Ann: Quarterly Activities and Cashflow Report, page-2

Highlights

Pilbara Gold Project • NAE has completed an aeromagnetic survey covering 460km2 over the northern package of Pilbara GoldProjects (under option with Monterey Minerals)• The detailed aeromagnetic data has highlighted several “Hemi Style” intrusive Gold Targets• Maiden drilling program to assess High Priority Drill targets planned for the first half of 2021• The tenements currently under option would expand NAE’s total ground holding in the region to >2000km2• A further extension to the option agreement has been agreed with Monterey to allow adequate time tocomplete the programme and assess the dataNew Zealand Gold Projects • Verum Group Geologists commence regional soil sampling, mapping, and rock chip sampling programmeat NAE’s Lammerlaw Gold Project where multiple samples returning arsenic over 300ppm• Results indicate strong potential for shear hosted gold mineralisation along the metamorphic/lithologicalboundaries• NAE expands its New Zealand footprint with two new prospecting permits applied for in the South Island- The Manorburn and Marlborough applications are 100% owned by NAE and cover 720km²• Both application areas are prospective for orogenic gold mineralisation and complement NAE’s existingGold Exploration prospects, Lammerlaw and OPQCorporate • All resolutions considered at the Annual General Meeting on 25 November 2020 were put to a vote on aPoll, called by the Chairman, and were passed.• Well-funded with $3.72 million cash in bank at 31 December 2020• NAE will focus on advancing its gold exploration projects in the Pilbara Gold District, the South Island ofNew Zealand and will strengthen efforts to acquire new opportunities which establish shareholder value