REG - New Frontier Mineral - Operational Update

New Frontier MineralsAnnouncement

Today 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:20260317:nRSQ8615Wa&default-theme=true

RNS Number : 8615W  New Frontier Minerals Limited  17 March 2026

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

 

17 March 2026

 

New Frontier Minerals Limited

("NFM" or the "Company")

 

NWQ Copper Mining Lease Application Advances Following Technical Approval -
Operational Update

 

New Frontier Minerals Ltd (LSE and ASX: NFM) is pleased to provide the
following operations update across its core projects, which include the NWQ
Copper Project in Queensland, the Harts Range Heavy Rare Earths and Niobium
Project in the Northern Territory, and the Pomme Rare Earth Element and
Niobium Project in Québec, Canada.

 

Importantly, the Mining Lease Application (MLA) for the Big One Copper Deposit
has successfully passed through the initial regulatory review and received
technical assessment approval from the Queensland Natural Resources and Mines
Department - a critical milestone in advancing the project toward potential
near-term production.

 

NEW FRONTIER CHAIRMAN GERRARD HALL COMMENTED "New Frontier continues to
advance its diversified portfolio of critical minerals projects, with the
strengthening outlook for copper highlighting the strategic importance of the
NWQ Copper Project. New Frontier will accelerate activities at the NWQ
Project, which includes the Mining Lease Application at the Big One Copper
Deposit, which has now received technical assessment approval, marking an
important step toward potential near-term copper production utilising Austral
Resources' Mt Kelly Processing Facility. With a strong working capital
position of approximately A$2.62 million and additional funding expected from
grants and R&D rebates, New Frontier is well positioned to advance its key
projects."

 

Highlights

·    The Mining Lease Application (MLA) at the Big One Copper Deposit has
received technical assessment approval, marking a pivotal step toward
potential near-term copper production utilising Austral Resources' Mt Kelly
Processing Facility

·    With growing global demand for copper, NFM will accelerate activities
at its 100% owned North-

West Queensland (NWQ) Copper Project in parallel with its diversified rare
earth strategy

·    The Big One Copper Deposit hosts a mineral resource estimate to the
standard of the 2012 JORC Code of 2.1Mt @ 1.1% Cu1, inclusive of surface
stockpiles and near-surface copper oxide mineralisation from surface to 50m
depth, where historical intercepts have returned grades of up to 28.4% Cu2

·    Assessment of further resource drilling is being considered with the
aim of extending known mineralisation at the Big One Copper Deposit, to build
on strong historical intercepts:

o  BH 303RC: 40m @ 1.64% Cu from surface incl: 11m @ 4.40% Cu from 24m, 5m @
7.34% Cu from 28m & 1m @ 16.65% Cu from 29m3

o  BH 301RC: 44m @ 1.19% Cu from surface incl: 14m @ 3.55% Cu from 27m, 3m @
10.88% Cu from 37m & 1m @ 12.6% Cu from 37m3

o  BH BO017: 34m @ 1.51% Cu from surface incl: 21m @ 2.25% Cu from surface,
12m @ 3.44% Cu from 3m, 6m @ 4.79% Cu from 3m and 1m @ 9.4% Cu from 9m3

·    Continue assessment of Harts Range Project, including Tungsten
potential and prioritisation of the remaining 40 untested Heavy Rare Earth
geophysical targets16

·    Undertake low-cost metallurgical test work on the Pomme REE-Niobium
diamond core, incorporating both conventional processing pathways and tailored
testing with Metallium's proprietary Flash Joule Heating (FJH) technology

·    Strong working capital position, with approximately A$2.62 million as
at 31 December 2025,17 with additional funds to come from Round 18
Greenfields Drilling Grant15 and R&D Rebate application activities

·    Strengthening macro backdrop highlights the strategic importance of
NFM's NWQ Copper Project in the Mt Isa region, positioning NFM to benefit
from growing global demand for new copper supply

 MINING LEASE APPLICATION - TECHNICAL ASSESSMENT APPROVED

The Big One Deposit hosts a JORC-compliant Mineral Resource Estimate of 2.1Mt
@ 1.1% Cu (21,886t contained copper).1 Surface (indicated) stockpiles of
7,400t @ 1.2% Cu1 have been identified, supporting a low-strip, near surface
development opportunity. NFM is specifically targeting additional stockpile
material and mineralisation from 0 to 50m depth, where the high-grade
near-surface copper zones are concentrated.

