Quarterly Activities Report for the Period Ended 30th June 2022

onlyNEWPEAK METALS LTD

ASX Code: NPM

FSE Code: NPM

Shares on Issue 8.8 Billion

useList d Options on Issue 1.4 billion

Market Capitalisation

A$8.8 m (at A$0.001 per share)

Directors

Nick Mather (Non-Executive Chairman)

David Mason (Non-Executive Director) personalBri n Moller (Non-Executive Director)

Andrew Gladman (Non-Executive Director)

Company Secretary

J hn Haley

Contact Details

Level 27, 111 Eagle Street

Brisbane Qld 4000

Tel: +61 7 3303 0650

Fax: +61 7 3303 0681

htt ://www.newpeak.com.au Follow us on Twitter:@ASX_NPM For

HIGHLIGHTS

PROJECT HIGHLIGHTS

Finland-Satulinmaki Gold Project

  • Results from the completed 10 diamond drill hole program for a total of 1,955m, continue to define a wide mineralised corridor.
  • The best intersections from recent results include:
    • 4m @ 5.64g/t Gold from 112m in drillhole SM0012 including 1m @ 19.75g/t Gold from 113m
    • 12m @ 1.13g/t Gold from 196m in drillhole SM0014
    • 4m @ 1.39g/t Gold from 257m in drillhole SM0010 including 1m @ 3.29g/t Gold from 260m
    • 10m @ 1.03g/t Gold from 116.4m in drillhole SM0011

Argentina-Cachi Gold Project

  • Traverse mapping and data review provide an improved geological, structural and stratigraphic understanding of Cachi
  • Recent work confirms main targets pose numerous geological features, favourable for gold mineralisation
  • Significant rock chip results from recent sampling across the Cachi project include:
  1. 1.73g/t Gold from sample A05571 taken from the Simon

target

    1. 6.62g/t Gold, 134g/t Silver, 7.4% Lead, 0.24% Copper and 0.22% Zinc from sample A10049 taken from the Patricia target
  • Consultant engaged to undertake N43-101 reports on both the Sweden and Finland projects to define the exploration potential and outline the future exploration strategy for these assets.
  • At the Yxsjöberg area (tungsten) in Sweden, digitisation of the historical underground mine maps is ongoing and will used, in conjunction with the recently digitised drillhole date, to develop a 3D model to aid future exploration.

CORPORATE

On 12 July 2022, Lakes Blue Energy N.L (ASX-LKO) released details to ASX relating to a Technical Cooperation Agreement with TotalEnergies over PNG Petroleum Prospecting Licence 560. New Peak holds approximately 10 billion shares or 22% of LKO.

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REVIEW OF PROJECTS AND ACTIVITIES

NewPeak Metals Ltd (the Company, NewPeak, ASX:NPM) is pleased to provide a summary of the Company's activities for the quarter ended 30th June 2022.

Commenting on the Second Quarter, NewPeak interim Chief Executive Officer, Boyd White said:

"The Company holds a suite of promising gold prospects in multiple jurisdictions and NewPeak is working hard in investigating ways to advance the prospects and create value for its shareholders. The Company is holding its position at 35% in the Cachi gold project and working on alternatives to progress the Las Opeñas gold project. We are completing NI43-101 resource reports on the Finland and Sweden projects to outline the future exploration strategy for these assets and support securing a JV partner.

Our 22% interest in the oil and gas exploration company Lakes Blue Energy should begin to see greater value with the recent US$30m earn-in to the PNG Buna offshore gas prospect by TotalEnergies and the potential of the Lakes Blue gas projects in Victoria. This is particularly relevant with high gas prices and the importance that natural gas will play in the energy transition to a zero carbon future."

Figure 1 - Location of NewPeak Metals interests in world mineral properties and investments.

ARGENTINA

Las Opeñas Gold Project

Las Opeñas is located in the mining friendly province of San Juan, the Las Opeñas lease area is 1,462ha at an elevation of 3,000m (Figure 2). Las Opeñas lies on the same structural trends of the Indio Belt which hosts several large deposits including the multi-million-ounce Gold deposits of Barrick Gold's Veladero and Pascua Lama.

No field work was completed during the quarter. The Company is working on the planning of a circa 2,000 metre drilling campaign which is currently scheduled for the first quarter of 2023.

