REG - New Frontier Mineral - Final Results and Publication of Annual Report
22/09/2025 07:00
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RNS Number : 1475A New Frontier Minerals Limited 22 September 2025
22 September 2025
New Frontier Minerals Limited
("NFM" or the "Company")
Final Results and Publication of Annual Report
New Frontier Minerals Ltd (LSE and ASX: NFM), announces its final results for
the year ended 30 June 2025.
CHAIRMAN'S LETTER
Dear Shareholders,
The change in name to New Frontier Minerals (NFM) from Castillo Copper is
reflective of the material transformation the group has undergone over the
2024-25 financial year. In October 2024, we completed the acquisition of the
Harts Range Project, circa 140km from Alice Springs in the Northern Territory,
which broadened the group's exposure to Heavy Rare Earth Elements, Niobium and
Uranium.
Our traditional copper business is now primarily focused on the NWQ Copper
Project in the world-class Mt Isa region in Queensland, as we have now sold
all the non-core Australian assets. In line with this focus, we have exited
our final non-core asset, the Mkushi Project in Zambia. The deregistration of
our Zambian subsidiary, Chalo Mining Group, is in the final stages. We
continue to concentrate our resources on our Australian projects and other
strategic opportunities.
NFM's pivot to critical minerals via the Harts Range Project, particularly
heavy rare elements (HRE) dysprosium and terbium, comes at a time of
significant geopolitical change. Notably, from a national security
perspective, the moves by the US government to diversify supply chains of
critical minerals away from China has created a significant opportunity for
NFM to capitalise upon.
Over the course of the financial year, through conducting surface sampling and
geophysical campaigns, NFM's geology team has been able to delineate
high-conviction targets for drill-testing. The inaugural drilling campaign,
which is awaiting regulatory approval, should provide invaluable insight into
the potential to define a HRE-Mineral Resource Estimate at the Harts Range
Project. Concurrently, we are reviewing processing options for HRE-enriched
material to map out a potential commercialisation pathway to facilitate future
offtake discussions with global magnet supply chain groups.
Having signed a Memorandum of Understanding with Austral Resources Australia
Ltd (Austral; ASX: AR1), we now have the capability to create value from
leveraging the two groups Mt Isa copper belt assets. On a bundled basis, the
combined footprint and Austral's Mt Kelly copper processing plant, delivers a
compelling integrated scalable asset base that delivers significant
exploration and mining potential. Our initial objective is to provide copper
ore from the Big One Deposit (MRE: 2.1Mt @ 1.1% Cu) then diversify to other
potential satellite prospects within the NWQ Copper Project.
On behalf of the Board, we would like to thank shareholders for supporting our
recent capital raising exercise, as that provides the necessary working
capital to advance our two exciting exploration projects and generate value
for shareholders.
Ged Hall
Chairman
London, United Kingdom
19th September 2025
ANNUAL REPORT AND ACCOUNTS
The Company's Annual Report and Accounts is available on the Company's
website at: https://newfrontierminerals.com/investor-dashboard/
(https://newfrontierminerals.com/investor-dashboard/)
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)
Nick Emerson +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 and the Broken Hill Project
in western New South Wales.
New Frontier Minerals is listed on the LSE and ASX under the ticker "NFM".
Results
The loss after tax for the year ended 30 June 2025 was $2,458,209 (30 June
2024 loss of $1,461,849) and the net assets of the Group at 30 June 2025 were
$11,151,931 (2024: $10,610,574).
Dividends
No dividend was paid or declared by the Group during the year and up to the
date of this report.
Corporate Structure
New Frontier Minerals Limited is a company limited by shares that is
incorporated and domiciled in Australia.
Nature of Operations and Principal Activities
During the financial year, the principal activity of the Group was mineral
exploration and examination of new resource opportunities. The Group currently
holds copper and rare earth minerals projects in Queensland and Northern
Territory in Australia as well as copper projects in Zambia.
Employees
The Group had no employees at 30 June 2025 (2024: Nil).
Operating and Financial Risk
The Group's activities have inherent risk and the Board is unable to provide
certainty of the expected results of activities, or that any or all of the
likely activities will be achieved. The material business risks faced by the
Group that could influence the Group's future prospects, and how the Group
manages these risks, are detailed below:
Operational Risks
The Group may be affected by various operational factors. In the event that
any of these potential risks eventuate, the Group's operational and financial
performance may be adversely affected. No assurances can be given that the
Group will achieve commercial viability through the successful exploration,
sale, and/or development of its tenement interests. Until the Group is able to
realise value from its projects, it is likely to incur ongoing operating
losses.
The operations of the Group may be affected by various factors, including
failure to locate or identify mineral deposits, failure to achieve predicted
grades in exploration, operational and technical difficulties encountered in
exploration, insufficient or unreliable infrastructure such as transport,
unanticipated metallurgical problems which may affect extraction costs,
adverse weather conditions, industrial and environmental accidents, and
unexpected shortages or increases in the costs of contractor services.
The Group's MREs are made in accordance with the 2012 edition of the JORC
Code. MREs are estimates only. An estimate is an expression of judgement based
on knowledge, experience and industry practice. Estimates which were valid
when originally calculated may alter significantly when new information or
techniques become available. In addition, by their very nature, resource
estimates are imprecise and depend to some extent on interpretations, which
may prove to be inaccurate.
The tenements are at various stages of exploration, and potential investors
should understand that mineral exploration and development are speculative and
high-risk undertakings that may be impeded by circumstances and factors beyond
the control of the Group.
There can be no assurance that exploration of the Tenements, or any other
exploration properties that may be acquired in the future, will result in the
discovery of an economic mineral resource. Even if an apparently viable
deposit is identified, there is no guarantee that it can be economically
exploited.
There is no assurance that exploration or project studies by the Group will
result in the definition of an economically viable mineral deposit or that the
exploration tonnage estimates, and conceptual project developments are able to
be achieved. In the event the Group successfully delineates economic deposits
on any Tenement, it may apply for a mining lease to undertake development and
mining on the relevant Tenement. There is no guarantee that the Group will be
granted a mining lease if one is applied for and if a mining lease is granted,
it will also be subject to conditions which must be met.
Further Capital Requirements
The Group's projects may require additional funding to progress activities.
There can be no assurance that additional capital or other types of financing
will be available if needed to further exploration or possible development
activities and operations or that, if available, the terms of such financing
will be favourable to the Group.
Native Title and Aboriginal Heritage
There are areas of the Group's projects over which legitimate common law
and/or statutory Native Title rights of Aboriginal Australians exist. Where
Native Title rights do exist, the Group must obtain consent of the relevant
landowner to progress the exploration, development and mining phases of
operations. Where there is an Aboriginal Site for the purposes of the
Aboriginal Heritage legislation, the Group must obtain consent in accordance
with the legislation.
The Group's Activities are Subject to Government Regulations and Approvals
The Group is subject to certain Government regulations and approvals. Any
material adverse change in government policies or legislation in Australia or
Zambia that affect mineral exploration, mining, processing, and development
activities, export activities, income tax laws, royalty regulations,
government subsidiaries and environmental issues may affect the viability and
profitability of any planned exploration or possible development of the
Group's portfolio of projects.
Global Conditions
Global economic conditions (including movements inflation rates and currency
exchange rates), national and international political circumstances, natural
disasters, and other global events, may have an adverse effect on the
Company's exploration activities, as well as on its ability to fund those
activities.
General economic conditions may also affect the value of the Company and its
market valuation regardless of its actual performance.
Review of Operations
New Frontier Minerals Limited (NFM) is an Australian-based explorer that has
undergone a material transformation over the 2024-25 financial year. The group
acquired the Harts Range Project, which is 140km from Alice Springs in the
Northern Territory, and prospective for critical minerals Heavy Rare Earths
(HRE), Niobium and Uranium.
The copper business has undergone a restructure, with the primary focus now
advancing the NWQ Copper Project in Queensland. All the Australian located
non-core copper assets have been sold, and our final non-core asset, the
Mkushi Project in Zambia, has been exited. Deregistration of our Zambian
subsidiary, Chalo Mining Group, is in the final stages.
A closer review of the core projects and key undertakings over the financial
year follow:
Harts Range Project Acquisition
NFM finalised a binding agreement with Audax Holdings Pty Ltd to acquire an
85% effective interest in the Harts Range Niobium, Uranium, and Heavy Rare
Earths Project through a two-stage earn-in arrangement in 2QFY25. Located 140
km north-east of Alice Springs, the project initially spanned two granted
tenements covering 110 km (Figure 1).
Figure 1: Primary targets at Harts Range Project
Historical assays from 29 rock chip samples collected across five prospects -
Cusp, Bobs, Bobs West, Thorium Anomaly, and Niobium Anomaly - reported grades
of up to 23.2% niobium (Nb), 12.7% uranium (U), and 12.7% Total Rare Earth
Elements (TREE) which are shown in Figure 2.
Figure 2: Historical Rock Chip Results - Cusp Prospect (PCT)
Sample ID HR419 HR420 HR421 HR480 HR481 HR482 HR483 HR484 HR485 HR486 HR487 HR488 HR490
Niobium (%) 17.5 1.1 22.7 21.0 16.3 23.2 23.0 1.0 24.0 20.6 20.0 19.4 18.0
Uranium (%) 10.1 2.0 11.0 11.4 10.4 12.1 12.2 0.0 11.6 11.2 11.2 11.3 11.3
Yttrium (%) 5.6 16.0 6.9 8.0 3.3 8.6 8.1 0.0 7.9 7.4 8.3 7.8 7.3
Tantalum (%) 9.3 0.9 5.5 7.0 11.0 5.9 6.6 0.1 5.9 4.1 5.2 4.7 6.3
Dysprosium (%) 1.1 0.0 1.6 1.7 0.7 1.9 1.7 0.0 1.8 1.6 1.8 1.7 1.5
Terbium (%) 0.18 0.05 0.24 0.27 0.10 0.29 0.27 <0.01 0.27 0.25 0.27 0.26 0.24
Note: Niobium is typically coincident with Heavy Rare Earths mineralisation,
Tantalum and Uranium (Reference 1)
These include 2.85% dysprosium (Dy), 0.32% terbium (Tb), and 14.9% tantalum
(Ta), confirming the area's high potential to host critical minerals. As part
of due diligence, a preliminary field visit in October 2024 validated these
historical results, identifying extensive pegmatite occurrences and confirming
that mineralisation potential had been underexplored.
Growing the Harts Range Portfolio
Following the successful acquisition, NFM expanded its exploration footprint
with an additional tenure application east of the primary project area. The
Harts Range East Project increased the total tenure to 135km. Early
assessments have highlighted its alignment with the mineralisation trends of
the main tenements.
Early Exploration Activities
The geology team made positive strides during their second reconnaissance
visit to the Harts Range Project in November 2024. The visit aimed to evaluate
historical prospects and explore new areas with potential for viable targets.
Key activities included assessing known prospects such as Cusp, Bobs, Bobs
West, and Dune, collecting rock chip samples, conducting field readings, and
documenting critical observations for further analysis.
A notable development was the identification of a 500m long pegmatite at the
newly named Big Jay Prospect, located 1.6km south-southeast of the Bobs
Prospect.
Detailed rock chip sampling at the Cusp and Bobs Prospects reported high-grade
results exceeding historical assays, with highlights including 29.80%
Nb(2)O(5), 14.04% U(3)O(8), 1.63% Dy(2)O(3), 0.22% Tb(4)O(7), and 23.02%
Ta(2)O(5). These findings reinforced the project's significant exploration
potential, particularly along an interpreted 12km mineralised corridor.
Helicopter-Borne Geophysical Survey
NFM completed a comprehensive helicopter-borne radiometric and magnetic survey
across the Harts Range Project. The survey was a pivotal step in accelerating
the exploration of the tenements, with the primary aim of identifying
extensions of known uranium, niobium, and HRE mineralisation. Pleasingly,
the survey provided critical data to enhance the prioritisation of future
drilling and ground truthing activities.
