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

6 March 2026

New Frontier Minerals Limited

("NFM" or the "Company")

High-Grade Tungsten Confirmed at Harts Range Through Drilling and Surface Assays;

Pomme REE Advances

New Frontier Minerals Ltd (LSE and ASX: NFM) is pleased to provide an update across its critical minerals portfolio, including recent assay results from the inaugural scout drilling program at the Harts Range Project in the Northern Territory and the advancement of the Pomme Rare Earth Project in Québec, Canada.²

Highlights

·    First-pass scout drilling has returned 1,237 ppm Tungsten Oxide (WO₃) over 4 m, including 1 m at 4,860 ppm WO₃ at the Bank Prospect⁶

·    Elevated tungsten mineralisation confirmed at the Cusp Prospect with rock-chip assays returning up to 14,501 ppm WO₃, including 14,123 ppm, 13,492 ppm, 13,240 ppm, 12,988 ppm, 12,700 ppm, 12,546 ppm, 10,403 ppm, 10,300 ppm, 9,900 ppm, 9,600 ppm, 9,540 ppm, 9,507 ppm, 7,212 ppm and 5,939 ppm WO₃ (refer to Table 1)

·    While Heavy Rare Earth Elements (HREE) and Niobium remain the primary focus at Harts Range, the emerging Tungsten mineralisation represents a significant additional upside to NFM's exploration strategy

·    Six (6) of forty-six (46) priority geophysical targets (~13%) tested, with systematic prioritisation of the remaining 40 targets under review²

·    Tungsten (Ammonium Paratungstate) benchmark price up over 430% in 13 months, driven by defence, manufacturing, China export controls and structural supply deficits^7,9,10

·    Pomme Rare Earth Project advancing as low cost North American growth initiative, requiring a minimum expenditure of A$200,000 over 24 months¹

·    Diamond core to be collected for conventional metallurgical testing, including Flash Joule Heating (FJH) evaluation with Metallium (ASX: MTM)

·    Upcoming site visit to Metallium's Houston, Texas processing facility will support assessment of downstream processing pathways

Chairman Gerrard Hall commented: "Our recent drilling campaign at Harts Range, where 6 of 46 priority targets were tested, has confirmed the presence of tungsten. This is a strategically significant finding given the tightening global supply of the metal and its critical role in defence and advanced manufacturing. With benchmark prices up more than 430% in the past 13 months, the tungsten adds a valuable new dimension to the project. In parallel and driven by the growing demand for copper and continued bullish investor sentiment for the metal, management will prioritise the advancement of the highly prospective Big One Project, New Frontier's most advanced and near-term opportunity. There are also plans to advance work on the recently acquired Pomme Rare Earth Project, strengthening New Frontier's North American footprint, and supporting its further growth is the recent OTCQB listing."

HARTS RANGE PROJECT - DRILLING & ASSAY UPDATE

First-pass scout drilling of 27 reverse circulation (RC) holes for a total of 1,803m meters at the Harts Range Project is now complete (Figure 3). The inaugural drilling program has returned encouraging tungsten mineralisation at the Bank Prospect, which returned 1,237 ppm Tungsten Oxide (WO₃) over 4 metres, with a higher-grade interval of 1 metre within epidote altered amphibolite grading 4,860 ppm WO₃ from 132m depth.⁶

These drilling results support the occurrence of historic high-grade rock-chip samples and confirm the presence of tungsten mineralisation within the project area, highlighting the potential for additional tungsten occurrences within the broader mineralised system (refer Appendix D for full assay results).

Surface rock-chip sampling at the Cusp Prospect, ~300m south from Bank Prospect (Figure 1), has returned tungsten oxide values ranging from 5,930 to 14,501 ppm WO₃ (Barfuss) and 9,600 to 12,700 ppm WO₃ (NFM), further highlighting the presence of high-grade tungsten mineralisation at surface. These results, combined with the recent drilling intercept, support the interpretation that tungsten forms part of a broader multi-commodity mineral system at Harts Range (Table 1).⁵

The review of historical and recent rock chip sample data at Harts Range has identified multiple occurrences of high tungsten mineralisation associated with the pegmatites at the Cusp Prospect.

Table 1: Tungsten assays from historic Barfuss and NFM rock chip sampling at Cusp Prospect

Note: More detail is provided in Appendix C

While exploration at Harts Range has primarily focused on the project's HREE and niobium potential, the presence of tungsten mineralisation provides an additional strategic dimension to the project. New Frontier Minerals will continue to assess the tungsten potential as part of its ongoing exploration strategy.

