New Age Exploration Confirms High-Grade Gold at Wagyu and Expands with Wallah Silver Acquisition

Wagyu Drilling Validates High-Grade Gold Potential

New Age Exploration (ASX:NAE) has wrapped up a 40-hole reverse circulation (RC) drilling program totalling 4,034 metres at its Wagyu Gold Project in the Pilbara, delivering assay results that confirm a high-grade, intrusion-related gold system. The standout intercept came from hole 25WR058 at Target 10, which returned 4 metres at 11.0 grams per tonne (g/t) gold from 120 metres, alongside broader mineralisation including 18 metres at 1.47 g/t from 48 metres. These findings reinforce the geological model of a Hemi-style mineralised system, characterised by diorite intrusions with intense albite alteration and sulphide association, similar to the nearby Northern Star Resources’ (ASX:NST) 11.2 million ounce Hemi deposit.

Target 10 has rapidly emerged as the highest-priority zone within Wagyu, with multiple holes confirming lateral and depth continuity of gold mineralisation. Deeper drilling, such as hole 25WR045 intersecting 8 metres at 1.1 g/t from 155 metres, underscores the potential for a structurally controlled, intrusion-related deposit open at depth and along strike. The program's success is particularly notable given the challenging conditions, including temperatures soaring to 47°C during drilling.

Visual observations from drill chips, quartz veining, sericitic alteration, and pyrite presence, align with the Hemi-style system, providing further confidence in the mineralisation model. The company plans to integrate all Phase 2 assay data into an updated geological and structural framework to refine follow-up targets and assess resource estimation requirements. Given the scale of the opportunity, New Age Exploration is considering all options for the next phase of drilling at Wagyu.

This latest phase builds on earlier work reported in January and February 2026, where assay results began to delineate the system’s footprint. The comprehensive 4,034m program met its target, confirming continuity and grade that suggest Wagyu is a compelling exploration play within the Mallina Basin gold corridor. The project’s proximity to the Hemi deposit adds strategic context to these results, though the company cautions that comparisons are conceptual and do not guarantee economic mineralisation. These developments follow the company’s earlier 4,034m Reverse Circulation drilling completed at Wagyu and New Age Exploration Completes 4,034m RC Drilling at Wagyu Gold Project announcements.

Wallah Silver Acquisition Broadens Commodity and Geographic Reach

In a strategic move to diversify its portfolio, New Age Exploration executed a binding share sale agreement to acquire 100% of Sun Pacific Resources Pty Ltd, the owner of the Wallah Silver Project in south-central New South Wales. This acquisition brings a highly prospective silver asset into the fold, located within the mineral-rich Lachlan Fold Belt near Yass.

Wallah’s historical exploration includes tin and silver targeting, with an extensive vein, alteration, and gossan system mapped over approximately 10 kilometres of strike that remains largely untested by drilling. Previous drilling by Silver Mines Ltd in 2010 intersected narrow-vein silver-lead mineralisation, with mineralisation open along strike and at depth, indicating significant exploration upside. This renewed focus is driven by stronger silver prices, and NAE intends to launch a comprehensive, multi-disciplinary exploration program in 2026, including data re-processing, structural mapping, and soil sampling to define drill targets.

The acquisition terms, disclosed in the company’s 2 March 2026 announcement, include cash, shares, milestone payments, and a 1% net smelter royalty retained by Sun Pacific Resources. This deal complements New Age Exploration’s existing gold and critical elements projects, positioning the company to leverage multiple commodity cycles and regional geological settings. The move follows the company’s earlier acquisition of Wallah Silver Project announcement that highlighted the strategic rationale for this expansion.

Advancing Lammerlaw Gold and Antimony Drilling in New Zealand

New Age Exploration has also progressed its Lammerlaw Gold and Antimony Project in Otago, New Zealand, with Phase 2 RC drilling underway. The program targets strike extensions and higher-grade shoots identified in the maiden drilling campaign, which intersected 6 metres at 0.65 g/t gold from 92 metres in hole LAM RC13, alongside elevated tungsten and arsenic pathfinder elements consistent with Macraes-style orogenic mineralisation.

To date, 554 metres over eight holes have been completed, with drilling temporarily paused for maintenance and crew rotation, and scheduled to resume in early May. The Phase 2 program employs systematic mapping, hand-auger soil sampling, and regional geophysics to test beneath shallow loess cover for orogenic gold mineralisation. This follow-up marks a significant step in advancing the project, with assay results expected progressively through Q2 2026. The company is also preparing fieldwork for its Waipori and Marlborough projects, targeting trenching and soil sampling programs later in the year.

Corporate Strengthening and Financial Position

March saw the appointment of Kirby Johnson as Chief Executive Officer, bringing over 35 years of global exploration and corporate leadership experience. Johnson’s background includes senior roles at BHP and founding Sun Pacific Resources, the entity behind the Wallah Silver Project acquisition. His leadership is expected to drive New Age Exploration’s transition into a more active exploration phase across Australia and New Zealand.

Meanwhile, Executive Director Joshua Wellisch resigned, having played a pivotal role in securing the Pilbara assets, including Wagyu. The company expressed gratitude for his contributions and noted his ongoing support as a shareholder.

Financially, New Age Exploration reported a cash balance of AUD 2.1 million as of 31 March 2026, providing sufficient funding to advance exploration across its key projects. The company also lodged a new options prospectus to facilitate option conversions by eligible holders, aiming to enhance capital flexibility. Share registry services transitioned to XCEND to improve shareholder communications.