Annual Report
For the year ended 30 June 2022
New Age Exploration Ltd
ACN 004 749 508
Level 2, 480 Collins Street
Melbourne, VIC 3000
+61 3 9614 0600
info@nae.net.au
Phone:
Email:
NAE Annual Report 30 June 2022
CONTENTS
CORPORATE DIRECTORY ............................................................................................................ 3
DIRECTORS’ REPORT ................................................................................................................ 40
AUDITOR’S INDEPENDENCE DECLARATION ............................................................................. 48
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME ............................. 49
STATEMENT OF FINANCIAL POSITION ..................................................................................... 50
STATEMENT OF CHANGES IN EQUITY ...................................................................................... 51
STATEMENT OF CASH FLOWS .................................................................................................. 52
DIRECTORS’ DECLARATION ...................................................................................................... 70
INDEPENDENT AUDITOR’S REPORT ......................................................................................... 71
SHAREHOLDER INFORMATION ................................................................................................ 75
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CORPORATE DIRECTORY
NAE Annual Report 30 June 2022
Directors
Mr Alan Broome AM (Non-Executive Chairman)
Mr Joshua Wellisch (Executive Director)
Mr Adrien Wing (Non-Executive Director)
Company Secretaries
Registered Office and
Principal Place of Business
Mr Adrien M Wing
Ms Pauline Moffatt
Level 2
480 Collins Street
Melbourne VIC 3000
+61 3 9614 0600
Share Register
Auditor
Link Market Services Limited
Level 12
250 St George’s Terrace
Perth WA 6000
+61 1300 554 474
RSM Australia Partners
Level 21
55 Collins Street
Melbourne VIC 3000
Solicitors
Quinert Rodda & Associates
Suite 1, Level 6
50 Queen Street
Melbourne VIC 3000
Stock Exchange Listing
New Age Exploration Limited shares are listed on the Australian
Securities Exchange (ASX code: NAE)
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ACTIVITIES REPORT
NAE Annual Report 30 June 2022
KEY MILESTONES
PILBARA GOLD PROJECTS
• Acquired northern Pilbara tenements from Monterey
• Drilling encountered previously unrecognised mafic-ultramafic lithologies with low level anomalous Gold and Base
•
Metal results
Programme comprised 37 holes for a total of ~1159m as a first pass litho-geochemical assessment of the 12 high priority
“Hemi-style” targets
• A synthesis of all available geophysical datasets over the Company’s Central Pilbara Project identified multiple new
Hemi-Style gold targets and rare metal pegmatites
Gold
o Data filtering technology identified 104 new Hemi-style Intrusion Related Gold targets (IRGS) and 66 structural targets
o An improved understanding of the structural architecture of the region and of the controls on known mineralisation
has resulted in a reinterpretation and refinement of existing targets and the identification of many new high priority
target areas
Rare Metal Pegmatites
o Helicopter supported field work confirmed the presence of rare metal pegmatites with recorded Lithium-Tantalum-
Tin mineralisation at several locations along strike to the southwest of the Wodgina-Mt. Francisco Lithium-Caesium-
Tantalum (LCT) Pegmatite Belt
•
Phase 2 Drilling commenced on high priority Hemi-style and structural gold targets, a total of 1500m of the planned
5000m RC drilling programme completed on schedule
• Multiple high priority “Hemi Style” and Structural gold targets identified for immediate drill testing across the
Company’s extensive project portfolio
Focus was on high priority targets within the Brahman and Droughtmaster Gold projects
Strike Drilling completed the drilling programme
•
•
Brahman Project
•
•
•
Encouraging results received from the first 13 holes totalling 1500m of the planned 5000m Phase 2 Reverse Circulation
drilling program
The drilling was focused on high priority “Hemi Style” intrusive related and structural gold targets identified from an
assessment of multiple geophysical datasets and multi-element geochemistry
Proof of concept has been confirmed with the drilling encountering significant widths of previously unrecognised
Mallina basin sediments
• Gold potential confirmed with broad, coherent, low order gold and multi-element gold pathfinder geochemical
anomalism reported from several drillholes at the Brahman Project. Significant results include:
o 20m @ 2.3ppb Au, 3.1ppm As from 8m depth (21BRC0006), and
4m @ 104ppb Au, 4.6ppm As from 108m depth
o 40m @ 5.5ppb Au, 11.7ppm As from 36m depth (21BRC0008)
o 12m @ 9.1ppb Au, 41.0ppm As from 100m depth (21BRC0012)
•
Lithium potential now also confirmed with broad, coherent, low order lithium and multi-element lithium pathfinder
geochemical anomalism also reported from several drillholes, including:
o 56m @ 137.5ppm Li, 20.7ppm Cs; 2.0ppm Be, 69.4ppm Rb from 36m depth (21BRC0008)
o 40m at 111.4ppm Li, 1.8ppm Cs from 80m depth (21BRC0012)
o 52m @ 76.4ppm Li, 1.2ppm Cs from 16m depth (21BRC0013)
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ACTIVITIES REPORT
Quartz Hill Project
• Exploration licences granted within Quartz Hill project:
o E47/4408 and E47/4450
o E47/5724, E47/5725 and E47/5726 covering an additional 651km2
• NAE’s 100% owned and granted Pilbara Projects now total +2000km2
NAE Annual Report 30 June 2022
• Lithium bearing pegmatite confirmed within the Quartz Hill Project located southwest along strike from the world class
Wodgina Deposit, one of the world’s largest known hard rock lithium deposits
NEW ZEALAND GOLD PROJECTS
Lammerlaw
• Application for extension of duration for Lammerlaw Prospecting Permit (MPP60544) was approved, retaining 132km2 until
27th November 2023.
• Continued soil sampling across electromagnetic lineaments within Lammerlaw Prospecting Permit (MPP60544) proves a
technical success, confirming coincident arsenic and gold anomalism.
• Further regional soil sampling programs are planned during the 2022/2023 field season.
Lammerlaw East
• The Lammerlaw East Exploration Permit (MEP60807) has advanced with a successful subsequent exploration permit
application over 75km².
• Additional in-fill soil sampling confirms a series of northwest trending shear-hosted arsenic and gold anomalies that are
approximately 3km in strike length and open at either end.
• Targeted rock sampling has highlighted strong arsenic anomalism mirroring trends defined by soil sampling, gold assays
pending - four broad targets have been defined; Antimony Mine, Bucks, Bella and Fulton’s Prosects.
• Trenching and possible drilling will be used to refine prospect areas during the next financial year, by testing prospective
areas where shallow cover inhibits further surface prosecting.
OPQ
•
Prospects within the OPQ Exploration Permit (MEP60502) have been advance to a trench/drill ready status with work
planned for the 2023 field season.
• Historic review and three-dimensional modelling of historic OPQ Mine plans demonstrate an outstanding drill target with
potential to host high-grade and disseminated sulphide hosted gold.
•
•
Targeted rock and auger sampling along lines of historic prospecting has successfully delineated several new high-grade
narrow vein gold prosects – visible gold identified in float samples.
Trenching along the OPQ Fault Zone at Burtenshaws Prospect produced spotty gold results to 108ppb Au and strong
tungsten anomalism.
Manorburn
•
The Manorburn Prospecting Permit (MPP60716) was granted 20th January 2022, significantly expanding a strategic
landholding within the highly endowed Central Otago Gold Belt.
• Manorburn secures an area of 235km2 situated immediately adjacent to Santana Minerals (ASX:SMI) Bendigo-Ophir
Gold Project, some 85km west of Oceana Gold’s (ASX:OGC) World Class Macraes Gold Mine.
• Numerous key target areas identified following a review of legacy exploration data .
•
Field visit confirms the presence of mineralised, crustal scale north-east and north-west Mesozoic aged structures
known to host gold deposits elsewhere in Otago. Gold assays pending.
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ACTIVITIES REPORT
Marlborough
NAE Annual Report 30 June 2022
•
•
•
The Marlborough Prospecting Permit (MPP60725) was granted 5th August 2022 expanding a further 499km2 of
landholding into the Marlborough Schist, the equivalent rock group to the Otago Schist located NW of the Alpine Fault.
The Marlborough Schist has been deformed and mineralised under the same conditions as Otago and have the potential
to host high-grade lode and bulk tonnage style gold orogenic gold systems.
Four priority targets have been identified; initial access negotiations are positive.
LOCHINVAR COAL PROJECT - SCOTLAND
Lochinvar central licence renewal executed ensuring all tenements are in good standing and 100% owned by NAE.
Economic outlook for Lochinvar continues to improve.
•
•
• Geopolitical events increase global demand for metallurgical coal.
•
•
Excellent location to supply European markets.
Independent technical consultants, Palaris Australia, engaged to provide a further update to its initial Scoping Study.
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ACTIVITIES REPORT
NAE Annual Report 30 June 2022
PILBARA GOLD PROJECTS – WESTERN AUSTRALIA
Project Background
NAE’s Central Pilbara Project comprises 17 Exploration Licences (all granted) which collectively secure a total area of 2,030 km2
centred over the highly prospective yet under-explored Mallina-Whim Creek Basin, Central Pilbara Tectonic Zone (CPTZ),
Pilbara Craton Western Australia.
The Project surrounds De Grey Mining’s’ Mallina Gold Project and the recently discovered Hemi Gold Deposit (Refer ASX: DEG),
and is near the world class rare metal LCT pegmatite mining operations of Wodgina (Mineral Resources ASX:MIN) and
Pilgangoora (Pilbara Minerals ASX: PLS)
The region has remained under-explored due largely to its relative remoteness, extensive areas of recent cover and restricted
access. NAE considers the area to have the potential to host Orogenic gold deposits, Hemi-style IRGS and Shear Zone hosted
lode gold deposits, epithermal gold mineralisation, Whim Creek style sedimentary hosted VHMS Copper-Zinc-Lead-Silver base
metal deposits and rare metal LCT pegmatite deposits. (Refer Figure 1.)
Figure 1: Location of NAE’s Central Pilbara Gold and Lithium Projects
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ACTIVITIES REPORT
NAE Annual Report 30 June 2022
Monterey Acquisition
In August 2021, the Company announced its acquisition of the northern Pilbara tenements from Monterey Minerals Inc
(CSE:MREY) (Monterey). Under the Option and Asset Sale Agreement dated 28 September 2020 between NAE, Monterey and
their subsidiaries, NAE had the right to acquire 100% ownership of the Tenements from Monterey. Completion of this
acquisition has now occurred with the following consideration being paid by NAE:
(a) upfront consideration of 7.5 million shares in NAE; and
(b) deferred consideration consisting of 30 million NAE shares issuable to Monterey upon NAE delineating a 250koz gold
indicated JORC resource on the Tenements and a further 30 million shares upon NAE delineating a 500koz gold
indicated JORC resource on the Tenements.
Update on Activities
The Monterey acquisition followed an initial review of the results from the first phase of drilling completed on the tenements.
The drill programme comprised 37 shallow air core holes for ~1159m on the high priority targets within the northern package
of Pilbara Gold projects including E47/5064, E47/5065 and E47/3958. The tenure is located North of, and within ~50km of De
Grey Mining’s (ASX:DEG) Hemi gold discovery containing 6.87Moz of gold in the highly prospective Central Pilbara Gold district,
Western Australia.
In June 2021, a detailed aeromagnetic survey was completed over the entire project area and a preliminary assessment of the
data was undertaken by Core Geophysics.
The results indicated that the tenements consist primarily of granitic intrusive basement rocks beneath recent alluvial cover,
with windows of Mallina Basin, De Grey Group rocks interpreted to occur in the E47/3958 E47/5064 and E47/5065 tenements.
Several discrete, circular magnetic anomalies with characteristics similar to the intrusions which host the Hemi Deposits have
been defined within the surveys which warrant drill testing (Figure 2). The shallower, more discrete anomalies represent the
high priority Phase 1 drill targets.
Profile modelling completed over several discrete intrusion style anomalies suggest depths of magnetic bodies from 10m to
150m (mostly < 75m), with some larger magnetic anomalies having depths of 350m. The recommendation was that the high
priority anomalies be tested by shallow aircore drilling. The survey results also delineated major structures within the granite
bodies which may have some prospectivity to host gold and base metals mineralisation.
The Phase 1 drilling program was planned to comprise 40 holes for a total of 2,800m. However, due to limited depth capability
of the rig which was available at the time only half of the planned metres of the program was completed during this campaign.
Follow up drilling with a more powerful Reverse Circulation rig is now being planned for later this year.
Importantly, whilst most of the modelled magnetic targets remain untested several of the holes encountered previously
unrecognised mafic-ultramafic rocks and low-level gold and base metal geochemical anomalism in bottom of hole samples.
Mafic and ultramafic rocks such as these are a key feature of the geological setting at Hemi and their identification in first pass
regional scale scout drilling within NAE’s tenure is considered highly encouraging.
Indicative results:
• NACO37: 2m @ 419 ppb Au from 37m depth
▪
inc 1m @ 769ppb Au
• NACO21: 2m @ 1250ppm Zn, 0.61ppm Ag, 119ppm Pb from 10m depth
▪
inc 1m @ 1400ppm Zn, 0.55ppm Ag, 115ppm Pb
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ACTIVITIES REPORT
NAE Annual Report 30 June 2022
In addition, the Company received confirmation that the remaining 2 tenements E47/4408 and E47/4450 were granted. This,
with the completion of the Northern Pilbara acquisition, brings NAE’s 100% owned and granted landholding to 2400km2.
Figure 2: High Priority Magnetic “Hemi Style” drill targets on Central and West Block with phase 1 drill holes
In October 2021, the Company announced that it had completed a synthesis of all available geophysical datasets over its Central
Pilbara Project. The application of industry leading, proprietary data filtering technology enhanced critical features relevant to
the mineral systems and deposit models being targeted. Understanding these key elements was a critical next step in guiding
effective exploration across the Company’s extensive ground holding in the region (2,030 km2 ).
The synthesis was completed by specialist geophysical consulting group, Fathom Geophysics, under the guidance of Dr Amanda
Buckingham (Principal Geophysicist). Fathom Geophysics are internationally recognised for their expertise in successfully
targeting mineralisation in areas where the bedrock geology of interest is hidden beneath younger transported cover.
The recent work identified 104 new Hemi-style IRGS targets, 66 new structural targets and refined previously reported targets.
Numerous high priority targets display clear similarities with the Hemi Gold Deposit and with those associated with the Scholl,
Mallina and Tabba Shear Zones. None of the new targets had been previously drill tested.
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ACTIVITIES REPORT
NAE Annual Report 30 June 2022
Importantly, refinement of previously identified targets now indicated that much of the initial campaign of drilling by NAE did
not reach target depths due to limited capacity of the rig which was available at the time and therefore those targets also
remain untested. Low order gold and base metal geochemical anomalism reported from this phase of drilling is however
encouraging in that it may be associated with a deeper, untested source.
The geophysical data synthesis completed by Fathom Geophysics incorporated a range of open file public domain regional
scale data sets together with prospect scale surveys completed by NAE during April 2021 including:
• Regional and detailed aeromagnetic data
• Regional airborne electromagnetic data
• Regional airborne and ground-based gravity data
•
Satellite imagery
Photo 1: Helicopter landed onsite at Quartz Hill Project.
