Ann: Trading Halt, page-18

Understand your sentiment but regardless the newish (2023) chief geo consultant Greg Hudson (impressive to talk to) has done a great job getting NAE to this point and Josh has done a great job with the SI raise, probably using his network from NRG, which clearly indicates confidence in what NAE may have in the ground. These two guys work well together and you can sense their excitment with Wagyu being only 40km from Hemi (11.2mOZ+) which is why its T1 asset.

Nearology obviously doesn't alway work out but when it does ...

NZX:SMI is a good example with a distance of 96km between the OceanaGold Mine at 'Macraes' (5mOz since 1990) and the Santana Minerals 'Rise and Shine' discovery (which has a MRE of 2.1mOz+ and about to put its application in through a fast track system for a mining permit).

And then you have NAE's 'Manorburn' (236sqm) in a region known for shear-hosted gold deposits which is strongly suggesting geological continuity with the Otago Schist/Gold Belt prospect located 20 km southeast of the Rise and Shine Shear Zone (part of Bendigo-Ophir) and 85 km west of the Macraes Gold Mine.

Some here may recall NAE annoucing in late 2023 rock chip sampling results from Manorburn, with assays up to 8.4 g/t gold from quartz veins and breccias, indicating potential for economic mineralization. Yes I am aware that surface samples don’t define a resource—tonnage and continuity require drilling which might possibly be funded via success at Wagyu allowing a CR at a higher SP causing less dilution.

Yup 2.149B SOI and a MC of $10.75 doesnt read well but the MC could improve sharply if the RC programe produces the goods.

$1.6M buys a lot of holes: Phase 2 in 2024 covered 4,370 meters across 101 holes (averaging ~43m/hole), and I would estimate this phase likely aims for a similar or larger scale (e.g. 3,000-5,000m), given the funding and urgency.

Good pedigree for both Wagyu and Manorburn.

This is a very exciting time for NAE