NAE keeps a A$1/t royalty on the first 15Mt; the CEO says this could earn up to A$15m, subject to Paladar developing the project. Resolves the open sale thread.

asset acquisition disposition

Maiden Wagyu RC assays returned 8m @ 5.0g/t from 44m, including 1m @ 28.6g/t (25WR002). Gold was hit at four of five targets, defining a 1km mineralised envelope across Targets 1 and 10. This resolves the RC assay wait; mineralisation remains open.

drilling result

Lammerlaw Phase 1 finished with 5 holes for 458m; a creek washout blocked some targets, which move to Phase 2, now expected Q1 2026. Assays are due within 2 months. Permit EP 61110 Waipori (71.4 km2) was also granted.

drilling progress report

NAE raised a further A$360k via 90m shares at 0.4c, on the same terms as the March raise, with 1 free 1.2c option per 4 shares. First six RC holes at Wagyu are done, and Peter Thompson becomes Chief Geologist.

capital raising announcement

Maiden 3,000m RC drilling began at Wagyu on 16 March 2025, following up the 15.6g/t air core intercept. Contractor Strike Drilling is taking 50% of its payment in NAE equity. Assays are expected late April to May 2025.

drilling spud

NAE raised A$1.6m via a placement of 400m shares at 0.4c, a 20% discount to the last price, with 1 free 1.2c option per 4 shares (expiry 21/12/2026). It funds the 3,000m Wagyu RC program and Q2 air core. Lead manager Vert Capital; follows October's A$1.75m raise.

capital raising announcement

Phase 2 resamples lift Wagyu to 16 significant intercepts, led by 4m @ 5.3g/t from 49m in 24WA225, including 1m @ 15.6g/t. The best grades yet at the project. A 3,000m RC program is due March 2025, with more air core in the June quarter.

drilling result

Wagyu Phase 2 air core assays add four new gold intercepts, best 4m @ 2.5g/t from 48m (24WA225), and confirm gold at new Target 10. This is the long-awaited follow-up to Phase 1; RC drilling is still needed to confirm gold at depth. Heritage surveys planned next week.

drilling result

NAE raised A$1.75m via a placement of 350m shares at 0.5c, with 1 free 1.2c option (expiry 21/12/2026) per 2 shares. Funds go to Wagyu RC drilling, Lammerlaw and working capital. Eases the funding need from A$1.4m cash at June; CPS Capital was lead manager.

capital raising announcement

Wagyu's first air core assays show gold at all four gravity targets tested, including 3m @ 2.2 g/t from 24m. 21 mineralised intercepts across 18 holes. Confirms the Phase 1 geology; the assays were due end September. Phase 2 is underway.

drilling result

Maiden air core drilling has started at Wagyu after the heritage survey; under 5% of planned phase 1 sites are affected by small artefact scatters. RC drilling is still planned for October and November. Results are expected in coming months.

drilling spud

NAE signed a binding deal to sell Lochinvar Coal Limited (UK coking coal, 111Mt resource) to Paladar Trading for A$1, keeping a A$1/tonne royalty on the first 15Mt. Settlement needs UK Coal Authority and other approvals. Ends the search for a funding partner.

asset acquisition disposition

Quartz Hill maiden drilling (21 RC holes, 693m) found only low-order lithium, best 4m @ 104ppm Li, not a significant increase over surface grades. NAE says the granite looks fertile with some fractionation, but no pegmatite was intersected. Target 20 was untested due to access.

drilling result

NAE completed the Wagyu Gold Project (E47/2974) acquisition from Holcim, completing the February agreement. Separately, Quartz Hill drill assays are anomalous but differ between the two assay methods; NAE is seeking consultant clarification, with analysis due in April before reporting.

asset acquisition disposition

NAE signed an agreement with Holcim to acquire rights to E47/2974, the Wagyu Gold Project, about 9km along strike from De Grey's Hemi gold deposit. Completion needs due diligence, third-party consents and a $10,000 payment; earlier forfeiture-withdrawal deal adds staged payments. Adds gold to the Pilbara lithium focus.

asset acquisition disposition

Maiden drilling has started at Quartz Hill, testing the lithium soil anomalies near fertile granite with 20 to 25 shallow holes. Assay results are expected in early 2024. First drill test of the Pilbara lithium targets built up since 2022.