In addition, recent helicopter supported field reconnaissance confirmed the presence of lithium-tantalum-tin rare metal
pegmatites at several locations within the interpreted extension of the world class Wodgina-Mt. Francisco Rare Metal Lithium-
Caesium-Tantalum (LCT) Pegmatite Belt ~50km southwest of Mineral Resources’ (ASX: MIN) Wodgina Mine (one of the largest
hard rock lithium mines in the world) and~29km southwest of Pilbara Minerals’ (ASX: PLS) Mt. Francisco Lithium-Tantalum
Project.
Geophysical Data Filtering work completed by Fathom Geophysics clearly shows the majority of known gold occurrences
(including the Hemi Gold Deposit) to be situated on or in close proximity to major NNE to E-W trending structures or second
and third order N-S to NNW trending splay faults. These features represent a potential locus of deep crustal/mantle tapping
faults and an associated plumbing system for circulating and trapping mineralising fluids. Numerous of these same structures
trend thorough NAE’s project and represent high priority target areas considered worthy of drill testing. (Refer Figure 3.)
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ACTIVITIES REPORT
NAE Annual Report 30 June 2022
H
G
H
I
W
O
L
Inset
A
NAE
Targets
Orogenic/IR Au [by
priority]
Hemi Au [all]
1
2
3
Inset
A
Figure 3: Shows the NAE targets over gravity derived belt parallel structure. An inset over the De Grey Mining tenement package is included, highlighting
the location of Hemi and other significant deposits. Note the number of Hemi-type belt parallel and linking structures passing through NAE’s project
tenure.
Prospect Scale
The geophysical data synthesis significantly improved the Company’s understanding of the regional framework and structural
architecture of the project area. The work identified 104 new Hemi-style IRGS targets, 66 structural targets and refined
previously reported targets. (Refer Figures 4 and 5.)
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ACTIVITIES REPORT
NAE Annual Report 30 June 2022
Figure 4: NAE targets over Bullock Well and Quartz Hill Gold Projects.
Figure 5: NAE targets over Brahman and Droughtmaster Gold Projects.
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ACTIVITIES REPORT
Rare Metal Pegmatites
NAE Annual Report 30 June 2022
NAE’s helicopter supported field work confirmed the presence of historically mapped occurrences of rare metal pegmatites
with recorded Lithium-Tantalum-Tin-Beryl mineralisation at several locations along strike to the southwest of the Wodgina-
Mt. Francisco Lithium-Caesium-Tantalum (LCT) Pegmatite Belt. Historical reports indicate small scale production of tin,
tantalum and beryl. None of the occurrences have been previously drill tested. Assessment of all project areas for additional
rare metal pegmatites is ongoing. Figure 6 presents a schematic model of mineral zonation within rare metal pegmatites.
Figure 6: Rare Metal Pegmatite Zonation – Schematic Model after Cerny et al 1993
In November 2021, the Company announced that it had commenced Phase 2 drilling programme at its Central Pilbara Gold
Projects. The program was designed to follow-up high priority targets defined from its Phase 1 drilling in conjunction with a
pipeline of new targets identified from recent data synthesis and proprietary data filtering technology undertaken on multiple
geophysical data sets by Fathom Geophysics.
The following month, the Company announced that the first 1500m of the Phase 2 drilling programme had been completed.
The Company engaged Strike Drilling to undertake the program and was committed to completing as much of the planned
drilling as possible prior to the closure of the 2021 field season. Helicopter and ground supported regional and prospect scale
soil geochemical surveys over priority areas at all Projects to further refine additional targets ahead of follow-up drill testing.
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ACTIVITIES REPORT
NAE Annual Report 30 June 2022
Photo 2: Strike Drilling T450 Aircore/Reverse Circulation Rig
Initial focus was on the Brahman and Droughtmaster Gold Projects (E47/3958 and E47/5064/5065 respectively) which are
located north of, and within ~50km of De Grey Mining’s (ASX:DEG) Mallina Gold Project and the recent Hemi gold discovery.
The first 1500m of the planned 5000m were completed prior to closure of the 2021 field season. (Refer Figure 7.)
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ACTIVITIES REPORT
NAE Annual Report 30 June 2022
Figure 7: Location of NAE’s Central Pilbara Brahman and Droughtmaster Gold Projects
over regional grey scale aeromagnetics showing planned drilling and areas of soil geochemical surveys.
In May 2022, the Company announced it had received results from the first 13 holes of its Phase 2 drilling programme
completed at the Company’s Brahman Project, and from limited rock chip sampling of lithium pegmatite targets at the Quartz
Hill Project, within its extensive Central Pilbara Gold-Lithium Project.
All of the drilling completed in this most recent campaign was undertaken within the Brahman Project area (E47/3958) which
is located north of, and within ~20-30km of De Grey Mining’s Mallina Gold Project and the recent Hemi gold discovery
(ASX:DEG).
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ACTIVITIES REPORT
NAE Annual Report 30 June 2022
Thirteen Reverse Circulation drillholes for a total of 1506m were completed prior to closure of the 2021 field season. The
majority of samples represent four (4) metre composites. (Refer Figure 8.)
Figure 8: Location of NAE’s Central Pilbara Brahman and Droughtmaster Gold and Lithium Projects over regional grey scale aeromagnetics showing recent
drilling and areas of planned soil geochemical surveys.
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ACTIVITIES REPORT
NAE Annual Report 30 June 2022
Brahman Project Drilling – Gold & Lithium
All of the drilling completed prior to the closure of the 2021 field season was carried out within the Brahman Project area. The
drilling was designed to follow-up a selection of high priority targets defined from the previously reported Phase 1 aircore
drilling campaign in conjunction with a pipeline of new targets identified from data synthesis and proprietary data filtering
technology undertaken on multiple geophysical data sets by specialist Geophysical Consulting Group, Fathom Geophysics.
(Refer Figure 9.)
Figure 9: Brahman Project – Drillhole location plan showing geophysical targets and hole collar locations
over RTP magnetics.
The 2021 campaign comprised thirteen (13) very widely spaced “scout” reverse circulation drillholes (21BRC0001-21BRC0013)
for a total of 1506 metres. Despite the area being shown as granite on existing GSWA map sheets the holes encountered a
variety of prospective rock types including granite, granodiorite, Mallina Basin sediments, cherts/quartzites and mafic-
ultramafic intrusives showing abundant quartz-carbonate veining and extensive alteration including strongly developed zones
of disseminated and veinlet sulphides (pyrite).
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ACTIVITIES REPORT
NAE Annual Report 30 June 2022
Assay results indicate coherent and largely coincident low level multi-element Gold (IRGS) and Lithium-Caesium-Tantalum (LCT)
pegmatite pathfinder geochemical anomalism within a number of holes
Reverse circulation drillholes 21BRC0001/0002/0012 and 21BRC0013 were drilled to test a prominent NE trending “linking”
structure between the regionally important ENE trending Mallina Shear Zone to the south (host to De Grey’s Mallina Gold
Project and the recent Hemi discovery) and the Scholl Shear Zone to the north. In the vicinity of holes 21BRC0012 and
21BRC0013 cover thins to provide a rare window into the basement rocks of interest. Mapping at this location revealed the
target of interest to comprise a structurally deformed package including brecciated and silicified chert/quartzite, Mallina Basin
sediments and mafic-ultramafic intrusives displaying intense stockwork and sheeted quartz veining. (Refer Photos 3-6.)
Photo 3: Brahman Project – Sheeted and Stockwork quartz veining within Mallina Basin sediments and mafic-ultramafic intrusives in the vicinity of holes
21BRC0012 and 21BRC0013.
This setting is similar to the sequence hosting De Grey’s Mallina Gold Project and to the tectono-stratigraphic setting at both
the Wodgina and Pilgangoora Lithium mining operations where maximum LCT pegmatite development occurs within mafic-
ultramafic rock types.
Broad zones of highly anomalous lithium and multi-element lithium pathfinder geochemistry reported within ultramafic rocks
at NAE’s Brahman Project provide compelling evidence of a well-developed alteration halo emanating from an as yet
undiscovered lithium-bearing pegmatite source located in close proximity to these holes.
Similar alteration haloes are well documented from a number of globally significant lithium deposits including the buried world
class Tanco Deposit in Canada (New Age Metals; TSXV: NAM) which displays a large Lithium-Rubidium halo within surrounding
mafic country rocks (Trueman and Cerny, 1992).
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ACTIVITIES REPORT
NAE Annual Report 30 June 2022
Photo 4: Quartz Stockwork veining within Mallina Basin sediments and weathered mafic-ultramafics – vicinity of 21BRC0012.
Photo 5: Brahman Project - 21BRC0012 – brecciated chert/quartzite outcrop.
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ACTIVITIES REPORT
NAE Annual Report 30 June 2022
Photo 6: 21BRC0012 - Quartz carbonate veined mafic-ultramafic intrusive showing 3-5% disseminated sulphide (pyrite).
At Pilgangoora, there is a confirmed spatial and timing relationship between the main gold mineralising event (ie the Mt. York,
Iron Stirrup gold deposits) and emplacement of lithium bearing pegmatites. The relationship provides clear evidence that the
gold bearing fluids and pegmatite melts exploited the same structural “plumbing system”. A similar Au/Li association is
emerging from the work completed at Brahman, and as a consequence the results achieved to date within NAE’s Central Pilbara
Project are considered to be highly encouraging.
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ACTIVITIES REPORT
NAE Annual Report 30 June 2022
Significant intersections include the following:
Gold
•
•
•
•
•
•
•
•
•
•
•
Lithium
•
•
•
•
12m @ 1.1ppb Au, 6.5ppm As from 8m (21BRC0001)
12m @ 2.7ppb Au, 10.6ppm As from 8m (21BRC0002)
12m @ 1.6ppb Au, 8.4ppm As from 4m (21BRC0003)
8m @ 1.5ppb Au, 9.4ppm As from 8m (21BRC0004)
4m @ 1.5ppb Au, 7.8ppm As from 8m (21BRC0005), and
o 4m @ 6.2ppb Au, 0.7ppm As from 92m
20m @ 2.3ppb Au, 3.1ppm As from 8m 21BRC0006), and
o 4m @ 10.7ppb Au, 1.8ppm As from 84m, and
o 4m @ 104.0ppb Au, 4.6ppm As from 108m
20m @ 2.0ppb Au, 9.3ppm As from 12m (21BRC0007)
80m @ 3.4ppb Au, 13.1ppm As from 12m (21BRC0008), including:
▪
40m @ 5.45ppb Au, 11.7ppm As from 36m
68m @ 1.1ppb Au, 6.8ppm As (21BRC0009)
12m @ 2.3ppb Au, 7.1ppm As from 8m21BRC0012), and
o 12m @ 9.1ppb Au, 41.0ppm As from 100m
12m @ 3.4ppb Au, 13.2ppm As from 32m (21BRC0013), and
o 28m @ 3.1ppb Au, 7.2ppm As from 96m
12m @ 88.9ppm Li, 6.6ppm Cs from 100m (21BRC0007)
56m @ 137.5ppm Li, 20.7ppm Cs, 2.0ppm Be, 69.4ppm Rb from 36m (21BRC0008)
40m @ 111.4ppm Li, 1.8ppm Cs from 80m (21BRC0012)
52m @ 76.4ppm Li, 1.2ppm Cs, from 16m (21BRC0013), including:
▪
36m @ 96.0ppm Li, 1.5ppm Cs from 16m
Figure 10: Schematic Geological Cross-Section – RC Drillhole 21BRC0008 showing zones of Au-As anomalism
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ACTIVITIES REPORT
NAE Annual Report 30 June 2022
Figure 11: Schematic Geological Cross-Section – RC Drillhole 21BRC0012 showing zones of Au-As anomalism
Quartz Hill Project – Rock Chip Sampling - Lithium
The Quartz Hill Project secures potential extensions to both the world class Wodgina-Mt. Francisco Lithium-Caesium-Tantalum
(LCT) and the Friendly Creek LCT pegmatite structural corridors. Refer to Figure 12. Results from a single reconnaissance rock
chip/surficial float sample of a rare metal pegmatite occurrence identified in Mindex reports and confirmed in the field, located
centrally within the southwestern extension of the Wodgina-Mt. Francisco LCT pegmatite corridor have now been received.
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ACTIVITIES REPORT
NAE Annual Report 30 June 2022
Figure 12: Quartz Hill Project – Location plan showing the Wodgina Lithium Mine, Mt Francisco and Friendly Creek LCT pegmatite fields, interpreted LCT
Pegmatite Structural Corridors and recent NAE rock chip sampling.
The assay confirmed low level lithium geochemical anomalism (sample D001984: 154.1ppm Li, 1.1ppm Cs) associated with a
classically zoned rare metal pegmatite. Outcrop is limited to the quartz core and immediate marginal quartz-feldspar-muscovite
portions only with strike and depth extensions obscured beneath recent cover.
Next Steps
Following confirmation of the lithium potential of the project in addition to gold the Company has now commenced regional
and prospect scale geochemical soil surveys to fast-track prioritising both gold and lithium targets across NAE’s extensive
Central Pilbara Project tenure. Ongoing target generation, refinement and prioritisation will be underpinned by results
obtained from the current phase of exploration activity including these surface geochemical surveys and continued assessment
of all available airborne and ground geophysical data. Follow up drill testing of priority targets is planned to commence in Q3/4
2022.
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NAE Annual Report 30 June 2022
NEW ZEALAND GOLD PROJECTS
Figure 13: Location of NAE’s Central Otago and Marlborough Gold Projects, New Zealand
CENTRAL OTAGO AND MARLBOROUGH GOLD PROJECTS
Background
NAE’s Central Otago and Marlborough Gold Projects are centred within the highly prospective Central Otago/Marlborough
Schist Belt of New Zealand’s South Island. The Central Otago Gold Project is located 50-100 kilometres west-northwest of
Dunedin and the Marlborough Gold Project is located 50km south-east of Nelson (Refer Figures 13 and 14).
The Central Otago Schist Belt is regarded as one of the most highly endowed yet underexplored regions in New Zealand.
The World Class Macraes Gold Deposit is the largest active gold mine in New Zealand with a Combined Pr oduction and
Current Mineral Resource totalling in excess of 10 million ounces of gold (Refer ASX:OGC). Exploration activity in the region
has increased significantly in recent times with the discovery of the Bendigo-Ophir Deposits by Santana Minerals (Current
Mineral Resource Estimate +2 million ounces of gold. Refer ASX:SMI)
NAE considers its Marlborough/ Central Otago Gold Projects to have the potential to host structurally controlled orogenic
gold mineralisation similar to Macraes and the more recent discoveries of Santana within extensions and/or repetitions of
the structural corridors of the Hyde-Macreas and Bendigo – Ophir Shear Zones. Numerous historical gold occurrences have
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ACTIVITIES REPORT
NAE Annual Report 30 June 2022
been reported from within each of the Marlborough/ Central Otago Gold Project permits areas confirming the potential of
each to host significant mineralisation.
NAE’s granted landholding has expanded to a total 1,013km2 during 2022, following the granting of Company’s 100%-owned
Manorburn and Marlborough Prospecting Permits (announced in February 2022 and August 2022 respectively). This total was
offset by the partial relinquishment of Lammerlaw Prospecting Permit PP60544 (132km2 reduction announced in July 2022).
Figure 14: Location of NAE’s Central Otago Gold Project
Lammerlaw Gold Project
In July 2021, the Company made an application for a subsequent exploration permit for its Lammerlaw Gold Project. An
exploration permit is the next stage of permitting in New Zealand with the permit enabling NAE to advance the Lammerlaw
Gold Project to a drilling stage. This application was approved on 16th December 2022 resulting in the Lammerlaw East
Exploration permit (MEP60807) and partial retention of the Lammerlaw Prospecting Permit (MPP60544), 132km2 of the original
MPP60544 was relinquished during this process (Figure 16).
