Mining Lease Application at Big One Copper Deposit

New Frontier Minerals Limited (LSE/ASX: NFM) is pleased to advise that it has lodged a Mining Lease Application over the Big One Deposit, part of the NWQ Copper Project located approximately 150 km north of Mount Isa, north-west Queensland, Australia.

Highlights

• Mining Lease Application (MLA) lodged covering the Big One Copper Deposit within New Frontier's NWQ Copper Project, in the Mt Isa copper belt, north-west Queensland
• The application area covers 240Ha, securing tenure over the historical Big One Deposit workings and surrounding mineralised structures
• Marks an important milestone, securing long-term rights of tenure over a key prospect within New Frontier's core copper asset
• The MLA is supported by an Initial Development Plan outlining a potential open-cut copper mining operation
• The plan references JORC-compliant Indicated and Inferred Resources totalling 2.1 Mt @ 1.1 % Cu, in addition to 7,000 t @ 1.3 % Cu of surface Indicated stockpiles 1, 2
• Follows the previously signed MOU with ASX listed Austral Resources Ltd (Austral), representing another step towards a potential processing collaboration at the Mt Kelly Copper Processing Facility 4, 5

Chairman Gerrard Hall commented: "With the macro picture for copper demand remaining robust and a path to production in place through our MOU framework with Austral Resources, lodging an MLA for the Big One Deposit is the optimal path to generate value for shareholders. As the known resource at the Big One Deposit is relatively shallow, the current plans call for an open-cut mining operation with ore then transported to Austral's Mt Kelly Copper Processing Facility and ultimately on-sold to end-users.

"Further development work can be undertaken at the Big One Deposit to extend known mineralisation, while holistically the NWQ Copper Project delivers significant exploration potential with 20 highly prospective targets yet to be fully evaluated."

Development Plan

The MLA for the Big One Deposit (Figure 1 & 2) represents a significant milestone, strengthening New Frontier's position across the broader NWQ Copper Project, which lies within one of Australia's most proven districts for structurally controlled copper mineralisation. This proven district hosts multiple operating mines and development projects, providing New Frontier with access to established regional infrastructure and processing pathways.

The MLA is accompanied by an Initial Development Plan that outlines a potential mining scenario to guide future evaluation and regulatory assessment. The plan outlines a proposed open-cut operation designed to test and extract near-surface copper mineralisation. Preparatory earthworks are expected to commence in Q3 2026, with first production targeted for Q1 2027.

The development plan proposes mining and haulage to the Mt Kelly Processing Facility (operated by Austral Resources4).

Figure 1: Plan view showing the proposed Big One Deposit MLA area and Year One activities, including the bulk sample zone, laydown area, stockpile, and access tracks

Austral Resources MOU

The MLA builds on the MOU signed earlier this year between New Frontier Minerals and Austral Resources, which established a framework for evaluating toll treatment and ore supply opportunities at the Mt Kelly Copper Processing Facility (Figure 3). The lodgement of the MLA represents another step towards this collaboration, aligning with New Frontier's goal of progressing the Big One Deposit towards potential near-term development within the broader NWQ Copper Project.

Figure 2: Aerial view of Austral's Mt Kelly processing facility

REFERENCES

• Biggs M.S., (2022), Big One Mine, Updated Mineral Resource Estimate, prepared by ROM Resources for Castillo Copper Limited, unpublished memo, Sep21.
• Jensen D., 2022 ASX Release: Maiden Mineral Resource Estimate 2.1Mt @ 1.1% Cu (21,886t) for Big One Deposit Castillo Copper Limited
• Plans underway to fully develop the Big One Deposit in the world-class Mt Isa copper belt - ASX announcement, 14 May 2024
• Copper Recovery Testing Supports Mt Kelly Pathway and MOU with Austral Resources - ASX announcement, 3 July 2025
• Strategic alliance with Austral Resources to process NFM copper ore - ASX announcement, 21 January 2025

ASX Listing Rule 5.23.2