REG - New Frontier Mineral - Tungsten at Harts Range and Pomme REE Advances

New Frontier MineralsAnnouncement

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RNS Number : 5575V  New Frontier Minerals Limited  06 March 2026

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

 

6 March 2026

 

New Frontier Minerals Limited

("NFM" or the "Company")

 

High-Grade Tungsten Confirmed at Harts Range Through Drilling and Surface
Assays;

Pomme REE Advances

 

New Frontier Minerals Ltd (LSE and ASX: NFM) is pleased to provide an update
across its critical minerals portfolio, including recent assay results from
the inaugural scout drilling program at the Harts Range Project in the
Northern Territory and the advancement of the Pomme Rare Earth Project in
Québec, Canada.(2)

 

Highlights

·    First-pass scout drilling has returned 1,237 ppm Tungsten Oxide
(WO₃) over 4 m, including 1 m at 4,860 ppm WO₃ at the Bank Prospect(6)

·    Elevated tungsten mineralisation confirmed at the Cusp Prospect with
rock-chip assays returning up to 14,501 ppm WO₃, including 14,123 ppm,
13,492 ppm, 13,240 ppm, 12,988 ppm, 12,700 ppm, 12,546 ppm, 10,403 ppm, 10,300
ppm, 9,900 ppm, 9,600 ppm, 9,540 ppm, 9,507 ppm, 7,212 ppm and 5,939 ppm WO₃
(refer to Table 1)

·    While Heavy Rare Earth Elements (HREE) and Niobium remain the primary
focus at Harts Range, the emerging Tungsten mineralisation represents a
significant additional upside to NFM's exploration strategy

·    Six (6) of forty-six (46) priority geophysical targets (~13%) tested,
with systematic prioritisation of the remaining 40 targets under review(2)

·    Tungsten (Ammonium Paratungstate) benchmark price up over 430% in 13
months, driven by defence, manufacturing, China export controls and structural
supply deficits(7,9,10)

·    Pomme Rare Earth Project advancing as low cost North American growth
initiative, requiring a minimum expenditure of A$200,000 over 24 months(1)

·    Diamond core to be collected for conventional metallurgical testing,
including Flash Joule Heating (FJH) evaluation with Metallium (ASX: MTM)

·    Upcoming site visit to Metallium's Houston, Texas processing facility
will support assessment of downstream processing pathways

 

Chairman Gerrard Hall commented: "Our recent drilling campaign at Harts Range,
where 6 of 46 priority targets were tested, has confirmed the presence of
tungsten. This is a strategically significant finding given the tightening
global supply of the metal and its critical role in defence and advanced
manufacturing. With benchmark prices up more than 430% in the past 13 months,
the tungsten adds a valuable new dimension to the project. In parallel and
driven by the growing demand for copper and continued bullish investor
sentiment for the metal, management will prioritise the advancement of the
highly prospective Big One Project, New Frontier's most advanced and near-term
opportunity. There are also plans to advance work on the recently acquired
Pomme Rare Earth Project, strengthening New Frontier's North American
footprint, and supporting its further growth is the recent OTCQB listing."

 

HARTS RANGE PROJECT - DRILLING & ASSAY UPDATE

First-pass scout drilling of 27 reverse circulation (RC) holes for a total of
1,803m meters at the Harts Range Project is now complete (Figure 3). The
inaugural drilling program has returned encouraging tungsten mineralisation at
the Bank Prospect, which returned 1,237 ppm Tungsten Oxide (WO₃) over 4
metres, with a higher-grade interval of 1 metre within epidote altered
amphibolite grading 4,860 ppm WO₃ from 132m depth.(6)

 

These drilling results support the occurrence of historic high-grade rock-chip
samples and confirm the presence of tungsten mineralisation within the project
area, highlighting the potential for additional tungsten occurrences within
the broader mineralised system (refer Appendix D for full assay results).