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ACTIVITIES REPORT
NAE Annual Report 30 June 2022
Figure 15: Lammerlaw view over permit
During 2022, re-processed geophysical data sets covering all NAE’s Otago gold project were acquired. For the Lammerlaw
Gold Project area, new geophysical image has allowed accurate delineation of these prospective geological lineaments. The
targeting strategy for Lammerlaw uses contrasting high and low electromagnetics response or as lineaments, potential
indicators of favorable structural and lithological contacts for gold mineralisation (Figure 16). Results returned for surface
sampling Lammerlaw Prospecting Permit have successfully proven this concept. Coincident arsenic and gold geochemical
trends follow contacts between high and low electromagnetic response.
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ACTIVITIES REPORT
NAE Annual Report 30 June 2022
Figure 16: Location of Lammerlaw Prospecting Permit MPP60544, Lammerlaw East Exploration Permit MEP60807 and OPQ Exploration Permit MEP60502.
Lammerlaw Prospecting Permit Extension
NAE applied for a two-year extension for Lammerlaw Prospecting Permit (MPP60544), this was successful granted taking the
current expiry date to 27 November 2023. This extension of duration will enable NAE to complete further soil sampling along
north-west trending electromagnetic lineaments where the gold and arsenic anomalies extend away for the Lammerlaw East
Exploration Permit.
During the previous year, seven soil sampling lines were collected in the Lammerlaw Prospecting Permit (the area underling
one soil line was relinquished). Four soils lines in the southern portion did not produce any positive gold/arsenic results. To the
north-west, five kilometres along strike form the Lammerlaw East prospects, gold and arsenic anomalism was detected in
association with electromagnetic lineaments (refer to Figure 16 for location of soil lines with in MPP60544). This proof of
concept highlights up to 25km of prospective strike length for further testing.
Further regional scale soil sampling traverses within Lammerlaw prospecting permit will continue over the next year.
Lammerlaw East Exploration Permit
The granting of a subsequent Lammerlaw East Exploration Permit (MEP60807) enables NAE to progress exploration by carrying
out trenching and drilling activities. NAE is planning additional sampling and detail geological mapping in the meantime to
better constrain the anomalies and finalise initial drilling targets. During late 2021 and 2022, infill soil and rock geochemical
sampling further defined four broad prospective areas; Antimony Mine, Buck, Fulton’s and Bella. Arsenic geochemical trends
best define these prospective geochemical trends (Figure 17). Gold assays are pending for these samples.
The next phase of exploration activity within Lammerlaw East Exploration Permit is to define drill targets. A program of trench
sampling in late 2022-2023 will be used to refine prospective targets along each of the geochemical trends. Infill soil sampling
will be used to extend the strike length arsenic and gold anomalism to the north-east and south-west.
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ACTIVITIES REPORT
NAE Annual Report 30 June 2022
Figure 17: Location of prospects within Lammerlaw East Exploration Permit MEP60807.
OPQ Gold Project
The OPQ Exploration Permit (MEP60502) contains NAE’s most advanced New Zealand gold projects. The permit contains
several historic underground mines which produced high-grade gold in the 1860’s-1900’s. During the previous year, work
has continued to progress OPQ prospects towards a drill ready phase.
In early 2021 NAE obtained an access arrangement to complete a trenching program. Three trenches were completed on
the northern side of Lake Mahinerangi along strike extension of the O.P.Q. trend at Burtenshaws Prospect (Figures 18 and
20). Trenches were designed to follow up strongly anomalous Au geochemistry in soil samples coincident with a historically
documented gold and tungsten occurrence. Gold results from trenched were encouraging but spotty, showing anomalous
soil sample were caused by concentration in the regolith zone. Gold values up to 108ppb and anomalous tungsten up to
250ppm was recorded. Further trenching is planned for the 2022-2023 field season.
A historic mine plan obtained for the OPQ Mine was used for three-dimensional modelling of the workings and structure
hosting ore/mineralisation (Figure 21). This detailed record of mining provides confidence for future drill testing of the OPQ
target.
Newly acquired geophysical images have highlighted numerous targets with structural similarities to known gold
occurrences (Figure 18). These targets will be visited and sampled during the 2023 field season.
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ACTIVITIES REPORT
NAE Annual Report 30 June 2022
Figure 18: O.P.Q. estimated strike length. Taken from NAE ASX Announcement 12 December 2019
Improvements in understanding of historic mines and prospects locations within the OPQ Gold Project area led to a targeted
surface sampling campaign. Thin wind-blown loess masks outcrop in the Lammerlaw and OPQ areas, hindering detection of
narrow vein high-grade gold lodes with small geochemical footprints. Targeted rock and soil auger samples were used to
demonstrate positive arsenic geochemistry at narrow vein high-grade prospects Cox’s, Cosmopolitan, ABC and Nuggety
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ACTIVITIES REPORT
NAE Annual Report 30 June 2022
Gully (Figures 19 and 20). Float samples containing visible gold were located (Figures 22 and 23). Gold assays are pending
for these recent samples.
Subject to results from recent surface sampling, narrow vein high-grade prospects will be further tested by trenching or
targeted shallow air-core drilling.
Figure 19: Arsenic geochemistry at Cox’s, Cosmopolitan and Butchers Gully Prospects.
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ACTIVITIES REPORT
NAE Annual Report 30 June 2022
Figure 20: Arsenic geochemistry for ABC and Nuggety Gully prospects plus surrounds.
Figure 21: Arsenic geochemistry for the OPQ Mine group of prospects. Note the OPQ Mine underground workings in yellow.
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ACTIVITIES REPORT
NAE Annual Report 30 June 2022
Figure 22: Visible gold at Cox’s Prospect, OPQ Permit
Figure 23: Visible gold at Nuggety Gully Prospect, OPQ Permit
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ACTIVITIES REPORT
NAE Annual Report 30 June 2022
Manorburn Gold Project
Manorburn Prospecting Permit (MPP60716) was granted on 20 January 2022 and covers 235km 2 of highly prospective Otago
schist (Figure 25). The permit is located immediately adjacent to the Bendigo-Ophir Deposits, where Santana Minerals
continues to produce positive drilling results (Current Mineral Resource Estimate +2 million ounces of gold. Refer ASX:SMI,
refer Figure 14). Exploration and evaluation of the Manorburn Project has commenced as a high priority with numerous
key target areas identified following a review of legacy exploration data.
Figure 24: Manorburn view over permit
Initial field visits were delayed by ongoing Covid 19 restrictions and on-farm activities. Geological mapping and surface
geochemical surveys commenced mid 2022 over the central part of the tenement. Sampling focused on testing north -west
and north-east trending structure defined in re-processed geophysical data, particularly in areas adjacent to historical
alluvial workings. Gold assay results are pending.
Field activities will recommence within the Manorburn Gold Project in late 2022 following lambing. Further soil and rock
samples will be used to test north-west and north-east trending structures in the northern portion of the permit. In the
southern half of the permit where geochemical data is sparse, a stream sediment survey is planned.
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ACTIVITIES REPORT
NAE Annual Report 30 June 2022
Figure 25: Location of historic gold workings within Manorburn Prospecting Permit MEP60807.
Marlborough Gold Project
The Marlborough Gold Project is NAE’s most recent addition to its New Zealand permit portfolio. Approval was granted for the
499km2 Marlborough Prospecting Permit (MPP60725) on the 5th August 2022. The permit is located between Nelson and
Blenheim (Figure 26), on the north-western side of the Alpine Fault – a regional significant structure dividing the South Island
into two related geological portions. The highly prospective Central Otago Schist/Gold Belt is offset by the Alpine Fault, the
continuation known as the Marlborough Schist underlies the Marlborough Permit area. NAE considers the Marlborough Gold
Project to potentially host structurally controlled orogenic gold mineralisation similar to the bulk tonnage Macraes and
Bendigo-Ophir deposits, as well as high-grade quartz lode gold systems seen elsewhere in the Otago Goldfield. The
Marlborough Gold Project contains analogous rock types and was subject to the same geological setting during episodes of
mineralisation in Otago. Despite this potential, no systematic ground-based exploration methodology has been applied the
Marlborough Permit area, with prior explorers collecting scattered surface samples and airborne geophysics.
Desktop studies have identified four primary targets within the Marlborough Gold Project: Top Valley, Sutherlands,
Wakamarina and Waikakaho. All are prospective for gold and tungsten and have been actively mined near the turn of last
century. Access negotiations have progressed well, and field work is due to commencing later this year.
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ACTIVITIES REPORT
NAE Annual Report 30 June 2022
Figure 26: Prospect location map for the Marlborough Prospecting Permit.
Next Steps
NAE now holds five granted, 100% owned New Zealand prospect/exploration permits. Work completed over the past year has
continued to progress targets/prospects to a drill ready state. Advanced targets in the Lammerlaw East and OPQ Exploration
Permits will be tested by trenching/drilling and surface sampling programs will continue within the Lammerlaw, Manorburn
and Marlborough Prospecting Permits during the next financial year. The three prospecting permits are in their first-year
tenure and will be evaluated based on results during 2023 before application for subsequent exploration permits. NAE is now
holds a strong position within New Zealand, with highly prospective gold projects in a productive geological settings. The recent
discovery of the Bendigo-Ophir Deposits by Santana Minerals (Current Mineral Resource Estimate +2 million ounces of gold.
Refer ASX:SMI) highlights this potential and the value achieved by drill testing ground in historically productive goldfields.
LOCHINVAR COKING COAL PROJECT
NAE’s Lochinvar metallurgical coal project, located on the border of England and Scotland in the United Kingdom, consists
of three adjacent exploration and conditional underground mining licences known as Lochinvar, Lochinvar North and
Lochinvar South. All three licences are 100% owned by NAE.
Economic outlook for Lochinvar continues to improve amid increased demand for metallurgical coal
Since the start of the 2022 calendar year, the economic outlook for NAE’s Lochinvar metallurgical coal project has continued
to improve. Import bans on Russian coal imposed as a result of its invasion of Ukraine have led to increased global demand
and prices for metallurgical coal. Prior to the bans, Russia typically supplied 30% of European Union and UK metallurgical
coal needs and, based on provisional data, was the UK’s largest source of metallurgical coal in 2021.
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ACTIVITIES REPORT
NAE Annual Report 30 June 2022
NAE is cautiously optimistic that geopolitical events, combined with the UK’s recent change in government leadership, will
continue to lead to an improved regulatory environment for metallurgical coal projects such as Lochinvar.
Scoping Study update commissioned
In 2014, NAE commissioned Palaris Australia Pty Ltd (Palaris) to undertake the Scoping Study for the Lochinvar coking coal
project. An update to the Scoping Study was subsequently undertaken in 2017 to revise the project operating and capital
cost structure as well as the underlying macroeconomic assumptions.
In an environment of elevated metallurgical coal prices and where global demand for metallurgical coal remains strong, NAE
announced in September 2022 that Palaris had been commissioned to undertake a further update to the Scoping Study. The
update will focus on the areas of coal price assumptions, capital and operating cost structure and is expected to take
approximately six weeks to complete.
Market and Infrastructure
Lochinvar is ideally located to become a supplier of low cost, high volatile hard metallurgical coal to the European steel
industry as a result of:
➢ Located 7km from the main West Coast Main Line railway – which links directly to UK steel mills and nearby ports
to access European market
➢ Lower labour rates when compared to Australian mining costs
➢ Excellent UK fiscal regime with low corporate taxes and royalties
➢ European Metallurgical Coal imports forecast to grow from around 52Mt (2017) to 61Mt (2035)
➢ European High Volatile Hard Coking Coal (HV HCC) imports forecast to increase from 10.4Mt (2017) to 15.9Mt
(2035)
➢ Lochinvar anticipated 1.4Mtpa annual production per the Scoping Study completed in 2017 would repr esent ~12%
of UK/Europe High Volatile HCC metallurgical coal imports in 2021
➢ Lochinvar coal enjoys a clear distance and freight cost advantage over competing imported coal and the benefit of
regular local deliveries reducing customer inventories.
Metallurgical Coal
Metallurgical coal, as found at Lochinvar, is used in the steel-making process in blast furnaces. It has very different demand
dynamics to thermal coal which is used to generate electricity in coal-fired power stations. Global steel production is
continuing to grow in-line with global GDP and is particularly fast growing in the developing world (e.g., India). KPMG
forecast global metallurgical coal seaborne trade to grow from 317Mt in 2021 to 335Mt in 2025.
At this stage there are no commercially viable substitutes for metallurgical coal in the blast furnace steel-making process.
Metallurgical coal provides three important functions in making steel in blast furnaces; 1) a source of the energy, 2) a
reducing agent to convert iron ore to liquid iron and CO2 and 3) provides the structure and permeability within the furnace
to prevent the furnace becoming clogged. Steel is an alloy of iron and carbon, and metallurgical coal also provides the carbon
atoms to produce steel.
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ACTIVITIES REPORT
NAE Annual Report 30 June 2022
Metallurgical coal prices recently spiked above US$500/t due to supply/demand imbalances post the Russian invasion of
Ukraine, well above the KPMG long-term forecast of US$150/t. NAE expects prices to remain elevated for a number of years
due to strong demand, ongoing trade imbalances post the Russia/Ukraine war and a lack of investment in new mine capacity
over recent years.
Figure 27: Hard Metallurgical Coal Price Forecasts (KPMG)
Figure 28: Premium HCC price (US$/t) (Meta Bulletin and Factset)
Next Steps/Outlook for Project
The following areas will be considered in the Palaris scoping study update:
• Marketing – review coal price relativities and make update where required
•
Financial model updates – valuation date, discount rate, macroeconomic assumptions, opex, capex, production split
and coal price relative to benchmark(s)
NAE previously reported a nil valuation for its Lochinvar project in its June 2021 Annual Report. In light of the changed
geopolitical environment and as the economic outlook continues to improve, it expects to be in a position to revisit that
valuation within the next six to nine months.
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ACTIVITIES REPORT
NAE Annual Report 30 June 2022
Forward Looking Statements
This announcement contains ‘forward-looking information’ that is based on the Company’s expectations, estimates and
projections as of the date on which the statements were made. This forward-looking information includes, among other things,
statements with respect to the Company’s business strategy, plans, development, objectives, performance, outlook, growth,
cash flow, projections, targets and expectations, mineral reserves and resources, results of exploration and related expenses.
Generally, this forward-looking information can be identified by the use of forward-looking terminology such as ‘outlook’,
‘anticipate’, ‘project’, ‘target’, ‘potential’, ‘likely’, ‘believe’, ‘estimate’, ‘expect’, ‘intend’, ‘may’, ‘would’, ‘could’, ‘should’,
‘scheduled’, ‘will’, ‘plan’, ‘forecast’, ‘evolve’ and similar expressions. Persons reading this announcement are cautioned that
such statements are only predictions, and that the Company’s actual future results or performance may be materially different.
Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the
Company’s actual results, level of activity, performance or achievements to be materially different from those expressed or
implied by such forward-looking information.
Competent Person’s Statement
OPQ Gold Exploration Project and Lammerlaw Prospecting Permit
The information in this report that relates to Exploration Results is based on information reviewed by Kyle Howie, who is an
exploration geologist and is a Member of the Australian Institute of Geoscientists. Kyle Howie has over 25 years’ experience in
precious and base metal exploration and resource calculation including gold exploration and resource definition in the Otago
region. Kyle Howie has sufficient experience which is relevant to the style of mineralisation and type of deposit under
consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the
‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Kyle Howie consents to the
inclusion in the report of the matters based on his information in the form and context in which it appears.
