Annual Report
For the year ended 30 June 2023
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 2023
CONTENTS
CORPORATE DIRECTORY ............................................................................................................ 3
DIRECTORS’ REPORT ................................................................................................................ 35
AUDITOR’S INDEPENDENCE DECLARATION ............................................................................. 44
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME ............................. 45
STATEMENT OF FINANCIAL POSITION ..................................................................................... 46
STATEMENT OF CHANGES IN EQUITY ...................................................................................... 47
STATEMENT OF CASH FLOWS .................................................................................................. 48
DIRECTORS’ DECLARATION ...................................................................................................... 65
INDEPENDENT AUDITOR’S REPORT ......................................................................................... 66
SHAREHOLDER INFORMATION ................................................................................................ 69
Page | 2
CORPORATE DIRECTORY
NAE Annual Report 30 June 2023
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
Tower 4
727 Collins Street
Melbourne VIC 3000
+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)
Page | 3
ACTIVITIES REPORT
KEY MILESTONES
PILBARA GOLD AND LITHIUM PROJECTS
Central Pilbara Projects
NAE Annual Report 30 June 2023
•
First Phase UltraFine+ 200m x 200m spaced Gold and Lithium Soil Geochemical Surveys completed over several
of the Company’s Central Pilbara Project areas
• Results from Phase 1 UltraFine+ Soil Geochemistry sampling revealed multiple extensive areas of exceptionally
strong, coherent lithium anomalism
•
Five lithium anomalies with coincident elevated pathfinder elements were identified up to 8km long, 3km wide
and all remain open in all directions
• None of the areas have been previously explored for Lithium and none have been drill tested
• NAE committed to be a key sponsor of CSIRO’s UltraFine+ Next Gen geochemical analytics program ensuring
access to industry leading, cutting edge soil geochemical sampling, analytical and data interpretation technology
• Analysis using cutting edge CSIRO technology, geochemical modelling and field-checking has generated multiple
high priority lithium targets for drill-testing
•
Targeting LCT (lithium, caesium, tantalum) Pegmatites similar to other Central Pilbara spodumene-rich deposits
of Wodgina, Mt Francisco and Pilgangoora located on the periphery of the same granite units
• Helicopter-reconnaissance program along with collection of rock chip samples has been completed
• Detailed UltraFine+ gochemical analysis of the soils taken at the Brahman Project have identified additional high
priority lithium targets for drill-testing
• Previous drilling at the Brahman Project identified LCT pathfinder elements and ongoing analysis of those results
and geophysics continues to prioritise exploration
Meentheena Project, East Pilbara
•
Three Exploration Licence Applications and one granted Exploration Licence totalling 484 km2. The project is
located east of, and mid-way between, the established mining towns of Marble Bar and Nullagine, 250 kilometres
southeast of Port Hedland
• A significant growth opportunity supporting NAE’s focus on Precious and Battery Metals within a highly
contested, well-endowed, yet under-explored part of the rapidly emerging Gold and Lithium region of the East
Pilbara, WA
NEW ZEALAND GOLD PROJECTS
Marlborough Gold Project
• NAE expands its strategic landholding in New Zealand following the granting of 499km2 Prospecting Permit
PP60725 over the Company’s 100% owned Marlborough Gold Project
•
The Marlborough Permit is underexplored and highly prospective with compelling targets, including historically
productive hard-rock gold mines with little to no modern exploration methods applied
• An initial work program involving a geophysical review, mapping, rock chip and soil sampling is planned in
tandem with NAE’s further exploration of its Otago permits
•
Initial reconnaissance sampling demonstrates quartz veins hosting high-grade gold are extensive and worthy
exploration targets
Manorburn Prospecting Permit
• Gold assay results from surface sampling produced encouraging results
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ACTIVITIES REPORT
NAE Annual Report 30 June 2023
Lammerlaw Gold Project
• A review of recently acquired detailed geophysical data highlighted compelling new Gold targets on under explored
locations
XRF elevated Arsenic results indicate a significant extension to known Gold anomalies
Contiguous tenement position allows proven targeting methodologies to be extended along the full ~25km of prospective
structural corridor
Extension of duration granted for Lammerlaw Prospecting Permit PP60544, securing the strategic landholding
•
•
•
Otago Pioneer Quartz (OPQ) Gold Exploration Project
• Additional high-grade gold prospects identified from recent field work
•
Coarse visible gold found in float samples close to historic workings
•
Target lengths significantly extended to >6km along the highly prospective OPQ fault zone, capable of hosting significant
gold deposits
• Re-processed geophysics identified new targeting methodology for structures hosting high-grade gold lodes
•
The initial 879m OPQ RC drill program tested the previously undrilled OPQ Shear Zone in the vicinity of historic workings
with four of six holes intercepting the OPQ Shear zone
• OPQ drilling is the first hard-rock drilling to test the historically productive Waipori Goldfield.
• Results from the OPQ Shear Zone return encouraging intercepts
• Assays results help confirm the OPQ Shear Zone is a fertile gold system hosting gold bearing quartz veins and containing
broad gold halo mineralisation
The OPQ Shear Zone remains open in all directions
•
• A diamond drilling program based on the interception of the larger than anticipated broad mineralised zone and technical
limitations with RC drilling is being planned
High-Grade gold identified in rock chip samples from Lammerlaw and OPQ
• Rock chip sampling at the historic Cox’s, Cosmopolitan, ABC and Nuggety Gully, Fulton and Bucks mines/prospects in Otago
returned multiple high-grade results
• Numerous rock samples assayed >1 g/t Au, with the majority of rock chip samples being mineralised above background
levels
• Results confirm potential for multiple high-grade gold drill targets associated with the historic mines
•
Lammerlaw in-fill gold assays for soil samples collected in 2021 highlight new areas of interest and highlight existing targets
LOCHINVAR METALLURGICAL COAL PROJECT
• A review of the 2014 Scoping Study1 as previously updated in 20172 has been completed by Palaris which confirmed that
the project economics of the Lochinvar Metallurgical Coal Project remain robust, despite recent cost increases in the UK
• A metallurgical Coal Resource of 111 Mt3 has previously been defined within the Lochinvar project area (49 Mt Indicated
Resource and 62 Mt Inferred Resource)3
Ideally located to become a supplier of low cost, high volatile metallurgical coal to the European steel industry
The Board continues to receive numerous enquiries relating to this project
•
•
CORPORATE
•
The Company has cash reserves of A$1.84m as at 30 June 2023
1 For full details of the Scoping Study, please refer to the ASX release dated 27 October 2014 Lochinvar Scoping Study Confirms Robust Economics.
2 For full details of the previous update to the Scoping Study in 2017, please refer to the ASX release dated 15 March 2017 Lochinvar Scoping Study Update
3 For full details of the Coal Resource estimate, please refer to ASX release dated 29 August 2014 Lochinvar Resource Upgrade and Product Quality. NAE
confirms that it is not aware of any new information or data that materially affects the information included in that release. All material assumptions and
technical parameters underpinning the estimates in that release continue to apply and have not materially changed.
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ACTIVITIES REPORT
ACTIVITIES REPORT
NAE Annual Report 30 June 2023
PILBARA GOLD AND LITHIUM PROJECTS – WESTERN AUSTRALIA
In October 2022, NAE announced that it had become a key sponsor of CSIRO’s Ultrafine+ Next Gen Analytics Program,
ensuring the Company’s access to industry leading, cutting edge soil geochemical sampling, analytical and data
interpretation technology.
The Company also completed its first phase geochemical soil surveys over several selected high priority areas of its
extensive Central Pilbara Gold-Lithium Project, centred over the highly prospective yet under-explored Mallina –
Whim Creek Basin of the Pilbara Craton, Western Australia. The Mallina – Whim Creek Basin in host to the recently
discovered Hemi Gold Deposit and the World Class Wodgina and Pilgangoora Lithium Deposits.
The Company’s Central Pilbara Project area (CPP) is largely covered by transported material of varying depths and as
a consequence, conventional surface sampling is less effective. Traditionally, particles of a quarter of a millimetre in
size (250 microns) were considered the smallest fraction of soil to be analysed.
The CSIRO Ultrafine+ technique targets clays and iron oxide particles less than two microns in size. These have more
surface area which can bind gold and other elements that move through the environment to form geochemical
signatures of otherwise non-detectable mineralisation laying hidden beneath many metres of soil or sand (CSIRO
publication 2016).
In November 2022, the Company received preliminary results from the completed first phase Ultrafine+ geochemical
soil surveys. The results reveal multiple extensive areas of exceptionally strong, coherent lithium anomalism. Five
lithium anomalies with coincident elevated pathfinder elements were identified at the Quartz Hill and Bullock Well
projects up to 8km long, 3km wide and all remain open in all directions. None of the areas have been previously
explored and none have been drill tested.
In June 2023, the Company completed geochemical analysis and targeting from the first phase of the Ultrafine+
geochemical soil surveys across its extensive Central Pilbara Gold-Lithium Project. Multiple high priority LCT (Lithium,
Caesium, Tantalum) pegmatite targets have been identified for follow up drilling. (ASX Announcement 25 May 2023)
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ACTIVITIES REPORT
NAE Annual Report 30 June 2023
Figure 1: Location Map: NAE’s Central Pilbara Gold and Lithium Projects showing recent Ultrafine Geochemical Soil Surveys, adjacent
Gold and Lithium Mines, Deposits, and major prospects.
