NEWPEAK METALS LIMITED — Capital/Financing Update 2021

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Maiden Drilling at Argentine Gold Commenced

ASX ANNOUNCEMENT

20 JANUARY 2021

ASX Code: NPM

Shares on Issue

4.67 billion

Cash on Hand

$1.78m

Market Capitalisation

A$18.7m (at A$0.004 per share)

HIGHLIGHTS

• Maiden drilling program commenced at Argentine Cachi Gold Project.

• Cachi is a Caldera hosted epithermal Gold vein system with multiple large targets. Rock chips have returned 17.8 g/t Gold and 50 g/t Silver, diamond sawn channel samples of 9 g/t Gold and trench samples with 1.2 g/t Gold over 11m width[i] .

• Drilling designed to test for depth continuity of the high grade Gold mineralisation discovered on surface, with the aim to develop the project through to definintion of a JORC Gold Resource.

• Cap Burn Gold Project, NZ drilling to recommence shortly and first Gold assay results from December 2020 drilling expected in early February 2021.

Directors

Nick Mather (Non-Executive Chairman) David Mason (Managing Director, CEO) Brian Moller (Non-Executive Director) Andrew Gladman (Non-Executive Director)

Company Secretary Karl Schlobohm

Contact Details

Level 27, 111 Eagle Street Brisbane Qld 4000 Tel: +61 7 3303 0650 Fax: +61 7 3303 0681

NewPeak Metals Limited, ( Company, NewPeak, ASX:NPM ) is pleased to announce that the maiden drilling of the Argentine Cachi Gold Project has commenced. NewPeak has two maiden drilling programs underway for exceptional Gold exploration projects in two of the world’s top mining jurisdictions, New Zealand (Cap Burn Gold Project) and Argentina (Cachi Gold Project).

Plans are also in place to drill the Las Opeñas Gold Project in Argentina, and the Finland Gold Projects, once permits have been granted, expected in the coming several months. Either one, or all of NewPeak’s Gold projects have the potential to fulfill the Company’s primary objective of discovering and defining multi-million-ounce JORC Gold Resources.

Website: NewPeak.com.au Twitter: @ASX_NPM

NewPeak has established adequate organisational resources in each jurisdiction to carry out the programs successfully and is fully funded for their implementation.

Cachi Gold is NewPeak’s largest project in Argentina and has never been drilled ( Figure 1 ). It lies in the heart of the Deseado Massif in Santa Cruz Province, a location host to numerous milti-million-ounce, epithermal style Gold-Silver deposits, including Cerro Vanguardia mine owned by AngloGold Ashanti and Cerro Negro mine owned by Newmont.

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Cachi Gold Project Maiden Drilling Program, Argentina

Drilling commenced this week, with COVID procedures and protections in place. The program was designed to prove that the high grade Gold mineralisation discovered on surface further extends at depth in the priority targets, Vetas Cachi and Vetas NW.

The program consists of:

• Vetas Cachi Target – drilling to test the continuity of Gold anomalies below 50 and 100 meters from surface under the best outcrop anomalies. This is a high grade Gold epithermal target, associated with multiple parallel vein-breccias developed in Caldera border faults.

• Vetas NW Target – drilling is designed to test the continuity of surface Gold-Silver anomalies at a depth of 50m. This is a Gold-Silver epithermal vein-breccia target, distal to the Caldera border, but still considered to be linked to mineralisation associated with the Caldera system.

Perforadora Santacruceña Drilling Company has been contracted to carry out diamond core drilling utilising an Atlas Copco Christensen CS14 drilling rig capable of drilling to 1,200m depth. NewPeak’s Argentinian Exploration Manager Nicolás Stoessel is on site supervising the program in conjunction with qualified geological support.

Cap Burn Otago Gold Drilling Update, New Zealand

Drilling is expected to recommence shortly at Cap Burn. Delays in recommencing are due to rig availability from the preferred contractor and access consent approvals, slowed down over the end of year holidays. Presently there is a substantial amount of drilling activity in the South Island.

When drilling resumes, the focus will be to complete the Target 1 drilling program on the Cap Burn East Block. Planning is also underway for the drilling of multiple anomalies on the Cap Burn West Block. The Western Block hosts Gold mineralisation typical of that found in the brittle rock fracture lodes arising after rock metamorphism in the texture IV schist. Soil sampling to date has identified anomalous Gold, Aresenic and Antimony over a 3km[2] area ( Figure 2 ). Of the 20 analysed quartz vein rock float samples, 19 returned anomalous Gold (>0.1 g/t Gold) with three of these returning values between 1 and 2 g/t Gold[ii] .

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Images of the drilling at the Cachi Gold Project in Argentina, with NewPeak Argentinian Exploration Manager Nicolás Stoessel and team – Drillhole CDH21-01 and its initial drill core.

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Figure 1: Cachi (red) is located in the Desadeo 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 pink.

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Figure 2: East and West Block Cap Burn Project Drilling Location Map showing holes already drilled (in red) and planned holes (in blue) over the Arsenic anomalies. Initial December 2020 drilling was only in the East Block.

This Announcement has been authorised by the Board of Directors Mr Karl Schlobohm Company Secretary

For further information contact:

Mr David Mason Karl Schlobohm Managing Director, NewPeak Metals Ltd Company Secretary, NewPeak Metals Ltd Ph: +61 400 707 329 Ph: +61 7 3303 0661 Email: [email protected]

Company website: http://www.newpeak.com.au Follow us on Twitter: @ASX_NPM

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COMPETENT PERSON’S STATEMENT

The information herein that relates to Exploration Targets and Exploration Results is based information compiled by Mr Jason McNamara, who is a Fellow of The Australasian Institute of Mining and Metallurgy. Mr McNamara is a permanent employee of NewPeak Metals.

Mr McNamara has more than twenty five years experience which is relevant to the style of mineralisation and types of deposits being reported and the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the ‘‘Australasian Code for Reporting of Exploration Results, Minerals Resources and Ore Reserves” (the JORC Code). This public report is issued with the prior written consent of the Competent Person(s) as to the form and context in which it appears.

i Refer ASX release 22 November 2019 and 28 January 2020.

ii Refer ASX release 7 September 2020.

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