The analysis highlighted numerous distinct radiometric anomalies and confirmed
the structural alignment of mineralised pegmatites at key locations, including
the Cusp and Bobs Prospects. Enhanced magnetic imagery revealed that these
prospects align along an ENE-trending structure, suggesting potential
mineralised extensions in both the northern and southern regions of the
project. The survey data underscored the significant exploration potential of
the Harts Range Project, setting the stage for more detailed investigations.
In March 2025, NFM completed a detailed geophysical interpretation by Southern
Geoscience Consultants. This study built upon the initial survey by
identifying 46 priority exploration targets across the project area.
Specifically, the evaluation pinpointed 18 high-priority, 16 medium-priority,
and 12 lower-priority targets for follow-up exploration. A 1:10,000 scale
structural interpretation was achieved, marking a localised radiometric and
magnetic anomaly at both the Cusp and Bobs Prospects. The data has greatly
assisted in target drillhole generation.
Rare Earth Distribution Analysis
Rare earth distribution analysis formed a crucial component of ongoing
exploration activities at the Harts Range Project. The analysis focused on
rock chip samples collected from pegmatite outcrops in the Cusp and Bobs
Prospects. Results revealed exceptionally high concentrations of heavy rare
earth elements (HREEs), with Dysprosium Oxide (Dy2O3) and Terbium Oxide
(Tb4O7) identified as dominant contributors to the total rare earth oxide
(TREO) composition.
At the Cusp Prospect, analysis of 13 mineralised rock chip samples revealed
that over 92% of the rare earth oxide basket was composed of heavy rare
earths. Dysprosium and Terbium combined accounted for 13.63% of the TREO
basket, with Dysprosium Oxide (11.76%) and Terbium Oxide (1.87%) demonstrating
the significant value of this deposit.
The Bobs Prospect showed even higher HREE concentrations in its 12 analysed
samples, with HREs making up more than 97% of the rare earth basket. Yttrium
Oxide (71.06%) was particularly prominent, alongside Dysprosium Oxide (8.75%)
and Terbium Oxide (1.18%). The similarities between the Cusp and Bobs
Prospects, both structurally and mineralogically, highlighted the potential
for further high-value discoveries along their east-west trending structure.
Strategic Importance of Heavy Rare Earth Elements - Summary
Heavy rare earth elements like Dysprosium and Terbium are crucial for
enhancing Neodymium-Iron-Boron magnets, essential in technologies driving
electrification and green energy, including electric vehicles and wind
turbines. Dysprosium improves thermal stability, while Terbium enhances
durability and resistance to demagnetisation.
Demand for Dysprosium is rising steadily, with projected growth from US$1,054m
in 2025 to US$1,750m by 2035, driven by its importance in sectors such as
automotive, renewable energy, and electronics.
Global supply challenges stem from China's dominance, which controls 90% of
rare earth processing capacity. Limited separation facilities outside China
create dependency, pushing industries to seek diversified supply chains.
The Harts Range Project positions NFM as a key player in addressing these
challenges. With significant deposits of heavy rare earths like Dysprosium and
Terbium discovered at the Cusp and Bobs Prospects, the project offers the
potential to contribute to high-demand markets and reduce reliance on Chinese
sources, especially in the defence and green energy sectors.
Distribution Analysis
NFM conducted rare earth distribution analysis on 25 rock chip samples from
the Cusp and Bobs Prospects, revealing significant HRE mineralisation,
particularly Dysprosium and Terbium, critical for defence applications (Figure
3 & 4).
Key findings include:
Cusp Prospect (13 samples):
· High HRE concentration, with over 92% of the Rare Earth Oxide (REO)
basket comprising HRE
· Dysprosium Oxide (Dy2O3): 11.75%, Terbium Oxide (Tb4O7): 1.87%
· Rare earth basket comprises over 92% HRE minerals with combined
Dysprosium and Terbium distribution making up 13.63% of TREO
Figure 3: Distribution of Dysprosium and Terbium rich mineralisation at Cusp
Prospect
Bobs Prospect (12 samples):
· Higher HRE concentration, with over 97% of the TREO basket comprising
HREs
· Yttrium Oxide (Y2O3): 71.06%, Dysprosium Oxide (Dy2O3): 8.75%, Terbium
Oxide (Tb4O7): 1.18%
· Combined Dysprosium and Terbium: 9.93% of TREO basket
Figure 4: Distribution of Dysprosium and Terbium rich mineralisation at Bobs
Prospect
Both prospects, located 1.6km apart along the same east-west trending
structure, show similar mineralisation and geological settings, indicating
substantial exploration potential.
China's export restrictions on Dysprosium and Terbium underscore the urgent
need for alternative sources, positioning the Harts Range Project as a
strategically important opportunity to develop new HRE supplies.
Field Exploration Site Visits
A field exploration campaign in April 2025 at the Harts Range Project, was
aimed at investigating 46 targets identified through the prior airborne
geophysical survey, targeting untested areas for potential Uranium, Niobium,
and HREE mineralisation, with Uranium serving as a key pathfinder element.
Exploration efforts led to the discovery of two new prospects, "Paddington"
and "Westminster," located approximately 200m and 450m west of the Bobs
Prospect, respectively.
Assay results from 14 rock chip samples (HRS019-HRS032) collected from
plagioclase and mica-rich pegmatite outcrops confirmed high-grade HREE
mineralisation (Figure 5).
Notable results included:
HRS019 (Paddington) with 10.61% TREO (1.28% Dy2O3, 0.22% Tb4O7), 23.56% Nb2O5,
and 15.67% Ta2O5;
HRS031 (Paddington) with 5.17% TREO (0.61% Dy2O3, 0.10% Tb4O7), 11.49% Nb2O5,
and 7.30% Ta2O5; and
HRS032 (Westminster) with 7.46% TREO (0.53% Dy2O3, 0.05% Tb4O7), 0.01% Nb2O5,
and 0.002% Ta2O5.
Figure 5: Prospects Summary Table
PROSPECT Best TREO (%) Max HREO/TREO (%) Max Dy2O3 (%) Max Tb4O7 (%) Max Nb2O5 (%) Max Ta2O5 (%)
CUSP 17.8% (HR482) 89.6% (HRS012) 2.2% (HR482) 0.2% (HR482) 33.2% (HR482) 13.4% (HR481)
BOBS 20.1% (HR508) 94.5% (HR506) 1.7% (HR505) 0.2% (HR505) 10.1% (HRS002) 23% (HRS002)
PADDINGTON 10.6% (HRS019) 84.68% (HRS031) 1.3% (HRS019) 0.2% (HRS019) 23.6% (HRS019) 15.7% (HRS019)
WESTMINSTER 7.5% (HRS032) 96.69% (HRS032) 0.5% (HRS032) 0.06% (HRS032) 0.01% (HRS032 0.03% (HRS032)
These samples, submitted to Intertek Perth Laboratory, revealed high HREO/TREO
ratios up to 96.69%, highlighting significant Dysprosium and Terbium
enrichment alongside notable Niobium and Tantalum values, particularly in
samarskite mineralisation.
The Paddington, Westminster, Bobs, and Cusp prospects collectively defined an
east-west trending structural corridor extending over 2km, identified through
geophysical interpretation as a potential control for the mineralisation.
In June 2025, NFM's geological team returned to the Harts Range Project, with
the aim to finalise high-priority drill targets at the Cusp, Bobs, Paddington,
Westminster and newly identified Old Trafford and Bank Prospects.
The Old Trafford Prospect, located 320m west of Westminster, featured a
plagioclase and quartz-rich pegmatite outcrop with samarskite fragments,
recording Geiger counter readings up to 6 μSv (sample HRS066). At
Westminster, further inspection confirmed samarskite in a micaceous pegmatite
section with readings up to 8 μSv (sample HRS064). North of Cusp, the Bank
Prospect revealed copper mineralisation (0.5-3% Cu) in foliated gneiss (sample
HRS055).
A prominent magnetic anomaly, approximately 150-200m in diameter, was
identified at the Kings Cross Prospect in the southern tenement area,
interpreted as a series of smaller features and one larger anomaly.
Expanded Footprint
NFM has taken a proactive step in expanding its operational footprint by
applying for three new tenements (EL34109 & EL34110 & EL34147) at
Harts Range. This expansion reflects NFM's commitment to exploring and
developing high-potential mineral resources in the region.
NWQ COPPER PROJECT, QUEENSLAND
Strategic Alliance Formalised
A significant development to advancing the NWQ Copper Project was formalising
the Memorandum of Understanding (MOU) with Austral Resources Australia Ltd
(ASX: AR1) on 21 January 2025 to establish a strategic alliance targeting the
Mt Isa copper belt. This collaboration aims to integrate the two groups
complementary assets, leveraging Austral's Mt Kelly copper processing plant
and NFM's exploration and mining expertise to unlock significant value for
shareholders.
The combined footprint within the Mt Isa copper belt positions the alliance as
a competitive force amidst industry majors such as BHP, Anglo American, and
Glencore. NFM's objective is to supply copper ore from the Big One Deposit
(Mineral Resource Estimate of 2.1 Mt at 1.1% Cu) then expand activity to other
satellite prospects within the NWQ Copper Project.
Under the agreement, Austral would process NFM's copper ore at its Mt Kelly
facility, contingent on metallurgical test-work requirements being satisfied.
This partnership is mutually beneficial as it provides NFM a clear pathway to
production, while enabling Austral to secure a new source of copper ore to
bolster throughput at the processing plant.
The MOU outlined a collaborative framework where both companies committed to
working on a best-endeavours basis to capitalise on their shared resources.
Key undertakings under this alliance include the following objectives:
· Formalising a processing agreement for NFM to supply copper ore from the
Big One Deposit and, if suitable, other prospective targets within the NWQ
Copper Project;
· Conducting metallurgical test-work at Austral's Mt Kelly plant to ensure
the ore meets processing standards;
· Ensuring profit-sharing terms are equitable, guaranteeing that neither
party incurs losses as part of the arrangement; and,
· The agreement sets out roles for both groups to achieve these
objectives.
· NFM would focus on progressing regulatory, technical, and operational
milestones, including:
· Applying for a mining lease over the Big One Deposit, with the process
anticipated to take 18-24 months;
· Seeking approval for trial mining and metallurgical testing of the
existing copper oxide stockpiles at the Big One Deposit;
· Expanding the known resource through further drilling campaigns; and
· Commencing exploration of satellite prospects within the NWQ Copper
Project.
Austral's responsibilities include performing the necessary metallurgical
testing to confirm ore suitability and supporting NFM through its mining lease
application process.
The Board believes this strategic alliance underscores NFM's steady progress
in advancing the NWQ Copper Project and marks a pivotal moment in its
exploration efforts to position the group as a key player within the Mt Isa
copper belt. Both groups expressed a shared commitment to achieving mutually
beneficial outcomes through this relationship.
Surface Sampling Campaign - Big One Deposit
NFM's geology team completed a thorough surface sampling campaign at the Big
One Deposit which targeted regions near the line of lode, historical workings,
and the known orebody. Results from the campaign returned rock chip assays of
up to 12% Cu, confirming the presence of a significant copper anomaly. These
results suggest that copper mineralisation likely extends west along strike
from the historical workings and known orebody. Additionally, geochemical data
indicated the potential for mineralisation to extend south and east of the
existing line of lode. The assay results validated previously identified
induced polarisation conductivity anomalies located north of the line of lode
(Figure 6), further supporting the potential for resource growth.
Figure 6: Enlarged copper target area at big one deposit
The geology team utilised the three-day campaign to conduct detailed
geological mapping, providing critical insights into copper-bearing faulting
trends at the deposit. This comprehensive understanding has laid a strong
foundation for advancing exploration activities in the area. As such, geology
will integrate the new surface sampling data with historical information to
refine drill target selection. These new targets aim to extend known copper
mineralisation, leveraging the robust results achieved through the surface
sampling campaign to unlock further resource potential at the Big One Deposit.
