Key Highlights

  • New Zealand Petroleum and Minerals says the company was removed from the New Zealand Companies Register.
  • As a result, New Age's participating interests in three permits for the Lammerlaw project have vested in the Crown.
  • The Minister has not yet made any determination on the surrender or transfer of the permits.
  • The company is investigating reinstating its registration on the Overseas Companies Register, but cannot guarantee success.

New Age Exploration Limited (ASX:NAE) has advised the market that it has received correspondence from New Zealand Petroleum and Minerals concerning its participating interests in three New Zealand minerals permits. Those permits make up the Lammerlaw Gold-Antimony Project in Otago. The announcement, dated 10 November 2026, is an unexpected corporate and regulatory development for a company whose main asset is in New Zealand.

Removal From the Companies Register

According to the regulator's correspondence, New Age was removed from the New Zealand Companies Register. As a consequence, its participating interests in the permits comprising the project have vested in the Crown. The company's interest in the project therefore no longer rests with it, at least until a Reversal of that status is achieved.

The announcement does not explain the reason for the removal from the register. Companies are typically removed when registration obligations, such as filing or reporting requirements, are not met, and the company's own statement does not confirm the cause.

Status of the Permits

As at the date of the announcement, the Minister of New Zealand Petroleum and Minerals has not made any determination about the surrender or transfer of the permits. Until a decision is made, the future ownership of the permits and the Lammerlaw project remains uncertain, and the company's stake cannot be assumed to continue.

Reinstatement Options

With the assistance of New Zealand legal counsel, the company is investigating Options to reinstate its registration on the Overseas Companies Register. The company cannot guarantee that this will succeed, or that its participating interest in the project will vest back in it. The outcome depends on the regulator's process and any conditions it imposes.

Reinstatement would require New Age to satisfy the regulator's requirements for an overseas company, and the timing of that process is not disclosed. The company says it will provide updates as material information becomes available.

Project Context

The Lammerlaw Gold-Antimony Project is located in Otago on New Zealand's South Island. Its interests are held through three minerals permits, and the company's ability to advance the project depends on holding those permits. The announcement does not describe the project's current stage of exploration or its resource status, and investors would need the company's earlier disclosures for that information.

Risks and Matters to Monitor

The primary risk is loss of the project interest. If reinstatement fails, the company's stake would remain with the Crown, and any future value attributable to the project would be affected. The Minister's decision on the permits will determine whether a transfer or surrender occurs. Shareholders should also consider the company's governance and compliance processes, given the cause of the removal is not stated.

Final Word

New Age's permits for the Lammerlaw project have passed to the Crown while the company seeks to re-register. The reinstatement process and the Minister's decision on the permits will determine whether the company retains an interest in the project. Further updates from the company will indicate whether its participating interests can be restored, and on what terms.