drilling spud

NAE raised A$1.969m via a placement of 358m shares at 0.55c, a 31% discount to the last price, with 1 free 1.2c option per 2 shares. Directors may add A$550,000 on the same terms, subject to shareholder approval. Funds support Pilbara lithium drilling. Lead manager CPS Capital.

capital raising announcement

NAE's maiden OPQ drilling (six RC holes, 879m) hit the shear zone in four holes. Best results were 6m at 1.4 g/t Au and 1m at 2.53 g/t Au. Diamond drilling is being planned; the zone remains open.

drilling result

CSIRO and Sugden Geoscience analysis of the Pilbara soil data produced multiple high-priority lithium pegmatite targets at Bullock Well and Quartz Hill, with lithium up to 843ppm. Aircore/RC drilling is planned for the coming field season, subject to approvals. Resolves the pending final interpretation.

drilling result

NAE will start a maiden 935m, six-hole RC drill program at OPQ in Otago on 21 February, the first hard-rock drilling of the Waipori Goldfield. Also reports encouraging surface gold at Manorburn and high-grade quartz vein samples at Marlborough.

drilling scheduled

Ultrafine soil sampling in the Central Pilbara found five lithium anomalies up to 8km long, with lithium up to 843ppm at Bullock Well. None have been drill tested. Builds on the earlier low-level lithium hits; final CSIRO results are due Q1 2023, and helicopter reconnaissance has started.

drilling result

Rock chips from historic mines at Lammerlaw and OPQ in Otago returned high-grade gold, up to 27.0 g/t, with 17 of 104 samples above 0.5 g/t. Resolves the pending May assays; maiden drilling is now planned for the 2022-23 field season.

drilling result

NAE applies for four new exploration licences, the Meentheena Project (484 km2) in the East Pilbara, near Marble Bar and Nullagine. They are applications only, not yet granted, and expand NAE's Pilbara gold-lithium footprint beyond the Central Pilbara. Reconnaissance is planned for Q4 2022.

asset acquisition disposition

Prospecting Permit PP60725 over the 100% owned Marlborough Project (499 km2) is granted, resolving the pending Marlborough application. An initial program of geophysical review, mapping and sampling is scheduled for Q3 2022.

regulatory community update

First assays from 13 Phase 2 RC holes (1,506m) at Brahman show only low-level gold anomalism (e.g. 40m @ 5.5ppb Au) and low-level lithium anomalism (e.g. 56m @ 137.5ppm Li). Lithium pegmatite also confirmed at Quartz Hill. No significant gold intercept; adds lithium as a second target.

drilling result

Prospecting Permit PP60716 over the 100% owned Manorburn Project (235.78 km2) is granted, next to Santana Minerals' Bendigo-Ophir project. NAE's Otago landholding rises to 558 km2. Resolves the pending Manorburn application; mapping and soil surveys are planned for Q1 2022.

regulatory community update

A 5,000m reverse circulation Phase 2 program starts in the Central Pilbara with Strike Drilling, focusing first on the Brahman and Droughtmaster projects. About 20 holes (2,500m) are targeted before the wet season, with the rest likely in early 2022. Follows the October target work and the shallow Phase 1 aircore.

drilling spud

A geophysical review of the Central Pilbara ground (2,311 km2) identified 104 new Hemi-style gold targets and 66 structural targets, none drilled. Field work also confirmed lithium-tantalum-tin pegmatites near the Wodgina belt. Soil surveys and drilling are planned from November. It also says much of the earlier aircore drilling did not reach target depth.

drilling scheduled

NAE elected to buy the northern Pilbara tenements from Monterey, on revised terms, after the first-phase drilling. The program found unrecognised mafic-ultramafic rocks and low-level gold and base metal anomalies, best 2m @ 0.41g/t Au. Most targets are untested. Pilbara holding now totals 2,400 km2.

asset acquisition disposition

NAE has firm commitments for a A$3.6m placement of 200m shares at 1.8c, with one free 3c option (expiring 31 Dec 2023) per three shares. Directors take 18m shares, subject to shareholder approval. Funds go to Pilbara and NZ gold exploration and working capital.

capital raising announcement

Lammerlaw soil sampling outlines two gold-arsenic zones, one 150m wide over at least 2km, with some samples over 50ppb gold. Antimony mine dump rocks gave 1.69g/t gold. Confirms the January arsenic pathfinder results with gold; drill targets not yet defined.

