New Age Exploration Secures $1.6 Million to Advance Wagyu Gold Project

About New Age Exploration Limited

New Age Exploration Limited (ASX: NAE), founded in 2003 and headquartered in Melbourne, Victoria, is an ASX-listed mineral exploration company focused on developing gold and lithium assets. The company’s portfolio includes projects in Western Australia’s Pilbara district and New Zealand’s Otago goldfields, targeting high-grade discoveries in intrusive-hosted and orogenic gold systems. The Wagyu Gold Project, located in the Central Pilbara region, is a high-priority exploration target with growing evidence of Hemi-style intrusive-hosted gold mineralisation. The company is actively advancing its exploration programs, with a focus on expanding gold discoveries and defining high-grade resources for potential future development.

Advancing Exploration at Wagyu Gold Project

The $1.6 million capital raise will enable NAE to intensify its drilling activities at the Wagyu Gold Project, where previous drilling results confirmed multiple high-grade gold intercepts. The upcoming 3,000m Reverse Circulation (RC) drilling program will test the depth and strike continuity of gold mineralisation, with a focus on expanding known high-grade zones.

Alongside the RC drilling, additional air core (AC) drilling is scheduled for Q2 2025 to extend reconnaissance coverage across newly accessible prospective zones. These systematic campaigns are aimed at refining NAE’s understanding of the controls on mineralisation, ensuring the company can prioritise the most promising targets for future development.

NAE’s Executive Director, Joshua Wellisch, highlighted the strong investor support for the placement, noting that the funding will drive the next phase of exploration. With additional heritage clearances completed, the company is well-positioned to advance towards a potential major gold discovery.

Comparisons to De Grey’s Hemi Gold Deposit

NAE has drawn comparisons between Wagyu and De Grey Mining’s (ASX: DEG) Hemi Gold Deposit, one of Australia’s largest gold discoveries, holding an estimated 10.5Moz of gold. The geological similarities between the two projects, including the presence of intermediate intrusive rocks and near-surface gold mineralisation, reinforce the exploration potential at Wagyu.

NAE’s exploration strategy closely mirrors the early-stage development phases at Hemi, with the next round of drilling expected to provide deeper insights into mineralisation controls and the overall scale of the project. If further drilling continues to validate Wagyu’s potential, the project could become a significant gold discovery in its own right.

Placement Details and Investor Participation

The $1.6 million placement consisted of 400 million fully paid ordinary shares issued at $0.004 per share, representing a 20% discount to NAE’s last traded share price. Investors also received one free attaching option for every four shares, with an exercise price of $0.012 and an expiry date of 21 December 2026.

The placement was well supported by existing and new institutional investors, reflecting strong market confidence in NAE’s gold exploration strategy. The funds raised will be fully allocated to drilling programs and geological evaluations, ensuring continued progress at Wagyu.

Outlook and Growth Potential

With its exploration funding secured, NAE is now positioned to accelerate its drilling campaigns and refine its resource model at Wagyu. The upcoming RC drilling program in March 2025 will be closely watched for results that could confirm new high-grade gold zones, while the Q2 2025 air core drilling aims to expand the mineralised footprint.

As exploration progresses, further comparisons to De Grey Mining’s Hemi Gold Deposit could reinforce Wagyu’s long-term potential. If drilling success continues, NAE may attract further investment interest and potential strategic partnerships. The company’s ability to efficiently execute its exploration strategy and validate high-grade gold targets will be key to determining its future development prospects.