Tungsten at Harts Range and Pomme REE Advances

Pomme REE Advances

New Frontier Minerals Ltd (LSE and ASX: NFM) is pleased to provide an update across its critical minerals portfolio, including recent assay results from the inaugural scout drilling program at the Harts Range Project in the Northern Territory and the advancement of the Pomme Rare Earth Project in Québec, Canada.2

Highlights

• First-pass scout drilling has returned 1,237 ppm Tungsten Oxide (WO₃) over 4 m, including 1 m at 4,860 ppm WO₃ at the Bank Prospect6
• Elevated tungsten mineralisation confirmed at the Cusp Prospect with rock-chip assays returning up to 14,501 ppm WO₃, including 14,123 ppm, 13,492 ppm, 13,240 ppm, 12,988 ppm, 12,700 ppm, 12,546 ppm, 10,403 ppm, 10,300 ppm, 9,900 ppm, 9,600 ppm, 9,540 ppm, 9,507 ppm, 7,212 ppm and 5,939 ppm WO₃ (refer to Table 1)
• While Heavy Rare Earth Elements (HREE) and Niobium remain the primary focus at Harts Range, the emerging Tungsten mineralisation represents a significant additional upside to NFM's exploration strategy
• Six (6) of forty-six (46) priority geophysical targets (~13%) tested, with systematic prioritisation of the remaining 40 targets under review2
• Tungsten (Ammonium Paratungstate) benchmark price up over 430% in 13 months, driven by defence, manufacturing, China export controls and structural supply deficits7,9,10
• Pomme Rare Earth Project advancing as low cost North American growth initiative, requiring a minimum expenditure of A$200,000 over 24 months1
• Diamond core to be collected for conventional metallurgical testing, including Flash Joule Heating (FJH) evaluation with Metallium (ASX: MTM)
• Upcoming site visit to Metallium's Houston, Texas processing facility will support assessment of downstream processing pathways

Chairman Gerrard Hall commented: "Our recent drilling campaign at Harts Range, where 6 of 46 priority targets were tested, has confirmed the presence of tungsten. This is a strategically significant finding given the tightening global supply of the metal and its critical role in defence and advanced manufacturing. With benchmark prices up more than 430% in the past 13 months, the tungsten adds a valuable new dimension to the project. In parallel and driven by the growing demand for copper and continued bullish investor sentiment for the metal, management will prioritise the advancement of the highly prospective Big One Project, New Frontier's most advanced and near-term opportunity. There are also plans to advance work on the recently acquired Pomme Rare Earth Project, strengthening New Frontier's North American footprint, and supporting its further growth is the recent OTCQB listing."

HARTS RANGE PROJECT - DRILLING & ASSAY UPDATE

First-pass scout drilling of 27 reverse circulation (RC) holes for a total of 1,803m meters at the Harts Range Project is now complete (Figure 3). The inaugural drilling program has returned encouraging tungsten mineralisation at the Bank Prospect, which returned 1,237 ppm Tungsten Oxide (WO₃) over 4 metres, with a higher-grade interval of 1 metre within epidote altered amphibolite grading 4,860 ppm WO₃ from 132m depth.6

These drilling results support the occurrence of historic high-grade rock-chip samples and confirm the presence of tungsten mineralisation within the project area, highlighting the potential for additional tungsten occurrences within the broader mineralised system (refer Appendix D for full assay results).

Surface rock-chip sampling at the Cusp Prospect, ~300m south from Bank Prospect (Figure 1), has returned tungsten oxide values ranging from 5,930 to 14,501 ppm WO₃ (Barfuss) and 9,600 to 12,700 ppm WO₃ (NFM), further highlighting the presence of high-grade tungsten mineralisation at surface. These results, combined with the recent drilling intercept, support the interpretation that tungsten forms part of a broader multi-commodity mineral system at Harts Range (Table 1).5

The review of historical and recent rock chip sample data at Harts Range has identified multiple occurrences of high tungsten mineralisation associated with the pegmatites at the Cusp Prospect.

Table 1: Tungsten assays from historic Barfuss and NFM rock chip sampling at Cusp Prospect

Note: More detail is provided in Appendix C

While exploration at Harts Range has primarily focused on the project's HREE and niobium potential, the presence of tungsten mineralisation provides an additional strategic dimension to the project. New Frontier Minerals will continue to assess the tungsten potential as part of its ongoing exploration strategy.

LOCATION OF HIGH TUNGSTEN SAMPLES (CUSP PROSPECT)

Figure 1: Tungsten (WO3 ) Rock Chip Samples collected from Cusp Outcrop (Table 1).

