REG - New Frontier Mineral - Quarterly Activities Report - September 2025
28/10/2025 07:00
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RNS Number : 9798E New Frontier Minerals Limited 28 October 2025
New Frontier Minerals Limited / Index: LSE & LSE / Epic: NFM / Sector:
Industrial Metals and Mining
28 October 2025
New Frontier Minerals Limited
("NFM" or the "Company")
Quarterly Activities Report - September 2025
New Frontier Minerals Limited (LSE/ASX: NFM) is pleased to report its
quarterly activities report for the period ending 30 September 2025.
QUARTERLY HIGHLIGHTS
Harts Range Project
v Rock chip assay results at new prospect Old Trafford extended significant
Heavy Rare Earth mineralisation continuous and complementary to Cusp, Bobs,
Paddington and Westminster
v The geology team collected a 25kg bulk sample from the Cusp Prospect for
comprehensive geochemical analysis
v Bulk sample assays returned 1.72% TREO (including 0.19% Dy(2)O(3), 0.03%
Tb(4)O(7)), 4.51% Nb(2)O(5) and 0.91% Ta(2)O(5)
v Very high HREO/TREO ratio of 94.8%, indicating the dominance of heavy rare
earths in particular dysprosium and terbium which are high value magnet rare
earth elements
v GeoDrill Australia appointed to undertake the maiden RC drilling campaign
v All key paperwork for the upcoming drilling campaign has been submitted to
the NT mining regulator, with the start date pending approval
NWQ Copper Project
v Bulk samples collected from historical stockpiles at the Big One Deposit for
preliminary sequential metallurgical test work returned high copper recovery
rates
v Assays from 12 selective grab samples returned copper grades ranging from
3.9% to 11.85%
v Bulk sample testing supports advancement of Big One as near-term production
asset under Mt Kelly MOU with Austral Resources Ltd (ASX: AR1), fast-tracking
NFM's pathway to production
Corporate
v S.P. Angel Corporate Finance LLP, a leading UK-based corporate finance firm,
was appointed NFM's Corporate Broker to enhance engagement with UK and
European institutional investors
v Total cash and liquid investments at 30 September 2025 - $1.8 million
Gerrard Hall, Chairman of New Frontier Minerals said: "We are delighted with
the progress we made during this quarter, particularly the outstanding results
from our Harts Range rare earths project. We have appointed GeoDrill
Australia during the period and are ready to start drilling, subject to the
necessary regulatory approvals. We have also advanced work at the NWQ
Copper Project, where metallurgical testing and sampling confirmed high copper
grades, supporting our near-term production strategy under the Mt Kelly MOU
with Austral Resources.
"With growing global demand for rare earths and critical minerals, and a solid
cash position of $1.8 million, New Frontier is well positioned for its next
stage of growth. "
HARTS RANGE PROJECT
DISCOVERY OF NEW PROSPECT - OLD TRAFFORD
On 24 July 2025, NFM announced the geology team had identified additional high
priority targets for drill-testing at the Harts Range Project. Assay results
from the June 2025 field program confirmed a new drill target and new prospect
- Old Trafford - located ~320m west of the mineralised Westminster Prospect.
This new prospect, along with the mineralised prospects - Cusp and Bobs,
Paddington and Westminster - occur within an east-west trending structural
corridor now extending over 2.4km (Figure 1).
FIGURE 1: SAMPLE & PROSPECT LOCATION FROM JUNE 2025 HARTS RANGE FIELD
PROGRAM
Source: NFM geology team
The geology team commenced ongoing fieldwork during the month of June 2025 to
further identify prospects and targets for drilling across previously untested
areas within the mineralised east-west trending structural corridor. Utilising
the airborne geophysical radiometric imagery, the team identified further
targets and extensions of Heavy Rare Earths, Niobium and Uranium
mineralisation at the newly identified Old Trafford Prospect (Table1). The
Old Trafford prospect extends mineralisation a further 320m west of the
Westminster Prospect.
Additional rock chip samples (namely HRS064) from the Westminster Prospect
returned significant assay results and validated Westminster as a priority
target for drilling (Table 1).
