Binding Option to Acquire Advanced REE Project

New Frontier Minerals Ltd (LSE and ASX: NFM) is pleased to announce that it has entered into a binding option and earn-in agreement providing NFM with the right to acquire a majority (90%) interest in the Pomme REE Project from Australian-listed company Metallium (ASX: MTM), which is located approximately 500 km northwest of Montréal in Québec around 100 km from the service town of Lebel-sur-Quévillon. The Pomme Project consists of 43 mineral claims, covering 2,400 ha. NFM holds the exclusive and binding option to acquire 90% of the Pomme REE-Nb project.

Highlights

• Binding option and staged earn-in agreement executed to acquire 90% of the Pomme Project, which is a large carbonatite-hosted Rare Earth Element (REE) and Niobium (Nb) Project in Québec
• Strategic alignment and acquisition from Metallium Limited (ASX: MTM) deepens the Harts Range vertical integration1 and adds a complementary Canadian asset to create a western world jurisdictional partnership
• Metallium to assist as processing and technology partner, supporting metallurgical test work and downstream development
• Initial activities will target conventional metallurgical studies work and Flash Joule Heating (FJH) test work on existing drill samples to assess the potential for upgrading REE mineralisation
• Limited wide spaced scout drilling undertaken to date with high grade known mineralisation and large areas remaining untested from reconnaissance drilling
• Pomme REE Carbonatite key historical intercepts2,8 include:

o Drillhole POM-23-03: 398m @ 0.54% TREO & 0.05% Nb2O5 from 16m, including:

§ 30.5m @ 1.13% TREO & 0.03% Nb2O5 (from 311.5m) including

26.5m @ 1.45% TREO & 0.02% Nb2O5

§ 51m @ 0.92% TREO & 0.06% Nb2O5 (from 216m) including

• 9m @ 1.21% TREO & 0.03% Nb2O5 and
• 8.5m @ 1.62% TREO & 0.03% Nb2O5

§ 36m @ 0.92% TREO & 0.06% Nb2O5 (from 174m) including

18m @ 1.16% TREO & 0.03% Nb2O5

o Drillhole POM-23-01: 513m @ 0.33% TREO & 0.08% Nb2O5 from 32m, including:

§ 17.5m @ 0.68% TREO & 0.08% Nb2O5 (from 228.6m) including

7.6m @ 0.9% TREO & 0.02% Nb2O5, and

o 94.8m @ 0.55% TREO & 0.05% Nb2O5 (from 333.5m) including

§ 4.5m @ 1% TREO & 0.02% Nb2O5, and

§ 4.9m @ 1.1% TREO & 0.02% Nb2O5, and

§ 4.25m @ 1.28% TREO & 0.02% Nb2O5, and

§ 17m @ 0.72% TREO & 0.06% Nb2O5

• The project comprises easily accessible claims via logging roads, has access to hydro-electric power, relatively flat topography, and is supported by extensive mining infrastructure and services2
• Low cost upfront consideration A$100,000 cash and A$200,000 in shares with contingent payments to earn a majority project interest through staged investment and technical milestones
• Government support and existing arrangements with local Cree First Nations of Waswanipi (CFNW) community2
• NFM (OTCQB:NFMXF) has engaged New York-based Viriathus Investor Advisory to expand its profile and actively promote the Company to US investors and capital markets

Chairman Gerrard Hall commented: "This transaction materially advances NFM's critical minerals strategy. Pomme is a large, carbonatite-hosted REE system in a proven Québec district, with historical drilling having already confirmed scale and continuity. The earn-in structure provides a capital-efficient pathway for growth, while early integration of Metallium as processing and technology partner further enhances the opportunity. The Board believes Pomme's scale, location and upside strongly position NFM to deliver meaningful shareholder value."

John Hannaford, Chairman of Metallium, said: "We are delighted to partner with NFM in advancing and unlocking the full potential of the Pomme rare earths project. New Frontier brings strong exploration capability and a disciplined, value-driven approach to discovery, which we believe can materially enhance the scale and quality of the mineralised system. When combined with Metallium's proprietary processing technologies and a comprehensive metallurgical test-work program, this partnership has the potential to support value uplift across both the resource and downstream development pathways."