 LOCATION OF HIGH TUNGSTEN SAMPLES (CUSP PROSPECT)

Figure 1: Tungsten (WO₃ ) Rock Chip Samples collected from Cusp Outcrop (Table 1).

Source: NFM Geology Team

TUNGSTEN MARKET CONTEXT

Tungsten is classified as a critical mineral by the United States, the European Union and Australia. The metal possesses the highest melting point of any element (3,422°C) and exceptional hardness in its carbide form, making it virtually irreplaceable in defence, advanced ⁸manufacturing, and semiconductor applications.

The benchmark ammonium paratungstate (APT) price has surged over 430% in 13 months, from approximately US$340 per metric tonne unit (MTU) in January 2025 to approximately US$1,750-1,850/MTU by February 2026 - the most significant tungsten price movement in the metal's modern trading history (Figure 2^7,9).

The rally has been driven by defence and manufacturing uses, and China's February 2025 export controls on tungsten products, which resulted in a reported 70% decline in Chinese APT exports. China accounts for approximately 82% of global primary supply, and concurrent mining quota reductions and declining ore grades have further constrained output.⁹ 

Demand has been supported by increased global defence spending, semiconductor fabrication growth and sustained industrial consumption. The USGS ranked tungsten 9^th among 84 mineral commodities for supply disruption risk in its 2025 Critical Minerals methodology, placing it in the "High" risk category. The United States has no domestic tungsten mining and remains fully reliant on imports and recycling.⁷

The global tungsten project pipeline remains thin following depressed prices between 2012 and 2024. Non-Chinese supply is limited, with analysts broadly expecting elevated prices to persist through 2026 and beyond, underpinned by structural supply deficits and geopolitical tensions around critical mineral supply chains.¹⁰

NFM's discovery of high-grade tungsten mineralisation at the Cusp Prospect, together with the drilling intercept at the Bank Prospect, positions the Harts Range Project favourably within this tightening global market.

Importantly, the inaugural scout drilling program has tested only 6 of the 46 priority geophysical targets (~13%) identified across the Harts Range tenure, highlighting the early-stage nature of exploration and substantial remaining upside². Considering these results, an assessment and evaluation of the remaining targets will be undertaken to further improve NFM's understanding of the mineralised system and broader prospectivity of the Harts Range project (Figure 3). 

Note: Coordinate system is MGA1994 - Zone 53S

While the RC drilling program did not intersect significant Rare Earth Element (REE) grades, several drill samples returned materially elevated concentrations of incompatible elements associated with advanced magmatic fractionation.

The K/Rb ratio is a widely recognised index of pegmatite fractionation, with fertile granites capable of generating rare-metal pegmatites characteristically exhibiting K/Rb < 100.^11,14 Sample NFM00410 (HRRC016, Paddington Prospect) returned 436 ppm Rb with a K/Rb ratio of 71, falling well below this threshold and within the range associated with highly evolved rare-element pegmatites. Sample NFM00266 (HRRC010, Cusp Prospect, Figure 4) returned 297 ppm Rb (K/Rb = 101) together with 173 ppm Y₂O₃ - the third-highest yttrium value in the entire 930-sample dataset. Sample NFM00064 (HRRC004, Cusp Prospect) returned 350 ppm Rb (K/Rb = 174). These rubidium concentrations are approximately 3-5 times higher than average upper continental crust (~90 ppm Rb), and 99% of all samples returned K/Rb ratios below the average upper crustal value of ~311.¹³

During progressive fractional crystallisation, rubidium preferentially partitions into the residual melt relative to potassium, driving K/Rb to progressively lower values.^12,14 Depressed K/Rb ratios therefore serve as a direct indicator of late-stage magmatic evolution. The coincidence of low K/Rb ratios and elevated yttrium concentrations, when considered alongside confirmed HREE-bearing minerals observed at surface, demonstrates that the pegmatites intersected in drilling are highly evolved and geochemically favourable for HREE mineralisation.^11,12

Figure 4: Harts Range prospect and drill collar location map

POMME RARE EARTH PROJECT

Pomme represents a capital-efficient entry into an advanced carbonatite-hosted rare earth system located in Québec, a Tier-1 mining jurisdiction with established infrastructure and a stable regulatory framework. Carbonatite systems globally are recognised for hosting large-tonnage rare earth deposits, and Pomme provides exposure to this deposit style within a strategically important North American setting¹.

Under the existing earn-in framework, NFM is required to incur a minimum expenditure of $200,000 over 24 months to secure its interest. This structure provides low-cost exposure to resource growth and metallurgical optimisation potential while enabling staged technical evaluation prior to larger capital commitments.