Pilbara Gold Project
The information in this report that relates to Exploration Results is based on information reviewed by Steve Vallance, who is
an exploration geologist and is a Member of the Australian Institute of Geoscientists (MAIG). Steve Vallance has over 30 years’
experience in precious and base metal exploration including gold exploration and resource definition in the Pilbara region.
Steve Vallance has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration
and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code
for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. He consents to the inclusion in the report of the
matters based on his information in the form and context in which it appears.
Page | 38
ACTIVITIES REPORT
NAE Annual Report 30 June 2022
New Age Exploration Limited provides its list of exploration licences (as at 30 June 2022).
Licence No.
Project
Country
Area
(km2)
Licence Type
NAE Group
% Interest
CA11/EXP/0515/N
CA11/UND/0176/N
CA11/EXP/0545/N
Lochinvar
Lochinvar
United Kingdom
67.5
Exploration Licence
United Kingdom
67.5
Conditional Underground Licence and
Option Agreement
Lochinvar South
United Kingdom
51.0
Exploration Licence
CA11/UND/0182/N
Lochinvar South
United Kingdom
51.0
Conditional Underground Licence and
Option Agreement
CA11/EXP/570/N
Lochinvar North
United Kingdom
66.5
Exploration Licence
CA11/OPC/0447/N
Lochinvar North
United Kingdom
66.5
Conditional Surface and Underground
Licence and Option Agreement
EP60502
PP60544
Otago Pioneer Quartz
New Zealand
71.55
Exploration Permit
Lammerlaw
New Zealand
132.26
Prospecting Permit
EP60807
Lammerlaw East
New Zealand
74.76
Exploration Permit
100%
100%
100%
100%
100%
100%
100%
100%
100%
PP60725
Marlborough Schist
New Zealand
498.6
Prospecting Permit
100%
PP60716
Manorburn
New Zealand
235.78
Prospecting Permit
100%
E47/4406, E47/4407, E47/4408,
E45/5724, E45/5725, E45/5726,
E47/4435, E47/4450, E47/3981
Quartz Hill
Western
Australia
1,319
Exploration Licence
100%
E47/3887, E47/3886, E47/4592,
E47/4528
Bullock Well
Western
Australia
166.5
Exploration Licence
100%
E47/3958, E47/5064
E47/5063, E47/5065
Brahman
Droughtmaster
Western
Australia
538
Exploration Licence
100%
E45/5180
Talga, Talga
Western
Australia
6.4
Exploration Licence
100%
Page | 39
DIRECTORS’ REPORT
NAE Annual Report 30 June 2022
The Directors present their report, together with the consolidated financial statements of the Group comprising of New Age
Exploration Limited (the Company) and its subsidiaries, for the financial year ended 30 June 2022.
Directors
Directors of the Company during the whole of the financial year and up to the date of this report, unless otherwise stated:
Mr A Broome AM (Non-Executive Chairman)
Mr J Wellisch (Executive Director)
Mr A Wing (Non-Executive Director)
Company Secretaries
Mr Adrien Wing (B.Bus, CPA) was the company secretary of the Company during the whole of the financial year and up to the
date of this report. Mr Wing is CPA qualified. He practised in the audit and corporate divisions of a chartered accounting firm
before working with a number of public companies listed on the ASX as a corporate/accounting consultant and company
secretary.
Ms Pauline Moffatt is a graduate of the Australian Institute of Company Directors (GAICD) and a fellow GIA ICSA of the
Governance Institute of Australia. Ms Moffatt has a wealth of experience, providing specialised accounting and company
secretary services to public companies for over 20 years.
Meetings of directors
The number of meetings of the Company's Board of Directors held during the year ended 30 June 2022, and the number of
meetings attended by each director were:
Mr A Broome AM
Mr J Wellisch
Mr A Wing
Full Board
Held
9
9
9
Attended
9
9
9
‘Held’ represents the number of meetings held during the time the Director held office or was a member of the relevant
committee. The table includes decisions by circular resolutions.
Information on directors
Name:
Title:
Experience and expertise:
Other current directorships:
Former directorships (in the last 3 years):
Special responsibilities:
Interests in shares:
First appointed to the Board:
Mr Alan Broome AM (I.Eng, F.AusIMM, FAICD, FICME, MInstD (NZ))
Non-Executive Director and Chairman
Mr Broome is a metallurgist with over 40 years’ experience in mining and
metals. A well-known figure in the Australian mining industry, Alan has
extensive board experience, both as a director and chairman, of a number
of listed and unlisted mining and mining technology companies. Over the
past 20 years, Alan has had in-depth experience in coal mining, mining
technology, equipment, services and research sectors, both in Australia
and abroad.
Strategic Minerals plc (Chairman)
Mustang energy plc (Chairman)
DDH1 Limited (Non-Executive Director)
Nil
Chairman of the Board
1,725,000 ordinary shares
18 February 2013
Page | 40
DIRECTORS’ REPORT
Name:
Title:
Experience and expertise:
Other current directorships:
Former directorships (in the last 3 years):
Special responsibilities:
Interests in shares:
First appointed to the Board:
Name:
Title:
Experience and expertise:
Other current directorships:
Former directorships (in the last 3 years):
Special responsibilities:
Interests in shares:
First appointed to the Board:
NAE Annual Report 30 June 2022
Mr Joshua Wellisch
Executive Director
Mr Wellisch is a corporate professional whose career has included several
Executive Management and Director roles in ASX listed companies. Mr
Wellisch has a breadth of experience in the acquisition, management and
development of mineral geological projects within the energy and minerals
sector. Mr Wellisch has a substantial background in Project Management
and is a member of the Project Management Institute (PMI). Mr Wellisch is
also currently a director of NRG Capital specialising in capital raisings,
corporate structuring and the facilitation of ASX listings.
Nil
Nil
Executive Director
35,777,692 ordinary shares
12 October 2018
Mr Adrien Wing
Non-Executive Director
Mr Wing is a Certified Practicing Accountant. He practiced in the audit and
corporate advisory divisions of a chartered accounting firm before working
with a number of public companies listed on the Australian Securities
Exchange as a corporate/accounting consultant and company secretary.
Red Sky Energy Ltd (Non-Executive Director)
Mitre Mining Corporation Limited (Non-Executive Director)
Jade Gas Holdings Ltd (Non-Executive Director) – until September 2021
Mithril Resources Ltd (Non-Executive Director) - May 2019 to February 2021
Nil
120,959,027 ordinary shares
3 July 2020
'Other current directorships' quoted above are current directorships for listed entities only and excludes directorships in all
other types of entities, unless otherwise stated.
'Former directorships (in the last 3 years)' quoted above are directorships held in the last 3 years for listed entities only and
excludes directorships in all other types of entities, unless otherwise stated.
Page | 41
DIRECTORS’ REPORT
Principal activities
NAE Annual Report 30 June 2022
During the financial year, the Group made significant progress with advancing its gold projects. The Group is focused on
advancing gold exploration projects in the Pilbara Gold district and the South Island of New Zealand and to strengthen efforts
to acquire new opportunities which establish shareholder value.
Dividends
There were no dividends paid or declared during the current or previous financial year.
Review of operations
The loss for the Group after providing for income tax amounted to $1,180,445 (2021: $5,524,106).
Additional information on the Group’s operations is included in the detailed Activities Report preceding this Directors' report.
Significant changes in the state of affairs
There were no significant changes in the state of affairs of the Group during the financial year.
Matters subsequent to the end of the financial year
No matters or circumstances have arisen since 30 June 2022 that have significantly affected, or may significantly affect the
Group's operations, the results of those operations or the Group's state of affairs in future financial years.
Likely developments and expected results of operations
The Group is continuing to advance its portfolio of exploration projects and examine the potential for investment in new
opportunities as they arise.
Environmental regulation
The Group's operations are not regulated by any significant environmental regulation under a law of the Commonwealth or of
a State or Territory in Australia as at this date.
The Group’s exploration activities in the United Kingdom, New Zealand and Australia are subject to environmental regulations
in those countries. The Board maintains responsibility that the Group is in compliance with all relevant environmental
legislation and maintains a high standard of environmental care. During the year, there were no known breaches of tenement
conditions, and no such breaches have been notified by any government agencies.
Page | 42
DIRECTORS’ REPORT
NAE Annual Report 30 June 2022
Remuneration report (audited)
The remuneration report details the key management personnel remuneration arrangements for the consolidated entity, in
accordance with the requirements of the Corporations Act 2001 and its Regulations. Key management personnel are those
persons having authority and responsibility for planning, directing and controlling the activities of the entity, directly or
indirectly, including all directors.
The remuneration report is set out under the following main headings:
A - Principles used to determine the nature and amount of remuneration
B - Details of remuneration
C - Service agreements
D - Share-based compensation
E - Additional information
A Principles used to determine the nature and amount of remuneration
Remuneration Policy
The Board practice for determining the nature and amount of remuneration of directors and other key management personnel
is agreed by the Board of Directors as a whole. The Board obtains professional advice where necessary to ensure that the Group
attracts and retains talented and motivated Directors and employees who can enhance Group performance through their
contributions and leadership.
Remuneration consists of a fixed remuneration, performance-based bonuses and long-term share options as considered
appropriate. The Board believes that options are an effective remuneration tool which preserves the cash reserves of the
Group whilst providing valuable remuneration.
Executive Director Remuneration
Due to the limited size of the Group and of its operations and financial affairs, the use of a separate remuneration committee
is not considered appropriate. In determining the level and make-up of the Executive Director remuneration, the Board
negotiates a remuneration to reflect the market salary for a position and individual of comparable responsibility and
experience.
Remuneration is periodically compared to relevant external market conditions. This is done based on surveys of peer
companies’ Managing Director remuneration and also taking into account the increase in consumer price index. If required,
the Board may engage an external consultant to provide independent advice in the form of a written report detailing market
levels of remuneration for comparable executive roles.
No external consultant was engaged during the year for the purpose of remuneration review.
Non-Executive Director Remuneration
Non-executive Directors’ fees are paid within an aggregate limit which is approved by the shareholders from time to time.
Retirement payments, if any, are agreed to be determined in accordance with the rules set out in the Corporations Act at the
time of the Directors retirement or termination. Non-Executive Directors remuneration may include an incentive portion
consisting of bonuses and/or options, as considered appropriate by the Board, which may be subject to shareholder approval
in accordance with the ASX Listing Rules.
The amount of aggregate remuneration sought to be approved by shareholders and the manner in which it is apportioned
amongst directors is reviewed annually. The Board considers the amount of Director fees being paid by comparable companies
with similar responsibilities and the experience of the Non-Executive Directors when undertaking the annual review process.
The Group determines the maximum amount for remuneration, including thresholds for share-based remuneration, for
Directors by resolution. At the Annual General Meeting held on 28 November 2012, shareholders approved $300,000 as the
annual maximum amount of remuneration that may be allocated to all Non-Executive Directors. Further details regarding
components of Director and executive remuneration are provided in the following tables.
Page | 43
DIRECTORS’ REPORT
NAE Annual Report 30 June 2022
Group performance, shareholder wealth and director and other key management personnel remuneration
The remuneration policy has been tailored to increase goal congruence between shareholders, Directors and other key
management personnel through successfully achieving its primary objectives. During exploration project development phase,
these objectives are not linked to earnings. Instead, the successful discovery or acquisition of mineral resources and progress
with project development are the primary means of value creation and thus, are the primary objectives of the Company. The
achievement of this aim has been through the issue of options to Directors to encourage the alignment of personal and
shareholder interests. The recipients of the options are responsible for growing the Group and increasing shareholder value.
If they achieve this goal, the value of the options granted to them will also increase. Therefore, the options provide an incentive
to the recipients to remain with the Group and to continue to work to enhance the Group’s value.
In the financial year ended 30 June 2022, Mr J Wellisch received a bonus entitlement of $36,000 relating to the successful
achievement of certain performance criteria. There was no bonus in 2021.
B Details of remuneration
Details of the remuneration of the Directors and other key management personnel (defined as those who have the authority
and responsibility for planning, directing and controlling major activities) of the Group are set out in the following tables.
Short-term benefits
Salary/Fees Bonus
$
$
Post-employment
benefits
Superannuation
$
Options
$
Total
$
Performance
Related
%
2022
Non-Executive Directors:
Mr A Broome AM
Mr A M Wing
Executive Directors:
Mr J Wellisch
85,000
120,000
-
-
198,000
403,000
36,000
36,000
2021
$
$
$
Non-Executive Directors:
Mr A Broome AM
Mr S Layton (1)
Mr A M Wing (2)
Executive Directors:
Mr J Wellisch
75,790
12,000
110,600
142,750
341,140
-
-
-
-
-
(1) Resigned 29 September 2020.
(2) Appointed Director on 3 July 2020.
-
-
-
-
-
-
-
-
-
-
-
-
-
85,000
120,000
234,000
439,000
$
$
%
83,546
-
250,638
159,336
12,000
361,238
334,184
668,368
476,934
1,009,508
-
-
15.4
52.4
-
69.4
70.1
Page | 44
DIRECTORS’ REPORT
C Service agreements
NAE Annual Report 30 June 2022
Effective 15 March 2021, Mr Josh Wellisch entered into a service agreement for his role as an Executive Director at a rate of
$198,000 per annum. Short-term incentives of up to 30% of the annual fee are also able to be granted at the discretion of the
Board. The agreement can be terminated by either party upon providing 3 months notice.
In the financial year ended 30 June 2022, Mr J Wellisch received a bonus entitlement of $36,000 relating to the successful
achievement of certain performance criteria. There was no bonus in 2021.
NAE has no other existing service agreements as at 30 June 2022.
Key management personnel have no entitlement to termination payments in the event of removal for misconduct.
D Share-based compensation
Issue of shares
There were no shares issued to Directors and other key management personnel as part of compensation during the year ended
30 June 2022.
Shareholding
The number of shares in the Company held during the financial year by each director and other members of key management
personnel, including their personally related parties, is set out below:
2022
Ordinary shares
Alan Broome AM
Joshua Wellisch
Adrien Wing
2021
Ordinary shares
Alan Broome AM
Joshua Wellisch
Stephen Layton(1)
Adrien Wing
Balance at the
start of the year
Received as part
of remuneration
Additions
Disposals/
Other
Balance at the
end of the year
1,725,000
35,777,692
120,959,027
158,461,719
475,000
22,777,692
45,000,000
80,959,027
149,211,719
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
1,725,000
35,777,692
120,959,027
158,461,719
1,250,000
13,000,000
-
40,000,000
54,250,000
-
-
(45,000,000)
-
(45,000,000)
1,725,000
35,777,692
-
120,959,027
158,461,719
(1) Resigned 29 September 2020.
Issue of Options
On 25 November 2020, at the Company’s Annual General Meeting (“AGM”), shareholders approved the issue of 120,000,000
Options to the Directors with an exercise price of $0.03 (3 cents) and an expiry date of 31 December 2023. In accordance with
Accounting Standard AASB 2 Share-Based Payment, these Options have been valued at 0.56 cents each for a total of $668,368
on the grant date, being the date of the AGM, and expensed during the 2021 financial year.
