31 March 2025

New Frontier Minerals Limited

("NFM" or the "Company")

Geophysical interpretation identifies 46 HREE-Nb-U priority targets at Harts Range, NT

New Frontier Minerals Ltd (LSE and ASX: NFM) is pleased to the receipt of results from the geophysical survey completed at the Harts Range Heavy Rare Earths, Uranium and Niobium Project (Harts Range), located 140km north-east of Alice Springs in the Northern Territory.

The 1:10,000 scale interpretation of geophysical data was conducted by Southern Geoscience Consultants which identified a total of 46 targets with 18 ranked as high priority for HREE-Nb-U mineralisation, warranting further follow-up.

Highlights:

·     Geophysical interpretation has identified 46 priority targets at the Harts Range HREE-Nb-U Project, Northern Territory

·    18 are ranked as priority 1 targets, followed by 16 priority 2 targets and 12 priority 3 targets to follow-up for HREE-Nb-U mineralisation

·   Key mineralised prospects, Cusp and Bobs, identified on a 5km east-west trending structure, with the potential to host mineralised extensions

·   A detailed 1:10,000 scale structural interpretation by independent consultant Southern Geoscience has identified a local magnetic anomaly, potentially linked with an underlying intrusion, which warrants further investigation

·     NFM's geological team will leverage the geophysical data to launch a focused exploration campaign in April 2025, including mapping and sampling to refine drill targets

Ged Hall, Chairman, commented: "The interpreted geophysical results have exceeded our expectations, uncovering 46 priority targets across the entire Harts Range Project area. Notably, these structural targets and uranium anomalies serve as critical pathfinder for high value heavy rare earths mineralisation. As anticipated, the Cusp and Bobs prospects have emerged as primary standout targets. Overall, the exploration potential at Harts Range has significantly increased, and our geology team is set to return to site in April to systematically validate and prioritise targets for drilling." 

GEOPHYSICAL INTERPRETATION AND TARGET GENERATION

A detailed 1:10,000 scale structural interpretation and target identification study has been completed by Southern Geoscience Consultants utilising the recent airborne magnetic survey data acquired by New Resolution Geophysics (NRG) during January 2025¹. 

Analysis identified 46 targets, of which 18 are ranked as priority 1 targets, followed by 16 priority 2 targets and 12 priority 3 targets for further follow-up for uranium and REE mineralisation (Figure 1).

The magnetic data was integrated with local to regional mapping through the area to produce a structural map with broad lithological domains. The thrust structures of the Bruna Detachment Zone (BDZ), contacts of key lithological units and the many cross-cutting faults provide opportunity for fluid flow and favourable trap sites for mineralisation.

GEOPHYSICAL TARGETTING PROCESS

Known mineral occurrences, the radiometric data (particularly uranium) and structural setting were used to identify and develop focused targets for further exploration.

The targeting process also includes a ranking system for the identified targets priority based on their expected prospectivity. Targets receive a higher ranking when multiple selection criteria are met, with an emphasis on uranium anomalism and/or favourable structural setting (cross-cutting faults).

The targets with Priority 1 illustrate higher priority with the parameters to rank the targets include:

·    Association with structural setting, particularly with east/northeast-west/southwest and NW-SE oriented structures as potential main structures linked to mineralisation

·    Contacts of Bruna Granitic Gneiss with other units

·    Radiometric anomalism, particularly uranium

·    Unusual magnetic responses such as magnetic depletion, anomalous local responses

·    In proximity to contacts between different gneiss units

·    Proximity to identified U/HREE anomalies or mapped pegmatite swarms

Figure 1: Priority targets over lithological domain and structural interpretation image

(Source: Southern Geoscience Consultants)

STRUCTURAL INTERPRETATION

The detailed 1:10,000 scale structural interpretation was integrated with the (RTP) magnetic imagery. The structural setting of the area shows a clear spatial correlation between existing anomalous assay results and mapped structures (Figure 2).

Two major features with a NW-SE orientation, curving into a NE-SW direction across the area, are evident. These features are potentially indicative of, or linked to, the Bruna Detachment Zone and the Entia Thrust. More importantly, these enhancements have identified numerous similar discrete anomalies regionally across the tenure for ground truthing and vectoring into heavy rare earths targets.

Figure 2: Interpreted structures over magnetic imagery (Source: Southern Geoscience Consultants)

ENHANCED RADIOMTRIC IMAGERY AND STRUCTURAL INTERPRETATION

As uranium serves as a key pathfinder element, it plays a crucial role in guiding exploration efforts to vector into areas that host heavy rare earths mineralisation. The U2/Th image enhancement removes the thorium and potassium to show widespread regional uranium anomalies.

Overlaying the detailed structural interpretation over a U2/Th image, highlights a strong correlation between mineral occurrences and fault networks. The mineralisation is predominantly located where EW-oriented dextral faults crosscut the major faults Figure 3).

Figure 3: Structural interpretation over enhanced U2/Th ratio

(Source: Southern Geoscience Consultants)

NEXT STEPS

Over the past five months, New Frontier has successfully executed its exploration strategy at Harts Range. With the completion of the geophysical interpretation and the receipt of target generation data, NFM has now completed exploration stages 1 through 4.

