REG - New Frontier Mineral - NFM advances NWQ Copper Project with Austral

New Frontier MineralsAnnouncement

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RNS Number : 6885E  New Frontier Minerals Limited  18 May 2026

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

 

18 May 2026

 

New Frontier Minerals Limited

("NFM" or the "Company")

 

NFM advances NWQ Copper Project with joint Austral Resources site visit to Big
One and Mt Storm

 

New Frontier Minerals Ltd (LSE and ASX: NFM) is pleased to provide an update
on the NWQ Copper Project following a joint field visit to the Big One Deposit
(hosts a JORC 2012 Inferred Mineral Resource Estimate of 2.1 Mt at 1.1% Cu for
21,886 tonnes of contained copper metal(1)), Big One North anomaly and the
historical Mt Storm prospect, conducted with the geological team from
strategic partner Austral Resources Ltd (ASX: AR1). The visit marks a further
step in advancing exploration and the commercialisation pathway for the NWQ
Project.

 

Highlights:

 

·    Joint site visit completed by New Frontier and Austral Resources (ASX:
AR1) geological teams to inspect the Big One Deposit and Big One North
prospect

·    Assessment of historical copper stockpile material and Big One Deposit
to support the proposed toll treatment pathway under the existing MOU with
Austral Resources

·    Preliminary metallurgical test work4 returned strong sulphuric
acid-soluble copper recoveries of 83%-99%, with most samples exceeding 95%
recovery, indicating predominantly oxide and supergene copper mineralisation
amenable to conventional acid leach processing and compatible with Austral
Resources' Mt Kelly processing flowsheet

·    Reconnaissance assessment of the historical Mt Storm prospect, where
small-scale open-pit operations mined ~1,100t at 6% Cu6 with no modern
exploration drilling on record, identifies Mt Storm as an under-explored near
surface target within the broader NWQ Copper Project

·    Scout rock chip sample program at Mt Storm to characterise the
mineralogy of the mineralised system and surrounding country rock, with
laboratory results to inform future field work

 

Chairman Gerrard Hall commented: "In a strong copper market, we see
significant value in partnering with Austral Resources to advance the NWQ
Copper Project, particularly the Big One Deposit, which benefits from
established regional infrastructure and a significant land position within one
of Australia's premier and proven copper districts.

 

Through our strategic processing partnership with Austral, the Company is well
positioned to evaluate potential near-term development pathways at Big One
Deposit, while continuing to unlock the broader potential of the NWQ Copper
Project, including the high-grade Mt Storm mine and a number of highly
prospective regional targets."

 

NWQ COPPER PROJECT BACKGROUND

 

The Big One Deposit is the most advanced prospect within New Frontier's NWQ
Copper Project, which is in a Tier 1 jurisdiction and surrounded by
world-class infrastructure as well as the mining operations of majors such as
Anglo American, Glencore and Rio Tinto.

 

The Big One Deposit hosts a JORC 2012 Inferred Mineral Resource Estimate of
2.1 Mt at 1.1% Cu for 21,886 tonnes of contained copper metal(1) (see also
Appendix A). The broader NWQ Copper Project also hosts an Exploration Target
(see below) estimated across 14 priority prospects(2), offering substantial
exploration upside.

 

 Figure 1: NWQ Project Area and Active Neighbours

 

Figure 1: NWQ Project Area and Active Neighbours

 

 

JOINT SITE VISIT - BIG ONE DEPOSIT AND BIG ONE NORTH

The May 2026 programme brought NFM and Austral Resources geologists together
on the ground at the Big One Deposit and the adjacent Big One North anomaly.
The joint team examined pit walls, mineralised exposures and historical mine
dumps remaining from prior small-scale operations, unifying both Companies'
technical understanding of the orebody ahead of the upcoming exploration
campaign and proposed ore supply pathway to Mt Kelly.

 

The visit had two technical objectives. First, NFM and Austral geologists
inspected, in person, the source of the historical stockpile material
dispatched to Mt Kelly for metallurgical testing in 2025 - testing which
returned up to approximately 99% compatibility with the Mt Kelly flowsheet
under laboratory conditions(4). Walking the stockpile locations together
allowed both teams to examine the in-situ material from which the 2025 test
samples were drawn and align on the geological controls behind those results.

