Big One Site Visit &NWQ Project Tenement Expansion

New Frontier Minerals Ltd (LSE and ASX: NFM) is pleased to announce the upcoming site visit to the Big One Deposit with Austral Resources (ASX: AR1)7 and the application for approximately 585m2 (178 sub-blocks) adjacent and in close proximity to its existing NWQ Copper Project tenement package in north-west Queensland. The NWQ Project is situated approximately 150km north of Mt Isa in Queensland, within one of Australia's premier copper provinces.

NEW FRONTIER CHAIRMAN GERRARD HALL COMMENTED: "The upcoming site visit to the Big One Deposit with Austral Resources marks an important step in advancing our NWQ Copper Project, providing an opportunity to jointly assess existing stockpiles and near-surface copper mineralisation. This collaboration is expected to further refine our development strategy and supports a clear pathway toward potential copper production through utilisation of existing regional infrastructure under our Memorandum of Understanding with Austral Resources.

​In parallel, the submission of the tenement application strengthens our position around the NWQ Copper Project, consolidating our footprint within the highly prospective Mt Isa copper belt and aligning with our strategy to build a meaningful copper presence in one of Australia's premier base metal regions."

Highlights

• Under the existing MOU11, New Frontier has scheduled an early May site visit to the Big One Deposit with processing partner Austral Resources (ASX: AR1), to undertake a joint inspection of historical copper oxide stockpiles4 and evaluate near-surface mineralisation for drilling
• Advancing MOU with Austral Resources to evaluate planning for potential ore delivery and processing of Big One copper oxide material through the Mt Kelly facility7
• New Frontier expands its footprint at the NWQ Copper Project, in the Mt Isa region through the submission of new exploration applications for approximately 585m2 (178 sub-blocks), surrounding its existing tenure
• The new tenement applications have been selected for their proximity and geological continuity to NFM's existing tenure and leverages the Company's expertise to build on its Inferred Copper Resource (2.1Mt @ 1.1% Cu) at the Big One Deposit1

NWQ COPPER PROJECT SITE VISIT

NFM is pleased to advise that a site visit to the Big One Deposit is scheduled for early May 2026. Representatives from Austral Resources Ltd (ASX: AR1), will join the NFM team to assess historical copper oxide stockpiles and near-surface mineralisation targeted as part of the initial assessment. Austral's involvement reflects the collaborative nature of the processing partnership under the Memorandum of Understanding for the assessment of copper ore treatment at the Mt Kelly Processing Facility7.

Historic Copper Stockpiles

Previous inspection of the historical copper oxide stockpiles10 at the Big One included grab sampling from the ex-mine stockpiles which has previously returned copper grades ranging from 3.9% to 11.85% Cu, with sulphuric acid leach test-work delivering indicative copper recoveries of up to 99%, supporting a conventional acid leach processing pathway at the Mt Kelly facility (Figure 1).4

The joint inspection will allow both parties to assess the volume and grade of the stockpile material and evaluate planning for potential ore delivery and processing under the existing MOU7.

Big One Site Visit Assessment

Additionally, NFM's geology team will carry out field assessment of potential resource drilling locations across the Big One Deposit and surrounding areas (Figure 2). This work is a critical preparatory step ahead of potential drilling, with the objectives of extending the known mineralisation envelope, upgrading the current Big One Deposit JORC Mineral Resource Estimate of 2.1Mt @ 1.1% Cu1, and identifying additional high-priority drill targets within the 0-50m near-surface zone. The team will assess and document site access routes and logistical requirements to support a resource drilling campaign.

NFM considers this site visit a significant operational milestone, marking the Company's active transition from exploration to development planning at its most advanced asset. The Board is focused on advancing the Big One Deposit as rapidly as possible toward a production decision, and the outcomes of this visit will directly inform the Company's drilling program design and development timeline.

​Figure 1 and 2: Historical copper stockpiles10 (Location Figure 1: 335453 mE, 7880348 mN, MGA94-Z54S) and Big One Pit 1 (Location Figure 2: 335394 mE and 7880283 mN, MGA94-Z54S). For assay results, refer to ASX Announcement "Copper Recovery Testing Supports Mt Kelly Pathway and MOU with Austral Resources", 3 July 20254

NWQ COPPER PROJECT EXPANSION AND TENEMENT APPLICATION

NFM has submitted an application for approximately 585km2 (178 sub-blocks) at the NWQ Copper Project located in the world-class Mt Isa Inlier, within the Leichhardt River Fault Trough, the same structural corridor that hosts the Mt Isa, George Fisher (Hilton), and Lady Loretta base metal deposits9.