The Project is centred over the highly prospective yet under-explored Mallina – Whim Creek Basin of the Pilbara Craton,
Western Australia, in close proximity to the World Class Wodgina and Pilgangoora Lithium Mining Operations and the recently
discovered Hemi Gold Deposit (Pilbara Minerals, ASX: PLS and De Grey Mining, ASX: DEG respectively).
Lithium Targets
Strong lithium anomalies have been identified from soil sampling and detailed analysis at Quartz Hill and Bullock
Well Prospects. Strong support for these lithium anomalies to be sourced from spodumene rich pegmatites comes
from their positions relative to granite margins, and to lithium pegmatite mines on the periphery of the same granite
units as shown in Figures 1 and 2. These targets require drill testing below surface cover as well as further
geochemical soil sampling to explore further extension of the lithium anomalies. Subject to completing a program of
works (POW) and land access approvals, drilling and further geochemical sampling will be undertaken as a priority.
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ACTIVITIES REPORT
NAE Annual Report 30 June 2023
Quartz Hill (E47/3891) & Bullock Well (E47/3886) Lithium Targets
As announced in May and June 2023, strong lithium-pegmatite anomalies were identified from soil sampling and
detailed analysis at Quartz Hill and Bullock Well Prospects. Strong support for these anomalies comes from their
positions relative to granite margins, and to lithium pegmatite mines on the periphery of the same granite units as
per Figures 2 and 3.
Figure 2: Location Map: NAE’s Central Pilbara Lithium Targets in relation to the fertile granite structures
Figures 3 and 4 below show the location of all lithium targets at Quartz Hill and Bullock Well, colour coded according
to ranking, with Priority 1 and Priority 2 targets being of the highest importance for follow-up testing.
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ACTIVITIES REPORT
NAE Annual Report 30 June 2023
Figure 3: Prioritised Lithium targets at Quartz Hill (Red Priority 1, Yellow Priority 2)
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ACTIVITIES REPORT
NAE Annual Report 30 June 2023
Figure 4: Prioritised Lithium targets at Bullock Well (Red Priority 1, Yellow Priority 2)
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ACTIVITIES REPORT
Brahman Project
NAE Annual Report 30 June 2023
Soil sampling and UltraFine+ analysis at the Brahman Project have uncovered additional high-priority LCT lithium
targets. The analysis has confirmed the remarkable effectiveness of the UltraFine+ technique in assessing basement
targets beneath transported cover. Notably, the project is adjacent to the tenure of Golden State Minerals (ASX: GSM),
where they have recently made the significant discovery of the Nomad Lithium prospect.
To further enhance the exploration strategy at Brahman, ongoing evaluation of previous drilling and geophysical
data will be conducted to determine the optimal drill locations.
Figure 5: Prioritised Lithium targets Brahman (Red Priority 1, Yellow Priority 2)
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ACTIVITIES REPORT
Background
NAE Annual Report 30 June 2023
More than 5,300 soil samples were collected from the four central Pilbara projects on a 200m x 200m grid over a number of
target areas selected on the basis of detailed geophysics and conceptual geology (ASX Announcement 30 November 2022).
These soil samples were submitted to Labwest, Perth for preparation and multi-element UltraFine+ analyses to assess the
lithium and gold prospectivity
Final interpretation of the results was completed at selected areas by the CSIRO’s Department of Mineral Resources as part
of NAE’s key sponsorship role in the CSIRO’s UltraFine+ NextGen Analytics Project. This was further interpreted by NAE’s
consulting geochemist Sugden Geoscience. Multiple high priority targets were identified and are defined by lithium values
ranging from 100ppm up to a maximum of 843ppm lithium.
Work completed by CSIRO on this data includes their “Next Gen” workflow which included generating landscape models
using machine learning, hyperspectral mineral scanning, undertaking multivariate Principal Component Analysis and the
calculation of exploration indices.
A helicopter-assisted field-checking exercise was also undertaken, to validate and field check prospective and anomalous
areas.
Geochemical targets have then been generated from all the data collected and analyses undertaken based on levelled soil
geochemical values for lithium and gold, along with associated anomalism in pathfinder elements, hyperspectral mineral
analysis, and CSIRO’s landscape analysis.
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ACTIVITIES REPORT
NAE Annual Report 30 June 2023
Meentheena Project, East Pilbara, WA
In October 2022, the Company announced that it had applied for four exploration licences, collectively described as the
“Meentheena Project”, in the rapidly emerging gold and lithium districts of Marble Bar-Nullagine in the East Pilbara, Western
Australia. The exploration licences tenement numbers are E45/6094, E45/6095, E45/6096 and and the recently granted
E45/6097 and encompass a total combined area of 484 km2. The applications cover the highly prospective, yet under-explored
margins of the Yilgalong Granitic Complex, and the associated inter-plutonic greenstone sequences (Yilgalong-Mt. Elsie-
McPhees Dome) which occur between it and the Corunna Downs and Mt. Edgar Granitic Complexes. The Meentheena Project
is located east of, and mid-way between, the established mining towns of Marble Bar and Nullagine, 250 kilometres southeast
of Port Hedland, and is easily accessible via the sealed Port Hedland-Marble Bar-road and then the gravel Woodie Woodie-
Telfer Road.
Figure 6: Location of NAE’s Central and East Pilbara Projects
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ACTIVITIES REPORT
NAE Annual Report 30 June 2023
NEW ZEALAND GOLD PROJECTS
Figure 7: Location of NAE’s Central Otago and Marlborough Gold Projects, New Zealand
MARLBOROUGH PROJECT
In mid-August 2022, the Company announced that Prospecting Permit PP60725 was granted, securing the
Company’s 100% owned Marlborough Project. NAE’s Marlborough Prospecting permit is located between Nelson
and Blenheim, 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. Recent
discoveries by Santana Minerals at the Bendigo-Ophir Gold Project and the World Class Macraes Gold Mine, owned
and operated by Oceana Gold highlight the gold endowment of the South Island schist belt.
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ACTIVITIES REPORT
NAE Annual Report 30 June 2023
NAE considers the Marlborough permit 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 permit 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 to the Marlborough Permit area, with prior explorers
collecting scattered surface samples and airborne geophysics.
Figure 8: Location of existing prospect areas
Four significant gold/tungsten occurrences are recorded within the Marlborough Permit areas. All were first
prospected in the late 1800’s, highlights include:
Wakamarina Goldfield was an epicentre of New Zealand’s gold rush in 1860’s. As alluvial gold was exhausted,
hard rock gold and tungsten mining commenced. The largest mine was the Golden Bar/Empire City vein system.
Production record is patchy, with average recovered grades of 4g/t gold and 0.5% tungsten recorded. Notably,
during mining the focus was tungsten production, with much of the gold lost during processing. Mining occurred
over a strike of 850m and depths down 100m over four levels. Since the abandonment of the site in the 1940’s, no
drilling or significant on-the ground exploration has taken place. The Golden Bar/Empire City vein system
represents and outstanding exploration target.
Top Valley Gold Field, which contains six or more historic quartz lodes with minor historic production are clustered
in 1km x 4km NW trending area. The Top Valley NW trending mineralised structures have similarities to structurally
controlled bulk tonnage orogenic gold systems seen in Otago (Macraes and Bendigo-Ophir). Gridded sampling
across mineralised structures will be used to assess the tenure of Top Valley.
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ACTIVITIES REPORT
NAE Annual Report 30 June 2023
Sutherlands Reef is gold bearing quartz vein briefly mined from 1870 to 1880s with results up to 30g/t Gold.
Limited modern sample shown gold grades up to 31.42g/t gold. More field work is required to understand the
prospectivity of Sutherlands.
Waikakaho field contains gold and tungsten occurrences associated with quartz lodes contained within a pelitic
schist unit. Trial mining was unsuccessful in the late 1800’s due to poor recovery. Geophysical review and further
surface sampling will be used to assess the value of this area.
Reconnaissance sampling within the Marlborough Permit has produced significant gold assays from outcropping
quartz veins and historically mined material. Sample results have added the understanding of the gold grade of
ore sent from processing during active mining between 1910 and 1930. Results have demonstrated historically
mined ore contained gold grade significantly higher than reported in historic mine recoveries and sampling by
modern explorers. (ASX Announcement 9 February 2023)
Marlborough Surface Sampling
The Wakamarina Valley portion of the Marlborough Permit was the focus of a reconnaissance field trip in late
2022. Historic mines Mountain Camp and Golden Bar were visited, with samples being collected from outcropping
quartz veins, mine infrastructure and mullock heaps. Sampling at Golden Bar Mine addressed inconsistencies in
historic literature, particularly the ore grades sent to for processing. Golden Bar produced gold and tungsten at
different periods between 1910 and 1930. Recovering gold and tungsten from the same ore is difficult due to
contrasting grinds size required. When tungsten was the mines focus, fine gold was lost during ore processing,
and vice versa. This likely means the published historic gold and tungsten production figures clearly represent the
gold ore grades mined.
NAE gold assay results show ore transported to the Golden Bar processing plants had an average grade much
higher than the average mine production stated in intermittent historic records. Higher gold grades present a
positive upside for NAE’s future exploration testing at the Golden Bar Mine. Additional field work and research will
be completed to understand the grade of ore mined at Golden Bar and to extend the 850m continuous quartz
vein strike length.
