Quarterly Report period ending December 2024

New Frontier Minerals Ltd (LSE and ASX: NFM) is pleased to report its quarterly activities report for the period ending 31 December 2024.

During the quarter, the Company prioritised its portfolio optimisation strategy by completing the divestment of the Cangai Copper Mine Project to Infinity Mining Limited (ASX: IMI) and securing the highly promising Harts Range Project in the Northern Territory.

QUARTERLY HIGHLIGHTS:

Exploration

• New Frontier Minerals completed the divestment of the Cangai Copper Mine Project, securing equity in Infinity Mining (ASX: IMI) and enhancing portfolio optimisation
• A binding term sheet was signed to acquire the transformational Harts Range Project, a highly prospective niobium, uranium & heavy rare earths project in the Northern Territory
• Grades up to 23.2% Nb, 12.7% U and 12.7% TREE (including 2.85% Dy, 0.32% Tb, 14.9% Ta5 from historical rock chip samples across five prospects reported
• Assays from rock chips samples collected from outcropping pegmatites during the first recent visit to the Harts Range Project returned excellent high-grade readings up to 29.80% NB2O5, 14.04% U3O8, 1.63% Dy2O3, 0.22% Tb4O7 and 23.02% Ta2O57
• A second reconnaissance trip to the Harts Range Project revealed more key targets including a 500m long pegmatite7 at the Big Jay Prospect
• Proximal to Cusp and Bobs, the team identified two new areas of interest - Cusp North and Bobs North - both showed potential for base and precious metal mineralisation
• Next step is the commissioning of a heliborne radiometric and magnetic survey during January 2025
• Surface sampling at the Big One Deposit confirmed high-grade copper assays up to 12%, indicating significant resource expansion potential

Corporate

• Corporate rebranding to New Frontier Minerals Limited reflects a renewed strategic focus on critical mineral exploration projects globally
• Inflows of ~$547k, including proceeds from exiting the ASX: RIM position
• Total cash and liquid investments of $1.569 million, comprised of $881k cash, ASX: IMI stock currently valued at ~$440k (40 million shares x $0.011 per share as at 31/12/2024) along with 20 million unlisted options (expiry 30/11/2029, strike $0.07) and rehabilitation security bonds totalling $248k due to be refunded to the Company
• The Board's strategy to advance the NWQ Copper Project, possibly with a development partner, and divest the two remaining assets - BHA West Project (NSW) and Mkushi Project (Zambia) - remains on track

DIVESTMENT OF CANGAI COPPER MINE

The Company announced it had entered a binding term sheet for the sale of the Cangai Copper Mine on 3 October 20241. This transaction involved the transfer of three granted exploration tenements - EL8625, EL8635, and EL8601 - located in the north-western corner of New South Wales, approximately 220 km south of Brisbane and 500 km north of Sydney. The tenements host the historic Cangai Copper Mine.

Subsequently, on 28 November 20242 Infinity Mining's shareholders approved the acquisition at a General Meeting, enabling the execution of a binding Tenement Sale Agreement. As consideration for the purchase, Infinity Mining issued New Frontier Minerals 40 million shares and 20 million options (five-year term and an exercise price of $0.07). This positions NFM to benefit from value creation as Infinity initiates an extensive exploration campaign at the Cangai Copper Mine.

This divestment marked the second successful sale of non-core assets by New Frontier Minerals within 12 months. The earlier sale of the Broken Hill West Project to Rimfire Pacific Mining NL (ASX: RIM) had already enabled the Company to redeploy funds towards advancing its priority asset, the Harts Range Niobium-Uranium-HRE Project in the Northern Territory.

Strategic Plans for Remaining Copper Assets

The Board aims to secure a strategic partner to advance the NWQ Copper Project in Queensland, with particular focus on the Big One Deposit. At the same time, the Company intends to hold onto two other non-core assets, the Broken Hill East Project in New South Wales and the Mkushi Copper Project in Zambia, with plans to divest these at the most opportune time.

Portfolio Optimisation and Growth

New Frontier Minerals advanced its value-driven portfolio optimisation strategy by divesting the Cangai Copper Mine and Broken Hill West Projects, enabling the reallocation of resources toward high-priority assets, including the Harts Range and NWQ Copper Projects. These strategic moves have strengthened funding for ongoing exploration programs and highlighted the Company's focus on critical mineral assets with the potential for sustainable long-term growth.

Additionally, New Frontier Minerals remains committed to pursuing strategic partnerships to further develop its copper assets while retaining flexibility for divestment when market conditions are favourable.

Big One Deposit

During this quarter, the Company's geological team completed a thorough surface sampling campaign at the Big One Deposit, part of the NWQ Copper Project in the Mt Isa copper belt3

The campaign targeted regions near the line of lode, historical workings, and the known orebody. The Big One Deposit currently holds a JORC-compliant Mineral Resource Estimate (MRE) of 2.1 Mt at 1.1% Cu4 equating to 21,886 tonnes of contained copper metal, based on prior drilling campaigns and historical data.

