Common use of Competent Persons Statement Clause in Contracts

Competent Persons Statement. The Exploration Target estimate is based on information compiled by Xx Xxxx Xxxxxxxx, who is a Member of the Australasian Institute of Geoscientists (Member No. 4090). Xx Xxxxxxxx is Principal Geologist with Xxxxxxx. He has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity he is undertaking to qualify as a Competent Person, as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Xx Xxxxxxxx has over 30 years’ experience in exploration and mining of coal deposits. Neither Xx Xxxxxxxx nor Palaris have a direct or indirect financial interest in, or association with New Age Exploration Ltd, the properties and tenements reviewed in this report, apart from standard contractual arrangements for the preparation of this report and other previous independent consulting work. In preparing this report, Xxxxxxx has been paid a fee for time expended based on standard hourly rates. The present and past arrangements for services rendered to New Age Exploration Ltd do not in any way compromise the independence of Palaris with respect to this review. Xx Xxxxxxxx consents to the inclusion of the matters based in this ASX release on his information noted in the form and context in which it appears. FORWARD LOOKING STATEMENTS New Age Exploration Limited Level 3, 000 Xxxxxxx Xxxxxx Melbourne, VIC 3000 Australia Phone: +00 0 0000 0000 Email: xxxx@xxx.xxx.xx ACN 004 749 508 ASX: NAE 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. APPENDIX A JORC TABLE 1 CHECKLIST OF ASSESSMENT AND REPORTING CRITERIA Table A.1 Sampling Techniques and Data Criteria Commentary Sampling techniques All coal seams at the Lochinvar North Project occur in the subsurface. Sampling was undertaken ply by ply sampling across whole or part intersections of coal seams. The coal analysis that is available are documented in National Coal Board reports. Drilling techniques Sampling of coal for analysis has been undertaken by use of conventional core drilling in holes 7.8 to 8.8 cm. Holes were drilled using open hole techniques (rotary rock-bit) down to a core point, and then cored until total depth. Drill sample recovery Linear core recovery is not noted on historical logs, but NCB coal analysis reports describe core recovery reported on a length by volume basis. Core losses from coal seams ranges from very poor to excellent recovery. Some attempts have been made to recovery recut sections of coal with whipstocks. Core recovery is reported as “always over 75%”. Logging Detailed lithological logs are available for historical holes. The use of Scottish geological terms warrants some translation. Some historical holes were logged by Schlumberger “electrical logging” techniques, including temperature, resistivity, self-potential and gamma ray. These geophysical logs have not been sighted by the author. Sub-sampling techniques and sample preparation The coal was sampled by plies, with samples defined by lithological boundaries (that is; coal and stone sampling). Subdivision techniques undertaken are not documented in the laboratory reports for the historical drilling. Quality of assay data and laboratory tests Historical coal analysis was undertaken by the NCB. Original copies of coal analysis for the Knottyholmfarm and Rowanburnfoot boreholes have been located and record proximate analysis, float-sink analysis and clean coal composite tests. Hand-written coal quality data is available for Woodhouselees bore. Evidence in the reports on these boreholes suggest that the work was done to British Standards for coal analysis. Verification of sampling and assaying Coal seam intersections and the stratigraphy encountered in each borehole have been correlated and verified by various parties, including Palaris and NAE. Since the NCB boreholes intersect considerable depth, they have been used in geological studies of the area and, as such, the stratigraphy of boreholes is well established. In 2013, NAE twinned a historical borehole in the Lochinvar Licence area to validate the historical drilling. Location of data points Survey data for the Lochinvar North Project is recorded in the Ordnance Survey National Grid coordinate system which is the geographic grid reference used in Great Britain. Accuracy of historical borehole collars is unknown but are assumed to readily located by maps and records associated with the drilling. Data spacing and distribution Borehole data intersecting the coal sequence is in the order of 2.0 to 3.5 km spacing, and is mainly focused within areas where the coal is <1000m deep. The NCB drilling in the 1950’s aimed to prove the existence of coal south of the Rowanburn Fault. The focus of later drilling was to the west, in the Lochinvar licence area, which now has boreholes at 0.5 to 1.5 km spacing. Orientation of data in relation to geological structure Seismic survey lines and exploration drilling have been used to interpret geological structure in the Lochinvar Project area, and adjacent Lochinvar North. Seismic lines were surveyed in NW- SE to SW-NE orientations, and as such, it is considered that major geological structures impacting the coal seams have been identified. Surface mapping near Canonbie and Rowanburn have identified major regional faults