Chart Analysis
NAE Daily Timeframe Chart as of 26 May 2026
New Age Exploration (ASX: NAE) — Phase 2 RC and Diamond Drilling Nears Completion at Lammerlaw Gold-Antimony Project in New Zealand With Visible Sulphides in Targeted Shear Zone
On 26 May 2026, New Age Exploration Limited (ASX: NAE) announced that Phase 2 reverse circulation (RC) and diamond drilling at the Lammerlaw Gold-Antimony Project in Otago, New Zealand, has resumed and is nearing completion. As at 24 May 2026, 786.8 metres of drilling has been completed — comprising 640.1 metres of RC and 146.7 metres of diamond core (across two core holes and one diamond tail). The two diamond holes were designed to test the shear zone mineralisation around LAM RC13, the most significant intersection from the maiden Phase 1 program (6m at 0.65 g/t Au from 92m, including 2m at 1.05 g/t Au). Visible sulphides (arsenopyrite and pyrite) and quartz veining were logged in several holes, consistent with the Macraes-style orogenic gold mineralisation targeted at Lammerlaw. All assays are pending, with samples to be submitted progressively and results expected during Q2 2026. The program target is 1,050 metres, with completion expected within approximately one week subject to weather and ground conditions.
Key Details at a Glance
| Detail | Value |
|---|---|
| Project | Lammerlaw Gold-Antimony Project, Otago, New Zealand |
| Permit Area | 265 km² in the Lammerlaw Ranges |
| Phase 2 Program Target | ~1,050m (RC + diamond) |
| Metres Completed (as at 24 May) | 786.8m (640.1m RC + 146.7m diamond core) |
| Diamond Holes | 2 core holes + 1 diamond tail — testing shear zone around LAM RC13 |
| Visual Observations | Arsenopyrite, pyrite sulphides and quartz veining in several holes |
| Phase 1 Best Result (2025) | LAM RC13: 6m @ 0.65 g/t Au from 92m, incl. 2m @ 1.05 g/t Au |
| Phase 1 Total | 5 holes, 458m (completed April 2025) |
| Mineralisation Style | Macraes-style orogenic gold (geological analogue only) |
| Assay Status | All pending — results expected Q2 2026 |
| Completion | ~1 week from announcement (subject to weather/ground conditions) |
| Mineral Resource | None — early-stage exploration |
Phase 2 Drilling Progress — Diamond Core Targeting the LAM RC13 Shear Zone
The Phase 2 program is the first systematic follow-up to NAE's maiden Phase 1 drilling completed in April 2025. Phase 1 comprised 5 RC holes for 458 metres and intersected gold mineralisation within fresh basement schist beneath shallow cover. The most significant result was LAM RC13: 6 metres at 0.65 g/t Au from 92 metres downhole, including 2 metres at 1.05 g/t Au, with elevated tungsten and arsenic consistent with Macraes-style orogenic mineralisation.
Phase 2 has been designed in two components. The RC drilling provides broader coverage, with 8 holes for 554 metres completed before an operational pause (reported in the March 2026 quarterly) and additional metres drilled since resumption. The diamond core component (two holes and one tail, 146.7 metres) specifically targets the shear zone structure around LAM RC13, providing oriented core for structural analysis and higher-quality samples than RC drilling.
Both the diamond and RC holes intersected the targeted shear structure, with visible sulphides (arsenopyrite and pyrite) and quartz veining logged. The company notes these are visual observations only and are no substitute for assay results.
Lammerlaw Project — Location and Geological Context
The Lammerlaw Gold-Antimony Project is located in the Lammerlaw Ranges of Otago, New Zealand, within the Otago Schist Belt. The prospecting permit covers approximately 265 km². The project targets Macraes-style orogenic gold mineralisation — named after OceanaGold's Macraes gold mine, the largest gold mine in New Zealand with historical production exceeding 5 million ounces.