CENTRAL OTAGO GOLD PROJECT
Manorburn PP60716
The Company Surface sampling results from Manorburn have confirmed the tenure of previous samples collected
in the 1980s. Field mapping has confirmed northwest trending structures traversing the Manorburn Permit are
host to anomalous gold and arsenic values. Northwest trending structure host the nearby Santana Mineral Limited
(ASX:SMI) Bendigo-Ophir Project.
Low detection gold assays collected from the Manorburn Permit have followed-up results from exploration
completed in the 1980s and targets highlighted by recently re-processed geophysics. Samples were collected from
the central portion of the Manorburn Permit where previous explorers identified stream sediment anomalism
near alluvial workings. NAE sampling focused on testing northeast and northwest trending structures known to
host gold in the Otago Project area.
Assay results show northeast trending structures contain low gold and arsenic anomalism. Assay results and
geological field observation concluded northeast structures in the permit area are likely a very high -level portion
of an orogenic hydrothermal system.
Positive gold assay results were returned from areas with northwest trending structural fabric extending from
small fault zones. Future work will focus on identifying prospective NW trending structures.
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ACTIVITIES REPORT
NAE Annual Report 30 June 2023
Otago Pioneer Quartz (OPQ) Gold Exploration Project
In early August 2022, NAE announced that additional high-grade gold prospects were identified from recent field work in
the OPQ Gold Exploration Project area. Recent field work expanded the pool of highly prospective gold targets at OPQ.
Sampling old working demonstrated the high-grade potential of the OPQ Fault Zone and adjacent narrow vein quartz lodes.
NAE considers its OPQ Project to potentially host structurally controlled, high -grade quartz lode systems, as well as bulk
tonnage Macraes and Bendigo-Ophir orogenic gold deposits.
Figure 9: Weathered Golden Bar Quartz vein showing ribbon banded quartz textures with defuse wall rock
inclusions and some stylolitic planes. This vein texture is typical of high-grade mesothermal orogenic gold
deposits
In May 2023, the Company announced assay results from six Reverse Circulation (RC) drill holes at the Otago
Pioneer Quartz (OPQ) Prospect, within the Central Otago Gold Project, New Zealand. (See ASX Announcement 31
May 2023.)
OPQ Shear Zone is an inferred ~8km long structure that hosts multiple gold and tungsten prospects. The OPQ Mine is located
on a well exposed central portion of the OPQ Shear Zone. Immediately south of the OPQ Mine, the OPQ Shear Zone becomes
obscured by thin cover (Figure 10).
This setting presents a strategic opportunity to host numerous gold and tungsten targets not previously worked by historic
mining.
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ACTIVITIES REPORT
NAE Annual Report 30 June 2023
Figure 10: OPQ drilling rig looking south
Six RC drill holes totalling 879m were completed during NAE’s maiden drill program at OPQ. No prior drilling has been
completed at OPQ. The main objectives were to target the gold bearing quartz veins at depth and along strike from areas
mined historically and test for disseminated gold bearing sulphide in host OPQ Shear Zone. The Drill holes were wide spaced
along the 600m target zone representing only a small portion of the ~8km overall strike extent and remain open at depth.
These encouraging results demonstrate the OPQ Shear zone is a fertile gold system. Results indicate that there is potential
to discover mineralisation along the entire length of the OPQ Shear Zone, with potential to locate high -grade zones. Key
significant intercepts (>0.5g/t Au) include:
•
•
•
•
6m @ 1.4 g/t Au from 106m and 1m @ 1.9 g/t Au from 161m to EOH in OPQ004
1m @ 2.53 g/t Au from 124m in OPQ006
1m @ 0.92 g/t Au from 144m in OPQ002
1m @ 0.67 g/t Au from 82m in OPQ001
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ACTIVITIES REPORT
NAE Annual Report 30 June 2023
RC drilling has demonstrated gold grades persist below historic workings into fresh un -weathered schist. Drill holes tested
between 100m and 150m down dip below surface workings. RC drilling has tested along strike a 600m portion of the OPQ
Shear Zone at broad hole spacing. A further 600m of historically mined OPQ Shear Zone remains to be tested to the south
before the structure is buried by shallow cover (Figure 11).
Figure 11: Overview map of the OPQ permit showing the location of all prospects and drill holes including the
mineralised trend along the ~8km structure
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ACTIVITIES REPORT
NAE Annual Report 30 June 2023
Figure 12: Long-section showing the OPQ Mine workings and recent drilling completed by NAE.
Significant mineralised intercepts (>0.5g/t Au) are associated with sulphide-bearing (pyrite-arsenopyrite) quartz veins
hosted within the OPQ Shear zone. A low-grade halo of mineralisation (<0.1ppm Au) is recorded across a 50m down-hole
intercept of the OPQ shear zone. Low-grade gold mineralisation results from disseminated arsenopyrite contained within
sheared pelitic schist (Figure 13).
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ACTIVITIES REPORT
NAE Annual Report 30 June 2023
Figure 13: Cross-section showing the OPQ Shear Zone and related broad gold halo.
This first pass RC drill program at OPQ has produced encouraging gold results from drill holes that successfully intercepted
the OPQ Shear Zone. Following challenges identified with RC drilling follow-up diamond drilling will be evaluated against
the advancement of highly prospective prospects elsewhere within NAE’s extensive portfolio.
Table 1 OPQ Significant RC Drilling Results (ASX Announcement May 2023)
Hole ID
NZTM
Easting
NZTM
Northing
RL (m)
Hole
Depth(m)
Hole
Dip(o)
Azimuth
(grid)
OPQ001
1358276
4918366
OPQ002
1358330
4918374
OPQ003
1358424
4918076
OPQ004
1358492
4917809
OPQ004
1358492
4917809
OPQ005
1358591
4917739
OPQ006
1358442
4917968
OPQ006
1358442
4917968
488
486
461
447
447
446
439
439
120
149
168
162
162
142
138
138
-60
-65
-65
-60
-60
-60
-60
-60
240
215
280
240
240
240
240
240
0.5ppm Au cut-off (significant
intercepts)
Depth
from
82
Interval
1
0.67
Au ppm
0.1ppm Au cut-off (halo
mineralisation)
Depth
from
82
Interval
2
Au ppm
0.44
0.22
11
1
6
1
0.92
1.4
1.9
144
NSR
106
161
NSR
124
1
2.53
138
NSR
105
NSR
86
124
32
0.37
9
7
0.10
0.49
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ACTIVITIES REPORT
Background
NAE Annual Report 30 June 2023
The Central Otago Schist Belt is renowned for the famous Otago gold rush that began in the 1860s, when alluvial gold was
discovered in extremely rich Gabriel’s Gully, an area located less than 15km to the east of OPQ Gold Exploration Project.
Hard rock gold mining followed but stopped in the early 1900s. Since then, very little focused modern exploration has been
applied and until now, no drilling has ever been completed within the OPQ Gold Exploration Project area. This combination
of historically productive ground in an under-explored area presents an exciting opportunity for NAE to make a significant
discovery.
Notes:
• All reported intersections are assayed on RC sub-sample intervals of 1m to 2m.
•
Significant intercept cut grade is 0.5 ppm gold and may include 1m of internal dilution.
• Halo mineralisation is all intervals above 0.1ppm gold and may include 4m of internal dilution.
• Reported grades are calculated as length-weighted averages.
•
Intercepts are downhole widths.
• RC samples are analysed for gold by fire assay (30-gram charge) with an MS-ICP finish (SGS method code FAA303).
Lammerlaw Gold Project
In July 2022, the Company announced exploration results and detailed geophysical review that highlighted expanded gold
potential at its Lammerlaw Project. Newly re-processed legacy geophysical data was acquired for all NAE Otago permits.
The resulting new imagery had an immediate impact, highlighting areas of interest and confirming targeting methodologies.
Ongoing field campaigns within Lammerlaw Exploration Permit EP60807 produced encouraging pXRF arsenic results from
additional auger, float and rock chip sampling. New sampling extends arsenic-gold geochemical trends delineated by field
campaigns carried out in November 2020 and February 2021.
An application submitted to New Zealand Petroleum & Minerals for an Extension of Duration ( EoD) for Lammerlaw
Prospecting Permit PP60544 was granted. This allowed for continued surface exploration until 26 November 2023. Proven
targeting methodologies will continue to be extended along a ~25km prospective structural corridor held under Lammerlaw
Prospecting Permit PP60544 and Lammerlaw Exploration Permit EP60807.
The Central Otago Schist Belt has a proven gold endowment highlighted by Santana Minerals Limited (ASX:SMI) recent
discoveries at the Bendigo-Ophir Gold Project as well the World Class Macraes Gold Mine, owned and operated by Oceana
Gold. NAE considers its Lammerlaw 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.
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ACTIVITIES REPORT
NAE Annual Report 30 June 2023
Figure 14. Location of NAE Permits in Lammerlaw (PP60544 and EP60807) and OPQ (EP60502), Otago, NZ. Red lines show the curren t
extent of NAE auger sampling lines.
Geophysical Data for NAE Otago Projects Re-Processed
Legacy electromagnetics and magnetics geophysical surveys data covering the NAE Otago permit areas have been
reprocessed using the latest techniques by Fathom Geophysics Ltd (Fathom). Advance image processing over NAE Otago
Project used cutting edge algorithms, to produce automated interpretation of topography, magnetics and electromagnetic
images.
Fathom’s structural detection algorithm produces images that highlight structural complexity and edge features (faults,
contacts and other structures) to reduce subjectivity by the interpreter. When the products are combined with other
exploration data sets such as geochemistry and mapping, target interpretation can be applied with limited cognitive bias.