Source: NFM Geology Team

TUNGSTEN MARKET CONTEXT

Tungsten is classified as a critical mineral by the United States, the European Union and Australia. The metal possesses the highest melting point of any element (3,422°C) and exceptional hardness in its carbide form, making it virtually irreplaceable in defence, advanced 8manufacturing, and semiconductor applications.

The benchmark ammonium paratungstate (APT) price has surged over 430% in 13 months, from approximately US$340 per metric tonne unit (MTU) in January 2025 to approximately US$1,750-1,850/MTU by February 2026 - the most significant tungsten price movement in the metal's modern trading history (Figure 27,9).

The rally has been driven by defence and manufacturing uses, and China's February 2025 export controls on tungsten products, which resulted in a reported 70% decline in Chinese APT exports. China accounts for approximately 82% of global primary supply, and concurrent mining quota reductions and declining ore grades have further constrained output.9

Figure 2: Tungsten APT Price - FOB China / CIF Rotterdam (88.5% WO₃ min, US$/MTU), 2020-2026. Sources: USGS Mineral Commodity Summaries (2025); Fastmarkets; BMO Global Commodities Research (2026); Core Consultants Group; Argus Media

Demand has been supported by increased global defence spending, semiconductor fabrication growth and sustained industrial consumption. The USGS ranked tungsten 9th among 84 mineral commodities for supply disruption risk in its 2025 Critical Minerals methodology, placing it in the "High" risk category. The United States has no domestic tungsten mining and remains fully reliant on imports and recycling.7

The global tungsten project pipeline remains thin following depressed prices between 2012 and 2024. Non-Chinese supply is limited, with analysts broadly expecting elevated prices to persist through 2026 and beyond, underpinned by structural supply deficits and geopolitical tensions around critical mineral supply chains.10

NFM's discovery of high-grade tungsten mineralisation at the Cusp Prospect, together with the drilling intercept at the Bank Prospect, positions the Harts Range Project favourably within this tightening global market.

Importantly, the inaugural scout drilling program has tested only 6 of the 46 priority geophysical targets (~13%) identified across the Harts Range tenure, highlighting the early-stage nature of exploration and substantial remaining upside2. Considering these results, an assessment and evaluation of the remaining targets will be undertaken to further improve NFM's understanding of the mineralised system and broader prospectivity of the Harts Range project (Figure 3).

Figure 3: Structural interpretation, prospects, and 46-priority geophysical targets

Note: Coordinate system is MGA1994 - Zone 53S

While the RC drilling program did not intersect significant Rare Earth Element (REE) grades, several drill samples returned materially elevated concentrations of incompatible elements associated with advanced magmatic fractionation.

The K/Rb ratio is a widely recognised index of pegmatite fractionation, with fertile granites capable of generating rare-metal pegmatites characteristically exhibiting K/Rb < 100.11,14 Sample NFM00410 (HRRC016, Paddington Prospect) returned 436 ppm Rb with a K/Rb ratio of 71, falling well below this threshold and within the range associated with highly evolved rare-element pegmatites. Sample NFM00266 (HRRC010, Cusp Prospect, Figure 4) returned 297 ppm Rb (K/Rb = 101) together with 173 ppm Y2O3 - the third-highest yttrium value in the entire 930-sample dataset. Sample NFM00064 (HRRC004, Cusp Prospect) returned 350 ppm Rb (K/Rb = 174). These rubidium concentrations are approximately 3-5 times higher than average upper continental crust (~90 ppm Rb), and 99% of all samples returned K/Rb ratios below the average upper crustal value of ~311.13

During progressive fractional crystallisation, rubidium preferentially partitions into the residual melt relative to potassium, driving K/Rb to progressively lower values.12,14 Depressed K/Rb ratios therefore serve as a direct indicator of late-stage magmatic evolution. The coincidence of low K/Rb ratios and elevated yttrium concentrations, when considered alongside confirmed HREE-bearing minerals observed at surface, demonstrates that the pegmatites intersected in drilling are highly evolved and geochemically favourable for HREE mineralisation.11,12

Figure 4: Harts Range prospect and drill collar location map

POMME RARE EARTH PROJECT

Pomme represents a capital-efficient entry into an advanced carbonatite-hosted rare earth system located in Québec, a Tier-1 mining jurisdiction with established infrastructure and a stable regulatory framework. Carbonatite systems globally are recognised for hosting large-tonnage rare earth deposits, and Pomme provides exposure to this deposit style within a strategically important North American setting1.

Under the existing earn-in framework, NFM is required to incur a minimum expenditure of $200,000 over 24 months to secure its interest. This structure provides low-cost exposure to resource growth and metallurgical optimisation potential while enabling staged technical evaluation prior to larger capital commitments.

