Commercial Framework with Metallium - Amendment

Binding Commercial Framework with Metallium Post Exceptional Heavy Rare Earth Results from Harts Range - Amendment

The following amendments have been made to the "Binding Commercial Framework with Metallium" announcement, released on 18 November 2025 at 7.00am under RNS: 8536H:

The original release did not contain a Competent Person Statement as required under ASX Listing Rule 5.22. This clarification announcement now includes a Competent Person Statement. The release has been updated and forms part of this announcement.

Authorised by the Board of New Frontier Minerals Ltd.

New Frontier Minerals Limited

("NFM" or the "Company")

Binding Commercial Framework with Metallium Post Exceptional Heavy Rare Earth Results from Harts Range

New Frontier Minerals Limited (LSE/ASX: NFM) is delighted to advise that it has entered a binding commercial framework with Metallium Ltd (ASX: MTM) to create an exclusive western heavy rare earth pathway for Harts Range raw ore that will target US magnetic and defence customers. This follows exceptional test-work results on Harts Range raw ore, especially Dy/TB, using MTM's proprietary Flash Joule Heating (FJH) technology, a cutting-edge metal recovery and mineral processing method.

Highlights

• NFM has entered a binding commercial framework with MTM to create a novel processing pathway for Harts Range, targeting Heavy REE supply to US magnet and defence customers
• Beneficiation on raw ore from Harts Range (25kg bulk sample)1, using MTM's proprietary Flash Joule Heating (FJH) technology delivered exceptional results:

o ~20x upgrade in total REO from 1.7 % → 35 % (TREO) in a single step flash; and

o ~53x enrichment in dysprosium (Dy2O3) to 10.03% and 21x terbium (Tb4O7) enrichment 0.64% - with complete removal of detectable Fe, Si and Th from raw, un-beneficiated (no flotation, acid leaching or hydrometallurgical pre-conditioning) Harts Range ore

• These results represent an unprecedented beneficiation performance for a raw Dy/Tb-bearing ore in a single, rapid, solvent-free reaction
• New Frontier has granted MTM exclusive global rights to apply FJH processing to all Harts Range ore / concentrates for at least 10 years, with automatic extension through production, subject to successful development of a commercial scale processing facility
• MTM's 2026 plans comprise generating Dy/Tb-rich "super-concentrate" samples for prospective US magnet/defence customers for qualification, with a commercial term-sheet in-place before year-end
• Securing the binding strategic agreement with MTM clearly validates the Harts Range Project, and when coupled with progressing the drilling campaign, has the potential to create significant shareholder value

Chairman Gerrard Hall commented: "We are excited to enter this binding collaboration with MTM. The exceptional processing results, especially for dysprosium and terbium, validate the upgradability of the raw Harts Range ore. Securing a 10-year, exclusive commercial framework agreement with MTM for Harts Range is a value creating, game changing event for New Frontier, delivering a novel beneficiation pathway for heavy rare earth products and potential access to US magnet and defence customers.

"The Board's immediate priorities now comprise progressing the upcoming drilling campaign, which should provide considerable insights into the extent of heavy rare earth mineralisation at Harts Range; and working closely with MTM's management team to rapidly formulate an overarching strategy and key processes necessary to rapidly advance the commercial framework."

EXCEPTIONAL TEST-WORK RESULTS

The 25kg bulk sample from the Harts Range Project (un-beneficiated ore, crushed/ground feed) underwent MTM's proprietary FJH process (Figure 1 and Figure 2).

Figure 1: FJH Test Units at the Anahuac Technology Campus, Chambers County, Texas. (Source: Metallium2)

Total rare-earth oxide (TREO) content increased from ~1.7 % to ~35 % in a single FJH reaction step, representing ~20x upgrade (Table 1).