POMME CARBONATITE REE PROJECT

The Project is located approximately 500 km northwest of Montréal in Québec, around 100 km from the service town of Lebel-sur-Quévillon, approximately 50 km west of the Waswanipi Cree First Nation community, and benefits from easy access via established logging roads (Figure 1)2. The Project comprises 43 mineral claims, covering approximately 2,400 ha area and is located 7km from the world class Montviel Deposit, which has a total Indicated and Inferred resource of 266 Mt @ 1.46% TREO and 0.14% Nb2O5.

Figure 1: Regional location map showing Pomme Project, in Québec, Canada2

MTM Critical Metals (a 100% subsidiary of ASX:MTM) has completed a 13-hole diamond drilling program totalling approximately 5,718 metres at its Pomme Rare Earth Element and Niobium Project in Québec, Canada2. Carbonatite-hosted REE-Nb mineralisation was intersected in every drill hole, confirming the presence of a large, laterally extensive mineralised system exceeding 2 km² that remains open at depth (Figure 2).

The historic work program has significantly advanced the geological understanding of the complex, with early interpretations indicating that higher-grade mineralisation occurs within a ring structure surrounding a magnetic ultramafic carbonatite core.

Drill holes POM-23-03, POM 23-01 and POM 23-07 to the southwest of the mineralised carbonatite returned broad mineralised intervals with multiple high-grade TREO intersections, supporting strong geological similarities to the nearby world-class Montviel carbonatite deposit.

Importantly, large portions of this prospective ring structure remain untested due to the broad drill spacing, presenting clear potential for further discovery through follow-up drilling.

Figure 2: MTM scout drilling at the Pomme Project area overlain on airborne magnetic image (TMI, 1VD)

STRATEGY AND DEVELOPMENT OPPORTUNITY

The Pomme Project provides NFM with a highly capital-efficient, low-risk entry into a strategically located Canadian rare earth asset via a two-year option structure requiring upfront consideration of A$100,000 in cash and A$200,000 in NFM shares and minimum annual expenditure of A$100,000 per annum during the option period. This staged earn-in framework enables NFM to progressively earn a majority (90%) interest through defined technical and investment milestones, significantly limiting upfront capital exposure while preserving substantial upside.

• Initial work programs will focus on conventional metallurgical test work alongside the application of Metallium's proprietary Flash Joule Heating (FJH) technology to existing drill core, targeting the production of upgraded rare earth concentrates and early validation of a scalable, low-cost processing pathway that has the potential to materially enhance project economics.
• The Pomme Project presents compelling exploration upside, having been subject to only limited, widely spaced drilling to date, with drill lines approximately 500 metres apart2. Despite this early-stage drill density, high-grade rare earth element intersections have already been identified within a large, laterally extensive carbonatite system, highlighting the potential for significant growth through follow-up drilling targeting near surface higher grade zones of rare earth mineralistion.

The existing results indicate that higher-grade zones of mineralisation remain open, providing New Frontier Minerals with a strong opportunity to materially expand the scale and grade of mineralisation through systematic infill and step-out drilling programs.

METALLIUM TECHNOLOGY PARTNERSHIP

The acquisition deepens the Harts Range vertical integration with MTM1, adds a highly complementary Canadian asset, and creates a compelling Western-world partnership with MTM across Australia and Canada, delivering value for shareholders.

NFM's binding commercial framework with Metallium also establishes a strategic technology partnership that is directly applicable to the advancement of the Pomme REE-Nb Project in Québec. Under this framework, MTM's proprietary Flash Joule Heating (FJH) technology has demonstrated encouraging sighter beneficiation results on raw rare earth ore, producing high-grade, Dy/Tb-rich concentrates without conventional flotation, acid leaching or reagent-intensive processing.

The REE concentration enhancement and impurity rejection results observed through the aforementioned FJH test work indicate potential to support alternative downstream processing pathways for carbonatite-hosted rare earth projects such as Pomme, compared to conventional techniques. Alignment with MTM provides NFM with early integration of advanced metallurgical test work, access to MTM's Texas Technology Campus for testing, and a clear potential pathway to Western-aligned rare earth supply chains, including U.S. magnet and defence markets, reinforcing the strategic value of the Pomme Project within a vertically integrated rare earth development strategy.

NEXT STEPS

Preliminary metallurgical test work

Selection of diamond drill core for characterisation tests and accelerate metallurgical assessment on existing diamond core samples, utilising conventional metallurgical test work and tailored MTM Flash Joule Heating (FJH) processing technology to beneficiate and upgrade REE sample.