Next steps will include the collection of representative diamond drill core samples for conventional metallurgical testing and evaluation utilising Metallium's (ASX: MTM) Flash Joule Heating (FJH) technology. The planned testwork will assess the compatibility of Pomme carbonatite material with advanced beneficiation pathways and provide additional data regarding concentrate characteristics and potential processing responses.

Additionally, geological modelling and integration of historical drilling, geophysical and assay datasets to refine understanding of mineralisation geometry and structural controls. This program is designed to support potential expansion of the existing Inferred Resource and improve targeting confidence for future drilling (Figure 5).

Subject to positive metallurgical outcomes, FJH evaluation has the potential to enhance project economics by improving concentrate quality and downstream optionality, although no conclusions can be drawn until testing is completed.

NORTH AMERICAN STRATEGIC AND CORPORATE ENGAGEMENT

NFM undertook a site visit in early February 2026 at Metallium's FJH facility in Houston as part of its broader technical due diligence and processing pathway assessment. The visit enabled direct observation of commercial-scale FJH operations and facilitated detailed technical discussions regarding processing flowsheets, scalability considerations and potential integration scenarios.

This engagement forms part of NFM's broader objective of assessing end-to-end development pathways, spanning Canadian resource growth through to potential U.S.-based upgrading and downstream market access, while maintaining flexibility around future processing decisions.

Having recently listed on the OTCQB (NFMXF), NFM will expand its US investor base with access to US capital markets through its listing, broadening exposure to a deep pool of US institutional and retail investors at a time of heightened global focus on critical minerals security.

NFM is also continuing to assess further opportunities to strengthen its presence in US capital markets, building on growing inbound interest from US-based investors focused on critical minerals and downstream integration.

Figure 5: MTM scout drilling at the Pomme Project area overlain on airborne magnetic image (TMI, 1VD)

NEXT STEPS

• Continue assessment of Harts Range drilling outcomes, including tungsten potential and prioritisation of the remaining 40 untested geophysical targets.
• Progress low-cost metallurgical testwork on drill core from the Pomme Project to evaluate material characteristics and potential processing pathways.
• Continue building US capital markets presence and investor engagement following OTCQB listing.
• Progress Mining Lease Application over The Big One Deposit3,4

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

REFERENCES

• 15 November 2023 - MTM ASX Release "Pomme Project drilling identifies new zones of rare earth and niobium mineralisation within carbonatite complex"
• Geophysical interpretation identifies 46 HREE-Nb-U priority targets at Harts Range, NT - ASX announcement, 31 March 2025
• Maiden Mineral Resource Estimate 2.1Mt @ 1.1% Cu (21,886t) for Big One Deposit - ASX announcement, 28 February 2022 (Refer to Appendix)
• Mining Lease Application lodged for Big One Copper Deposit - ASX announcement, 13 November 2025
• Historic assay results from the Harts Range Project - New Frontier Minerals internal dataset
• ALS Global assay results from the Harts Range Project - New Frontier Minerals internal dataset
• USGS Mineral Commodity Summaries 2025 - Tungsten, U.S. Geological Survey, January 2025.
• Final 2025 List of Critical Minerals - Federal Register, 7 November 2025.
• "Chinese tungsten product prices surge over 200% in 2025 amid export controls, fresh demand" - Fastmarkets, 15 January 2026.
• "Tungsten: The world has sleepwalked into a tungsten crunch" - BMO Global Commodities Research, February 2026
• Černý, P. and Ercit, T.S. (2005) - "The classification of granitic pegmatites revisited", The Canadian Mineralogist, 43(6), 2005-2026
• Černý, P., Meintzer, R.E. and Anderson, A.J. (1985) - "Extreme fractionation in rare-element granitic pegmatites: selected examples of data and mechanisms", The Canadian Mineralogist, 23(3), 381-421
• Rudnick, R.L. and Gao, S. (2003) - "Composition of the Continental Crust", Treatise on Geochemistry, Vol. 3, Elsevier, 1-64
• Selway, J.B., Breaks, F.W., and Tindle, A.G. (2005) - "A review of rare-element (Li-Cs-Ta) pegmatite exploration techniques for the Superior Province, Canada, and large worldwide tantalum deposits", Exploration and Mining Geology, 14(1-4), 1-30.

ASX Listing Rule 5.23.2

New Frontier Minerals Ltd confirms that it is not aware of any new information or data that materially affects the information included in this market announcement and that all material assumptions and technical parameters underpinning the estimates in this market announcement continue to apply and have not material

Appendix

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