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RNS Number : 9737Q  New Frontier Minerals Limited  30 January 2026

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

 

30 January 2026

New Frontier Minerals Limited

("NFM" or the "Company")

 

Quarterly Report

 

New Frontier Minerals Limited (LSE/ASX: NFM) is pleased to announce its
quarterly activities report for the period ending 31 December 2025.

 

QUARTERLY HIGHLIGHTS

 

Harts Range Project

·    The inaugural reverse circulation (RC) drilling campaign at the Harts
Range Project was completed

·    The geology team were pleased with the campaign, having drill-tested
all high-priority targets, to provide insight into the geology and extent of
the heavy rare earth mineralisation

·    All samples from the drilling campaign were dispatched to ALS Adelaide
prior to Christmas for comprehensive assay analysis, with results to be
announced upon receipt

·    New Frontier has entered a binding commercial framework with Metallium
Ltd (ASX: MTM) to create a novel processing pathway for Harts Range, targeting
Heavy REE supply to US magnet and defence customers

·    Exceptional beneficiation results on raw ore (25kg bulk sample), using
MTM's proprietary Flash Joule Heating (FJH) technology on Harts Range
delivered exceptional results from raw ore:

o  ~20x upgrade in total REO from 1.7 % → 35 % (TREO) in a single step
flash; and

o  ~53x enrichment in dysprosium (Dy2O3) to 10.03% and 21x terbium (Tb4O7)
enrichment 0.64% - with complete removal of detectable Fe, Si and Th from raw,
un-beneficiated (no flotation, acid leaching or hydrometallurgical
pre-conditioning) Harts Range ore

·    These results represent an unprecedented beneficiation performance for
a raw Dy/Tb-bearing ore in a single, rapid, solvent-free reaction

·    New Frontier has granted MTM exclusive global rights to apply FJH
processing to all Harts Range ore / concentrates for at least 10 years, with
automatic extension through production, subject to successful development of a
commercial scale processing facility

·    MTM's 2026 plans comprise generating Dy/Tb-rich "super-concentrate"
samples for prospective US magnet/defence customers for qualification, with a
commercial term-sheet in-place before year-end

·    Securing the binding strategic agreement with MTM, clearly validates
the Harts Range Project

 

NWQ Copper Project

 

·    Mining Lease Application (MLA) lodged covering the Big One Copper
Deposit within New Frontier's NWQ Copper Project, in the Mt Isa copper belt,
north-west Queensland

·    The application area covers 240Ha, securing tenure over the historical
Big One Deposit workings and surrounding mineralised structures

Corporate

·    Successfully completed a $2.25m placement at $0.021 per share, with
strong support from new and existing sophisticated and institutional investors

·    Total cash and liquid investments at 31 December 2025 - $3.0 million

 

HARTS RANGE PROJECT

Significant progress was made on the Harts Range Project during the review
period, with two key milestones achieved:

 

BINDING COMMERCIAL FRAMEWORK WITH METALLIUM

On 18 November 2025, New Frontier advised it had entered a binding commercial
framework with MTM to create an exclusive western heavy rare earth pathway for
Harts Range raw ore that will target US magnetic and defence customers. This
follows exceptional test-work results on Harts Range raw ore, especially
Dy/Tb, using MTM's proprietary FJH technology.

 

Exceptional Test-Work Results

The 25kg bulk sample from the Harts Range Project (un-beneficiated ore,
crushed/ground feed) underwent MTM's proprietary FJH process (Figure 1).

 

 

 

 

 

 

 

 

 

 

 

 

 

 Figure 1: FJH Test Units at the Anahuac Technology Campus, Chambers County,
 Texas. (Source: Metallium)

 

The sample from Harts Range (un-beneficiated ore, crushed/ground feed)
underwent Metallium's proprietary FJH process (Figure 2).

Total rare-earth oxide (TREO) content increased from ~1.7 % to ~35 % in a
single FJH reaction step, representing ~20x upgrade (Table 1).

 

·    Key heavy REEs Dy and Tb, and magnet REE Nd concentrations increased
significantly

·    Dy₂O₃ upgraded 53× (0.19% → 10.03%) / 11% → 29% of the REO
basket (+160%)

·    Tb₄O₇ upgraded 21× (0.03% → 0.64%) / 1.7% → 1.8% of the REO
basket (+5%)

·    Nd₂O₃ upgraded 114× (0.05% → 5.69%) / 2.9% → 16.3% of the REO
basket (+460%)

·    Complete removal of detectable Fe₂O₃, SiO₂ and Th

·    Partial yttrium rejection, reducing Y₂O₃ from 61% to 35% of the
REO basket

·    No traditional acid-leach or reagent-heavy beneficiation route was
applied pre-FJH, underscoring metallurgical simplicity and fast processing
capability

 

MTM is currently modelling the next phase of optimisation, including
additional FJH treatment and post-sample processing for increased recoveries.