Model geology, drilling and target high-grade mineralisation

Integration of geological logging, assay results and geophysics into 3D model and identification of continuous higher grade zones for follow-up drilling.

OPTION AND EARN-IN TERMS

The Pomme Project consists of 43 mineral claims, covering 2,400 ha. New Frontier Minerals holds the exclusive and binding option to acquire 90% of the Pomme REE-Nb project from Metallium.

Key Terms Summary - Pomme Rare Earth Project Option & Earn up to 90% interest in the project tenements from Metallium Ltd (via its option to acquire 100% of Critical Element Exploration Pty Ltd, holder of the GeoMega option).

Option Terms and Earn-in Terms

Option Fee:

• A$100,000 cash (A$50,000 already paid as an exclusivity deposit)
• A$200,000 in NFM shares, (issued at 5-day VWAP, 6-months escrow)
• Option Period: Commences on access to historic drill samples for 24-month duration with exclusive rights to manage exploration and technical work during the option period

Stage 1 - Option Exercise (Initial Earn-In)

Upon exercise of the option at any time during the Option Period (subject to conditions precedent), NFM must pay the following option exercise fee:

• Cash: A$150,000
• Equity: A$200,000 in NFM shares (20-day VWAP, 6-month escrow)Result: Entry into Joint Venture and commencement of staged earn-in
• Minimum annual expenditure of A$100,000 per annum

Exercise of the Option is conditional upon the satisfaction (or waiver as applicable) of the following conditions precedent:

• Due diligence: completion of financial, legal and technical due diligence on the Tenements, to the absolute satisfaction of NFM;
• Third party approvals: the Parties obtaining all third party approvals and consents, necessary to lawfully complete the matters set out in this Agreement;
• Deeds of assignment and assumption: MTM, NFM executing a deed of assignment and assumption in relation to all material agreements;
• Joint Venture Agreement: the Parties entering into a definitive Joint Venture Agreement consistent with the terms and conditions set out in the binding Agreement;
• MTM and/ or its subsidiaries being the 100% legal and beneficial owner of the Tenements; and
• Technology Licence Agreement: MTM and NFM entering into a definitive Technology Licence Agreement consistent with the terms and conditions set out in the binding Agreement;

(together, the Conditions Precedent).

Stage 2 - JORC Resource Milestone (within 3 years)

• Minimum Spend: A$2.0 million
• Interest Earned: 80% project interest
• Milestone Payment: A$250,000 cash and A$250,000 in NFM shares (20-day VWAP, 6-month escrow) upon earning an 80% interest

Stage 3 - Pre-Feasibility Study Milestone (within 5 years)

• Minimum Spend: A$3.0 million
• Interest Earned: 90% project interest
• Milestone Payment: A$250,000 cash and A$250,000 in NFM shares (20-day VWAP, 6-month escrow) upon earning a 90% interest

Residual Interest & FJH Royalty

• Vendor retains 10% free-carried interest to DFS
• If diluted below 10%, interest converts to a 1.5% NSR royalty on material processed through Metallium's FJH facility
• Existing third-party royalties (GeoMega/Niogold) remain in place

Technology Alignment

• Metallium retains ownership of its Flash Joule Heating (FJH) processing technology
• Parties may enter into a separate technology licence agreement, including per-tonne fees, annual licence fees, and royalties (commercial terms to be negotiated)

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

REFERENCES

• 18 November 2025 - NFM ASX Release "Binding Commercial Framework with Metallium Post Exceptional Heavy Rare Earth Results from Harts Range"
• 4 October 2023 - MTM ASX Release "Investor Update Presentation Deck Exploration Success at the Pomme REE-Nb Project in Québec"
• 28 September 2023 - MTM ASX Release "High grade total rare earth element oxide (TREO) drilling results returned over significant widths at the Pomme REE-Nb Project, Québec"
• 9 October 2023 - MTM ASX Release "Pomme Project drilling returns more rare earths intercepts. Assay results up to 2.72% (27,200ppm) TREOs"
• 24 October 2023 - MTM ASX Release "Pomme Project drilling identifies new zones of rare earth and niobium mineralisation"
• 15 November 2023 - MTM ASX Release "Pomme Project drilling identifies new zones of rare earth and niobium mineralisation within carbonatite complex"
• 3 January 2024 - MTM ASX Release "New broad zones of REE-Niobium mineralisation identified within Pomme Project carbonatite complex"
• ALS Canada lab assay results, Montreal, QC, Canada - job certificate VO23203086 (10 September 2023)