TABLE 1: OLD TRAFFORD AND WESTMINSTER PROSPECT SAMPLE RESULTS
SAMPLE PROSPECT TREO (%) Dy2O3 (%) Tb4O7 (%) Nb2O5 (%) Ta2O5 (%) HREO/TREO (%)
HRS066 OLD TRAFFORD 0.73 0.097 0.015 1.92 0.31 82.40
HRS064 WESTMINSTER 7.34 0.55 0.06 0.008 0.002 95.57
HRS032 WESTMINSTER 7.46 0.53 0.05 0.01 0.002 96.69
Note: Assay results for Westminster sample HRS032 refer to ASX Release 12 May
2025
Source: Intertek Assay Results
Bank Copper Prospect
North of Cusp, the Bank Prospect has identified copper mineralisation
(malachite) in foliated gneissic rocks. The outcropping unit is discontinuous
and seen to trend a north-south orientation and is noted to outcrop adjacent
to a creek-bed over 200m away. Numerous rock chip samples from the exposed
outcrops have returned anomalous copper assay results (Table 2).
TABLE 2: BANK PROSPECT COPPER SAMPLE RESULTS
SAMPLE ID CuO (%)
HRS053 1.38%
HRS054 1.08%
HRS055 0.82%
HRS056 0.20%
HRS058 0.99%
HRS059 0.23%
HRS061 0.99%
HRS062 2.72%
Source: Intertek Assay Results
Further validation may require the use of ground geophysics including IP or EM
surveys to further validate and prioritise targets at depth for drilling at
the Bank Prospect.
Geophysical Target
The recent airborne geophysical survey identified a local magnetic anomaly at
the Kings Cross Prospect which is located to the south of the project area
(Figure 2). Twelve rock chip samples (HSR033 - HSR044) were collected along
the east-west structure, which appears to the north of the magnetic anomaly.
FIGURE 2: MAGNETIC FEATURE IDENTIFIED AT THE KINGS CROSS PROSPECT
Source: Southern Geoscience Consultants
Sample HRS035 displays the most notable geochemical anomalism, particularly in
Light Rare Earth Elements (LREEs), with elevated values in CeO(2) (196 ppm),
La(2)O(3) (111.9 ppm), Nd(2)O(3) (86.7 ppm), Pr(6)O(11) (24.4 ppm), and
Sm(2)O(3) (16.1 ppm). The results suggest a localised enrichment of LREEs
relative to surrounding samples, which exhibit only modest background levels.
While no high-grade or economically significant concentrations were present,
the clustering of elevated LREEs in HRS035 warrants further exploration and
follow-up sampling to investigate potential mineralised trends.
Again, further validation may require the use of ground geophysics to further
validate and prioritise the geophysical target for drilling at the Kings Cross
Prospect.
BULK SAMPLE & NEW PROSPECT
On 13 August 2025, NFM announced that a 25kg bulk sample was collected from
the Cusp Prospect which was submitted to Intertek for comprehensive analysis.
Additionally, assay results from the July 2025 field program have confirmed
a new drill target at the Headingley Prospect, located ~620m west of the
mineralised Bobs Prospect.
Bulk Sample Collected from Cusp Prospect
The 25 kg bulk sample was collected from the Cusp Prospect. Specifically, the
sample was taken from the outcrop which comprised of clustered fragments of
mineralised pegmatite containing samarskite (enriched in heavy rare earths,
niobium, and tantalum) which were readily identifiable by weight and colour,
enabling efficient bulk sample collection.
Previous surface sampling (HRS004) at the Cusp Prospect has returned
high-grade heavy rare earth mineralisation, with assays from earlier campaigns
reporting grades up to 9.97% TREO (including 1.13% Dy(2)O(3), 0.18%
Tb(4)O(7)), 25.46% Nb(2)O(5) and 4.77% Ta(2)O(5) (Figure 3).
FIGURE 3: CUSP PROSPECT ROCK CHIP AND BULK SAMPLE LOCATION MAP
Source: NFM geology team
Discovery of New Drill Target at Headingley Prospect
Assay results from the July 2025 field campaign identified additional heavy
rare earth and titanium mineralisation, extending the mineralised corridor
along strike from the Cusp, Bobs, Paddington, Westminster and Old Trafford
Prospects.