Results of this process have highlighted additional targets and improved structural understanding of the Lammerlaw area.
Re-processed geophysics and geochemical trends confirm the likely continuation of gold targets across the full length of the
Lammerlaw permits. Targeted geochemical sampling will now be used to test concepts.
Page | 23
ACTIVITIES REPORT
NAE Annual Report 30 June 2023
Figure 15. Examples of newly acquired geophysical images over the Lammerlaw/Mahinerangi area.
Anomalous Arsenic Zones Extended in Lammerlaw EP60807
Ongoing activity in Lammerlaw Exploration Permit EP60807 has highlighted kilometer scale geochemical trends hosting
anomalous arsenic-gold plus antimony and tungsten mineralisation. Arsenic geochemistry best highlights geochemical
trends due to its common relationship with gold occurrence. Within Lammerlaw Exploration Permit EP60807 arsenic in
auger and rock samples highlights two sub-parallel, semi-continuous structures roughly 5-6km in length and a third smaller
linking structure.
Outcrop exposure at Lammerlaw is sparse, with only competent psammitic schist outcropping on ridges and in creeks. Shear
zones and pelitic schists which are more likely to host geochemical trends are recessive in the landscape and rarely outcrop.
Page | 24
ACTIVITIES REPORT
NAE Annual Report 30 June 2023
Figure 16: Arsenic pXRF geochemistry in surface samples (auger, float and rock samples) for Lammerlaw Exploration Permit EP60 807.
Red dashed lines show highlighted geochemical trends. Prospect location area highlighted.
Recent field work has utilised historic aerial photography to locate surface prospecting pits and shafts dug in the 1870 -90’s.
Old workings were often dug intermittently along lines, following indicators of gold mineralisation. Samples collected from
old workings commonly record anomalous arsenic, antimony and tungsten geochemistry using pXRF. These results extended
the strike of prospective geochemical trends by hundreds of meters in some locations. Soil auger sampling continues to be
an effective way of testing geochemical trends at Lammerlaw. During May 2022, an additional 120 auger samples and 64
rock chip samples were collected to extend known mineralised trends.
Geochemical tends within Lammerlaw EP60807 can be divided into four main prospects, Antimony, Bucks, Fulton’s and
Bella. Each prospect has a historic legacy of mining and exploration, historic records are summarised below:
Antimony Mine
The Antimony Mine was discovered in Stony Creek during the late 1870s, with intermittent mining occurring between 1880
and 1900. The lode strike WNW-ESE and dips 45o NE, with historic prospecting proving an 800m strike length. Two shafts
were sunk in the bed of Stony Creek approximately 120m apart, from which mining of antimony rich ore took place. The
structure hosing mineralisation is 1.2-1.5m wide with the stibnite-bearing material being typically 0.5m thickness within. In
one location massive scheelite was extracted from the centre of the lode (Marshall, 1918). Historic records note the lode
had poor gold content (Finlayson, 1908).
Modern prospecting of the Antimony Mine has been entirely by surface sampling. Early work highlighted a 1km long
antimony and tungsten geochemical trend centred on the historic Antimony Mine. Limited gold focused exploration records
a rock chip grade up to 9.57g/t Au and up to 22.6% Sb from mullock. Exploration completed by NAE has extended the length
of the geochemical trend hosting the Antimony Mine to roughly 3.5km. Preliminary pXRF data for samples collected in May
2022 along newly defined geochemical trend, show anomalous geochemistry for arsenic, antimony and tungsten.
Page | 25
ACTIVITIES REPORT
Bucks Prospect
NAE Annual Report 30 June 2023
There is no historical documentation for Bucks Prospect, although it is commonly indicated on historic maps. The rough
location of Bucks is coincident with an arsenic-gold geochemical trend defined by NAE auger sampling. This 1.9km
geochemical trend is now well defined by auger and rock chip samples with peak values of 92ppb Au and 349ppm As in NAE
auger samples. These results reflect the position of recently sampled quartz-arsenopyrite breccia in float samples.
Fulton’s Prospect
Fulton’s Prospect is a group of quartz vein occurrences in an area worked extensively for alluvial gold and tungsten (other
names include Neighborhood, Golden Crown and Reeferk). Fulton’s Creek located below prospect area was noted as
remarkably rich in coarse alluvial gold. Extensive areas were hydrosluiced, fed by an extensive network of water races. Only
a small amount of prospecting was on quartz lodes directly, discontinuous veins up to 3ft thick are recorded (Marshall,
1918). Remnant prospecting pit and adits commonly follow individual quartz veins and indicate a E-W strike of
mineralisation.
Prior to NAE work in the Fulton’s area, there was no significant modern exploration sampling in the area. The recent
westward extension of the auger sampling completed in 2021 to cover Fulton’s Prospect has proven a large gold -arsenic
geochemical tend. These results indicate Fulton’s Prospect is part of a 3.4km geochemical tend with probable parallel trend
in places. Peak values of 300ppm As and 50ppb Au are recorded in previous NAE auger samples. Recent sampling of quartz
vein float and from prospecting pits has recorded strongly anomalous arsenic and tungsten values. Further sampling work
is required at Fulton’s to extend test the geochemical trend further west.
Bella Lode
The Bella Lode was discovered in the 1890’s and worked intermittently until 1900. The Lode runs E -W and dips steeply N,
with a maximum thickness of 6ft and averaged 15g/t Au. Underground working followed the vein for 400ft where it pinched
and swelled between 0.6-1.8m wide. At 15m in depth, the vein reportedly pinched out leaving only sheared host rock. In
addition to lack of ore for processing, Bella required chemical treatment to recover gold, indicating it was very fine or loc ked
in sulfides. The Lode also contained some scheelite (Marshall, 1918).
Modern prospecting has included sporadic soil and rock sampling. Previous soil sampling proved ineffective owing to the
lack of dispersion of mineralisation in wall rock. Historic samples collected from the Bella Lode gave peak Au assay of 17.3g /t.
Recent activity by NAE has used historic aerial photography to extend the strike length of the Bella geochemical trend to
roughly 2km. Samples from prospecting pits and shafts provide anomalous As and W values when analysis with pXRF. Float
samples of mineralised quartz vein were also located along strike from the Bella Mine.
Other Areas of Interest
As understanding of the Lammerlaw Project develops, it has become clear that there are overlapping chemistries of
individual geochemical trends, as well as potentially narrow footprint size of anomalies. To ensure no potential targets have
been overlooked within the existing soils grid, samples not previously sent for gold assay have now been submitted. This
includes 109 samples from between the Fulton’s and Bucks prospects.
Field work completed in May 2022 has highlighted the potential that geochemical trends may have semi -continuous strike
across the Lammerlaw Project area. It now seems likely that Fulton’s and Bella sit along the same structure. Further surface
sampling will be used to highlight this potential in the area immediately north of Bella Prospect. In this area, a westward
continuation of the Antimony Mine geochemical trend is projected and loosely defined by isolated sample points.
Page | 26
ACTIVITIES REPORT
NAE Annual Report 30 June 2023
Extension of Duration for Lammerlaw PP60544 Granted
NAE has been successful in application for an EoD for Lammerlaw Prospecting Permit PP60544. Importantly, this allows
continued exploration along strike from the Lammerlaw Exploration Permit EP60807 where ongoing surface exploration
continues to expand geochemical tends.
The extended permitting period for Lammerlaw Prospecting Permit PP60544 secures an extensive ground as holding part
of the Company’s 100% owned Otago Project. The granting of EoD for Lammerlaw Prospecting Permit PP60544 maintains
NAE’s Otago permitted ground, with the combination of the two contiguous Lammerlaw Permits provides ~25km of
prospective structural corridor to test further.
The initial Lammerlaw Prospecting Permit PP60544 was granted on 26 November 2019. Surface exploration in the
subsequent two years highlighted the northeastern portion of the original Permit as the most prospective for structurally
controlled orogenic gold mineralisation, and at completion of the initial two years of tenure, became Lammerlaw
Exploration Permit EP60807. Contemporaneously, an EoD application for the original Lammerlaw Prospecting Permit
PP60544 was sorted. The balance of the original Lammerlaw Prospecting Permit area has been relinquished due to its lower
perspectivity.
The targeting strategy for Lammerlaw uses contrasting high and low electromagnetics response as lineaments, potential
indicators of favorable structural and lithological contacts for gold mineralisation. Results returned for surface sampling
Lammerlaw Prospecting Permit PP60544 have successfully proven this concept. Coincident arsenic and gold geochemical
trends follow contacts between high and low electromagnetic response. Re-processed geophysics now allows accurate
delineation of these prospective lineaments.
References
•
•
Finlayson, A. M. 1908: The Geology of the Quartz Veins of the Otago Goldfields. Transaction of the New
Zealand Institute 41: 66-84.
Marshall, p. 1918: The geology of the Tuapeka District, Central Otago Division. Department of Mines
Geological Survey Branch. Bulletin 19
High-grade gold in rock chip assay results at Lammerlaw and OPQ
In October 2022, the Company reported high-grade gold in rock chip assay results for exploration work conducted
in Q2 2022 at the Lammerlaw and OPQ Projects, Central Otago, New Zealand. High-grade gold assay results reflect
positive pXRF arsenic results announced in July and August 2022.
