New Age Exploration Limited advised that it has received a review of the Lochinvar metallurgical coal project 2014 Scoping Study and as previously updated in 2017 from Palaris Australia Pty Ltd. (Palaris). The review confirms that the project economics of the Lochinvar metallurgical coal project remain robust, despite recent cost increase in the United Kingdom. The Lochinvar metallurgical coal project is located on the border of England and Scotland in the United Kingdom.

The project consists of three contiguous exploration and conditional underground mining licences known as Lochinvar, Lochinvar North and Lochinvar South. All three licences are 100% owned by NAE. A total Coal Resource estimate of 111 Mt1 comprising 49 Mt of Indicated Resource and 62Mt Inferred Resource was reported for the Lochinvar project contained within the Nine Foot and Six Foot Seams, located within the Lochinvar project area (see ASX Announcement dated 29 August 2014).

The Resource Estimate was based on 9 holes drilled by the National Coal Board (NCB) from 1979 through to 1983 and 10 holes drilled by NAE in 2013 and 20141. NAE confirms that it is not aware of any new information or data that materially affects the information included in that release. All material assumptions and technical parameters underpinning the estimates in that release continue to apply and have not materially changed.

Further details in respect of Exploration Targets, including the level of exploration activity on which the estimates are based, and the exploration intended to test the Exploration Targets, is set out in the ASX releases referred to above. The potential quantity and quality of the Exploration Targets is conceptual in nature. Insufficient exploration has been undertaken to estimate a Mineral Resource and it is uncertain that further exploration will result in the estimation of a Mineral Resource.

The Resource Estimate and the Exploration Targets were reported in accordance with the JORC Code (2012). Historic exploration at Lochinvar commenced in the 1950s by the National Coal Board (NCB), which sank an initial four boreholes. This work proved the existence of the same sequence of thick coals of the Middle Coal Measures, which had been previously mined at Rowanburn colliery, within the Lochinvar North licence.