 

 Figure 2: Joint NFM and Austral Resources site visit at the Big One Deposit,
 May 2026

 Source: NFM Geology team, Location Figure 2: 335394 mE and 7880283 mN,
 MGA94-Z54S

Figure 2: Joint NFM and Austral Resources site visit at the Big One Deposit,
May 2026

 

Source: NFM Geology team, Location Figure 2: 335394 mE and 7880283 mN,
MGA94-Z54S

 

 

The site visit gave Austral's geological team an opportunity to assess the Big
One Deposit and Big One North anomaly in the context of the broader
exploration potential previously disclosed by NFM. As previously reported by
New Frontier, Big One and Big One North represent 2 of 14 prospects evaluated
as Exploration Targets (ranging from 12-58 million tonnes (Mt) @ 0.3-1.5% Cu,
representing circa 50,000-473,000t of contained copper) across the wider NWQ
Copper Project, prepared in accordance with Clause 17 of the 2012 JORC
Code(2). Field observations during the visit considered the strike continuity
of copper mineralisation between the Big One workings and Big One North, the
structural setting along the north-east trending fault corridor, and the
position of previously identified untested chargeability anomalies from the
2021 Induced Polarisation survey(5).

 

Cautionary Statement: The Exploration Target referenced above is conceptual in
nature. There has been insufficient exploration to estimate a Mineral Resource
in respect of the Exploration Target tonnage, and it is uncertain whether
further exploration will result in the estimation of a Mineral Resource. The
potential quantity and grade of the Exploration Target are conceptual in
nature, and investors should not rely on the Exploration Target alone in
making investment decisions. Full details of the Exploration Target, including
the basis for the estimate and the proposed exploration activities, are set
out in New Frontier's prior public reporting(2).

 

 Figure 3: Big One IP cross-section showing untested chargeability anomalies
 that define the Big One North Exploration Target (Sect. 10400, Station
 5500-5600)

 Note: Coordinate System is MGA2020-Z54S

 Figure 4: Big One North Exploration Target location plan showing dipole-dipole
 IP survey Line 10400 over the Big One Resource Area, the Big One North
 Exploration Target and surrounding chargeability anomalies

 Note: Coordinate System is MGA2020-Z54S

Figure 4: Big One North Exploration Target location plan showing dipole-dipole
IP survey Line 10400 over the Big One Resource Area, the Big One North
Exploration Target and surrounding chargeability anomalies

Note: Coordinate System is MGA2020-Z54S

Existing access tracks to Big One, Big One North and Mt Storm are well
maintained and accessible for light vehicles and larger rigs/operational
equipment. Additionally, haulage routes between the Big One Deposit and
Austral's Mt Kelly facility are being assessed by ReGroup Australia.

 

MT STORM RECONNAISSANCE

As part of the May 2026 programme, the NFM geological team conducted a
reconnaissance assessment of the historical Mt Storm prospect within the
broader NWQ Copper Project tenure. According to historical records(6)
previously disclosed by New Frontier(2), historical small-scale mining at Mt
Storm reportedly produced approximately 1,100 tonnes of ore at a copper grade
of 6% Cu.

 

 Figure 5: Mt Storm historical open pit, inspected during the May 2026 NFM
 reconnaissance visit

 Source: NFM Geology team, Location Figure 5: 334624 mE and 7890442 mN,
 MGA94-Z54S

 

Field observations during the Mt Storm site visit identified copper staining
and altered host rocks consistent with a structurally controlled mineralised
system. The combination of the historical production record (6,2), the absence
of modern drill testing, visible surface mineralisation and proximity to the
Big One Deposit supports Mt Storm's further evaluation as a near-surface
satellite target within the broader NWQ Copper Project.

 

Rock chip samples were collected at the Mt Storm prospect area during the
visit. As detailed in Appendix B and Appendix C, the scout sampling program
was oriented toward characterising the mineralogy of the mineralised system
and surrounding country rock at Mt Storm, rather than producing a geochemical
dataset representing the copper oxide mineralisation. The resulting laboratory
work is expected to refine the geological model and better understand the
mineralised copper system for exploration targeting.

 

 Figure 6: Copper carbonate material grab-sample (MTS_GS004) from the face of
 the Mt Storm historical open pit, visually estimated grade ~2-4% Cu (assay
 results pending)

 Source: NFM Geology team, Location Figure 6: 334621 mE and 7890450 mN,
 MGA94-Z54S

Figure 6: Copper carbonate material grab-sample (MTS_GS004) from the face of
the Mt Storm historical open pit, visually estimated grade ~2-4% Cu (assay
results pending)

 

Source: NFM Geology team, Location Figure 6: 334621 mE and 7890450 mN,
MGA94-Z54S

 

Visual Estimates ASX Disclosures - Figure 6

 

Figure 6 shows samples of mineralised rock, typical of those found at the face
of Mt Storm open pit. The mineralisation found in the dump material is highly
to moderately weathered and altered copper carbonates, oxides silicates. Exact
minerals present and their concentrations will be confirmed by XRD and/or SEM
as part of the metallurgical testing ordered. This material is destined for
detailed multi-element assay and metallurgical testing by ALS Perth. Results
from this testing will be available in one to two months' time. More detail of
this sample is given in Appendix B following, MTS_GS004, which also lists an
estimate range of copper concentration that will be updated by laboratory
assay.