 

Surface rock-chip sampling at the Cusp Prospect, ~300m south from Bank
Prospect (Figure 1), has returned tungsten oxide values ranging from 5,930 to
14,501 ppm WO₃ (Barfuss) and 9,600 to 12,700 ppm WO₃ (NFM), further
highlighting the presence of high-grade tungsten mineralisation at surface.
These results, combined with the recent drilling intercept, support the
interpretation that tungsten forms part of a broader multi-commodity mineral
system at Harts Range (Table 1).(5)

 

The review of historical and recent rock chip sample data at Harts Range has
identified multiple occurrences of high tungsten mineralisation associated
with the pegmatites at the Cusp Prospect.

 

 Sample Number  Grade WO(3) (ppm)  Prospect
 Barfuss historic rock chip samples
 HR482          14,501             Cusp
 HR485          14,123             Cusp
 HR483          13,492             Cusp
 HR486          13,240             Cusp
 HR421          13,240             Cusp
 HR480          12,988             Cusp
 HR487          12,546             Cusp
 HR488          10,403             Cusp
 HR490          9,898              Cusp
 HR419          9,507              Cusp
 HR439          7,212              Cusp
 HR438          5,939              Cusp
 NFM rock chip samples
 HRS011         12,700             Cusp
 HRS003         10,300             Cusp
 HRS012         9,600              Cusp
 HRS004         9,540              Cusp

Table 1: Tungsten assays from historic Barfuss and NFM rock chip sampling at
Cusp Prospect

 

Note: More detail is provided in Appendix C

 

While exploration at Harts Range has primarily focused on the project's HREE
and niobium potential, the presence of tungsten mineralisation provides an
additional strategic dimension to the project. New Frontier Minerals will
continue to assess the tungsten potential as part of its ongoing exploration
strategy.

 

 LOCATION OF HIGH TUNGSTEN SAMPLES (CUSP PROSPECT)

 

Figure 1: Tungsten (WO(3) ) Rock Chip Samples collected from Cusp Outcrop
(Table 1).

Source: NFM Geology Team

 

TUNGSTEN MARKET CONTEXT

Tungsten is classified as a critical mineral by the United States, the
European Union and Australia. The metal possesses the highest melting point of
any element (3,422°C) and exceptional hardness in its carbide form, making it
virtually irreplaceable in defence, advanced (8)manufacturing, and
semiconductor applications.

 

The benchmark ammonium paratungstate (APT) price has surged over 430% in 13
months, from approximately US$340 per metric tonne unit (MTU) in January 2025
to approximately US$1,750-1,850/MTU by February 2026 - the most significant
tungsten price movement in the metal's modern trading history (Figure 2(7,9)).

 

The rally has been driven by defence and manufacturing uses, and China's
February 2025 export controls on tungsten products, which resulted in a
reported 70% decline in Chinese APT exports. China accounts for approximately
82% of global primary supply, and concurrent mining quota reductions and
declining ore grades have further constrained output.(9)

 

Figure 2: Tungsten APT Price - FOB China / CIF Rotterdam (88.5% WO₃ min, US$/MTU), 2020-2026. Sources: USGS Mineral Commodity Summaries (2025); Fastmarkets; BMO Global Commodities Research (2026); Core Consultants Group; Argus Media

 

Demand has been supported by increased global defence spending, semiconductor
fabrication growth and sustained industrial consumption. The USGS ranked
tungsten 9(th) among 84 mineral commodities for supply disruption risk in its
2025 Critical Minerals methodology, placing it in the "High" risk category.
The United States has no domestic tungsten mining and remains fully reliant on
imports and recycling.(7)

 

The global tungsten project pipeline remains thin following depressed prices
between 2012 and 2024. Non-Chinese supply is limited, with analysts broadly
expecting elevated prices to persist through 2026 and beyond, underpinned by
structural supply deficits and geopolitical tensions around critical mineral
supply chains.(10)

 

NFM's discovery of high-grade tungsten mineralisation at the Cusp Prospect,
together with the drilling intercept at the Bank Prospect, positions the Harts
Range Project favourably within this tightening global market.