in that area. Sample security Specific sample security measures used by the NCB are not known or documented. Audits or reviews No evidence of review or audits of historical data is known to exist. Table A.2 Reporting of Exploration Results Criteria Commentary Mineral tenement and land tenure status NAE have applied for the area referred to as Lochinvar North. NAE hold title to Coal Exploration Licence CA11/EXP/0515/N, covering the project area known as Lochinvar. NAE later acquired Coal Exploration Licence CA11/EXP/0545/N covering the project area known as Lochinvar South. Both tenements are wholly leased to NAE. Exploration done by other parties The Lochinvar/Lochinvar North Project area has been explored for coal, oil and gas since the mid-1950s. Available data from 12 historical exploration boreholes has been utilised in combination with NAE data in the assessment of the tenements. Nine seismic lines totalling 64.15km have been collected over the Lochinvar/Lochinvar North Project area. The seismic data is a mix of dynamite sourced seismic lines acquired by British Coal between 1980 and 1983, and Vibroseis data collected by Lennox Oil Company between 1986 and 1987. The NAE licence area and area under application was overlapped by PEDL159 held by Dart Energy. The previous tenement holder, Greenpark Energy, drilled several xxxxx in the PEDL that were located within the Lochinvar Project area. These xxxxx included xxxxx that twinned the Broadmeadows and Becklees bores. The Broadmeadows well was drilled close to the Lochinvar North licence area. Not all data is publicly available from these xxxxx. Geology The Canonbie Coalfield is located at the north-eastern end of the Solway Basin where NAE hold their exploration title. This basin complex contains Carboniferous-age deposits with a thickness of up to 8,000 metres. The target coal seams of the Lochinvar North Project occur in the Middle Coal Measures of the Upper Carboniferous Pennine Coal Measures. In the Canonbie Coalfield, the Solway Syncline is bounded in the north and east by faults, and to the south and west, by unconformity and poor development of coal seams. The Pennine Coal Measures are exposed at the surface to the north-east of the Lochinvar Coal Project, where they have been historically mined, and dip beneath the unconformable Permian- Triassic New Red Sandstone sediments (St Bees and Eden Shales Formations) to the south- west. Precise limits of the Canonbie Coalfield are poorly understood as the coalfield is concealed by the Permian-Triassic sediments. Drill hole Information Xxxxxxxxx utilised in the reporting of exploration results were drilled during the two exploration phases of the NCB (1950’s, 1980’s) and the drilling by NAE (2013-2014). Intersections of the key seams are shown below: Bore Seam Depth roof Depth floor Thickness Knottyholm Farm Six Foot 445.31 446.84 1.53 Nine Foot 470.41 474.12 3.71 Crookholm Farm Six Foot 427.02 428.5 1.48 Nine Foot 448.54 453.00 4.46 Rowanburnfoot Six Foot 550.44 552.75 2.31 Nine Foot 573.9 577.95 4.05

Competent Persons Statement. The Exploration Target estimate information in this report that relates to exploration, exploration targets and drilling results is based on information compiled by Xx Xxxx Xxxxxxx Xxxxxxxx, who is a Member of the Australasian Institute of Geoscientists (Member No. 4090)Mining and Metallurgy. Xx Xxxxxxxx is Principal Geologist with Xxxxxxx. He a full time employee of Iron Ore Holdings Ltd and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person, Person as defined in the 2012 2004 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Xx Xxxxxxxx has over 30 years’ experience in exploration and mining of coal deposits. Neither Xx Xxxxxxxx nor Palaris have a direct or indirect financial interest in, or association with New Age Exploration Ltd, the properties and tenements reviewed in this report, apart from standard contractual arrangements for the preparation of this report and other previous independent consulting work. In preparing this report, Xxxxxxx has been paid a fee for time expended based on standard hourly rates. The present and past arrangements for services rendered to New Age Exploration Ltd do not in any way compromise the independence of Palaris with respect to this review. Xx Xxxxxxxx consents to the inclusion in the report of the matters based in this ASX release on his information noted in the form and context in which it appears. FORWARD LOOKING STATEMENTS New Age Exploration Limited Level 3The information in this report that relates to Mineral Resources has been compiled by Xx Xxxx Xxxxxxxx, 000 Xxxxxxx Xxxxxx Melbourne, VIC 3000 Australia Phone: +00 0 0000 0000 Email: xxxx@xxx.xxx.xx ACN 004 749 508 ASX: NAE This report contains “forward-looking information” who is a Member of the Australasian Institute of Mining and Metallurgy. Mr Xxxxxxxx is a full time employee of Widenbar and Associates and produced the Mineral Resource Estimates based on data and geological information supplied by IOH. Mr Xxxxxxxx has sufficient experience that is based on relevant to the Company’s expectations, estimates style of mineralisation and forecasts type of deposit under consideration and to the activity that he is undertaking to qualify as a Competent Person as defined