13 January 2025

New Frontier Minerals Limited

("NFM" or the "Company")

Harts Range Boasts Extended Mineralisation with Record-High Niobium, Dysprosium and Terbium Grades

New Frontier Minerals Ltd ("New Frontier" or "the Company") (LSE and ASX: NFM) is delighted to announce the latest field work has identified additional sites and further validated the known Uranium, Niobium and HRE mineralisation at the Cusp Prospect.

In addition, visual Copper mineralisation was identified to the north of the Cusp Prospect, while elevated Yttrium levels (up to 1,022ppm Y₂O₃) were recorded at the Big Jay Prospect, which is indicative of HRE mineralisation.

Highlights:

·    Significant mineralisation confirmed at Harts Range Project in the Northern Territory with rock chip samples returning excellent grades including:

o  12.52% and 8.49% U₃O₈

o  31.48% and 19.73% Nb₂O₅

o  1.68% and 1.25% Dy₂O₃

o  0.26% and 0.16% Tb₄O₇

o  9.13% and 5.81 % Ta₂O₅

·    Additional rock chip samples returning the highest Niobium, Dysprosium and Terbium results to date have been sampled from the Cusp Prospect

·    Elevated Yttrium levels up to 1022ppm Y₂O₃ were recorded at the Big Jay Prospect highlighting potential for Heavy Rare Earth (HRE) mineralisation

·    New copper discovery at Cusp North, circa 200m from the Cusp Prospect, with initial rock chip sampling returning up to 2.25% Cu

Ged Hall, Chairman, commented: "Our geology team has had three site visits to the Harts Range Project, with subsequent findings continuing to reaffirm the significant exploration potential for Uranium, Niobium and HRE mineralisation. Our exploration campaign now moves into top gear, with the upcoming heliborne geophysical survey to play a critical role in identifying additional regional Uranium, Niobium and HRE targets for ground truthing and prioritisation for drilling."

CUSP PROSPECT: STELLAR ASSAY RESULTS  

Assay results from rock chips samples collected at the Cusp Prospect during the third reconnaissance trip were exceptional, reinforcing the significant exploration potential for Uranium, Niobium and HRE mineralisation (Figure1). Refer to appendices for the full suite of assays.    

Figure 1: Assay Results - Cusp Prospect Third Reconnaissance Trip

Figure 2: HRS011sample location site

More significantly, the Niobium, Dysprosium and Terbium assay results were the highest recorded from the three reconnaissance trips to date. The additional high grade rock chip samples further validate the mineralisation at the Cusp Prospect (Figure 3 and 4).  

Figure 3: Uranium-Niobium-HRE enriched sample collected from HRS011

Figure 4: Uranium-Niobium-HRE enriched sample collected from HRS012

CUSP NORTH PROSPECT: COPPER POTENTIAL

Visual copper mineralisation associated with a felsic meta-sediment unit striking roughly north-south and daylighting at the bottom of the creek bed was identified several hundred meters to the north of the Cusp Prospect (Figure 6). The copper was associated with a foliated felsic unit, comprised of biotite, quartz, orthoclase with disseminated malachite and azurite within matrix of the unit.  Further validation may require the use of surface magnetic, IP or EM surveys to prioritise targets at depth for drilling.

Assay results from rock chip samples from the third field trip retuned the following (Figure 5).

Figure 5: Copper Assay Results - Cusp North Prospect Third Reconnaissance Trip

Figure 6: Enriched copper sample HRS008

NRG XPLORER SURVEY DETAILS

To further propel exploration efforts, NFM will commence the Heliborne Geophysical Surveying in mid-January 2025. The survey will provide critical data to better understand the geological features of the Harts Range Project and further help define future drill targets, including extensions to Cusp and Bobs Prospects as well as new areas of interest such as the Big Jay and Cusp North targets.

The results from this survey will be instrumental in advancing the project to the next stage of exploration and resource definition.