UNLOCKING VALUE FROM NON-CORE ASSETS
The Board's strategy of unlocking value through divesting non-core copper
assets has been successful as over the past 18-months all three Australian
assets have now been sold, including:
· Broken Hill West Project, comprising two tenements, was acquired by
Rimfire Pacific Mining Ltd (ASX: RIM) for 13.4m RIM shares which have since
been sold.
· Cangai Copper Mine, comprising three granted tenements, was acquired by
Infinity Mining Ltd (ASX: IMI) for 40m shares and 20m options (five-year term
and an exercise price of $0.07) which have not been sold.
· Broken Hill East Project, comprising two tenements, was acquired by
Impact Minerals Ltd (ASX: IPT) based on $275,000 worth of new IPT shares on
the 14-day VWAP of $0.0073 which have since been sold.
Corporate Activity
Name Change to New Frontier Minerals
The Company (formerly named Castillo Copper Limited), as approved by its
shareholders at the Annual General Meeting held on 28 November 2024,
officially changed its name to New Frontier Minerals Limited. The change
became effective on 4 December 2024 for its ASX listing.
For the London Stock Exchange ("LSE"), the Company confirmed the effective
date of its name change, along with updates to its LSE ticker and ISIN, on 20
December 2024. Accordingly, the Company began trading under its new name,
ticker (LSE: NFM), and ISIN (AU0000368748) from the pre-market session on that
date.
Additionally, the Company announced the launch of its new website, which is
now accessible at https://newfrontierminerals.com/
(https://newfrontierminerals.com/) .
The rebranding reflects New Frontier Minerals' strategic direction to align
its identity with its evolving focus on critical mineral assets and
exploration initiatives.
Investor and Shareholder Engagement
Over the course of the financial year, the Board and management presented the
New Frontier Minerals story on several roadshows which included Australia,
Middle East and UK. Participants in the roadshow meetings included
stockbrokers, existing shareholders as well as prospective shareholders.
Placement
New Frontier raised A$1.59m through a placement of 144,477,270 shares at
A$0.011 each, supported by institutional and sophisticated investors.
Significant Changes in the State of Affairs
There were no significant changes in the state of affairs of the Group during
the year, other than as outlined elsewhere in this report.
Significant Events after the Balance Date
In September, the Board resolved to exit the Mkushi Project in Zambia and has
taken steps to deregister the Zambian subsidiary, Chalo Mining Group Limited.
Other than as stated above, there were no known material significant events
from the end of the financial year to the date of this report that have
significantly affected, or may significantly affect the operations of the
Group, the results of those operations, or the state of affairs of the Group
in future financial periods.
Likely Developments and Expected Results of Operations
The Group remains focused on progressing its two (2) pillared strategy which
includes continued exploration efforts at NWQ Copper Project in Queensland and
Harts Range project in Northern Territory.
Environmental Regulation and Performance
The operations of the Group are presently subject to environmental regulation
under the laws of the Commonwealth of Australia and the States of Queensland
and Northern Territory and the Republic of Zambia. The Group is, to the best
of its knowledge, at all times in full environmental compliance with the
conditions of its licenses.
Share Options
As at the date of this report, there were 23,500,000 unissued ordinary shares
under unlisted options. The details of the unlisted options at the date of
this report are as follows
Number Exercise Price Expiry Date
20,000,000 $0.0165 10 June 2028
3,500,000 £0.0068 7 August 2030
During the year ended 30 June 2025, 8,000,000 unlisted options expired.
Performance Shares
At 30 June 2025, none of the conditions of the performance shares disclosed in
the 2024 year annual report were met. As a result, all performance shares have
now expired.
Indemnification and Insurance of Directors and Officers
The Group has made an agreement indemnifying all the Directors and Officers of
the Group against all losses or liabilities incurred by each Director or
Officer in their capacity as Directors or Officers of the Group to the extent
permitted by the Corporation Act 2001. The indemnification specifically
excludes wilful acts of negligence. The Group paid insurance premiums in
respect of Directors' and Officers' Liability Insurance contracts for current
officers of the Group. The liabilities insured are damages and legal costs
that may be incurred in defending civil or criminal proceedings that may be
brought against the Officers in their capacity as Officers of entities in the
Group. The total amount of insurance premiums paid has not been disclosed due
to confidentiality reasons.
Proceedings on Behalf of the Group
No person has applied for leave of the court to bring proceedings on behalf of
the Group or intervene in any proceedings to which the Group is a party for
the purpose of taking responsibility on behalf of the Group for all or any
part of those proceedings. The Group was not a party to any such proceedings
during the year.
Indemnity and Insurance of Auditor
The Company has not, during or since the end of the financial year,
indemnified or agreed to indemnify the auditor of the company or any related
entity against a liability incurred by the auditor.
Corporate Governance
In recognising the need for the highest standards of corporate behaviour and
accountability, the Directors of New Frontier Minerals Limited support and
have adhered to the principles of sound corporate governance. The Board
recognises the recommendations of the Australian Securities Exchange Corporate
Governance Council and considers that New Frontier Minerals is in compliance
with those guidelines to the extent possible, which are of importance to the
commercial operation of a junior listed resources company. During the
financial year, shareholders continued to receive the benefit of an efficient
and cost effective corporate governance policy for the Group. The Group's
Corporate Governance Statement and disclosures can be found at
https://newfrontierminerals.com/about/corporate-governance/
(https://newfrontierminerals.com/about/corporate-governance/) .
Auditor's Independence Declaration
Section 307C of the Corporations Act 2001 requires our auditors, HLB Mann
Judd, to provide the directors of the Company with an Independence Declaration
in relation to the audit of the financial report. This Independence
Declaration is set out on page 27 of the annual report and forms part of this
directors' report for the year ended 30 June 2025.
There were no non-audit services provided by the Group's auditor during the
year ended 30 June 2025.
This report is signed in accordance with a resolution of the Board of
Directors.
Gerrard (Ged) Hall
Non-Executive Chairman
19(th) September 2025
COMPETENT PERSON STATEMENT
The information in this report that relates to Exploration Results,
Exploration Targets and Mineral Resources for the Harts Range Project
contained in this announcement is based on a fair and accurate representation
of the publicly available information at the time of compiling this report and
is based on information and supporting documentation compiled by Mark Biggs.
Mr Biggs is a director of ROM Resources, a company which is a shareholder of
New Frontier Minerals Ltd. ROM Resources provides ad hoc geological
consultancy services to New Frontier Minerals Ltd. Mr Biggs is a member of the
Australian Institute of Mining and Metallurgy (member #107188) and has
sufficient experience of relevance to the styles of mineralisation and types
of deposits under consideration, and to the activities undertaken, to qualify
as a Competent Person as defined in the 2012 Edition of the Joint Ore Reserves
Committee (JORC) Australasian Code for Reporting of Exploration Results, and
Mineral Resources. Mr Biggs holds an AusIMM Online Course Certificate in 2012
JORC Code Reporting. Mr Biggs also consents to the inclusion in this report of
the matters based on information in the form and context in which it appears.
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 report and
that all material assumptions and technical parameters underpinning the
estimates in this report continue to apply and have not materially changed.
Consolidated Statement of Profit or Loss and Other Comprehensive Income
for the year ended 30 June 2025
Note 30 June 30 June
2025 2024
$ $
Continuing Operations
Interest income 22,969 35,661
Other Income 3 144,204 -
Revenue 167,173 35,661
Listing and public company expenses (210,012) (169,688)
Marketing and investor relations (415,642) (335,416)
Consulting and directors' fees (446,882) (544,718)
Depreciation (1,703) -
Impairment of exploration expenditure 9 (640,437) (209,122)
Fair value adjustment on assets held at fair value through
profit or loss 6 (296,887) (134,409)
Share-based payments 22 (18,471) -
Other expenses 3 (362,322) (309,832)
(Loss) before tax from continuing operations (2,225,183) (1,667,524)
Income tax expense - -
(Loss) after tax from continuing operations (2,225,183) (1,667,524)
Discontinued Operations
Profit/(loss) from discontinued operations 12 (233,026) 205,675
(Loss) after tax for the year (2,458,209) (1,461,849)
Other comprehensive income
Items that may be reclassified subsequently to profit or loss
Exchange differences on translation of foreign operations 3,130 1,154
Total comprehensive (loss) for the year (2,455,079) (1,460,695)
(Loss) per share from continuing operations 14
Basic (cents per share) (0.16) (0.13)
Diluted (cents per share) (0.16) (0.13)
(Loss)/earnings per share from discontinued operations 14
Basic (cents per share) (0.02) 0.02
Diluted (cents per share) (0.02) 0.02
The accompanying notes form part of these financial statements.
Consolidated Statement of Financial Position
as at 30 June 2025
30 June
Note 2025 30 June
$ 2024
$
Assets
Current Assets
Cash and cash equivalents 5 1,847,191 1,118,294
Financial assets at fair value through profit or loss 6 595,322 376,344
Other Assets 7 86,215 420,707
Total Current Assets 2,528,728 1,915,345
Non-Current Assets
Property, plant and equipment 8 5,181 -
Other receivables 7 53,861 314,361
Deferred exploration and evaluation expenditure 9 8,728,609 8,493,010
Total Non-Current Assets 8,787,651 8,807,371
Total Assets 11,316,379 10,722,716
Current Liabilities
Trade and other payables 10 164,448 112,142
Total Current Liabilities 164,448 112,142
Total Liabilities 164,448 112,142
Net Assets 11,151,931 10,610,574
Equity
Issued capital 11 38,821,620 35,964,396
Reserves 13 4,225,231 4,082,889
Accumulated losses (31,894,920) (29,436,711)
Total Equity 11,151,931 10,610,574
The accompanying notes form part of these financial statements.
Consolidated Statement of Changes in Equity
for the year ended 30 June 2025
Issued Capital Share-Based Payment Reserve Foreign Currency Translation Reserve Accumulated Losses Total
$ $ $ $ $
Balance as at 1 July 2024 35,964,396 4,230,962 (148,073) (29,436,711) 10,610,574
Loss for the year - - - (2,458,209) (2,458,209)
Other comprehensive income - - 3,130 - 3,130
Total comprehensive loss for the year - - 3,130 (2,458,209) (2,455,079)
Shares issued to sophisticated investors 2,898,750 - - - 2,898,750
Shares issued to advisor 78,570 - - - 78,570
Share issue costs (216,096) 120,741 - - (95,355)
Shares based payments 96,000 18,471 - - 114,471
Balance at 30 June 2025 38,821,620 4,370,174 (144,943) (31,894,920) 11,151,931
Issued Capital Share-Based Payment Reserve Foreign Currency Translation Reserve Accumulated Losses Total
$ $ $ $ $
Balance as at 1 July 2023 35,964,396 4,230,962 (149,227) (27,974,862) 12,071,269
Loss for the year - - - (1,461,849) (1,461,849)
Other comprehensive loss - - 1,154 - 1,154
Total comprehensive loss for the year - - 1,154 (1,461,849) (1,460,695)
Balance at 30 June 2024 35,964,396 4,230,962 (148,073) (29,436,711) 10,610,574
The accompanying notes form part of these financial statements.
Consolidated Statement of Cash Flows
for the year ended 30 June 2025
Note 30 June 30 June
2025 2024
$ $
Cash flows from operating activities
Payments to suppliers and employees (1,347,125) (1,193,574)
Interest received 26,369 32,261
Net cash (outflow) from operating activities 5 (1,320,756) (1,161,313)
Cash flows from investing activities
Acquisition of plant and equipment (6,884) -
Proceeds from the sale of financial assets at fair value through profit or 6 652,757 -
loss
Receipts for tenements bonds 440,600 -
R&D tax incentive refund received 203,761 -
Cash paid for acquisition of Harts Range 23 (125,000) -
Payments for exploration and evaluation expenditure (623,375) (617,285)
Net cash inflow/(outflow) from investing activities 541,859 (617,285)
Cash flows from financing activities
Issued Capital 1,589,250 -
Share issue costs (95,355) -
Net cash inflow from financing activities 1,493,895 -
Net increase/ (decrease) in cash and cash equivalents 714,998 (1,778,598)
Cash and cash equivalents at 1 July 1,118,294 2,897,611
Effect of exchange rate fluctuations on cash held 13,899 (719)
Cash and cash equivalents at 30 June 1,847,191 1,118,294
The accompanying notes form part of these financial statements.