Analysis of the geochemical results from the newly identified Headingley
Prospect (Figure 4) have confirmed the occurrence of rare earth and titanium
mineralisation within a 2.3km mineralised corridor extending along strike from
the Cusp, Bobs, Paddington, Westminster, and Old Trafford prospects. Notable
results include HRS067, which returned 0.73% TREO, incorporating 0.031%
Dy₂O₃ and 0.006% Tb₄O₇, and HRS068 and HRS071, which recorded titanium
grades of 1.8% TiO₂ and 2.3% TiO₂ respectively.
FIGURE 4: NEW PROSPECT - HEADINGLEY DISCOVERED FROM JULY 2025 FIELD PROGRAM
Source: NFM geology team
BULK SAMPLE ASSAYS & AND EXCEPTIONAL HREO/TREO RATIO
On 25 August 2025, NFM announced that bulk sample assay results were returned,
with a notably high HREO/TREO ratio confirming the dominance of heavy rare
earths.
Bulk Sample Collected from Cusp Prospect
The 25kg bulk sample collected from the Cusp Prospect was taken from outcrop
which comprised mineralised pegmatite containing samarskite that were
identifiable by weight and colour (and subsequently laboratory assays),
enabling efficient bulk sample collection.
Analysis of the bulk sample assays from the Cusp Prospect confirm grades of
1.72% TREO, with a heavy rare earth distribution exceeding 94%, and highlights
exceptional niobium (4.51% Nb₂O₅) and tantalum (0.91% Ta₂O₅)
enrichment (Table 3).
TABLE 3: CUSP BULK SAMPLE RESULTS
SAMPLE PROSPECT TREO (%) Dy(2)O(3) (%) Tb(4)O(7) (%) Nb(2)O(5) (%) Ta(2)O5 (%) HREO/TREO (%)
HRMS001 CUSP 1.72 0.19 0.03 4.51 0.91 94.8
Source: Intertek Assay Results
The rare earth sample distribution from the Cusp bulk sample is consistently
enriched in dysprosium (11.23%, Dy(2)O(3)) and terbium (1.86%, Tb(4)O(7)),
with a rare earth basket that comprises over 94.8% heavy rare earth minerals
(Figure 5). The combined dysprosium and terbium distribution at the Cusp
Prospect makes up 13.09% of the TREO basket mix.
FIGURE 5: CUSP BULK SAMPLE REO DISTRIBUTION
Source: Intertek Assay Results
GEODRILL APPOINTED AS DRILLING CONTRACTOR
On 11 September 2025, GeoDrill Australia was appointed to undertake the maiden
RC drilling campaign at the Harts Range Project. GeoDrill is a well-regarded,
family-owned drilling contractor based in Queensland, with a strong track
record of servicing exploration projects across Australia. Notably, it is
recognised for an outstanding safety record, professional culture, and
advanced capabilities across exploration, geotechnical, and water drilling.
In parallel, NFM engaged MBS Environmental to complete a desktop flora and
fauna assessment for the Harts Range Project. All required environmental and
regulatory documentation was lodged with the Northern Territory Mines
Department, with final approvals to commence drilling pending.
NWQ COPPER PROJECT
On 3 July 2025, NFM announced highly encouraging preliminary metallurgical
results from bulk samples collected from legacy stockpiles at the Big One
Deposit, part of the NWQ Copper Project located in north-west Queensland.
A total of 12 composite samples collected from three ex-mine stockpile sites
were submitted for geochemical analysis and sequential metallurgical leach
testing by NFM at ALS, Mt Isa. Testing focused on determining the leachability
of copper via sulphuric acid and cyanide reagents, simulating standard copper
heap leach and vat leach processing options.
Metallurgical Test Work Overview
Metallurgical test work on 12 composite samples from three historical
copper-bearing stockpiles at the Big One Deposit was completed. These samples,
totalling ~200 kg, were collected from previously mined material located
adjacent to the open pit and represent a range of visually mineralised
lithologies including siltstone, greywacke, sandstone, and altered trachyte
dykes.
The purpose of the program was to assess the leachability of copper under
conventional processing conditions, ahead of a potential fast-track production
scenario in collaboration with Austral Resources via the Mt Kelly Processing
Plant. ALS Mt Isa conducted the test work using a sequential copper assay
suite, targeting total copper, acid-soluble copper, cyanide-soluble copper,
and residual copper fractions.