 

Subject to regulatory approvals, the Initial Development Plan proposes
open-cut mining of near-surface copper mineralisation and transport of
existing historical stockpiles to the Mt Kelly Processing Facility, operated
by Austral Resources Ltd (ASX:AR1), under the existing Memorandum of
Understanding.

 

 

 COPPER STOCKPILES AND HISTORICAL INTERCEPTS

Selective grab sampling of the historical ex-mine stockpiles has returned
copper grades ranging from 3.9% to 11.85% Cu, confirming the high-grade
nature of near-surface mineralisation. Sulphuric acid leach test-work on these
stockpile materials delivered indicative copper recoveries of up to 99%,
supporting a conventional acid leach processing pathway at the Mt Kelly
facility .(4)

 The best historical drill intercepts from the Big One Deposit, which
highlight the exceptional copper grade potential within the 0-50m target zone,
include:

·    BH 303RC: 40m @ 1.64% Cu from surface, including 11m @ 4.40% Cu from
24m, 5m @ 7.34% Cu from 28m, and 1m @ 16.65% Cu from 29m3

·    BH 301RC: 44m @ 1.19% Cu from surface, including 14m @ 3.55% Cu from
27m, 3m @ 10.88% Cu from 37m, and 1m @ 12.6% Cu from 37m3

·    BH BO017: 34m @ 1.51% Cu from surface, including 21m @ 2.25% Cu from
surface, 12m @ 3.44% Cu from 3m, 6m @ 4.79% Cu from 3m, and 1m @ 9.4% Cu from
9m3

 These intercepts demonstrate the potential for very high-grade copper up to
28.4% Cu2 in bonanza-grade intervals within the targeted 0-50m near-surface
mining zone. Further, planned, resource drilling is expected to extend known
mineralisation at the Big One Deposit to target both oxide and sulphide
copper.

 COPPER MARKET THEMATIC

NFM's NWQ Copper Project sits within this highly favourable macro backdrop.
The Big One Deposit, located in the historical copper region of Mt Isa is one
of the world's premier copper districts, in proximity to established major
mining operations and hosts a JORC-compliant Inferred Mineral Resource of
2.1Mt @1.1% Cu, with near-surface, high-grade mineralisation targeted for
near-term production.

 The combination of record copper prices, a tightening global supply outlook,
and NFM's advanced development pathway positions New Frontier well to benefit
from copper's strengthening fundamentals.

 Record Prices and a Tightening Market

Copper is experiencing a structural rerating. In 2025, the London Metal
Exchange (LME) copper price surged approximately 40%, its strongest annual
performance since 2009.(5)

 Prices reached an intra-year peak of US$12,960/t on the LME and
US$14,527.50/t on COMEX in January 2026.6 Major investment banks have markedly
upgraded their price outlooks: J.P. Morgan projects copper to average
approximately US$12,075/t in 2026,7 while Goldman Sachs forecasts the LME
price will reach US$15,000/t by 2035.(8)

( )

Structural Demand Drivers - Electrification, EVs and AI

 

Copper's demand profile is being fundamentally reshaped by three intersecting
megatrends: the global energy transition, electrification of transport, and
the rapid build-out of artificial intelligence (AI) infrastructure. Electric
vehicles (EVs) related copper demand is forecast to grow from approximately
2.3 million MT in 2025 to 6 million MT by 2035.18 Grid upgrades and power
infrastructure alone are projected to drive more than 60% of copper demand
growth through to 2030.8 Data centre copper demand is anticipated to reach
approximately 475,000 MT in 2026, up approximately 110,000 MT year-on-year.9
Bloomberg NEF's Transition Metals Outlook 2025 projects that copper demand
tied to the energy transition could triple by 2045, with the market
potentially entering a structural deficit as early as 2026.(10)