in the 2004 Edition 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 Australasian Code 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. APPENDIX A JORC TABLE 1 CHECKLIST OF ASSESSMENT AND REPORTING CRITERIA Table A.1 Sampling Techniques and Data Criteria Commentary Sampling techniques All coal seams at the Lochinvar North Project occur in the subsurface. Sampling was undertaken ply by ply sampling across whole or part intersections of coal seams. The coal analysis that is available are documented in National Coal Board reports. Drilling techniques Sampling of coal for analysis has been undertaken by use of conventional core drilling in holes 7.8 to 8.8 cm. Holes were drilled using open hole techniques (rotary rock-bit) down to a core point, and then cored until total depth. Drill sample recovery Linear core recovery is not noted on historical logs, but NCB coal analysis reports describe core recovery reported on a length by volume basis. Core losses from coal seams ranges from very poor to excellent recovery. Some attempts have been made to recovery recut sections of coal with whipstocks. Core recovery is reported as “always over 75%”. Logging Detailed lithological logs are available for historical holes. The use of Scottish geological terms warrants some translation. Some historical holes were logged by Schlumberger “electrical logging” techniques, including temperature, resistivity, self-potential and gamma ray. These geophysical logs have not been sighted by the author. Sub-sampling techniques and sample preparation The coal was sampled by plies, with samples defined by lithological boundaries (that is; coal and stone sampling). Subdivision techniques undertaken are not documented in the laboratory reports for the historical drilling. Quality of assay data and laboratory tests Historical coal analysis was undertaken by the NCB. Original copies of coal analysis for the Knottyholmfarm and Rowanburnfoot boreholes have been located and record proximate analysis, float-sink analysis and clean coal composite tests. Hand-written coal quality data is available for Woodhouselees bore. Evidence in the reports on these boreholes suggest that the work was done to British Standards for coal analysis. Verification of sampling and assaying Coal seam intersections and the stratigraphy encountered in each borehole have been correlated and verified by various parties, including Palaris and NAE. Since the NCB boreholes intersect considerable depth, they have been used in geological studies of the area and, as such, the stratigraphy of boreholes is well established. In 2013, NAE twinned a historical borehole in the Lochinvar Licence area to validate the historical drilling. Location of data points Survey data for the Lochinvar North Project is recorded in the Ordnance Survey National Grid coordinate system which is the geographic grid reference used in Great Britain. Accuracy of historical borehole collars is unknown but are assumed to readily located by maps and records associated with the drilling. Data spacing and distribution Borehole data intersecting the coal sequence is in the order of 2.0 to 3.5 km spacing, and is mainly focused within areas where the coal is <1000m deep. The NCB drilling in the 1950’s aimed to prove the existence of coal south of the Rowanburn Fault. The focus of later drilling was to the west, in the Lochinvar licence area, which now has boreholes at 0.5 to 1.5 km spacing. Orientation of data in relation to geological structure Seismic survey lines and exploration drilling have been used to interpret geological structure in the Lochinvar Project area, and adjacent Lochinvar North. Seismic lines were surveyed in NW- SE to SW-NE orientations, and as such, it is considered that major geological structures impacting the coal seams have been identified. Surface mapping near Canonbie and Rowanburn have identified major regional faults in that area. Sample security Specific sample security measures used by the NCB are not known or documented. Audits or reviews No evidence of review or audits of historical data is known to exist. Table A.2 Reporting of Exploration Results Criteria Commentary Mineral tenement Results, Minerals Resources and land tenure status NAE have applied for Ore Reserves. Mr Xxxxxxxx consents to the area referred to as Lochinvar North. NAE hold title to Coal Exploration Licence CA11/EXP/0515/N, covering inclusion in this report of the project area known as Lochinvar. NAE later acquired Coal Exploration Licence CA11/EXP/0545/N covering the project area known as Lochinvar South. Both tenements are wholly leased to NAE. Exploration done by other parties The Lochinvar/Lochinvar North Project area has been explored for coal, oil and gas since the mid-1950s. Available data from 12 historical exploration boreholes has been utilised in combination with NAE data matters based on his information in the assessment form and context that the information appears. Corporate Profile (as at 23 October 2012) Iron Ore Holdings Ltd (ASX: IOH) owns and manages a portfolio of hematite and magnetite iron ore tenements and projects within its Central, Western and Coastal hubs in the tenements. Nine seismic lines totalling 64.15km have been collected over the Lochinvar/Lochinvar North Project