The number of Options held during the financial year by each director is set out below:
2022
Alan Broome AM
Joshua Wellisch
Adrien Wing
Balance at the
start of the year
Received as part
of remuneration
Exercised /
Expired
Disposals/
Other
Balance at the
end of the year
15,000,000
60,000,000
45,000,000
120,000,000
-
-
-
-
-
-
-
-
-
-
-
-
-
15,000,000
60,000,000
45,000,000
120,000,000
Page | 45
DIRECTORS’ REPORT
NAE Annual Report 30 June 2022
E Additional information
The earnings of the Group for the five years to 30 June 2022 are summarised below:
2018
$
2019
$
2020
$
2021
$
2022
$
Revenue and other income
Net profit/(loss) before tax
Net profit/(loss) after tax
1,776,869
960,492
960,492
51,835
(1,158,486)
(1,158,486)
109,677
(4,965,036)
(4,965,036)
12,077
(5,524,106)
(5,524,106)
7,177
(1,180,455)
(1,180,455)
The factors that are considered to affect total shareholders return (TSR) are summarised below:
Share price at start of year ($)
Share price at end of year ($)
Basic earnings/(loss) per share
(cents per share)
Diluted earnings/(loss) per share
(cents per share)
2018
2019
2020
2021
2022
0.010
0.006
0.21
0.21
0.006
0.004
0.004
0.007
0.007
0.011
0.011
0.006
(0.15)
(0.56)
(0.49)
(0.08)
(0.15)
(0.56)
(0.49)
(0.08)
This concludes the remuneration report, which has been audited.
Page | 46
DIRECTORS’ REPORT
Shares under option
NAE Annual Report 30 June 2022
There were unissued ordinary shares of the Company under option at the balance date as follows:
-
-
15,000,000 exercisable at 2 cents each with an expiry date of 28 September 2023; and
254,618,667 exercisable at 3 cents each with an expiry date of 31 December 2023.
Shares issued on the exercise of options
No shares of the Company were issued during the year ended 30 June 2022 on the exercise of options granted.
Indemnity and insurance of officers
The Company has indemnified the Directors and executives for costs incurred in their capacity as a Director or executive for
which they may be held personally liable, except where there is a lack of good faith.
During the financial year, the Company paid a premium in respect of a contract to insure the Directors and executives against
a liability to the extent permitted by the Corporations Act 2001. The contract of insurance prohibits disclosure of the nature of
liability and the amount of the premium.
Indemnity and insurance of auditor
The Company has not, during or since the financial year, indemnified or agreed to indemnify the auditor of the Company or
any related entity against a liability incurred by the auditor.
During the financial year, the Company has not paid a premium in respect of a contract to insure the auditor of the Company
or any related entity.
Proceedings on behalf of the Group
No person has applied to the Court under section 237 of the Corporations Act 2001 for leave to bring proceedings on behalf of
the Company, or to intervene in any proceedings to which the Company is a party for the purpose of taking responsibility on
behalf of the Group for all or part of those proceedings.
Auditor's independence declaration
A copy of the auditor's independence declaration as required under section 307C of the Corporations Act 2001 is set out on
the following page.
This report is made in accordance with a resolution of directors, pursuant to section 298(2)(a) of the Corporations Act 2001.
On behalf of the directors
________________________________________________________
Joshua Wellisch
Executive Director
26 September 2022
Melbourne
Page | 47
AUDITOR’S INDEPENDENCE DECLARATION
As lead auditor for the audit of the financial report of New Age Exploration Limited and its controlled entities for
the year ended 30 June 2022, I declare that, to the best of my knowledge and belief, there have been no
contraventions of:
(i)
(ii)
the auditor independence requirements of the Corporations Act 2001 in relation to the audit; and
any applicable code of professional conduct in relation to the audit.
RSM AUSTRALIA PARTNERS
R J MORILLO MALDONADO
Partner
Dated: 26 September 2022
Melbourne, Victoria
THE POWER OF BEING UNDERSTOOD
AUDIT | TAX | CONSULTING
RSM Australia Partners is a member of the RSM network and trades as RSM. RSM is the trading name used by the members of the RSM network. Each member of the
RSM network is an independent accounting and consulting firm which practices in its own right. The RSM network is not itself a separate legal entity in any jurisdiction.
RSM Australia Partners ABN 36 965 185 036
Liability limited by a scheme approved under Professional Standards Legislation
Page | 48
STATEMENT OF PROFIT OR LOSS
AND OTHER COMPREHENSIVE INCOME
For The Year Ended 30 June 2022
Revenue from continuing operations
Other revenue
Expenses
Corporate expenses
Employee benefits expenses
Employee benefits expenses – options
Exploration and evaluation expenses
Exploration and evaluation impairment
Administrative expenses
Occupancy expenses
Legal expenses
Investor relations and marketing
(Loss)/profit before tax from continuing operations
Income tax expense
(Loss)/profit for the year
Other comprehensive income for the year
Items that may be reclassified subsequently to profit or loss
- Exchange differences on translation of foreign
operations
Other comprehensive income for the year, net of tax
Note
4
11
6
NEW AGE EXPLORATION LTD
Annual Report 30 June 2022
Consolidated
30 June 2022
$
Consolidated
30 June 2021
$
7,177
12,077
(174,015)
(469,846)
-
(72,945)
-
(303,257)
(46,220)
(18,844)
(102,495)
(1,187,622)
(1,180,445)
-
(156,547)
(372,241)
(668,368)
(1,136,938)
(2,740,461)
(221,492)
(31,244)
(32,574)
(176,318)
(5,536,183)
(5,524,106)
-
(1,180,445)
(5,524,106)
(1,061)
(1,061)
84,719
84,719
Total comprehensive (loss)/income for the year
(1,181,506)
(5,439,387)
Earnings/(loss) per share attributable to the owners of New
Age Exploration Limited
Basic per share
Diluted per share
Cents
Cents
21
21
(0.08)
(0.08)
(0.49)
(0.49)
The above statement of profit or loss and other comprehensive income should be read in conjunction with the accompanying
notes.
Page | 49
STATEMENT OF FINANCIAL POSITION
As at 30 June 2022
NEW AGE EXPLORATION LTD
Annual Report 30 June 2022
Current assets
Cash and cash equivalents
Trade and other receivables
Prepayments
Other financial assets
Total current assets
Non–current assets
Property, plant and equipment
Exploration and evaluation assets
Total non-current assets
Total assets
Current liabilities
Trade and other payables
Total current liabilities
Total liabilities
Net assets
Equity
Contributed equity
Reserves
Accumulated losses
Total equity
Note
Consolidated
30 June 2022
$
Consolidated
30 June 2021
$
7
8
9
10
11
12
13
14
4,180,504
27,521
18,576
25,000
4,251,601
26,973
1,835,098
1,862,071
6,113,672
141,216
141,216
141,216
6,375,836
80,065
13,398
25,000
6,494,299
21,708
851,148
872,856
7,367,155
285,489
285,489
285,489
5,972,456
7,081,666
33,953,352
1,862,564
(29,843,460)
33,880,516
1,864,165
(28,663,015)
5,972,456
7,081,666
The above statement of financial position should be read in conjunction with the accompanying notes.
Page | 50
STATEMENT OF CHANGES IN EQUITY
For The Year Ended 30 June 2022
Consolidated
NEW AGE EXPLORATION LTD
Annual Report 30 June 2022
Contributed
Equity
$
Reserves
$
Accumulated Losses
$
Total
$
At 1 July 2021
33,880,516
1,864,165
(28,663,015)
7,081,666
Loss for the year
Other comprehensive income
Total comprehensive loss for the year
-
-
-
-
(1,601)
(1,601)
(1,180,445)
-
(1,180,445)
(1,180,445)
(1,601)
(1,181,506)
Transactions with owners in their
capacity as owners:
Monterey tenements acquisition
Issue costs
82,508
(9,672)
-
-
-
-
82,508
(9,672)
As at 30 June 2022
33,953,352
1,862,564
(29,843,460)
5,972,456
At 1 July 2020
27,990,778
740,578
(23,138,909)
5,592,447
Loss for the year
Other comprehensive income
Total comprehensive loss for the year
-
-
-
-
84,719
84,719
(5,524,106)
-
(5,524,106)
(5,524,106)
84,719
(5,439,387)
Transactions with owners in their
capacity as owners:
Issue of shares
Issue of options
Share-based payments
Share issue costs
6,465,508
-
-
(575,770)
-
450
876,868
161,550
-
-
-
-
6,465,508
450
876,868
(414,220)
As at 30 June 2021
33,880,516
1,864,165
(28,663,015)
7,081,666
The above statement of changes in equity should be read in conjunction with the accompanying notes.
Page | 51
STATEMENT OF CASH FLOWS
For The Year Ended 30 June 2022
NEW AGE EXPLORATION LTD
Annual Report 30 June 2022
Cash flows from operating activities
Payments to suppliers and employees
Interest received
Note
Consolidated
30 June 2022
$
Consolidated
30 June 2021
$
(1,227,602)
6,436
(1,706,944)
12,008
Net cash flows used in operating activities
20 (a)
(1,221,166)
(1,694,936)
Cash flows from investing activities
Payments for exploration and evaluation assets
Payments for plant and equipment
Net cash flows used in investing activities
Cash flows from financing activities
Proceeds from issue of shares
Share issue costs
(946,936)
(15,957)
(318,663)
(25,598)
(962,893)
(344,261)
-
(9,672)
5,758,000
(138,880)
Net cash flows (used in)/provided by financing activities
(9,672)
5,619,120
Net (decrease)/increase in cash and cash equivalents held
(2,193,731)
3,579,923
Cash and cash equivalents at beginning of the year
Effects of foreign exchange rate changes on cash
6,375,836
(1,601)
2,795,592
321
Cash and cash equivalents at the end of the year
7
4,180,504
6,375,836
The above statement of cash flows should be read in conjunction with the accompanying notes
Page | 52
NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 30 June 2022
NEW AGE EXPLORATION LTD
Annual Report 30 June 2022
General information
The consolidated financial report of New Age Exploration Limited as at and for the year ended 30 June 2022 comprises the
Company and its subsidiaries (together referred to as the “Group”).
The financial report is presented in Australian dollars, which is New Age Exploration Limited's functional and presentation
currency. New Age Exploration Limited is a listed for-profit public company limited by shares, incorporated and domiciled
in Australia. Its registered office and principal place of business is:
Level 2
480 Collins Street
Melbourne VIC 3000
A description of the nature of the Group's operations and its principal activities are included in the Directors' report. The
financial report was authorised for issue, in accordance with a resolution of directors, on the date of the signing of the
Directors’ declaration.
Note 1 Significant accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below. These policies have
been consistently applied to all the years presented, unless otherwise stated.
New, revised or amending Accounting Standards and Interpretations adopted
In the year ended 30 June 2022, the Directors have reviewed all of the new and revised Standards and Interpretations issued
by the AASB that are relevant to the Group and effective for the current annual reporting period. There has been no material
impact on the Group.
New Accounting Standards and Interpretations not yet mandatory or early adopted
Certain new accounting standards and interpretations have been published that are not mandatory for 30 June 2022 reporting
periods and have not been early adopted by the group. These standards are not expected to have a material impact on the
entity in the current or future reporting periods and on foreseeable future transactions.
Basis of preparation
These general-purpose financial statements have been prepared in accordance with Australian Accounting Standards and
Interpretations issued by the Australian Accounting Standards Board ('AASB') and the Corporations Act 2001. These financial
statements also comply with International Financial Reporting Standards as issued by the International Accounting Standards
Board (‘IASB’).
Historical cost convention
The financial statements have been prepared on an accrual basis under the historical cost convention, except for, where
applicable, the revaluation of financial assets and liabilities at fair value through profit or loss.
Critical accounting estimates
The preparation of the financial statements requires the use of certain critical accounting estimates. It also requires
management to exercise its judgement in the process of applying the Group's accounting policies. The areas involving a higher
degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements are
disclosed in Note 2.
Parent entity information
In accordance with the Corporations Act 2001, these financial statements present the results of the consolidated entity
only. Supplementary information about the parent entity is disclosed in note 22.
Principles of Consolidation
The consolidated financial statements are those of the consolidated entity, comprising the company (the ‘parent entity’) and
its controlled entities (the ‘Group’). Details of the controlled entities are contained in Note 18.
Page | 53
NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 30 June 2022
Note 1 Significant accounting policies (cont’d)
NEW AGE EXPLORATION LTD
Annual Report 30 June 2022
Control is achieved when the Company:
• has power over the investee;
•
• has the ability to use its power to affect its returns.
is exposed, or has rights, to variable returns from its involvement with the investee; and
Consolidation of a subsidiary begins when the Company obtains control over the subsidiary and ceases when the Company
loses control of the subsidiary. Specifically, income and expenses of a subsidiary acquired or disposed of during the year are
included in the consolidated statement of profit or loss and other comprehensive income from the date the Company gains
control until the date when the Company ceases to control the subsidiary.
Profit or loss and each component of other comprehensive income are attributed to the owners of the Company and to the
non-controlling interests. Total comprehensive income of subsidiaries is attributed to the owners of the Company and to the
non-controlling interests even if this results in the non-controlling interests having a deficit balance.
When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line
with the Group's accounting policies.
All intragroup assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the
Group are eliminated in full on consolidation. Financial statements for controlled entities are prepared for the same reporting
period as the parent entity, using consistent accounting policies. Controlled entities are fully consolidated from the date on
which control is transferred to the Group and cease to be consolidated from the date on which control is transferred out of
the Group.
Changes in the Group's ownership interests in existing subsidiaries
Changes in the Group's ownership interests in subsidiaries that do not result in the Group losing control over the subsidiaries
are accounted for as equity transactions. The carrying amounts of the Group's interests and the non-controlling interests are
adjusted to reflect the changes in their relative interests in the subsidiaries. Any difference between the amount by which the
non-controlling interests are adjusted and the fair value of the consideration paid or received is recognised directly in equity
and attributed to owners of the Company.
When the Group loses control of a subsidiary, a gain or loss is recognised in profit or loss and is calculated as the difference
between (i) the aggregate of the fair value of the consideration received and the fair value of any retained interest and (ii) the
previous carrying amount of the assets (including goodwill), and liabilities of the subsidiary and any non-controlling interests.
All amounts previously recognised in other comprehensive income in relation to that subsidiary are accounted for as if the
Group had directly disposed of the related assets or liabilities of the subsidiary (i.e. reclassified to profit or loss or transferred
to another category of equity as specified/permitted by applicable IFRSs). The fair value of any investment retained in the
former subsidiary at the date when control is lost is regarded as the fair value on initial recognition for subsequent accounting
under AASB 9 Financial Instruments, when applicable, the cost on initial recognition of an investment in an associate or a joint
venture.
Investments in associates and joint ventures
An associate is an entity over which the Group has significant influence. Significant influence is the power to participate in the
financial and operating policy decisions of the investee but is not control or joint control over those policies. A joint venture is
a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the joint
arrangement. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions
about the relevant activities require unanimous consent of the parties sharing control.
The results and assets and liabilities of associates or joint ventures are incorporated in these consolidated financial statements
using the equity method of accounting, except when the investment, or a portion thereof, is classified as disposal group held
for sale, in which case it is accounted for in accordance with AASB 5 Non-current Assets Held for Sale and Discontinued
Operations. Under the equity method, an investment in an associate or a joint venture is initially recognised in the consolidated
statement of financial position at cost and adjusted thereafter to recognise the Group's share of the profit or loss and other
comprehensive income of the associate or joint venture. When the Group's share of losses of an associate or a joint venture
exceeds the Group's interest in that associate or joint venture (which includes any long-term interests that, in substance, form
part of the Group's net investment in the associate or joint venture), the Group discontinues recognising its share of further
losses. Additional losses are recognised only to the extent that the Group has incurred legal or constructive obligations or made
payments on behalf of the associate or joint venture.
