REG - New Frontier Mineral - Binding Commercial Framework with Metallium

New Frontier MineralsAnnouncement

18/11/2025 07:02

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RNS Number : 8536H  New Frontier Minerals Limited  18 November 2025

       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: Metallium(2))

 

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.

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

Table 1: REE Recovery and Impurity Removal - Assay Before and After FJH
Treatment & Enrichment Ratio  (Source: Metallium(2))

 

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: Metallium(2))

 

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

 

For further information please contact:

 New Frontier Minerals Limited      +61 8 6558 0886 
 Gerrard Hall (UK), Chairman 

 S. P. Angel Corporate Finance LLP  +44 (0)1483 413500 

 (Corporate Broker) 
 Ewan Leggat                        +44 (0) 20 7409 3494

 St Brides Partners Ltd             +44 (0)20 7236 1177

 (Financial PR)  
 Ana Ribeiro and Charlotte Page

 

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.

 

 

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