Notes to the Consolidated Financial Statements
for the year ended 30 June 2025
NOTE 1: STATEMENT OF MATERIAL ACCOUNTING POLICIES
(a) Corporate Information
This general purpose financial report of New Frontier Minerals Limited
(formerly Castillo Copper Limited) and its subsidiaries ("the Group") for the
year ended 30 June 2025 was authorised for issue in accordance with a
resolution of the directors on 19 September 2025.
New Frontier Minerals Limited is a company limited by shares incorporated in
Australia whose shares are publicly traded on the Australian Securities
Exchange and the London Stock Exchange. At the Company's 2024 Annual General
Meeting, shareholders approved the Company's change of name from Castillo
Copper Limited to New Frontier Minerals Limited.
The nature of the operations and principal activities of the Group are
described in the Directors' Report.
(b) Basis of Preparation
The financial report is a general-purpose financial report, which has been
prepared in accordance with Australian Accounting Standards, Australian
Accounting Interpretations, other authoritative pronouncements of the
Australian Accounting Standards Board and the Corporations Act 2001. The Group
is a for profit entity for financial reporting purposes under Australian
Accounting Standards.
The financial report has been prepared on an accrual basis and is based on
historical costs. Material accounting policies adopted in preparation of this
financial report are presented below and have been consistently applied unless
otherwise stated.
The presentation currency is Australian dollars.
(c) Adoption of new and revised standards
Standards and Interpretations applicable 30 June 2025
In the year ended 30 June 2025, the Directors have reviewed all of the new and
revised Standards and Interpretations issued by the AASB that are relevant to
the Company and effective for the current annual reporting period. As a result
of this review, the Directors have determined that there is no material impact
of the new and revised Standards and Interpretations on the Group and
therefore, no material change is necessary to Group accounting policies.
Standards and interpretations issued, but not yet effective
The Directors have also reviewed all Standards and Interpretations issued, but
not yet effective for the period 30 June 2025. As a result of this review the
Directors have determined that there is no material impact of the Standards
and Interpretations issued but not yet effective on the Company.
(d) Going concern
This report has been prepared on the going concern basis, which contemplates
the continuity of normal business activity and the realisation of assets and
settlement of liabilities in the normal course of business.
The Group incurred a net loss for the year ended 30 June 2025 of $2,458,214.
and net cash outflows from operating activities of $1,320,756 net cash
inflows from investing activities of $541,859 and net cash inflows from
financing activities of $1,493,895. At 30 June 2025, the Group had a net asset
position of $11,151,931. The cash and cash equivalents balance at 30 June 2024
was $1,847,191.
Notwithstanding these results, the Directors believe that the Company will be
able to continue as a going concern and as a result the financial statements
have been prepared on a going concern basis. The financial report has been
prepared on the assumption that the Group is a going concern for the following
reasons:
· the ability of the Group to scale back parts of its operations
and reduce costs if required;
· the Board is of the opinion that the Group has, or shall have
access to, sufficient funds to meet the planned corporate activities and
working capital requirements; and
· as the Group is an ASX-listed entity, the Group has the ability
to raise additional funds, if required.
In the event that the Group is unable to achieve the actions noted above,
there is a material uncertainty that may cast significant doubt as to the
Group's ability to continue as a going concern, and it may be required to
realise its assets at amounts different to those currently recognised, settle
liabilities other than in the ordinary course of business and make provisions
for other costs which may arise as a result of cessation or curtailment of
normal business operations.
The directors have reviewed the Group's financial position and are of the
opinion that the use of the going concern basis of accounting is appropriate.
(e) Basis of consolidation
The consolidated financial statements comprise the financial statements of New
Frontier Minerals Limited and its subsidiaries as at 30 June each year ('the
Company').
Subsidiaries are all those entities (including special purpose entities) over
which the Company has control. The Company controls an entity when the company
is exposed to, or has rights to, variable returns from its involvement with
the entity and has the ability to affect those returns through its power to
direct the activities of the Group.
The financial statements of the subsidiaries are prepared for the same
reporting period as the parent Company, using consistent accounting
policies.
In preparing the consolidated financial statements, all intercompany balances
and transactions, income and expenses and profit and losses resulting from
intra-company transactions have been eliminated in full.
Subsidiaries are fully consolidated from the date on which control is obtained
by the Company and cease to be consolidated from the date on which control is
transferred out of the Company.
A change in the ownership interest of a subsidiary that does not result in a
loss of control, is accounted for as an equity transaction.
(f) Foreign currency translation
(i) Functional and presentation currency
Items included in the financial statements of each of the Company's entities
are measured using the currency of the primary economic environment in which
the entity operates ('the functional currency'). The functional and
presentation currency of New Frontier Minerals Limited is Australian dollars.
The functional currency of the Chilean subsidiary is Chilean Peso. The
functional currency of the Zambian subsidiaries is United States Dollars.
(ii) Transactions and balances
Foreign currency transactions are translated into the functional currency
using the exchange rates prevailing at the dates of the transactions.
Foreign exchange gains and losses resulting from the settlement of such
transactions and from the translation at year‑end exchange rates of monetary
assets and liabilities denominated in foreign currencies are recognised in the
statement of comprehensive income.
(iii) Group entities
The results and financial position of all the Company entities (none of which
has the currency of a hyperinflationary economy) that have a functional
currency different from the presentation currency are translated into the
presentation currency as follows:
· assets and liabilities for each statement of financial position
presented are translated at the closing rate at the date of that statement of
financial position;
· income and expenses for each statement of comprehensive income
are translated at average exchange rates (unless this is not a reasonable
approximation of the rates prevailing on the transaction dates, in which case
income and expenses are translated at the dates of the transactions); and
· all resulting exchange differences are recognised as a separate
component of equity.
On consolidation, exchange differences arising from the translation of any net
investment in foreign entities are taken to foreign currency translation
reserve. When a foreign operation is sold or any borrowings forming part of
the net investment are repaid, a proportionate share of such exchange
differences are recognised in the statement of comprehensive income, as part
of the gain or loss on sale where applicable.
(g) Impairment of non-financial assets
The Group assesses at each reporting date whether there is an indication that
an asset may be impaired. If any such indication exists, or when annual
impairment testing for an asset is required, the Group makes an estimate of
the asset's recoverable amount. An asset's recoverable amount is the higher of
its fair value less costs to sell and its value in use and is determined for
an individual asset, unless the asset does not generate cash inflows that are
largely independent of those from other assets of the Group. In such cases the
asset is tested for impairment as part of the cash generating unit to which it
belongs. When the carrying amount of an asset or cash-generating unit exceeds
its recoverable amount, the asset or cash-generating unit is considered
impaired and is written down to its recoverable amount.
In assessing value in use, the estimated future cash flows are discounted to
their present value using a pre-tax discount rate that reflects current market
assessments of the time value of money and the risks specific to the asset.
Impairment losses relating to continuing operations are recognised in those
expense categories consistent with the function of the impaired asset unless
the asset is carried at revalued amount (in which case the impairment loss is
treated as a revaluation decrease).
An assessment is also made at each reporting date as to whether there is any
indication that previously recognised impairment losses may no longer exist or
may have decreased. If such indication exists, the recoverable amount is
estimated. A previously recognised impairment loss is reversed only if there
has been a change in the estimates used to determine the asset's recoverable
amount since the last impairment loss was recognised. If that is the case the
carrying amount of the asset is increased to its recoverable amount. That
increased amount cannot exceed the carrying amount that would have been
determined, net of depreciation, had no impairment loss been recognised for
the asset in prior years. Such reversal is recognised in profit or loss unless
the asset is carried at revalued amount, in which case the reversal is treated
as a revaluation increase.
After such a reversal the depreciation charge is adjusted in future periods to
allocate the asset's revised carrying amount, less any residual value, on a
systematic basis over its remaining useful life.
(h) Exploration and evaluation expenditure
Exploration and evaluation expenditure incurred by or on behalf of the Group
is accumulated separately for each area of interest. Such expenditure
comprises net direct costs and an appropriate portion of related overhead
expenditure but does not include general overheads or administrative
expenditure not having a specific nexus with a particular area of interest.
Each area of interest is limited to a size related to a known or probable
mineral resource capable of supporting a mining operation.
Exploration and evaluation expenditure for each area of interest is carried
forward as an asset provided that one of the following conditions is met:
· such costs are expected to be recouped through successful
development and exploitation of the area of interest or, alternatively, by its
sale; or
· exploration and evaluation activities in the area of interest
have not yet reached a stage which permits a reasonable assessment of the
existence or otherwise of economically recoverable reserves, and active and
significant operations in relation to the area are continuing.
Expenditure which fails to meet the conditions outlined above is impaired;
furthermore, the Directors regularly review the carrying value of exploration
and evaluation expenditure and make write downs if the values are not expected
to be recoverable.
Identifiable exploration assets acquired are recognised as assets at their
cost of acquisition, as determined by the requirements of AASB 6 Exploration
for and evaluation of mineral resources. Exploration assets acquired are
reassessed on a regular basis and these costs are carried forward provided
that at least one of the conditions referred to in AASB 6 is met.
Exploration and evaluation expenditure incurred subsequent to acquisition in
respect of an exploration asset acquired, is accounted for in accordance with
the policy outlined above for exploration expenditure incurred by or on behalf
of the entity.
Acquired exploration assets are not written down below acquisition cost until
such time as the acquisition cost is not expected to be recovered.
When an area of interest is abandoned, any expenditure carried forward in
respect of that area is written off.
Expenditure is not carried forward in respect of any area of interest/mineral
resource unless the Group's rights of tenure to that area of interest are
current.
(i) Trade and other receivables
Trade receivables, which generally have 30 - 90 day terms, are recognised and
carried at original invoice amount less an allowance for any uncollectible
amounts.
Impairment of trade receivables is continually reviewed and those that are
considered to be uncollectible are written off by reducing the carrying amount
directly. An allowance account is used when there is objective evidence that
the Group will not be able to collect all amounts due according to the
original contractual terms. Furthermore, the Group applies the simplified
approach permitted by AASB 9, which requires expected lifetime losses to be
recognised from initial recognition of the receivables. Factors considered by
the Group in making this determination include known significant financial
difficulties of the debtor, review of financial information and significant
delinquency in making contractual payments to the Group. The impairment
allowance is set equal to the difference between the carrying amount of the
receivable and the present value of estimated future cash flows, discounted at
the original effective interest rate. Where receivables are short-term,
discounting is not applied in determining the allowance.
The amount of the impairment loss is recognised in the statement of
comprehensive income within other expenses. When a trade receivable for which
an impairment allowance had been recognised becomes uncollectible in a
subsequent period, it is written off against the allowance account. Subsequent
recoveries of amounts previously written off are credited against other
expenses in the statement of comprehensive income.
(j) Cash and cash equivalents
Cash and short-term deposits in the statement of financial position include
cash on hand and deposits held at call with banks. Bank overdrafts are shown
as current liabilities in the statement of financial position. For the purpose
of the statement of cash flows, cash and cash equivalents consist of cash and
cash equivalents as described above.
(k) Investments and other financial assets
Investments and other financial assets are initially measured at fair value.
Transaction costs are included as part of the initial measurement, except for
financial assets at fair value through profit or loss. Such assets are
subsequently measured at either amortised cost or fair value depending on
their classification. Classification is determined based on both the business
model within which such assets are held and the contractual cash flow
characteristics of the financial asset unless an accounting mismatch is being
avoided.
