REG - New Frontier Mineral - Raises $2.25M to advance the Harts Range Project

New Frontier MineralsAnnouncement

26/11/2025 07:00

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20251126:nRSZ9800Ia&default-theme=true

RNS Number : 9800I  New Frontier Minerals Limited  26 November 2025

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

 

26 November 2025

 

New Frontier Minerals Limited

("NFM" or the "Company")

 

Raises $2.25M to Expedite Developing Harts Range Project Post Metallium Deal

 

New Frontier Minerals Ltd (LSE and ASX: NFM) is pleased to advise that it has
received firm commitments to subscribe for A$2,250,000 (before costs) through
a placement of 107,142,857 shares ("New Share") to professional and
sophisticated investors at an issue price of $0.021 per share ("Placement").
Participants in the Placement will receive one (1) free attaching option for
every two (2) 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 ("Attaching
Options").

 

Highlights:

 

·    New Frontier successfully completes a $2.25m placement at $0.021 per
share, with strong support from new and existing sophisticated and
institutional investors

 

·    The funds will be utilised to expedite advancing the Harts Range
Project post-entering a binding commercial framework with Metallium Ltd (ASX:
MTM)1, which aims to:

o  Create a novel processing pathway for Harts Range ore, targeting Heavy
Rare Earth Elements (HREE) supply to US magnet and defence customers

 

·    The key catalyst was using MTM's proprietary Flash Joule Heating
(FJH) technology on Harts Range raw ore (25kg bulk sample), which delivered
exceptional beneficiation results, including1:

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 in terbium (Tb4O7)
to 0.64% - with complete removal of detectable Fe, Si and Th from raw,
un-beneficiated (no flotation, acid leaching or hydrometallurgical
pre-conditioning) ore

 

·    Drilling results are expected over the coming weeks as a ~2,500m RC
drilling campaign (up to 46 holes), commences at Harts Range, targeting depth
extensions of HREE mineralisation, particularly dysprosium and terbium

 

·    Funds will also be allocated to progress the mining lease
application2 at the NW Queensland Copper Project including ongoing work with
Austral Resources Ltd (ASX: AR1)

 

Gerrard Hall, Chairman, commented:

 

"Receiving the exceptional beneficiation results for dysprosium and terbium
from Harts Range raw ore then executing a binding commercial framework with
Metallium to create a potential pathway to supply US magnet and defence
customers has built up tremendous forward momentum for New Frontier ahead of
our maiden drilling campaign getting underway. As such, we are delighted with
the overwhelming support from new and existing investors for this capital
raise.

 

The funds will enable the Company to expedite advancing the Harts Range
Project and build upon the emerging relationship with Metallium, while
concurrently progressing work on the Big One mining license application at the
NW Queensland Copper Project. This is an exciting time for New Frontier. With
clear development routes for both the Harts Range and NW Queensland Projects,
the Board believes the Company is well positioned to deliver significant
value for shareholders."

 

Placement Details

 

Under the Placement, the Company will issue 107,142,857 New Shares at an issue
price of $0.021 per

share to raise $2,250,000 (before costs). The issue price of $0.021 per New
Share represents:

 

·    16.0% discount to the last close price of A$0.025 on Thursday, 20
November 2025; and

·    15.8% discount to the 10-day volume weighted average price of
A$0.0249.

 

The Company will also issue 53,571,430 Attaching Options. The Attaching
Options will be issued subject to shareholder approval, to be obtained at a
General Meeting ("EGM") of the Company which is intended to be held on or
around 31 January 2026 (refer to proposed Placement timetable below). The New
Shares issued under the Placement and shares issued upon the exercise of the
Attaching Options will rank pari passu with the Company's existing shares on
issue. A total of 33,083,033 New Shares will be issued under ASX Listing Rule
7.1 and a total of 74,059,824 New Shares will be issued under ASX Listing Rule
7.1A.

 

The capital raised from the placement will be used for ongoing exploration and
related activities including:

 

·    Expediting development work at Harts Range and development of a
commercial framework with Metallium;

·    Big One Deposit mining lease application and ongoing work with
Austral Resources; and

·    General working capital.

 

Bell Potter Securities Limited acted as Lead Manager and Bookrunner to the
placement. Refer to Appendix 3B dated 25 November 2025 for details of the Lead
Manager fees.

 

The proposed Placement timetable is set out below:

 Event                                                                        Date
 Trading halt lifted, announcement of completion of the Placement and resume  Tuesday, 25 November 2025
 trading
 Completion and allotment of New Shares issued under the Placement            Thursday, 4 December 2025
 Estimated date of EGM to approve Attaching Options                           Wednesday, 31 January 2026
 Completion and allotment of Attaching Options under the Placement            Wednesday, 7 February 2026

 

The above timetable is indicative only and subject to change. New Frontier
reserves the right to amend any or all of these dates at its absolute
discretion, subject to the Corporations Act 2001 (Cth), the ASX Listing Rules
and any other applicable laws. The quotation of the new shares is subject to
approval from the ASX.

