REG - New Frontier Mineral - Sale of Broken Hill East to Impact Minerals

New Frontier MineralsAnnouncement

10/03/2025 07:00

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RNS Number : 9746Z  New Frontier Minerals Limited  10 March 2025

 

10 March 2025

 

New Frontier Minerals Limited

 

("NFM" or the "Company")

 

Sale of Broken Hill East Project to Impact Minerals

 

New Frontier Minerals Ltd (LSE and ASX: NFM) is pleased to announce it has
agreed to sell all of the shares in its wholly owned subsidiary, BHA No. 1 Pty
Ltd (BHA) to Impact Minerals Limited (ASX: IPT) (IPT). BHA holds the non-core
Broken Hill East Project. In exchange for all of the shares in BHA, IPT will
issue to NFM $275,000 worth of new IPT shares based on the 14-day VWAP of
$0.0073 as at 7 March 2025. NFM has agreed to enter into voluntary escrow
arrangements with IPT for the IPT shares, pursuant to which, one-sixth of the
shares will be released each month from escrow over a 6 month period. In
addition, IPT will assume responsibility for a 2% net smelter return royalty
payable with respect to tenements held by BHA.

 

Highlights:

 

·    NFM has entered into an agreement to sell its wholly owned subsidiary
BHA No. 1 Pty Ltd ("BHA"), holding the Broken Hill East Project, to ASX-listed
Impact Minerals Limited ("IPT")

·    Under the terms of the agreement, in consideration for NFM
transferring all of the shares in BHA to IPT, NFM will receive $275,000 worth
of IPT shares based on a 14-day VWAP of $0.0073 per share as at 7 March 2025,
which IPT shares are subject to voluntary escrow arrangements for up to 6
months

·    Completion of the agreement, and the sale of BHA, is expected to
occur on or around Monday, 10 March 2025

·    This is the third, value creating, divestment of a non-core asset in
recent months that has enabled NFM to fund development work on its core Harts
Range and NWQ Copper Projects

·    The Board intends to hold the remaining non-core asset - Mkushi
Copper Project in Zambia - until the right development partner is secured

 

Ged Hall, Chairman, commented: "Staying the course with our strategy to be
patient and find the right development partner for the non-core asset
portfolio has paid dividends again. This is the third non-core asset to be
sold in the past 18 months which leaves the divestment of the Mkushi Copper
Project as the final target. Pleasingly, the value generated by these non-core
asset sales is being redeployed, as it materialises, to progress development
work on our core Harts Range and NWQ Copper Projects."

 

SUCCESSFUL NON-CORE ASSET PORTFOLIO OPTIMISATION

 

Divesting the Broken Hill East Project is the third non-core asset which NFM
has successfully closed in the past 18-months. The strategy to wait for the
right development partner has been key to ensuring maximum value creation from
the non-core asset portfolio.

 

As a result, NFM have been able to redeploy funds and management time into
advancing the core Harts Range and NWQ Copper Projects.

 

The Board is optimistic, with ongoing consolidation across the global copper
sector, a development partner can be found for Mkushi Copper Project in Zambia
which is the last remaining non-core asset.

 

The Mkushi Project in Zambia ringfences an operating copper mine, with IP
surveys having highlighted multiple zones of high chargeability coincident
with known copper soil anomalies, which are potential targets for disseminated
copper sulphide mineralisation.

 

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".

 

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.

References

1)        NFM ASX Release - 5 April 2022

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