REG - New Frontier Mineral - Quarterly Report period ending December 2024
31/01/2025 07:00
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RNS Number : 3663V New Frontier Minerals Limited 31 January 2025
31 January 2025
New Frontier Minerals Limited
("NFM" or the "Company")
Quarterly Report period ending December 2024
New Frontier Minerals Ltd (LSE and ASX: NFM) is pleased to report its
quarterly activities report for the period ending 31 December 2024.
During the quarter, the Company prioritised its portfolio optimisation
strategy by completing the divestment of the Cangai Copper Mine Project to
Infinity Mining Limited (ASX: IMI) and securing the highly promising Harts
Range Project in the Northern Territory.
QUARTERLY HIGHLIGHTS:
Exploration
· New Frontier Minerals completed the divestment of the Cangai Copper
Mine Project, securing equity in Infinity Mining (ASX: IMI) and enhancing
portfolio optimisation
· A binding term sheet was signed to acquire the transformational Harts
Range Project, a highly prospective niobium, uranium & heavy rare earths
project in the Northern Territory
· Grades up to 23.2% Nb, 12.7% U and 12.7% TREE (including 2.85% Dy,
0.32% Tb, 14.9% Ta(5) from historical rock chip samples across five prospects
reported
· Assays from rock chips samples collected from outcropping pegmatites
during the first recent visit to the Harts Range Project returned excellent
high-grade readings up to 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)(7)
· A second reconnaissance trip to the Harts Range Project revealed more
key targets including a 500m long pegmatite(7) at the Big Jay Prospect
· Proximal to Cusp and Bobs, the team identified two new areas of
interest - Cusp North and Bobs North - both showed potential for base and
precious metal mineralisation
· Next step is the commissioning of a heliborne radiometric and
magnetic survey during January 2025
· Surface sampling at the Big One Deposit confirmed high-grade copper
assays up to 12%, indicating significant resource expansion potential
Corporate
· Corporate rebranding to New Frontier Minerals Limited reflects a
renewed strategic focus on critical mineral exploration projects globally
· Inflows of ~$547k, including proceeds from exiting the ASX: RIM
position
· Total cash and liquid investments of $1.569 million, comprised of
$881k cash, ASX: IMI stock currently valued at ~$440k (40 million shares x
$0.011 per share as at 31/12/2024) along with 20 million unlisted options
(expiry 30/11/2029, strike $0.07) and rehabilitation security bonds totalling
$248k due to be refunded to the Company
· The Board's strategy to advance the NWQ Copper Project, possibly with
a development partner, and divest the two remaining assets - BHA West Project
(NSW) and Mkushi Project (Zambia) - remains on track
DIVESTMENT OF CANGAI COPPER MINE
The Company announced it had entered a binding term sheet for the sale of the
Cangai Copper Mine on 3 October 2024(1.) This transaction involved the
transfer of three granted exploration tenements - EL8625, EL8635, and EL8601 -
located in the north-western corner of New South Wales, approximately 220 km
south of Brisbane and 500 km north of Sydney. The tenements host the historic
Cangai Copper Mine.
Subsequently, on 28 November 2024(2) Infinity Mining's shareholders approved
the acquisition at a General Meeting, enabling the execution of a binding
Tenement Sale Agreement. As consideration for the purchase, Infinity Mining
issued New Frontier Minerals 40 million shares and 20 million options
(five-year term and an exercise price of $0.07). This positions NFM to benefit
from value creation as Infinity initiates an extensive exploration campaign at
the Cangai Copper Mine.
This divestment marked the second successful sale of non-core assets by New
Frontier Minerals within 12 months. The earlier sale of the Broken Hill West
Project to Rimfire Pacific Mining NL (ASX: RIM) had already enabled the
Company to redeploy funds towards advancing its priority asset, the Harts
Range Niobium-Uranium-HRE Project in the Northern Territory.
Strategic Plans for Remaining Copper Assets
The Board aims to secure a strategic partner to advance the NWQ Copper Project
in Queensland, with particular focus on the Big One Deposit. At the same time,
the Company intends to hold onto two other non-core assets, the Broken Hill
East Project in New South Wales and the Mkushi Copper Project in Zambia, with
plans to divest these at the most opportune time.
Portfolio Optimisation and Growth
New Frontier Minerals advanced its value-driven portfolio optimisation
strategy by divesting the Cangai Copper Mine and Broken Hill West Projects,
enabling the reallocation of resources toward high-priority assets, including
the Harts Range and NWQ Copper Projects. These strategic moves have
strengthened funding for ongoing exploration programs and highlighted the
Company's focus on critical mineral assets with the potential for sustainable
long-term growth.