Next steps will include the collection of representative diamond drill core samples for conventional metallurgical testing and evaluation utilising Metallium's (ASX: MTM) Flash Joule Heating (FJH) technology. The planned testwork will assess the compatibility of Pomme carbonatite material with advanced beneficiation pathways and provide additional data regarding concentrate characteristics and potential processing responses.

Additionally, geological modelling and integration of historical drilling, geophysical and assay datasets to refine understanding of mineralisation geometry and structural controls. This program is designed to support potential expansion of the existing Inferred Resource and improve targeting confidence for future drilling (Figure 5).

Subject to positive metallurgical outcomes, FJH evaluation has the potential to enhance project economics by improving concentrate quality and downstream optionality, although no conclusions can be drawn until testing is completed.

NORTH AMERICAN STRATEGIC AND CORPORATE ENGAGEMENT

NFM undertook a site visit in early February 2026 at Metallium's FJH facility in Houston as part of its broader technical due diligence and processing pathway assessment. The visit enabled direct observation of commercial-scale FJH operations and facilitated detailed technical discussions regarding processing flowsheets, scalability considerations and potential integration scenarios.

This engagement forms part of NFM's broader objective of assessing end-to-end development pathways, spanning Canadian resource growth through to potential U.S.-based upgrading and downstream market access, while maintaining flexibility around future processing decisions.

Having recently listed on the OTCQB (NFMXF), NFM will expand its US investor base with access to US capital markets through its listing, broadening exposure to a deep pool of US institutional and retail investors at a time of heightened global focus on critical minerals security.

NFM is also continuing to assess further opportunities to strengthen its presence in US capital markets, building on growing inbound interest from US-based investors focused on critical minerals and downstream integration.

Figure 5: MTM scout drilling at the Pomme Project area overlain on airborne magnetic image (TMI, 1VD)

NEXT STEPS

·    Continue assessment of Harts Range drilling outcomes, including tungsten potential and prioritisation of the remaining 40 untested geophysical targets.

·    Progress low-cost metallurgical testwork on drill core from the Pomme Project to evaluate material characteristics and potential processing pathways.

·    Continue building US capital markets presence and investor engagement following OTCQB listing.

·    Progress Mining Lease Application over The Big One Deposit^3,4

ENDS

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

REFERENCES

1)  15 November 2023 - MTM ASX Release "Pomme Project drilling identifies new zones of rare earth and niobium mineralisation within carbonatite complex"

2)  Geophysical interpretation identifies 46 HREE-Nb-U priority targets at Harts Range, NT - ASX announcement, 31 March 2025

3)  Maiden Mineral Resource Estimate 2.1Mt @ 1.1% Cu (21,886t) for Big One Deposit - ASX announcement, 28 February 2022 (Refer to Appendix)

4)  Mining Lease Application lodged for Big One Copper Deposit - ASX announcement, 13 November 2025

5)  Historic assay results from the Harts Range Project - New Frontier Minerals internal dataset

6)  ALS Global assay results from the Harts Range Project - New Frontier Minerals internal dataset

7)  USGS Mineral Commodity Summaries 2025 - Tungsten, U.S. Geological Survey, January 2025.

8)  Final 2025 List of Critical Minerals - Federal Register, 7 November 2025. 

9)  "Chinese tungsten product prices surge over 200% in 2025 amid export controls, fresh demand" - Fastmarkets, 15 January 2026.

10)  "Tungsten: The world has sleepwalked into a tungsten crunch" - BMO Global Commodities Research, February 2026

11)  Černý, P. and Ercit, T.S. (2005) - "The classification of granitic pegmatites revisited", The Canadian Mineralogist, 43(6), 2005-2026

12)  Černý, P., Meintzer, R.E. and Anderson, A.J. (1985) - "Extreme fractionation in rare-element granitic pegmatites: selected examples of data and mechanisms", The Canadian Mineralogist, 23(3), 381-421

13)  Rudnick, R.L. and Gao, S. (2003) - "Composition of the Continental Crust", Treatise on Geochemistry, Vol. 3, Elsevier, 1-64

14)  Selway, J.B., Breaks, F.W., and Tindle, A.G. (2005) - "A review of rare-element (Li-Cs-Ta) pegmatite exploration techniques for the Superior Province, Canada, and large worldwide tantalum deposits", Exploration and Mining Geology, 14(1-4), 1-30.

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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. Additionally, the Pomme Project, situated in Quebec, Canada, is prospective for carbonatite-hosted Rare Earth Element (REE) mineralisation.

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

Competent Persons Statement

The scientific and technical information in this announcement, which relates to exploration results, preliminary sequential metallurgical 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.

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 material

Appendix

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