areaPilbara region of Western Australia. The seismic data is a mix of dynamite sourced seismic lines acquired by British Coal between 1980 and 1983, and Vibroseis data collected by Lennox Oil Company between 1986 and 1987. The NAE licence area and area under application was overlapped by PEDL159 held by Dart Energy. The previous tenement holder, Greenpark Energy, drilled several xxxxx in the PEDL that were Company’s projects are all strategically located within the Lochinvar close proximity to existing and planned infrastructure. IOH has a stable share register, as well as an experienced Board and senior management team. Ordinary Shares on Issue: 161,174,005 Board of Directors: Hon Xxxxxxx Xxxxx AC Non-Executive Chairman Xxxxx Xxxxxxx Managing Director Xxx Xxxxxxx Non-Executive Director Xxxxx X’Xxxxxxx Non-Executive Director Xxxx Xxxxxx Non-Executive Director Company Secretary: Xxxxx Xxxxxxxxx Executive Team: Xxxxx Xxxxxxx Managing Director Xxxxxxxxx Xxxxxxxxx Chief Financial Officer Xxxxx Xxxxxxxx GM Project areaDevelopment Xxx Xxxxxxx XX Business Development Xxxxxxx Xxxxxxxx Chief Geologist Registered Office: Level 1 0 Xxxxxx Xxxxxx West Perth, WA, 6005 T: (00) 0000 0000 F: (00) 0000 0000 E: xxxx@xxxxxxxxxxxxxxx.xxx W: xxx.xxxxxxxxxxxxxxx.xxx Share Registry: Security Transfer Registrars Pty Limited. These xxxxx included xxxxx that twinned the Broadmeadows and Becklees bores. The Broadmeadows well was drilled close to the Lochinvar North licence area. Not all data is publicly available from these xxxxx. Geology The Canonbie Coalfield is located at the north-eastern end of the Solway Basin where NAE hold their exploration title. This basin complex contains Carboniferous-age deposits with a thickness of up to 8,000 metres. The target coal seams of the Lochinvar North Project occur in the Middle Coal Measures of the Upper Carboniferous Pennine Coal Measures. In the Canonbie Coalfield, the Solway Syncline is bounded in the north and east by faults, and to the south and west, by unconformity and poor development of coal seams. The Pennine Coal Measures are exposed at the surface to the north-east of the Lochinvar Coal Project, where they have been historically mined, and dip beneath the unconformable Permian- Triassic New Red Sandstone sediments (St Bees and Eden Shales Formations) to the south- west. Precise limits of the Canonbie Coalfield are poorly understood as the coalfield is concealed by the Permian-Triassic sediments. Drill hole Information Xxxxxxxxx utilised in the reporting of exploration results were drilled during the two exploration phases of the NCB (1950’s, 1980’s) and the drilling by NAE (2013-2014). Intersections of the key seams are shown below000 Xxxxxxx Xxxxxxx Major Shareholders: Bore Seam Depth roof Depth floor Thickness Knottyholm Farm Six Foot 445.31 446.84 1.53 Nine Foot 470.41 474.12 3.71 Crookholm Farm Six Foot 427.02 428.5 1.48 Nine Foot 448.54 453.00 4.46 Rowanburnfoot Six Foot 550.44 552.75 2.31 Nine Foot 573.9 577.95 4.05Wroxby Pty Ltd 52.7 % Sumisho Iron 4.3 %

Competent Persons Statement. The Exploration Target estimate information in this report that relates to the estimation and reporting of the Xxx de Vida Project Mineral Resources and Ore Reserves is extracted from the report entitled “Xxx De Vida: Revised Definitive Feasibility Study Confirms Low Cost, Long Life and Economically Robust Operation” created on 22 August 2016 which is available to view on xxx.xxxxxxxxxxxxx.xxx and xxx.xxx.xxx.xx. The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement and that all material assumptions and technical parameters underpinning the Mineral Resources and Ore Reserves estimates in the relevant market announcement continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcement. The information in this report that relates to the apportionment of the Xxx de Vida Project Mineral Resources is based on information compiled by Xx Xxxx XxxxxxxxXxxxxxx Xxxxx, who MS PG. Xxxxxxx Xxxxx has more than 30 years of relevant experience and is a Registered Member of the Australasian Institute of Geoscientists Society for Mining, Metallurgy & Exploration, Inc (Member No. 4090SME), a ‘Recognised Professional Organisation’ (RPO). Xxxxxxx Xxxxx is a full-time employee of Xxxxxxxxxx & Associates Consultores Limitada and Xx Xxxxxxxx is Principal Geologist with Xxxxxxx. He Xxxxx has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity he is undertaking being undertaken to qualify as a Competent Person, Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Xx Xxxxxxxx has over 30 years’ experience in exploration and mining of coal deposits. Neither Xx Xxxxxxxx nor Palaris have a direct or indirect financial interest in, or association with New Age Exploration Ltd, the properties and tenements reviewed in this report, apart from standard contractual arrangements for the preparation of this report and other previous independent consulting work. In preparing this report, Xxxxxxx has been paid a fee for time expended based on standard hourly rates. The present and past arrangements for services rendered to New Age Exploration Ltd do not in any way compromise the independence of Palaris with respect to this review. Xx Xxxxxxxx Xxxxx consents to the inclusion in this report of the matters based in this ASX release