Mining Lease Application at Big One Copper

New Frontier Minerals Ltd (LSE and ASX: NFM) is pleased to advise that the Mining Lease Application ("MLA") over the Big One Copper Deposit, part of the Company's NWQ Copper Project in north-west Queensland, has progressed into the technical assessment phase. The Queensland Natural Resources and Mines Department has confirmed completion of the initial regulatory review and is now undertaking a detailed technical assessment of the MLA.

Highlights:

• Mining Lease Application (MLA) over the Big One Copper Deposit has advanced into technical assessment, following completion of the initial regulatory review by the Queensland Natural Resources and Mines Department
• The Big One Copper Deposit hosts a JORC-compliant Mineral Resource of 2.1Mt @ 1.1% Cu [1], and an additional 7,000t @ 1.3% Cu of surface Indicated stockpiles, positioning Big One as a potential near-term cash flow opportunity [2]
• Established processing pathway identified via haulage to Austral Resources' Mt Kelly Processing Facility, subject to approvals and economics [3]
• Sulphuric acid leach test-work has delivered indicative copper recoveries of up to 99%, confirming suitability for conventional acid leach processing [4]
• Proposed initial activities would target near-surface copper mineralisation and the transport of existing historical stockpiles, supporting a low-strip, surface-based development approach
• Further resource drilling could potentially extend known mineralisation at the Big One Copper Deposit, where key historical intercepts included:

o BH 303RC: 40m @ 1.64% Cu from surface incl: 11m @ 4.40% Cu from 24m, 5m @ 7.34% Cu from 28m & 1m @ 16.65% Cu from 29m [5]

o BH 301RC: 44m @ 1.19% Cu from surface incl: 14m @ 3.55% Cu from 27m, 3m @ 10.88% Cu from 37m & 1m @ 12.6% Cu from 37m [5]

o BH BO017: 34m @ 1.51% Cu from surface incl: 21m @ 2.25% Cu from surface, 12m @ 3.44% Cu from 3m, 6m @ 4.79% Cu from 3m and 1m @ 9.4% Cu from 9m [6]

• The current copper upcycle has seen the copper price exceed US$12,500/t, driven by supply disruptions and strong demand associated with global electrification and the ongoing energy transition.

Chairman Gerrard Hall commented: "Advancement of the Mining Lease Application into technical assessment represents an important milestone for New Frontier. The Big One Deposit offers a compelling opportunity to potentially process NWQ ore at the existing Mt Kelly Facility, leveraging existing infrastructure and established processing pathways, while continuing to engage constructively with regulators."

BIG ONE DEPOSIT

The MLA for the Big One Deposit (Figure 1) represents a significant milestone, strengthening New Frontier's position across the broader NWQ Copper Project, which is located within a well-established district hosting multiple operating mines and development projects with access to regional infrastructure and processing facilities.

The MLA is supported by an Initial Development Plan outlining a potential open-cut mining scenario designed to test and extract near-surface copper mineralisation. Subject to approvals, preparatory earthworks are expected to commence in Q3 2026.

The development plan proposes mining and haulage to the Mt Kelly Processing Facility, operated by Austral Resources Ltd.

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

AUSTRAL RESOURCES - MEMORANDUM OF UNDERSTANDING

The MLA builds on the Memorandum of Understanding ("MoU") signed earlier this year between New Frontier and Austral Resources Ltd [2], which established a framework for evaluating toll treatment and ore supply opportunities at the Mt Kelly Copper Processing Facility (Figure 2). The lodgement and advancement of the MLA represents another step toward potential near-term development of the Big One Deposit within the broader NWQ Copper Project.

Sulphuric acid leach test-work conducted on material sourced from the Big One historical stockpiles has delivered indicative copper recoveries of up to 99%, confirming suitability for conventional acid leach processing [3]. The results indicate favourable mineralogy and rapid copper dissolution under standard conditions, supporting a simple, low-risk processing flowsheet and reinforcing the viability of toll-treatment via Austral's Mt Kelly Processing Facility.

Figure 2: Aerial view of Austral's Mt Kelly Copper Processing Facility

NEXT STEPS

• Continue engagement with the Queensland Natural Resources and Mines Department as the MLA advances through the technical assessment.
• Progress assessment of priority mining areas and historical stockpiles outside the current Mineral Resource Estimate.
• Receive and assess assay results from the Harts Range Heavy Rare Earths drilling program.
• Progress the proposed OTCQB listing in the United States, with the application submitted and approval pending.

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

• Maiden Mineral Resource Estimate 2.1Mt @ 1.1% Cu (21,886t) for Big One Deposit - ASX announcement, 28 February 2022. (Refer to Appendix).
• Surface assays increase priority copper target area at Big One Deposit - ASX announcement, 29 October 2024.
• Strategic alliance with Austral Resources to process NFM copper ore - ASX announcement, 21 January 2025.
• Copper Recovery Testing Supports Mt Kelly Pathway and MOU with Austral Resources - ASX announcement, 3 July 2025.
• Plans Underway to Fully Develop the Big One Deposit in the World-Class Mt Isa Copper Belt - ASX announcement, 14 May 2024.
• Major copper discovery at Big One Deposit extended - ASX announcement, 10 February 2021.
• NFM ASX Release - 2 December 2025
• NFM ASX Release - 18 November 2025
• NFM ASX Release - 13 November 2025

ASX Listing Rule 5.23.2

Reference Maiden Mineral Resource Estimate 2.1Mt @ 1.1% Cu (21,886t) for Big One Deposit - ASX announcement, 28 February 2022.