 

MTM's Texas Technology Campus will be used to scale up the reactor size,
optimise reactor parameters and deliver customer-qualification grade products.

 

Samples were analysed by Inductively Coupled Plasma Optical Emission
Spectroscopy (ICP-OES) by an independent, accredited commercial laboratory.

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

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

 Figure 3: Metallium's indicative operating model - exclusive processing rights
 over Harts Range enable a "Processing-as-a-Service" structure, generating both
 per-tonne licensing fees & production royalties without mining or
 operating risk (Source: Metallium)

 

Binding Commercial Framework

Under the terms of the binding commercial framework, New Frontier has agreed
to the following:

·    MTM has binding, exclusive, project-linked rights to apply FJH (and
derivative processing) to all ore, concentrate or other feed from the Harts
Range Project for a minimum of 10 years, with automatic rollover into
production stage.

·    Upon commercial production of a Dy/Tb-rich product, MTM will earn:

o  a royalty (1.5% Net Smelter Return equivalent) on sales of finished
product; and

o  a margin for processing Harts Range feed through MTM's facility.

·    The structure includes a buy-back right allowing the project owner (or
successor) to acquire a portion of the royalty for a fixed amount, enabling
MTM to crystallise value.

·    MTM holds rights that travel with the project in the event of
ownership change, ensuring the processing exclusivity remains intact.

 

MTM's Texas Technology Campus serves dual purpose: core waste-to-value
facility (e-waste, PCBs, speciality metals) and demonstration/refinement hub
for HREE feedstocks and product qualification with U.S. / allied off-takers.

 

Strategic Upside for New Frontier Through MTM Alignment

By exclusively aligning with MTM, which is positioning itself as a gatekeeper
for heavy-rare-earth refining in the Western supply chain, New Frontier has a
clear path to market for its unique Dy/Tb-rich feedstock.

 

The FJH process has now been demonstrated on Harts Range raw ore rather than
just scraps or tailings - showing technology scalability and feed-type
flexibility, increasing the addressable value chain.

 

With downstream product qualification pathways (including U.S. magnet and
defence supply chains), New Frontier can leverage MTM's early upgrade results
into commercial optionality, not just exploration upside.

 

Given global policy momentum toward allied-market rare-earth supply (including
U.S. DoD and export-control tailwinds), the timing aligns with premium
valuation themes for heavy-rare-earth exposures.

DRILLING CAMPAIGN COMPLETED

On 3 November 2025, New Frontier announced a maiden RC drilling campaign,
comprising up to 46 holes to test surface mineralisation at the Harts Range
Heavy Rare Earth and Niobium Project, NT, had been finalised.

 

On 10 November 2025, New Frontier confirmed approval was granted by the NT
Department of Mining and Energy enabling the inaugural drilling campaign at
the Harts Range Project to progress. The main focus of the campaign was
targeting multiple high-priority anomalies defined through regional
geophysics, detailed geological mapping and surface geochemistry completed by
the geology team over the past 12 months.

 

The campaign was designed to test the depth extension of the heavy rare earth
mineralisation, with particular attention to dysprosium and terbium - critical
elements in high-performance permanent magnets used in electric vehicles, wind
turbines, and advanced defence technologies.

 

Meanwhile, following a comprehensive review, New Frontier applied to list on
the US OTCQB market to enhance visibility and gain access to US investors
wanting exposure to Australian explorers focused on critical minerals,
especially heavy rare earth elements.

 

On 2 December 2025, New Frontier announced the commencement of its maiden
~2,500m reverse-circulation drill program at the Harts Range Project.

 

Shortly after 15 December 2025 (ASX Release date), the RC drilling campaign at
the Harts Range Project was completed on time and within budget. Importantly,
all high-priority targets were systematically drill-tested, to provide a
strong geological understanding across the project area. The geology team is
optimistic the insights from the drilling campaign will provide a significant
understanding of the underlying heavy rare earths system, especially the
extent of dysprosium and terbium mineralisation.

 

Sample batches were dispatched to ALS Adelaide for assay analysis, with
results expected to deliver valuable insights into the scale and continuity of
the heavy rare earth system.

 

NWQ COPPER PROJECT

On 13 November 2025, New Frontier announced that it had lodged an MLA over the
Big One Deposit, part of the NWQ Copper Project located circa 150 km north of
Mount Isa, north-west Queensland.