on his information noted in the form and context in which it appears. FORWARD LOOKING STATEMENTS New Age Exploration Limited Level 3, 000 Xxxxxxx Xxxxxx Melbourne, VIC 3000 Australia Phone: +00 0 0000 0000 Email: xxxx@xxx.xxx.xx ACN 004 749 508 ASX: NAE appears Caution Regarding Forward-Looking Information This report document contains “forward-looking information” that is based on statements concerning Galaxy. Forward-looking statements are not statements of historical fact and actual events and results may differ materially from those described in the forward-looking statements because of a variety of risks, uncertainties and other factors. Forward-looking statements are inherently subject to business, economic, competitive, political and social uncertainties and contingencies. Many factors could cause the Company’s expectations, estimates and forecasts as of the date on which the statements were made. This actual results to differ materially from those expressed or implied in any forward-looking information includesprovided by the Company, or on behalf of, the Company. Such factors include, among other things, risks relating to additional funding requirements, metal prices, exploration, development and operating risks, competition, production risks, regulatory restrictions, including environmental regulation and liability and potential title disputes. Forward looking statements with respect to in this document are based on Galaxy’s beliefs, opinions and estimates of Galaxy as of 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 demanddates the forward- looking statements are made, and currency exchange ratesno obligation is assumed to update forward looking statements if these beliefs, opinions and estimates should change or to reflect other future developments. 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. APPENDIX A JORC TABLE 1 CHECKLIST OF ASSESSMENT AND REPORTING CRITERIA Table A.1 Sampling Techniques and Data Criteria Commentary Sampling techniques All coal seams at the Lochinvar North Project occur Not For Release in the subsurface. Sampling was undertaken ply by ply sampling across whole or part intersections of coal seams. The coal analysis that is available are documented in National Coal Board reports. Drilling techniques Sampling of coal for analysis has been undertaken by use of conventional core drilling in holes 7.8 to 8.8 cm. Holes were drilled using open hole techniques (rotary rock-bit) down to a core point, and then cored until total depth. Drill sample recovery Linear core recovery is not noted on historical logs, but NCB coal analysis reports describe core recovery reported on a length by volume basis. Core losses from coal seams ranges from very poor to excellent recovery. Some attempts have been made to recovery recut sections of coal with whipstocks. Core recovery is reported as “always over 75%”. Logging Detailed lithological logs are available for historical holes. The use of Scottish geological terms warrants some translation. Some historical holes were logged by Schlumberger “electrical logging” techniques, including temperature, resistivity, self-potential and gamma ray. These geophysical logs have not been sighted by the author. Sub-sampling techniques and sample preparation The coal was sampled by plies, with samples defined by lithological boundaries (that is; coal and stone sampling). Subdivision techniques undertaken are not documented in the laboratory reports for the historical drilling. Quality of assay data and laboratory tests Historical coal analysis was undertaken by the NCB. Original copies of coal analysis for the Knottyholmfarm and Rowanburnfoot boreholes have been located and record proximate analysis, float-sink analysis and clean coal composite tests. Hand-written coal quality data is available for Woodhouselees bore. Evidence in the reports on these boreholes suggest that the work was done to British Standards for coal analysis. Verification of sampling and assaying Coal seam intersections and the stratigraphy encountered in each borehole have been correlated and verified by various parties, including Palaris and NAE. Since the NCB boreholes intersect considerable depth, they have been used in geological studies of the area and, as such, the stratigraphy of boreholes is well established. In 2013, NAE twinned a historical borehole in the Lochinvar Licence area to validate the historical drilling. Location of data points Survey data for the Lochinvar North Project is recorded in the Ordnance Survey National Grid coordinate system which is the geographic grid reference used in Great Britain. Accuracy of historical borehole collars is unknown but are assumed to readily located by maps and records associated with the drilling. Data spacing and distribution Borehole data intersecting the coal sequence is in the order of 2.0 to 3.5 km spacing, and is mainly focused within areas where the coal is <1000m deep. The NCB drilling in the 1950’s aimed to prove the existence of coal south of the Rowanburn Fault. The focus of later drilling was to the west, in the Lochinvar licence area, which now has boreholes at 0.5 to 1.5 km spacing. Orientation of data in relation to geological structure Seismic survey lines and exploration drilling have been used to