New Frontier Minerals Limited / Index: LSE & LSE / Epic: NFM / Sector: Industrial Metals and Mining

18 November 2025

New Frontier Minerals Limited

("NFM" or the "Company")

Binding Commercial Framework with Metallium Post Exceptional Heavy Rare Earth Results from Harts Range

New Frontier Minerals Limited (LSE/ASX: NFM) is delighted to advise that it has entered a binding commercial framework with Metallium Ltd (ASX: MTM) to create an exclusive western heavy rare earth pathway for Harts Range raw ore that will target US magnetic and defence customers. This follows exceptional test-work results on Harts Range raw ore, especially Dy/TB, using MTM's proprietary Flash Joule Heating (FJH) technology, a cutting-edge metal recovery and mineral processing method.

Highlights

·    NFM has entered a binding commercial framework with MTM to create a novel processing pathway for Harts Range, targeting Heavy REE supply to US magnet and defence customers

·    Beneficiation on raw ore from Harts Range (25kg bulk sample)¹, using MTM's proprietary Flash Joule Heating (FJH) technology delivered exceptional results:

o  ~20x upgrade in total REO from 1.7 % → 35 % (TREO) in a single step flash; and

o  ~53x enrichment in dysprosium (Dy2O3) to 10.03% and 21x terbium (Tb4O7) enrichment 0.64% - with complete removal of detectable Fe, Si and Th from raw, un-beneficiated (no flotation, acid leaching or hydrometallurgical pre-conditioning) Harts Range ore

·    These results represent an unprecedented beneficiation performance for a raw Dy/Tb-bearing ore in a single, rapid, solvent-free reaction

·    New Frontier has granted MTM exclusive global rights to apply FJH processing to all Harts Range ore / concentrates for at least 10 years, with automatic extension through production, subject to successful development of a commercial scale processing facility

·    MTM's 2026 plans comprise generating Dy/Tb-rich "super-concentrate" samples for prospective US magnet/defence customers for qualification, with a commercial term-sheet in-place before year-end

·    Securing the binding strategic agreement with MTM clearly validates the Harts Range Project, and when coupled with progressing the drilling campaign, has the potential to create significant shareholder value  

Chairman Gerrard Hall commented: "We are excited to enter this binding collaboration with MTM. The exceptional processing results, especially for dysprosium and terbium, validate the upgradability of the raw Harts Range ore. Securing a 10-year, exclusive commercial framework agreement with MTM for Harts Range is a value creating, game changing event for New Frontier, delivering a novel beneficiation pathway for heavy rare earth products and potential access to US magnet and defence customers.

"The Board's immediate priorities now comprise progressing the upcoming drilling campaign, which should provide considerable insights into the extent of heavy rare earth mineralisation at Harts Range; and working closely with MTM's management team to rapidly formulate an overarching strategy and key processes necessary to rapidly advance the commercial framework."  

EXCEPTIONAL TEST-WORK RESULTS

The 25kg bulk sample from the Harts Range Project (un-beneficiated ore, crushed/ground feed) underwent MTM's proprietary FJH process (Figure 1 and Figure 2).

Figure 1: FJH Test Units at the Anahuac Technology Campus, Chambers County, Texas. (Source: Metallium²)

Total rare-earth oxide (TREO) content increased from ~1.7 % to ~35 % in a single FJH reaction step, representing ~20x upgrade (Table 1).

·    Key heavy REEs Dy and Tb, and magnet REE Nd concentrations increased significantly

·    Dy₂O₃ upgraded 53× (0.19% → 10.03%) / 11% → 29% of the REO basket (+160%)

·    Tb₄O₇ upgraded 21× (0.03% → 0.64%) / 1.7% → 1.8% of the REO basket (+5%)

·    Nd₂O₃ upgraded 114× (0.05% → 5.69%) / 2.9% → 16.3% of the REO basket (+460%)

·    Complete removal of detectable Fe₂O₃, SiO₂ and Th

·    Partial yttrium rejection, reducing Y₂O₃ from 61% to 35% of the REO basket

·    No traditional acid-leach or reagent-heavy beneficiation route was applied pre-FJH, underscoring metallurgical simplicity and fast processing capability

Metallium is currently modelling the next phase of optimisation, including additional FJH treatment and post-sample processing for increased recoveries.

