Quarterly Report
Quarterly results show significant rare earth and heavy rare earth mineralisation at Harts Range; $1.59m placement completed.
- Dysprosium Oxide at Cusp Prospect 11.75%
- Terbium Oxide at Cusp Prospect 1.87%
- TREO at Bobs Prospect 20.1%
- Placement proceeds $1.59 million
- Cash and liquid investments at 30 June 2025 $2.36 million
- Shares placed 144,477,270 at $0.011 each
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New Frontier Minerals Limited (LSE/ASX: NFM) is pleased to announce its quarterly activities report for the period ending 30 June 2025.
QUARTERLY HIGHLIGHTS
Harts Range Project
- Results from 25 rock chip samples at the Cusp and Bobs Prospects showed significant Heavy Rare Earth (HRE) mineralisation, with up to 11.75% Dysprosium Oxide and 1.87% Terbium Oxide within the Total Rare Earth Oxide (TREO) composition
- An April 2025 site visit commenced the investigation of 46 targets identified from the airborne geophysical survey
- Assay results from the April 2025 field program confirmed two new drill targets and identified promising new prospects - Paddington and Westminster, located approximately 200m and 450m west of the mineralised Bobs Prospect
- Two new prospects, Paddington and Westminster were discovered with high-grade HRE elements (up to 10.61% TREO) and notable Niobium (up to 23.56% Nb2O5) and Tantalum (up to 15.67% Ta2O5)
- These results, combined with findings from the Bobs and Cusp prospects validated an eastwest trending structural corridor now extending over 2 kilometres at the Harts Range Project
- NFM's geology team spent several days at the Harts Range Project in June 2025 finalising high-priority targets for drill-testing which now include Cusp, Bobs, Paddington, Westminster and the newly identified Old Trafford and Bank Prospects
- Applied for three new tenements (EL34109, EL34110, EL34147) to expand exploration footprint at Harts Range
- NFM received a $59k grant from the NT Geological Survey's Geophysics and Drilling Collaborations program
Next steps
- NFM is in the process of finalising land access and environmental licensing to ensure compliance with grant conditions, with a contract submission deadline of August 1, 2025
- NFM is reviewing quotes from potential drilling contractors and advancing regulatory approvals to expedite a 2,000m-3,000m Reverse Circulation (RC) drilling program
- Prepare for the maiden RC drilling campaign in Q3 FY25 subject to government approvals
NWQ Copper Project
- Conducted a site visit to Austral Resources' (ASX: AR1) Mt Kelly Copper Processing Plant reinforcing NFM's collaboration and production plans for its NWQ Copper Project
- Bulk samples were collected from historical stockpiles at the Big One Deposit for copper processing evaluation at the Mt Kelly Processing Plant
- Assays from 12 selective grab samples returned copper grades ranging from 3.9% to 11.85% with sulphuric acid leach recoveries ranging from 83% to 99% Cu, confirming potential for conventional acid leach processing
Next steps
- NFM plans to progress Mining Lease Applications and regulatory requirements over the Big One Deposit
- Commence metallurgical testing of existing copper oxide stockpiles to fast-track near-term copper production
Corporate
- New Frontier raised $1.59 million through a placement of 144,477,270 shares at $0.011 each, supported by institutional and sophisticated investors
- Total cash and liquid investments at 30 June 2025 $2.36 million
HARTS RANGE PROJECT
New Frontier Minerals Ltd (ASX: NFM) announced significant findings at the Harts Range Heavy Rare Earths, Uranium, and Niobium Project, located 140 km northeast of Alice Springs in the Northern Territory, over the April to June 2025 quarter.
The Company conducted rare earth distribution analysis on 25 rock chip samples from the Cusp and Bobs Prospects, revealing significant Heavy Rare Earth (HRE) mineralisation, particularly Dysprosium and Terbium, critical for defence applications. Key findings include:
Cusp Prospect (13 samples):
- High HRE concentration, with over 92% of the Rare Earth Oxide (REO) basket comprising HRE
- Dysprosium Oxide (Dy2O3): 11.75%, Terbium Oxide (Tb4O7): 1.87%
- Rare earth basket comprises over 92% HRE minerals with combined Dysprosium and Terbium distribution making up 13.63% of TREO
Figure 1: Distribution of Dysprosium and Terbium rich mineralisation at Cusp Prospect
Bobs Prospect (12 samples):
- Higher HRE concentration, with over 97% of the TREO basket comprising HREs
- Yttrium Oxide (Y2O3): 71.06%, Dysprosium Oxide (Dy2O3): 8.75%, Terbium Oxide (Tb4O7): 1.18%
- Combined Dysprosium and Terbium: 9.93% of TREO basket
Figure 2: Distribution of Dysprosium and Terbium rich mineralisation at Bobs Prospect
Both prospects, located 1.6km apart along the same east-west trending structure, show similar mineralisation and geological settings, indicating substantial exploration potential.