drilling result

The maiden aircore drilling at the northern Pilbara licences has started, as planned: up to 40 holes, ~2,800m, testing Hemi-style magnetic targets. The first drilling on the Monterey option ground; results will inform the option decision due by 14 July 2021.

drilling spud

Aeromagnetics show several Hemi-style intrusion targets on the Monterey option licences, with maiden aircore drilling planned for the first half of 2021. The option is extended to 14 July 2021 for CA$100,000 and a A$500,000 exploration spend commitment.

farm in farm out agreement

NAE applies for two New Zealand prospecting permits, Manorburn and Marlborough, covering 720 km2, 100% owned. Manorburn is about 20km from Santana's Rise and Shine discovery. Adds to Lammerlaw and OPQ in Otago; applications only, early stage.

asset acquisition disposition

NAE raises about A$2.18m through a placement of 273.25m shares at 0.8 cents, and buys four granted Pilbara licences from Monterey Minerals for 25m shares, lifting its Pilbara holding to 1,863 km2. An option on four more costs 75m shares plus options. Director participation needs approval.

capital raising announcement

NAE applies for six exploration licences, the 1,319 km2 Quartz Hill Gold Project in the Central Pilbara, WA, 100% owned. It is about 50km south of De Grey's Hemi discovery. This adds a second gold region alongside Otago; it is early stage and licences are applications only.

asset acquisition disposition

NAE received the final A$1.8m Redmoor payment from SML, completing the cash side of the sale; up to A$2.0m of royalties remain. Fieldwork covered 7 of 21 soil lines (217 soil, 52 rock chip samples); snow stopped the other 14. Assays pending.

asset acquisition disposition

NAE wins the 265 km2 Lammerlaw Prospecting Permit in Otago, NZ, granted 6 December 2019 for two years after a competitive process. It adjoins the OPQ permit and is seen as prospective for Macraes-style gold. Mapping and sampling planned for early 2020.

regulatory community update

The Redmoor sale settles, but on weaker terms: SML pays A$300,000 in total up front and the other A$2.7m over 11 months to 26 June 2020, with 5% interest. This replaces the A$2m on completion and A$1m November payment. NAE holds charges, plus an option to convert to SML shares on default.

asset acquisition disposition

Binding contracts are signed for the Redmoor sale to SML at A$5m total, with settlement set for 30 May. The structure changes: A$2m at settlement, A$1m on 29 Nov 2019, then A$1m each when Redmoor sales reach A$50m and A$100m. NAE keeps a charge over the CRL shares until the November payment.

material agreement

Consultants Palaris set a Lochinvar North Exploration Target of 77-142Mt of coking coal, based on historic boreholes showing Nine Foot seam averaging 4.1m. It is conceptual, not a resource, and adds to the existing 111Mt Lochinvar resource.

resource reserve update

NAE is granted the Lochinvar North licence (66.5 km2, 100%), adjoining the Lochinvar coking coal project, on 8 April 2019. Year-1 work budget is only £42,500, aimed at a JORC resource from historic data. The company says it could extend the resource and cut the cost of the decline.

asset acquisition disposition

NAE agrees to sell its 50% of Cornwall Resources (Redmoor) to partner Strategic Minerals for about A$5m: roughly A$2m cash at completion, A$1m after 180 days, and a 1.5% royalty capped at A$2m. This reverses the plan to advance Redmoor. Chairman Broome also chairs SML and stepped aside.

asset acquisition disposition

NAE raises $940,500 via a placement of 171m shares at 0.55c, below the June 2018 price of 0.65c. CPS Capital takes its 6% fee in shares, subject to shareholder approval. Funds go to existing projects, new opportunities and working capital.

capital raising announcement

Redmoor Inferred Resource is now 11.7Mt @ 1.17% SnEq, up from 4.5Mt @ 1.0%. Contained metal roughly triples to 137kt SnEq. A mining study is next, and shareholders will then consider steps toward a pre-feasibility study.

resource reserve update

Final four 2018 Redmoor holes all hit mineralisation, with intercepts up to 26.20% SnEq. Across all 12 holes the average grade is 1.81% SnEq, 81% above the current resource. The program finished under budget; a resource update is due in Q1 2019, and CRL received a £138,000 R&D refund.

drilling result

Remaining Phase 1 holes and the first Phase 2 hole all returned high grades. CRD028 hit up to 29.68% SnEq, the highest yet at Redmoor. One extra hole (CRD032) was added to Phase 2 within budget. A resource update is planned for Q1 2019, and metallurgical testwork has begun.