Page | 54
NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 30 June 2022
Note 1 Significant accounting policies (cont’d)
NEW AGE EXPLORATION LTD
Annual Report 30 June 2022
An investment in an associate or a joint venture is accounted for using the equity method from the date on which the investee
becomes an associate or a joint venture. On acquisition of the investment in an associate or a joint venture, any excess of the
cost of the investment over the Group's share of the net fair value of the identifiable assets and liabilities of the investee is
recognised as goodwill, which is included within the carrying amount of the investment. Any excess of the Group's share of the
net fair value of the identifiable assets and liabilities over the cost of the investment, after reassessment, is recognised
immediately in profit or loss in the period in which the investment is acquired.
The requirements of AASB 9 are applied to determine whether it is necessary to recognise any impairment loss with respect to
the Group’s investment in an associate or a joint venture. When necessary, the entire carrying amount of the investment
(including goodwill) is tested for impairment in accordance with AASB 136 Impairment of Assets as a single asset by comparing
its recoverable amount (higher of value in use and fair value less costs of disposal) with its carrying amount, Any impairment
loss recognised forms part of the carrying amount of the investment. Any reversal of that impairment loss is recognised in
accordance with AASB 136 to the extent that the recoverable amount of the investment subsequently increases.
The Group discontinues the use of the equity method from the date when the investment ceases to be an associate or a joint
venture, or when the investment is classified as held for sale. When the Group retains an interest in the former associate or
joint venture and the retained interest is a financial asset, the Group measures the retained interest at fair value at that date
and the fair value is regarded as its fair value on initial recognition in accordance with AASB 9. The difference between the
carrying amount of the associate or joint venture at the date the equity method was discontinued, and the fair value of any
retained interest and any proceeds from disposing of a part interest in the associate or joint venture is included in the
determination of the gain or loss on disposal of the associate or joint venture. In addition, the Group accounts for all amounts
previously recognised in other comprehensive income in relation to that associate or joint venture on the same basis as would
be required if that associate or joint venture had directly disposed of the related assets or liabilities. Therefore, if a gain or loss
previously recognised in other comprehensive income by that associate or joint venture would be reclassified to profit or loss
on the disposal of the related assets or liabilities, the Group reclassifies the gain or loss from equity to profit or loss (as a
reclassification adjustment) when the equity method is discontinued.
The Group continues to use the equity method when an investment in an associate becomes an investment in a joint venture
or an investment in a joint venture becomes an investment in an associate. There is no remeasurement to fair value upon such
changes in ownership interests.
When the Group reduces its ownership interest in an associate or a joint venture but the Group continues to use the equity
method, the Group reclassifies to profit or loss the proportion of the gain or loss that had previously been recognised in other
comprehensive income relating to that reduction in ownership interest if that gain or loss would be reclassified to profit or loss
on the disposal of the related assets or liabilities. When a group entity transacts with an associate or a joint venture of the
Group, profits and losses resulting from the transactions with the associate or joint venture are recognised in the Group's
consolidated financial statements only to the extent of interests in the associate or joint venture that are not related to the
Group.
Foreign Currency
Functional and Presentation Currency
The financial statements of each group entity are measured using its functional currency, which is the currency of the primary
economic environment in which that entity operates. The consolidated financial statements are presented in Australian dollars,
as this is the parent entity’s functional and presentation currency.
Transactions and Balances
Transactions in foreign currencies of entities within the consolidated entity are translated into functional currency at the rate
of exchange ruling at the date of the transaction.
Foreign currency monetary items that are outstanding at the reporting date (other than monetary items arising under foreign
currency contracts where the exchange rate for that monetary item is fixed in the contract) are translated using the spot rate
at the end of financial year.
Resulting exchange differences arising on settlement or re-statement are recognized as revenues and expenses for the financial
year.
Page | 55
NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 30 June 2022
Note 1 Significant accounting policies (cont’d)
NEW AGE EXPLORATION LTD
Annual Report 30 June 2022
Group Companies
The financial statements of foreign operations whose functional currency is different from the group’s presentation currency
are translated as follows:
•
•
•
Assets and liabilities are translated at year-end exchange rates prevailing at that reporting date;
Income and expenses are translated at average exchange rates for the period where this rate approximates the rate at
the date of the transaction; and
All resulting exchange differences are recognized as a separate component of equity.
Exchange differences arising on translation of foreign operations are transferred directly to the group’s foreign currency
translation reserve as a separate component of equity in the statement of financial position.
On the disposal of a foreign operation (i.e. a disposal of the Group's entire interest in a foreign operation, a disposal involving
loss of control over a subsidiary that includes a foreign operation, or a partial disposal of an interest in a joint arrangement or
an associate that includes a foreign operation of which the retained interest becomes a financial asset), all of the exchange
differences accumulated in equity in respect of that operation attributable to the owners of the Company are reclassified to
profit or loss.
In addition, in relation to a partial disposal of a subsidiary that includes a foreign operation that does not result in the Group
losing control over the subsidiary, the proportionate share of accumulated exchange differences are re-attributed to non-
controlling interests and are not recognised in profit or loss. For all other partial disposals (i.e. partial disposals of associates or
joint arrangements that do not result in the Group losing significant influence or joint control), the proportionate share of the
accumulated exchange differences is reclassified to profit or loss.
Revenue recognition
Revenue is measured at the fair value of the consideration received or receivable.
Interest Revenue
Interest revenue is accrued on a time basis, by reference to the principal outstanding and at the effective interest rate
applicable.
Other revenue
Other revenue is recognised when it is received or when the right to receive payment is established.
Income tax
The income tax expense or benefit for the period is the tax payable on that period's taxable income based on the applicable
income tax rate for each jurisdiction adjusted by changes in deferred tax assets and liabilities attributable to temporary
differences and unused tax losses and under and over provision in prior periods, where applicable.
Deferred tax assets and liabilities are recognised for temporary differences at the tax rates expected to apply when the assets
are recovered or liabilities are settled, based on those tax rates that are enacted or substantively enacted, except for:
• When the deferred income tax asset or liability arises from the initial recognition of goodwill or an asset or liability in a
transaction that is not a business combination and that, at the time of the transaction, affects neither the accounting nor
taxable profits; or
• When the taxable temporary difference is associated with investments in subsidiaries, associates or interests in joint
ventures, and the timing of the reversal can be controlled and it is probable that the temporary difference will not reverse
in the foreseeable future.
Deferred tax assets are recognised for deductible temporary differences and unused tax losses only if it is probable that future
taxable amounts will be available to utilise those temporary differences and losses.
The carrying amount of recognised and unrecognised deferred tax assets are reviewed each reporting date. Deferred tax assets
recognised are reduced to the extent that it is no longer probable that future taxable profits will be available for the carrying
amount to be recovered. Previously unrecognised deferred tax assets are recognised to the extent that it is probable that there
are future taxable profits available to recover the asset.
Page | 56
NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 30 June 2022
NEW AGE EXPLORATION LTD
Annual Report 30 June 2022
Note 1 Significant accounting policies (cont’d)
Cash and cash equivalents
Cash and cash equivalents include cash on hand, deposits held at call with financial institutions, other short-term, highly liquid
investments with original maturities of three months or less that are readily convertible to known amounts of cash and which
are subject to an insignificant risk of changes in value.
Trade and other receivables
Trade and other receivables are recognised at amortised cost, less any allowance for impairment.
Other Financial Assets
Other financial assets are initially measured at fair value. Transaction costs are included as part of the initial measurement,
except for financial assets at fair value through profit or loss. Such assets are subsequently measured at either amortised cost
or fair value depending on their classification. Classification is determined based on both the business model within which such
assets are held and the contractual cash flow characteristics of the financial asset unless, an accounting mismatch is being
avoided.
Financial assets are derecognised when the rights to receive cash flows have expired or have been transferred and the
consolidated entity has transferred substantially all the risks and rewards of ownership. When there is no reasonable
expectation of recovering part or all of a financial asset, it's carrying value is written off.
Financial assets at fair value through profit or loss
Financial assets not measured at amortised cost or at fair value through other comprehensive income are classified as financial
assets at fair value through profit or loss. Typically, such financial assets will be either: (i) held for trading, where they are
acquired for the purpose of selling in the short-term with an intention of making a profit, or a derivative; or (ii) designated as
such upon initial recognition where permitted. Fair value movements are recognised in profit or loss.
Financial assets at fair value through other comprehensive income
Financial assets at fair value through other comprehensive income include equity investments which the consolidated entity
intends to hold for the foreseeable future and has irrevocably elected to classify them as such upon initial recognition.
Impairment of financial assets
The consolidated entity recognises a loss allowance for expected credit losses on financial assets which are either measured at
amortised cost or fair value through other comprehensive income. The measurement of the loss allowance depends upon the
consolidated entity's assessment at the end of each reporting period as to whether the financial instrument's credit risk has
increased significantly since initial recognition, based on reasonable and supportable information that is available, without
undue cost or effort to obtain.
For financial assets measured at fair value through other comprehensive income, the loss allowance is recognised within other
comprehensive income. In all other cases, the loss allowance is recognised in profit or loss.
Plant and Equipment
Plant and equipment is stated at historical cost less accumulated depreciation and impairment. Historical cost includes
expenditure that is directly attributable to the acquisition of the items.
Depreciation is calculated on a straight-line basis to write off the net cost of each item of property, plant and equipment
(excluding land) over its expected useful life as follows:
Plant and equipment: 3-5 years
•
Residual values, useful lives and depreciation methods are reviewed, and adjusted if appropriate, at the reporting date.
An item of plant and equipment is derecognised upon disposal or when there is no future economic benefit to the consolidated
entity. Gains and losses between the carrying amount and the disposal proceeds are taken to profit or loss. Any revaluation
surplus reserve relating to the item disposed of is transferred directly to retained profits.
Page | 57
NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 30 June 2022
NEW AGE EXPLORATION LTD
Annual Report 30 June 2022
Note 1 Significant accounting policies (cont’d)
Exploration and Evaluation Assets
Expenditure on acquisition, exploration and evaluation relating to an area of interest is carried forward at cost where rights to
tenure of the area of interest are current and:
It is expected that expenditure will be recouped through successful development and exploitation of the area of interest or
alternatively by its sale; and/or
Exploration and evaluation activities are continuing in an area of interest but at reporting date have not yet reached a stage
which permits a reasonable assessment of the existence or otherwise of economically recoverable reserves.
•
•
A regular review is undertaken of each area of interest to determine the appropriateness of continuing to carry forward costs in
relation to that area of interest. Where uncertainty exists as to the future viability of certain areas, the value of the area of
interest is written off or impaired.
Impairment
The carrying value of capitalised exploration and evaluation expenditure is assessed for impairment at the cash generating unit
level whenever facts and circumstances suggest that its carrying amount may exceed its recoverable amount.
An impairment exists when the carrying amount of an asset or cash-generating unit exceeds its estimated recoverable amount.
The asset or cash-generating unit is then written down to its recoverable amount. Any impairment losses are recognised in the
profit and loss.
Provisions
Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, it is
probable that the Group will be required to settle the obligation, and a reliable estimate can be made of the amount of the
obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the
end of the reporting period, taking into account the risks and uncertainties surrounding the obligation. Where a provision is
measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those
cash flows.
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a
receivable is recognised as an asset if it is virtually certain that reimbursement will be received, and the amount of the
receivable can be measured reliably.
Trade and other payables
These amounts represent liabilities for goods and services provided to the Group prior to the end of the financial year and
which are unpaid. Due to their short-term nature, they are measured at amortised cost and not discounted. The amounts are
unsecured and are usually paid within 30 days of recognition.
Employee benefits
Wages and salaries, annual leave and sick leave
A liability is recognised for benefits accruing to employees in respect of wages and salaries, annual leave, long service leave,
and sick leave when it is probable that settlement will be required, and they are capable of being measured reliably.
Liabilities recognised in respect of short-term employee benefits are measured at their nominal values using the remuneration
rate expected to apply at the time of settlement. Liabilities recognised in respect of long-term employee benefits are measured
as the present value of the estimated future cash outflows to be made by the Group in respect of services provided by
employees up to reporting date.
Share-based payments
Equity-settled and cash-settled share-based compensation benefits are provided to employees.
Page | 58
NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 30 June 2022
Note 1 Significant accounting policies (cont’d)
NEW AGE EXPLORATION LTD
Annual Report 30 June 2022
Equity-settled transactions are awards of shares, or options over shares, that are provided to employees in exchange for the
rendering of services. Cash-settled transactions are awards of cash for the exchange of services, where the amount of cash is
determined by reference to the share price.
The costs of equity-settled transactions are measured at fair value on grant date. Fair value is independently determined using
the Black-Scholes option pricing model that takes into account the exercise price, the term of the option, the impact of dilution,
the share price at grant date and expected price volatility of the underlying share, the expected dividend yield and the risk free
interest rate for the term of the option, together with non-vesting conditions that do not determine whether the Group
receives the services that entitle the employees to receive payment. No account is taken of any other vesting conditions.
The costs of equity-settled transactions are recognised as an expense with a corresponding increase in equity over the vesting
period. The cumulative charge to profit or loss is calculated based on the grant date fair value of the award, the best estimate
of the number of awards that are likely to vest and the expired portion of the vesting period. The amount recognised in profit
or loss for the period is the cumulative amount calculated at each reporting date less amounts already recognised in previous
periods.
The cost of cash-settled transactions is initially, and at each reporting date until vested, determined by applying the Black-
Scholes option pricing model, taking into consideration the terms and conditions on which the award was granted. The
cumulative charge to profit or loss until settlement of the liability is calculated as follows:
•
•
during the vesting period, the liability at each reporting date is the fair value of the award at that date multiplied by
the expired portion of the vesting period.
from the end of the vesting period until settlement of the award, the liability is the full fair value of the liability at the
reporting date.
All changes in the liability are recognised in profit or loss. The ultimate cost of cash-settled transactions is the cash paid to
settle the liability.
Market conditions are taken into consideration in determining fair value. Therefore, any awards subject to market conditions
are considered to vest irrespective of whether or not that market condition has been met, provided all other conditions are
satisfied.
Contributed equity
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or options are shown
in equity as a deduction, net of tax, from the proceeds.
Earnings per share
Basic earnings per share
Basic earnings per share is calculated by dividing the profit attributable to the owners of New Age Exploration Limited,
excluding any costs of servicing equity other than ordinary shares, by the weighted average number of ordinary shares
outstanding during the financial year, adjusted for bonus elements in ordinary shares issued during the financial year.
Diluted earnings per share
Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to take into account the
after income tax effect of interest and other financing costs associated with dilutive potential ordinary shares and the weighted
average number of shares assumed to have been issued for no consideration in relation to dilutive potential ordinary shares.
Goods and Services Tax (GST) and other similar taxes
Revenues, expenses and assets are recognised net of the amount of associated GST, unless the GST incurred is not recoverable
from the tax authority. In this case, it is recognised as part of the cost of the acquisition of the asset or as part of the expense.
Receivables and payables are stated inclusive of the amount of GST receivable or payable. The net amount of GST recoverable
from, or payable to, the tax authority is included in other receivables or other payables in the statement of financial position.
