Raises $2.25M to advance the Harts Range Project

New Frontier Minerals Ltd (LSE and ASX: NFM) is pleased to advise that it has received firm commitments to subscribe for A$2,250,000 (before costs) through a placement of 107,142,857 shares ("New Share") to professional and sophisticated investors at an issue price of $0.021 per share ("Placement"). Participants in the Placement will receive one (1) free attaching option for every two (2) New Shares allocated in the Placement, with an exercise price of $0.04 per option and a 2-year expiry from the date of issue ("Attaching Options").

Highlights:

• New Frontier successfully completes a $2.25m placement at $0.021 per share, with strong support from new and existing sophisticated and institutional investors
• The funds will be utilised to expedite advancing the Harts Range Project post-entering a binding commercial framework with Metallium Ltd (ASX: MTM)1, which aims to:

o Create a novel processing pathway for Harts Range ore, targeting Heavy Rare Earth Elements (HREE) supply to US magnet and defence customers

• The key catalyst was using MTM's proprietary Flash Joule Heating (FJH) technology on Harts Range raw ore (25kg bulk sample), which delivered exceptional beneficiation results, including1:

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 in terbium (Tb4O7) to 0.64% - with complete removal of detectable Fe, Si and Th from raw, un-beneficiated (no flotation, acid leaching or hydrometallurgical pre-conditioning) ore

• Drilling results are expected over the coming weeks as a ~2,500m RC drilling campaign (up to 46 holes), commences at Harts Range, targeting depth extensions of HREE mineralisation, particularly dysprosium and terbium
• Funds will also be allocated to progress the mining lease application2 at the NW Queensland Copper Project including ongoing work with Austral Resources Ltd (ASX: AR1)

Gerrard Hall, Chairman, commented:

"Receiving the exceptional beneficiation results for dysprosium and terbium from Harts Range raw ore then executing a binding commercial framework with Metallium to create a potential pathway to supply US magnet and defence customers has built up tremendous forward momentum for New Frontier ahead of our maiden drilling campaign getting underway. As such, we are delighted with the overwhelming support from new and existing investors for this capital raise.

The funds will enable the Company to expedite advancing the Harts Range Project and build upon the emerging relationship with Metallium, while concurrently progressing work on the Big One mining license application at the NW Queensland Copper Project. This is an exciting time for New Frontier. With clear development routes for both the Harts Range and NW Queensland Projects, the Board believes the Company is well positioned to deliver significant value for shareholders."

Placement Details

Under the Placement, the Company will issue 107,142,857 New Shares at an issue price of $0.021 per

share to raise $2,250,000 (before costs). The issue price of $0.021 per New Share represents:

• 16.0% discount to the last close price of A$0.025 on Thursday, 20 November 2025; and
• 15.8% discount to the 10-day volume weighted average price of A$0.0249.

The Company will also issue 53,571,430 Attaching Options. The Attaching Options will be issued subject to shareholder approval, to be obtained at a General Meeting ("EGM") of the Company which is intended to be held on or around 31 January 2026 (refer to proposed Placement timetable below). The New Shares issued under the Placement and shares issued upon the exercise of the Attaching Options will rank pari passu with the Company's existing shares on issue. A total of 33,083,033 New Shares will be issued under ASX Listing Rule 7.1 and a total of 74,059,824 New Shares will be issued under ASX Listing Rule 7.1A.

The capital raised from the placement will be used for ongoing exploration and related activities including:

• Expediting development work at Harts Range and development of a commercial framework with Metallium;
• Big One Deposit mining lease application and ongoing work with Austral Resources; and
• General working capital.

Bell Potter Securities Limited acted as Lead Manager and Bookrunner to the placement. Refer to Appendix 3B dated 25 November 2025 for details of the Lead Manager fees.

The proposed Placement timetable is set out below:

The above timetable is indicative only and subject to change. New Frontier reserves the right to amend any or all of these dates at its absolute discretion, subject to the Corporations Act 2001 (Cth), the ASX Listing Rules and any other applicable laws. The quotation of the new shares is subject to approval from the ASX.

Authorised by the Board of New Frontier Minerals Ltd.