Recent rock chip sampling focused on quartz vein-style lode gold mineralisation associated with historic workings
and geochemical trends located by NAE soil sampling. Surface rock chip and float sampling from mine workings
and recently identified geochemical trends have produced significant results at most Lammerlaw and OPQ
Prospects. Highlights include:
•
•
•
•
27.0 g/t Au from mineralised quartz float within the Bucks soil auger sampling trend
17.0 g/t Au from a quartz vein exposed in the historic ABC mine workings
14.1 g/t Au from a quartz vein exposed in the Fulton’s Prospect adit entrance
12.1 g/t Au from mineralised quartz float located 20m from the Cox’s Mine line of workings.
Numerous +0.5 g/t Au samples were collected from other historic workings and geochemical trends (17 samples
out of 104 submitted in the last round of assays). The tenor of results achieved is satisfactory given the lack of
outcrop in the project area. Most historic workings were ploughed back into fields during the 1970’s, greatly
reducing opportunities to resample quartz lodes.
Page | 27
ACTIVITIES REPORT
NAE Annual Report 30 June 2023
Figure 17: Lammerlaw Exploration Permit showing locations of recent high-grade rock chip samples and infill gold access soil samples
collected in 2021.
Figure 18: Location of Cox’s, Cosmopolitan and Butchers Gully prospect. Historic and recently sampled high-grade rock chip are
highlighted.
Page | 28
ACTIVITIES REPORT
NAE Annual Report 30 June 2023
Figure 19: Gold rock chip results for ABC and Nuggety Gully.
Page | 29
ACTIVITIES REPORT
NAE Annual Report 30 June 2023
Prospect Name
OPQ Mine
Ranking
1
Burtenshaws
(OPQ Northern
continuation)
OPQ Victory
OPQ South
Canton Lode
ABC - Nuggety Gully
Lode
Coxes Lode
Cosmopolitan
Butchers
2
3
4
5
6
7
8
9
Geophysical targets
10
Table 2: Summary of prospects in the OPQ tenement.
Current understanding
- History of mining spanning 1861-1915. Quartz
veining intermittent and up to 3m thick in 3-6m
thick mineralised fault zone, quartz grading on avg.
15g/t Au.
- OPQ Mine surface working strike length ~1000m,
lode mined from three levels up to 480m long by
45m deep.
- Extension of the OPQ Fault Zone north of Lake
Mahinerangi
- Historic alluvial mining located gold mineralisation
at base of deep-lead.
- Deep channel cut by alluvial workings is 600m long
before becoming obscured by Lake Mahinerangi
- Immediately south and extending the OPQ Mine
portion of the OPQ Fault Zone.
- Pits sunk on quartz lodes in swampy ground. No
historic record of production. Target completely
blind.
- Recent work by NAE has identified positive Au
anomalism up to 2510ppb Au in percussion samples
at OPQ Victory, indicating the OPQ Fault Zone can
be extended a substantial distance.
- Identified by NAE percussion sampling in 2018,
with Au results up to 740ppb. OPQ South is located
~3km south of the OPQ Mine.
- The area is covered by a 2-5m thick surface cover
making surface prospecting difficult. Target
completely blind.
- Historic mining from 1888 to 1912 with quartz
providing similar results to OPQ Lode. Shaft sunk to
46m work from two levels over 50m strike length.
-Exceedingly rich specimen gold hosted in quartz
and mineralised fault breccias.
- Currently no surface exposure. Shaft and workings
now covered by swamp.
- Intermittent 2km long line of alluvial and hard rock
workings.
- ABC has shallow surface workings over a 250m
strike that produced rich specimen gold.
- Nuggety Gully is associated with 850m long alluvial
working. Historic hard rock mining from one level
180m long with test crush averaging 10.25g/t Au.
-Recent work finds high-grade Au float close to mine
workings
- Two quartz lodes located on 1.5km structure
demarcated by surface workings.
- Historic mining from three levels. Records of work
scares but not a 0.3m wide lode containing 30-60g/t
Au. Modern rock chip samples from mullock up to
8.4g/t Au
-Recent work finds high-grade Au float close to
surface workings
- Two subparallel lodes worked from various points.
- Limited historic record of production with trial
crushing of vein material crushing 20 tons and
averaged 10.85g/t Au. Gold in sulphide not
recovered.
-Modern rock chip samples from battery site up to
9.88g/t Au
- Recent field visit traces surface workings ~800m
with quartz and fault zone intermittently exposed.
- Area of intense alluvial workings, with outcropping
quartz vein noted.
- Single modern rock chip sample records 1.7g/t Au
- Recent re-processing of legacy geophysics has
highlighted structures with similar trends to known
gold occurrences.
Status and Work Planned
- Geological 3D modelling and drill targeting
complete.
- Initial drill target size 500m long x open at
depth x 6m wide.
-Drill ready. Access negotiations to proceed.
- Drill targeting reliant on historic record as old
alluvial working filled with water restricting
access.
- Initial drill target size 600m long x open at
depth x 6m wide.
-Drill ready. Access negotiations to proceed.
- Use aircore drilling to locate OPQ Fault Zone
and potential quartz veining undercover.
- Target strike length to test roughly 1.5km.
-Drill ready. Access negotiations to proceed.
- Target strike length to test roughly 1.5km.
- Second phase drilling
-- Initial drill target size 100m long x open at
depth x 2m wide.
- Field mapping and sampling of prospect
surrounds.
- Second phase drilling
- Collect further samples
-Plan surface trenching to increase
understanding of strike length.
- Collect further samples
-Plan surface trenching to increase
understanding of strike length.
- Locate old battery location
- Collect further samples
-Plan surface trenching to increase
understanding of strike length.
- Visit prospect and collect further samples
- Visit locations of interest and collect further
samples
Page | 30
ACTIVITIES REPORT
NAE Annual Report 30 June 2023
LOCHINVAR METALLURGICAL COAL PROJECT - UNITED KINGDOM
In November 2022, NAE provided an update of its Lochinvar metallurgical coal project, located on the border of
England and Scotland in the United Kingdom (Figure 20). The project 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 (Figure 21).
The Company received a review of the Lochinvar project 2014 Scoping Study and as previously updated in 2017
from Palaris Australia Pty Ltd (Palaris). The review confirmed that the project economics of the Lochinvar
metallurgical coal project remain robust, despite recent cost increase in the United Kingdom.
Figure 20: Location of the Lochinvar Metallurgical Coal Project
For full details of the Scoping Study, please refer to the ASX release dated 27 October 2014 Lochinvar Scoping Study
Confirms Robust Economics. For full details of the previous update to the Scoping Study in 2017, please refer to the ASX
release dated 15 March 2017 Lochinvar Scoping Study Update. For full details of the Coal Resource estimate, please refer
to ASX release dated 29 August 2014 Lochinvar Resource Upgrade and Product Quality. NAE confirms that it is not aware
of any new information or data that materially affects the information included in that release. All material assumptions
and technical parameters underpinning the estimates in that release continue to apply and have not materially changed.
Scoping Study Background
In October 2014, NAE completed the initial Lochinvar Scoping Study with Palaris Australia Pty Ltd ( Palaris) which
confirmed the potential for a low cost long life 1.9Mtpa long wall mining project to deliver 1.4Mpta metallurgical
coal to UK and European markets. The Scoping Study was updated in March 2017 and delivered a robust set of
economics highlighted by a post-tax NPV9% of US$410M with an IRR of 27% and a payback of 4 years using the
prevailing Hard Coking Coal (HCC) spot price US$160/t at the time.
Page | 31
ACTIVITIES REPORT
NAE Annual Report 30 June 2023
In an environment of elevated metallurgical coal prices and where global demand for metallurgical coal remains strong,
NAE announced in September that Palaris had been commissioned to undertake a further update to the Scoping Study.
The update focused on the areas of coal price assumptions, capital and operating cost structure and was released in
November 2022.
Figure 21: NAE Lochinvar Licences, Resource and Exploration Target areas
Resource Estimate and Exploration Target
A total estimated metallurgical coal resource of 111Mt comprising 49 Mt Indicated Resource and 62Mt Inferred
Resource was defined within the Lochinvar licence for the Nine Foot and Six Foot Seams in combination, located
within the Lochinvar project area. The Resource Estimate was based on nine holes drilled by the National Coal
Board (NCB) from 1979 through to 1983 and 10 holes drilled by NAE in 2013 and 2014. NAE confirms that it is not
aware of any new information or data that materially affects the information included in that release. All material
assumptions and technical parameters underpinning the estimates in that release continue to apply and have not
materially changed.
An Exploration Target of 31 – 64 Mt was also identified which includes both the Lochinvar and Lochinvar South
Leases and was reported in the same report as the Resource Estimate. A further Exploration Target for the
Lochinvar North licence of 77-142 Mt was estimated by Palaris in April 2019. The Resource Estimate and the
Exploration Targets were reported in accordance with the JORC Code (2012).
Page | 32
ACTIVITIES REPORT
Market and Infrastructure
NAE Annual Report 30 June 2023
Lochinvar is ideally located to become a supplier of low cost, high volatile 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
Lochinvar metallurgical coal enjoys a clear distance and freight cost advantage over competing metallurgical coal imports
and the benefit of regular local deliveries reducing customer inventories.
About Lochinvar
Historic exploration at Lochinvar commenced in the 1950s by the National Coal Board (NCB), which sank an initial
four boreholes. This work proved the existence of the same sequence of thick coals of the Middle Coal Measures,
which had been previously mined at Rowanburn colliery, within the Lochinvar North licence.