Additionally, New Frontier Minerals remains committed to pursuing strategic
partnerships to further develop its copper assets while retaining flexibility
for divestment when market conditions are favourable.
Big One Deposit
During this quarter, the Company's geological team completed a thorough
surface sampling campaign at the Big One Deposit, part of the NWQ Copper
Project in the Mt Isa copper belt(3)
The campaign targeted regions near the line of lode, historical workings, and
the known orebody. The Big One Deposit currently holds a JORC-compliant
Mineral Resource Estimate (MRE) of 2.1 Mt at 1.1% Cu(4) equating to 21,886
tonnes of contained copper metal, based on prior drilling campaigns and
historical data.
Notably, the recent campaign returned rock chip assays of up to 12% Cu(11),
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 also validated previously identified
induced polarisation (IP) conductivity anomalies located north of the line of
lode, further supporting the potential for resource growth.
Figure 1: 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.
Next Steps
Moving forward, New Frontier Minerals' geology team plans to 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.
HARTS RANGE PROJECT ACQUISITION
The Company finalised a binding agreement with Audax Holdings Pty Ltd to
acquire an 85% interest in the Harts Range Niobium, Uranium, and Heavy Rare
Earths Project through a two-stage earn-in arrangement(5). Under the terms of
the binding agreement, NFM agreed to acquire 100% of the ordinary shares in
Audax Holdings Pty Ltd (ACN: 678 403 864) ("Audax") from the shareholders of
Audax (Audax Vendors) on the terms set out in the ASX announcement dated 21
October 2024(5).
Located 140 km north-east of Alice Springs, the project spans two granted
tenements covering 110 km².
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)(9).
Figure 1: 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(6). As
part of preliminary 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, New Frontier Minerals expanded its
exploration footprint with an additional tenure application east of the
primary project area(6). The Harts Range East Project increased the total
tenure to 135 km². Early assessments have highlighted its alignment with the
mineralisation trends of the main tenements, with exploration planning set to
commence following the grant of the tenure.
Figure 2: Primary targets at Harts Range Project
Key Exploration Activities
The geology team made positive strides during their second reconnaissance
visit to the Harts Range Uranium, Niobium, and Heavy Rare Earths Project in
November 2024(7). 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 (formerly Niobium
Anomaly), 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 1.6 km 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 12 km mineralised corridor.
Next Steps
To accelerate exploration efforts, a high-resolution helicopter-borne
radiometric and magnetic survey was commissioned with New Resolution
Geophysics (NRG). Scheduled for completion in January 2025, the survey will
cover 2,253-line kilometres using NRG's advanced Xplorer gradient magnetic
system. This state-of-the-art technology will facilitate the identification of
uranium anomalies as well as new and extended targets for pegmatites hosting
critical minerals.
Thirteen samples collected during the field campaigns were also dispatched for
laboratory analysis to provide geochemical insights for refining future drill
targets. A comprehensive exploration program, including further sampling,
geophysical assessments, and bulk sample collection for metallurgical testing,
has been outlined for the next phase of activity.
Strategic Importance
The acquisition and exploration advancements at the Harts Range Project align
directly with global demand for critical minerals such as niobium, uranium,
and heavy rare earths. Combined with the favourable infrastructure, including
sealed road access and proximity to Alice Springs, the project has emerged as
a strategically significant asset for the Company.
CORPORATE ACTIVITY
Name Change to New Frontier Minerals
New Frontier Minerals Ltd (formerly 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(10).
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, as 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
During the quarter, Board and management presented the New Frontier Minerals
story through an Australian roadshow, covering Melbourne, Sydney & Perth,
where they met with a wide range of stockbrokers, existing shareholders as
well as prospective shareholders.
FINANCIAL UPDATE
Quarterly Cash and Liquid Investments Position
Cash on hand and liquid investments at end of the quarter totalled $1.569
million (including cash on hand of $881,000, ASX listed shares and refundable
security deposits, as noted below).
The Company holds 40 million Infinity Mining Limited (ASX: IMI) shares which
have a total market value of ~$440,000 (40 million shares x $0.011 per share
as at 31/12/2024) along with 20 million unlisted options (expiry 30/11/2029,
strike $0.07). The shares are subject to escrow until the transfer of the
Cangai Copper Mine tenements is completed.
Rehabilitation security bonds totalled $314,000, of which $248,000 is due to
be refunded following the transfer of the Cangai Copper Mine tenements.