• NFM ASX Release (18 November 2025) - Binding Commercial Framework with Metallium Post Exceptional Heavy Rare Earth Results from Harts Range
• NFM ASX Release (13 November 2025) - NFM Lodges Mining Lease Application for Big One Copper Deposit

ASX Listing Rule 5.23.2

TERMS AND CONDITIONS OF BROKER OPTIONS - REFER TO ASX ANNOUNCEMENT 25 NOVEMBER 2025

Entitlement

Subject to paragraph (m), each Option entitles the holder to subscribe for one Share upon exercise of the Option.

Exercise Price and Expiry Date

Subject to paragraphs (j) and (l), the amount payable upon exercise of each Option will be $0.0315 (Exercise Price).

Expiry Date

Each Option will expire at 5.00pm (WST) on 4 December 2028 (Expiry Date). An Option not exercised before the Expiry Date will automatically lapse on the Expiry Date.

Exercise Period

The Options are exercisable at any time on or prior to the Expiry Date (Exercise Period).

Notice of Exercise

The Options may be exercised during the Exercise Period by notice in writing to the Company in the manner specified on the Option certificate (Notice of Exercise) and payment of the Exercise Price for each Option being exercised in Australian currency by electronic funds transfer or other means of payment acceptable to the Company.

Exercise Date

A Notice of Exercise is only effective on and from the later of the date of receipt of the Notice of Exercise and the date of receipt of the payment of the Exercise Price for each Option being exercised in cleared funds (Exercise Date).

Timing of issue of Shares on exercise

Within 15 Business Days after the later of the following:

• the Exercise Date; and
• when excluded information in respect to the Company (as defined in section 708A(7) of the Corporations Act) (if any) ceases to be excluded information,

but in any case no later than 20 Business Days after the Exercise Date, the Company will:

• allot and issue the number of Shares required under these terms and conditions in respect of the number of Options specified in the Notice of Exercise and for which cleared funds have been received by the Company;
• if required, give ASX a notice that complies with section 708A(5)(e) of the Corporations Act, or, if the Company is unable to issue such a notice, lodge with ASIC a prospectus prepared in accordance with the Corporations Act and do all such things necessary to satisfy section 708A(11) of the Corporations Act to ensure that an offer for sale of the Shares does not require disclosure to investors; and
• if admitted to the official list of ASX at the time, apply for official quotation on ASX of Shares issued pursuant to the exercise of the Options.

If a notice delivered under (g)(iv) for any reason is not effective to ensure that an offer for sale of the Shares does not require disclosure to investors, the Company must no later than 20 Business Days after becoming aware of such notice being ineffective, lodge with ASIC a prospectus prepared in accordance with the Corporations Act and do all such things necessary to satisfy section 708A(11) of the Corporations Act to ensure that an offer for sale of the Shares does not require disclosure to investors.

Shares issued on exercise

Shares issued on exercise of the Options rank equally with the then issued shares of the Company.

Quotation of Shares issued on exercise

If admitted to the official list of ASX at the time, application will be made by the Company to ASX for quotation of the Shares issued upon the exercise of the Options.

Reconstruction of capital

If at any time the issued capital of the Company is reconstructed, all rights of an Optionholder are to be changed in a manner consistent with the Corporations Act and the ASX Listing Rules at the time of the reconstruction.

Participation in new issues

There are no participation rights or entitlements inherent in the Options and holders will not be entitled to participate in new issues of capital offered to Shareholders during the currency of the Options without exercising the Options.

Adjustment for rights issue

In the event the Company proceeds with a pro rata issue (except a bonus issue) of securities to Shareholders after the date of issue of the Options, the Exercise Price may be reduced in accordance with the formula set out in ASX Listing Rule 6.22.2.

Adjustment for bonus issues of Shares

If the Company makes a bonus issue of Shares or other securities to existing Shareholders (other than an issue in lieu or in satisfaction of dividends or by way of dividend reinvestment):

• the number of Shares which must be issued on the exercise of an Option will be increased by the number of Shares which the Optionholder would have received if the Optionholder had exercised the Option before the record date for the bonus issue; and
• no change will be made to the Exercise Price.
• Unlisted

The Options will be unlisted options.