Financial assets are derecognised when the rights to receive cash flows have
expired or have been transferred and the consolidated entity has transferred
substantially all the risks and rewards of ownership. When there is no
reasonable expectation of recovering part or all of a financial asset, its
carrying value is written off.
Financial assets at fair value through profit or loss
Financial assets not measured at amortised cost or at fair value through other
comprehensive income are classified as financial assets at fair value through
profit or loss. Typically, such financial assets will be either: (i) held for
trading, where they are acquired for the purpose of selling in the short-term
with an intention of making a profit, or a derivative; or (ii) designated as
such upon initial recognition where permitted. Fair value movements are
recognised in profit or loss.
Financial assets at fair value through other comprehensive income
Financial assets at fair value through other comprehensive income include
equity investments which the consolidated entity intends to hold for the
foreseeable future and has irrevocably elected to classify them as such upon
initial recognition.
Impairment of financial assets
The consolidated entity recognises a loss allowance for expected credit losses
on financial assets which are either measured at amortised cost or fair value
through other comprehensive income. The measurement of the loss allowance
depends upon the consolidated entity's assessment at the end of each reporting
period as to whether the financial instrument's credit risk has increased
significantly since initial recognition, based on reasonable and supportable
information that is available, without undue cost or effort to obtain.
Where there has not been a significant increase in exposure to credit risk
since initial recognition, a 12-month expected credit loss allowance is
estimated. This represents a portion of the asset's lifetime expected credit
losses that is attributable to a default event that is possible within the
next 12 months. Where a financial asset has become credit impaired or where it
is determined that credit risk has increased significantly, the loss allowance
is based on the asset's lifetime expected credit losses. The amount of
expected credit loss recognised is measured on the basis of the probability
weighted present value of anticipated cash shortfalls over the life of the
instrument discounted at the original effective interest rate.
For financial assets mandatorily measured at fair value through other
comprehensive income, the loss allowance is recognised in other comprehensive
income with a corresponding expense through profit or loss. In all other
cases, the loss allowance reduces the asset's carrying value with a
corresponding expense through profit or loss.
(l) Provisions
Provisions are recognised when the Group has a present obligation (legal or
constructive) as a result of a past event, it is probable that an outflow of
resources embodying economic benefits will be required to settle the
obligation and a reliable estimate can be made of the amount of the
obligation.
Where the Group expects some or all of a provision to be reimbursed, for
example under an insurance contract, the reimbursement is recognised as a
separate asset but only when the reimbursement is virtually certain. The
expense relating to any provision is presented in the statement of
comprehensive income net of any reimbursement.
Provisions are measured at the present value or management's best estimate of
the expenditure required to settle the present obligation at the end of the
reporting period.
If the effect of the time value of money is material, provisions are
determined by discounting the expected future cash flows at a pre-tax rate
that reflects current market assessments of the time value of money, and where
appropriate, the risks specific to the liability.
Where discounting is used, the increase in the provision due to the passage of
time is recognised as a finance cost.
(m) Critical accounting estimates and judgements
Estimates and judgements are continually evaluated and are based on historical
experience and other factors, including expectations of future events that may
have a financial impact on the entity and that are believed to be reasonable
under the circumstances.
The Group makes estimates and assumptions concerning the future. The resulting
accounting estimates will, by definition, seldom equal the related actual
results. The estimates and assumptions that have a significant risk of causing
a material adjustment to the carrying amounts of assets and liabilities within
the next financial year are discussed below.
Capitalised exploration and evaluation expenditure
The future recoverability of capitalised exploration and evaluation
expenditure is dependent on a number of factors, including whether the Group
decides to exploit the related lease itself or, if not, whether it
successfully recovers the related exploration and evaluation asset through
sale.
Factors which could impact the future recoverability include the level of
proved, probable and inferred mineral resources, future technological changes
which could impact the cost of mining, future legal changes (including changes
to environmental restoration obligations) and changes to commodity prices.
To the extent that capitalised exploration and evaluation expenditure is
determined not to be recoverable in the future, this will reduce profits and
net assets in the period in which this determination is made. In addition,
exploration and evaluation expenditure is capitalised if activities in the
area of interest have not yet reached a stage which permits a reasonable
assessment of the existence or otherwise of economically recoverable reserves.
To the extent that it is determined in the
future that this capitalised expenditure should be written off, this will
reduce profits and net assets in the period in which this determination is
made.
Share-based payment transactions
The Group measures the cost of equity-settled transactions with employees by
reference either the fair value of the equity instruments at the date at which
they are granted. The fair value is determined by using a Black and Scholes
model or trinomial model, using the assumptions detailed in note 11.
(n) Income tax
Deferred income tax is provided for on all temporary differences at balance
date between the tax base of assets and liabilities and their carrying amounts
for financial reporting purposes.
No deferred income tax will be recognised from the initial recognition of
goodwill or of an asset or liability, excluding a business combination, where
there is no effect on accounting or taxable profit or loss. No deferred income
tax will be recognised in respect of temporary differences associated with
investments in subsidiaries if the timing of the reversal of the temporary
difference can be controlled and it is probable that the temporary differences
will not reverse in the near future.
Deferred tax is calculated at the tax rates that are expected to apply to the
period when the asset is realised or liability is settled. Deferred tax is
credited in the statement of comprehensive income except where it relates to
items that may be credited directly to equity, in which case the deferred tax
is adjusted directly against equity. Deferred income tax assets are recognised
for all deductible temporary differences, carry forward of unused tax assets
and unused tax losses to the extent that it is probable that future tax
profits will be available against which deductible temporary differences can
be utilised.
The amount of benefits brought to account or which may be realised in the
future is based on tax rates (and tax laws) that have been enacted or
substantially enacted at the balance date and the anticipation that the Group
will derive sufficient future assessable income to enable the benefit to be
realised and comply with the conditions of deductibility imposed by the law.
The carrying amount of deferred tax assets is reviewed at each balance date
and only recognised to the extent that sufficient future assessable income is
expected to be obtained. Income taxes relating to items recognised directly in
equity are recognised in equity and not in the statement of comprehensive
income.
(o) Issued capital
Ordinary shares are classified as equity. Incremental costs directly
attributable to the issue of new shares or options are shown in equity as a
deduction, net of tax, from the proceeds.
(p) Interest Income
Revenue is recognised as the interest accrues (using the effective interest
method, which is the rate that exactly discounts estimated future cash
receipts through the expected life of the financial instrument) to the net
carrying amount of the financial asset.
(q) Earnings / loss per share
Basic earnings / loss per share
Basic earnings / loss per share is calculated by dividing the profit/loss
attributable to equity holders of the Group, excluding any costs of servicing
equity other than dividends, by the weighted average number of ordinary
shares, adjusted for any bonus elements.
Diluted earnings / loss per share
Diluted earnings / loss per share is calculated as net profit/loss
attributable to members of the Group, adjusted for:
· costs of servicing equity (other than dividends) and preference
share dividends;
· the after tax effect of dividends and interest associated with
dilutive potential ordinary shares that have been recognised as expenses; and
· other non-discretionary changes in revenues or expenses during
the period that would result from the dilution of potential ordinary shares;
and
· divided by the weighted average number of ordinary shares and
dilutive potential ordinary shares, adjusted for any bonus elements.
(r) Goods and services tax
Revenues, expenses and assets are recognised net of the amount of GST, except
where the amount of GST incurred is not recoverable from the Australian Tax
Office. In these circumstances the GST is recognised as part of the cost of
acquisition of the asset or as part of an item of the expense. Receivables and
payables in the statement of financial position are shown inclusive of GST.
The net amount of GST recoverable from, or payable to, the Australian Tax
Office is included as part of receivables or payables in the statement of
financial position.
Cash flows are presented in the statement of cash flows on a gross basis,
except for the GST component of investing and financing activities, which are
disclosed as operating cash flows.
(s) Trade and other payables
Liabilities for trade creditors and other amounts are measured at amortised
cost, which is the fair value of the consideration to be paid in the future
for goods and services received that are unpaid, whether or not billed to the
Group.
(t) Share-based payment transactions
The Group provides benefits to individuals acting as, and providing services
similar to employees (including Directors) of the Group in the form of share
based payment transactions, whereby individuals render services in exchange
for shares or rights over shares ('equity settled transactions').
The cost of these equity settled transactions with employees is measured by
reference to the fair value at the date at which they are granted. The fair
value is determined by using the Black Scholes formula taking into account the
terms and conditions upon which the instruments were granted, as discussed in
note 11.
In valuing equity settled transactions, no account is taken of any performance
conditions, other than conditions linked to the price of the shares of New
Frontier Minerals Limited ('market conditions').
The cost of the equity settled transactions is recognised, together with a
corresponding increase in equity, over the period in which the performance
conditions are fulfilled, ending on the date on which the relevant employees
become fully entitled to the award ('vesting date').
The cumulative expense recognised for equity settled transactions at each
reporting date until vesting date reflects (i) the extent to which the vesting
period has expired and (ii) the number of awards that, in the opinion of the
Directors of the Group, will ultimately vest. This opinion is formed based on
the best available information at balance date. No adjustment is made for the
likelihood of the market performance conditions being met as the effect of
these conditions is included in the determination of fair value at grant date.
The statement of comprehensive income charge or credit for a period represents
the movement in cumulative expense recognised at the beginning and end of the
period.
No expense is recognised for awards that do not ultimately vest, except for
awards where vesting is conditional upon a market condition.
Where the terms of an equity settled award are modified, as a minimum, an
expense is recognised as if the terms had not been modified. In addition, an
expense is recognised for any increase in the value of the transaction as a
result of the modification, as measured at the date of the modification.
Where an equity settled award is cancelled, it is treated as if it had vested
on the date of the cancellation, and any expense not yet recognised for the
award is recognised immediately. However, if a new award is substituted for
the cancelled award, and designated as a replacement award on the date that it
is granted, the cancelled and new award are treated as if they were a
modification of the original award, as described in the previous paragraph.
The cost of equity-settled transactions with non-employees is measured by
reference to the fair value of goods and services received unless this cannot
be measured reliably, in which case the cost is measured by reference to the
fair value of the equity instruments granted. The dilutive effect, if any, of
outstanding options is reflected in the computation of loss per share (see
note 14).
(u) Comparative information
When required by Accounting Standards, comparative information has been
reclassified to be consistent with the presentation in the current year.
(v) Operating segments
Operating segments are presented using the 'management approach', where the
information presented is on the same basis as the internal reports provided to
the Chief Operating Decision Makers ('CODM'). The CODM is responsible for the
allocation of resources to operating segments and assessing their performance.
(w) Discontinued operations
A discontinued operation is a component of the consolidated entity that has
been disposed of or is classified as held for sale and that represents a
separate major line of business or geographical area of operations, is part of
a single co-ordinated plan to dispose of such a line of business or area of
operations, or is a subsidiary acquired exclusively with a view to resale. The
results of discontinued operations are presented separately on the face of the
statement of profit or loss and other comprehensive income.
(x) Fair value measurement
When an asset or liability, financial or non-financial, is measured at fair
value for recognition or disclosure purposes, fair value is based on the price
that would be received to sell an asset or paid to transfer a liability in an
orderly transaction between market participants at the measurement date; and
assumes that the transaction will take place either: in the principle market;
or in the absence of a principal market, in the most advantageous market.
Fair value is measured using the assumptions that market participants would
use when pricing the asset or liability, assuming they act in their economic
best interest. For non-financial assets, the fair value measurement is based
on its highest and best use. Valuation techniques that are appropriate in the
circumstances and for which sufficient data are available to measure fair
value, are used, maximising the use of relevant observable inputs and
minimising the use of unobservable inputs.
Assets and liabilities measured at fair value are classified, into three
levels, using a fair value hierarchy that reflects the significance of the
inputs used in making the measurements. Classifications are reviewed each
reporting date and transfers between levels are determined based on a
reassessment of the lowest level input that is significant to the fair value
measurement.