drilling result

Directors Wellisch and Hutchison become executives, at $4,000 a month each, to run a new strategy of rationalising projects, cutting costs and seeking new opportunities. Lochinvar coal is no longer a focus and the board will seek to monetise it. Redmoor exploration continues.

other

Managing Director Gary Fietz leaves after 8 years as a director, with six months' pay plus a $75,000 bonus settlement. Director Michael Amundsen also resigns. Neil Hutchison, Stephen Layton and Joshua Wellisch join as non-executive directors; Chairman Alan Broome stays and a new MD or CEO is expected.

director officer appointment

Two more Redmoor holes returned high grades, e.g. CRD024 6.00m @ 2.61% SnEq and CRD023 22.49m @ 1.00% SnEq. A Phase 2 of at least 4 holes will follow, with NAE funding £121,500. The resource update is deferred to Q1 2019 to capture a larger resource.

drilling result

First two 2018 Redmoor holes hit high grades, e.g. CRD022 14.10m @ 1.44% SnEq and CRD021 7.65m @ 1.48% SnEq, up to 180m below earlier intercepts. Directors say these are the best yet and exceed expectations. Additional drilling is under review ahead of a 2019 PFS.

drilling result

NAE raises $1.6m by placement of 246.2m shares at 0.65c, in two tranches (second needs shareholder approval). Funds its £332,000 share of Redmoor drilling. This is well below the 1.5c May 2017 placement price. Shares on issue will be 711.8m.

capital raising announcement

Preliminary studies on the 4.5Mt Redmoor resource were encouraging, so a 5,000-10,000m drilling program restarts in June. Phase 1 (4,000m) is funded by a £664,000 underwriting and loan from partner SML. Resource update expected by end-2018. The company says the studies are not a JORC Scoping Study.

drilling scheduled

Redmoor high-grade Inferred Resource is now 4.5Mt @ 1.00% SnEq, almost double the 2015 high-grade estimate. A new Exploration Target of 4-6Mt @ 0.9-1.3% SnEq sits below it. A phased drilling program and scoping studies are underway, with a pre-feasibility study aimed for 2019.

resource reserve update

All 5 Phase 2 Redmoor holes hit high-grade zones, averaging 8.4m @ 1.34% SnEq. CRD019 found 7.00m @ 2.63% SnEq, extending the zones 180m deeper and still open. Resource update is on track for Q1 2018, and the joint venture wants to speed development.

drilling result

Final 5 Phase 1 Redmoor holes returned higher grades, e.g. CRD013 7.41m @ 2.11% SnEq and CRD015 15.03m @ 1.01% SnEq. NAE and SML will each fund a further £180,000 total for 2 more Phase 2 holes (5 total), resource update and 2018 overheads. Resource update still Q1 2018.

drilling result

First 10 Redmoor Phase 1 holes returned high-grade intercepts, e.g. 28.2m @ 0.81% SnEq in CRD009, which the directors say exceed expectations. Partners fund the first 3 Phase 2 holes (£150,000), refocused on the high-grade zones. Resource update is expected Q1 2018, later than the late-2017 target.

drilling result

Otago South soil and rock sampling (877 samples) remained inconclusive for gold. NAE applied to relinquish 75% of both permits, cutting holding costs from about NZ$51,000 to NZ$13,000 a year, with a small follow-up planned for Q4. This follows the weak April results.

drilling result

NAE plans a 4-7 hole Lochinvar drilling program targeting shallower coal west and south of the resource, starting Q4 2017 and finishing H1 2018. Budget is about A$1.2M, funded by the placement, SPP and cash, and depends on the SPP raising enough.

drilling scheduled

NAE raised $309,000 by placing 20.6m shares at 1.5c, and offers shareholders a Share Purchase Plan at 1.5c to raise up to $850,000. Funds go mainly to Lochinvar and working capital; strategic partner talks continue for production funding.

capital raising announcement

Otago South soil sampling (783 samples) found no significant arsenic anomalies, so the planned approach is unlikely to work. One rock chip reached 193ppm arsenic. About NZ$87,000 of the NZ$150,000 budget is spent; Q2 work shifts to historic gold workings, with results due in July.