Lochinvar Resource
1. The original report was “Scoping Study Confirms Robust Economics, Low Costs and Long Life for Lochinvar Coking Coal
Project” which was issued with the consent of the Competent Person, Dr John Bamberry. The report was released to the
ASX on 27 October 2014 and can be located at www2.asx.com.au, search code NAE. The Company is not aware of any new
information or data that materially effects the information included in the relevant market announcement and, in the case
of Mineral Resources and Ore Reserves, that all material assumptions and technical parameters underpinning the
estimates in the relevant market announcement continue to apply and have not materially changed. The Company
confirms that the form and context in which the Competent Person’s findings are presented have not been materially
modified from the original market announcement.
2. The original report was “Lochinvar Scoping Study Update” which was issued with the consent of the Competent Person,
Dr John Bamberry. The report was released to the ASX on 15 March 2017 and can be located at www2.asx.com.au, search
code NAE. The Company is not aware of any new information or data that materially effects the information included in
the relevant market announcement and, in the case of Mineral Resources and Ore Reserves, that all material assumptions
and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have
not materially changed. The Company confirms that the form and context in which the Competent Person’s findings are
presented have not been materially modified from the original market announcement.
3. The original report was “Lochinvar North Exploration Target” which was issued with the consent of the Competent Person,
Dr John Bamberry. The report was released to the ASX on 15 April 2019 and can be located at www2.asx.com.au, search
code NAE. The Company is not aware of any new information or data that materially effects the information included in
the relevant market announcement and, in the case of Mineral Resources and Ore Reserves, that all material assumptions
and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have
not materially changed. The Company confirms that the form and context in which the Competent Person’s findings are
presented have not been materially modified from the original market announcement.
Page | 33
ACTIVITIES REPORT
NAE Annual Report 30 June 2023
New Age Exploration Limited provides its list of exploration licences (as at 30 June 2023).
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
265.38
Prospecting Permit
PP60725.01
Marlborough Schist
New Zealand
500
Prospecting Permit
100%
100%
100%
100%
100%
100%
100%
100%
100%
PP60716.01
Manorburn
New Zealand
221.8
Prospecting Permit
100%
E47/4406, E47/4407, E47/4408,
E45/5724, E45/5725, E45/5726,
E47/4435, E47/4450
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
E45/6094, E45/6095
E45/6096, E45/6097
Meentheena
Western
Australia
Western
Australia
6.4
Exploration Licence
100%
484
Exploration Licence
100%
Page | 34
DIRECTORS’ REPORT
NAE Annual Report 30 June 2023
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 2023.
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 2023, 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:
Interests in options:
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)
Critical Minerals Group Limited (Chairman)
Nil
Chairman of the Board
1,725,000 ordinary shares
15,000,000 listed options
18 February 2013
Page | 35
DIRECTORS’ REPORT
Name:
Title:
Experience and expertise:
Other current directorships:
Former directorships (in the last 3 years):
Special responsibilities:
Interests in shares:
Interests in options:
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:
Interests in options:
First appointed to the Board:
NAE Annual Report 30 June 2023
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
61,000,000 listed options
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)
Cleo Diagnostics Limited (Non-Executive Director)
Jade Gas Holdings Ltd – until September 2021
Mithril Resources Ltd - May 2019 to February 2021
Mitre Mining Corporation Limited - until 9 March 2023
Nil
120,959,027 ordinary shares
50,000,000 listed options
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 | 36
DIRECTORS’ REPORT
Principal activities
NAE Annual Report 30 June 2023
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 $1,164,424 (2022: $1,180,445).
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 2023 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.
Risks and Uncertainties
The business and operations of the Group are subject to numerous risks, many of which are beyond the Group’s control. The
Group considers the risks set out below to be some of the most significant to the Group, but not all of the risks associated with
the Group. If any of these risks materialise into actual events or circumstances or other possible additional risks and
uncertainties of which the Group is currently unaware or which it considers to be material in relation to the Group’s business
actually occur, the Group’s assets, liabilities, financial condition, results of operations (including future results of operations),
business and business prospects, are likely to be materially and adversely affected.
(a) The Group has limited financial resources and limited operating revenues. To earn and/or maintain its interest in its
mineral projects, the Group has contractually agreed or is required to make certain payments and expenditures for
and on such projects. The Group’s ability to continue as a going concern is dependent upon, among other things, the
Group establishing commercial quantities of mineral reserves on its projects and obtaining the necessary financing
and permits to develop and profitably produce such minerals or, alternatively, disposing of its interests on a profitable
basis, none of which is assured.
(b) The Group has only generated losses to date and will require additional funds to further explore its projects. The only
sources of funds for exploration programs, or if such exploration programs are successful for the development of
economic ore bodies and commencement of commercial production thereon, presently available to the Group are
the sale of equity or farming out its mineral projects to third party for further exploration or development. The Group’s
ability to arrange financing in the future will depend, in part, upon the prevailing capital market conditions as well as
its business performance. There is no assurance such additional funding will be available to the Group when needed
on commercially reasonable terms or at all. Additional equity financing may also result in substantial dilution thereby
reducing the marketability of the Company’s shares. Failure to obtain such additional financing could result in the
delay or indefinite postponement of further exploration and the possible, partial or total loss of the Group’s interest
in its projects.
Page | 37
DIRECTORS’ REPORT
NAE Annual Report 30 June 2023
(c) Mineral exploration is subject to a high degree of risk, which even a combination of experience, knowledge and careful
evaluation may fail to overcome. These risks may be even greater in the Group’s case given its formative stage of
development and the fact that its mineral projects are still in their exploration stage. Furthermore, exploration
activities are expensive and seldom result in the discovery of a commercially viable resource. There are no known
resources or reserves on its mineral projects and the Group’s proposed exploration programs are exploratory searches
for commercial quantities of ore. There is no assurance that the Group’s exploration will result in the discovery of an
economically viable mineral deposit.
(d) The Group activities are subject to the risks normally encountered in the mining exploration business. The economics
of exploring, developing and operating resource projects are affected by many factors including the cost of exploration
and development operations, variations of the grade of any ore mined and the rate of resource extraction and
fluctuations in the price of resources produced, government regulations relating to royalties, taxes and environmental
protection and title defects.
(e) The Group’s mineral projects may be subject to prior unregistered agreements, interests or land claims and title may
be affected by undetected defects. In addition, the Group’s exploration activities will require certain licenses and
permits from various governmental authorities. There is no assurance that the Group will be successful in obtaining
the necessary licenses and permits on a timely basis or at all to undertake its exploration activities in the future or, if
granted, that the licenses and permits will be on the basis applied or remain in force as granted.
(f) The Group must comply with environmental laws and regulations governing air and water quality and land disturbance
and provide for reclamation and closure costs in addition to securing the necessary permits to advance exploration
activities at is mineral projects. Environmental legislation is evolving in a manner that will require stricter standards
and enforcement, increased fines and penalties for non-compliance, more stringent environmental assessments of
proposed projects, and a heightened degree of responsibility for companies and their officers, directors and
employees. Compliance with environmental laws and regulations may require significant capital outlays on behalf of
the Group and may cause material changes or delays in the Group’s intended activities. Furthermore, environmental
hazards may exist on the Group’s projects that are unknown to the Group at present and that have been caused by
the Group or by previous owners or operators of the projects, or that may have occurred naturally. The Group may
be liable for remediating such damages.
The above list of risks, uncertainties and other factors is not exhaustive.
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 | 38
DIRECTORS’ REPORT
NAE Annual Report 30 June 2023
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 | 39
DIRECTORS’ REPORT
NAE Annual Report 30 June 2023
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 2023, Mr J Wellisch received a bonus entitlement of $18,000 relating to the successful
achievement of certain performance criteria. There was a bonus of $36,000 in 2022.
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
%
2023
Non-Executive Directors:
Mr A Broome AM
Mr A M Wing
Executive Directors:
Mr J Wellisch
85,000
120,000
-
-
198,000
403,000
18,000
18,000
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
-
-
-
-
-
-
-
-
$
-
-
-
-
-
-
-
-
85,000
120,000
216,000
421,000
$
%
85,000
120,000
234,000
439,000
-
-
8.3
-
-
15.4
The proportion of remuneration linked to performance and the fixed proportion are as follows:
Fixed remuneration
2022
%
2023
%
At risk – STI
2023
%
2022
%
At risk - LTI
2023
%
2022
%
Non-Executive Directors:
Mr A Broome AM
Mr A M Wing
Executive Directors:
Mr J Wellisch
100
100
100
100
-
-
-
-
91.7
84.6
8.3
15.4
-
-
-
-
-
-
Page | 40
DIRECTORS’ REPORT
C Service agreements
NAE Annual Report 30 June 2023
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 2023, Mr J Wellisch received a bonus entitlement of $18,000 relating to the successful
achievement of certain performance criteria. There was a bonus of $36,000 in 2022.
NAE has no other existing service agreements as at 30 June 2023.
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 2023.
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:
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
1,725,000
35,777,692
120,959,027
158,461,719
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
1,725,000
35,777,692
120,959,027
158,461,719
1,725,000
35,777,692
120,959,027
158,461,719
2023
Ordinary shares
Alan Broome AM
Joshua Wellisch
Adrien Wing
2022
Ordinary shares
Alan Broome AM
Joshua Wellisch
Adrien Wing
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.
Options granted carry no dividend or voting rights.
