New Age Exploration Limited ('NAE' or 'the Company') is pleased to provide the following update on the completion of soil, rock chip sampling and field mapping over several areas identified in recently completed review of detailed airborne geophysical data covering both of the Company's New Zealand Gold projects.

The projects include the Otago Pioneer Quartz ('OPQ') Project within NAE exploration permit (EP 60502) and the Lammerlaw Project which includes prospecting permit (PP 60544) adjoining OPQ to the west.

In addition, NAE has received A$1.8m as final cash payment for the recent sale of its Redmoor Project as announced in the March Quarterly 2020. The Company also has $2.0M in royalty payments payable based on Net Smelter Sales, as described in the 31 March 2020 quarterly.

CURRENT WORK PROGRAM

The incidence of the geological setting and conductivity lineaments similar to the Hyde Macraes Shear Zone, the close proximity of New Zealand's largest alluvial gold deposit (Gabriels Gully), and historic gold mines being located on the Permit make it particularly prospective for gold exploration. The first phase of follow up ground exploration has now been completed following restrictions due to COVID 19 being lifted. The initial fieldwork has focused on geological mapping; soil sampling and rock chip sampling.

Soil and rock chip sampling along with geological mapping has been completed over seven of the 21 soil lines identified by the geophysical interpretation accounted by NAE on 23 April 2020 and 11 June 2020. Poor weather prevented sampling at the other 14 soil lines due to their high altitude and early snow cover. Work was initially planned to be carried out in late March to early April 2020 but due to restrictions put in place due to Covid-19 work was not able to be completed at that time.

In total 217 soil samples have been collected for analysis by pXRF and fire assay for Au. Sampling was undertaken from 320 sites but due to Loess cover and ground conditions, an adequate sample could not be obtained from all sites. A total of 52 rock chip samples have been collected from 61 outcrop sites investigated.

All soil samples collected have been analysed with portable XRF in the field with the initial results being analysed. Rock chip samples are being prepared for XRF analysis. All samples have been sent to SGS in Waihi, NZ to be analysed for Au by fire assay. The remaining soil lines are planned to be sampled in Spring 2020 with drilling to follow.

FORWARD LOOKING STATEMENTS

This report contains 'forward-looking information' that is based on the Company's expectations, estimates and forecasts as of the date on which the statements were made. This forward-looking information includes, among other things, statements with respect to the Company's business strategy, plans, objectives, performance, outlook, growth, cash flow, earnings per share and shareholder value, projections, targets and expectations, mineral reserves and resources, results of exploration and related expenses, property acquisitions, mine development, mine operations, drilling activity, sampling and other data, grade and recovery levels, future production, capital costs, expenditures for environmental matters, life of mine, completion dates, commodity prices and demand, and currency exchange rates. Generally, this forward-looking information can be identified by the use of forward-looking terminology such as 'outlook', 'anticipate', 'project', 'target', 'likely', 'believe', 'estimate', 'expect', 'intend', 'may', 'would', 'could', 'should', 'scheduled', 'will', 'plan', 'forecast' and similar expressions. The forward looking information is not factual but rather represents only expectations, estimates and/or forecasts about the future and therefore need to be read bearing in mind the risks and uncertainties concerning future events generally.

Contact:

Tel: +613 9614 5612

Email: info@nae.net.au

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