Replacement - NFM advances NWQ Copper Project

New Frontier Minerals Limited

("NFM" or the "Company")

NFM advances NWQ Copper Project with bulk samples to Mt Kelly Processing Plant

New Frontier Minerals Limited ("New Frontier", or "the Company") (ASX and LSE: NFM) is pleased to announce it has completed a strategic site visit to Austral Resources' Mt Kelly Copper Processing Plant in Queensland, representing a critical milestone in advancing NFM's flagship NWQ Copper Project towards production.

Located in the prolific Mt Isa Copper Belt (figure 1), NFM's NWQ Copper Project offers a unique opportunity to leverage world-class infrastructure and regional expertise via a MOU with Austral Resources to process ore from NWQ at Austral's Mt Kelly facility, fast-tracking NFM's pathway to copper production.

NFM's Non-Executive Director and geologist Joel Logan, inspected Mt Kelly for insights into the plant's capacity to support NFM's production plans, particularly for its flagship Big One Deposit. The visit also reinforced the scalability and economic potential of NFM's collaboration with Austral Resources, highlighting the NWQ Copper Project's position in one of the world's richest copper regions.

Highlights:

·    Site visit to Austral Resources' Mt Kelly Copper Processing Plant reinforces NFM's collaboration and production plans for its NWQ Copper Project

·    Bulk samples collected from historical stockpiles at the Big One Deposit for copper processing evaluation at Mt Kelly Processing Plant

·    NFM has a Memorandum of Understanding (MOU) with Austral Resources to process copper from the Big One via Austral's Mt Kelly facility, fast-tracking NFM's pathway to copper production

·    Positioned in Australia's premier copper province, the NWQ Copper Project features world-class infrastructure and vast exploration potential across more than 20 under-explored targets

·    NFM plans to Progress Mining Lease Applications and regulatory requirements over the Big One Deposit while commencing metallurgical testing of existing copper oxide stockpiles to fast-track near-term copper production

Ged Hall, Chairman, commented: "Our successful site visit to Austral Resources' Mt Kelly facility and the formalisation of our strategic alliance marks a milestone in our growth strategy. These advancements provide a clear path to production for NFM, leveraging world-class infrastructure and partnerships to create significant value for our shareholders. We are confident that the NWQ Copper Project will emerge as a standout asset within one of the world's premier copper belts."

Copper Demand Context

The advanced infrastructure at the Mt Kelly processing facility aligns with NFM's production strategy. Discussions with regional stakeholders further underscored the growing demand for copper, driven by global decarbonisation and electrification efforts and developing economies. This macroeconomic trend continues to bolster confidence in the project's strategic importance and long-term value.

NWQ Copper Project Background

The Big One Deposit is the most advanced prospect within NFM's significant 977km² NWQ Copper Project, which is in a Tier 1 jurisdiction and surrounded by world-class infrastructure as well as mining operations of majors such as Anglo American, Glencore, and Rio Tinto.  It has a JORC-compliant Mineral Resource Estimate (MRE) of 2.1 Mt at 1.1% Cu for 21,886 tonnes (see Appendix A) of contained copper metal and boasts more than 20 under-explored (refer to Appendix A reference list) targets highly prospective for copper mineralisation, offering substantial exploration potential.

Figure 1: NWQ Copper Project in Mt Isa Copper Belt. Gunpowder denotes location of Mt Kelly Processing Plant

Strategic Alliance with Austral Resources

A formalised Memorandum of Understanding (MOU) between NFM and Austral Resources¹ sets the foundation for a strategic alliance to drive copper production and deliver shared benefits. Combining NFM's exploration and mining expertise with Austral's advanced copper processing facilities at Mt Kelly, creates a scalable and competitive asset base. Under the agreement, Austral secures a consistent source of high-grade copper ore, while NFM fast-tracks its pathway to potential production.