Figure 4: Staged and systematic exploration timeline for Harts Range (Source: Company Presentation³)

During the first quarter, the Company received a total of $268,000 in cash, comprising $166,000 from Infinity Mining Ltd (ASX: IMI) as part consideration for the Cangai Transaction, and $102,000 from Impact Minerals Ltd (ASX: IPT) in relation to the Broken Hill East Project sale.

Additionally, on 10 March 2025, the Company was issued 37,774,038 fully paid ordinary shares in Impact Minerals Ltd (ASX: IPT), valued at $275,570, as part consideration for the Broken Hill East Project sale. These funds acquired will support the Company's upcoming exploration campaign.

The NFM geology team will leverage the integrated geophysical and geological datasets to pinpoint and target key areas for ground truthing. This will involve geological mapping and sampling to validate and refine drilling targets. The field campaign and exploration activities are set to begin in April 2025.

APPENDIX A:  GEOLOGICAL DISCUSSION

Summary

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

A high-resolution, helicopter-borne radiometric and magnetic survey was designed to accelerate exploration over untested areas within the Harts Range project (Figure AA-1), aiming to identify potential extensions to known uranium, niobium, and rare earth mineralisation was completed in late January 2025.  The survey employed "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 has flown 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.  Detailed Interpretation by consultants Southern Geoscience is currently in progress.

Figure AA-1: Harts Range Mineral Project Area

Fieldwork Conducted

Key features of the "XPlorer" systems used for the survey now completed are given below:

1.      "XPlorer" systems are mounted on dedicated AS350 B-series helicopters. The AS350 is ideal for the close terrain following required for geophysical surveys. The unique Starflex rotor system and ample power ensure that even the most stringent survey specifications are maintained.

2.      Low survey height results in a significant improvement in magnetic data which decays exponentially with distance from source.

3.      The proposed system will utilise a horizontal boom mounting to separate magnetic sensors. This will allow for measurement of the horizontal gradient of the magnetic field. Incorporating the magnetic gradient in gridding algorithms, provides significant improvement in delineating line parallel features, spatial positioning of off-line anomalies and overall resolution of the magnetic data. 

4.      As with the magnetics, radiometric data will benefit significantly from the lower survey height. All radiometric data will be collected at 2 Hz using 16,7 litres of NAI Sodium Iodide crystal sensor. Full spectral processing was included in the quote

The survey consists of a single block located west of Alice Springs in the Northern Territory.  A locality map is provided in Figures AA-1 and AA-2.

A high-resolution digital terrain model (DTM) of the survey area, illustrated in Figure AA-2, suggests that the terrain is rugged.  The horizontal gradient of the DTM has been included in Figure 3 to gauge the required climb/descent rates in areas with steeper topography. The climb and descent rate of a high-performance helicopter, such as the AS350B3, will under most conditions, be in the order of 250 m/km.  Parts of the survey where the gradient exceeds 200m/km have been flagged in colour (yellow - magenta). In these areas survey height may be compromised in the interest of safety.

Figure AA-2:  NT Survey Location

Source: Supplied by NRG Australia

Table AA-1 Survey Parameter Summary

Source: NRG Australia.

A survey altitude of 25 - 30m was employed dependent on safety considerations and tree canopy height (see Figure AA-3).  A minimum line length of 3km (with a few exceptions at the southwest end of survey block) has been utilised for the flight path.  The low-level flying height together with the horizontal gradient boom system will result in improvements to:

•       More structural and textural information.

•       Better gradient enhancement.

•       Improved anomaly definition.

•       Improved spatial positioning.

•       Improved resolution of line parallel features

The survey boundary coordinates are provided in Table AA-2 below. 

Figure AA-3: Helicopter Similar to that used in the Survey.

Source: NRG Australia

Table AA-2. Survey Boundary Coordinates

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

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

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.) 

New Frontier Minerals, 2024, 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.

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. 

Competent Persons Statement

The scientific and technical information in this announcement, which relates to exploration results and the geology of the deposits described, is based on information compiled and approved for release by Mark Biggs. Mark Biggs is a Member of The Australasian Institute of Mining and Metallurgy (AusIMM Member # 107188) and meets the requirements of a Competent Person as defined by the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code 2012 Edition).Mark Biggs has 35 years of experience relevant to Rare Earth Elements (REE), industrial mineral copper mineralisation types, as well as expertise in the quality and potential mining methods of the deposits under consideration. Additionally, he has 25 years of experience in the estimation, assessment, and evaluation of exploration results and mineral resource estimates, which are the activities for which he accepts responsibility. He also successfully completed an AusIMM Online Course Certificate in 2012 JORC Code Reporting. Mark Biggs is a consultant with ROM Resources and was engaged by New Frontier Limited to prepare the documentation for several prospects, specifically those within the Harts Range Prospects upon which the Report is based.

Furthermore, the full nature of the relationship between himself and New Frontier Limited has been disclosed, including any potential conflicts of interest. Mark Biggs is a director of ROM Resources, a company that is a shareholder of New Frontier Limited, and ROM Resources provides occasional geological consultancy services to New Frontier Limited.

The Report or excerpts referenced in this statement have been reviewed, ensuring that they are based on and accurately reflect, in both form and context, the supporting documentation relating to exploration results and any mineral resource estimates. The release of the Report and this statement has been consented to by the Directors of New Frontier Minerals Limited.