Supply Constraints and a Looming Deficit

The supply side of the copper market faces acute and worsening constraints.
The International Copper Study Group (ICSG) forecasts refined copper use will
grow 2.1% to 28.73 million MT in 2026, outpacing production growth and
resulting in a market deficit of approximately 150,000 MT.11 J.P. Morgan
estimates

the 2026 refined copper deficit at approximately 330,000 MT.12 Three of the
world's ten largest copper mines - Grasberg (Indonesia), Kamoa-Kakula (DRC),
and El Teniente (Chile) - experienced significant disruptions in 2025 and
early 2026, collectively removing hundreds of thousands of tonnes from the
anticipated supply outlook.(13) New mine development has a multi-year lead
time, and without major new investment in mines and recycling, Bloomberg NEF
estimates the cumulative supply deficit could reach 19 million tonnes by
2050.(14)

( )

 

 

HARTS RANGE PROJECT

Ongoing activities at the Harts Range Project will include field and historic
data assessment of its tungsten potential and ongoing evaluation of the
remaining 40 geophysical targets identified by Southern Geoscience
Consultants. These anomalies represent high-priority targets that require
follow-up for prospectivity analysis and consideration for the next phase of
exploration.

A key area of interest for the upcoming exploration phase is the Kings Cross
Prospect, located in the southern part of tenement EL32513. Recent airborne
geophysical surveys identified a prominent local magnetic anomaly at Kings
Cross (507884 E, 7442739 N; GDA94, MGA Zone 53), with preliminary review of
the magnetic data by Southern Geoscience Consultants reveals a large and
prominent magnetic feature, approximately 150-200m in diameter and extending
to 150-200m depth.

POMME REE-NIOBIUM PROJECT

New Frontier is planning to undertake metallurgical test work at the Pomme
REE-Niobium Project, from existing diamond core for comprehensive testing by
Metallium Ltd (ASX:MTM). The program will be a low-cost technical exercise to
evaluate both conventional processing pathways and tailored testing using
MTM's proprietary Flash Joule Heating (FJH) technology, supporting
mineralogical characterisation and optimisation of the processing pathway for
the project, over which NFM holds an exclusive option to acquire up to 90%.

CORPORATE UPDATE

Strategic Prioritisation: The Board and Management are prioritising the
advancement of NFM's project portfolio to maximise shareholder value. With
growing global demand for copper, New Frontier's immediate focus is the NWQ
Copper Project, its most advanced brownfields asset located in the
world-class Mt Isa Copper Belt, followed by continued exploration at the Harts
Range Heavy Rare Earths, Niobium and Tungsten Project and the Pomme
REE-Niobium Project. Further updates will be provided as these programs
progress.

Working Capital: As of 31 December 2025, New Frontier holds total cash,
deposits and shares of approximately A$2.62 million, comprising cash and bank
deposits and listed equity holdings. New Frontier considers its working
capital position adequate to fund near-term operational activities and
exploration commitments.(17)

Greenfields Drilling Grant: NFM is in the final stages of receiving a Round
18 Greenfields Drilling Grant in relation to its recent Harts Range RC Drill
Program. This grant, administered through the Northern Territory Government's
co-funded drilling initiative, supports New Frontier's ongoing commitment to
advancing Greenfields exploration at the Harts Range Project.(15)

R&D Tax Rebate: NFM is in the final stages of applying for an R&D tax
rebate in respect of novel exploration activities undertaken during the last
financial year. If successful, this would provide a further contribution to
the New Frontier's working capital position.

NEXT STEPS AND STRATEGY

·     Prioritise development of the NWQ Copper Project through the
advancement of the Big One (MLA) and strategic alliance and processing
agreement with Austral Resources. Continue engagement with the Queensland
Natural Resources and Mines Department and progress preparatory earthworks
subject to approvals and assessment of near-surface (0-50m) mining areas and
historical oxide stockpiles.

·      Review and evaluate the tungsten potential at Harts Range and
commence the next phase of exploration targeting Heavy Rare Earth Elements
(HREE) and tungsten across the tenements, including follow-up of the remaining
40 geophysical targets identified by Southern Geoscience Consultants.

·      Undertake conventional metallurgical and tailored Flash Joule
Heating (FJH) test work on Pomme REE-Niobium diamond core samples to advance
understanding of processing pathways.