The metallurgical investigation forms a key part of assessing how well the
mineralised stockpile material aligns with processing conditions at Austral
Resources' Mt Kelly facility (Figure 6).
FIGURE 6: NWQ COPPER PROJECT IN MT ISA COPPER BELT
Note: Gunpowder denotes location of Mt Kelly Processing Plant. Source: NFM
geology team
Key Results
Ø Sulphuric Acid Leach:
Sulphuric acid leaching of the samples that assayed between 3.9% and 11.85%
copper returned significant recoveries ranging from 83.18% to 99.09%, with
over two-thirds of the samples achieving greater than 95% recovery. These
results indicate the copper minerals are predominantly amenable to
conventional acid leaching methods commonly used in heap or vat leach
operations.
Ø Cyanide Leach:
Selected samples (notably 2C and 2D) displayed cyanide-leachable Cu values
above 10%, indicating the presence of copper sulphide minerals, such as
covellite, chalcocite, bornite or potentially native copper. These minerals
are not readily soluble in acid but respond to cyanide leaching, suggesting
that a minor portion of the copper inventory may require alternative or
supplemental recovery methods.
Ø Compatibility with Mt Kelly Processing:
Copper recovery testing suggests that mineralised material from the Big One
stockpiles is highly compatible with the existing processing flowsheet at
Austral Resources' Mt Kelly facility, supporting the potential for streamlined
integration into established infrastructure.
Ø Residual Copper:
Low residual copper concentrations (<1.2%) across most samples suggest
minimal presence of resistate copper minerals (e.g., chalcopyrite or
refractory cupric phases), further supporting efficient copper recovery using
conventional processing pathways.
Low-Cost Development Pathway through Existing Infrastructure
These initial metallurgical results reinforce the suitability of conventional
sulphuric acid leaching for the mineralised stockpile material at the Big One
Deposit. The consistently high copper recovery rates confirm strong alignment
with established hydrometallurgical practices employed at Austral Resources'
Mt Kelly Processing Plant. This positive correlation with Mt Kelly's existing
flowsheet design supports a streamlined development pathway for near-term
production.
Importantly, the test work outcomes are consistent with the strategic
objectives outlined in NFM's Memorandum of Understanding with Austral
Resources, which provides processing optionality via the Mt Kelly facility(1).
This demonstrated compatibility materially reduces barriers to production and
positions NFM to potentially capitalise on existing infrastructure, permitting
channels and operational expertise. The ability to process legacy stockpile
material as a potential starter operation enhances commercial flexibility
while broader exploration and resource growth programs continue across the NWQ
Copper Project.
CORPORATE ACTIVITY
New Corporate Broker
On 13 August 2025, NFM confirmed it had appointment of S.P. Angel Corporate
Finance LLP (SP Angel), a leading UK-based corporate finance firm, as its
Corporate Broker with immediate effect. SP Angel's mandate is to enhance
engagement with UK and European institutional investors, broadening NFM's
investor base as it advances its portfolio of critical minerals projects in
Australia.
FINANCIAL UPDATE
Quarterly Cash and Liquid Investments Position
Cash on hand and liquid investments at end of the quarter totalled $1.8
million (including cash on hand of $1.4m and ASX listed shares, as noted
below).
NFM holds 40 million Infinity Mining Limited (ASX: IMI) shares which have a
total market value of ~$0.4 million (40 million shares x $0.010 per share as
at 30/09/2025) along with 20 million unlisted options (expiry 30/11/2029,
strike $0.07).
Rehabilitation security bonds held at the end of the quarter totalled $54,000.
Securities on Issue at Quarter End
Ordinary shares 1,605,212,625
Options 23,500,000
Performance rights 14,000,000
Information Required Under ASX Listing Rules
1. ASX LR 5.3.5
During the Quarter $74,000 was paid to related parties of the Company relating
to non-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 $30,220 $780
Zambia - -
Harts Range $179,018 $3,982
$209,238 $4,762
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
-END-
This announcement was approved for release by the Board of New Frontier
Minerals Limited.
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 ASX announcements between 1 July and 20 September 2025.
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.
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.
