New Age Exploration : Quarterly Activities and Cashflow Report

2 | P a g e

In May, the Company announced it had received results from the first 13 holes of its Phase 2 drilling programme completed at the Company's Brahman Project, and from limited rock chip sampling of lithium pegmatite targets at the Quartz Hill Project, within its extensive Central Pilbara Gold-Lithium Project. (ASX Announcement 25 May 2022)

All of the drilling completed in this most recent campaign was undertaken within the Brahman Project area (E47/3958) which is located north of, and within ~20-30km of De Grey Mining's Mallina Gold Project and the recent Hemi gold discovery (ASX:DEG).

nae.net.au

3 | P a g e

Thirteen Reverse Circulation drillholes for a total of 1506m were completed prior to closure of the 2021 field season. The majority of samples represent four (4) metre composites. Refer to Figures 1 and 2.

The program was designed to follow-up high priority targets defined from its Phase 1 drilling in conjunction with onlya 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).

For usepersonal

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

aeromagnetics showing recent drilling and areas of planned soil geochemical surveys.

nae.net.au

4 | P a g e

Recent Activities

Brahman Project - Drilling - Gold & Lithium

onlyAll of the drilling completed prior to the closure of the 2021 field season was carried out within the Brahman Project area. The drilling was designed to follow-up a selection of high priority targets defined from the previously reported Phase 1 aircore drilling campaign in conjunction with a pipeline of new targets identified from data synthesis and proprietary data filtering technology undertaken on multiple geophysical data sets by specialist Geophysical Consulting Group, Fathom Geophysics. (Refer NAE ASX release 28 October 2021).

For usepersonal

Figure 3: Brahman Project - Drillhole location plan showing geophysical targets and hole

collar locations over RTP magnetics.

The 2021 campaign comprised thirteen (13) very widely spaced "scout" reverse circulation drillholes (21BRC0001- 21BRC0013) for a total of 1506 metres. Despite the area being shown as granite on existing GSWA map sheets the holes encountered a variety of prospective rock types including granite, granodiorite, Mallina Basin sediments,

nae.net.au

5 | P a g e

cherts/quartzites and mafic-ultramafic intrusives showing abundant quartz-carbonate veining and extensive alteration including strongly developed zones of disseminated and veinlet sulphides (pyrite).

Assay results indicate coherent and largely coincident low level multi-element Gold (IRGS) and Lithium-Caesium-onlyTantalum (LCT) pegmatite pathfinder geochemical anomalism within a number of holes. Figure 3 provides a

drillhole location plan and Figures 4 and 5 provide schematic geological cross-sections.

Reverse circulation drillholes 21BRC0001/0002/0012 and 21BRC0013 were drilled to test a prominent NE trending "linking" structure between the regionally important ENE trending Mallina Shear Zone to the south (host to De Grey's Mallina Gold Project and the recent Hemi discovery) and the Scholl Shear Zone to the north. In the vicinity of holes 21BRC0012 and 21BRC0013 cover thins to provide a rare window into the basement rocks of interest. Mapping at this location revealed the target of interest to comprise a structurally deformed package including

usebrecciated and silicified chert/quartzite, Mallina Basin sediments and mafic-ultramafic intrusives displaying intense stockwork and sheeted quartz veining. Refer to Plates 1-4.

personalForThis setting is similar to the sequence hosting De Grey's Mallina Gold Project and to the tectono-stratigraphic setting at both the Wodgina and Pilgangoora Lithium mining operations where maximum LCT pegmatite development occurs within mafic-ultramafic rock types.

Broad zones of highly anomalous lithium and multi-element lithium pathfinder geochemistry reported within ultramafic rocks at NAE's Brahman Project provide compelling evidence of a well-developed alteration halo emanating from an as yet undiscovered lithium-bearing pegmatite source located in close proximity to these holes.

nae.net.au