 

 

ENDS

 

This announcement was approved for release 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 Jensen D., ASX Release: Maiden Mineral Resource Estimate 2.1Mt @ 1.1% Cu
(21,886t) for Big One Deposit, Castillo Copper Limited, 28 February 2022.

2 Castillo Copper Limited (ASX: CCZ), ASX Release: Historic drill data
verifies grades up to 28.40% Cu from <50m in supergene ore at Mt Oxide
pillar, 14 January 2020. Key intercept: B07 - 1m @ 28.40% Cu from 44m (1993
WME RC drilling campaign; supergene oxide mineralisation).

3 Castillo Copper Limited (ASX: CCZ), ASX Release - Major copper discovery at
Big One Deposit extended, 10 February 2021.

4 New Frontier Minerals Limited, ASX Announcement - Copper Recovery Testing
Supports Mt Kelly Pathway and MOU with Austral Resources, 3 July 2025. Assays
from 12 selective grab samples (ALS Job MI25159989): copper grades 3.9% to
11.85% Cu; sulphuric acid leach recoveries 83.18% to 99.09% Cu.

5 Mining.com, "Copper's tight supply and tariff risks set for a volatile
2026", 22 December 2025; Fortune, "Copper records biggest annual gain since
2009 on supply bets", 31 December 2025.

6 Disruption Banking, "Are Copper Prices About to Surge?", 9 March 2026. LME
intra-year peak US$12,960/t (December 2025); COMEX peak US$14,527.50/t
(January 2026).

7 J.P. Morgan forecasts copper prices could reach US$12,500/t in Q2 2026 and
average ~US$12,075/t in 2026, driven by a projected refined copper deficit of
~330 kt in 2026

8 Goldman Sachs Research, "Copper Prices Are Forecast to Decline Somewhat from
Record Highs in 2026", December 2025. Grid and power infrastructure projected
to drive >60% of copper demand growth to 2030.

9 J.P. Morgan Global Research. Data centre copper demand estimated at ~475,000
MT in 2026, up ~110,000 MT year-on-year.

10 Bloomberg NEF, Transition Metals Outlook 2025, as cited in Mining.com,
"Copper price tops $12,000 for first time on tariffs, supply woes", 23
December 2025.

11 International Copper Study Group (ICSG), as cited in Investing News
Network, "Copper Price Update: Q2 2025 Review", December

2025. Refined copper use forecast to grow 2.1% to 28.73Mt in 2026, deficit
~150,000 MT.

12 J.P. Morgan Global Research, "Copper Market Outlook". Global refined
copper deficit projected at ~330,000 MT in 2026.

13 Benchmark Mineral Intelligence; Disruption Banking, March 2026. Disruptions
at Grasberg (Indonesia), Kamoa-Kakula (DRC) and El Teniente (Chile)
collectively removed hundreds of thousands of tonnes from the 2025-26 supply
outlook.

14 Bloomberg NEF, Transition Metals Outlook 2025, as cited in Mining.com,
December 2025. Cumulative copper supply deficit

projected at ~19Mt by 2050 absent major new mine investment and recycling.

15 Northern Territory Government, Geophysics and Drilling Collaborations
(GDC) Program - Round 18 Successful Projects, announced

12 June 2025. Available at:
resourcingtheterritory.nt.gov.au/gdc/current-round-successful-projects. New
Frontier Minerals Limited listed as a successful recipient in the Greenfields
Drilling category.

16 New Frontier Minerals Limited, 2025. Geophysical interpretation identifies
46 HREE-Nb-U priority targets at Harts Range, NT. ASX Announcement, 31 March
2025.

17 New Frontier Minerals Limited, 2026. Quarterly Activities Report for the
Period Ending 31 December 2025. ASX/LSE Announcement, 30 January 2026.

18 S&P Global, 2026, Copper in the Age of AI: Challenges of
Electrification, S&P Global Energy & Market Intelligence, January 2026

 

 

About New Frontier Minerals

New Frontier Minerals Limited is an Australian-based focused 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", OTCQB listed under "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.

 

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  UPDEAEDKFLPKEAA



            Copyright 2019 Regulatory News Service, all rights reserved