China's recent export restrictions on Dysprosium and Terbium underscore the urgent need for alternative sources, positioning the Harts Range Project as a strategically important opportunity to develop new HRE supplies.
Field Exploration Site Visits
A field exploration campaign in April 2025 at the Harts Range Project, was aimed at investigating 46 targets identified through the prior airborne geophysical survey, targeting untested areas for potential Uranium, Niobium, and HREE mineralisation, with Uranium serving as a key pathfinder element.
Exploration efforts led to the discovery of two new prospects, "Paddington" and "Westminster," located approximately 200m and 450m west of the Bobs Prospect, respectively.
Prospects Summary Table
| PROSPECT | Best TREO (%) | Max HREO/TREO (%) | Max Dy 2 O 3 (%) | Max Tb 4 O 7 (%) | Max Nb 2 O 5 (%) | Max Ta 2 O 5 (%) |
| CUSP | 17.8% (HR482) | 89.6% (HRS012) | 2.2% (HR482) | 0.2% (HR482) | 33.2% (HR482) | 13.4% (HR481) |
| BOBS | 20.1% (HR508) | 94.5% (HR506) | 1.7% (HR505) | 0.2% (HR505) | 10.1% (HRS002) | 23% (HRS002) |
| PADDINGTON | 10.6% (HRS019) | 84.68% ( HRS031) | 1.3% (HRS019) | 0.2% (HRS019) | 23.6% (HRS019) | 15.7% (HRS019) |
| WESTMINSTER | 7.5% (HRS032) | 96.69% (HRS032) | 0.5% (HRS032) | 0.06% (HRS032) | 0.01% (HRS032 | 0.03% (HRS032) |
Assay results from 14 rock chip samples (HRS019-HRS032) collected from plagioclase and mica-rich pegmatite outcrops confirmed high-grade HREE mineralisation.
Notable results included:
HRS019 (Paddington) with 10.61% TREO (1.28% Dy2O3, 0.22% Tb4O7), 23.56% Nb2O5, and 15.67% Ta2O5;
HRS031 (Paddington) with 5.17% TREO (0.61% Dy2O3, 0.10% Tb4O7), 11.49% Nb2O5, and 7.30% Ta2O5; and
HRS032 (Westminster) with 7.46% TREO (0.53% Dy2O3, 0.05% Tb4O7), 0.01% Nb2O5, and 0.002% Ta2O5.
These samples, submitted to Intertek Perth Laboratory, revealed high HREO/TREO ratios up to 96.69%, highlighting significant Dysprosium and Terbium enrichment alongside notable Niobium and Tantalum values, particularly in samarskite mineralisation.
The Paddington, Westminster, Bobs, and Cusp prospects collectively defined an east-west trending structural corridor extending over 2 kilometres, identified through geophysical interpretation as a potential control for the mineralisation.
In June 2025, NFM's geological team returned to the Harts Range Project, with the aim to finalise high-priority drill targets at the Cusp, Bobs, Paddington, Westminster and newly identified Old Trafford and Bank Prospects.
The Old Trafford Prospect, located 320m west of Westminster, featured a plagioclase and quartz-rich pegmatite outcrop with samarskite fragments, recording Geiger counter readings up to 6 μSv (sample HRS066). At Westminster, further inspection confirmed samarskite in a micaceous pegmatite section with readings up to 8 μSv (sample HRS064). North of Cusp, the Bank Prospect revealed copper mineralisation (0.5-3% Cu) in foliated gneiss (sample HRS055).
A prominent magnetic anomaly, approximately 150-200m in diameter, was identified at the Kings Cross Prospect in the southern tenement area, interpreted as a series of smaller features and one larger anomaly.
New Frontier Minerals has taken a proactive step in expanding its operational footprint by applying for three new tenements (EL34109 & EL34110 & EL34147) at Harts Range. This expansion reflects our commitment to exploring and developing high-potential mineral resources in the region.