drilling result

Drilling started at Redmoor on 21 March, on schedule, with two Energold rigs. Phase 1 is 13 holes, expected to finish in Q3 2017. Preliminary results are due in Q3 and final Phase 1 results in Q4; Phase 2 depends on Phase 1 success.

drilling spud

Lochinvar scoping study update lifts base-case NPV to about US$410M (from US$263M in 2014), IRR 27%, using US$160/t coal. First production is now 2022, not 2018. Roughly US$250M of funding would be needed; the study is ±40% accuracy.

resource reserve update

The Redmoor joint venture signed a drilling contract with Energold Drilling for a 23-hole, two-phase program (13 holes, then 10), starting late March. Council approvals are in place and access agreements cover 19 holes. Initial results are expected in the third quarter of 2017.

drilling scheduled

SML paid the £843,649 Redmoor option balance, completing its option. SML and NAE now each hold 50% of Cornwall Resources, with 248,864 new shares going to SML. This resolves the open payment thread and funds 2017 drilling, still planned for the first half.

farm in farm out completion

NAE signed a Shareholders Agreement with SML and Cornwall Resources, the Redmoor joint venture company. SML nominated 31 January 2017 to pay £843,648.96 and lift its stake to 50%, two weeks early. The money funds 2017 drilling aimed at the 4-6Mt high grade target.

joint venture update

NAE raised $1.384m through a heavily oversubscribed placement of 69.2m shares at 2.0c, led by Peloton Capital, after the earlier raising was pulled. Funds go to Lochinvar, Otago drilling and working capital; Redmoor drilling relies on SML's £844k payment.

capital raising announcement

NAE is restarting Lochinvar coking coal work, as hard coking coal has risen over 300% in 2016 to US$307/t. It will assess European steel mill demand and update the 2014 scoping study (NPV US$263M) by early 2017. This resolves the restart question.

asset acquisition disposition

NAE cancelled its proposed capital raising, announced after a 8 November trading halt, citing market volatility and advice from its lead manager. No size or price was disclosed. Funding for planned work stays uncertain until a later raising.

capital raising announcement

Both Otago South gold prospecting permits (Mahinerangi and Teviot, 876km2 total) were approved on 17 October, in under two months and faster than expected. A ~NZ$150,000 soil sampling and mapping program, stated as fully funded, starts mid-November.

regulatory community update

NAE applied for two New Zealand gold prospecting permits (Mahinerangi and Teviot, 876 km2 in total) in Otago, accepted 11 August, with a decision expected in about 80 business days. It is the first step in a stated gold portfolio strategy, a new direction beyond tin and coal.

asset acquisition disposition

Lochinvar Coal Ltd received £456,729 (A$805,376) UK R&D tax relief for the Lochinvar coking coal project's 2014 and 2015 spending. It strengthens cash, though UK tax authorities can still make enquiries until May 2017.

other

Strategic Minerals Plc (AIM) can earn 50% of Redmoor for A$2.145m total: A$214,000 upfront for 9.1% and A$1.931m option payment by 31 December 2016. This would fund the next drilling. NAE takes 35m SML shares; chairman Alan Broome also chairs SML.

farm in farm out agreement

Preliminary Redmoor mining and processing studies were encouraging, with expected recoveries of 68% Sn and 72% WO3. A Phase 1 drilling program of 29 holes (11,920m) is planned. An internal evaluation covers stand-alone and toll processing options.

other

Redmoor Inferred Resource updated to 13.3Mt @ 0.37% WO3Eq (up from 9.1Mt in 2013), including 2.3Mt @ 0.80% WO3Eq high grade. A 4-6Mt high grade Exploration Target is added; a mining study is due late January.

resource reserve update

A review of historic Redmoor records identified seven known high grade tungsten-tin lodes, three well defined (Great South, Johnsons, Kelly Bray). Great South averages 0.72% WO3Eq from 13 intercepts. A new resource is expected in December.

drilling result

Annual report to 30 June 2015: the board is curtailing Lochinvar work until coking coal prices improve (contract price US$89/t versus US$165/t in the study). Cash was $531,748 plus about $606,000 undrawn from RCF. A Redmoor review may lead to exploration, farm-in or sale.

annual report

Binding facility with largest shareholder RCF for up to US$600,000 (A$746,000), with shares at 1.5c over 19 months or an 8% loan. First call: 14.4m shares for A$216,412, lifting RCF from 31.887% to 34.886%. Management says it funds the company until well into 2016.