The company references Macraes as a geological analogue to describe the style of mineralisation being targeted, but explicitly disclaims that this implies Lammerlaw will host a deposit of similar size, grade, or economic potential. The Lammerlaw Project is at an early stage of exploration and no Mineral Resource or Ore Reserve has been defined.
NAE's Broader Portfolio
New Age Exploration holds three exploration projects:
Wagyu Gold Project (Pilbara, Western Australia): NAE's flagship Australian project, located in the Mallina Basin gold province. A maiden drill program was completed in April 2025, with "promising gold discoveries" reported in May 2025. The Pilbara tenement package covers approximately 1,893 km².
Lammerlaw Gold-Antimony Project (Otago, New Zealand): The subject of this announcement. Phase 2 drilling nearing completion.
Wallah Silver Project (New South Wales): A silver exploration project. Limited public information has been disclosed.
Market Context
NAE closed at $0.002 on the announcement day, up +33.3% from a previous close of $0.0015, with the stock closing on the intraday high. The 52-week range spans $0.001 to $0.006. At sub-cent prices, the absolute price movement was $0.0005 (half a tenth of a cent), where minimal order flow can produce significant percentage moves. The +33.3% represents a single-tick movement from $0.0015 to $0.0020. NAE's market capitalisation is approximately A$8.6 million.
Risks & Considerations
No assay results: The announcement reports drilling progress and visual observations only — no assay results have been disclosed. Visible sulphides and quartz veining do not guarantee economic gold grades. All assays are pending, with results expected during Q2 2026.
Very early-stage exploration: The Lammerlaw Project is at a very early stage. Phase 1 comprised only 5 holes for 458 metres, and the best result was 6 metres at 0.65 g/t Au — a modest intercept that does not on its own indicate economic potential. No Mineral Resource or economic study exists.
Single-tick price movement: The +33.3% move represents a single-tick increase from $0.0015 to $0.0020. At sub-cent price levels, one tick equals a 33% change. This magnitude of percentage movement is a function of the stock's extreme low price, not necessarily reflective of a proportional change in fundamental value.
Macraes analogue is geological context only: The company references OceanaGold's Macraes mine (>5Moz produced) as a geological analogue for the style of mineralisation targeted at Lammerlaw. This does not imply Lammerlaw will host a deposit of similar size or grade. The company explicitly disclaims this.
Operational pause during Phase 2: Drilling was paused after the initial 8 RC holes for operational reasons before resuming in May 2026. The cause of the pause was not specified beyond "operational reasons."
Funding: The announcement does not disclose NAE's current cash position. With a market capitalisation of approximately A$8.6 million and three active exploration projects across two countries, further capital raisings may be required.
New Zealand jurisdiction: While New Zealand is a well-regarded mining jurisdiction, the Otago region has specific environmental and permitting requirements that may affect future exploration and development activities.
Key Dates & Timeline
| Date | Event |
|---|---|
| April 2025 | Phase 1 maiden drilling completed (5 holes, 458m) |
| May 2025 | Phase 1 assays reported — LAM RC13: 6m @ 0.65 g/t Au from 92m |
| August 2025 | Additional Phase 1 geological interpretation reported |
| Early 2026 | Phase 2 RC drilling commenced (8 holes, 554m before pause) |
| May 2026 | Phase 2 drilling resumes; diamond core holes completed targeting LAM RC13 shear zone |
| 26 May 2026 | 786.8m completed; drilling nearing completion (~1,050m target); share price moved +33.3% |
| ~Early June 2026 | Phase 2 drilling completion expected |
| Q2 2026 | Assay results expected (samples submitted progressively) |
| TBC | Geological interpretation and further drill target prioritisation |
Price Data
- Previous Close: $0.0015
- Close Price (26 May 2026): $0.0020
- Change (26 May 2026): +33.3%
- 52-Week Range: $0.001 – $0.006
Notable Price Levels
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$0.006 — 52-week high, set in mid-2025 during the period following the Phase 1 maiden drill results (6m @ 0.65 g/t Au at LAM RC13) and Wagyu Gold Project discoveries. The stock reached $0.006 before retracing approximately 75% to the $0.001–$0.002 range over the following months. This level represents the maximum valuation the market has previously assigned to the NAE exploration portfolio and sits 200% above the announcement-day close — a significant distance indicating the stock has recovered a small fraction of its prior peak-to-trough decline.