 

Authorised 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)        NFM ASX Release (18 November 2025) - Binding Commercial
Framework with Metallium Post Exceptional Heavy Rare Earth Results from Harts
Range

2)        NFM ASX Release (13 November 2025) - NFM Lodges Mining Lease
Application for Big One Copper Deposit

 

About New Frontier Minerals

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

 

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

 

Competent Persons Statement

The scientific and technical information in this announcement, which relates
to metallurgical results, exploration 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. 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.

 

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.

 

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.

 

TERMS AND CONDITIONS OF BROKER OPTIONS - REFER TO ASX ANNOUNCEMENT 25 NOVEMBER
2025

 

(a)    Entitlement

Subject to paragraph (m), each Option entitles the holder to subscribe for one
Share upon exercise of the Option.

 

(b)    Exercise Price and Expiry Date

Subject to paragraphs (j) and (l), the amount payable upon exercise of each
Option will be $0.0315 (Exercise Price).

 

(c)    Expiry Date

Each Option will expire at 5.00pm (WST) on 4 December 2028 (Expiry Date). An
Option not exercised before the Expiry Date will automatically lapse on the
Expiry Date.

 

(d)    Exercise Period

The Options are exercisable at any time on or prior to the Expiry Date
(Exercise Period).

 

(e)    Notice of Exercise

The Options may be exercised during the Exercise Period by notice in writing
to the Company in the manner specified on the Option certificate (Notice of
Exercise) and payment of the Exercise Price for each Option being exercised in
Australian currency by electronic funds transfer or other means of payment
acceptable to the Company.

 

(f)     Exercise Date

A Notice of Exercise is only effective on and from the later of the date of
receipt of the Notice of Exercise and the date of receipt of the payment of
the Exercise Price for each Option being exercised in cleared funds (Exercise
Date).

 

(g)    Timing of issue of Shares on exercise

Within 15 Business Days after the later of the following:

(i)    the Exercise Date; and

(ii)   when excluded information in respect to the Company (as defined in
section 708A(7) of the Corporations Act) (if any) ceases to be excluded
information,

but in any case no later than 20 Business Days after the Exercise Date, the
Company will:

(iii)  allot and issue the number of Shares required under these terms and
conditions in respect of the number of Options specified in the Notice of
Exercise and for which cleared funds have been received by the Company;

(iv) if required, give ASX a notice that complies with section 708A(5)(e) of
the Corporations Act, or, if the Company is unable to issue such a notice,
lodge with ASIC a prospectus prepared in accordance with the Corporations Act
and do all such things necessary to satisfy section 708A(11) of the
Corporations Act to ensure that an offer for sale of the Shares does not
require disclosure to investors; and

(v)  if admitted to the official list of ASX at the time, apply for official
quotation on ASX of Shares issued pursuant to the exercise of the Options.

 

If a notice delivered under (g)(iv) for any reason is not effective to ensure
that an offer for sale of the Shares does not require disclosure to investors,
the Company must no later than 20 Business Days after becoming aware of such
notice being ineffective, lodge with ASIC a prospectus prepared in accordance
with the Corporations Act and do all such things necessary to satisfy section
708A(11) of the Corporations Act to ensure that an offer for sale of the
Shares does not require disclosure to investors.

 

(h)    Shares issued on exercise

Shares issued on exercise of the Options rank equally with the then issued
shares of the Company.

 

(i)  Quotation of Shares issued on exercise

If admitted to the official list of ASX at the time, application will be made
by the Company to ASX for quotation of the Shares issued upon the exercise of
the Options.

 

(j)     Reconstruction of capital

If at any time the issued capital of the Company is reconstructed, all rights
of an Optionholder are to be changed in a manner consistent with the
Corporations Act and the ASX Listing Rules at the time of the reconstruction.

 

(k)    Participation in new issues

There are no participation rights or entitlements inherent in the Options and
holders will not be entitled to participate in new issues of capital offered
to Shareholders during the currency of the Options without exercising the
Options.

 

(l)     Adjustment for rights issue

In the event the Company proceeds with a pro rata issue (except a bonus issue)
of securities to Shareholders after the date of issue of the Options, the
Exercise Price may be reduced in accordance with the formula set out in ASX
Listing Rule 6.22.2.

 

(m)  Adjustment for bonus issues of Shares

If the Company makes a bonus issue of Shares or other securities to existing
Shareholders (other than an issue in lieu or in satisfaction of dividends or
by way of dividend reinvestment):

(i)    the number of Shares which must be issued on the exercise of an
Option will be increased by the number of Shares which the Optionholder would
have received if the Optionholder had exercised the Option before the record
date for the bonus issue; and

(ii)   no change will be made to the Exercise Price.