Notably, the recent campaign returned rock chip assays of up to 12% Cu11, confirming the presence of a significant copper anomaly. These results suggest that copper mineralisation likely extends west along strike from the historical workings and known orebody. Additionally, geochemical data indicated the potential for mineralisation to extend south and east of the existing line of lode. The assay results also validated previously identified induced polarisation (IP) conductivity anomalies located north of the line of lode, further supporting the potential for resource growth.

Figure 1: Enlarged copper target area at big one deposit

The geology team utilised the three-day campaign to conduct detailed geological mapping, providing critical insights into copper-bearing faulting trends at the deposit. This comprehensive understanding has laid a strong foundation for advancing exploration activities in the area.

Next Steps

Moving forward, New Frontier Minerals' geology team plans to integrate the new surface sampling data with historical information to refine drill target selection. These new targets aim to extend known copper mineralisation, leveraging the robust results achieved through the surface sampling campaign to unlock further resource potential at the Big One Deposit.

HARTS RANGE PROJECT ACQUISITION

The Company finalised a binding agreement with Audax Holdings Pty Ltd to acquire an 85% interest in the Harts Range Niobium, Uranium, and Heavy Rare Earths Project through a two-stage earn-in arrangement5. Under the terms of the binding agreement, NFM agreed to acquire 100% of the ordinary shares in Audax Holdings Pty Ltd (ACN: 678 403 864) ("Audax") from the shareholders of Audax (Audax Vendors) on the terms set out in the ASX announcement dated 21 October 20245.

Located 140 km north-east of Alice Springs, the project spans two granted tenements covering 110 km².

Historical assays from 29 rock chip samples collected across five prospects - Cusp, Bobs, Bobs West, Thorium Anomaly, and Niobium Anomaly - reported grades of up to 23.2% niobium (Nb), 12.7% uranium (U), and 12.7% Total Rare Earth Elements (TREE)9.

Figure 1: Historical Rock Chip Results - Cusp Prospect (PCT)

Note: Niobium is typically coincident with Heavy Rare Earths mineralisation, Tantalum and Uranium (Reference 1)

These include 2.85% dysprosium (Dy), 0.32% terbium (Tb), and 14.9% tantalum (Ta), confirming the area's high potential to host critical minerals6. As part of preliminary due diligence, a preliminary field visit in October 2024 validated these historical results, identifying extensive pegmatite occurrences and confirming that mineralisation potential had been underexplored.

Growing the Harts Range Portfolio

Following the successful acquisition, New Frontier Minerals expanded its exploration footprint with an additional tenure application east of the primary project area6. The Harts Range East Project increased the total tenure to 135 km². Early assessments have highlighted its alignment with the mineralisation trends of the main tenements, with exploration planning set to commence following the grant of the tenure.

Figure 2: Primary targets at Harts Range Project

Key Exploration Activities

The geology team made positive strides during their second reconnaissance visit to the Harts Range Uranium, Niobium, and Heavy Rare Earths Project in November 20247. The visit aimed to evaluate historical prospects and explore new areas with potential for viable targets. Key activities included assessing known prospects such as Cusp, Bobs, Bobs West, and Dune (formerly Niobium Anomaly), collecting rock chip samples, conducting field readings, and documenting critical observations for further analysis.

A notable development was the identification of a 500m long pegmatite at the newly named Big Jay Prospect , located 1.6 km south-southeast of the Bobs Prospect.

Detailed rock chip sampling at the Cusp and Bobs Prospects reported high-grade results exceeding historical assays, with highlights including 29.80% Nb2O5, 14.04% U3O8, 1.63% Dy2O3, 0.22% Tb4O7, and 23.02% Ta2O5. These findings reinforced the project's significant exploration potential, particularly along an interpreted 12 km mineralised corridor.

Next Steps

To accelerate exploration efforts, a high-resolution helicopter-borne radiometric and magnetic survey was commissioned with New Resolution Geophysics (NRG). Scheduled for completion in January 2025, the survey will cover 2,253-line kilometres using NRG's advanced Xplorer gradient magnetic system. This state-of-the-art technology will facilitate the identification of uranium anomalies as well as new and extended targets for pegmatites hosting critical minerals.

Thirteen samples collected during the field campaigns were also dispatched for laboratory analysis to provide geochemical insights for refining future drill targets. A comprehensive exploration program, including further sampling, geophysical assessments, and bulk sample collection for metallurgical testing, has been outlined for the next phase of activity.

Strategic Importance

The acquisition and exploration advancements at the Harts Range Project align directly with global demand for critical minerals such as niobium, uranium, and heavy rare earths. Combined with the favourable infrastructure, including sealed road access and proximity to Alice Springs, the project has emerged as a strategically significant asset for the Company.

CORPORATE ACTIVITY

Name Change to New Frontier Minerals

New Frontier Minerals Ltd (formerly Castillo Copper Limited), as approved by its shareholders at the Annual General Meeting held on 28 November 2024, officially changed its name to New Frontier Minerals Limited. The change became effective on 4 December 2024 for its ASX listing10.

For the London Stock Exchange (LSE), the Company confirmed the effective date of its name change, along with updates to its LSE ticker and ISIN, as 20 December 2024. Accordingly, the Company began trading under its new name, ticker (LSE: NFM), and ISIN (AU0000368748) from the pre-market session on that date.