Funding Received Through Grant
New Frontier Minerals was awarded a $59,000 grant (inclusive of GST) through the Northern Territory Geological Survey's Geophysics and Drilling Collaborations program, part of the Resourcing the Territory initiative. This includes a $10,000 Territory Supplier Incentive. The grant will support up to 1,360 meters of Reverse Circulation (RC) drilling at the Harts Range Project, reducing the financial commitment for the Company's maiden drilling campaign targeting HREE, Niobium, and Uranium.
Next Steps
- Continue field investigations, focusing on identifying priority targets for drilling
- Analyse assay results from the Old Trafford, Westminster and Bank Prospects to prioritise drilling targets
- Prepare for the maiden RC drilling campaign in Q3 FY25 subject to government approvals
NWQ COPPER PROJECT
New Frontier made significant strides this quarter in advancing its 100% owned NWQ Copper Project, located in the world-renowned Mt Isa Copper Belt in north-west Queensland. The project, spanning 977 km², is strategically positioned in a Tier 1 jurisdiction with access to world-class infrastructure and is surrounded by major mining operations such as Anglo American, Glencore, and Rio Tinto.
The flagship Big One Deposit, with a JORC-compliant Mineral Resource Estimate of 2.1 Mt at 1.1% Cu (21,886 tonnes of contained copper), is the most advanced prospect within the project, which also includes over 20 under-explored targets with significant copper mineralisation potential.
A strategic site visit to Austral Resources' (ASX: AR1) Mt Kelly Copper Processing Plant, combined with encouraging preliminary metallurgical test results from bulk samples, has reinforced NFM's pathway to near-term copper production through a Memorandum of Understanding (MOU) with Austral Resources.
During the site visit, led by NFM's Non-Executive Director and geologist Joel Logan, bulk samples totalling approximately 200 kg were collected from three historical stockpiles at the Big One Deposit.
These samples, comprising mineralised lithologies such as siltstone, greywacke, sandstone and altered trachyte dykes, underwent geochemical analysis and sequential metallurgical leach testing at ALS Mt Isa.
The tests focused on copper leachability using sulphuric acid and cyanide reagents, simulating standard heap and vat leach processing.
Results showed exceptional sulphuric acid leach recoveries ranging from 83.18% to 99.09%, with over two-thirds of samples exceeding 95% recovery, confirming the material's compatibility with conventional acid leaching methods used at Mt Kelly.
Assays from 12 selective grab samples revealed copper grades of 3.9% to 11.85%, with low residual copper (<1.2%) indicating minimal resistate minerals. Cyanide leaching identified minor copper sulphide minerals in some samples, suggesting potential for supplemental recovery methods.
These outcomes align with the Mt Kelly facility's flowsheet, supporting a low-cost, streamlined production pathway under the MOU, which was formalised on January 25, 2025.
NFM's strategic alliance with Austral Resources leverages the Mt Kelly facility's advanced infrastructure to process high-grade copper ore from the Big One Deposit, with potential expansion to satellite targets within the NWQ Copper Project.
The partnership, underpinned by a profit-sharing model, enhances commercial flexibility and positions NFM to capitalise on existing infrastructure and regional expertise. NFM's near-term plans include advancing Mining Lease Applications, conducting further metallurgical testing, drilling to expand the resource base, and collaborating with Austral Resources to define an efficient production work program.
These efforts, supported by growing global copper demand driven by decarbonisation and electrification, position the NWQ Copper Project as a standout asset with significant growth potential in one of the world's premier copper regions.
CORPORATE ACTIVITY
Capital Raise
New Frontier Minerals Limited (ASX: NFM) raised $1.59 million gross through a placement of 144,477,270 shares at $0.011 each, supported by institutional and sophisticated investors.
The placement was managed by CPS Capital Group who were issued 20,000,000 options as part remuneration for their lead manager service.
FINANCIAL UPDATE
Quarterly Cash and Liquid Investments Position
Cash on hand and liquid investments at end of the quarter totalled $2.36 million (including cash on hand of $1.85m and ASX listed shares, as noted below).
The Company holds 40 million Infinity Mining Limited (ASX: IMI) shares which have a total market value of ~$400,000 (40 million shares x $0.01 per share as at 30/06/2025) along with 20 million unlisted options (expiry 30/11/2029, strike $0.07). The shares were released from escrow on 15 April 2025.
The Company also holds 18,887,021 Impact Minerals Limited (ASX: IPT) shares which have a total market value of ~$113,000 (18,887,021 shares x $0.006 per share as at 30/06/2025). The shares are subject to voluntary escrow arrangements, with one-sixth of the shares being released each month over a six-month period ending 9 September 2025.