• Key heavy REEs Dy and Tb, and magnet REE Nd concentrations increased significantly
• Dy₂O₃ upgraded 53× (0.19% → 10.03%) / 11% → 29% of the REO basket (+160%)
• Tb₄O₇ upgraded 21× (0.03% → 0.64%) / 1.7% → 1.8% of the REO basket (+5%)
• Nd₂O₃ upgraded 114× (0.05% → 5.69%) / 2.9% → 16.3% of the REO basket (+460%)
• Complete removal of detectable Fe₂O₃, SiO₂ and Th
• Partial yttrium rejection, reducing Y₂O₃ from 61% to 35% of the REO basket
• No traditional acid-leach or reagent-heavy beneficiation route was applied pre-FJH, underscoring metallurgical simplicity and fast processing capability

Metallium is currently modelling the next phase of optimisation, including additional FJH treatment and post-sample processing for increased recoveries.

Metallium's Texas Technology Campus will be used to scale up the reactor size, optimise reactor parameters and deliver customer-qualification grade products.

Samples were analysed by Inductively Coupled Plasma Optical Emission Spectroscopy (ICP-OES) by an independent, accredited commercial laboratory.

Figure 2: Single-step Flash Mass Balance Diagram (Source: Metallium2)

Table 1: REE Recovery and Impurity Removal - Assay Before and After FJH Treatment & Enrichment Ratio (Source: Metallium2)

Figure 3: Metallium's indicative operating model: exclusive processing rights over Harts Range enable a "Processing-as-a-Service" structure, generating both per-tonne licensing fees & production royalties without mining or operating risk. (Source: Metallium2)

BINDING COMMERCIAL FRAMEWORK

Under the terms of the binding commercial framework, New Frontier has agreed to the following:

• MTM has binding, exclusive, project-linked rights to apply FJH (and derivative processing) to all ore, concentrate or other feed from the Harts Range Project for a minimum of 10 years, with automatic rollover into production stage.
• Upon commercial production of a Dy/Tb-rich product, MTM will earn:

o a royalty (1.5% Net Smelter Return equivalent) on sales of finished product; and

o a margin for processing Harts Range feed through MTM's facility.

• The structure includes a buy-back right allowing the project owner (or successor) to acquire a portion of the royalty for a fixed amount, enabling MTM to crystallise value.
• MTM holds rights that travel with the project in the event of ownership change, ensuring the processing exclusivity remains intact.

MTM's Texas Technology Campus serves dual purpose: core waste-to-value facility (e-waste, PCBs, specialty metals) and demonstration/refinement hub for HREE feedstocks and product qualification with U.S. / allied off-takers.

STRATEGIC UPSIDE FOR NEW FRONTIER THROUGH MTM ALIGNMENT

By exclusively aligning with MTM, which is positioning itself as a gatekeeper for heavy-rare-earth refining in the Western supply chain, New Frontier has a clear path to market for its unique Dy/Tb-rich feedstock.

The FJH process has now been demonstrated on Harts Range raw ore rather than just scraps or tailings - showing technology scalability and feed-type flexibility, increasing the addressable value chain.

With downstream product qualification pathways (including U.S. magnet and defence supply chains), New Frontier can leverage MTM's early upgrade results into commercial optionality, not just exploration upside.

Given global policy momentum toward allied-market rare-earth supply (including U.S. DoW and export-control tailwinds), the timing aligns with premium valuation themes for heavy-rare-earth exposures.

NEXT STEPS

New Frontier will align with MTM's stated next steps which comprise:

• Ongoing FJH testing and processing of the 25kg bulk sample from Harts Range into MTM's Texas FJH reactor.
• Generation of Dy/Tb-rich "super-concentrate" samples and delivery to prospective U.S. magnet/defence customers for qualification subject to successful completion of ongoing optimisation and scale-up work, and
• Delivery of a commercial term-sheet for offtake or processing by Q3-2026.

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

REFERENCES

• NFM ASX Release "Harts Range bulk sample returns 1.72% TREO including 4.51% Nb2O5 and exceptional HREO/TREO ratio of 94.8%" - 25 August 2025
• Metallium Secures Exclusive Rights over Dy/Tb-Rich Harts Range Project Following Breakthrough FJH Upgrade of Raw Ore- 18 November 2025

ASX Listing Rule 5.23.2