Securities on Issue at Quarter End
Ordinary shares 1,453,735,355
Performance shares 93,750,000
Unlisted options 8,000,000
Information Required Under ASX Listing Rules
1. ASX LR 5.3.5
During the Quarter $81,000 was paid to related parties of the Company relating
to non-executive director fees and exploration consulting fees paid to an
entity controlled by a related party.
2. ASX LR 5.3.1
Consulting fees Rates and mines departments fees
Cangai 6,000 -
BHA 3,000 -
QLD 15,000 -
Zambia - -
Harts Range 79,000 -
103,000 -
ASX LR 5.3.3
In accordance with ASX Listing Rule 5.3.3, a schedule of Company's tenements
can be found at Appendix A.
-END-
For further information, please contact:
New Frontier Minerals Limited +61 8 6558 0886
Gerrard Hall (UK), Chairman
SI Capital Limited (Financial Adviser and Corporate Broker) +44 (0)1483 413500
Nick Emerson
Gracechurch Group (Financial PR) +44 (0)20 4582 3500
Harry Chathli, Alexis Gore, Henry Gamble
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".
References
1. CCZ ASX Announcement: Strategic Sale of Cangai Copper Mine to
Infinity Mining (https://wcsecure.weblink.com.au/pdf/CCZ/02861713.pdf) , dated
3 October 2024
2. CCZ ASX Announcement: D
(https://wcsecure.weblink.com.au/pdf/CCZ/02888778.pdf) ivestment of Cangai
Copper Mine (https://wcsecure.weblink.com.au/pdf/CCZ/02888778.pdf) , dated 2
December 2024
3. CCZ ASX Announcement: S
(https://wcsecure.weblink.com.au/LSE_news/2024/10/07/CastilloCopperLimited_16243757.pdf)
urface assays increase priority copper target area at Big One Deposit,
(https://wcsecure.weblink.com.au/LSE_news/2024/10/07/CastilloCopperLimited_16243757.pdf)
dated 7 October 2024
4. CCZ ASX Announcement: Maiden Mineral Resource Estimate 2.1Mt @ 1.1%
Cu (21,886t) for Big One Deposit
(https://wcsecure.weblink.com.au/pdf/CCZ/02492605.pdf) , dated 28 February
2022
5. CCZ ASX Announcement: CCZ to acquire highly prospective niobium,
uranium & heavy rare earths project
(https://wcsecure.weblink.com.au/pdf/CCZ/02868764.pdf) , dated 21 October 2024
6. CCZ ASX Announcement: CCZ completes acquisition of Harts Range
project & expands footprint
(https://wcsecure.weblink.com.au/pdf/CCZ/02872056.pdf) , dated 28 October 2024
7. NFM ASX Announcement: 500m long pegmatite identified at Harts Range
Project, Northern Territory
(https://wcsecure.weblink.com.au/pdf/NFM/02891252.pdf) , dated 6 December 2024
8. Barfuss, R. (Barfuss Corporation Pty Ltd) 19 November 2007: "A
Brief report on Samarskite Mineralisation in the Harts Range Project"
(unpublished report) and Barfuss, R. (Barfuss Corporation) 2014: The Harts
Range Project Exploration Licence (EL 24552) - inclusive of the following
references:
a. Caughey, A.R. (Flagstaff Geo Consultants Pty Ltd.), November 2007: Annual
Report for Exploration Licence EL24552 for the period ending 25th August 2007
(for Barfuss Corporation Pty. Ltd.)
b. Caughey, R. (Flagstaff Geo Consultants Pty Ltd.) 2002 to 2006: various
unpublished reports for Barfuss Corporation Pty. Ltd. c. PNC Exploration
(Australia): various open-file tenement annual, final and partial
relinquishment reports,1994 to 1997; Report Numbers CR1994-0325, CR995-0298,
CR1995-0525, CR1995-0697, CR-1996-0285, CR1996-0286, CR-1997-0611. *
d. Rutter, H. (Flagstaff Geo Consultants Pty Ltd.) 2006. 'An analysis of
airborne radiometric data from the Harts Range, N.T.' (unpublished report)
e. Shaw, R.D., Senior, B.R., Offe, L.A., Stirzaker, J.F., Walton, D.G., Apps,
H.E., Freeman, M.J.1:250,000 Geological Map Series Explanatory Notes Illogwa
Creek SF53-15. Bureau of Mineral Resources Australia & Northern Territory
Geological Survey,1985. Note: * Open file company reports sourced from the
Northern Territory Mineral Industry Reports Management System (IRMS).
