Bulk Sample from Cusp and new prospect identified

While waiting for regulatory approval required for inaugural drilling campaign to commence, the Company has collected a 25kg bulk sample from the Cusp Prospect with the sample 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 approximately 620 metres west of the mineralised Bobs Prospect.

Highlights

• Ahead of the upcoming drilling campaign, the geology team has collected a 25kg bulk sample from the Cusp Prospect for comprehensive geochemical analysis
• The bulk sample was taken from the HRS004 sample site which previously returned grades¹ of up to 9.97% TREO (including 1.13% Dy2O3, 0.18% Tb4O7), 25.46% Nb2O5 and 4.77% Ta2O5
• Assay results from the newly identified Headingley Prospect confirm Rare Earth and Titanium mineralisation within the 2.3 kilometre mineralised corridor along strike from the Cusp, Bobs, Paddington, Westminster, and Old Trafford prospects, with results including:

o HRS067: 0.73% TREO (inc 0.031% Dy2O3, 0.006% Tb4O7)

o HRS068 and HRS071: 1.8% TiO2 and 2.3% TiO2 respectively

• Australia's Rare Earth sector gains momentum with a proposal for a floor price and national offtake agreements positioning the Hart Range Project to benefit from critical minerals initiatives4
• NFM has commenced regulatory approvals for its maiden Reverse Circulation (RC) drilling campaign at Harts Range, planned for Q3 FY25

Chairman Gerrard Hall commented: "The collection of this bulk sample marks an important milestone in executing our strategy and commitment to a systematic exploration approach to ensure confidence in the project's potential. This approach not only enhances our understanding of the mineral system but also positions NFM to make a significant discovery. Additionally, assay results from the Headingley Prospect confirm rare earth mineralisation and titanium oxide grades of up to 1.8% and 2.3% within a 2.3 km corridor extending from nearby prospects. The high-grade multi commodities reinforces the mineral potential of the area and underscores the opportunity to unlock value for shareholders as we ramp up exploration activities."

BULK SAMPLE COLLECTED FROM CUSP PROSPECT

The 25 kg bulk sample was collected from the Cusp Prospect within the Harts Range Project (Figures 1a and 1b). The sample was taken from the outcrop which comprised of clustered fragments of mineralised pegmatite containing samarskite 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 grades1 up to 9.97% TREO (including 1.13% Dy2O3, 0.18% Tb4O7), 25.46% Nb2O5 and 4.77% Ta2O5 (Figure 2 & 3).

Figures 1a and 1b: Bulk sample collected from Cust Prospect (Location: 507859E, 7447754N) (Source: NFM Team)

Visual Estimates ASX Disclosures - Figure 1a and 1b

Figures 1 a) and b) show a 25 kg bulk sample collected from surface to ~0.3 metres deep containing mineralised pegmatite rock and soil, which included small fragments to golf ball and large baseball sized clusters of samarskite material at the Cusp Prospect.

Results from the geochemical analysis will be available in approximately one months' time. More details of these bulk samples are given in Appendix A, which also lists an estimate range of samarskite (1-2%) concentration that will be updated by laboratory assay.

Figure 3: Cusp Prospect sample results (Source: NFM Team)²

DISCOVERY OF NEW DRILL TARGET AT HEADINGLEY PROSPECT

Assay results from the July 2025 field campaign have identified additional heavy rare earth and titanium mineralisation, extending the mineralised corridor along strike from the Cusp, Bobs, Paddington, Westminster and Old Trafford Prospects (Figure 4).

Analysis of the geochemical results from the newly identified Headingley Prospect have confirmed the occurrence of rare earth and titanium mineralisation within a 2.3 kilometre 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.

Table 1: Headingley Prospect sample results (Source: Intertek Assay Results3 refer to Appendix C).

Figure 4: New prospect Headingley discovered from July 2025 Harts Range field program

The newly identified Headingley Prospect located approximately 620 metres west of the Bobs Prospect, is seen to be hosted within a mineralised amphibolite unit. Field observations identified a ferruginous, dark black-green amphibolite unit along a shear zone, in contact with an unmineralised pegmatite. This unit is likely a continuation of the Old Trafford structure, located approximately 70 metres further west.

Rock samples from the site are notably dense and returned readings of approximately 10 μSv/h, consistent with mineralisation observed at the Old Trafford Prospect. Preliminary field identification suggests finely disseminated samarskite within the altered amphibolite matrix. The amphibolite unit is oriented in an east-west direction, reinforcing the structural context to the mineralised setting.

Figure 5: Strongly sheared and ferruginous amphibolite outcrop at the Headingley Prospect Sample HRS069 (Location: 505697E, 7447488N)

AUSTRALIAN GOVERNMENT'S PROPOSED FLOOR PRICE ON RARE EARTHS

The Albanese government is exploring mechanisms to establish a floor price for rare earths and other critical minerals, responding to U.S. efforts to counter China's dominance in the sector4. Through a proposed Critical Minerals Strategic Reserve and national offtake agreements, the initiative seeks to ensure price stability, reduce market volatility, and attract private investment.

The focus is on minerals critical for strategic and defence applications, particularly heavy rare earths, where Australia holds a strong global supply position. New Frontier Minerals is well-positioned to benefit, with its Harts Range Project in the Northern Territory hosting significant heavy rare earth mineralisation.

PROPOSED ISSUE OF PERFORMANCE RIGHTS

Subject to shareholder approval at the 2025 AGM, the Board has resolved to issue 17,500,000 Performance Rights to Director and key executives of the Company, on the following terms:

• Exercise price: $nil
• Vesting conditions:

o 50% upon the 20-day VWAP of the Company's Shares being equal to or greater than $0.02.

o 50% upon one of the below milestones being met:

• Harts Range drill intersect of either:
• 5m intersect ≥ 0.75% TREO, or
• 5m intersect ≥ 1% Nb2O5, or
• 5m intersect ≥ 1% Ta2O5.
• Expiry date: 5 years from the date of issue.

NEXT STEPS

Over the coming weeks and months, New Frontier Minerals will:

• Continue field investigations to define priority drilling targets at the Cusp, Bobs, Paddington, Westminster, Old Trafford and Headingly Prospects.
• Advance regulatory approvals and evaluate quotes from drilling contractors to prepare for the maiden Reverse Circulation (RC) drilling campaign in Q3 FY25.

This announcement was approved for release by the Board of New Frontier Minerals Limited.

REFERENCES

• CCZ ASX Release - 6 November 2024 (High grade Nb and U assays validate Harts Range Project)
• NFM ASX Release - 12 May 2025 (Sampling returns 10.61% TREO with 23.56% Nb2O5 and 15.67% Ta2O5at Harts Range)
• Intertek Assay Results - 8 August 2025 (Job Code: 2375.0/2512207)
• https://www.theaustralian.com.au/business/resources-minister-madeleine-king-flags-rare-earths-floor-price-and-national-offtake-agreements/news-story/55530151bb5276d250ea7aa11cb033d5?giftid=oIjE4YbVwc