New Frontier Minerals raises $1.59m

New Frontier Minerals Ltd (LSE and ASX: NFM) is pleased to advise that it has received firm commitments to subscribe for 144,477,270 new fully paid ordinary shares (New Shares) from institutional and sophisticated investors at an issue price of $0.011 per share to raise $1.59m before costs (Placement).

Highlights:

• NFM successfully completes a $1.59m placement at $0.011 per share, with strong support from new and existing sophisticated and institutional investors
• The funds will be utilised primarily to drill-test high priority targets for Heavy Rare Earth Elements (HREE), Niobium and Uranium at the Harts Range Project
• Embarking on a maiden drilling campaign for HREE and Uranium is timely, especially with favourable US government policies in the mix, including:
• Key initiatives to diversify HREE supply chains away from China; and
• Accelerating the development of nuclear power technologies
• In addition, NFM will continue work with Austral Resources Ltd (ASX: AR1) to develop a production pathway for the Big One Copper Deposit (NWQ Copper Project; QLD)

Ged Hall, Chairman, commented: "We are delighted with the strong support from both new and existing investors for this capital raise. The funds will enable NFM to accelerate the inaugural drilling campaign, targeting HREE, Niobium and Uranium, at our highly prospective Harts Range Project. Pleasingly, the macro environment is favourable, with recent developments in the US improving the outlook for HREE and Uranium. As such, the Board believes NFM is well placed to generate value for shareholders as the drilling campaign gets underway."

The capital raised from the Placement will be used for ongoing exploration and related activities including:

o Inaugural drill campaign at the Harts Range Project;

o Advancing the MOU with Austral Resources to establish a pathway to production for the Big One Deposit; and

o Provide for general working capital requirements.

Placement Details

New Shares will be issued pursuant to the Company's placement capacity under ASX Listing Rule 7.1 and 7.1A. The New Shares issued under the Placement will rank pari passu with existing fully paid ordinary shares on issue.

CPS Capital Group Pty Ltd (CPS) acted as Lead Manager to the Placement and will be paid the following fees:

• 2% management fee of the total gross proceeds of the Placement
• 4% placing fee of the total gross proceeds of the Placement
• 20,000,000 options (based on a $1,500,000 raise) under this placement with an exercise price of 50% higher than the placement price and an expiry of 3 years from the date of listing. The Options will be issued pursuant to the Company's placement capacity under ASX Listing Rule 7.1
• $6,000 plus GST per month corporate advisory fee for a minimum of 6 months

The Placement timetable is set out below:

The above timetable is indicative only and subject to change. The Company reserves the right to amend any or all of these dates at its absolute discretion, subject to the Corporations Act 2001 (Cth), the ASX Listing Rules and any other applicable laws. The quotation of the New Shares is subject to approval from the ASX.

Appendix 3B

NFM advises that an Appendix 3B has been issued to the ASX and is available on the Company's website: https://newfrontierminerals.com/investor-dashboard/

Corporate Presentation

In addition, NFM has released an updated corporate presentation which is available on the Company's website: https://newfrontierminerals.com/investor-dashboard/