Available at: https://geoscience.nt.gov.au/gemis/ntgsjspui/handle/1/3
(https://geoscience.nt.gov.au/gemis/ntgsjspui/handle/1/3)
9. CCZ ASX Announcement: Results of Annual General Meeting
(https://wcsecure.weblink.com.au/pdf/CCZ/02887776.pdf) , dated 29 November
2024
10. NFM ASX Announcement: Change of Company Name and ASX code
(https://wcsecure.weblink.com.au/pdf/NFM/02890004.pdf) , dated 4 December 2024
11. CCZ ASX Announcement: Surface assays increase priority copper target
area at Big One Deposit (https://wcsecure.weblink.com.au/pdf/CCZ/02863095.pdf)
, dated 7 October 2024
Competent Persons Statement
I, Mark Biggs, confirm that I am the Competent Person for the Competent Person
Report from which the information to be publicly released has been obtained
and confirm that:
• I have read and understood the requirements of the 2012 Edition of
the Australasian Code for Reporting of Exploration Results, Mineral Resources
and Ore Reserves (JORC Code, 2012 Edition) and the relevant sections of
Chapter 5 and Guidance Note 31 from the ASX Listing Rules.
• I am a Competent Person as defined by the JORC Code 2012 Edition,
having 35 years of experience that is relevant to the REE, industrial mineral,
and copper mineralisation types, quality and potential mining method(s) of the
deposit(s) described in the Report. In addition, I have 21 years of
experience in the estimation, assessment and evaluation of Exploration Results
and Mineral Resource Estimates, the activity for which I am accepting
responsibility.
• I am a Member of The Australasian Institute of Mining and
Metallurgy (Member # 107188).
• I have reviewed the Report or Excerpt from the Report to which
this Consent Statement applies.
• I am a consultant working for ROM Resources and have been engaged
by New Frontier Minerals Limited to prepare the documentation for various
prospects within the Harts Range Prospect area on which the Report is based.
In addition:
• I have disclosed to New Frontier Minerals Limited the full nature
of the relationship between myself and the Company, including any issues that
could be perceived by investors as a conflict of interest. Mr Biggs is a
director of ROM Resources, a company which is a shareholder of New Frontier
Minerals Limited. ROM Resources provides ad-hoc geological consultancy
services to New Frontier Minerals Limited.
• I verify that the Report is based on and fairly and accurately
reflects in the form and context in which it appears, the information in my
supporting documentation relating to exploration results and any Mineral
Resource Estimates.
• I consent to the release of the Report and this Consent Statement
by the Directors of New Frontier Minerals Limited.
Disclaimers
Any references to previous ASX announcements should be read in conjunction
with this release. Photos and commentary in this announcement regarding field
observations of surface geology are included in this report for geological
context and are not to be considered by the reader as a substitute for assays.
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.
APPENDIX A - TENEMENT SCHEDULE
Table 1: Jackaderry (Cangai), New England Orogen in NSW
Tenement ID Ownership at start of Quarter Ownership at end of Quarter Change during the Quarter
EL8635* 100% 100% -
EL8625* 100% 100% -
EL8601* 100% 100% -
* The Company announced it had entered a binding term sheet for the sale of
the Cangai Copper Mine on 3 October 2024. This transaction involves the
transfer of the three granted exploration tenements - EL8625, EL8635, and
EL8601 - to ASX: IMI, upon receiving NSW ministerial consent which is expected
to occur during Q1 2025.