 

Cautionary Statement: Visual estimates of mineral abundance should never be
considered a proxy or substitute for laboratory analyses where concentrations
or grades are the factor of principal economic interest. Visual estimates also
potentially provide no information regarding impurities or deleterious
physical properties relevant to valuations. Mineral Description: Copper
mineralisation at Mt Storm appears to be copper carbonates/oxides/silicates,
being malachite, with minor azurite and chrysocolla visible.  No visible
copper sulphide mineralisation. Estimated Abundance: Malachite (5%), Azurite
(<1%), Chrysocolla (<1%). No Grade Estimates: New Frontier cannot
provide a direct proxy or estimate for actual metal grade or economic value.
Assay Timing: 1-2 months is the anticipated time for when laboratory assay
results will be returned.

 

STRATEGIC ALLIANCE WITH AUSTRAL RESOURCES

 

A formalised Memorandum of Understanding (MOU) between NFM and Austral
Resources3 sets the foundation for a strategic alliance combining NFM's
exploration expertise across the NWQ Copper Project with Austral's advanced
copper processing facilities at Mt Kelly. The arrangement contemplates a toll
treatment pathway under which, subject to definitive agreements and ongoing
exploration success, future ore supplied from NFM's tenements could be
processed at Mt Kelly (Figure 7) to provide Austral with additional sources of
high-grade copper ore feedstock, and NFM with a defined route to monetise
exploration success without the capital outlay of stand-alone processing
infrastructure.

 

Initial ore supply, where exploration success warrants, is contemplated from
the Big One Deposit, with potential to extend to additional satellite
prospects within the NWQ Copper Project. Metallurgical test work will be
designed to confirm that ore from the Big One Deposit meets Mt Kelly
processing standards, and a profit-sharing framework is contemplated to
deliver equitable value for both parties. The partnership positions the
broader NWQ Copper Project as a credible exploration package within a region
dominated by leading global miners (Figure 2), with significant growth
potential for NFM shareholders.

 

 Figure 7: Aerial view of Austral Resources' Mt Kelly copper processing
 facility - the proposed processing destination under the NFM-Austral MOU

Figure 7: Aerial view of Austral Resources' Mt Kelly copper processing
facility - the proposed processing destination under the NFM-Austral MOU

 

NEXT STEPS

NFM's near-term plans to realise its ambitions at the NWQ Project include:

 

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

·    Submit reconnaissance rock chip samples for comprehensive analysis and
follow-up surface sampling at the Mt Storm prospect to evaluate its potential
as a satellite target to the Big One Deposit

·    Review geological targeting and technical evaluation at the Big One
Deposit, to assess opportunities to extend and increase known mineralisation
and support future resource growth potential

·    Continuing ongoing collaboration with Austral Resources on the
proposed toll treatment pathway and other exploration-stage workstreams

 

ENDS

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

 

For further information please contact:

 

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

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

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

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

 (Financial PR)  
 Ana Ribeiro and Charlotte Page

 

REFERENCES

1.   Castillo Copper Limited, ASX announcement dated 28 February 2022,
"Maiden Mineral Resource Estimate 2.1Mt @ 1% Cu (21,886t) for Big One
Deposit".

2.   New Frontier Minerals Limited, ASX announcement dated 23 February 2026,
"Updated JORC Exploration Targets at Copper Project".

3.   New Frontier Minerals Limited, ASX announcement dated 21 January 2025,
"Strategic alliance with Austral Resources to process NFM copper ore".

4.   New Frontier Minerals Limited, ASX announcement dated 3 July 2025,
"Copper Recovery Testing Supports Mt Kelly Pathway and MOU with Austral
Resources".

5.   Castillo Copper Limited, ASX announcement dated 20 May 2021, reporting
the preliminary interpretation of the inaugural Induced Polarisation (IP)
survey at the Big One Deposit (Mt Oxide Project).

6.   Csar, M., 1996, Big One and Mt Storm Copper Deposits, unpublished report
by Aberfoyle Limited for Coffee Gold NL, 8pp.Maiden Mineral Resource Estimate
2.1Mt @ 1.1% Cu (21,886t) for Big One Deposit - ASX announcement, 28 February
2022. (Refer to Appendix).