The number of Options held during the financial year by each director is set out below:
2023
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
61,000,000
45,000,000
121,000,000
-
-
-
-
-
-
-
-
-
-
-
-
-
15,000,000
61,000,000
45,000,000
121,000,000
Page | 41
DIRECTORS’ REPORT
NAE Annual Report 30 June 2023
E Additional information
The earnings of the Group for the five years to 30 June 2023 are summarised below:
2019
$
2020
$
2021
$
2022
$
2023
$
Revenue and other income
Net profit/(loss) before tax
Net profit/(loss) after tax
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)
53,563
(1,164,424)
(1,164,424)
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)
2019
2020
2021
2022
2023
0.006
0.004
0.004
0.007
0.007
0.011
0.011
0.006
0.006
0.005
(0.15)
(0.56)
(0.49)
(0.08)
(0.08)
(0.15)
(0.56)
(0.49)
(0.08)
(0.08)
This concludes the remuneration report, which has been audited.
Page | 42
DIRECTORS’ REPORT
Shares under option
NAE Annual Report 30 June 2023
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 2023 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.
Non-audit services
There we no non-audit services provided during the financial year by the auditor.
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.
Auditor
RSM Australia Partners continues in office in accordance with section 327 of the Corporations Act 2001.
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
4 September 2023
Melbourne
Page | 43
RSM Australia Partners
Level 21, 55 Collins Street Melbourne VIC 3000
PO Box 248 Collins Street West VIC 8007
T +61 (0) 3 9286 8000
F +61 (0) 3 9286 8199
www.rsm.com.au
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 2023, 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
JASON CROALL
Partner
Dated: 4 September 2023
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 | 44
STATEMENT OF PROFIT OR LOSS
AND OTHER COMPREHENSIVE INCOME
For The Year Ended 30 June 2023
Revenue from continuing operations
Other revenue
Expenses
Corporate expenses
Employee benefits expenses
Exploration and evaluation expenses
Administrative expenses
Occupancy expenses
Legal expenses
Investor relations and marketing
(Loss) before tax from continuing operations
Income tax expense
(Loss) for the year
6
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
NEW AGE EXPLORATION LTD
Annual Report 30 June 2023
Note
Consolidated
30 June 2023
$
Consolidated
30 June 2022
$
4
53,563
7,177
(230,058)
(451,261)
(62,229)
(264,942)
(56,084)
(78,423)
(74,990)
(1,217,987)
(1,164,424)
-
(174,015)
(469,846)
(72,945)
(303,257)
(46,220)
(18,844)
(102,495)
(1,187,622)
(1,180,445)
-
(1,164,424)
(1,180,445)
1,340
1,340
(1,601)
(1,601)
Total comprehensive (loss) for the year
(1,163,084)
(1,182,046)
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)
(0.08)
(0.08)
The above statement of profit or loss and other comprehensive income should be read in conjunction with the accompanying
notes.
Page | 45
STATEMENT OF FINANCIAL POSITION
As at 30 June 2023
NEW AGE EXPLORATION LTD
Annual Report 30 June 2023
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 2023
$
Consolidated
30 June 2022
$
7
8
9
10
11
12
13
14
1,837,758
39,245
16,695
25,000
1,918,698
12,195
3,173,558
3,185,753
5,104,450
295,079
295,079
295,079
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
4,809,372
5,972,456
33,953,352
1,863,904
(31,007,884)
33,953,352
1,862,564
(29,843,460)
4,809,372
5,972,456
The above statement of financial position should be read in conjunction with the accompanying notes.
Page | 46
STATEMENT OF CHANGES IN EQUITY
For The Year Ended 30 June 2023
Consolidated
NEW AGE EXPLORATION LTD
Annual Report 30 June 2023
Contributed
Equity
$
Reserves
$
Accumulated Losses
$
Total
$
At 1 July 2022
33,953,352
1,862,564
(29,843,460)
5,972,456
Loss for the year
Other comprehensive income
Total comprehensive loss for the year
Transactions with owners in their
capacity as owners:
-
-
-
-
-
1,340
1,340
-
(1,164,424)
-
(1,164,424)
(1,164,424)
1,340
(1,163,084)
-
-
As at 30 June 2023
33,953,352
1,863,904
(31,007,884)
4,809,372
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)
(1,182,046)
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
The above statement of changes in equity should be read in conjunction with the accompanying notes.
Page | 47
STATEMENT OF CASH FLOWS
For The Year Ended 30 June 2023
NEW AGE EXPLORATION LTD
Annual Report 30 June 2023
Cash flows from operating activities
Payments to suppliers and employees
Interest received
Note
Consolidated
30 June 2023
$
Consolidated
30 June 2022
$
(1,123,528)
41,962
(1,227,602)
6,436
Net cash flows used in operating activities
20 (a)
(1,081,566)
(1,221,166)
Cash flows from investing activities
Payments for exploration and evaluation assets
Payments for plant and equipment
(1,262,520)
-
(946,936)
(15,957)
Net cash flows used in investing activities
(1,262,520)
(962,893)
Cash flows from financing activities
Share issue costs
Net cash flows (used in) by financing activities
-
-
(9,672)
(9,672)
Net (decrease) in cash and cash equivalents held
(2,344,086)
(2,193,731)
Cash and cash equivalents at beginning of the year
Effects of foreign exchange rate changes on cash
4,180,504
1,340
6,375,836
(1,601)
Cash and cash equivalents at the end of the year
7
1,837,758
4,180,504
The above statement of cash flows should be read in conjunction with the accompanying notes
Page | 48
NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 30 June 2023
NEW AGE EXPLORATION LTD
Annual Report 30 June 2023
General information
The consolidated financial report of New Age Exploration Limited as at and for the year ended 30 June 2023 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 2023, 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 20223reporting
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 | 49
NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 30 June 2023
Note 1 Significant accounting policies (cont’d)
NEW AGE EXPLORATION LTD
Annual Report 30 June 2023
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.
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 | 50
NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 30 June 2023
Note 1 Significant accounting policies (cont’d)
NEW AGE EXPLORATION LTD
Annual Report 30 June 2023
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 | 51
NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 30 June 2023
NEW AGE EXPLORATION LTD
Annual Report 30 June 2023
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 | 52
NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 30 June 2023
NEW AGE EXPLORATION LTD
Annual Report 30 June 2023
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.
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.
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.
Page | 53
NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 30 June 2023
Note 1 Significant accounting policies (cont’d)
NEW AGE EXPLORATION LTD
Annual Report 30 June 2023
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.
Current and non-current classification
Assets and liabilities are presented in the statement of financial position based on current and non-current classification.
AASB101(60)
An asset is classified as current when: it is either expected to be realised or intended to be sold or consumed in the
consolidated entity's normal operating cycle; it is held primarily for the purpose of trading; it is expected to be realised within
12 months after the reporting period; or the asset is cash or cash equivalent unless restricted from being exchanged or used
to settle a liability for at least 12 months after the reporting period. All other assets are classified as non-current.
AASB101(66)
A liability is classified as current when: it is either expected to be settled in the consolidated entity's normal operating cycle;
it is held primarily for the purpose of trading; it is due to be settled within 12 months after the reporting period; or there is no
unconditional right to defer the settlement of the liability for at least 12 months after the reporting period. All other liabilities
are classified as non-current.
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 | 54
NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 30 June 2023
Note 1 Significant accounting policies (cont’d)
NEW AGE EXPLORATION LTD
Annual Report 30 June 2023
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 | 55
NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 30 June 2023
NEW AGE EXPLORATION LTD
Annual Report 30 June 2023
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
$1,194,008 (2022: $700,011)
$1,979,550 (2022: $1,135,087)
$3,173,558 (2022: $1,835,098)
Note 4 Other revenue
Consolidated
2023
$
Consolidated
2022
$
Interest from financial assets measured at amortised cost
53,563
7,177
Note 5 Expenses
Loss before income tax includes the following expenses:
Superannuation expense (defined contribution)
Short-term lease expenses
Depreciation
Note
10
Consolidated
2023
$
Consolidated
2022
$
497
48,257
14,777
512
37,255
10,692
Page | 56
NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 30 June 2023
NEW AGE EXPLORATION LTD
Annual Report 30 June 2023
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% (2022: 25%)
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
2023
$
Consolidated
2022
$
(255,360)
255,360
-
(274,924)
274,924
-
(1,164,424)
(1,180,455)
(291,106)
(295,114)
35,746
(255,360)
255,360
-
20,190
(274,924)
274,924
-
4,296,202
502,576
(391,582)
4,407,196
3,800,804
502,576
(165,435)
4,137,945
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
2023
$
Consolidated
2022
$
306,181
1,531,577
-
1,837,758
660,782
3,519,722
4,180,504
Page | 57
NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 30 June 2023
Note 8 Trade and other receivables
Interest receivable
Other receivables
GST and VAT receivable
NEW AGE EXPLORATION LTD
Annual Report 30 June 2023
Consolidated
2023
$
12,630
1,074
25,541
-
39,245
Consolidated
2022
$
1,029
-
26,492
27,521
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
2023
Movements during the year:
Opening balance – 1 July 2022
Additions
Depreciation
Closing balance – 30 June 2023
2022
Movements during the year:
Opening balance – 1 July 2021
Additions
Depreciation
Closing balance – 30 June 2022
Consolidated
2023
$
25,000
Consolidated
2022
$
25,000
Consolidated
2023
$
35,570
(25,978)
9,592
6,648
(5,468)
1,179
2,335
(911)
1,424
12,195
Consolidated
2022
$
35,570
(14,195)
21,375
6,648
(3,252)
3,396
2,335
(133)
2,202
26,973
Office
equipment
$
Office
furniture
$
Fittings &
fixtures
$
21,375
-
(11,783)
9,592
3,396
-
(2,216)
1,179
2,202
-
(778)
1,424
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
Page | 58
NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 30 June 2023
Note 11 Exploration and evaluation assets
NEW AGE EXPLORATION LTD
Annual Report 30 June 2023
Consolidated
2023
$
Consolidated
2022
$
Exploration and evaluation assets
3,173,558
1,835,098
Reconciliations
Reconciliations of the written down values are set out below:
Balance at 1 July 2021
Additions
Balance at 30 June 2022
Additions
Balance at 30 June 2023
Exploration and
evaluation
$
851,148
983,950
1,835,098
1,338,460
3,173,558
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.