The alliance prioritises the supply of copper ore from NFM's Big One Deposit, with the potential to expand to additional satellite targets within the NWQ Copper Project. Metallurgical test work will be conducted to ensure NFM ore meets processing standards, and a profit-sharing model ensures equitable value creation for both parties. The partnership also positions the alliance as a strong contender within a region dominated by leading global miners (figure 2), offering strategic advantages and significant growth potential.

Figure 2: Mt Isa Copper Belt - Major Players (Source: NFM Geology Team)

Figure 3: Jointing and shearing displayed along face of Pit 1 at the Big One Deposit

Source: NFM Geology team, Location Figure 3: 335394 mE and 7880283 mN system MGA94-Z54S

Figure 4: Disseminated azurite and malachite alteration throughout silicified sedimentary unit at BOGS3 Site

Source: NFM Geology Team, Location Figure 4: 335471 mE, 78880362 mN

Visual Estimates ASX Disclosures - Figures 4 through to 7

Figures 4 through to 7 show samples of mineralised rocks, typical of those found from the three ex-mine dumps in and around the mined areas at Big One that have been sampled to obtain just over 200Kg of material.  The mineralisation found in the dump material is highly to moderately weathered and altered copper carbonates, oxides, and some chalcocite (see Figures 8 and 9).  Exact minerals present and their concentrations will be confirmed by XRD and/or SEM as part of the metallurgical testing ordered.

This material is destined for detailed multi-element assay and metallurgical testing by both Austral Resources and the ALS Laboratory at Mt Isa.  Results from this testing will be available in one to two months' time. More details of these bulk samples are given in Appendix B following, which also lists an estimate range of copper concentration that will be updated by laboratory assay.

Cautionary Statement

Visual estimates of mineral abundance should never be considered a proxy or substitute for laboratory analyses where concentrations or grades are the factor of principal economic interest. Visual estimates also potentially provide no information regarding impurities or deleterious physical properties relevant to valuations.

Figure 5: Kaolinite-altered trachyte dyke, disseminated malachite and chrysocolla at BOGS3 Site

Source: NFM Geology Team, Location Figure 5: 335471 mE, 78880362 mN

Figure 6: Oxidised Chalcocite mineralisation at BOGS1 Site

Source: NFM Geology Team, Location Figure 6: 335352 mE, 78880348mN

Figure 7: Mineralised trachyte dyke (left) and sedimentary unit (centre-right) at BOGS1 Site

Source: NFM Geology Team, Location Figure 7: 335352 mE, 78880348 mN

Figure 8A: Historical stockpile BOGS1 where grab samples were collected

Source: NFM Geology Team, Location Figure 8A: 335352 mE, 78880348mN

Figure 8B: Historical stockpile where BOGS2 grab samples were collected

Source: NFM Geology Team, Location Figure 8B: 335453 mE, 78880348 mN

Figure 9: Various lithologies and forms of copper mineralisation from sampled stockpile BOGS3

Source: NFM Geology Team, Location Figure 9: 335471 mE, 78880362 mN

Figure 10: Total drums containing grab sample material collected to be processed at the Mt Kelly Processing Plant

Source: NFM Geology Team, Location Figure 10: 335352 mE, 78880348 mN

Next steps

NFM's near-term plans to release its ambitions include:

·    Progress Mining Lease Applications and regulatory requirements over the Big One Deposit

·    Metallurgical testing of existing copper oxide stockpiles to fast-track near-term production 

·    Drilling to increase the resource base at the Big One Deposit and explore other satellite targets 

·    Collaborate with Austral Resources to define a comprehensive work programme focused on delivering production milestones efficiently

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

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 Minerals 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 Minerals 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 Minerals Limited, and ROM Resources provides occasional geological consultancy services to New Frontier Minerals 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. Mr Biggs consents to the inclusion in this announcement of the matters based on his information and supporting documents in the form and context in which it appears.

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 Announcement: Strategic alliance with Austral Resources to process NFM copper ore, dated 21 January 2025