Page | 59
NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 30 June 2022
Note 1 Significant accounting policies (cont’d)
NEW AGE EXPLORATION LTD
Annual Report 30 June 2022
Cash flows are presented on a gross basis. The GST components of cash flows from investing or financing activities which are
recoverable from, or payable to, the tax authority are presented as operating cash flows.
Commitments and contingencies are disclosed net of the GST recoverable from, or payable to, the tax authority.
Note 2 Critical accounting judgements, estimates and assumptions
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect
the reported amounts in the financial statements. Management continually evaluates its judgements and estimates in relation
to assets, liabilities, contingent liabilities, revenues and expenses. Management bases its judgements, estimates and
assumptions on historical experience and on other various factors, including expectations of future events, which management
believes to be reasonable under the circumstances. The resulting accounting judgements and estimates will seldom equal the
related actual results. The judgements, estimates and assumptions that have a significant risk of causing a material adjustment
to the carrying amounts of assets and liabilities within the next financial year are discussed below.
Exploration and evaluation
Exploration and evaluation expenditure is capitalised if the activities in the area of interest have not yet reached a stage that
permits a reasonable assessment of the existence or otherwise of economically recoverable reserves. To the extent that it is
determined in the future that this capitalised expenditure is not recoverable and should be written off, profits and net assets
will be reduced in the period in which this determination is made.
The future recoverability of capitalised exploration and evaluation expenditure is dependent on a number of factors, including
whether economically recoverable minerals are proven and whether the consolidated entity decides to exploit the related
lease itself or, if not, whether it successfully recovers the related exploration and evaluation asset through sale.
Factors that would impact the future recoverability include the level of reserves and resources, future technological changes
(which would impact the cost of mining), future legal changes (including changes to environmental restoration obligations) and
changes to commodity prices.
Page | 60
NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 30 June 2022
NEW AGE EXPLORATION LTD
Annual Report 30 June 2022
Note 3 Operating segments
The Group operated predominately as an explorer with the view to identify attractive mineral deposits of sufficient grade and
size to provide sustainable returns to shareholders.
The directors do not believe that there are any reportable segments that meet the requirements of Accounting Standard AASB
8 Segment Reporting, on the basis that the chief operating decision maker, being the Board of Directors, review geological
results and other qualitative measures as a basis for decision making.
Types of products and services
The Group currently has no significant revenue from products or services.
Major customers
The Group has no reliance on major customers.
Geographical areas
The Group’s exploration assets are located as follows:
• New Zealand
• Australia
Total
$700,011 (2021: $493,431)
$1,135,087 (2021: $357,717)
$1,835,098 (2021: $851,148)
Note 4 Other income
Consolidated
2022
$
Consolidated
2021
$
Interest from financial assets measured at amortised cost
7,177
12,077
Note 5 Expenses
Loss before income tax includes the following expenses:
Superannuation expense (defined contribution)
Short-term lease expenses
Depreciation
Note
10
Consolidated
2022
$
Consolidated
2021
$
512
37,255
10,692
2,355
26,475
6,815
Page | 61
NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 30 June 2022
NEW AGE EXPLORATION LTD
Annual Report 30 June 2022
Note 6 Income tax expense
(a) Components of Tax expense
Current tax expense/(benefit)
Deferred tax expense
(b) Numerical reconciliation of income tax expense to prima
facie tax payable
(loss)/profit before income tax expense
Tax at the Australian tax rate of 25% (2021: 26%)
Share-based payments
Other non-deductible items
Current year tax losses not recognised
Income tax expense
Deferred tax assets not recognised
Deferred tax assets not recognised comprises temporary
differences attributable to:
Tax losses
Capital losses
Temporary differences
Total deferred tax assets not recognised
Consolidated
2022
$
Consolidated
2021
$
(274,924)
274,924
-
(431,787)
431,787
-
(1,180,455)
(5,524,106)
(295,114)
(1,436,268)
-
20,190
(274,924)
274,924
-
282,976
721,505
(431,787)
431,787
-
3,800,804
502,576
(165,435)
4,137,945
3,517,843
522,679
18,863
4,059,385
The above potential tax benefit has not been recognised in the statement of financial position as the recovery of this benefit
is uncertain.
The taxation benefits of tax losses and temporary differences not brought to account will only be obtained if:
(i)
the Group derives future assessable income of a nature and of an amount sufficient to enable the benefit from the
deductions for the losses to be realised;
the Group continues to comply with the conditions for deductibility imposed by law; and
(ii)
(iii) no change in tax legislation adversely affects the Group in realising the benefits from deducting the losses.
Note 7 Cash and cash equivalents
Cash at bank
Short-term deposits
Consolidated
2022
$
Consolidated
2021
$
660,782
3,519,722
-
4,180,504
857,767
5,518,069
6,375,836
Page | 62
NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 30 June 2022
Note 8 Trade and other receivables
Interest receivable
GST and VAT receivable
NEW AGE EXPLORATION LTD
Annual Report 30 June 2022
Consolidated
2022
$
Consolidated
2021
$
1,029
26,492
27,521
-
288
79,777
80,065
Due to the short-term nature of the receivables, their carrying value is assumed to approximate their fair value. Given the
nature of the receivables as detailed, exposure to credit risk is not considered material.
Note 9 Other financial assets
Security deposit
Note 10 Property, plant and equipment
Office equipment – at cost
Accumulated depreciation
Office furniture – at cost
Accumulated depreciation
Fittings & fixtures – at cost
Accumulated depreciation
2022
Movements during the year:
Opening balance – 1 July 2021
Additions
Depreciation
Closing balance – 30 June 2022
2021
Movements during the year:
Opening balance – 1 July 2020
Additions
Depreciation
Closing balance – 30 June 2021
Consolidated
2022
$
25,000
-
25,000
Consolidated
2021
$
25,000
25,000
Consolidated
2022
$
35,570
(14,195)
21,375
6,648
(3,252)
3,396
2,335
(133)
2,202
26,973
Consolidated
2021
$
24,108
(5,561)
18,547
4,489
(1,328)
3,161
-
-
-
21,708
Office
equipment
$
Office
furniture
$
Fittings &
fixtures
$
18,547
11,463
(8,635)
21,375
3,161
2,159
(1,924)
3,396
-
2,335
(133)
2,202
Office
equipment
$
Office
furniture
$
Fittings &
fixtures
$
2,925
21,109
(5,487)
18,547
-
4,489
(1,328)
3,161
-
-
-
-
Page | 63
NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 30 June 2022
Note 11 Exploration and evaluation assets
NEW AGE EXPLORATION LTD
Annual Report 30 June 2022
Consolidated
2022
$
Consolidated
2021
$
Exploration and evaluation assets
1,835,098
851,148
Reconciliations
Reconciliations of the written down values are set out below:
Balance at 1 July 2020
Additions
Impairment
Balance at 30 June 2021
Additions
Balance at 30 June 2022
Exploration and
evaluation
$
2,960,098
631,511
(2,740,461)
851,148
983,950
1,835,098
The recoverability of the carrying amount of the exploration and evaluation assets is dependent on the continuation of the
Group's rights to tenure of the interests, results of future exploration and successful development or alternatively, sale of the
respective areas of interest.
In the 2021 year, the Directors reviewed of the capitalised exploration and evaluation assets and determined that, in light of
current market conditions, there were further indications of impairment relevant to the carrying value of the Lochinvar
exploration asset. In the current climate the development of new coal mines has become increasingly difficult due to the
inability to gain government approvals and secure funding. A valuation of $nil was determined and, as a result, an impairment
expense of $2,600,000 was incurred during the 2021 year.
Note 12 Trade and other payables
Trade creditors
Accruals and other payables
Consolidated
2022
$
55,128
86,088
-
141,216
Consolidated
2021
$
201,851
83,638
285,489
Page | 64
NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 30 June 2022
NEW AGE EXPLORATION LTD
Annual Report 30 June 2022
Note 13 Contributed equity
Consolidated
2022
Number
Consolidated
2021
Number
Consolidated
2022
$
Consolidated
2021
$
Ordinary shares – fully paid
1,435,898,910
1,428,398,910
33,953,352
33,880,516
Movements in Ordinary Share Capital
No. of Shares
Issue Price
$
Balance 30 June 2020
Placement of shares
Acquisition of tenements
Settlement of creditors
Acquisition facilitation fee
Settlement of creditors
Placement of shares
Placement of shares
Settlement of creditors
Issue costs
Balance 30 June 2021
Monterey tenement acquisition
Capital raising costs
Balance 30 June 2022
888,780,410
269,750,000
25,000,000
3,500,000
30,000,000
2,512,500
182,000,000
18,000,000
8,856,000
-
1,428,398,910
7,500,000
1,435,898,910
$0.008
$0.008
$0.008
$0.010
$0.008
$0.018
$0.018
$0.018
$0.011
27,990,778
2,158,000
200,000
28,000
300,000
20,100
3,276,000
324,000
159,408
(575,770)
33,880,516
82,508
(9,672)
33,953,352
Ordinary shares
Ordinary shares entitle the holder to participate in dividends and the proceeds on the winding up of the Group in proportion
to the number of and amounts paid on the shares held. The fully paid ordinary shares have no par value. On a show of hands,
every member present at a meeting in person or by proxy shall have one vote and, upon a poll, each share shall have one vote.
Capital risk management
The Group's objectives when managing capital is to safeguard its ability to continue as a going concern so that it can provide
returns for shareholders and benefits for other stakeholders and to maintain an optimum capital structure to reduce the cost
of capital. In order to maintain or adjust the capital structure, the Group may return capital to shareholders, issue new shares
or sell assets to reduce debt.
Note 14 Reserves
Foreign exchange reserve
Options reserve
Consolidated
2022
$
823,696
1,038,868
Consolidated
2021
$
825,297
1,038,868
-
1,862,564
1,864,165
The foreign exchange reserve is used to record exchange differences arising on translation of foreign controlled subsidiaries
with functional currency different from the Groups’ presentation currency.
The Options reserve records the value of equity benefits provided as consideration for remuneration and other expenses.
Movements during the year
Balance at beginning of the year
Foreign currency translation differences for foreign operations
Balance at end of the year
Foreign
Exchange
$
825,297
(1,601)
823,696
Page | 65
NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 30 June 2022
NEW AGE EXPLORATION LTD
Annual Report 30 June 2022
Note 15 Financial instruments
Financial risk management objectives
The Group's activities expose it to a variety of financial risks: market risk (including interest rate risk), credit risk, and foreign
currency risk. The Group's overall risk management program focuses on the unpredictability of financial markets and seeks to
minimise potential adverse effects on the financial performance of the Group. The Group uses different methods to measure
different types of risk to which it is exposed. These methods include sensitivity analysis in the case of interest rate and foreign
exchange risks, ageing analysis for credit risk and beta analysis in respect of investment portfolios to determine market risk.
Risk management is carried out by the Board. The policies employed to mitigate risk include identification and analysis of the
risk exposure of the Group and appropriate procedures, controls and risk limits. The Board identifies risk and evaluates the
effectiveness of its responses.
Market risk
Interest rate risk
The Group's main exposure to interest rate risk is in relation to deposits held.
As at the reporting date, the Group had the following variable rate cash balances.
Cash and cash equivalents
Other financial assets
Consolidated
2022
$
4,180,504
25,000
Consolidated
2021
$
6,375,836
25,000
An increase/decrease in interest rate of 1 percent would have a favourable/adverse effect on loss before tax of $42,055 per
annum (2021: $64,008). The percentage change relates to the expected volatility of interest rates using market data and
analysts’ forecasts.
Credit risk
Credit risk is managed on a Group basis. Credit risk refers to the risk that the counterparty will default on its contractual
obligations resulting in financial loss to the Group. The Group has minimal exposure to credit risk as its only receivables relate
to security deposits, interest receivable, and GST refunds due. Deposits are held with reputable banking financial institutions.
Foreign Currency Risk
As a result of operations in the United Kingdom and New Zealand, the Group’s Statement of Financial Position can be affected
significantly by movements in the British Pound (GBP)/ Australian Dollar (AUD) exchange rate as well as the New Zealand Dollar
(NZD)/AUD exchange rate. The Group does not have a formal policy or strategy implemented to mitigate the effects of its
foreign currency exposure. As the majority of the Group’s operations occur within subsidiaries located in foreign countries,
foreign currency risk is considered to be an inherent risk of the Group. At 30 June, the Group had the following exposure to
GBP and NZD foreign currency that is not designated as cash flow hedges:
Assets
Liabilities
2022
$
2021
$
2022
$
2021
$
Net Exposure
2022
$
2021
$
GBP
NZD
14,780
-
16,539
-
(2,418)
(22,529)
(4,269)
(16,163)
12,362
(22,529)
12,270
(16,163)
Note 16 Remuneration of auditors
During the financial year, the following audit fees were paid or payable:
Audit and review of the financial reports
RSM Australia Partners
Consolidated
2022
$
Consolidated
2021
$
43,500
46,190
Page | 66
NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 30 June 2022
NEW AGE EXPLORATION LTD
Annual Report 30 June 2022
Note 17 Commitments for expenditure
The Group pays minimal annual licence and lease fees related to its tenements. These payments are discretionary; however,
the Company intends to make these payments and maintain the licences in good standing.
Note 18 Related party disclosures
Key Management Personnel Compensation
The aggregate compensation made to Directors and other members of key management personnel of the Group is set out
below:
Short-term employee benefits
Share-based payment benefits
Controlled entities
Name of entity
Consolidated
2022
$
Consolidated
2021
$
439,000
-
439,000
341,140
668,368
1,009,508
Country of
incorporation
Class of
shares
Equity holding
%
2022
Equity holding
%
2021
Lochinvar Coal Limited
New Pilbara Gold Pty Ltd
United Kingdom
Australia
Ordinary
Ordinary
100
100
100
100
Controlled entities hold exploration licences for operational activities.
Note 19 Events occurring after the reporting date
No matters or circumstances have arisen since 30 June 2022 that has significantly affected, or may significantly affect the
Group's operations, the results of those operations or the Group's state of affairs in future financial years.
Page | 67
NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 30 June 2022
NEW AGE EXPLORATION LTD
Annual Report 30 June 2022
Note 20 Cash Flow statement information
Note 20 (a) Reconciliation of loss after income tax to net cash used in operating activities
Consolidated
2022
$
Consolidated
2021
$
Loss after income tax expense for the year
-
(1,180,445)
(5,524,106)
Adjustments for:
Share-based payment expenses
Depreciation and amortisation
Exploration impairment
Change in operating assets and liabilities:
Decrease/(increase) in trade and other receivables
(Increase)/decrease in prepayments
(Increase)/decrease in trade and other payables
-
10,692
-
25,901
(5,177)
(72,137)
1,088,368
6,815
2,740,461
(68,591)
(4,126)
66,243
Net cash used in operating activities
(1,221,166)
(1,694,936)
Note 20 (b) Non-cash investing and financing activities
During the 2022 financial year, the Group issued new shares and options valued at $82,508 as consideration for remuneration
and other expenses.
Note 21 Earnings per share
Loss after income tax from continuing operations
Weighted average number of ordinary shares used in calculating basic and
diluted earnings per share
Basic and diluted earnings/(loss) per share from continuing operations
Basic and diluted earnings/(loss) per share
Consolidated
2022
$
(1,180,445)
Consolidated
2021
$
(5,524,106)
Number
Number
1,434,748,225
1,133,004,774
Cents
Cents
(0.08)
(0.08)
(0.49)
(0.49)
The company has no options on issue that can affect the calculation of diluted EPS.