Table 2: Broken Hill East, located within a 20km radius of Broken Hill in NSW
Tenement ID Ownership at start of Quarter Ownership at end of Quarter Change during the Quarter
EL8434 100% 100% -
EL8435 100% 100% -
Table 3: Mt Oxide, Mt Isa region in northwest Queensland
Tenement ID Ownership at start of Quarter Ownership at end of Quarter Change during the Quarter
EPM 26513 100% 100% -
EPM 26525 100% 100% -
EPM 26574 100% 100% -
EPM 26462 100% 100% -
EPM 27440 100% 100% -
Table 4: Zambia
Tenement ID Ownership at start of Quarter Ownership at end of Quarter Change during the Quarter
24659-HQ-LEL (Mkushi) 100% 100% -
Table 5: Harts Range
Tenement ID Ownership at start of Quarter Ownership at end of Quarter Change during the Quarter
EL32513 - 85% 85%
EL32406 - 85% 85%
EL34022 - 100% 100%
APPENDIX B: RESOURCE TONNAGES - BIG ONE DEPOSIT
Resource Type Ore Type Inferred (Mt) Indicated (Mt) Measured (Mt) Copper Grade (%) Silver Grade (g/t) Contained Copper (t) Contained Silver (kg)
Mine Dumps Oxidised 0 0.007 - 1.2 4.0 86 29
Mine Insitu Oxidised 1.7 0 - 1.0 1.1 17,000 1,870
Mine Insitu Fresh 0.4 0 0 1.2 1.4 4,800 560
Sub-Totals 2.1 0.007 0 21,886 2,459
Notes:
Cut-off grade 0.45% Cu. Source: CCZ geology team
Refer to ASX announcement dated 28 February 2022
Appendix 5B
Mining exploration entity or oil and gas exploration entity quarterly cash
flow report
Name of entity
NEW FRONTIER MINERALS LIMITED
ABN Quarter ended ("current quarter")
52 137 606 476 DECEMBER 2024
Consolidated statement of cash flows Current quarter Year to date 6 months
$A'000 $A'000
1. Cash flows from operating activities
1.1 Receipts from customers - -
1.2 Payments for
(a) exploration & evaluation - -
(b) development - -
(c) production - -
(d) staff costs - -
(e) administration and corporate costs (429) (767)
1.3 Dividends received (see note 3) - -
1.4 Interest received 5 17
1.5 Interest and other costs of finance paid - -
1.6 Income taxes paid - -
1.7 Government grants and tax incentives - 183
1.8 Legal costs recovered - -
1.9 Net cash from / (used in) operating activities (424) (567)
2. Cash flows from investing activities
2.1 Payments to acquire or for:
(a) entities
(b) tenements (221) (221)
(c) property, plant and equipment (4) (4)
(d) exploration & evaluation (103) (179)
(e) investments - -
(f) other non-current assets - -
Consolidated statement of cash flows Current quarter Current quarter
$A'000 $A'000
2.2 Proceeds from the disposal of:
(a) entities - -
(b) tenements - -
(c) property, plant and equipment - -
(d) investments 547 547
(e) other non-current assets - 173
2.3 Cash flows from loans to other entities - -
2.4 Dividends received (see note 3) - -
2.5 Other 37 -
2.6 Net cash from / (used in) investing activities 256 316
3. Cash flows from financing activities
3.1 Proceeds from issues of equity securities (excluding convertible debt
securities)
- -
3.2 Proceeds from issue of convertible debt securities - -
3.3 Proceeds from exercise of options - -
3.4 Transaction costs related to issues of equity securities or convertible debt - -
securities
3.5 Proceeds from borrowings - -
3.6 Repayment of borrowings - -
3.7 Transaction costs related to loans and borrowings - -
3.8 Dividends paid - -
3.9 Other (provide details if material) - -
3.10 Net cash from / (used in) financing activities - -
4. Net increase / (decrease) in cash and cash equivalents for the period
4.1 Cash and cash equivalents at beginning of period 1,041 1,118
4.2 Net cash from / (used in) operating activities (item 1.9 above) (424) (567)
4.3 Net cash from / (used in) investing activities (item 2.6 above) 256 316
Consolidated statement of cash flows Current quarter Current quarter
$A'000 $A'000
4.4 Net cash from / (used in) financing activities (item 3.10 above) - -
4.5 Effect of movement in exchange rates on cash held 8 14
4.6 Cash and cash equivalents at end of period 881 881
5. Reconciliation of cash and cash equivalents Current quarter Previous quarter
at the end of the quarter (as shown in the consolidated statement of cash $A'000 $A'000
flows) to the related items in the accounts
5.1 Bank balances 481 741
5.2 Call deposits 400 300
5.3 Bank overdrafts - -
5.4 Other (provide details) - -
5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above) 881(1) 1,041
(1) Total cash and liquid investments of $1.569 million, comprised of $881k
cash, ASX: IMI stock currently valued at ~$440k (40 million shares x $0.011
per share as at 31/12/2024) along with 20 million unlisted options (expiry
30/11/2029, strike $0.07) and rehabilitation security bonds totalling $248k
due to be refunded to the Company
6. Payments to related parties of the entity and their associates Current quarter
$A'000
6.1 Aggregate amount of payments to related parties and their associates included 81(2)
in item 1
6.2 Aggregate amount of payments to related parties and their associates included -
in item 2
Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity
report must include a description of, and an explanation for, such payments.
