10 March 2025

New Frontier Minerals Limited

("NFM" or the "Company")

Sale of Broken Hill East Project to Impact Minerals

New Frontier Minerals Ltd (LSE and ASX: NFM) is pleased to announce it has agreed to sell all of the shares in its wholly owned subsidiary, BHA No. 1 Pty Ltd (BHA) to Impact Minerals Limited (ASX: IPT) (IPT). BHA holds the non-core Broken Hill East Project. In exchange for all of the shares in BHA, IPT will issue to NFM $275,000 worth of new IPT shares based on the 14-day VWAP of $0.0073 as at 7 March 2025. NFM has agreed to enter into voluntary escrow arrangements with IPT for the IPT shares, pursuant to which, one-sixth of the shares will be released each month from escrow over a 6 month period. In addition, IPT will assume responsibility for a 2% net smelter return royalty payable with respect to tenements held by BHA.   

Highlights:

·    NFM has entered into an agreement to sell its wholly owned subsidiary BHA No. 1 Pty Ltd ("BHA"), holding the Broken Hill East Project, to ASX-listed Impact Minerals Limited ("IPT")

·    Under the terms of the agreement, in consideration for NFM transferring all of the shares in BHA to IPT, NFM will receive $275,000 worth of IPT shares based on a 14-day VWAP of $0.0073 per share as at 7 March 2025, which IPT shares are subject to voluntary escrow arrangements for up to 6 months

·    Completion of the agreement, and the sale of BHA, is expected to occur on or around Monday, 10 March 2025

·    This is the third, value creating, divestment of a non-core asset in recent months that has enabled NFM to fund development work on its core Harts Range and NWQ Copper Projects

·    The Board intends to hold the remaining non-core asset - Mkushi Copper Project in Zambia - until the right development partner is secured 

Ged Hall, Chairman, commented: "Staying the course with our strategy to be patient and find the right development partner for the non-core asset portfolio has paid dividends again. This is the third non-core asset to be sold in the past 18 months which leaves the divestment of the Mkushi Copper Project as the final target. Pleasingly, the value generated by these non-core asset sales is being redeployed, as it materialises, to progress development work on our core Harts Range and NWQ Copper Projects."

SUCCESSFUL NON-CORE ASSET PORTFOLIO OPTIMISATION

Divesting the Broken Hill East Project is the third non-core asset which NFM has successfully closed in the past 18-months. The strategy to wait for the right development partner has been key to ensuring maximum value creation from the non-core asset portfolio.

As a result, NFM have been able to redeploy funds and management time into advancing the core Harts Range and NWQ Copper Projects.

The Board is optimistic, with ongoing consolidation across the global copper sector, a development partner can be found for Mkushi Copper Project in Zambia which is the last remaining non-core asset.

The Mkushi Project in Zambia ringfences an operating copper mine, with IP surveys having highlighted multiple zones of high chargeability coincident with known copper soil anomalies, which are potential targets for disseminated copper sulphide mineralisation.

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".

Forward Looking Statements

Certain information in this document refers to the intentions of New Frontier Minerals Ltd, but these are not intended to be forecasts, forward-looking statements or statements about future matters for the purposes of the Corporations Act or any other applicable law. The occurrence of events in the future is subject to risks, uncertainties and other factors that may cause New Frontier Minerals Ltd's actual results, performance or achievements to differ from those referred to in this announcement. Accordingly, New Frontier Minerals Ltd, its directors, officers, employees, and agents, do not give any assurance or guarantee that the occurrence of the events referred to in this announcement will occur as contemplated. The interpretations and conclusions reached in this announcement are based on current geological theory and the best evidence available to the authors at the time of writing. It is the nature of all scientific conclusions that they are founded on an assessment of probabilities and, however high these probabilities might be, they make no claim for complete certainty. Any economic decisions that might be taken based on interpretations or conclusions contained in this announcement will therefore carry an element of risk. The announcement may contain forward-looking statements that involve several risks and uncertainties. These risks include but are not limited to, economic conditions, stock market fluctuations, commodity demand and price movements, access to infrastructure, timing of approvals, regulatory risks, operational risks, reliance on key personnel, Ore Reserve and Mineral Resource estimates, native title, foreign currency fluctuations, exploration risks, mining development, construction, and commissioning risk. These forward-looking statements are expressed in good faith and believed to have a reasonable basis. These statements reflect current expectations, intentions or strategies regarding the future and assumptions based on currently available information. Should one or more of the risks or uncertainties materialise, or should underlying assumptions prove incorrect, actual results may vary from the expectations, intentions and strategies described in this announcement. No obligation is assumed to update forward-looking statements if these beliefs, opinions, and estimates should change or to reflect other future developments.

References

1)        NFM ASX Release - 5 April 2022