capital raising announcement

December 2014 quarter: Colombian joint venture with Aurora lapsed 31 December 2014 and the Terranova agreement was terminated 12 January 2015. The company is cutting UK and Melbourne costs, focusing on Lochinvar, with a 2015 program prioritisable if funding is reduced.

quarterly activities report

Lochinvar scoping study shows an NPV of US$263M (after tax), 20% IRR, 4.9-year payback and US$284M capital cost, for 1.4Mtpa clean coal over 26 years. Construction is planned for 2017 and first coal in 2018. It is a preliminary study; 56% of mined coal is Inferred.

other

Lochinvar resource is now 111Mt: 49Mt Indicated and 62Mt Inferred, converting 44% of the earlier Inferred resource and trimming the total by 1Mt. A new exploration target of 31-64Mt is set. Coal quality indicates 75% yield low-ash coking coal.

resource reserve update

All four Phase 1b Lochinvar holes hit the Nine Foot Seam (1.59-2.15m seam thickness), supporting a partial upgrade of the 112Mt Inferred resource to Indicated. Two more holes were added, delaying the Indicated estimate and scoping study timelines. Cash was $3.3M at 15 May 2014.

drilling result

NAE terminated the Cesar thermal coal agreement in Colombia, returning the concessions with no further costs. It will fund Terranova until its extension is obtained, and Aurora's stake there rises from 10% to 20%. Colombia is cut to one employee, focusing on Lochinvar.

asset acquisition disposition

NAE placed 42.6m shares at 4.0c to raise $1.703m, including $854k from Resource Capital Fund (lifting it from 28.9% to 31.9%) and $500k from Chee Siew Yaw. Cash will be about $3.9m; RCF gets pro-rata participation rights for five years. The 4.0c price is below the 6.5c placement of 2013.

capital raising announcement

First hole of the four-hole Phase 1b infill program started at Lochinvar, aiming to lift part of the 112Mt Inferred Resource to Indicated. This follows the 2013 Phase 1a drilling; the program is stated as fully funded.

drilling spud

NAE was granted the 57km2 Lochinvar South licence (100%) next to Lochinvar on 28 Feb 2014, with a 10-34Mt exploration target. Total exploration target rises to 38-81Mt beside the 112Mt Inferred Resource. No coal has yet been intersected there.

asset acquisition disposition

Maiden JORC Inferred Resource for Lochinvar of 112Mt (Nine Foot 78Mt, Six Foot 34Mt), plus a 28-47Mt exploration target, estimated by Palaris. It meets the early-Q3 plan; 66Mt lies at 200-500m depth. Next: Phase 1b/2 drilling toward an Indicated Resource.

resource reserve update

NAE ended its agreement to acquire Colombian coking coal concession FL2-151 rather than pay a US$100,000 instalment due 31 August 2013. It cites difficult markets and being unable to secure drilling rights; it keeps looking at Colombian coking coal with partner Aurora.

material agreement termination

Phase 1a at Lochinvar is complete: three of four holes hit the Nine Foot Seam (1.42-2.81m coal, 312-327m deep), one found no coal. Maiden resource is now due September, Phase 1b/2 drilling starts Q4, and the scoping study is due Q1 2014.

drilling result

Washing tests on LOI-001 give clean coal at 3.5% ash (Nine Foot, 84% recovery) and 4.0% (Six Foot, 77%), with low phosphorus. Early customer talks suggest sulphur is acceptable. Project now billed as metallurgical coal; Phase 1a drilling is nearing completion.

drilling result

First Lochinvar hole LOI-001 hit both target seams: Nine Foot 3.41m (2.85m coal) at 311.6m and Six Foot 1.78m (1.66m coal), with 100% core recovery. It twinned a 1983 hole, supporting use of historic data; second hole LOI-005 has begun.

drilling result

Maiden JORC Inferred Resource for the 100%-owned Redmoor tin-tungsten project in Cornwall: 9.1Mt at 0.69% tin equivalent, plus a 4-6Mt exploration target. Indicative valuation is only US$2-10m. NAE will study development options and consider strategic options.

resource reserve update

Colombian Cesar project exploration target is trimmed to 250-650Mt from the 200-800Mt reported in 2011, a small cut at the upper end. Deep coal means NAE will seek a strategic partner to fund further work. NAE holds 90%.

