Cash Crunch Looms as New Age Exploration Pushes for Drilling Success and Shareholder Approval

Exploration Momentum Builds at Wagyu Gold Project

New Age Exploration Limited (ASX – NAE) has reported encouraging progress in its September 2025 quarterly update, highlighting significant geological findings at its Wagyu Gold Project in Western Australia’s Pilbara region. Petrographic and X-ray diffraction analyses have confirmed the presence of multiple quartz diorite intrusives exhibiting strong sericite, chlorite, and dolomite alteration. These host rocks closely resemble those at Northern Star Resources’ nearby Hemi deposit, which boasts an 11.2 million ounce gold resource.

Located just 5 kilometres west of the westernmost Hemi deposit, Wagyu lies within the same mineralised corridor of the Mallina Basin, a prolific gold province also hosting Mt. Berghaus and Calvert deposits. Geochemical assays from recent drilling have revealed robust correlations between gold mineralisation and arsenic, alongside key sericite alteration signatures, reinforcing the prospectivity of the project.

With all necessary approvals secured, New Age Exploration has designed a follow-up reverse circulation (RC) drilling program targeting supergene zones and deeper mineralisation at key targets within Wagyu. This next phase aims to expand known gold zones and test new strike extensions, potentially unlocking further value in this emerging gold district.

Lammerlaw Drilling Validates Early-Stage Gold Potential in New Zealand

Across the Tasman Sea, New Age Exploration’s maiden RC drilling campaign at the Lammerlaw Gold Project in Otago, New Zealand, has confirmed shear-hosted gold mineralisation within fresh schist formations. The standout intercept of 6 metres at 0.65 grams per tonne gold from 92 metres depth, including 2 metres at 1.05 grams per tonne, was accompanied by elevated tungsten and arsenic levels, pathfinder elements commonly associated with orogenic gold deposits.

Additional drill holes returned anomalous gold grades between 0.1 and 0.4 grams per tonne, supported by arsenic, tungsten, and antimony geochemical signatures. These findings align with the geological textures and mineralogy characteristic of Macraes-style mineralisation, a significant gold deposit located nearby. The results validate New Age Exploration’s targeting strategy along the southern limb of the Otago antiform and set the stage for further drilling to delineate strike continuity and identify higher-grade shoots.

Corporate Developments and Capital Raising to Fuel Growth

In a strategic move to strengthen its board, New Age Exploration appointed Daniel Eddington as an Independent Non-Executive Director in August 2025. Mr. Eddington brings over 25 years of experience in financial markets, specialising in equity capital markets and corporate advisory within the resources sector.

To underpin its exploration ambitions, the company successfully raised $3.75 million through a two-tranche share placement priced at $0.0025 per share, representing a discount to the recent trading price. The funds are earmarked for advancing drilling and exploration at both Wagyu and Lammerlaw projects, as well as general working capital. While the first tranche has been issued, the second tranche remains subject to shareholder approval at the upcoming Annual General Meeting.

Despite a modest cash balance of $250,000 at quarter-end, the capital raise is expected to provide sufficient runway for ongoing activities. The company remains focused on delivering exploration results that could unlock significant value in two highly prospective gold regions.