Operational Update

NWQ Copper Mining Lease Application Advances Following Technical Approval - Operational Update

New Frontier Minerals Ltd (LSE and ASX: NFM) is pleased to provide the following operations update across its core projects, which include the NWQ Copper Project in Queensland, the Harts Range Heavy Rare Earths and Niobium Project in the Northern Territory, and the Pomme Rare Earth Element and Niobium Project in Québec, Canada.

Importantly, the Mining Lease Application (MLA) for the Big One Copper Deposit has successfully passed through the initial regulatory review and received technical assessment approval from the Queensland Natural Resources and Mines Department - a critical milestone in advancing the project toward potential near-term production.

NEW FRONTIER CHAIRMAN GERRARD HALL COMMENTED "New Frontier continues to advance its diversified portfolio of critical minerals projects, with the strengthening outlook for copper highlighting the strategic importance of the NWQ Copper Project. New Frontier will accelerate activities at the NWQ Project, which includes the Mining Lease Application at the Big One Copper Deposit, which has now received technical assessment approval, marking an important step toward potential near-term copper production utilising Austral Resources' Mt Kelly Processing Facility. With a strong working capital position of approximately A$2.62 million and additional funding expected from grants and R&D rebates, New Frontier is well positioned to advance its key projects."

Highlights

• The Mining Lease Application (MLA) at the Big One Copper Deposit has received technical assessment approval, marking a pivotal step toward potential near-term copper production utilising Austral Resources' Mt Kelly Processing Facility
• With growing global demand for copper, NFM will accelerate activities at its 100% owned North-

West Queensland (NWQ) Copper Project in parallel with its diversified rare earth strategy

• The Big One Copper Deposit hosts a mineral resource estimate to the standard of the 2012 JORC Code of 2.1Mt @ 1.1% Cu1, inclusive of surface stockpiles and near-surface copper oxide mineralisation from surface to 50m depth, where historical intercepts have returned grades of up to 28.4% Cu2
• Assessment of further resource drilling is being considered with the aim of extending known mineralisation at the Big One Copper Deposit, to build on strong historical intercepts:

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 29m3

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 37m3

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 9m3

• Continue assessment of Harts Range Project, including Tungsten potential and prioritisation of the remaining 40 untested Heavy Rare Earth geophysical targets16
• Undertake low-cost metallurgical test work on the Pomme REE-Niobium diamond core, incorporating both conventional processing pathways and tailored testing with Metallium's proprietary Flash Joule Heating (FJH) technology
• Strong working capital position, with approximately A$2.62 million as at 31 December 2025,17 with additional funds to come from Round 18 Greenfields Drilling Grant15 and R&D Rebate application activities
• Strengthening macro backdrop highlights the strategic importance of NFM's NWQ Copper Project in the Mt Isa region, positioning NFM to benefit from growing global demand for new copper supply

MINING LEASE APPLICATION - TECHNICAL ASSESSMENT APPROVED

The Big One Deposit hosts a JORC-compliant Mineral Resource Estimate of 2.1Mt @ 1.1% Cu (21,886t contained copper).1 Surface (indicated) stockpiles of 7,400t @ 1.2% Cu1 have been identified, supporting a low-strip, near surface development opportunity. NFM is specifically targeting additional stockpile material and mineralisation from 0 to 50m depth, where the high-grade near-surface copper zones are concentrated.

Subject to regulatory approvals, the Initial Development Plan proposes open-cut mining of near-surface copper mineralisation and transport of existing historical stockpiles to the Mt Kelly Processing Facility, operated by Austral Resources Ltd (ASX:AR1), under the existing Memorandum of Understanding.

COPPER STOCKPILES AND HISTORICAL INTERCEPTS

Selective grab sampling of the historical ex-mine stockpiles has returned copper grades ranging from 3.9% to 11.85% Cu, confirming the high-grade nature of near-surface mineralisation. Sulphuric acid leach test-work on these stockpile materials delivered indicative copper recoveries of up to 99%, supporting a conventional acid leach processing pathway at the Mt Kelly facility .4

The best historical drill intercepts from the Big One Deposit, which highlight the exceptional copper grade potential within the 0-50m target zone, include:

• BH 303RC: 40m @ 1.64% Cu from surface, including 11m @ 4.40% Cu from 24m, 5m @ 7.34% Cu from 28m, and 1m @ 16.65% Cu from 29m3
• BH 301RC: 44m @ 1.19% Cu from surface, including 14m @ 3.55% Cu from 27m, 3m @ 10.88% Cu from 37m, and 1m @ 12.6% Cu from 37m3
• BH BO017: 34m @ 1.51% Cu from surface, including 21m @ 2.25% Cu from surface, 12m @ 3.44% Cu from 3m, 6m @ 4.79% Cu from 3m, and 1m @ 9.4% Cu from 9m3

These intercepts demonstrate the potential for very high-grade copper up to 28.4% Cu2 in bonanza-grade intervals within the targeted 0-50m near-surface mining zone. Further, planned, resource drilling is expected to extend known mineralisation at the Big One Deposit to target both oxide and sulphide copper.