 

Importantly, the inaugural scout drilling program has tested only 6 of the 46
priority geophysical targets (~13%) identified across the Harts Range tenure,
highlighting the early-stage nature of exploration and substantial remaining
upside(2). Considering these results, an assessment and evaluation of the
remaining targets will be undertaken to further improve NFM's understanding of
the mineralised system and broader prospectivity of the Harts Range project
(Figure 3).

 

Figure 3: Structural interpretation, prospects, and 46-priority geophysical targets

Note: Coordinate system is MGA1994 - Zone 53S

 

While the RC drilling program did not intersect significant Rare Earth Element
(REE) grades, several drill samples returned materially elevated
concentrations of incompatible elements associated with advanced magmatic
fractionation.

 

The K/Rb ratio is a widely recognised index of pegmatite fractionation, with
fertile granites capable of generating rare-metal pegmatites
characteristically exhibiting K/Rb < 100.(11,14) Sample NFM00410 (HRRC016,
Paddington Prospect) returned 436 ppm Rb with a K/Rb ratio of 71, falling well
below this threshold and within the range associated with highly evolved
rare-element pegmatites. Sample NFM00266 (HRRC010, Cusp Prospect, Figure 4)
returned 297 ppm Rb (K/Rb = 101) together with 173 ppm Y(2)O(3) - the
third-highest yttrium value in the entire 930-sample dataset. Sample NFM00064
(HRRC004, Cusp Prospect) returned 350 ppm Rb (K/Rb = 174). These rubidium
concentrations are approximately 3-5 times higher than average upper
continental crust (~90 ppm Rb), and 99% of all samples returned K/Rb ratios
below the average upper crustal value of ~311.(13)

 

During progressive fractional crystallisation, rubidium preferentially
partitions into the residual melt relative to potassium, driving K/Rb to
progressively lower values.(12,14) Depressed K/Rb ratios therefore serve as a
direct indicator of late-stage magmatic evolution. The coincidence of low K/Rb
ratios and elevated yttrium concentrations, when considered alongside
confirmed HREE-bearing minerals observed at surface, demonstrates that the
pegmatites intersected in drilling are highly evolved and geochemically
favourable for HREE mineralisation.(11,12)

 

Figure 4: Harts Range prospect and drill collar location map

 

POMME RARE EARTH PROJECT

Pomme represents a capital-efficient entry into an advanced carbonatite-hosted
rare earth system located in Québec, a Tier-1 mining jurisdiction with
established infrastructure and a stable regulatory framework. Carbonatite
systems globally are recognised for hosting large-tonnage rare earth deposits,
and Pomme provides exposure to this deposit style within a strategically
important North American setting(1).

( )

Under the existing earn-in framework, NFM is required to incur a minimum
expenditure of $200,000 over 24 months to secure its interest. This structure
provides low-cost exposure to resource growth and metallurgical optimisation
potential while enabling staged technical evaluation prior to larger capital
commitments.

 

Next steps will include the collection of representative diamond drill core
samples for conventional metallurgical testing and evaluation utilising
Metallium's (ASX: MTM) Flash Joule Heating (FJH) technology. The planned
testwork will assess the compatibility of Pomme carbonatite material with
advanced beneficiation pathways and provide additional data regarding
concentrate characteristics and potential processing responses.

 

Additionally, geological modelling and integration of historical drilling,
geophysical and assay datasets to refine understanding of mineralisation
geometry and structural controls. This program is designed to support
potential expansion of the existing Inferred Resource and improve targeting
confidence for future drilling (Figure 5).

 

Subject to positive metallurgical outcomes, FJH evaluation has the potential
to enhance project economics by improving concentrate quality and downstream
optionality, although no conclusions can be drawn until testing is completed.