Next Steps:

·    Completion of the Heliborne Geophysical Survey starting mid-January 2025,

·    Ongoing rock chip sampling and fieldwork at the Big Jay and Cusp North Prospects, and

·    Planning and formulating the inaugural drilling campaign through reconciling the geophysical  survey results and further assay data.

For further information, please contact:  

About New Frontier Minerals

New Frontier Minerals Limited is an Australian-based focussed explorer, with a strategy to develop multi-commodity assets that demonstrate future potential as an economic mining operation. Through the application of disciplined and structured exploration, New Frontier has identified assets deemed core and is actively progressing these interests up the value curve. Current focus will be on advancing exploration activity at the Harts Range Niobium, Uranium and Heavy Rare Earths Project which is circa 140km north-east from Alice Springs in the Northern Territory.

Other interests include the NWQ Copper Project, situated in the copper-belt district circa 150km north of Mt Isa in Queensland and the Broken Hill Project in western New South Wales.

New Frontier Minerals is listed on the LSE and ASX under the ticker "NFM".

COMPETENT PERSONS STATEMENT

I, Mark Biggs, confirm that I am the Competent Person for the Competent Person Report from which the information to be publicly released has been obtained and confirm that:

·     I have read and understood the requirements of the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code, 2012 Edition) and the relevant sections of Chapter 5 and Guidance Note 31 from the ASX Listing Rules.

·     I am a Competent Person as defined by the JORC Code 2012 Edition, having 35 years of experience that is relevant to the REE, industrial mineral, and copper mineralisation types, quality and potential mining method(s) of the deposit(s) described in the Report.  In addition, I have 21 years of experience in the estimation, assessment and evaluation of Exploration Results and Mineral Resource Estimates, the activity for which I am accepting responsibility.

·     I am a Member of The Australasian Institute of Mining and Metallurgy (Member # 107188).

·     I have reviewed the Report or Excerpt from the Report to which this Consent Statement applies.

·     I am a consultant working for ROM Resources and have been engaged by New Frontier Minerals Limited to prepare the documentation for various prospects within the Harts Range Prospect area on which the Report is based.

In addition:

·     I have disclosed to New Frontier Minerals Limited the full nature of the relationship between myself and the Company, including any issues that could be perceived by investors as a conflict of interest.  Mr Biggs is a director of ROM Resources, a company which is a shareholder of New Frontier Minerals Limited.  ROM Resources provides ad-hoc geological consultancy services to New Frontier Minerals Limited.

·     I verify that the Report is based on and fairly and accurately reflects in the form and context in which it appears, the information in my supporting documentation relating to exploration results and any Mineral Resource Estimates.

·     I consent to the release of the Report and this Consent Statement by the Directors of New Frontier Minerals Limited.

APPENDIX A:  GEOLOGICAL DISCUSSION

The purpose of the recent fieldwork was to assess historical prospects and areas of interest that were not visited during the October 2024 due diligence site visit.  A total of thirteen (13) rock chip samples were collected during the November 2024 Harts Range site visit by a New Frontier Minerals Limited (NFM) geological team (NFM 2024a).  All samples were bagged and submitted to Intertek Perth (Malaga) Laboratory to test for a broad multi-element sodium peroxide fusion (FP6) method of analysis.  The sodium peroxide fusion (FP6) method is ideal for analysing and reporting the HREE's, Nb and U. Additionally, the Intertek Laboratory is equipped to deal with any highly radioactive samples.

The assay results have been recently returned and continue to highlight highly anomalous U, Nb, W, Pb and various heavy rare earth elements (particularly Dy, Tb, and Tm).  These results also highlighted four (4) surface samples exceeding 1.5% copper at the Cusp North Prospect.

FIELDWORK CONDUCTED

The NFM Team inspected the main accessible prospects and areas of interest on western margins of the Entia Dome between 18th-22nd November 2024 (See Figure AA-1).

The project was accessed using a Toyota Landcruiser and on foot as required. The aim was to assess historic prospects and areas of interest that were not visited during October 2024 due diligence site visit. 