interpret geological structure in the Lochinvar Project area, and adjacent Lochinvar North. Seismic lines were surveyed in NW- SE to SW-NE orientations, and as such, it is considered that major geological structures impacting the coal seams have been identified. Surface mapping near Canonbie and Rowanburn have identified major regional faults in that area. Sample security Specific sample security measures used by the NCB are not known or documented. Audits or reviews No evidence of review or audits of historical data is known to exist. Table A.2 Reporting of Exploration Results Criteria Commentary Mineral tenement and land tenure status NAE have applied for the area referred to as Lochinvar North. NAE hold title to Coal Exploration Licence CA11/EXP/0515/N, covering the project area known as Lochinvar. NAE later acquired Coal Exploration Licence CA11/EXP/0545/N covering the project area known as Lochinvar South. Both tenements are wholly leased to NAE. Exploration done by other parties The Lochinvar/Lochinvar North Project area has been explored for coal, oil and gas since the mid-1950s. Available data from 12 historical exploration boreholes has been utilised in combination with NAE data in the assessment of the tenements. Nine seismic lines totalling 64.15km have been collected over the Lochinvar/Lochinvar North Project area. The seismic data is a mix of dynamite sourced seismic lines acquired by British Coal between 1980 and 1983, and Vibroseis data collected by Lennox Oil Company between 1986 and 1987. The NAE licence area and area under application was overlapped by PEDL159 held by Dart Energy. The previous tenement holder, Greenpark Energy, drilled several xxxxx in the PEDL that were located within the Lochinvar Project area. These xxxxx included xxxxx that twinned the Broadmeadows and Becklees bores. The Broadmeadows well was drilled close to the Lochinvar North licence area. Not all data is publicly available from these xxxxx. Geology The Canonbie Coalfield is located at the north-eastern end of the Solway Basin where NAE hold their exploration title. This basin complex contains Carboniferous-age deposits with a thickness of up to 8,000 metres. The target coal seams of the Lochinvar North Project occur in the Middle Coal Measures of the Upper Carboniferous Pennine Coal Measures. In the Canonbie Coalfield, the Solway Syncline is bounded in the north and east by faults, and to the south and west, by unconformity and poor development of coal seams. The Pennine Coal Measures are exposed at the surface to the north-east of the Lochinvar Coal Project, where they have been historically mined, and dip beneath the unconformable Permian- Triassic New Red Sandstone sediments (St Bees and Eden Shales Formations) to the south- west. Precise limits of the Canonbie Coalfield are poorly understood as the coalfield is concealed by the Permian-Triassic sediments. Drill hole Information Xxxxxxxxx utilised in the reporting of exploration results were drilled during the two exploration phases of the NCB (1950’s, 1980’s) and the drilling by NAE (2013-2014). Intersections of the key seams are shown below: Bore Seam Depth roof Depth floor Thickness Knottyholm Farm Six Foot 445.31 446.84 1.53 Nine Foot 470.41 474.12 3.71 Crookholm Farm Six Foot 427.02 428.5 1.48 Nine Foot 448.54 453.00 4.46 Rowanburnfoot Six Foot 550.44 552.75 2.31 Nine Foot 573.9 577.95 4.05US

Competent Persons Statement. The information in this report that relates to Exploration Target estimate Results is based on on, and fairly represents, information compiled by Xx Xxxx XxxxxxxxXxxxxx Xxxx, a Competent Person who is a Member of the Australasian Australian Institute of Geoscientists (Member No. 4090AIG). Xx Xxxxxxxx is Principal Geologist with Xxxxxxx. He Xxxx has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration consideration, and to the activity he is undertaking being undertaken to qualify as a Competent Person, Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore ReservesJORC Code. Xx Xxxxxxxx has over 30 years’ experience in exploration and mining of coal deposits. Neither Xx Xxxxxxxx nor Palaris have a direct or indirect financial interest in, or association with New Age Exploration Ltd, the properties and tenements reviewed in this report, apart from standard contractual arrangements for the preparation of this report and other previous independent consulting work. In preparing this report, Xxxxxxx has been paid a fee for time expended based on standard hourly rates. The present and past arrangements for services rendered to New Age Exploration Ltd do not in any way compromise the independence of Palaris with respect to this review. Xx Xxxxxxxx Xxxx consents to the inclusion in the report of the matters based in this ASX release on his information noted in the form and context in which it appears. FORWARD LOOKING STATEMENTS New Age Exploration Limited Level 3Xx Xxxx is a director of XXXX Gold. In addition, 000 Xxxxxxx Xxxxxx MelbourneXx Xxxx and Xxx Xxxx (Xx Xxxx’ spouse) as trustees for <ADK Family Trust> are a 25% shareholder of XXXX Gold. If the Proposed Transaction completes: • Xx Xxxx and Xxx Xxxx as trustees for <ADK Family Trust> will receive 22,000,000 Consideration Shares, VIC 3000 Australia Phone10,000,000 Consideration Options