Waite joined the club at the back end of the 2011.12 campaign from local non-league outfit Ilkeston FC.
The promising youngster made a name for himself in the New Manor Ground Academy during 2010.11, when he netted 14 goals, including two in the Central Conference Reserves League Cup Final.
He was promoted to the Ilkeston's first team the following summer and went on to become their first ever goal-scorer, following the Robins' reformation in 2011.
A number of Football League clubs have shown an interest in the talented striker but it was the Magpies that managed to secure his signature.
The striker, who is also capable of playing on the wing, has been a regular in the development squad but was handed a chance at senior level at the back end of the 2012.13 campaign.
Waite made his full Magpies' debut in a 3-1 triumph over Colchester United at Meadow Lane, which saw him set up the opening goal.