New Age Exploration : Phase 2 Drilling Commences on Central Pilbara Projects WA

ASX ANNOUNCEMENT

25 November 2021

New Age Exploration (ASX: NAE) (NAE or the Company) is pleased to advise commencement of its Phase 2 drilling programme at the Company's Central Pilbara Gold Projects, centred over the highly prospective yet under- explored Mallina - Whim Creek Basin of the Pilbara Craton, Western Australia. Refer Figures 1and 2.

The program is designed to follow-up high priority targets defined from its Phase 1 drilling in conjunction with a pipeline of new targets identified from recent data synthesis and proprietary data filtering technology undertaken on multiple geophysical data sets by specialist Geophysical Consulting Group, Fathom Geophysics. (Refer NAE ASX release 28 October 2021).

NAE Executive Director, Joshua Wellisch commented;

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The Company has engaged Strike Drilling to undertake the program and is committed to completing as much of onlythe planned drilling as possible prior to the closure of the 2021 field season. However, given the forecast of an increase in early cyclonic storm activity for the Pilbara and associated flooding rainfall, it is likely that some portion

of the program will need to be completed in early 2022.

Helicopter and ground supported regional and prospect scale soil geochemical surveys are in progress over priority areas at all Projects to further refine additional targets ahead of follow-up drill testing.

Initial focus will be on the Brahman and Droughtmaster Gold Projects (E47/3958 and E47/5064/5065 respectively) usewhich are located north of, and within ~50km of De Grey Mining's (ASX:DEG) Mallina Gold Project and the recent Hemi gold discovery. It is anticipated that some 20 Reverse Circulation drillholes for a total of 2,500m will be

completed prior to closure of the 2021 field season. Figures 1 and 2. personalFor

Photo 1. Strike Drilling T450 Aircore/Reverse Circulation Rig

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For personal use only

Figure 2. Location of NAE's Central Pilbara Brahman and Droughtmaster Gold Projects over regional grey scale aeromagnetics

showing planned drilling and areas of soil geochemical surveys.

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Recent Activities

onlyThe application of industry leading, proprietary data filtering technology to multiple geophysical datasets has successfully enhanced critical features relevant to the mineral systems and deposit models being targeted. Understanding these key elements is a critical next step in guiding effective exploration across the Company's' extensive ground holding in the region (2,311 km2 ).

The synthesis has been completed by specialist geophysical consulting group Fathom Geophysics under the guidance of Dr Amanda Buckingham (Principal Geophysicist). Fathom are internationally recognised for their useexpertise in successfully targeting mineralisation in areas where the bedrock geology of interest is hidden beneath

younger transported cover.

The geophysical data synthesis completed by Fathom Geophysics has incorporated a range of open file public domain regional scale data sets together with prospect scale surveys completed by NAE during April 2021 including:

• Regional and detailed aeromagnetic data
• Regional airborne electromagnetic data
• Regional airborne and ground based gravity data
• Satellite imagery

personalNAE has identified 104 new Hemi-style IRGS targets, 66 new structural targets and has refined previously reported targets (refer NAE ASX Quarterly Report September 2021). Numerous high priority targets display clear similarities

with the Hemi Gold Deposit and with those associated with the Scholl, Mallina and Tabba Tabba Shear Zones. None of these new targets have been previously drill tested. Refer Figure 3.

Importantly, refinement of previously identified targets now indicates that much of the initial campaign of aircore lithogeochemical drilling by NAE failed to reach target depths due to limited capacity of the rig which was available at the time and as a consequence those targets also remain untested. Low order gold and base metal geochemical anomalism reported from this phase of drilling is however encouraging in that it may be associated with a deeper, untested, source. (Refer NAE ASX Quarterly Report September 2021). A selection of these targets will be tested at depth as a part of the Phase 2 program.

For

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