and may be issued 25,000,000 Deferred Securities provided the relevant hurdles are met; • Xx Xxxx will be appointed the Managing Director of Pelican. The remuneration package to be given to Xx Xxxx has not yet been negotiated but will be announced to the market in due course; and • Xx Xxxx will be issued 10,000,000 performance rights over Pelican Shares. Full details of the performance rights will be set out in the notice of annual general meeting pursuant to which Pelican shareholder approval will be sought for the Proposed Transaction. Annexure A At completion of the Proposed Transaction, XXXX Gold will hold the following tenements all of which are in Queensland: +00 0 0000 0000 Email: xxxx@xxx.xxx.xx ACN 004 749 508 ASX: NAE This report contains “forward-looking information” that is based Project Name Tenement Expiry Date Size Triumph9 EPM 18486 11/10/2020 32 BL Triumph10 EPM 19343 29/01/2022 11 BL Hodgkinson10 EPM 19809 15/10/2023 13 BL Hodgkinson11 EPM 25139 05/01/2024 3 BL Hodgkinson11 EPM 18171 19/07/2021 22 XX Xxxxxxxxxx EPM 27539 01/06/2025 23 XX Xxxxxxxxxx EPM 27574 09/08/2025 11 XX Xxxxxxxxxx EPM 27575 (APPLICATION) N/A 39 BL Investigator EPM 27343 29/07/2025 8 BL Investigator EPM 27344 29/07/2025 28 BL 9 XXXX Gold has agreed to pay Roar Resources Pty Ltd (Roar) (the vendor of EPM 18486 and EPM 19343 (the Triumph Tenements)) a 1% royalty on the Company’s expectationsgross revenue from the sale or other disposal of gold found on the Triumph Tenements. XXXX Gold is obliged to make certain bonus payments to Roar upon satisfaction of certain milestones. The bonus payments are due within 60 days of XXXX Gold giving notice it has identified specified Mineral Resources (on an Au Equivalent basis, estimates being the gold Mineral Resource plus a quantity of non-gold metal(s) in Mineral Resource having an economic value expressed in ounces of gold and forecasts calculated by multiplying the quantity of non-gold metal(s) in Mineral Resource by the average 30 day LME spot price for the metal(s) immediately preceding the time of reporting the Mineral Resource and dividing the product by the average 30 day LME spot gold price immediately preceding the time of reporting the gold Mineral Resource or such other method as XXXX Gold and Roar agree both acting reasonably) as follows: - a once-off payment of $1,500,000 in the date event that and when XXXX Gold identifies a JORC Code Mineral Resource of 500,000oz or more (calculated on which an Au Equivalent basis) in aggregate on the statements were madeTriumph Tenements; - a once-off payment of $2,000,000 in the event that and when XXXX Gold identifies a gold equivalent Mineral Resource of 1,000,000oz or more (calculated on an Au Equivalent basis) in aggregate on the Triumph Tenements; and - a once-off payment of $2,500,000 in the event that and when XXXX Gold identifies a gold equivalent Mineral Resource of 2,000,000oz or more (calculated on an Au Equivalent basis) in aggregate on the Triumph Tenements. This forward-looking information includesIf the first JORC Code equivalent Mineral Resource identified is either 1,000,000oz or more in aggregate or 2,000,000oz or more in aggregate, among other things, statements with respect then the bonus payments noted above are in addition to the Company’s business strategybonus payment due under the previous milestone. By way of example, plansif the first Mineral Resource identified is 1,000,000oz or more in aggregate, objectives, performance, outlook, growth, cash flow, earnings per share and shareholder value, projections, targets and expectations, mineral reserves and resources, results a total 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 $3,500,000 will 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. APPENDIX A JORC TABLE 1 CHECKLIST OF ASSESSMENT AND REPORTING CRITERIA Table A.1 Sampling Techniques and Data Criteria Commentary Sampling techniques All coal seams at the Lochinvar North Project occur in the subsurface. Sampling was undertaken ply by ply sampling across whole or part intersections of coal seams. The coal analysis that is available are documented in National Coal Board reports. Drilling techniques Sampling of coal for analysis has been undertaken by use of conventional core drilling in holes 7.8 to 8.8 cm. Holes were drilled using open hole techniques (rotary rock-bit) down to a core point, and then cored until total depth. Drill sample recovery Linear core recovery is not noted on historical logs, but NCB coal analysis reports describe core recovery reported on a length by volume basis. Core losses from coal seams ranges from very poor to excellent recovery. Some attempts have been made to recovery recut sections of coal with whipstocks. Core recovery is reported as “always over 75%”. Logging Detailed lithological logs are available for historical holes. The use of Scottish geological terms warrants some translation. Some historical holes were logged by Schlumberger “electrical logging” techniques, including temperature, resistivity, self-potential and gamma ray. These geophysical logs have not been sighted by the author. Sub-sampling techniques and sample preparation The coal was sampled by plies, with samples defined by lithological boundaries (that is; coal and stone sampling). Subdivision