 

Development plan

The MLA for the Big One Deposit (Figure 4) represents a significant milestone,
strengthening New Frontier's position across the broader NWQ Copper Project,
which lies within one of Australia's most proven districts for structurally
controlled copper mineralisation. This proven district hosts multiple
operating mines and development projects, providing New Frontier with access
to established regional infrastructure and processing pathways.

The MLA is accompanied by an Initial Development Plan that outlines a
potential mining scenario to guide future evaluation and regulatory
assessment. The plan outlines a proposed open-cut operation designed to test
and extract near-surface copper mineralisation. Under the initial Development
Plan, preparatory earthworks are to commence in Q3 2026, with first production
targeted for Q1 2027. These timelines are conceptual and subject to regulatory
approvals, funding and technical studies.

 

The development plan proposes mining and haulage to the Mt Kelly Processing
Facility (operated by Austral Resources).

 Figure 4: Plan view showing the proposed Big One Deposit MLA area and Year One
 activities, including the bulk sample zone, laydown area, stockpile, and
 access tracks

 

Austral Resources MOU

The MLA builds on the MOU signed earlier this year between New Frontier and
Austral Resources, which established a framework for evaluating toll treatment
and ore supply opportunities at the Mt Kelly Copper Processing Facility. The
lodgement of the MLA represents another step towards this collaboration,
aligning with New Frontier's goal of progressing the Big One Deposit towards
potential near-term development within the broader NWQ Copper Project.

 

The proposed operation is designed to leverage the site's existing footprint,
including previously disturbed pits and infrastructure, minimising surface
impact and supporting New Frontier's commitment to responsible development.

 

CORPORATE ACTIVITY

 

Successful Capital Raise

On 25 November 2025, New Frontier announced it had received firm commitments
from new and existing investors to subscribe for A$2,250,000 (before costs)
through a placement of 107,142,857 shares to professional and sophisticated
investors at an issue price of $0.021 per share. Participants in the placement
will receive, subject to shareholder approval, one free attaching option for
every two new shares allocated in the placement, with an exercise price of
$0.04 per option and a 2-year expiry from the date of issue.

 

New Appointments

On 3 December 2025, New Frontier confirmed retaining the technical and
corporate services of senior consultant Kevin Das, a highly experienced
geologist and mining executive with 24+ years across global jurisdictions. In
addition, Joel Logan was promoted to Executive Director, strengthening
operational oversight on the group's projects.

 

These appointments support NFM's objective to accelerate exploration, expand
resource definition, and enhance long-term value creation.

 

FINANCIAL UPDATE

 

Quarterly Cash and Liquid Investments Position

Cash on hand and liquid investments at end of the quarter totalled $3.0
million (including cash on hand of $2.6m and ASX listed shares, as noted
below).

 

NFM holds 40 million Infinity Mining Limited (ASX: IMI) tradeable shares which
have a total market value of ~$360,000 (40 million shares x $0.009 per share
as at 31/12/2025) along with 20 million unlisted options (expiry 30/11/2029,
strike $0.07).

 

Rehabilitation security bonds held at the end of the quarter totalled
$125,000.

 

Securities on Issue at Quarter End

 Ordinary shares     1,718,355,482
 Options             33,500,000
 Performance rights  25,500,000

 

To view Appendix 5B, which incorporates the quarterly cash flow report, click
here: http://www.rns-pdf.londonstockexchange.com/rns/9737Q_1-2026-1-29.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/9737Q_1-2026-1-29.pdf)

 

Information Required Under ASX Listing Rules

1. ASX LR 5.3.5

During the Quarter $85,000 was paid to related parties of the Company relating
to non-executive and 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
 QLD          $24,395          $2,605
 Harts Range  $332,452         $548
              $356,847         $3,153

 

 

**ENDS**

 

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

 

For further information please contact

 

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

 S.P. Angel Corporate Finance LLP

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

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

 (Financial PR)  
 Ana Ribeiro and Charlotte Page

 

About New Frontier Minerals

New Frontier Minerals Limited is an Australian-based focussed explorer, with a
strategy to develop multi-commodity assets that demonstrate future potential
as an economic mining operation. Through the application of disciplined and
structured exploration, New Frontier has identified assets deemed core and is
actively progressing these interests up the value curve. Current focus will be
on advancing exploration activity at the Harts Range Niobium, Uranium and
Heavy Rare Earths Project which is circa 120km 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".

References

Refer to NFM and MTM ASX announcements between 1 October and 31 December 2025
as applicable.

 

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.

 

 

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