Harts Range Bulk Sample Confirm Dominance of HREO

While awaiting regulatory approval for its inaugural drilling campaign, the Company collected a 25kg bulk sample from the Cusp Prospect. Recent assay results returned 1.72% TREO, with a notably high HREO/TREO ratio confirming the dominance of heavy rare earths. The sample also reported significant niobium (4.51% Nb₂O₅) and tantalum (0.91% Ta₂O₅) enrichment.

Highlights

• Ahead of the upcoming drilling campaign, NFM collected a 25kg bulk sample (HRMS001) from the Cusp Prospect for geochemical analysis
• Assays returned3 1.72% TREO (including 0.19% Dy2O3, 0.03% Tb4O7), 4.51% Nb2O5 and 0.91% Ta2O5
• Very high HREO/TREO ratio of 94.8%, indicating the dominance of heavy rare earths (HRE) in particular dysprosium and terbium which are high value magnet rare earth elements (REEs)
• Global supply of heavy rare earths is overwhelmingly concentrated in China. With an exceptional HREO/TREO ratio, the Cusp Prospect has the potential to emerge as a rare non-Chinese source
• Exceptional niobium enrichment of 4.51% Nb₂O₅ and 0.91% Ta₂O₅ highlights the outstanding grade potential at Harts Range
• NFM has initiated the regulatory approval process for its maiden Reverse Circulation (RC) drilling program at Harts Range, which is targeted to commence in Q3, 2025 subject to regulatory approvals
• NFM is assessing both conventional and novel processing options for this HRE-enriched material, with the aim of accelerating the pathway to commercialisation and enabling future offtake discussions with global magnet supply chain participants

Chairman Gerrard Hall commented: ""These results from our bulk sample at the Cusp Prospect further reinforce the exceptional potential of our Harts Range Project. The assays demonstrate not only outstanding rare earth grades, with a heavy rare earth enrichment ratio above 94%, but also outstanding niobium and tantalum grades that are rarely seen at surface. This positions Harts Range as one of the most compelling heavy rare earth and niobium opportunities on the ASX.

"With global supply of heavy rare earths dominated by China, these results highlight the strategic importance of advancing Harts Range as a potential new non-Chinese source of critical magnet metals. Our next step is the maiden drilling program, which will be pivotal in unlocking the scale of the mineralised system and advancing towards commercialisation."

CUSP PROSPECT BULK SAMPLE ANALYSIS

Analysis of the bulk sample assays from the Cusp Prospect confirm total rare earth oxide (TREO) grades of 1.72% TREO, with a heavy rare earth distribution exceeding 94%, and highlights exceptional niobium (4.51% Nb₂O₅) and tantalum (0.91% Ta₂O₅) enrichment.

Table 1: Cusp bulk sample results (Source: Intertek Assay Results 2 refer to Appendix C).

The rare earth sample distribution from the Cusp bulk sample is consistently enriched in dysprosium (11.23%, Dy2O3) and terbium (1.86%, Tb4O7), with a rare earth basket that comprises over 94.8% heavy rare earth minerals (Figure 1). The combined dysprosium and terbium distribution at the Cusp Prospect makes up 13.09% of the TREO basket mix.

Figure 1: REO distribution of Cusp Prospect bulk sample - enriched in dysprosium and terbium

The 25kg bulk sample was collected from the Cusp Prospect within the Harts Range Project (Figure 2 and 3). The sample was taken from the outcrop which comprised of mineralised pegmatite containing samarskite which was identifiable by weight and colour (and subsequently laboratory assays), enabling efficient bulk sample collection.

Figure 2: Cusp Prospect rock chip and bulk sample location map (Source: NFM Team)2

Table 2: Cusp Prospect sample results (Source: NFM Team)2

Figure 3: Cusp Prospect 25kg bulk sample (Source: NFM Team)

NEXT STEPS

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

• Assess both conventional and novel processing options for this HRE-enriched material, with the aim of accelerating the pathway to commercialisation and enabling future offtake discussions with global magnet supply chain participants
• Continue field investigations to define priority drilling targets at the Cusp, Bobs, Paddington, Westminster, Old Trafford and Headingly Prospects.
• Advance regulatory approvals and finalise contractor arrangements to commence 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 - 21 August 2025 (Job Code: 2375.0/2514907)