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 |
| Performance shares | 107,750,000 |
| Options | 20,000,000 |
Information Required Under ASX Listing Rules
ASX LR 5.3.5
During the Quarter $88,000 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
| Consulting fees | Rates and mines departments fees | |
|---|---|---|
| QLD | 15,490 | 1,510 |
| Zambia | - | - |
| Harts Range | 205,000 | - |
| 220,490 | 1,510 |
This announcement was approved for release by the Board of New Frontier Minerals Limited.
References
Refer to ASX and LSE announcements between 1 April and 3 June 2025.
Disclaimers
Any references to previous ASX and LSE 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.
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 June 2025 | ||
| Consolidated statement of cash flows | Current quarter $A'000 | Year to date (12 months) $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 | (212) | (1,357) | |
| 1.3 | Dividends received (see note 3) | ||
| 1.4 | Interest received | 3 | 26 |
| 1.5 | Interest and other costs of finance paid | ||
| 1.6 | Income taxes paid | ||
| 1.7 | Government grants and tax incentives | 204 | |
| 1.8 | Other (provide details if material) | ||
| 1.9 | Net cash from / (used in) operating activities | (209) | (1,127) |
| 2. | Cash flows from investing activities | ||
| 2.1 | Payments to acquire or for: | ||
| (a) entities | |||
| (b) tenements | (8) | (230) | |
| (c) property, plant and equipment | (6) | ||
| (d) exploration & evaluation | (222) | (510) | |
| (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 | 106 | 653 | |
| (e) other non-current assets | 441 | ||
| 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 | (124) | 348 |
| 3. | Cash flows from financing activities | 1,589 | 1,589 |
| 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 | (95) | (95) |
| 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 | 1,494 | 1,494 |
| 4. | Net increase / (decrease) in cash and cash equivalents for the period | ||
| 4.1 | Cash and cash equivalents at beginning of period | 686 | 1,118 |
| 4.2 | Net cash from / (used in) operating activities (item 1.9 above) | (209) | (1,127) |
| 4.3 | Net cash from / (used in) investing activities (item 2.6 above) | (124) | 348 |
| 4.4 | Net cash from / (used in) financing activities (item 3.10 above) | 1,494 | 1,494 |
| 4.5 | Effect of movement in exchange rates on cash held | 14 | |
| 4.6 | Cash and cash equivalents at end of period | 1,847 | 1,847 |
| 5. | Reconciliation of cash and cash equivalents at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts | Current quarter $A'000 | Previous quarter $A'000 |
| 5.1 | Bank balances | 1,847 | 536 |
| 5.2 | Call deposits | 150 | |
| 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) | 1,847 | 686 |
| 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 in item 1 | 69 1 | |
| 6.2 | Aggregate amount of payments to related parties and their associates included in item 2 | 19 | |
1 Comprises director's fees, consulting fees, and expense reimbursements for the quarter.
| ABN | Quarter ended ("current quarter") | ||
|---|---|---|---|
| 52 137 606 476 | 30 June 2025 | ||
| Consolidated statement of cash flows | Current quarter $A'000 | Year to date (12 months) $A'000 | |
| 7. | Financing facilities Note: the term "facility' includes all forms of financing arrangements available to the entity. Add notes as necessary for an understanding of the sources of finance available to the entity. | Total facility amount at quarter end $A'000 | Amount drawn at quarter end $A'000 |
| 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 | ||
| 8. | Estimated cash available for future operating activities | $A'000 | |
| 8.1 | Net cash from / (used in) operating activities (item 1.9) | (209) | |
| 8.2 | (Payments for exploration & evaluation classified as investing activities) (item 2.1(d)) | (222) | |
| 8.3 | Total relevant outgoings (item 8.1 + item 8.2) | (431) | |
| 8.4 | Cash and cash equivalents at quarter end (item 4.6) | 1,847 | |
| 8.5 | Unused finance facilities available at quarter end (item 7.5) | ||
| 8.6 | Total available funding (item 8.4 + item 8.5) | 1,847 | |
| 8.7 | Estimated quarters of funding available (item 8.6 divided by item 8.3) | 4.3 | |
| 8.8 | If item 8.7 is less than 2 quarters, please provide answers to the following questions: |
N/A
N/A
N/A
Compliance statement
- This statement gives a true and fair view of the matters disclosed.
Date: 30 July 2025
Authorised by: The Board of Directors
(Name of body or officer authorising release - see note 4)
Notes
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.