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$0.004 — a prior trading level from mid-to-late 2025, where NAE consolidated during its decline from the $0.006 peak. This was the last area of meaningful two-way trading activity in the upper portion of the 52-week range. At sub-cent prices, the spread from the close ($0.002) to $0.004 represents a 100% move, illustrating the extreme percentage volatility inherent in trading at these price levels.
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$0.003 — a consolidation zone from the stock's post-peak decline in H2 2025. The stock paused around this level before continuing lower. This represents the first zone of potential overhead supply above the current price with any historical volume.
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$0.0020 — announcement-day close and the intraday high. The stock closed on the session high with no intraday pullback — a constructive close pattern. However, at sub-cent prices with extremely limited liquidity, the "close on the high" reflects the mechanics of tick-based pricing rather than necessarily sustained institutional buying pressure. At $0.002, NAE's market capitalisation is approximately A$8.6 million.
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$0.0015 — previous close immediately prior to the announcement. The stock had been consolidating around $0.001–$0.002 for several months, with $0.0015 representing the mid-range of this extended basing zone. A full retracement to $0.0015 from $0.0020 would represent a single-tick decline — the mirror image of the single-tick move that produced the +33.3% announcement-day change.
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$0.001 — 52-week low and the absolute minimum tick at which the stock can trade on the ASX (stocks cannot trade below $0.001). At this level, NAE's market capitalisation was approximately A$4.3 million. The $0.001 level functions as both a structural price floor (the minimum ASX trading increment) and the most pessimistic valuation the market has assigned to NAE over the past 12 months. From $0.002, a move to $0.001 would represent a 50% decline but only a single-tick move.
Key Takeaways
- NAE moved +33.3% on 26 May 2026 following a price-sensitive ASX disclosure (absolute move of $0.0005 — a single tick at sub-cent levels).
- The announcement — Lammerlaw Phase 2 Drilling Nears Completion — was the primary catalyst for the price movement.
- Phase 2 drilling at the Lammerlaw Gold-Antimony Project in New Zealand has reached 786.8 metres (640.1m RC + 146.7m diamond core) against a 1,050-metre target, with completion expected within approximately one week.
- Two diamond core holes intersected the targeted shear zone around LAM RC13 (Phase 1 best result: 6m @ 0.65 g/t Au from 92m), with visible sulphides (arsenopyrite, pyrite) and quartz veining logged — consistent with Macraes-style orogenic gold mineralisation.
- All assays are pending, with results expected during Q2 2026. Visual observations are no substitute for assay results.
- The project is at a very early exploration stage with no Mineral Resource. NAE also holds the Wagyu Gold Project in Western Australia's Pilbara region and the Wallah Silver Project in NSW.
Summary
New Age Exploration announced that Phase 2 RC and diamond drilling at the Lammerlaw Gold-Antimony Project in Otago, New Zealand, has resumed and is nearing completion, with 786.8 metres drilled against a 1,050-metre target. Two diamond core holes intersected the targeted shear zone around LAM RC13 — the best Phase 1 intersection (6m at 0.65 g/t Au from 92m) — with visible sulphides (arsenopyrite, pyrite) and quartz veining logged, consistent with Macraes-style orogenic gold mineralisation. The announcement coincided with a +33.3% move to $0.002 (a single-tick move at sub-cent levels). All assays are pending, with results expected during Q2 2026. Completion of the remaining drilling is expected within approximately one week. The project is at a very early exploration stage with no Mineral Resource or economic study. NAE's market capitalisation is approximately A$8.6 million across three exploration projects in Western Australia, New Zealand, and New South Wales.
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