The Lochinvar Coking Coal Project is located on the Scottish and English borders. The project consists of three adjacent licences, which are 100% owned by NAE, known as Lochinvar, Lochinvar North, and Lochinvar South. A total coking coal resource of 111 Mt comprising 49 Mt Indicated Resource and 62 Mt Inferred Resource has been defined on the Lochinvar licence with a further 108-206Mt Exploration Target over the 3 licences. A Scoping Study was undertaken in 2014 and updated in 2017 demonstrating attractive economics for the project.
The Otago Pioneer Quartz Gold Exploration Project is owned 100% by NAE and is located on South Island NZ, west of Dunedin. In January 2019, NAE was granted an Exploration Permit covering 71.55 km2 including the historic Otago Pioneer Quartz (OPQ) Gold Mine A Phase 1 gold exploration program commenced in September 2019 with follow up programs also planned following Phase 1.
In July 2019, a transaction was completion to sell NAE’s 50% share of the Redmoor Tin-Tungsten Project, located in Cornwall, United Kingdom to Strategic Minerals Plc (“SML”) for a total consideration of $5.0m. Under the transaction agreement A$3.0m in cash is payable to NAE between June 2019 and June 2020, and royalty of up to A$2m is payable to NAE on mine production.