New Age Exploration Limited (ASX: NAE), a globally diversified minerals and metals exploration and development company focused on gold and lithium projects, has announced it will raise $3.75 million through a placement of new ordinary shares. The placement received strong support from existing shareholders, as well as new high-net-worth and institutional investors, demonstrating confidence in the company’s exploration prospects. The funds will be primarily directed towards advancing exploration activities at the Wagyu Gold Project in the Central Pilbara, Western Australia, and the Lammerlaw Gold Project in Otago, New Zealand.
The Wagyu Gold Project, located approximately 5km west of Northern Star’s 11.2Moz Hemi gold deposit, has shown promising signs of ‘Hemi Style’ gold mineralisation. Recent analysis confirms multiple gold mineralised quartz diorite intrusives with alteration similar to that found at the Hemi deposit. The company plans to commence an immediate follow-up Reverse Circulation (RC) drilling program of up to 4000m at Wagyu to expand on recently discovered gold mineralisation. Funds will also be used for follow-up RC drilling at Lammerlaw to test strike and higher-grade shoots, where characteristics align with early exploration stage Macraes-style gold mineralisation.
The placement involves the issue of new fully paid ordinary shares at $0.0025 per share. The offer price represents a 16.7% discount to the company’s last traded price on 21 October 2025, and a 16.5% discount to the 10-day VWAP. Euroz Hartleys Limited acted as Sole Lead Manager and Bookrunner to the Placement. New Age Exploration’s Managing Director, Joshua Wellisch, expressed enthusiasm for the upcoming drilling campaign, anticipating strong news flow as exploration progresses.