APPENDIX A - TENEMENT SCHEDULE
Table 1: Mt Oxide, Mt Isa region in northwest Queensland
Tenement ID Ownership at start of Quarter Ownership at end of Quarter Change during the Quarter
EPM 26513 100% 100% 0%
EPM 26525 100% 100% 0%
EPM 26574 100% 100% 0%
EPM 26462 100% 100% 0%
EPM 27440 100% 100% 0%
Table 2: Zambia
Tenement ID Ownership at start of Quarter Ownership at end of Quarter Change during the Quarter
24659-HQ-LEL (Mkushi) 100% 0% -100%
Table 3: Harts Range
Tenement ID Ownership at start of Quarter Ownership at end of Quarter Change during the Quarter
EL32513* 0% 0% 0%
EL32406* 0% 0% 0%
EL34022 100% 100% 0%
EL34109** 0% 0% 0%
EL34110** 0% 0% 0%
EL34147** 0% 0% 0%
* As announced on 21 October 2024, NFM has entered in to an earn-in agreement
to acquire up to an 85% interest in the tenements.
**These tenements are under applications which were made during the June 2025
quarter.
APPENDIX B: RESOURCE TONNAGES - BIG ONE DEPOSIT
Resource Type Ore Type Inferred (Mt) Indicated (Mt) Measured (Mt) Copper Grade (%) Silver Grade (g/t) Contained Copper (t) Contained Silver (kg)
Mine Dumps Oxidised 0 0.007 - 1.2 4.0 86 29
Mine Insitu Oxidised 1.7 0 - 1.0 1.1 17,000 1,870
Mine Insitu Fresh 0.4 0 0 1.2 1.4 4,800 560
Sub-Totals 2.1 0.007 0 21,886 2,459
Notes:
Cut-off grade 0.45% Cu. Source: CCZ geology team
Refer to ASX announcement dated 28 February 2022
Appendix 5B
Mining exploration entity or oil and gas exploration entity
quarterly cash flow report
Name of entity
New Frontier Minerals Limited
ABN Quarter ended ("current quarter")
52 137 606 476 30 September 2025
Consolidated statement of cash flows Current quarter Year to date (3 months)
$A'000
$A'000
1. Cash flows from operating activities
1.1 Receipts from customers
1.2 Payments for
(a) exploration & evaluation
(b) development
(c) production
(d) staff costs
(e) administration and corporate costs (378) (378)
1.3 Dividends received (see note 3)
1.4 Interest received 2 2
1.5 Interest and other costs of finance paid
1.6 Income taxes paid
1.7 Government grants and tax incentives
1.8 Other (provide details if material)
1.9 Net cash from / (used in) operating activities (376) (376)
2. Cash flows from investing activities
2.1 Payments to acquire or for:
(a) entities
(b) tenements
(c) property, plant and equipment
(d) exploration & evaluation (214) (214)
(e) investments
(f) other non-current assets
2.2 Proceeds from the disposal of:
(a) entities
(b) tenements
(c) property, plant and equipment
(d) investments 149 149
(e) other non-current assets
2.3 Cash flows from loans to other entities
2.4 Dividends received (see note 3)
2.5 Other (provide details if material)
2.6 Net cash from / (used in) investing activities (65) (65)
3. Cash flows from financing activities
3.1 Proceeds from issues of equity securities (excluding convertible debt
securities)
3.2 Proceeds from issue of convertible debt securities
3.3 Proceeds from exercise of options
3.4 Transaction costs related to issues of equity securities or convertible debt
securities
3.5 Proceeds from borrowings
3.6 Repayment of borrowings
3.7 Transaction costs related to loans and borrowings
3.8 Dividends paid
3.9 Other (provide details if material)
3.10 Net cash from / (used in) financing activities 0 0
4. Net increase / (decrease) in cash and cash equivalents for the period
4.1 Cash and cash equivalents at beginning of period 1,847 1,847
4.2 Net cash from / (used in) operating activities (item 1.9 above) (376) (376)
4.3 Net cash from / (used in) investing activities (item 2.6 above) (65) (65)
4.4 Net cash from / (used in) financing activities (item 3.10 above) 0 0
4.5 Effect of movement in exchange rates on cash held
4.6 Cash and cash equivalents at end of period 1,406 1,406
5. Reconciliation of cash and cash equivalents Current quarter Previous quarter
at the end of the quarter (as shown in the consolidated statement of cash
$A'000
$A'000
flows) to the related items in the accounts
5.1 Bank balances 1,406 1,847
5.2 Call deposits
5.3 Bank overdrafts
5.4 Other (provide details)
5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above) 1,406 1,847
6. Payments to related parties of the entity and their associates Current quarter
$A'000
6.1 Aggregate amount of payments to related parties and their associates included 55(1)
in item 1
6.2 Aggregate amount of payments to related parties and their associates included 19(1)
in item 2
(1)Comprises director's fees, consulting fees, and expense reimbursements for
the quarter.