 

(n)    Unlisted

The Options will be unlisted options.

 

(o)    Transferability

The Options are non-transferable and subject to any restriction or escrow
arrangements imposed by ASX or under applicable Australian securities laws.

 

 

TERMS AND CONDITIONS OF FREE ATTACHING OPTIONS - REFER TO ASX ANNOUNCEMENT 25
NOVEMBER 2025

 

(a)    Entitlement

Subject to paragraph (m), each Option entitles the holder to subscribe for one
Share upon exercise of the Option.

 

(b)    Exercise Price and Expiry Date

Subject to paragraphs (j) and (l), the amount payable upon exercise of each
Option will be $0.04 (Exercise Price).

 

(c)    Expiry Date

Each Option will expire at 5.00pm (WST) on 31 January 2028 (Expiry Date). An
Option not exercised before the Expiry Date will automatically lapse on the
Expiry Date.

 

(d)    Exercise Period

The Options are exercisable at any time on or prior to the Expiry Date
(Exercise Period).

 

(e)    Notice of Exercise

The Options may be exercised during the Exercise Period by notice in writing
to the Company in the manner specified on the Option certificate (Notice of
Exercise) and payment of the Exercise Price for each Option being exercised in
Australian currency by electronic funds transfer or other means of payment
acceptable to the Company.

 

(f)     Exercise Date

A Notice of Exercise is only effective on and from the later of the date of
receipt of the Notice of Exercise and the date of receipt of the payment of
the Exercise Price for each Option being exercised in cleared funds (Exercise
Date).

 

(g)    Timing of issue of Shares on exercise

Within 15 Business Days after the later of the following:

(i)    the Exercise Date; and

(ii)   when excluded information in respect to the Company (as defined in
section 708A(7) of the Corporations Act) (if any) ceases to be excluded
information,

but in any case no later than 20 Business Days after the Exercise Date, the
Company will:

(iii)  allot and issue the number of Shares required under these terms and
conditions in respect of the number of Options specified in the Notice of
Exercise and for which cleared funds have been received by the Company;

(iv) if required, give ASX a notice that complies with section 708A(5)(e) of
the Corporations Act, or, if the Company is unable to issue such a notice,
lodge with ASIC a prospectus prepared in accordance with the Corporations Act
and do all such things necessary to satisfy section 708A(11) of the
Corporations Act to ensure that an offer for sale of the Shares does not
require disclosure to investors; and

(v)  if admitted to the official list of ASX at the time, apply for official
quotation on ASX of Shares issued pursuant to the exercise of the Options.

If a notice delivered under (g)(iv) for any reason is not effective to ensure
that an offer for sale of the Shares does not require disclosure to investors,
the Company must no later than 20 Business Days after becoming aware of such
notice being ineffective, lodge with ASIC a prospectus prepared in accordance
with the Corporations Act and do all such things necessary to satisfy section
708A(11) of the Corporations Act to ensure that an offer for sale of the
Shares does not require disclosure to investors.

 

(h)    Shares issued on exercise

Shares issued on exercise of the Options rank equally with the then issued
shares of the Company.

 

(i)     Quotation of Shares issued on exercise

If admitted to the official list of ASX at the time, application will be made
by the Company to ASX for quotation of the Shares issued upon the exercise of
the Options.

 

(j)     Reconstruction of capital

If at any time the issued capital of the Company is reconstructed, all rights
of an Option holder are to be changed in a manner consistent with the
Corporations Act and the ASX Listing Rules at the time of the reconstruction.

 

(k)    Participation in new issues

There are no participation rights or entitlements inherent in the Options and
holders will not be entitled to participate in new issues of capital offered
to Shareholders during the currency of the Options without exercising the
Options.

 

(l)     Adjustment for rights issue

In the event the Company proceeds with a pro rata issue (except a bonus issue)
of securities to Shareholders after the date of issue of the Options, the
Exercise Price may be reduced in accordance with the formula set out in ASX
Listing Rule 6.22.2.

 

(m)  Adjustment for bonus issues of Shares

 If the Company makes a bonus issue of Shares or other securities to existing
Shareholders (other than an issue in lieu or in satisfaction of dividends or
by way of dividend reinvestment):

(i)   the number of Shares which must be issued on the exercise of an Option
will be increased by the number of Shares which the Optionholder would have
received if the Optionholder had exercised the Option before the record date
for the bonus issue; and

(ii)  no change will be made to the Exercise Price.

 

(n)    Unlisted

The Options will be unlisted options.

 

(o)    Transferability

The Options are non- transferable and subject to any restriction or escrow
arrangements imposed by ASX or under

Applicable Australian securities laws.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  IOEPPGAPGUPAGMA



            Copyright 2019 Regulatory News Service, all rights reserved