COPPER MARKET THEMATIC

NFM's NWQ Copper Project sits within this highly favourable macro backdrop. The Big One Deposit, located in the historical copper region of Mt Isa is one of the world's premier copper districts, in proximity to established major mining operations and hosts a JORC-compliant Inferred Mineral Resource of 2.1Mt @1.1% Cu, with near-surface, high-grade mineralisation targeted for near-term production.

The combination of record copper prices, a tightening global supply outlook, and NFM's advanced development pathway positions New Frontier well to benefit from copper's strengthening fundamentals.

Record Prices and a Tightening Market

Copper is experiencing a structural rerating. In 2025, the London Metal Exchange (LME) copper price surged approximately 40%, its strongest annual performance since 2009.5

Prices reached an intra-year peak of US$12,960/t on the LME and US$14,527.50/t on COMEX in January 2026.6 Major investment banks have markedly upgraded their price outlooks: J.P. Morgan projects copper to average approximately US$12,075/t in 2026,7 while Goldman Sachs forecasts the LME price will reach US$15,000/t by 2035.8

Structural Demand Drivers - Electrification, EVs and AI

Copper's demand profile is being fundamentally reshaped by three intersecting megatrends: the global energy transition, electrification of transport, and the rapid build-out of artificial intelligence (AI) infrastructure. Electric vehicles (EVs) related copper demand is forecast to grow from approximately 2.3 million MT in 2025 to 6 million MT by 2035.18 Grid upgrades and power infrastructure alone are projected to drive more than 60% of copper demand growth through to 2030.8 Data centre copper demand is anticipated to reach approximately 475,000 MT in 2026, up approximately 110,000 MT year-on-year.9 Bloomberg NEF's Transition Metals Outlook 2025 projects that copper demand tied to the energy transition could triple by 2045, with the market potentially entering a structural deficit as early as 2026.10

Supply Constraints and a Looming Deficit

The supply side of the copper market faces acute and worsening constraints. The International Copper Study Group (ICSG) forecasts refined copper use will grow 2.1% to 28.73 million MT in 2026, outpacing production growth and resulting in a market deficit of approximately 150,000 MT.11 J.P. Morgan estimates

the 2026 refined copper deficit at approximately 330,000 MT.12 Three of the world's ten largest copper mines - Grasberg (Indonesia), Kamoa-Kakula (DRC), and El Teniente (Chile) - experienced significant disruptions in 2025 and early 2026, collectively removing hundreds of thousands of tonnes from the anticipated supply outlook.13 New mine development has a multi-year lead time, and without major new investment in mines and recycling, Bloomberg NEF estimates the cumulative supply deficit could reach 19 million tonnes by 2050.14

HARTS RANGE PROJECT

Ongoing activities at the Harts Range Project will include field and historic data assessment of its tungsten potential and ongoing evaluation of the remaining 40 geophysical targets identified by Southern Geoscience Consultants. These anomalies represent high-priority targets that require follow-up for prospectivity analysis and consideration for the next phase of exploration.

A key area of interest for the upcoming exploration phase is the Kings Cross Prospect, located in the southern part of tenement EL32513. Recent airborne geophysical surveys identified a prominent local magnetic anomaly at Kings Cross (507884 E, 7442739 N; GDA94, MGA Zone 53), with preliminary review of the magnetic data by Southern Geoscience Consultants reveals a large and prominent magnetic feature, approximately 150-200m in diameter and extending to 150-200m depth.

POMME REE-NIOBIUM PROJECT

New Frontier is planning to undertake metallurgical test work at the Pomme REE-Niobium Project, from existing diamond core for comprehensive testing by Metallium Ltd (ASX:MTM). The program will be a low-cost technical exercise to evaluate both conventional processing pathways and tailored testing using MTM's proprietary Flash Joule Heating (FJH) technology, supporting mineralogical characterisation and optimisation of the processing pathway for the project, over which NFM holds an exclusive option to acquire up to 90%.

CORPORATE UPDATE

Strategic Prioritisation: The Board and Management are prioritising the advancement of NFM's project portfolio to maximise shareholder value. With growing global demand for copper, New Frontier's immediate focus is the NWQ Copper Project, its most advanced brownfields asset located in the world-class Mt Isa Copper Belt, followed by continued exploration at the Harts Range Heavy Rare Earths, Niobium and Tungsten Project and the Pomme REE-Niobium Project. Further updates will be provided as these programs progress.

Working Capital: As of 31 December 2025, New Frontier holds total cash, deposits and shares of approximately A$2.62 million, comprising cash and bank deposits and listed equity holdings. New Frontier considers its working capital position adequate to fund near-term operational activities and exploration commitments.17

Greenfields Drilling Grant: NFM is in the final stages of receiving a Round 18 Greenfields Drilling Grant in relation to its recent Harts Range RC Drill Program. This grant, administered through the Northern Territory Government's co-funded drilling initiative, supports New Frontier's ongoing commitment to advancing Greenfields exploration at the Harts Range Project.15

R&D Tax Rebate: NFM is in the final stages of applying for an R&D tax rebate in respect of novel exploration activities undertaken during the last financial year. If successful, this would provide a further contribution to the New Frontier's working capital position.