For recurring and non-recurring fair value measurements, external valuers may
be used when internal expertise is either not available or when the valuation
is deemed to be significant. External valuers are selected based on market
knowledge and reputation.
Where there is a significant change in fair value of an asset or liability
from one period to another, an analysis is undertaken, which includes a
verification of the major inputs applied in the latest valuation and a
comparison, where applicable, with external sources of data.
(y) Parent entity financial information
The financial information for the parent entity, New Frontier Minerals
Limited, disclosed in Note 18 has been prepared on the same basis as the
consolidated financial statements, except as set out below.
Investments in subsidiaries, associates and joint venture entities
Investments in subsidiaries, associates and joint venture entities are
accounted for at cost in the parent entity's financial statements. Dividends
received from associates are recognised in the parent entity's profit or loss,
rather than being deducted from the carrying amount of these investments.
NOTE 2: SEGMENT REPORTING
Management has determined the operating segments based on the reports reviewed
by the Board of Directors that are used to make strategic decisions. During
the 2025 financial year, the entity had five geographical segments being
exploration in Northwest Queensland (NWQ), New South Wales (Cangai), New South
Wales (Broken Hill), Northern Territory (Harts Range) and Zambia. Revenue
attributable to all segments is immaterial. Allocation of assets, liabilities,
income and expenses to each segment is shown below:
June 2025 NWQ (QLD) Cangai (NSW) (discontinued) Broken Hill (NSW) (discontinued) Harts Range (NT) Zambia Unallocated Total
Segment assets and liabilities $ $ $ $ $ $
$
Current assets - - - - - 2,528,728 2,528,728
Non-current assets 6,782,621 - - 1,999,728 - 5,302 8,787,651
Current liabilities - - - - - (164,448) (164,448)
Segment income and expenses
Interest income - - - - - 22,969 22,969
Other income - 727,926 6,845 - - 144,204 878,975
Impairment expense - - (967,797) - (640,437) - (1,608,234)
Depreciation expense - - - - - (1,703)
(1,703)
Other expenses - - - - (40,489) (1,709,727) (1,750,216)
Total - 727,926 (960,952) (1,703) (680,926) (1,542,554) (2,458,209)
NWQ (QLD) Cangai (NSW) Broken Hill (NSW) Zambia Unallocated Total
June 2024
Segment assets and liabilities $ $ $ $ $ $
Current assets - 152,600 20,000 - 1,742,745 1,915,345
Non-current assets 6,690,813 168,500 1,316,415 631,522 122 8,807,371
Current liabilities - - - - (112,142) (112,142)
Segment income and expenses
Interest income - - - - 35,661 35,661
Other Income - - 415,922 - - 415,922
Other expenses - (210,247) - (228,616) (1,474,569) (1,913,432)
Total - (210,247) 415,922 (228,616) (1,438,908) (1,461,849)
NOTE 3: OTHER INCOME AND EXPENSES
Included in other expenses are the following items:
2025 2024
$
$
Other Income
Gain on sale of financial assets 144,204 -
Total Other Income 144,204 -
Other Expenses
Accounting and audit expense 153,600 163,150
Administrative expenses 65,692 44,583
Insurance 74,253 74,609
Foreign exchange losses/(gains) (13,897) 720
Legal fees 3,728 25,433
Travel and accommodation 74,753 1,327
Other 4,193 10
Total Other Expenses 362,322 309,832
NOTE 4: INCOME TAX
2025 2024
$ $
(a) Income tax expense/(benefit)
Major component of tax expense for the year:
Current tax - -
Deferred tax - -
- -
2025 2024
$
$
(b) Numerical reconciliation between aggregate tax expense recognised in the
statement of comprehensive income and tax expense calculated per the statutory
income tax rate
A reconciliation between tax expense and the product of accounting result
before income tax multiplied by the Group's applicable tax rate is as follows:
Loss from continuing operations before income tax expense (2,458,209) (1,461,849)
Tax at the Australian rate of 25% (2024: 25%) (614,552) (365,462)
Non-allowable expenses 12,531 1,872
Income tax benefit not bought to account 602,021 363,590
Income tax expense - -
(c) The following deferred tax balances have not been bought to account: 2025 2024
Assets $ $
Total losses available to offset against future taxable income 7,034,357 6,539,166
Total accrued expenses 9,873 9,699
Total share issue costs deductible over five years 12,449 111,651
Liabilities
Prepayments (10,453) (10,102)
Financial assets held at fair value through profit or loss (74,222) (33,323)
Deferred tax liability on capitalised exploration costs (2,236,808) (2,136,828)
Deferred tax assets not brought to account as realisation is not regarded as (4,735,196) (4,480,262)
probable
Deferred tax asset recognised - -
2025 2024
$ $
(d) Unused tax losses
Unused tax losses 28,137,429 26,156,655
Potential tax benefit not recognised at 25% (2024: 25%) 7,034,357 6,539,166
The benefit for tax losses will only be obtained if:
(i) the Group derives future assessable income in Australia of a
nature and of an amount sufficient to enable the benefit from the deductions
for the losses to be realised;
(ii) the Group continues to comply with the conditions for
deductibility imposed by tax legislation in Australia; and
(iii) no changes in tax legislation in Australia, adversely affect the
Group in realising the benefit from the deductions for the losses.
NOTE 5: CASH AND CASH EQUIVALENTS
(a) Reconciliation of operating loss after tax to net the cash flows used in 2025 2024
operations
$ $
Loss from ordinary activities after tax (2,458,209) (1,461,849)
Non-cash items
Depreciation 1,703 -
Share-based payments 18,471 -
Consultancy and adviser fees settled in shares 96,000 -
Loss on revaluation of financial assets held at fair value through profit or 296,887 134,409
loss
Impairment expense 1,608,234 419,369
Foreign exchange loss/(gain) (10,766) 1,874
Profit & loss items classed as investing activities
Consulting fees relating to exploration expenditure - 163,515
(Profit)/Loss on the sale of non current asset (739,304) (415,922)
(Profit)/Loss on the sale of shares (144,204) -
Changes in assets and liabilities
(Decrease) / increase in trade and other payables 29,443 (15,682)
(Increase) in other receivables (19,011) 12,973
Net cash flow used in operating activities (1,320,756) (1,161,313)
(b) Reconciliation of cash
Cash balance comprises:
Cash at bank 1,847,191 718,294
Term deposits - 400,000
Total 1,847,191 1,118,294
Cash at bank earns interest at floating rates based on daily bank deposit
rates.
(c) Non-cash Investing and Financing Activities
2025 2024
$
$
Shares issued on acquisition of Audax Holdings Pty Ltd (Refer to Note 23) (1,388,070) -
Sale of Exploration Assets for Shares (Refer to Note 12) 1,024,418 -
Total (363,652) -
NOTE 6: FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS
CURRENT 2025 2024
$
$
Listed ordinary shares - designated at fair value through profit or loss 513,322 376,344
Unlisted options - designated at fair value through profit or loss 82,000 -
Total 595,322 376,344
RECONCILIATION
Reconciliation of the fair values at the beginning and end of the current and
previous period are set out below:
2025 2024
$
$
Opening fair value 376,344 -
Additions (refer to note 12) 1,024,418 510,753
Fair value adjustments (296,887) (134,409)
Disposals (508,553) -
Closing balance 595,322 376,344
Ordinary shares held at fair value through profit or loss are measured at fair
value based on quoted prices (unadjusted) in active markets for identical
assets that the entity can access at the measurement date (level 1 in the fair
value hierarchy). Options held at fair value through profit or loss are
measured at fair value based on the Black and Scholes valuation method using
various inputs (level 2 in the fair value hierarchy).
NOTE 7: OTHER ASSETS
2025 2024
$
$
Current
GST/VAT receivable 44,402 21,544
Prepayments 41,813 40,408
Accrued interest - 3,400
Tenement guarantees(1) - 172,600
R&D Tax Incentive receivable - 182,755
86,215 420,707
Non-Current
Tenement guarantees 53,861 314,361
53,861 314,361
(1) Current tenement guarantees relate to security deposits that were refunded
by the New South Wales State Government in August 2024.
NOTE 8: PROPERTY, PLANT AND EQUIPMENT
2025 2024
$
$
Plant and equipment - at cost 6,884 -
Less: Accumulated depreciation (1,703) -
Closing balance 5,181 -
NOTE 9: DEFERRED EXPLORATION AND EVALUATION EXPENDITURE
Exploration and evaluation phase: 2025 2024
$
$
Opening balance 8,493,010 8,736,198
Exploration and evaluation expenditure during the period 605,763 453,768
Exploration and evaluation expenditure on acquisition of Audax Holdings Pty 1,513,070 -
Ltd (refer to note 23)
R&D Tax Incentive receivable relating to capitalised exploration - (182,756)
expenditure
Impairment(1) (1,608,234) (419,369)
Sale of exploration assets (refer to note 12) (275,000) (94,831)
Closing balance 8,728,609 8,493,010
The ultimate recoupment of costs carried forward as exploration and evaluation
expenditure is dependent on the successful development and commercial
exploitation or sale of the respective areas of interest.
(1) At the reporting date, the Group undertakes an assessment of the carrying
amount of its exploration and evaluation assets. During the period, the Group
identified indicators of impairment on exploration and evaluation assets under
AASB 6 Exploration and Evaluation of Mineral Resources.
Broken Hill Tenements
As disclosed in Note 12, the Broken Hill tenements were sold during the 2025
financial year. As a result, the carrying value of these tenements were
impaired to $275,000 being the value of consideration received, resulting in
an impairment charge of $967,797.
Zambia Mkushi Tenement
As disclosed in Note 24, subsequent to the balance date, the Zambia Mkushi
tenement has been released by the Group. As a result, the carrying value of
the tenement at balance date was impaired to nil, resulting in an impairment
charge of $640,437. The Zambia Mkushi tenement will be treated as a
discontinued operation in the following financial period.
NOTE 10: TRADE AND OTHER PAYABLES
2025 2024
$
$
Current
Trade and other payables 132,448 81,642
Accruals 32,000 30,500
164,448 112,142
Trade and other payables are non-interest bearing and payable on demand. Due
to their short-term nature, the carrying value of trade and other payables is
assumed to approximate their fair value.
NOTE 11: ISSUED CAPITAL
2025 2024
$
$
Issued and paid-up capital
Issued and fully paid 38,821,620 35,964,396
2025 2024
Number of shares $ Number of shares $
Movements in issued capital
Opening balance 1,299,505,355 35,964,396 1,299,505,355 35,964,396
Shares issued to sophisticated investors 144,477,270 1,589,250 - -
Share issued to consultants 7,000,000 96,000 - -
Shares issued for acquisition of Harts Range tenements (refer to Note 23) 154,230,000 1,388,070 - -
Transaction costs on share issued - (216,096) - -
Closing balance 1,605,212,625 38,821,620 1,299,505,355 35,964,396
Ordinary Shares
The Group does not have authorised capital nor par value in respect of its
issued capital. Ordinary shares have the right to receive dividends as
declared and, in the event of a winding up of the Company, to participate in
the proceeds from sale of all surplus assets in proportion to the number of
and amounts paid up on shares held. Ordinary shares entitle their holder to
one vote, either in person or proxy, at a meeting of the Company.
Share Options
At 30 June 2025, there were 20,000,000 (30 June 2024: 11,000,000) unlisted
options and no (30 June 2024: 163,439,781) listed options.
The following share-based payment arrangements were in place during the
period:
Series Number Grant date Expiry date Exercise price Fair value at grant date Vesting date Listed/ Unlisted
$
1 20,000,000 16 June 2025 10 June 2028 $0.0165 $0.0104 16 June 2025 Unlisted
These options were issued to CPS Capital for lead manager services for the
capital raising in June 2025. The options have been valued using the Black and
Scholes option pricing model with inputs to the model based on the above terms
as well as the following:
Expected volatility (%) 100
Risk-free interest rate (%) 3.475
Grant date share price (cents) 0.011
The value of $120,740 has been applied against capital raised as transaction
costs.