 

About New Frontier Minerals

New Frontier Minerals Limited is an Australian-based focused explorer, with a
strategy to develop multi-commodity assets that demonstrate future potential
as an economic mining operation. Through the application of disciplined and
structured exploration, New Frontier has identified assets deemed core and is
actively progressing these interests up the value curve. Current focus will be
on advancing exploration activity at the Harts Range Niobium, Uranium and
Heavy Rare Earths Project which is circa 140km north-east from Alice Springs
in the Northern Territory. Other interests include the NWQ Copper Project,
situated in the copper-belt district circa 150km north of Mt Isa in
Queensland.

 

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

 

Competent Persons Statement

The scientific and technical information in this announcement, which relates
to exploration results, preliminary sequential metallurgical results and the
geology of the deposits described, is based on information compiled and
approved for release by Mark Biggs. Mark Biggs is a Member of The Australasian
Institute of Mining and Metallurgy (AusIMM Member # 107188) and meets the
requirements of a Competent Person as defined by the 2012 Edition of the
Australasian Code for Reporting of Exploration Results, Mineral Resources and
Ore Reserves (JORC Code 2012 Edition). Mark Biggs has 35 years of experience
relevant to Rare Earth Elements (REE), industrial mineral copper
mineralisation types, as well as expertise in the quality and potential mining
methods of the deposits under consideration. Additionally, he has 25 years of
experience in the estimation, assessment, and evaluation of exploration
results and mineral resource estimates, which are the activities for which he
accepts responsibility. He also successfully completed an AusIMM Online Course
Certificate in 2012 JORC Code Reporting. Mark Biggs is a consultant with ROM
Resources and was engaged by New Frontier Minerals Limited to prepare the
documentation for several prospects, specifically those within the Harts Range
Prospects upon which the Report is based.

 

Furthermore, the full nature of the relationship between himself and New
Frontier Minerals Limited has been disclosed, including any potential
conflicts of interest. Mark Biggs is a director of ROM Resources, a company
that is a shareholder of New Frontier Minerals Limited, and ROM Resources
provides occasional geological consultancy services to New Frontier Minerals
Limited. The Report or excerpts referenced in this statement have been
reviewed, ensuring that they are based on and accurately reflect, in both form
and context, the supporting documentation relating to exploration results and
any mineral resource estimates. The release of the Report and this statement
has been consented to by the Directors of New Frontier Minerals Limited. Mr
Biggs consents to the inclusion in this announcement of the matters based on
his information and supporting documents in the form and context in which it
appears.

 

Forward Looking Statements

Certain information in this document refers to the intentions of New Frontier
Minerals Ltd, but these are not intended to be forecasts, forward-looking
statements, or statements about future matters for the purposes of the
Corporations Act or any other applicable law. The occurrence of events in the
future is subject to risks, uncertainties and other factors that may cause New
Frontier Minerals Ltd's actual results, performance, or achievements to differ
from those referred to in this announcement. Accordingly, New Frontier
Minerals Ltd, its directors, officers, employees, and agents, do not give any
assurance or guarantee that the occurrence of the events referred to in this
announcement will occur as contemplated. The interpretations and conclusions
reached in this announcement are based on current geological theory and the
best evidence available to the authors at the time of writing. It is the
nature of all scientific conclusions that they are founded on an assessment
of probabilities and, however high these probabilities might be, they make no
claim for complete certainty. Any economic decisions that might be taken based
on interpretations or conclusions contained in this announcement will
therefore carry an element of risk. The announcement may contain
forward-looking statements that involve several risks and uncertainties. These
risks include but are not limited to, economic conditions, stock market
fluctuations, commodity demand and price movements, access to infrastructure,
timing of approvals, regulatory risks, operational risks, reliance on key
personnel, Ore Reserve and Mineral Resource estimates, native title, foreign
currency fluctuations, exploration risks, mining development, construction,
and commissioning risk. These forward-looking statements are expressed in good
faith and believed to have a reasonable basis. These statements reflect
current expectations, intentions or strategies regarding the future and
assumptions based on currently available information. Should one or more of
the risks or uncertainties materialise, or should underlying assumptions prove
incorrect, actual results may vary from the expectations, intentions and
strategies described in this announcement. No obligation is assumed to update
forward-looking statements if these beliefs, opinions, and estimates should
change or to reflect other future developments.

 

 

ASX Listing Rule 5.23.2

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

 

A copy of the full Appendices can be found here:

http://www.rns-pdf.londonstockexchange.com/rns/6885E_1-2026-5-17.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/6885E_1-2026-5-17.pdf)

 

 

 

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