NEXT STEPS AND STRATEGY

• Prioritise development of the NWQ Copper Project through the advancement of the Big One (MLA) and strategic alliance and processing agreement with Austral Resources. Continue engagement with the Queensland Natural Resources and Mines Department and progress preparatory earthworks subject to approvals and assessment of near-surface (0-50m) mining areas and historical oxide stockpiles.
• Review and evaluate the tungsten potential at Harts Range and commence the next phase of exploration targeting Heavy Rare Earth Elements (HREE) and tungsten across the tenements, including follow-up of the remaining 40 geophysical targets identified by Southern Geoscience Consultants.
• Undertake conventional metallurgical and tailored Flash Joule Heating (FJH) test work on Pomme REE-Niobium diamond core samples to advance understanding of processing pathways.

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

1 Jensen D., ASX Release: Maiden Mineral Resource Estimate 2.1Mt @ 1.1% Cu (21,886t) for Big One Deposit, Castillo Copper Limited, 28 February 2022.

2 Castillo Copper Limited (ASX: CCZ), ASX Release: Historic drill data verifies grades up to 28.40% Cu from <50m in supergene ore at Mt Oxide pillar, 14 January 2020. Key intercept: B07 - 1m @ 28.40% Cu from 44m (1993 WME RC drilling campaign; supergene oxide mineralisation).

3 Castillo Copper Limited (ASX: CCZ), ASX Release - Major copper discovery at Big One Deposit extended, 10 February 2021.

4 New Frontier Minerals Limited, ASX Announcement - Copper Recovery Testing Supports Mt Kelly Pathway and MOU with Austral Resources, 3 July 2025. Assays from 12 selective grab samples (ALS Job MI25159989): copper grades 3.9% to 11.85% Cu; sulphuric acid leach recoveries 83.18% to 99.09% Cu.

5 Mining.com, "Copper's tight supply and tariff risks set for a volatile 2026", 22 December 2025; Fortune, "Copper records biggest annual gain since 2009 on supply bets", 31 December 2025.

6 Disruption Banking, "Are Copper Prices About to Surge?", 9 March 2026. LME intra-year peak US$12,960/t (December 2025); COMEX peak US$14,527.50/t (January 2026).

7 J.P. Morgan forecasts copper prices could reach US$12,500/t in Q2 2026 and average ~US$12,075/t in 2026, driven by a projected refined copper deficit of ~330 kt in 2026

8 Goldman Sachs Research, "Copper Prices Are Forecast to Decline Somewhat from Record Highs in 2026", December 2025. Grid and power infrastructure projected to drive >60% of copper demand growth to 2030.

9 J.P. Morgan Global Research. Data centre copper demand estimated at ~475,000 MT in 2026, up ~110,000 MT year-on-year.

10 Bloomberg NEF, Transition Metals Outlook 2025, as cited in Mining.com, "Copper price tops $12,000 for first time on tariffs, supply woes", 23 December 2025.

11 International Copper Study Group (ICSG), as cited in Investing News Network, "Copper Price Update: Q2 2025 Review", December

2025. Refined copper use forecast to grow 2.1% to 28.73Mt in 2026, deficit ~150,000 MT.

12 J.P. Morgan Global Research, "Copper Market Outlook". Global refined copper deficit projected at ~330,000 MT in 2026.

13 Benchmark Mineral Intelligence; Disruption Banking, March 2026. Disruptions at Grasberg (Indonesia), Kamoa-Kakula (DRC) and El Teniente (Chile) collectively removed hundreds of thousands of tonnes from the 2025-26 supply outlook.

14 Bloomberg NEF, Transition Metals Outlook 2025, as cited in Mining.com, December 2025. Cumulative copper supply deficit

projected at ~19Mt by 2050 absent major new mine investment and recycling.

15 Northern Territory Government, Geophysics and Drilling Collaborations (GDC) Program - Round 18 Successful Projects, announced

12 June 2025. Available at: resourcingtheterritory.nt.gov.au/gdc/current-round-successful-projects. New Frontier Minerals Limited listed as a successful recipient in the Greenfields Drilling category.

16 New Frontier Minerals Limited, 2025. Geophysical interpretation identifies 46 HREE-Nb-U priority targets at Harts Range, NT. ASX Announcement, 31 March 2025.

17 New Frontier Minerals Limited, 2026. Quarterly Activities Report for the Period Ending 31 December 2025. ASX/LSE Announcement, 30 January 2026.

18 S&P Global, 2026, Copper in the Age of AI: Challenges of Electrification, S&P Global Energy & Market Intelligence, January 2026

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.