Metallium's Texas Technology Campus will be used to scale up the reactor size, optimise reactor parameters and deliver customer-qualification grade products.

Samples were analysed by Inductively Coupled Plasma Optical Emission Spectroscopy (ICP-OES) by an independent, accredited commercial laboratory.

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Figure 2: Single-step Flash Mass Balance Diagram (Source: Metallium²)

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Table 1: REE Recovery and Impurity Removal - Assay Before and After FJH Treatment & Enrichment Ratio  (Source: Metallium²)

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Figure 3: Metallium's indicative operating model: exclusive processing rights over Harts Range enable a "Processing-as-a-Service" structure, generating both per-tonne licensing fees & production royalties without mining or operating risk. (Source: Metallium²)

BINDING COMMERCIAL FRAMEWORK

Under the terms of the binding commercial framework, New Frontier has agreed to the following:

·    MTM has binding, exclusive, project-linked rights to apply FJH (and derivative processing) to all ore, concentrate or other feed from the Harts Range Project for a minimum of 10 years, with automatic rollover into production stage.

·    Upon commercial production of a Dy/Tb-rich product, MTM will earn:

o  a royalty (1.5% Net Smelter Return equivalent) on sales of finished product; and

o  a margin for processing Harts Range feed through MTM's facility.

·    The structure includes a buy-back right allowing the project owner (or successor) to acquire a portion of the royalty for a fixed amount, enabling MTM to crystallise value.

·    MTM holds rights that travel with the project in the event of ownership change, ensuring the processing exclusivity remains intact.

MTM's Texas Technology Campus serves dual purpose: core waste-to-value facility (e-waste, PCBs, specialty metals) and demonstration/refinement hub for HREE feedstocks and product qualification with U.S. / allied off-takers.

STRATEGIC UPSIDE FOR NEW FRONTIER THROUGH MTM ALIGNMENT

By exclusively aligning with MTM, which is positioning itself as a gatekeeper for heavy-rare-earth refining in the Western supply chain, New Frontier has a clear path to market for its unique Dy/Tb-rich feedstock.

The FJH process has now been demonstrated on Harts Range raw ore rather than just scraps or tailings - showing technology scalability and feed-type flexibility, increasing the addressable value chain.

With downstream product qualification pathways (including U.S. magnet and defence supply chains), New Frontier can leverage MTM's early upgrade results into commercial optionality, not just exploration upside.

Given global policy momentum toward allied-market rare-earth supply (including U.S. DoW and export-control tailwinds), the timing aligns with premium valuation themes for heavy-rare-earth exposures.

NEXT STEPS

New Frontier will align with MTM's stated next steps which comprise:

·    Ongoing FJH testing and processing of the 25kg bulk sample from Harts Range into MTM's Texas FJH reactor.

·    Generation of Dy/Tb-rich "super-concentrate" samples and delivery to prospective U.S. magnet/defence customers for qualification subject to successful completion of ongoing optimisation and scale-up work, and

·    Delivery of a commercial term-sheet for offtake or processing by Q3-2026.

**ENDS**

This announcement was approved for release by the Board of New Frontier Minerals Limited.

REFERENCES

1)   NFM ASX Release "Harts Range bulk sample returns 1.72% TREO including 4.51% Nb2O5 and exceptional HREO/TREO ratio of 94.8%" - 25 August 2025

2)   Metallium Secures Exclusive Rights over Dy/Tb-Rich Harts Range Project Following Breakthrough FJH Upgrade of Raw Ore- 18 November 2025

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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.

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.

ASX Listing Rule 5.23.2

New Frontier Minerals Ltd confirms that it is not aware of any new information or data that materially affects the information included in this market announcement and that all material assumptions and technical parameters underpinning the estimates in this market announcement continue to apply and have not materially changed.