techniques undertaken are not documented in the laboratory reports for the historical drilling. Quality of assay data and laboratory tests Historical coal analysis was undertaken by the NCB. Original copies of coal analysis for the Knottyholmfarm and Rowanburnfoot boreholes have been located and record proximate analysis, float-sink analysis and clean coal composite tests. Hand-written coal quality data is available for Woodhouselees bore. Evidence in the reports on these boreholes suggest that the work was done to British Standards for coal analysis. Verification of sampling and assaying Coal seam intersections and the stratigraphy encountered in each borehole have been correlated and verified by various parties, including Palaris and NAE. Since the NCB boreholes intersect considerable depth, they have been used in geological studies of the area and, as such, the stratigraphy of boreholes is well established. In 2013, NAE twinned a historical borehole in the Lochinvar Licence area to validate the historical drilling. Location of data points Survey data for the Lochinvar North Project is recorded in the Ordnance Survey National Grid coordinate system which is the geographic grid reference used in Great Britain. Accuracy of historical borehole collars is unknown but are assumed to readily located by maps and records associated with the drilling. Data spacing and distribution Borehole data intersecting the coal sequence is in the order of 2.0 to 3.5 km spacing, and is mainly focused within areas where the coal is <1000m deep. The NCB drilling in the 1950’s aimed to prove the existence of coal south of the Rowanburn Fault. The focus of later drilling was to the west, in the Lochinvar licence area, which now has boreholes at 0.5 to 1.5 km spacing. Orientation of data in relation to geological structure Seismic survey lines and exploration drilling have been used to interpret geological structure in the Lochinvar Project area, and adjacent Lochinvar North. Seismic lines were surveyed in NW- SE to SW-NE orientations, and as such, it is considered that major geological structures impacting the coal seams have been identified. Surface mapping near Canonbie and Rowanburn have identified major regional faults in that area. Sample security Specific sample security measures used by the NCB are not known or documented. Audits or reviews No evidence of review or audits of historical data is known to exist. Table A.2 Reporting of Exploration Results Criteria Commentary Mineral tenement and land tenure status NAE have applied for the area referred to as Lochinvar North. NAE hold title to Coal Exploration Licence CA11/EXP/0515/N, covering the project area known as Lochinvar. NAE later acquired Coal Exploration Licence CA11/EXP/0545/N covering the project area known as Lochinvar South. Both tenements are wholly leased to NAE. Exploration done by other parties The Lochinvar/Lochinvar North Project area has been explored for coal, oil and gas since the mid-1950s. Available data from 12 historical exploration boreholes has been utilised in combination with NAE data in the assessment of the tenements. Nine seismic lines totalling 64.15km have been collected over the Lochinvar/Lochinvar North Project area. The seismic data is a mix of dynamite sourced seismic lines acquired by British Coal between 1980 and 1983, and Vibroseis data collected by Lennox Oil Company between 1986 and 1987. The NAE licence area and area under application was overlapped by PEDL159 held by Dart Energy. The previous tenement holder, Greenpark Energy, drilled several xxxxx in the PEDL that were located within the Lochinvar Project area. These xxxxx included xxxxx that twinned the Broadmeadows and Becklees bores. The Broadmeadows well was drilled close to the Lochinvar North licence area. Not all data is publicly available from these xxxxx. Geology The Canonbie Coalfield is located at the north-eastern end of the Solway Basin where NAE hold their exploration title. This basin complex contains Carboniferous-age deposits with a thickness of up to 8,000 metres. The target coal seams of the Lochinvar North Project occur in the Middle Coal Measures of the Upper Carboniferous Pennine Coal Measures. In the Canonbie Coalfield, the Solway Syncline is bounded in the north and east by faults, and to the south and west, by unconformity and poor development of coal seams. The Pennine Coal Measures are exposed at the surface to the north-east of the Lochinvar Coal Project, where they have been historically mined, and dip beneath the unconformable Permian- Triassic New Red Sandstone sediments (St Bees and Eden Shales Formations) to the south- west. Precise limits of the Canonbie Coalfield are poorly understood as the coalfield is concealed by the Permian-Triassic sediments. Drill hole Information Xxxxxxxxx utilised in the reporting of exploration results were drilled during the two exploration phases of the NCB (1950’s, 1980’s) and the drilling by NAE (2013-2014). Intersections of the key seams are shown below: Bore Seam Depth roof Depth floor Thickness Knottyholm Farm Six Foot 445.31 446.84 1.53 Nine Foot 470.41 474.12 3.71 Crookholm Farm Six Foot 427.02 428.5 1.48 Nine Foot 448.54 453.00 4.46 Rowanburnfoot Six Foot 550.44 552.75 2.31 Nine Foot 573.9 577.95 4.05payable.