New Frontier Minerals Advances Big One Copper MLA and Expands Rare Earths Portfolio

Big One Copper Deposit Advances Toward Production

New Frontier Minerals (ASX:NFM) has cleared a crucial regulatory hurdle with the technical assessment approval of its Mining Lease Application (MLA) for the Big One Copper Deposit in Queensland’s Mt Isa Copper Belt. This milestone moves the project closer to potential near-term copper production, with preparatory earthworks anticipated to commence in the third quarter of 2026, subject to final approvals.

The proposed development focuses on a low-strip, near-surface open-cut mine targeting high-grade copper mineralisation within 50 metres of the surface, including stockpiled material estimated at around 7,000 tonnes at 1.2% copper. Processing is planned through haulage to Austral Resources’ Mt Kelly Processing Facility under an existing memorandum of understanding (MOU), leveraging established infrastructure to reduce capital intensity and environmental impact.

The MLA’s technical approval builds on New Frontier’s earlier announcement of the application entering technical assessment, confirming regulatory momentum for the Big One Deposit. This progress aligns with the company’s strategy to prioritise its NWQ Copper Project, an advanced brownfields asset in a world-class copper district, as the immediate focus for value creation. The company’s intent to formalise a revenue sharing arrangement with Austral Resources at Mt Kelly remains a key next step in the development pathway. This follows the company’s recent technical assessment approval announcement highlighting the regulatory progress.

Expansive Copper Exploration Targets Highlight Upside Potential

Beyond Big One, New Frontier updated JORC Exploration Targets across 14 priority prospects within the NWQ Copper Project, delineating a substantial exploration opportunity. The aggregated target tonnage ranges from 12 to 58 million tonnes grading between 0.3% and 1.5% copper, representing an estimated 50,000 to 473,000 tonnes of contained copper. These targets cover prospects such as Eldorado South and North, Mt Storm, Johnnies, Crescent, and Big One North, among others.

While these Exploration Targets remain conceptual and require further drilling to define resources, they underscore the district-scale potential of New Frontier’s landholding. The company plans follow-up reverse circulation and diamond drilling campaigns at Big One and adjacent prospects to extend mineralisation and upgrade resource classifications. The scale and diversity of prospects provide multiple avenues for growth within the NWQ Copper Project, complementing the near-term development focus on Big One. This exploration update builds on the company’s earlier delineation of 14 priority copper prospects in the region.

Harts Range Heavy Rare Earths Project Achieves Key Ownership Milestone

In the Northern Territory, New Frontier has formally completed Stage 1 earn-in requirements to secure an 85% interest in tenement EL32513 at the Harts Range Heavy Rare Earths Project. This milestone grants majority ownership and operational control over a strategically important tenement within a province prospective for dysprosium, terbium, and other critical minerals vital to clean energy and defence supply chains.

During the quarter, New Frontier expanded its Harts Range landholding with the grant of two additional tenements, EL34109 and EL34110, both 100% owned by the company. These additions enhance regional exploration upside, with a focus on high-priority geophysical targets and tungsten potential. Assay results from New Frontier’s inaugural drilling campaign at Harts Range are expected imminently, which will inform the next phase of exploration targeting. The company’s progress at Harts Range complements its recent discovery of high-grade tungsten mineralisation and ongoing metallurgical test work, as reported in earlier coverage of Harts Range tungsten assays and the 85% stake secured update.

Strategic Entry into Canadian Rare Earths with Pomme Project Option

New Frontier has entered a binding option and staged earn-in agreement with Metallium Limited (ASX:MTM) to acquire up to a 90% interest in the Pomme REE-Nb Project in Québec, Canada. This large carbonatite-hosted rare earth and niobium project benefits from strong infrastructure, government and Cree First Nations support, and proximity to the Montviel Deposit, a world-class rare earth resource.

The option agreement includes low upfront cash and share payments, with contingent staged payments tied to JORC Resource and Pre-Feasibility Study milestones, limiting capital risk. Metallium will support metallurgical test work, applying its proprietary Flash Joule Heating technology to existing drill core to develop a low-cost processing pathway for rare earth concentrates. This partnership extends New Frontier’s rare earths footprint into a Tier-1 jurisdiction and provides early integration of advanced processing technology aligned with Western supply chain priorities. The deal follows the company’s previous announcement of the binding option to acquire Pomme project, reinforcing its strategic diversification.

Financial Position and Corporate Developments

At quarter-end, New Frontier held A$2.0 million in cash and liquid investments, including A$1.7 million in cash and approximately A$280,000 in ASX-listed shares of Infinity Mining Limited. The company anticipates additional funding from the Round 18 Greenfields Drilling Grant and R&D Tax Rebate application in the coming quarter.

New Frontier’s shares commenced trading on the OTCQB Venture Market in the United States under the ticker NFMXF during the quarter, enhancing its visibility and accessibility to North American investors. The company continues to prioritise advancing its NWQ Copper Project towards production, while progressing exploration and development of its rare earth and niobium assets in Australia and Canada.