7. Financing facilities Total facility amount at quarter end Amount drawn at quarter end
Note: the term "facility' includes all forms of financing arrangements
$A'000
$A'000
available to the entity.
Add notes as necessary for an understanding of the sources of finance
available to the entity.
7.1 Loan facilities
7.2 Credit standby arrangements
7.3 Other (please specify)
7.4 Total financing facilities
7.5 Unused financing facilities available at quarter end
7.6 Include in the box below a description of each facility above, including the
lender, interest rate, maturity date and whether it is secured or unsecured.
If any additional financing facilities have been entered into or are proposed
to be entered into after quarter end, include a note providing details of
those facilities as well.
8. Estimated cash available for future operating activities $A'000
8.1 Net cash from / (used in) operating activities (item 1.9) (376)
8.2 (Payments for exploration & evaluation classified as investing activities) (214)
(item 2.1(d))
8.3 Total relevant outgoings (item 8.1 + item 8.2) (590)
8.4 Cash and cash equivalents at quarter end (item 4.6) 1,406
8.5 Unused finance facilities available at quarter end (item 7.5)
8.6 Total available funding (item 8.4 + item 8.5) 1,406
8.7 Estimated quarters of funding available (item 8.6 divided by item 8.3) 2.4
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8.
7.
8.8 If item 8.7 is less than 2 quarters, please provide answers to the following
questions:
8.8.1 Does the entity expect that it will continue to have the current
level of net operating cash flows for the time being and, if not, why not?
8.8.2 Has the entity taken any steps, or does it propose to take any
steps, to raise further cash to fund its operations and, if so, what are those
steps and how likely does it believe that they will be successful?
8.8.3 Does the entity expect to be able to continue its operations and
to meet its business objectives and, if so, on what basis?
Note: where item 8.7 is less than 2 quarters, all of questions 8.8.1, 8.8.2
and 8.8.3 above must be answered.
Compliance statement
1 This statement has been prepared in accordance with accounting
standards and policies which comply with Listing Rule 19.11A.
2 This statement gives a true and fair view of the matters
disclosed.
Date: 28 October 2025
Authorised by: The Board of Directors
(Name of body or officer authorising release - see note 4)
Notes
1. This quarterly cash flow report and the accompanying activity
report provide a basis for informing the market about the entity's activities
for the past quarter, how they have been financed and the effect this has had
on its cash position. An entity that wishes to disclose additional information
over and above the minimum required under the Listing Rules is encouraged to
do so.
2. If this quarterly cash flow report has been prepared in
accordance with Australian Accounting Standards, the definitions in, and
provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and
AASB 107: Statement of Cash Flows apply to this report. If this quarterly cash
flow report has been prepared in accordance with other accounting standards
agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent
standards apply to this report.
3. Dividends received may be classified either as cash flows
from operating activities or cash flows from investing activities, depending
on the accounting policy of the entity.
4. If this report has been authorised for release to the market
by your board of directors, you can insert here: "By the board". If it has
been authorised for release to the market by a committee of your board of
directors, you can insert here: "By the [name of board committee - eg Audit
and Risk Committee]". If it has been authorised for release to the market by a
disclosure committee, you can insert here: "By the Disclosure Committee".
5. If this report has been authorised for release to the market
by your board of directors and you wish to hold yourself out as complying with
recommendation 4.2 of the ASX Corporate Governance Council's Corporate
Governance Principles and Recommendations, the board should have received a
declaration from its CEO and CFO that, in their opinion, the financial records
of the entity have been properly maintained, that this report complies with
the appropriate accounting standards and gives a true and fair view of the
cash flows of the entity, and that their opinion has been formed on the basis
of a sound system of risk management and internal control which is operating
effectively.
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