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Figure 2 - Las Opeñas location

Cachi Gold Project

NewPeak Metals has several Gold properties in the Santa Cruz province of Argentina (Figure 3). The exploration of these properties is primarily in search of near surface epithermal vein systems. Across these properties, the Cachi Gold Project is currently the most advanced. The Cachi Gold Project is a vast Caldera hosted epithermal Gold vein system spanning over 10km across and 5km in width with over 15 high quality targets currently defined, which NewPeak is progressing through systematic exploration.

During the quarter the Company received the assay results from samples taken during the second phase of field exploration undertaken at Cachi during February.

The samples were dispatched to the Alex Stewart Laboratories in Perito Moreno, Santa Cruz. Assaying methods requested included 30g Fire Assay with AAS finish for Gold analysis and 4 Acid Digest Multi- element analysis for 39 other elements which includes Silver. Notable rock chip results from the surface sampling across multiple areas at Cachi are:

  • 6.62g/t Gold, 134g/t Silver, 7.4% Lead, 0.24% Copper and 0.22% Zinc from sample A10049 taken from the Patricia target
  • 1.73g/t Gold from sample A05571 taken from the Simon target
  • 1.02g/t Gold from sample A05582 taken from the Morena target
  • 1.18g/t Gold from sample A05587 taken from the Morena target
  • 1.06g/t Gold from sample A05600 taken from the Morena target

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  • 1.18g/t Gold, 8.96% Lead and 0.18% Copper from sample A10060 taken from the Patricia target

From the surface 124 samples collected, 43 samples are anomalous gold samples (>0.1 g/t Au) of which 6 samples are greater than 1g/t Au. The best sample returned from this phase of exploration was 6.6g/t Au from the Patricia target. This high-grade sample also returned 134g/t Silver, 7.4% Lead with minor copper and zinc.

These findings support the current strategy of focusing further exploration in this area with several vein systems in the SE part of the Cachi property remaining to be drill-tested.

NPM has decided to hold its ownership position at 35% and is working with its co-owner Tres Cerros Exploraciones S.R.L to seek a joint venture partner to advance the exploration of this prospective gold project.

Figure 3 - Cachi is located in the Deseado Massif in Santa Cruz Province, which is host to numerous multi-million-ounce, epithermal style Gold-Silver deposits. NewPeak's other leases are shown in white.

FINLAND

Finland Gold Projects

NPM has a suite of Gold projects in a region in Finland which currently hosts three Gold mines, Orivesi, Jokisivu and Kaapelinkulma, with a processing facility at Vammala (Figure 4), all operated by Dragon Mining Limited (HKEx: 1712). The two most advanced prospects in that suite are the Satulinmäki prospect and Hopeavouri prospect.

During Q4 2021, a drilling program consisting of 10 diamond drill holes for 1,955m was completed at the Satulinmäki Gold prospect. Drilling was focused on the main mineralisation zone identified in previous drilling specifically a NE-SW trending corridor. The aim of the drilling in this area is to delineate apparent structurally controlled, high grade shoots within the southwest 300 x 200m portion of the corridor.

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The final assay results from the drilling program were received in the quarter and they suggest the mineralisation is structurally controlled by a steeply dipping, broadly northeast striking foliation. The foliation hosts zones of varying intensity possibly representing shear zones. In conjunction with this is evidence of tight folding. A wide mineralised corridor has been defined by drilling to date, with zones of higher grades over short to medium intervals. The controls on these higher grade zones are not yet well understood but is believed to be related to the intensity of the shear zones and folding.

The best intersections from recent results include:

  • 4m @ 5.64g/t Gold from 112m in drillhole SM0012 including 1m @ 19.75g/t Gold from 113m
  • 12m @ 1.13g/t Gold from 196m in drillhole SM0014
  • 4m @ 1.39g/t Gold from 257m in drillhole SM0010 including 1m @ 3.29g/t Gold from 260m
  • 10m @ 1.03g/t Gold from 116.4m in drillhole SM0011

The Company has engaged independent Swedish geological company Geovista to complete a NI 43-101 technical report of its Finnish prospects. This report will be completed in July 2022

NPM has commenced the process of seeking joint venture partners to advance its Finland Gold project.

Figure 4 - NewPeak Metals Finland Gold permits.

SWEDEN

Sweden Strategic Metals Project

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Newpeak Metals Ltd. published this content on 27 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 July 2022 22:27:02 UTC.