Note 12 Trade and other payables
Trade creditors
Accruals and other payables
Consolidated
2023
$
206,057
89,022
-
295,079
Consolidated
2022
$
55,128
86,088
141,216
Page | 59
NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 30 June 2023
NEW AGE EXPLORATION LTD
Annual Report 30 June 2023
Note 13 Contributed equity
Consolidated
2023
Number
Consolidated
2022
Number
Consolidated
2023
$
Consolidated
2022
$
Ordinary shares – fully paid
1,435,898,910
1,435,898,910
33,953,352
33,953,352
Movements in Ordinary Share Capital
Balance 30 June 2021
Monterey tenement acquisition
Capital raising costs
Balance 30 June 2022
Balance 30 June 2023
No. of Shares
Issue Price
$
1,428,398,910
7,500,000
1,435,898,910
1,435,898,910
$0.011
33,880,516
82,508
(9,672)
33,953,352
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
2023
$
825,036
1,038,868
Consolidated
2022
$
823,696
1,038,868
-
1,863,904
1,862,564
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
$
823,696
1,340
825,036
Page | 60
NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 30 June 2023
NEW AGE EXPLORATION LTD
Annual Report 30 June 2023
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
2023
$
1,837,758
25,000
Consolidated
2022
$
4,180,504
25,000
An increase/decrease in interest rate of 1 percent would have a favourable/adverse effect on loss before tax of $18,628 per
annum (2022: $42,055). 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
2023
$
2022
$
2023
$
2022
$
Net Exposure
2023
$
2022
$
GBP
NZD
15,975
-
14,780
-
(5,707)
(150,761)
(2,418)
(22,529)
10,268
(150,761)
12,362
(22,529)
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
2023
$
Consolidated
2022
$
46,610
43,500
Page | 61
NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 30 June 2023
Note 17 Commitments for expenditure
NEW AGE EXPLORATION LTD
Annual Report 30 June 2023
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
Controlled entities
Name of entity
Consolidated
2023
$
Consolidated
2022
$
403,000
403,000
439,000
439,000
Country of
incorporation
Class of
shares
Equity holding
%
2023
Equity holding
%
2022
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 2023 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 | 62
NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 30 June 2023
Note 20 Cash Flow statement information
NEW AGE EXPLORATION LTD
Annual Report 30 June 2023
Note 20 (a) Reconciliation of loss after income tax to net cash used in operating activities
Consolidated
2023
$
Consolidated
2022
$
Loss after income tax expense for the year
-
(1,164,424)
(1,180,445)
Adjustments for:
Depreciation and amortisation
Change in operating assets and liabilities:
Decrease/(increase) in trade and other receivables
(Increase)/decrease in prepayments
(Increase)/decrease in trade and other payables
Net cash used in operating activities
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
14,777
10,692
(12,200)
1,880
78,401
25,901
(5,177)
(72,137)
(1,081,566)
(1,221,166)
Consolidated
2023
$
(1,164,424)
Consolidated
2022
$
(1,180,445)
Number
Number
1,435,898,910
1,434,748,225
Cents
Cents
(0.08)
(0.08)
(0.08)
(0.08)
The company has no options on issue that can affect the calculation of diluted EPS.
Page | 63
NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 30 June 2023
NEW AGE EXPLORATION LTD
Annual Report 30 June 2023
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
2023
$
1,918,698
3,185,753
5,104,451
295,079
295,079
2022
$
4,235,011
1,876,243
6,111,254
138,798
138,798
4,809,372
5,972,456
33,953,352
1,863,911
(31,007,891)
33,953,352
1,038,868
(29,019,764)
4,809,372
5,972,456
(1,164,424)
(1,164,424)
(1,182,046)
(1,182,046)
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 | 64
DIRECTORS’ DECLARATION
In the directors’ opinion:
NEW AGE EXPLORATION LTD
Annual Report 30 June 2023
•
•
•
•
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 2023 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
4 September 2023
Melbourne
Page | 65
RSM Australia Partners
Level 21, 55 Collins Street Melbourne VIC 3000
PO Box 248 Collins Street West VIC 8007
T +61 (0) 3 9286 8000
F +61 (0) 3 9286 8199
www.rsm.com.au
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 2023, 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 2023 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 | 66
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 2023, the carrying value of the
Group’s capitalised Exploration and evaluation
assets amounted to $3,173,558. We determined this
to be a key audit matter due to the significance of
these assets in the statement of financial position
(62% 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
• Discussing with management and reviewing
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 2023; 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 | 67
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 39 to 42 of the directors' report for the year
ended 30 June 2023.
In our opinion, the Remuneration Report of New Age Exploration Limited for the year ended 30 June 2023,
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
JASON CROALL
Partner
Dated: 4 September 2023
Melbourne, Victoria
Page | 68
SHAREHOLDER INFORMATION
NEW AGE EXPLORATION LTD
Annual Report 30 June 2023
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 29 August 2023.
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
364
52
75
795
1,185
2,471
1,086
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 29 August 2023.
Page | 69
SHAREHOLDER INFORMATION
1. Shareholdings – Ordinary Shares (cont’d)
e. Twenty largest quoted equity security holders
NEW AGE EXPLORATION LTD
Annual Report 30 June 2023
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
CITICORP NOMINEES PTY LIMITED
LTJ INVESTMENTS PTY LTD
BNP PARIBAS NOMINEES PTY LTD
PAND JR PTY LTD
MR VINCENZO MONTELEONE
BODIE INVESTMENTS PTY LTD
SHARESIES NOMINEE LIMITED
WING INVESTMENT HOLDINGS PTY LTD
MISS STEPHANIE JACINTA LACORCIA
MR PAUL SANTEUFEMIA
SANLIRRA PTY LTD
NEAL PTY LTD
MR ROGER BLAKE & MRS ERICA LYNETTE BLAKE
MR ARTHUR JOHN DENNIS & MRS SUSAN JANE DENNIS
8TIVE TRADING PTY LTD
MR LANKESHWARA MADDUMA PATABANDIGE
PARADISO COMMERCIAL PTY LTD
MR PATRICK MARTIN DONOGHUE
BNP PARIBAS NOMINEES PTY LTD BARCLAYS
105,959,027
32,050,193
30,777,692
25,007,037
21,385,000
20,000,000
20,000,000
18,950,670
15,000,000
15,000,000
14,000,000
11,084,368
10,000,000
10,000,000
10,000,000
10,000,000
9,730,653
9,246,103
9,038,073
8,954,306
406,283,122
7.38
2.24
2.14
1.74
1.49
1.39
1.39
1.32
1.04
1.04
0.97
0.77
0.70
0.70
0.70
0.70
0.68
0.64
0.63
0.62
28.29
2. 15,000,000 Unlisted Options expiring 28 September 2023 exercisable at 2 cents each
Option holders as at 29 August 2023 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 | 70
SHAREHOLDER INFORMATION
NEW AGE EXPLORATION LTD
Annual Report 30 June 2023
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
8
111
119
The names of the twenty largest security holders of quoted Options as at 29 August 2023 are listed below.
LTJ INVESTMENTS PTY LTD
NORTHERN STAR NOMINEES PTY LTD
MR PETER ANDREW PROKSA
B&H CONSULTING AND ENGINEERING PTY LTD
MR OON TIAN YEOH & MRS ELZBIETA HELENA YEOH
MR PHAROTH SAN & MR KADEN SAN
JAWAF ENTERPRISES PTY LTD
CANDOUR ADVISORY PTY LTD
YEO SUPER PTY LTD
WING INVESTMENT HOLDINGS PTY LTD
IRX ENTERPRISES PTY LTD
LDU PTY LTD
J K DEMARIA PTY LTD
MS PHAROTH SAN
MR NELSON MARIZ
MR ROBERT GORDON
MR ROGER BLAKE & MRS ERICA LYNETTE BLAKE
MICHAEL BEER & ASSOC PTY LTD
M&K KORKIDAS PTY LTD
MR HARLEY COILS
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
9,051,674
7,036,208
5,266,666
5,000,000
5,000,000
5,000,000
5,000,000
4,740,741
3,000,000
2,338,000
2,098,520
2,000,000
2,000,000
1,933,334
1,900,000
1,897,042
% of total
Options issued
23.96
17.67
8.25
5.89
5.89
2.76
2.07
1.96
1.96
1.96
1.96
1.86
1.18
0.92
0.82
0.79
0.79
0.76
0.75
0.75
205,262,185
80.62
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: Link Market Services, Tower 4, 727 Collins Street, Melbourne, Victoria 3000.
Stock Exchange Listing: Quotation has been granted for all ordinary shares on all Member Exchanges of the ASX.
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 | 71