During the financial year 174,439,781 options expired, with various exercise
prices and expiry dates.
No options were exercised during the period.
As at the date of this report, there were 23,500,000 unissued ordinary shares
under unlisted options.
Performance Rights
In the 2024 Annual General Meeting held, shareholder approval was granted for
the issue of 14,000,000 performance rights to the directors and company
secretary with vesting conditions to achieve and maintain a 20 days VWAP of
$0.020 or more on or before the expiry date.
The following share-based payment arrangements for performance rights were in
place during the period:
Number Grant date Expiry date Exercise price Fair value at grant date Vesting date
$
14,000,000 29 November 2024 19 January 2030 $Nil $0.0116 19 January 2025
No performance rights were exercised during the period.
The fair value of the above equity-settled performance rights granted was
estimated as at the date of grant using the Trinomial calculation model taking
into account the terms and conditions upon which they were granted, as
follows:
Expected volatility (%) 100
Risk-free interest rate (%) 3.98
Expected life of rights (years) 5
Grant date share price (cents) 0.012
The expected volatility reflects the assumption that the historical volatility
is indicative of future trends, which may also not necessarily be the actual
outcome. No other features of rights granted were incorporated into the
measurement of fair value. The total value of the rights is $162,772 and is
being expensed over the term from grant date to expiry date. The expense for
the year ended 30 June 2025 is $18,471.
Performance Shares
At 30 June 2025, none of the conditions of the performance shares disclosed in
the 2024 year annual report were met. As a result, all performance shares have
now expired.
NOTE 12: DISCONTINUED OPERATIONS
Cangai Copper Mine Project
On 30 December 2024 the sale of the Company's Cangai Copper Mine Project in
NSW, to Infinity Mining Limited (ASX: IMI) as announced on 3 October 2024 was
completed. As consideration for the sale, the Group received 40,000,000 shares
in IMI with a value of $600,000, along with 20 million unlisted options with
an exercise price of 7 cents and an expiry date of 30 November 2029 valued at
$160,000. As the capitalised exploration expenditure has been fully impaired,
a gain on sale of exploration assets of $760,000 has been recognised in the
statement of profit or loss and other comprehensive income. As the project was
considered to be a separate segment, it has been treated as a discontinued
operation.
Broken Hill East Project
On 10 March 2025, the sale of Broken Hill East Project in NSW, to Impact
Minerals Limited (ASX: IPT) as announced on the same date was completed. As
consideration for the sale, the Group received 37,774,040 shares in IPT valued
at $264,418 on the date of issuance. As the capitalised exploration
expenditure has been partially impaired, a loss on sale of exploration assets
of $10,582 has been recognised in the statement of profit or loss and other
comprehensive income. As the project was considered to be a separate segment,
it has been treated as a discontinued operation.
Financial Performance of Discontinued Operations:
2025 2024
$ $
Cangai
Consideration received - shares 760,000 -
Exploration expenditure as incurred (32,074) -
Impairment of exploration expenditure - (210,247)
Cangai Profit/(Loss) for the year 727,926 (210,247)
Broken Hill
Consideration received - shares 264,418 510,753
Carrying amount of net asset disposed (275,000) (94,831)
Exploration income/(expenditure) as incurred 17,427 -
Impairment of exploration expenditure (967,797) -
BHA Profit/(Loss) for the year (960,952) 415,922
Profit/(Loss) for the year (233,026) 205,675
NOTE 13: RESERVE
Share based payment reserve
The share based payment reserve is used to record the value of equity benefits
provided to Directors and executives as part of their remuneration and
non-employees for their services.
Foreign currency translation reserve
The foreign exchange differences arising on translation of balances originally
denominated in a foreign currency into the functional currency are taken to
the foreign currency translation reserve. The reserve is recognised in profit
or loss when the net investment is disposed of.
NOTE 14: LOSS PER SHARE
June 2025 June 2024
$ $
Earnings per share for profit from continuing operations
Loss used in calculating basic and dilutive EPS (2,225,183) (1,667,524)
Basic and diluted loss per share (cents per share) (0.16) (0.13)
Earnings per share for profit from discontinued operations $ $
Loss used in calculating basic and dilutive EPS (233,026) 205,675
Basic and diluted loss per share (cents per share) (0.02) 0.02
Number of Shares
Weighted average number of ordinary shares used in calculating basic loss per 1,412,156,135 1,299,505,355
share:
June 2025 June 2024
$ $
Effect of dilution:
Share options - -
Adjusted weighted average number of ordinary shares used in calculating 1,412,156,135 1,299,505,355
diluted loss per share:
There have been no transactions involving ordinary shares or potential
ordinary shares that would significantly change the number of ordinary shares
or potential ordinary shares outstanding between the reporting date and the
date of completion of these financial statements.
There are no potential ordinary shares on issue that are considered to be
dilutive, therefore basic earnings per share also represents diluted earnings
per share.
NOTE 15: AUDITOR'S REMUNERATION
The auditor of New Frontier Minerals Limited is HLB Mann Judd.
Amounts received or due and receivable for:
2025 2024
$ $
Audit or review of the financial reports 53,005 50,599
53,005 50,599
NOTE 16: RELATED PARTY DISCLOSURES
Key management personnel
2025 2024
Compensation of key management personnel $ $
Short-term employee benefits 247,377 322,948
Post-employment benefits - 14,380
Share-based payments 15,831 -
Total remuneration 263,208 337,328
a) Subsidiaries
The consolidated financial statements incorporate the assets, liabilities and results of New Frontier Minerals Limited and the following subsidiaries:
Name of Entity Country of Incorporation Equity Holding
2025 2024
Castillo Copper Chile SPA Chile 100% 100%
Audax Holdings Pty Ltd Australia 100% 0%
Castillo Exploration Pty Ltd Australia 100% 100%
Qld Commodities Pty Ltd Australia 100% 100%
Total Iron Pty Ltd Australia 100% 100%
Total Minerals Pty Ltd Australia 100% 100%
BHA No. 1 Pty Ltd Australia 0% 100%
Atlantica Holdings (Bermuda) Bermuda 75% 75%
Zed Copper Pty Ltd Australia 100% 100%
Chalo Mining Group Limited Zambia 100% 100%
Lufilian Resources Zambia Limited Zambia 0% 100%
Belmt Resources Mining Company Limited Zambia 0% 50%
New Frontier Minerals Limited is the ultimate Australian parent entity and
ultimate parent of the Group. Balances and transactions between the Company
and its subsidiaries, which are related parties of the Company, have been
eliminated on consolidation and not disclosed in this note.
NOTE 17: FINANCIAL RISK MANAGEMENT
Exposure to liquidity, interest rate, price, credit, and foreign exchange risk
arises in the normal course of the Group's business. The Group does not hold
or use derivative financial instruments. The Group's principal financial
instruments comprise mainly of deposits with banks. The totals for each
category of financial instruments are as follows:
2025 2024
$ $
Financial Assets
Cash and cash equivalents 1,847,191 1,118,294
Financial assets at fair value through profit or loss 595,322 376,344
Other receivables (current and non-current) 98,263 694,660
2,540,776 2,189,298
Financial Liabilities
Trade and other payables 164,448 112,142
The Group uses different methods as discussed below to manage risks that arise
from these financial instruments. The objective is to support the delivery of
the financial targets while protecting future financial security.
(a) Capital risk management
The Group's capital comprises share capital and reserves less accumulated
losses. As at 30 June 2025, the Group has net assets of $11,151,931 (2024:
$10,610,574). The Group manages its capital to ensure its ability to continue
as a going concern and to optimise returns to its shareholders.
(b) Liquidity risk
Liquidity risk is the risk that the Group will encounter difficulty in meeting
obligations associated with financial liabilities. The Group manages liquidity
risk by maintaining sufficient cash facilities to meet the operating
requirements of the business and investing excess funds in highly liquid short
term investments. The responsibility for liquidity risk management rests with
the Board of Directors.
Alternatives for sourcing future capital needs include the cash position and
future equity raising alternatives. These alternatives are evaluated to
determine the optimal mix of capital resources for our capital needs. The
Board expects that, assuming no material adverse change in a combination of
our sources of liquidity, present levels of liquidity will be adequate to meet
expected capital needs.
Maturity analysis for financial liabilities
Financial liabilities of the Group comprise trade and other payables. As at 30
June 2025 any financial liabilities that are contractually maturing within 60
days have been disclosed as current. Trade and other payables that have a
deferred payment date of greater than 12 months have been disclosed as
non-current.
(c) Interest rate risk
Interest rate risk arises from the possibility that changes in interest rates
will affect future cash flows or the fair value of financial instruments. The
Group's exposure to changes to interest rate risk relates primarily to its
earnings on cash.
2025 2024
$ $
Cash and cash equivalents 1,847,191 1,118,294
Interest rate sensitivity
The following table demonstrates the sensitivity of the Group's statement of
comprehensive income to a reasonably possible change in interest rates, with
all other variables constant.
Change in basis points Effect on post tax loss ($) Effect on equity including retained earnings ($) Increase/(Decrease)
Increase/(Decrease)
2025 2024 2025 2024
Increase 100 basis points 18,472 11,183 18,472 11,183
Decrease 100 basis points (18,472) (11,183) (18,472) (11,183)
A sensitivity of 100 basis points has been used as this is considered
reasonable given the current level of both short term and long term Australian
Dollar interest rates. This would represent two to four movements by the
Reserve Bank of Australia.
(d) Price risk
The Group is exposed to price risk through its short-term holding of
Australian shares (all listed on the ASX). The sensitivity analysis of the
Group's exposure to price risk is as follows:
% change Effect on post tax loss ($) Effect on equity including retained earnings ($) Increase/(Decrease)
Increase/(Decrease)
2025 2024 2025 2024
Increase 100% 595,322 376,344 595,322 376,344
Decrease 100% (595,322) (376,344) (595,322) (376,344)
(e) Fair value measurement
Other than financial assets held at fair value through the profit or loss
(refer Note 6), there were no financial assets or liabilities at 30 June 2025
requiring fair value estimation and disclosure as they are either not carried
at fair value or in the case for short term assets and liabilities, their
carrying values approximate fair value.
(f) Credit risk exposures
Credit risk represents the risk that the counterparty to the financial
instrument will fail to discharge an obligation and cause the Group to incur a
financial loss. The Group's maximum credit exposure is the carrying amounts on
the statement of financial position. The Group holds financial instruments
with credit worthy third parties.
At 30 June 2025, the Group held cash at bank. These were held with financial
institutions with a rating from Standard & Poor's of AA- or above (long
term). The Group has no past due or impaired debtors as at 30 June 2025.
(g) Foreign exchange
The Group undertakes certain transactions denominated in foreign currencies
hence exposures to exchange rate fluctuations arise. The Group does not manage
these exposures with foreign currency derivative products. The carrying
amounts of the Group's foreign currency denominated monetary assets and
monetary liabilities at the balance date expressed in Australian dollars are
as follows:
Chilean Peso (CLP)
2025 2024
$
$
Assets 90,277 88,392
Liabilities (10,810) (10,584)
79,467 77,808
British Pound Sterling (GBP)
2025 2024
$
$
Assets 906 322,120
Liabilities - -
906 322,120
The Group is exposed to Chilean Peso (CLP) and British Pound Sterling (GBP)
currency fluctuations.
The following table details the Group's sensitivity to a 10% increase and
decrease in the Australian dollar against the relevant foreign currencies. 10%
is the sensitivity rate used when reporting foreign currency risk internally
to key management personnel and represent management's assessment of the
possible change in foreign exchange rates. The sensitivity analysis includes
only outstanding foreign currency denominated monetary items and adjusts their
translation at the period end for a 10% change in foreign currency rates. The
sensitivity analysis includes external loans as well as loans to foreign
operations within the Group where the denomination of the loan is in a
currency other than the currency of the lender or the borrower. A positive
number indicates an increase in profit and equity where the Australian Dollar
weakens against the respective currency. For a strengthening of the Australian
Dollar against the respective currency there would be an equal and opposite
impact on the profit and equity and the balances below would be negative.