Transferability

The Options are non-transferable and subject to any restriction or escrow arrangements imposed by ASX or under applicable Australian securities laws.

TERMS AND CONDITIONS OF FREE ATTACHING OPTIONS - REFER TO ASX ANNOUNCEMENT 25 NOVEMBER 2025

Entitlement

Subject to paragraph (m), each Option entitles the holder to subscribe for one Share upon exercise of the Option.

Exercise Price and Expiry Date

Subject to paragraphs (j) and (l), the amount payable upon exercise of each Option will be $0.04 (Exercise Price).

Expiry Date

Each Option will expire at 5.00pm (WST) on 31 January 2028 (Expiry Date). An Option not exercised before the Expiry Date will automatically lapse on the Expiry Date.

Exercise Period

The Options are exercisable at any time on or prior to the Expiry Date (Exercise Period).

Notice of Exercise

The Options may be exercised during the Exercise Period by notice in writing to the Company in the manner specified on the Option certificate (Notice of Exercise) and payment of the Exercise Price for each Option being exercised in Australian currency by electronic funds transfer or other means of payment acceptable to the Company.

Exercise Date

A Notice of Exercise is only effective on and from the later of the date of receipt of the Notice of Exercise and the date of receipt of the payment of the Exercise Price for each Option being exercised in cleared funds (Exercise Date).

Timing of issue of Shares on exercise

Within 15 Business Days after the later of the following:

• the Exercise Date; and
• when excluded information in respect to the Company (as defined in section 708A(7) of the Corporations Act) (if any) ceases to be excluded information,

but in any case no later than 20 Business Days after the Exercise Date, the Company will:

• allot and issue the number of Shares required under these terms and conditions in respect of the number of Options specified in the Notice of Exercise and for which cleared funds have been received by the Company;
• if required, give ASX a notice that complies with section 708A(5)(e) of the Corporations Act, or, if the Company is unable to issue such a notice, lodge with ASIC a prospectus prepared in accordance with the Corporations Act and do all such things necessary to satisfy section 708A(11) of the Corporations Act to ensure that an offer for sale of the Shares does not require disclosure to investors; and
• if admitted to the official list of ASX at the time, apply for official quotation on ASX of Shares issued pursuant to the exercise of the Options.

If a notice delivered under (g)(iv) for any reason is not effective to ensure that an offer for sale of the Shares does not require disclosure to investors, the Company must no later than 20 Business Days after becoming aware of such notice being ineffective, lodge with ASIC a prospectus prepared in accordance with the Corporations Act and do all such things necessary to satisfy section 708A(11) of the Corporations Act to ensure that an offer for sale of the Shares does not require disclosure to investors.

Shares issued on exercise

Shares issued on exercise of the Options rank equally with the then issued shares of the Company.

Quotation of Shares issued on exercise

If admitted to the official list of ASX at the time, application will be made by the Company to ASX for quotation of the Shares issued upon the exercise of the Options.

Reconstruction of capital

If at any time the issued capital of the Company is reconstructed, all rights of an Option holder are to be changed in a manner consistent with the Corporations Act and the ASX Listing Rules at the time of the reconstruction.

Participation in new issues

There are no participation rights or entitlements inherent in the Options and holders will not be entitled to participate in new issues of capital offered to Shareholders during the currency of the Options without exercising the Options.

Adjustment for rights issue

In the event the Company proceeds with a pro rata issue (except a bonus issue) of securities to Shareholders after the date of issue of the Options, the Exercise Price may be reduced in accordance with the formula set out in ASX Listing Rule 6.22.2.

Adjustment for bonus issues of Shares

If the Company makes a bonus issue of Shares or other securities to existing Shareholders (other than an issue in lieu or in satisfaction of dividends or by way of dividend reinvestment):

• the number of Shares which must be issued on the exercise of an Option will be increased by the number of Shares which the Optionholder would have received if the Optionholder had exercised the Option before the record date for the bonus issue; and
• no change will be made to the Exercise Price.
• Unlisted

The Options will be unlisted options.

Transferability

The Options are non- transferable and subject to any restriction or escrow arrangements imposed by ASX or under

Applicable Australian securities laws.