ASX Listing Rule 5.23.2

APPENDIX A - POMME PROJECT DRILL HOLE DETAILS

Notes:

• Coordinate system North American Datum 1983 (NAD 83), UTM Zone 18 EOH - End of Hole

APPENDIX B - SIGNIFICANT DRILL INTERSECTIONS

Drill Hole POM-23-01

Notes:

• Downhole intervals shown, true width not known. Appropriate rounding of grade values has been applied.
• TREO (Total Rare Earth Oxide) grade includes CeO2, Dy2O3, Er2O3, Eu2O3, Gd2O3, Ho2O3, La2O3, Lu2O3, Nd2O3, Pr6O11, Sm2O3, Tb4O7, Tm2O3, Yb2O3 and Y2O3 and is calculated using standard oxide conversion factors for each element (see Appendix C).
• Nd+Pr (Neodymium-Praseodymium or NdPr) includes Nd2O3 and Pr6O11. Shown as a percentage of TREO. Significant intersections are based on 1,000ppm, 2,000ppm, 5,000ppm and 10,000ppm TREO cut-off grades with up to 2 consecutive samples of internal dilution.

APPENDIX C - JORC Compliance Tables Section 1 Sampling Techniques and Data

Criteria JORC Code Explanation Commentary Sampling techniques · Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling. · Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. · Aspects of the determination of mineralisation that are Material to the Public Report. · In cases where 'industry standard' work has been done this would be relatively simple (eg 'reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay'). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information. · Diamond drilling was used to obtain a continuous rock core from the base of cover to end of hole (EOH). · Half-cut diamond drill core sampling with a diamond core saw to obtain samples for assay. · Samples typically represent 1.5 metres length downhole, with adjustments for geological boundaries. · In the laboratory, samples are crushed, then pulverised to a nominal 85% passing 75 microns to obtain a homogenous sub-sample for assay. · Sampling was carried out using standard protocols and QAQC procedures and is considered industry-best practice. Drilling techniques · Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc). · Diamond drilling technique was employed. · NQ core size (core diameter 47.6 mm). · Standard inner tube core recovery method. · Drill core was not oriented. Drill sample recovery · Method of recording and assessing core and chip sample recoveries and results assessed. · Measures taken to maximise sample recovery and ensure representative nature of the samples. · Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material. · Core is routinely measured and compared with drilling depth to assess recovery. · Recovery is excellent, typically 100%. · There is no apparent relationship between recovery and grade. Logging · Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. · Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography. · The total length and percentage of the relevant intersections logged. · Drill core has been geologically logged to a level of detail to support appropriate future Mineral Resource estimation. · Logging is qualitative in nature. · pXRF readings have been routinely taken to confirm REE mineralisation is present and calibrate visual mineralisation estimates. · Core photography has been routinely undertaken.

• 100% of the drill core and the relevant mineralisation intersections have been logged. · Drill core is currently stored at the field camp site.

Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

· The carbonatite is characterised by a prominent, ellipsoidal, km-scale magnetic anomaly that is similar in character and magnitude to the nearby Montviel carbonatite intrusive located 7km to the south. · The carbonatite complex is composed of four main intrusive carbonatitic rock types: silicocarbonatite, calciocarbonatite, ferrocarbonatite and ultramafic silicocarbonatite. · The carbonatite complex is undeformed, but magmatic and/or hydrothermal breccia intervals are frequently observed in every carbonatite unit with different levels of intensity. · Two general types of REE mineralisation are recognised in the current drill holes. The first is present as interstitial, relatively coarse fluoro-carbonate mineralisation. The second type of mineralisation occurs as pervasive phosphate mineralisation (alteration-replacement). · The host rock units intersected on the margins of the carbonatite complex are altered wacke and/or mudstone (metasediments) part of a volcano-sedimentary sequence. Metasediments intervals are frequently defined by a foliation/ lamination, and locally disturbed bedding. Contact zones seems to be very gradual in character, with carbonatite intrusions decreasing in abundance over several hundred of metres.