A total of thirteen (13) samples have been submitted to Intertek Perth (Malaga) Laboratory to test for a broad multi-element suite. Intertek are equipped to deal with the highly radioactive samples. All samples and field data have been recorded and backed up (Das 2024a).  The terrain in the area can be steep and rocky, and the grass cover is thick.

Pegmatite dykes in the area are reasonably plentiful and intrude into various rock-types of various ages. There is potential for them to have been derived by partial melting of underlying geology or younger granites and have been seen with extreme enrichment in Uranium, Niobium and HREEs.

There are almost certainly more pegmatites with a similar U-REE signature in the district.  They are not always visible in airborne imagery.  Several previously unmapped pegmatites were encountered fortuitously along tracks whilst driving around.  The utilisation of close-spaced radiometric imagery will also be a potentially useful method to identify new pegmatites.

Locations and descriptions of the samples collected are given in Figure AA-2, with selected laboratory results given for various elements in Figures AA-3 and AA-4.

FIGURE AA-1: HARTS RANGE MINERAL PROSPECTS

Source: NFM geology team

FIGURE AA-2: LIST OF SAMPLES COLLECTED 19TH -21ST NOVEMBER 2024

Source: NFM geology team

FIGURE AA-3: SIGNIFICANT ROCK CHIP ASSAYS FROM OCT-NOV 2024 FIELD TRIPS

Source: Intertek (Perth)³

FIGURE AA-4: SIGNIFICANT CU, PB, AND W-ENRICHED ROCK CHIP ASSAYS FROM THE OCT-NOV 2024 FIELD TRIPS

Source: Intertek (Perth).

Regarding the results, the Cusp samples are in line with previously reported Nb-U-HREE values. As noted, there are some high-grade (>1.5%) copper, results (north of Cusp) over a significant strike length.  Further fieldwork is required to fully understand this occurrence.

The location of all samples is given in Figure AA-5 across the Harts Range project.

FIGURE AA-5: NFM ROCK CHIP SAMPLE LOCATIONS AT ALL PROSPECTS

Notes: Coordinate system in MGA94-Z53S

Source: NFM geology team

CUSP NORTH PROSPECT: COPPER POTENTIAL

The Cusp North copper zone is a foliated felsic unit, with the foliations comprised of biotite, quartz, and orthoclase.  Malachite and azurite are disseminated within matrix of the unit.  Broken pieces up to 30cm below surface indicate the mineralisation was not surface staining.

Assay results from rock chip samples from the third field trip returned anomalous silver and copper (refer to Figure AA-2 and see Figure AA-6 as an example).

FIGURE AA-6: COPPER-ENRICHED HAND SAMPLES AT SITE HRS010

Source: Das 2024

GEOPHYSICAL SURVEYING

New Resolution Geophysics (NRG) has been engaged to model and interpret airborne magnetic and radiometric geophysical data at the Harts Range Project, Northern Territory (NFM 2024b).

A high-resolution, helicopter-borne radiometric and magnetic survey will accelerate exploration over untested areas within the Harts Range project, aiming to identify potential extensions to known uranium, niobium, and rare earth mineralisation.  The survey will employ Xplorer, an advanced gradient magnetic system, to cover 2,253-line kilometres across tenements EL32513 and EL32046 and the technique boasts improved precision and efficiency.

NFM will fly the first airborne survey since the mid-1990s over the region and the first high-resolution (50m spaced) survey over the Harts Range project area and will use results from the survey to define high-priority drill targets or to plan advanced ground geophysics surveys.  The survey has been scheduled to be commenced in January 2025.

HARTS RANGE NEXT STEPS

To recap, the geology team intends to fully understand the potential of the Harts Range Niobium, Uranium, Copper, and Heavy Rare Earth Project through undertaking a systematic and rigorous exploration strategy that will encompass the following steps in subsequent visits:

•             Full historic and spatial database compilation

•             Reconnaissance mapping programs

•             Close spaced geophysical survey

•             Detailed mapping and rock chip sampling across prospects

•             Regional soil sampling campaigns as required

•             Mineral characterisation studies and petrological analysis

•             Trenching and bulk sample test work

•             Target generation and prioritization; and

•             Drill-testing

References

Barfuss, R. 2007, "A Brief report on Samarskite Mineralisation in the Harts Range Project" (Barfuss Corporation Pty Ltd): (unpublished report).