 

NORTH AMERICAN STRATEGIC AND CORPORATE ENGAGEMENT

NFM undertook a site visit in early February 2026 at Metallium's FJH facility
in Houston as part of its broader technical due diligence and processing
pathway assessment. The visit enabled direct observation of commercial-scale
FJH operations and facilitated detailed technical discussions regarding
processing flowsheets, scalability considerations and potential integration
scenarios.

 

This engagement forms part of NFM's broader objective of assessing end-to-end
development pathways, spanning Canadian resource growth through to potential
U.S.-based upgrading and downstream market access, while maintaining
flexibility around future processing decisions.

 

Having recently listed on the OTCQB (NFMXF), NFM will expand its US investor
base with access to US capital markets through its listing, broadening
exposure to a deep pool of US institutional and retail investors at a time of
heightened global focus on critical minerals security.

 

NFM is also continuing to assess further opportunities to strengthen its
presence in US capital markets, building on growing inbound interest from
US-based investors focused on critical minerals and downstream integration.

 

Figure 5: MTM scout drilling at the Pomme Project area overlain on airborne
magnetic image (TMI, 1VD)

 

NEXT STEPS

·    Continue assessment of Harts Range drilling outcomes, including
tungsten potential and prioritisation of the remaining 40 untested geophysical
targets.

·    Progress low-cost metallurgical testwork on drill core from the Pomme
Project to evaluate material characteristics and potential processing
pathways.

·    Continue building US capital markets presence and investor engagement
following OTCQB listing.

·    Progress Mining Lease Application over The Big One Deposit(3,4)

 

ENDS

 

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

 

REFERENCES

1)  15 November 2023 - MTM ASX Release "Pomme Project drilling identifies new
zones of rare earth and niobium mineralisation within carbonatite complex"

2)  Geophysical interpretation identifies 46 HREE-Nb-U priority targets at
Harts Range, NT - ASX announcement, 31 March 2025

3)  Maiden Mineral Resource Estimate 2.1Mt @ 1.1% Cu (21,886t) for Big One
Deposit - ASX announcement, 28 February 2022 (Refer to Appendix)

4)  Mining Lease Application lodged for Big One Copper Deposit - ASX
announcement, 13 November 2025

5)  Historic assay results from the Harts Range Project - New Frontier
Minerals internal dataset

6)  ALS Global assay results from the Harts Range Project - New Frontier
Minerals internal dataset

7)  USGS Mineral Commodity Summaries 2025 - Tungsten, U.S. Geological Survey,
January 2025.

8)  Final 2025 List of Critical Minerals - Federal Register, 7 November
2025.

9)  "Chinese tungsten product prices surge over 200% in 2025 amid export
controls, fresh demand" - Fastmarkets, 15 January 2026.

10)  "Tungsten: The world has sleepwalked into a tungsten crunch" - BMO
Global Commodities Research, February 2026

11)  Černý, P. and Ercit, T.S. (2005) - "The classification of granitic
pegmatites revisited", The Canadian Mineralogist, 43(6), 2005-2026

12)  Černý, P., Meintzer, R.E. and Anderson, A.J. (1985) - "Extreme
fractionation in rare-element granitic pegmatites: selected examples of data
and mechanisms", The Canadian Mineralogist, 23(3), 381-421

13)  Rudnick, R.L. and Gao, S. (2003) - "Composition of the Continental
Crust", Treatise on Geochemistry, Vol. 3, Elsevier, 1-64

14)  Selway, J.B., Breaks, F.W., and Tindle, A.G. (2005) - "A review of
rare-element (Li-Cs-Ta) pegmatite exploration techniques for the Superior
Province, Canada, and large worldwide tantalum deposits", Exploration and
Mining Geology, 14(1-4), 1-30.

 

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

 

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. Additionally, the Pomme
Project, situated in Quebec, Canada, is prospective for carbonatite-hosted
Rare Earth Element (REE) mineralisation.

 

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

 

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 material

 

Appendix

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