resource reserve update

Alan Broome AM, a metallurgist with over 40 years in mining, is appointed Chairman, filling the vacancy left by Edwin Stoyle's October 2012 resignation. He chairs several other listed and unlisted mining companies and sits on the Solid Energy board.

director officer appointment

Phase 1a drilling begins at the wholly owned Lochinvar coking coal project in the UK on 21 January 2013, with first hole LOI001 twinning a 1983 hole that hit seven seams. Flooding delayed the start; first results are due late Q1 2013.

drilling spud

New Age walks away from the La Miel coal project in Colombia, skipping a US$500,000 deferred payment due December 2012. Two boreholes, drilled in 2012, hit no coal. Ends the La Miel drilling begun in April 2012; no further obligations to vendors.

asset acquisition disposition

Chairman Edwin Stoyle, 71, a director since 2005, resigns with immediate effect. He held 4,645,000 shares and 750,000 unlisted options. The company will start recruiting an independent replacement chairman. No reason for leaving is given.

director officer appointment

New Age secures binding agreements for a $7.5m placement at 6.5 cents, including $455,000 from 7m shares announced 15 October. Resource Capital Fund V would rise to 19.9%, then 29% with later approvals. Funds Lochinvar (UK) and Colombian programs for a year.

capital raising announcement

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other

Phase 1 drilling begins at La Miel (Cesar Basin): three open-hole boreholes up to 850m each, contracted to LTG, to confirm coal seams. First hole is due mid June 2012 and the third early September, weather permitting. Funded from existing cash.

drilling spud

The underwriting fell through because Mr Yaw could not meet it in the timeframe. It is replaced by a placement of the same 11.65m shares at 10 cents ($1.165m), funds due by 14 May 2012. Only 616,739 listed options were exercised, raising $61,674.

capital raising announcement

New Age signs an underwriting agreement with major shareholder Chee Siew Yaw to exercise up to 11.65m listed options at 10 cents, raising up to $1.165m for Terranova feasibility and La Miel drilling. He would hold 19.9% if no other options are exercised.

capital raising announcement

Seismic interpretation puts the top of target coal at La Miel at 400-800m, with a 50-200Mt conceptual target. A phased drilling plan starts with 3 holes, expected Q2 2012. Deeper Cesar and GIK-103 projects (850-1,200m) are now under review, a step back from earlier Cesar plans.

drilling scheduled

Scoping study for mechanising Terranova finds no fatal flaws: capital about US$20m, operating costs about US$120/t saleable coal (plus about US$20/t royalties), Stage One about 400ktpa. Board approves an immediate feasibility study; raw coal production is scheduled from end Q1 2013. Estimates are ±30%.

other

Maiden JORC resource of 3.6Mt hard coking coal at Terranova (0.5Mt measured, 1.1Mt indicated, 2.0Mt inferred). Production of 365,000 tpa is now expected January 2013, six months later than planned because of permitting; the current mine life runs only to October 2014.

resource reserve update

New Age raises A$4 million through a placement of 33.3 million shares at A$0.12, a 9% premium to the prior close, to Resource Capital Funds and Mr Chee Siew Yaw. Funds go to Colombian projects and accelerating Subachoque coking coal; 21.3m shares await shareholder approval.

capital raising announcement

New Age signs a binding deal to mechanise and expand the Terranova hard coking coal mine, which now makes about 25,000 tonnes a year, targeting at least 300,000 tonnes a year within 12 months. Entry cost is US$20,000 plus US$7-12/t royalty. Moves the company toward production.

material agreement

Through the Aurora partnership, New Age agrees to buy 100% of the FL2-151 coking coal concession in the Subachoque Syncline, with a 10-18Mt conceptual target. Upfront payments are US$600,000 over 6 months; about 25% of the concession lies in a National Park. Subachoque target now 30-58Mt.

asset acquisition disposition

New Age agrees to acquire 100% of concession application JBI-11091 (1,466 hectares) near Bogota, its first Colombian coking coal project, with initial payments of US$250,000 over 8 months. A conceptual target of 20-40Mt is stated. The concession is not yet granted.

asset acquisition disposition

New Age and Aurora agree to acquire the 2,544-hectare La Miel concession in the Cesar Basin, with a conceptual target of 50-200 million tonnes. Initial payment is US$100,000 cash plus US$100,000 in shares. Cesar holdings now total 6,675 hectares, 90% owned.