Barfuss, R. 2014, The Harts Range Project Exploration Licence (EL 24552) - (Barfuss Corporation Pty Ltd)

Castillo Copper Limited, 2024a, ASX Release "CCZ To Acquire Highly Prospective Niobium, Uranium-Heavy Rare Earth Project, 14^th October 2024, 27pp.

Castillo Copper Limited, 2024b, ASX Release "High-Grade Assays Up To 29.80% Nb₂O₅ & 14.04% U₃O₈ Validate Harts Range Project Potential, 6^TH November 2024, 18pp.

Das, K., 2024, Note on November Harts Range field reconnaissance trip, Audax Holdings memo, prepared for New Frontier Minerals Dec 2024, 27pp.

Caughey, A.R., 2007 Annual Report for Exploration Licence EL24552 for the period ending 25th August 2007 (Flagstaff Geo Consultants Pty Ltd.), November 2007 (for Barfuss Corporation Pty. Ltd.) 

Caughey, R. 2002 to 2006: various unpublished reports for Barfuss Corporation Pty. Ltd.

PNC Exploration (Australia) 1997 various open-file tenement annual, final, and partial relinquishment reports,1994 to 1997; Report Numbers CR1994-0325, CR9950298, CR1995-0525, CR1995-0697, CR-1996-0285, CR1996-0286, CR-1997-0611.

New Frontier Minerals, 2024a, Transformative Northern Territory Uranium Acquisition Nov 2024, PowerPoint presentation published to the ASX, 32pp.

New Frontier Minerals, 2024b, Geophysical Data to define drill targets at Harts Range, Northern Territory, published to ASX, 10^TH December 2024, 6pp.

Rutter, H. 2006. 'An analysis of airborne radiometric data from the Harts Range, N.T.' (Flagstaff Geo Consultants Pty Ltd.) (unpublished report).

Shaw, R.D., Senior, B.R., Offe, L.A., Stirzaker, J.F., Walton, D.G., Apps, H.E., Freeman, M.J., 1985, 1:250,000 Geological Map Series Explanatory Notes Illogwa Creek SF53-15. Bureau of Mineral Resources Australia & Northern Territory Geological Survey,1985.

Open file company reports sourced from the Northern Territory Mineral Industry Reports Management         System Available at: https://geoscience.nt.gov.au/gemis/ntgsjspui/handle/1/3

Spatial Territory Resource Information Kit for Exploration (STRIKE); NT Government Available at: http://strike.nt.gov.au/wss.html

Scrimgeour IR, 2013. Chapter 29: Irindina Province: in Ahmad M and Munson TJ (compilers). 'Geology and mineral resources of the Northern Territory'. Northern Territory Geological Survey, Special Publication5. 

Selway K, Heinson G and Hand M, 2006: Electrical evidence of continental accretion: Steeply dipping crustal-scale conductivity contrast. Geophysical Research Letters 33, L06305, doi:10.1029/2005GL025328. 

IGO Exploration Activities in Northern Territory. 2024 Annual Report (p.6) IGO ASX Release - 29 August 2024. Available at:

https://www.igo.com.au/site/investorcenter/annual-reports

APPENDIX B:  JORC CODE, 2012 EDITION - TABLE 1

The following JORC Code (2012 Edition) Table 1 is primarily supplied to provide background for a geological mapping, and rock chip sampling program, conducted by New Frontier Minerals geologists, from several prospects within the Harts Range Project in late November 2024.

Section 1 Sampling Techniques and Data

SECTION 2 REPORTING OF EXPLORATION RESULTS

(Criteria listed in the preceding section also apply to this section.)