How Will New CEO Kirby Johnson Drive Growth After Wallah Silver Acquisition?

Leadership Boost at a Pivotal Moment

New Age Exploration Limited (ASX: NAE) has announced the appointment of Kirby Johnson as its new Chief Executive Officer, effective immediately. Johnson, a geologist with over 35 years of experience spanning exploration, mining operations, and corporate development, brings a wealth of expertise from senior roles at BHP and international discoveries such as the Korgantas copper-gold deposit in Kazakhstan. His leadership is expected to accelerate the advancement of NAE’s portfolio, particularly the Wagyu Gold Project in Western Australia and the newly acquired Wallah Silver Project in New South Wales.

Promising Drilling Results at Wagyu

NAE recently completed a 4,034-metre reverse circulation drilling program at Wagyu, located in the Pilbara region near Northern Star Resources’ Hemi Gold Deposit. Initial assays from 24 drill holes have confirmed the presence of an intrusion-related gold system, with mineralisation extending to depth. Notable intercepts include 18 metres at 1.47 grams per tonne gold and high-grade splits such as 1 metre at 7.8 grams per tonne. These results reinforce the company’s geological model and underpin Wagyu’s status as a core asset. Remaining assay results are awaited, which could further define the project’s potential.

Strategic Entry into High-Grade Silver Territory

In a significant portfolio expansion, NAE has acquired 100% of Sun Pacific Resources Pty Ltd, the holder of the Wallah Silver Project in the Lachlan Fold Belt of NSW. Wallah is a historically productive silver-lead mining area with multiple drill-ready targets supported by extensive historical exploration data. The acquisition terms include an initial $100,000 cash payment and $200,000 in shares, with additional milestone payments contingent on drilling success and shareholder approval. The vendor retains a 1% net smelter return royalty, which NAE can buy back for $3 million at its discretion.

Exploration Outlook and Historical Context

Wallah’s exploration potential is underscored by its location within a proven mineral system and the presence of extensive vein-alteration zones yet to be systematically drilled. Historical drilling by Silver Mines Ltd in 2010 intersected narrow silver-rich veins over a 350-metre strike length, with mineralisation open along strike and at depth. NAE plans a comprehensive 2026 exploration program involving data reprocessing, detailed structural mapping, soil sampling, and targeted drilling to unlock the project’s upside.

Management Transition and Incentives

Alongside Johnson’s appointment, Executive Director Joshua Wellisch has resigned but remains a supportive shareholder. Wellisch was instrumental in securing the Pilbara assets and establishing NAE’s Western Australian platform. The company has outlined performance rights incentives for Johnson tied to market capitalisation milestones, aligning leadership rewards with shareholder value creation. Additionally, accelerated vesting of performance rights for Wellisch is planned, contingent on delineating a significant mineral resource at Wagyu.

Financial Position and Strategic Implications

NAE reports it remains well funded to advance exploration across its key projects, including Wagyu, Wallah, and its New Zealand gold assets. The combined effect of leadership renewal, promising exploration results, and strategic acquisition positions the company to capitalize on rising precious metals markets, particularly with silver prices gaining renewed interest. Investors will be watching closely as assay results from Wagyu’s remaining drill holes arrive and as Wallah’s exploration program unfolds.