Page | 68
NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 30 June 2022
NEW AGE EXPLORATION LTD
Annual Report 30 June 2022
Note 22 Parent entity information
Financial position
Current assets
Non–current assets
Total assets
Current liabilities
Total liabilities
Net assets
Contributed equity
Reserves
Accumulated losses
Total equity
Financial performance
Loss for the year
Comprehensive loss for the year
2022
$
4,235,011
1,876,243
6,111,254
138,798
138,798
2021
$
6,477,622
885,264
7,362,886
281,220
281,220
5,972,456
7,081,666
33,953,352
1,038,868
(29,019,764)
33,880,516
1,038,868
(27,837,718)
5,972,456
7,081,666
(1,182,046)
(1,182,046)
(5,439,386)
(5,439,386)
The parent entity, New Age Exploration Limited, has not entered into any guarantees in respect to its controlled entities.
Note 23 Capital Commitments
There are no commitments for the acquisition of plant and equipment contracted for at the reporting date.
Note 24 Contingent Assets
In March 2019, NAE entered into an agreement to sell its 50% share in Cornwall Resources Ltd (“CRL”) to Strategic Minerals plc
(“SML”). The transaction was completed in July 2019 with the consideration including $2.0m in royalty payments payable with
$1m falling due when net smelter sales arising from Redmoor production reaches A$50m and the final $1m falling due when
net smelter sales arising from Redmoor production reaches A$100m.
Note 25 Contingent Liabilities
In August 2021, the Company acquired the northern Pilbara tenements from Monterey Minerals Inc (CSE:MREY) (Monterey).
Under the Option and Asset Sale Agreement dated 28 September 2020 between NAE, Monterey and their subsidiaries, NAE
had the right to acquire 100% ownership of the tenements from Monterey. The purchase price includes deferred consideration
consisting of 30 million shares upon NAE delineating a 250koz gold indicated JORC resource on the tenements and a further 30
million shares upon NAE delineating a 500koz gold indicated JORC resource on the tenements.
In June 2016, NAE’s majority owned subsidiary, NAE Aurora JV Cesar SAS (liquidated in the commercial registry of the Chamber
of Commerce of Bogotá on 17 December 2015), received notice from the mining authority in Colombia for unpaid exploration
licence payments. No legal proceeding has been filed and based on legal advice, management believes that any payment on
this matter is unlikely. No liability has been recorded in the statement of financial position for this contingency.
Page | 69
DIRECTORS’ DECLARATION
NEW AGE EXPLORATION LTD
Annual Report 30 June 2022
In the directors’ opinion:
•
•
•
•
the attached financial statements and notes thereto comply with the Corporations Act 2001, the Australian
Accounting Standards, the Corporations Regulations 2001 and other mandatory professional reporting requirements;
the attached financial statements and notes thereto comply with International Financial Reporting Standards as issued
by the International Accounting Standards Board as described in Note 1 to the financial statements;
the attached financial statements and notes thereto give a true and fair view of the Group’s financial position as at 30
June 2022 and of its performance for the financial year ended on that date; and
there are reasonable grounds to believe that the Company will be able to pay its debts as and when they become due
and payable.
The Directors have been given the declarations required by section 295A of the Corporations Act 2001.
Signed in accordance with a resolution of Directors, made pursuant to section 295(5) of the Corporations Act 2001.
On behalf of the Directors
Joshua Wellisch
Executive Director
26 September 2022
Melbourne
Page | 70
INDEPENDENT AUDITOR’S REPORT
To the Members of New Age Exploration Limited
Opinion
We have audited the financial report of New Age Exploration Limited (“the Company”) and its subsidiaries
(together referred to as “the Group”), which comprises the consolidated statement of financial position as at
30 June 2022, the consolidated statement of profit or loss and other comprehensive income, the
consolidated statement of changes in equity and the consolidated statement of cash flows for the year then
ended, and notes to the financial statements, including a summary of significant accounting policies, and the
directors' declaration.
In our opinion the accompanying financial report of the Group is in accordance with the Corporations Act
2001, including:
i.
giving a true and fair view of the Group's financial position as at 30 June 2022 and of its financial
performance for the year then ended; and
ii.
complying with Australian Accounting Standards and the Corporations Regulations 2001.
Basis for Opinion
We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those
standards are further described in the Auditor's Responsibilities for the Audit of the Financial Report section
of our report. We are independent of the Group in accordance with the auditor independence requirements of
the Corporations Act 2001 and the ethical requirements of the Accounting Professional and Ethical
Standards Board's APES 110 Code of Ethics for Professional Accountants (the Code) that are relevant to
our audit of the financial report in Australia. We have also fulfilled our other ethical responsibilities in
accordance with the Code.
We confirm that the independence declaration required by the Corporations Act 2001, which has been given
to the directors of the Company, would be in the same terms if given to the directors as at the time of this
auditor's report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
opinion.
THE POWER OF BEING UNDERSTOOD
AUDIT | TAX | CONSULTING
RSM Australia Partners is a member of the RSM network and trades as RSM. RSM is the trading name used by the members of the RSM network. Each member of the
RSM network is an independent accounting and consulting firm which practices in its own right. The RSM network is not itself a separate legal entity in any jurisdiction.
RSM Australia Partners ABN 36 965 185 036
Liability limited by a scheme approved under Professional Standards Legislation
Page | 71
Key Audit Matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our
audit of the financial report of the current period. These matters were addressed in the context of our audit of
the financial report as a whole, and in forming our opinion thereon, and we do not provide a separate opinion
on these matters.
Key Audit Matter
How our audit addressed this matter
Exploration and evaluation assets
Refer to Note 11 in the financial statements
As at 30 June 2022, the carrying value of the
Group’s capitalised Exploration and evaluation
assets amounted to $1,835,098. We determined this
to be a key audit matter due to the significance of
these assets in the statement of financial position
(30% of the total assets of the Group). Also, there
are significant management estimates and
judgments involved in assessing the carrying value
in accordance with AASB 6 Exploration for and
Evaluation of Mineral Resources, including:
• Determination of whether expenditure can be
associated with finding specific mineral
resources, and the basis on which that
expenditure is allocated to an area of interest.
• Assessing whether any indicators of impairment
are present, and if so, the judgments applied to
determine and quantify any impairment loss.
• Determination of whether exploration activities
have progressed to the stage at which the
existence of an economically recoverable
mineral reserve may be assessed.
Our audit procedures in relation to the carrying value
of Exploration and evaluation assets included:
• Critically reviewing the Group’s assessment that
no indicator of impairment existed in relation to
the Otago Pioneer Quartz Gold project in New
Zealand and Pilbara project in Western Australia;
• Enquiring with management and reviewing
budgets and plans to determine that the Group
will incur substantive expenditure on further
exploration for and evaluation of mineral
resources in the specific areas of interests;
• Agreeing a sample of the additions to supporting
documentation and ensuring that the amounts
were capital in nature; and
• Discussions with management and a review of
the Group’s ASX announcements and other
relevant documentation, to assess management’s
determination that exploration activities have not
yet progressed to the point where the existence or
otherwise of an economically recoverable mineral
resource may be determined.
Other Information
The directors are responsible for the other information. The other information comprises the information
included in the Group's annual report for the year ended 30 June 2022; but does not include the financial
report and the auditor's report thereon.
Our opinion on the financial report does not cover the other information and accordingly we do not express
any form of assurance conclusion thereon.
In connection with our audit of the financial report, our responsibility is to read the other information and, in
doing so, consider whether the other information is materially inconsistent with the financial report or our
knowledge obtained in the audit or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this other
information, we are required to report that fact. We have nothing to report in this regard.
Page | 72
Responsibilities of the Directors for the Financial Report
The directors of the Company are responsible for the preparation of the financial report that gives a true and
fair view in accordance with Australian Accounting Standards and the Corporations Act 2001 and for such
internal control as the directors determine is necessary to enable the preparation of the financial report that
gives a true and fair view and is free from material misstatement, whether due to fraud or error.
In preparing the financial report, the directors are responsible for assessing the ability of the Group to
continue as a going concern, disclosing, as applicable, matters related to going concern and using the going
concern basis of accounting unless the directors either intend to liquidate the Group or to cease operations,
or have no realistic alternative but to do so.
Auditor's Responsibilities for the Audit of the Financial Report
Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free from
material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our
opinion. Reasonable assurance is a high level of assurance; but is not a guarantee that an audit conducted
in accordance with the Australian Auditing Standards will always detect a material misstatement when it
exists. Misstatements can arise from fraud or error and are considered material if, individually or in the
aggregate, they could reasonably be expected to influence the economic decisions of users taken on the
basis of this financial report.
A further description of our responsibilities for the audit of the financial report is located at the Auditing and
Assurance Standards Board website at: http://www.auasb.gov.au/auditors_responsibilities/ar2.pdf. This
description forms part of our auditor's report.
Report on the Remuneration Report
Opinion on the Remuneration Report
We have audited the Remuneration Report included in pages 43 to 46 of the directors' report for the year
ended 30 June 2022.
In our opinion, the Remuneration Report of New Age Exploration Limited for the year ended 30 June 2022,
complies with section 300A of the Corporations Act 2001.
Responsibilities
The directors of the Company are responsible for the preparation and presentation of the Remuneration
Report in accordance with section 300A of the Corporations Act 2001. Our responsibility is to express an
opinion on the Remuneration Report, based on our audit conducted in accordance with Australian Auditing
Standards.
RSM AUSTRALIA PARTNERS
R J MORILLO MALDONADO
Partner
Dated: 26 September 2022
Melbourne, Victoria
Page | 73
SHAREHOLDER INFORMATION
NEW AGE EXPLORATION LTD
Annual Report 30 June 2022
Additional information required by the Australian Securities Exchange Limited and not shown elsewhere in the annual
report are set out below. The information was applicable as at 19 September 2022.
1. Shareholdings – Ordinary Shares
a. Distribution of Shareholders
Analysis of number of equitable security holders by size of holding:
1 to 1,000
1,001 to 5,000
5,001 to 10,000
10,001 to 100,000
100,001 and over
Holdings less than a marketable parcel
b. Substantial Shareholders
Substantial holders in the Group are set out below.
Number
of holders
365
51
77
811
1,092
2,396
754
NORTHERN STAR NOMINEES PTY LTD / WING INVESTMENT HOLDINGS
PTY LTD
120,959,027
8.42
Number held
% of total
shares issued
c. Voting rights
The voting rights attached to ordinary shares are set out below.
Ordinary shares
On a show of hands, every member present at a meeting in person or by proxy shall have one vote and, upon a poll,
each share shall have one vote.
d. Restricted Securities
There are no restricted securities as at 19 September 2022.
Page | 74
SHAREHOLDER INFORMATION
1. Shareholdings – Ordinary Shares (cont’d)
e. Twenty largest quoted equity security holders
NEW AGE EXPLORATION LTD
Annual Report 30 June 2022
The names of the twenty largest security holders of quoted equity securities are listed below.
Number held
% of total
shares issued
NORTHERN STAR NOMINEES PTY LTD
COSMEC NOMINEES PTY LIMITED
PAND JR PTY LTD
LTJ INVESTMENTS PTY LTD
CITICORP NOMINEES PTY LIMITED
BODIE INVESTMENTS PTY LTD
MR VINCENZO MONTELEONE
WHITEHALL NOMINEES PTY LTD
BODIE INVESTMENTS PTY LTD
FINCLEAR NOMINEES PTY LTD
BNP PARIBAS NOMINEES PTY LTD
WING INVESTMENT HOLDINGS PTY LTD
MR AARON TSAMASIROS
V & F TRUDA PTY LTD
MR MOUSA FAWZI GHANANIM
H LOUEY PANG & CO PTY LTD
PARRAC PTY LTD
MR MATTHEW KEVIN WELLISCH & MR KEVIN FREDERICK WELLISCH
MR ROGER BLAKE & MRS ERICA LYNETTE BLAKE
NEAL PTY LTD
105,959,027
36,759,631
36,385,000
30,777,692
27,304,004
25,000,000
20,000,000
20,000,000
20,000,000
17,177,303
15,363,354
15,000,000
12,000,000
11,882,342
11,147,544
10,790,000
10,652,697
10,500,000
10,000,000
10,000,000
456,698,594
7.38
2.56
2.53
2.14
1.90
1.74
1.39
1.39
1.39
1.20
1.07
1.04
0.84
0.83
0.78
0.75
0.74
0.73
0.70
0.70
31.81
2. 15,000,000 Unlisted Options expiring 28 November 2023 exercisable at 2 cents each
Option holders as at 19 September 2022 are set out below.
CANDOUR ADVISORY PTY LTD
15,000,000
100.00
Number held
% of total
Options issued
Voting rights
No voting rights are attached to Options issued.
Page | 75
SHAREHOLDER INFORMATION
NEW AGE EXPLORATION LTD
Annual Report 30 June 2022
3. 254,618,667 Listed Options expiring 31 December 2023 exercisable at 3 cents each
Analysis of number of equitable security holders by size of holding:
10,001 to 100,000
100,001 and over
Number
of holders
7
103
110
The names of the twenty largest security holders of quoted Options as at 19 September 2022 are listed below.
LTJ INVESTMENTS PTY LTD
NORTHERN STAR NOMINEES PTY LTD
MR PETER ANDREW PROKSA
B&H CONSULTING AND ENGINEERING PTY LTD
THIRD PARTY NOMINEES PTY LTD
MR HARLEY COILS
COMSEC NOMINEES PTY LIMITED
JAWAF ENTERPRISES PTY LTD
CANDOUR ADVISORY PTY LTD
WING INVESTMENT HOLDINGS PTY LTD
IRX ENTERPRISES PTY LTD
LDU PTY LTD
AUKERA CAPITAL PTY LTD
MR NELSON MARIZ
MR ROGER BLAKE & MRS ERICA LYNETTE BLAKE
J K DEMARIA PTY LTD
MICHAEL BEER & ASSOC PTY LTD
P&J BUTTIGIEG NOMINEES PTY LTD
MRS JUDITH PIGGIN & MR DAMIEN PIGGIN & MR GLENN PIGGIN
IAMSF CAPITAL PTY LTD
Voting rights
No voting rights are attached to Options issued.
4. Other
Number held
61,000,000
45,000,000
21,000,000
15,000,000
15,000,000
13,313,709
5,800,000
5,266,666
5,000,000
5,000,000
5,000,000
4,740,741
4,000,000
2,098,520
2,000,000
1,971,236
1,933,334
1,851,852
1,851,852
1,700,000
% of total
Options issued
23.96
17.67
8.25
5.89
5.89
5.23
2.28
2.07
1.96
1.96
1.96
1.86
1.57
0.82
0.79
0.77
0.76
0.73
0.73
0.67
218,527,910
85.82
a.
b.
c.
d.
The name of the Company Secretaries are Adrien Wing and Pauline Moffatt.
The principal registered address in Australia is Level 2, 480 Collins Street, Melbourne, Victoria 3000.
Registers of securities are held at the following address: Link Market Services, Level 12, 250 St George’s Street, Perth
WA 6000.
Stock Exchange Listing: Quotation has been granted for all ordinary shares on all Member Exchanges of the ASX
Limited
Corporate Governance: A copy of the Company’s Corporate Governance Statement is available on the Company’s website at
http://www.nae.net.au.
Page | 76