asset acquisition disposition

Through the Aurora partnership (New Age 90%, Aurora 10%), New Age agrees to buy two Cesar Basin coal concessions in Colombia totalling 4,141 hectares, next to Vale and Drummond mines. A conceptual target of 200-800 million tonnes is stated; no resource is defined.

asset acquisition disposition

New Age signs an exclusive partnership with Colombian mining services firm Aurora Energy to pursue thermal and coking coal projects in Colombia. This is a shift from the iron ore hunt, though the company says it is also still pursuing iron ore and base metals. Work on the ground began February 2011.

material agreement

Responding to Spanish press reports, New Age confirms it did due diligence on the Alquife iron ore mine in Spain. Negotiations with the majority owner were unsuccessful, though talks continue under exclusivity, and it is not confident of a deal.

asset acquisition disposition

The 42,705,505 shortfall shares were placed with the underwriter, raising a further $3,629,968, so the full $4,097,000 is raised before costs. This resolves the open question over the rights issue, and Gary Fietz is appointed Managing Director.

director officer appointment

The share price closed at $0.06 on 25 March, below the 8.5 cent issue price, which is a trigger for Patersons to terminate the underwriting. Patersons has not terminated but is reserving its rights, putting the $4.1m raising at risk.

capital raising announcement

Gary Fietz, a geologist with 21 years at BHP Billiton mostly in iron ore, is appointed Managing Director to find and develop new projects, especially iron ore. His appointment is conditional on the rights issue being fully subscribed. A leadership addition alongside the $4.5m raising.

director officer appointment

New Age plans a renounceable rights issue of one new share per share held at $0.085, plus one $0.10 option (expiring 31 March 2012) for every twelve new shares. It is fully underwritten by Patersons, with funds for working capital. Chairman's comment in the Fietz release cites $4.5m.

capital raising announcement

Bunnawarra drilling (1,205m aircore, three lines) found no economic molybdenum, and gold and silver were below the surface anomaly. One hole had anomalous rare earths needing further assay. New Age's share is now up to 40%. Cash was $910,000.

drilling result

New Age exits the Jervois uranium and gold joint venture: Jervois repays about $300,000 of costs, and New Age gets a 2% gold royalty and $2/lb uranium royalty. Jervois subscribes 6m New Age shares at $0.13 ($780,000), reaching about 16%; New Age buys 200m Jervois shares at $0.004 ($800,000). Jervois now shares Bunnawarra, with $70,000 reimbursed.

farm in farm out agreement

The Bunnawarra tenement E59/1391 was granted, resolving the pending application from the May 2008 Redfeather deal. Auger sampling found copper, gold and molybdenum anomalies, including a molybdenum zone about 4km by 600m. An extensive drilling program is intended.

regulatory community update

New Age signed a binding deal with Redfeather to earn up to 80% of the Bunnawarra iron ore tenement application (180 sq km, Mid West WA). It must spend $1.35m on exploration and issue $150k of shares. This is a new direction away from uranium.

farm in farm out agreement

September 2007 quarter: the Bullabulling South drilling (17 holes, 2,030m) found no significant gold or base metals; the IP sulphides were thought to be clay zones. This resolves the drilling thread negatively. Cash was $1.489m; uranium auger drilling began at Lake Giles, and Nalbarra E59/1257 is held up by a native title overlap.

quarterly activities report

A drill rig started on 11 August 2007 at Bullabulling South, the 2,500m programme that had slipped from June. It targets nickel/copper sulphides and gold to 150m; the third hole was under way. No results yet.

drilling spud

New Age and Palace Resources each agreed to pay US$50,000 for a 12-month exclusive deal with Ghana-based Raintree to find African uranium projects. New Age may negotiate up to 50% of any projects found, diversifying beyond Australia.

material agreement

New Age satisfied ASX listing rule chapters 1 and 2 and will be reinstated to the official list on 27 October 2006. Holding statements have been sent, so shares can trade again after the earlier suspension.

listing compliance notice

The renamed New Age Exploration lodged a prospectus to raise $2.2m by issuing 11m shares at 20c, not underwritten, to fund its Jervois farm-in commitments. This is the relisting step for the company, which has been off the ASX since 2001 (per later release).

capital raising announcement

Labtam (later New Age) agreed in principle to earn up to 60% of Jervois's WA uranium and gold tenements by spending at least $1.5m over three years. It is subject to due diligence, shareholder approval and ASX relisting. Director Gary Anderson resigned.

farm in farm out agreement