10% Increase
2025 2024
$
$
Profit/(loss) and equity - CLP 7,947 7,781
Profit/(loss) and equity - GBP 91 32,212
8,038 39,993
10% Decrease
2025 2024
$
$
Profit/(loss) and equity - CLP (7,947) (7,781)
Profit/(loss) and equity - GBP (91) (32,212)
(8,038) (39,993)
NOTE 18: PARENT ENTITY INFORMATION
The following details information related to the parent entity, New Frontier
Minerals Limited, at 30 June 2025. The information presented here has been
prepared using consistent accounting policies as presented in note 1.
2025 2024
$ $
Current assets 2,527,571 1,914,216
Non-current assets 8,787,651 8,175,849
Total assets 11,315,223 10,090,065
153,638 101,558
Current liabilities
Non-current liabilities - -
Total liabilities 153,638 101,558
Net assets 11,161,585 9,988,507
38,821,620 35,964,396
Issued capital
Reserves 4,370,174 4,230,962
Accumulated losses (32,030,210) (30,206,851)
Total equity 11,161,585 9,988,507
Loss of the parent entity (1,823,359) (1,325,224)
Other comprehensive income for the year - -
Total comprehensive loss of the parent entity (1,823,359) (1,325,224)
(a) Guarantees
New Frontier Minerals Limited has not entered into any guarantees in relation
to the debts of its subsidiary.
(b) Other commitments and contingencies
New Frontier Minerals Limited has not entered into any commitments and does
not have any known contingent liabilities at year end.
NOTE 19: CONTINGENT LIABILITIES
The Group has entered into the following royalty agreements:
· 2% net smelter return royalty in respect of the area covered by
the tenements acquired from Zed Copper Pty Ltd vendors (or their nominee).
Other than outlined above, there are no contingent liabilities.
NOTE 20: COMMITMENTS
To maintain current contractual rights concerning its mineral projects, the
Group has certain commitments to meet work program requirements but has no
minimum expenditure requirements.
NOTE 21: DIVIDEND
No dividend was paid or declared by the Group in the period since the end of
the financial year, and up to the date of this report. The Directors' do not
recommend that any amount be paid by way of a dividend for the financial year
ended 30 June 2025.
The balance of the franking account is Nil at 30 June 2025 (2024: Nil).
NOTE 22: SHARE BASED PAYMENTS
(a) Shares issued to suppliers:
During the year, 7,000,000 fully paid ordinary shares were issued to suppliers
with a fair value of $96,000 in lieu of cash payment of invoices.
(b) Reconciliation to share based payments expense in profit or loss
2025 2024
$
$
Performance rights issued to directors and company secretary 18,471 -
18,471 -
(c) Fair value of options and performance rights
The fair values of all options and performance rights issued in the current
year and previous years have been determined using either the Black and
Scholes model or the Trinomial model taking into account the inputs outlined
in Note 11.
NOTE 23: ASSET ACQUISITION
The Group completed the acquisition 100% of the issued share capital of Audax
Holdings Pty Ltd ("Audax") which holds an exclusive option to acquire an 85%
interest in tenements comprising the assets in Harts Range, NT, on 28 October
2024 for a total purchase consideration on completion of:
· 145,500,000 fully paid ordinary shares in the Company
· $35,000 in cash for exclusivity fee to undertake site due
diligence prior to acquisition
· $90,000 in cash for the reimbursement of costs and
geological services previously expended by the vendors
Audax is not considered a business under AASB 3 Business Combinations; and the
acquisition is accounted for as an acquisition of exploration assets. No other
assets other than the interest in Harts Range, NT were owned by Audax at the
date of acquisition.
Consideration paid
30 June 2025
$
Cash 125,000
145,500,000 Ordinary Shares issued to the vendors 1,309,500
8,730,000 Ordinary Shares issued to advisors in relation to the acquisition 78,570
Allocated to exploration and evaluation assets 1,513,070
NOTE 24: SUBSEQUENT EVENTS
In September 2025, the Board resolved to exit the Mkushi Project in Zambia and
has taken steps to deregister the Zambian subsidiary, Chalo Mining Group
Limited.
Other than as stated above, there were no known material significant events
from the end of the financial year to the date of this report that have
significantly affected, or may significantly affect the operations of the
Group, the results of those operations, or the state of affairs of the Group
in future financial periods.
CONSOLIDATED ENTITY DISCLOSURE STATEMENT
Entity name Entity type Place formed/ Country of incorporation Ownership interest Tax residency
%
Castillo Copper Chile SPA Body corporate Chile 100.00% Australia
Audax Holdings Pty Ltd Body corporate Australia 100.00% Australia
Castillo Exploration Limited Body corporate Australia 100.00% Australia
Qld Commodities Pty Ltd Body corporate Australia 100.00% Australia
Total Iron Pty Ltd Body corporate Australia 100.00% Australia
Total Minerals Pty Ltd Body corporate Australia 100.00% Australia
BHA No. 1 Pty Ltd Body corporate Australia 100.00% Australia
Atlantica Holdings (Bermuda) Body corporate Bermuda 100.00% Australia
Zed Copper Pty Ltd Body corporate Australia 100.00% Australia
Chalo Mining Group Ltd Body corporate Zambia 100.00% Australia
as at 30 June 2025
Basis of Preparation
This consolidated entity disclosure statement (CEDS) has been prepared in
accordance with the Corporations Act 2001 and includes information for each
entity that was part of the consolidated entity as at the end of the financial
year in accordance with AASB 10 Consolidated Financial Statements.
Determination of tax residency
Section 295 (3A) of the Corporation Act 2001 defines tax residency as having
the meaning in the Income Tax Assessment Act 1997. The determination of tax
residency involves judgement as there are currently several different
interpretations that could be adopted, and which could give rise to a
different conclusion on residency. In determining tax residency, the Group has
applied the following interpretations:
Australian tax residency
The Group has applied current legislation and judicial precedent, including
having regard to the Tax Commissioner's public guidance in Tax Ruling TR
2018/5.
Foreign tax residency
Where necessary, the Group has used independent tax advisers in foreign
jurisdictions to assist in determining tax residency and ensure compliance
with applicable foreign tax legislation.
Partnerships and Trusts
Australian tax law does not contain specific residency tests for partnerships
and trusts. Generally, these entities are taxed on a flow-through basis, so
there is no need for a general residence test. Some provisions treat trusts as
residents for certain purposes, but this does not mean the trust itself is an
entity that is subject to tax.
DIRECTORS' DECLARATION
In accordance with a resolution of the directors of New Frontier Minerals
Limited (formerly Castillo Copper Limited) ("the Company"), the directors of
the Company declare that:
1. in the Directors' opinion, the financial statements and
accompanying notes set out on pages 28 to 62 are in accordance with the
Corporations Act 2001 and:
a. comply with Accounting Standards and the Corporations
Regulations 2001, professional reporting requirements and all other mandatory
requirements; and
b. give a true and fair view of the Group's financial position
as at 30 June 2025 and of its performance for the year ended on that date;
2. in the Directors' opinion, the information disclosed in the
consolidated entity disclosure statement on page 62 is true and correct;
3. in the Directors' opinion, there are reasonable grounds to
believe that the Company will be able to pay its debts as and when they become
due and payable; and
4. the Directors have been given the declarations by the Chief
Executive Officer (or equivalent) and Chief Financial Officer (or equivalent)
required by section 295A.
This declaration is made in accordance with a resolution of the Board of
Directors and is signed for and on behalf of the Directors by:
Gerrard (Ged) Hall
Non-Executive Chairman
19(th) September 2025
ASX ADDITIONAL INFORMATION
Additional information required by the Australian Stock Exchange Ltd and not
shown elsewhere in this report is as follows. The information is current at 03
September 2025.
Distribution of Share Holders
Ordinary Shares
Number of Holders Number of Shares
1 - 1,000 81 12,320
1,001 - 5,000 18 54,844
5,001 - 10,000 113 1,003,203
10,001 - 100,000 1,634 73,857,172
100,001 - and over 1,306 1,530,285,086
TOTAL 3,152 1,605,212,625
There were 1,049 holders of ordinary shares holding less than a marketable
parcel, with total of 19,302,752 shares amounting to 1.20% of Issued Capital.
Quoted equity securities as at 03 September 2025
Equity Security Quoted
Ordinary Shares 1,605,212,625
Voting Rights
Each fully paid ordinary share carries the rights of one vote per share.
Unquoted Securities
There are no unquoted securities on issue at 03 September 2025:
Substantial Shareholders
There are no substantial shareholders.
Restricted Securities
There are no restricted securities.
Stock Exchange
The Company is listed on the Australian Securities Exchange and has been
allocated the code "NFM". The "Home Exchange" is Perth.
The Company is also listed on the London Stock Exchange and has been allocated
the code "NFM".
Other information
New Frontier Minerals Limited is incorporated and domiciled in Australia and
is a publicly listed company limited by shares.
On-Market Buy-Back
There is currently no on-market buy-back in place.
Twenty largest holders of quoted securities as at 03 September 2025
Position Holder Name No. of shares %
1 COMPUTERSHARE CLEARING PTY LTD 135,550,078 8.44%
2 MR JOHN MCDONALD & MR SHAUN MCDONALD 88,000,000 5.48%
3 ADAMANTIUM CORPORATE PTY LTD 80,833,333 5.04%
4 BNP PARIBAS NOMINEES PTY LTD 29,527,342 1.84%
5 WICKLOW CAPITAL PTY LTD 25,000,000 1.56%
6 TWW ASSETS PTY LTD 24,459,524 1.52%
7 JBO ASSETS PTY LTD 24,259,525 1.51%
8 TAKA CUSTODIANS PTY LTD 21,158,750 1.32%
9 MR THOMAS FRITZ ENSMANN 20,000,000 1.25%
10 CITICORP NOMINEES PTY LIMITED 19,646,095 1.22%
11 MR MATTHEW JAMES SEVIOR 18,436,000 1.15%
12 REBECCA BRADLEY 15,000,000 0.93%
12 MR BRADLEY JOHN KENNEY 15,000,000 0.93%
13 MRS RACHEL ANNE DAS 13,166,667 0.82%
14 MOUNT FALCON HOLDINGS PTY LTD 13,085,000 0.82%
15 EYEON NO 2 PTY LTD 12,025,610 0.75%
16 HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED 11,582,874 0.72%
17 MR ANTONIO TONY CAGLIUSO 11,200,000 0.70%
18 MR RICHARD ELKINGTON & MRS CHRISTINE ELKINGTON 10,093,653 0.63%
19 CELTIC CAPITAL PTE LTD 10,000,000 0.62%
19 MR BRUCE GRAHAM 10,000,000 0.62%
19 ANIMA FLUVIUS PTY LTD 10,000,000 0.62%
20 RPH CAPITAL INVESTMENTS PTY LTD 9,527,981 0.59%
Total 627,552,432 39.09%
TENEMENT INFORMATION AS REQUIRED BY LISTING RULE 5.3.3
HART RANGE
Tenement ID Ownership at end of year Status
EL34022 100% Granted
EL32406 0% N/A*
EL32513 0% N/A*
EL34109 0% Under Application**
EL34110 0% Under Application**
*As announced on 21 October 2025, NFM has entered in to an earn-in agreement
to acquire up to 85% interest in the tenements.
**These tenements are under applications which were made on 14 April 2025.
MT OXIDE
Mt Isa region, northwest Queensland
Tenement ID Ownership at end of year Status
EPM 26513 100% Granted
EPM 26525 100% Granted
EPM 26574 100% Granted
EPM 26462 100% Granted
EPM27440 100% Granted
ZAMBIA
Tenement ID Ownership at end of year Status
24659-HQ-LEL 100% Granted
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