Additionally, the Company announced the launch of its new website which is now accessible at https://newfrontierminerals.com/.

The rebranding reflects New Frontier Minerals' strategic direction to align its identity with its evolving focus on critical mineral assets and exploration initiatives.

Investor and Shareholder Engagement

During the quarter, Board and management presented the New Frontier Minerals story through an Australian roadshow, covering Melbourne, Sydney & Perth, where they met with a wide range of stockbrokers, existing shareholders as well as prospective shareholders.

FINANCIAL UPDATE

Quarterly Cash and Liquid Investments Position

Cash on hand and liquid investments at end of the quarter totalled $1.569 million (including cash on hand of $881,000, ASX listed shares and refundable security deposits, as noted below).

The Company holds 40 million Infinity Mining Limited (ASX: IMI) shares which have a total market value of ~$440,000 (40 million shares x $0.011 per share as at 31/12/2024) along with 20 million unlisted options (expiry 30/11/2029, strike $0.07). The shares are subject to escrow until the transfer of the Cangai Copper Mine tenements is completed.

Rehabilitation security bonds totalled $314,000, of which $248,000 is due to be refunded following the transfer of the Cangai Copper Mine tenements.

Securities on Issue at Quarter End

Ordinary shares 1,453,735,355

Performance shares 93,750,000

Unlisted options 8,000,000

Information Required Under ASX Listing Rules

ASX LR 5.3.5

During the Quarter $81,000 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.

ASX LR 5.3.1

ASX LR 5.3.3

In accordance with ASX Listing Rule 5.3.3, a schedule of Company's tenements can be found at Appendix A.

References

• CCZ ASX Announcement: Strategic Sale of Cangai Copper Mine to Infinity Mining, dated 3 October 2024
• CCZ ASX Announcement: Divestment of Cangai Copper Mine, dated 2 December 2024
• CCZ ASX Announcement: Surface assays increase priority copper target area at Big One Deposit, dated 7 October 2024
• CCZ ASX Announcement: Maiden Mineral Resource Estimate 2.1Mt @ 1.1% Cu (21,886t) for Big One Deposit, dated 28 February 2022
• CCZ ASX Announcement: CCZ to acquire highly prospective niobium, uranium & heavy rare earths project, dated 21 October 2024
• CCZ ASX Announcement: CCZ completes acquisition of Harts Range project & expands footprint, dated 28 October 2024
• NFM ASX Announcement: 500m long pegmatite identified at Harts Range Project, Northern Territory, dated 6 December 2024
• Caughey, R. (Flagstaff Geo Consultants Pty Ltd.) 2002 to 2006: various unpublished reports for Barfuss Corporation Pty. Ltd. c. PNC Exploration (Australia): various open-file tenement annual, final and partial relinquishment reports,1994 to 1997; Report Numbers CR1994-0325, CR995-0298, CR1995-0525, CR1995-0697, CR-1996-0285, CR1996-0286, CR-1997-0611. *
• CCZ ASX Announcement: Results of Annual General Meeting, dated 29 November 2024
• NFM ASX Announcement: Change of Company Name and ASX code, dated 4 December 2024
• CCZ ASX Announcement: Surface assays increase priority copper target area at Big One Deposit, dated 7 October 2024

Disclaimers

ASX Listing Rule 5.23.2

APPENDIX A - TENEMENT SCHEDULE

Table 1: Jackaderry (Cangai), New England Orogen in NSW

* The Company announced it had entered a binding term sheet for the sale of the Cangai Copper Mine on 3 October 2024. This transaction involves the transfer of the three granted exploration tenements - EL8625, EL8635, and EL8601 - to ASX: IMI, upon receiving NSW ministerial consent which is expected to occur during Q1 2025.

Table 2: Broken Hill East, located within a 20km radius of Broken Hill in NSW

Table 3: Mt Oxide, Mt Isa region in northwest Queensland

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

1 Total cash and liquid investments of $1.569 million, comprised of $881k cash, ASX: IMI stock currently valued at ~$440k (40 million shares x $0.011 per share as at 31/12/2024) along with 20 million unlisted options (expiry 30/11/2029, strike $0.07) and rehabilitation security bonds totalling $248k due to be refunded to the Company

Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must include a description of, and an explanation for, such payments. 2 Comprises director's fees and consulting fees for the quarter.

Answer: Yes.

Answer: The Company works closely with its corporate advisors monitoring cash levels, expenditure commitments and funding opportunities. The Company and its corporate advisors have a proven track record raising funds as and when required. In addition, the Company holds ASX: IMI stock currently valued at ~$440,000 (40 million shares x $0.011 per share as at 31/12/2024) which can be liquidated to assist with the Company's funding requirements, along with security bonds of $248,000 due to be refunded to the Company.

Answer: Yes. Refer to the information provided at 8.8.2.

Compliance statement

2 This statement gives a true and fair view of the matters disclosed.

Date: 31 January 2025

Authorised by: The Board of New Frontier Minerals

(Name of body or officer authorising release - see note 4)

Notes