(2) Comprises director's fees and consulting fees for the quarter.
7. Financing facilities Total facility amount at quarter end Amount drawn at quarter end
Note: the term "facility' includes all forms of financing arrangements $A'000 $A'000
available to the entity.
Add notes as necessary for an understanding of the sources of finance
available to the entity.
7.1 Loan facilities - -
7.2 Credit standby arrangements - -
7.3 Other (please specify) - -
7.4 Total financing facilities -
7.5 Unused financing facilities available at quarter end -
7.6 Include in the box below a description of each facility above, including the
lender, interest rate, maturity date and whether it is secured or unsecured.
If any additional financing facilities have been entered into or are proposed
to be entered into after quarter end, include a note providing details of
those facilities as well.
8. Estimated cash available for future operating activities $A'000
8.1 Net cash from / (used in) operating activities (item 1.9) (424)
8.2 (Payments for exploration & evaluation classified as investing activities) (103)
(item 2.1(d))
8.3 Total relevant outgoings (item 8.1 + item 8.2) (527)
8.4 Cash and cash equivalents at quarter end (item 4.6) 881
8.5 Unused finance facilities available at quarter end (item 7.5) -
8.6 Total available funding (item 8.4 + item 8.5) 881
8.7 Estimated quarters of funding available (item 8.6 divided by item 8.3) 1.7
Note: if the entity has reported positive relevant outgoings (ie a net cash
inflow) in item 8.3, answer item 8.7 as "N/A". Otherwise, a figure for the
estimated quarters of funding available must be included in item 8.7.
8.8 If item 8.7 is less than 2 quarters, please provide answers to the following
questions:
8.8.1 Does the entity expect that it will continue to have the current
level of net operating cash flows for the time being and, if not, why not?
Answer: Yes.
8.8.2 Has the entity taken any steps, or does it propose to take any
steps, to raise further cash to fund its operations and, if so, what are those
steps and how likely does it believe that they will be successful?
Answer: The Company works closely with its corporate advisors monitoring cash
levels, expenditure commitments and funding opportunities. The Company and its
corporate advisors have a proven track record raising funds as and when
required. In addition, the Company holds ASX: IMI stock currently valued at
~$440,000 (40 million shares x $0.011 per share as at 31/12/2024) which can be
liquidated to assist with the Company's funding requirements, along with
security bonds of $248,000 due to be refunded to the Company.
8.8.3 Does the entity expect to be able to continue its operations and
to meet its business objectives and, if so, on what basis?
Answer: Yes. Refer to the information provided at 8.8.2.
Note: where item 8.7 is less than 2 quarters, all of questions 8.8.1, 8.8.2
and 8.8.3 above must be answered.
Compliance statement
1 This statement has been prepared in accordance with accounting
standards and policies which comply with Listing Rule 19.11A.
2 This statement gives a true and fair view of the matters
disclosed.
Date: 31 January 2025
Authorised by: The Board of New Frontier Minerals
(Name of body or officer authorising release - see note 4)
Notes
1. This quarterly cash flow report and the accompanying
activity report provide a basis for informing the market about the entity's
activities for the past quarter, how they have been financed and the effect
this has had on its cash position. An entity that wishes to disclose
additional information over and above the minimum required under the Listing
Rules is encouraged to do so.
2. If this quarterly cash flow report has been prepared in
accordance with Australian Accounting Standards, the definitions in, and
provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and
AASB 107: Statement of Cash Flows apply to this report. If this quarterly cash
flow report has been prepared in accordance with other accounting standards
agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent
standards apply to this report.
3. Dividends received may be classified either as cash flows
from operating activities or cash flows from investing activities, depending
on the accounting policy of the entity.
4. If this report has been authorised for release to the
market by your board of directors, you can insert here: "By the board". If it
has been authorised for release to the market by a committee of your board of
directors, you can insert here: "By the [name of board committee - eg Audit
and Risk Committee]". If it has been authorised for release to the market by a
disclosure committee, you can insert here: "By the Disclosure Committee".
5. If this report has been authorised for release to the
market by your board of directors and you wish to hold yourself out as
complying with recommendation 4.2 of the ASX Corporate Governance Council's
Corporate Governance Principles and Recommendations, the board should have
received a declaration from its CEO and CFO that, in their opinion, the
financial records of the entity have been properly maintained, that this
report complies with the appropriate accounting standards and gives a true and
fair view of the cash flows of the entity, and that their opinion has been
formed on the basis of a sound system of risk management and internal control
which is operating effectively.
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