The tenure is directly adjacent to and in close proximity to New Frontier's existing NWQ tenement package (Figure 3). The application has been selected on the basis of geological continuity and close proximity in one of Australia's premier base metal provinces. The new tenement applications expand and consolidate New Frontier's existing landholding, leveraging NFM's technical expertise in the region and builds on the existing footprint and Inferred (2.1Mt @ 1.1% Cu¹) Copper Resource at the Big One Deposit.

Figure 3: NWQ Project (granted and application) tenements and mining license application area

AUSTRAL RESOURCES STRATEGIC ALLIANCE

A formalised Memorandum of Understanding (MOU) between New Frontier and Austral Resources was executed in January 2025 and sets the foundation for a strategic alliance to drive copper production and deliver shared benefits11. Combining NFM's exploration and mining expertise with Austral's advanced copper processing facilities at Mt Kelly, creates a scalable and competitive asset base. Under the agreement, Austral secures a consistent source of high-grade copper ore, while NFM fast-tracks its pathway to potential production.

The alliance prioritises the supply of copper ore from NFM's Big One Deposit, with the potential to expand to additional satellite targets within the NWQ Copper Project. Further metallurgical test work will be conducted to ensure NFM ore meets processing standards. The partnership also positions the alliance as a strong contender within a region dominated by leading global miners, offering strategic advantages and significant growth potential.

NWQ COPPER PROJECT BACKGROUND

New Frontier's 100% owned NWQ Copper Project is situated approximately 150km north of Mt Isa in Queensland, within one of Australia's premier copper provinces. The existing tenement package spans across five granted exploration permits (EPM 26574, EPM 26525, EPM 26462, EPM 27440 and EPM 26513).

NFM's tenure is surrounded by major explorers including Glencore, Rio Tinto Exploration, Fortescue Metals Group and Anglo American, in a region that also hosts active operations at Capricorn Copper, Mt Oxide, and Lady Annie. The Mount Gordon Fault, a major structural element in the Inlier, passes to the east of NFM's tenure and is directly associated with the Mt Oxide and Mt Gordon copper deposits.

The project hosts the Big One Copper Deposit, which carries a JORC 2012-compliant Mineral Resource Estimate (MRE) of 2.1Mt @ 1.1% Cu (21,886t contained copper)1, inclusive of surface stockpiles and near-surface copper oxide mineralisation from surface to 50m depth.

The Mining Lease Application (MLA) for the Big One Deposit has received technical assessment approval from the Queensland Natural Resources and Mines Department5. This is a pivotal regulatory milestone toward potential near-term copper production assessment utilising Austral Resources' (ASX: AR1) Mt Kelly Processing Facility under NFM's existing Memorandum of Understanding.7

The project is characterised by structurally controlled copper mineralisation and IOCG potential consistent with the Mt Isa copper-belt geological setting.

NFM's geology team has systematically applied mapping, geochemistry and geophysics across the project to define an Exploration Target range (to the standard of Clause 17 of the 2012 JORC Code) and is estimated as 12-58 million tonnes (Mt) @ 0.3-1.5% Cu, representing circa 50,000-473,000t of contained copper from 14 priority copper prospects6 across the existing tenure6 (Figure 4 and Appendix B).

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

• ASX Release: Maiden Mineral Resource Estimate 2.1Mt @ 1.1% Cu (21,886t) for Big One Deposit, Castillo Copper Limited, 28 February 2022.
• 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.
• Castillo Copper Limited (ASX: CCZ), ASX Release: Major copper discovery at Big One Deposit extended, 10 February 2021.
• New Frontier Minerals Limited, ASX Announcement: Copper Recovery Testing Supports Mt Kelly Pathway and MOU with Austral Resources, 3 July 2025.
• New Frontier Minerals Limited, ASX Announcement: NWQ Copper Mining Lease Application Advances Following Technical Approval - Operations Update, 17 March 2026.
• New Frontier Minerals Limited, ASX Announcement: Exploration Targets Demonstrates Significant Potential at NWQ Copper Project, 23 February 2026.
• New Frontier Minerals Limited, ASX Announcement: Strategic alliance with Austral Resources to process NFM copper ore, 21 January 2025.
• Biggs, M.S., and Reed G., 2022, NWQ Copper Project, Mt Isa Region, Queensland, Target Generation, unpublished report by ROM Resources and R3D Resources Limited for Castillo Copper Limited, October 2022.
• Southgate, P.N., Neumann, N.L. & Gibson, G.M. (2013). Depositional systems in the Mt Isa Inlier from 1800 Ma to 1640 Ma: Implications for Zn-Pb-Ag mineralisation. Australian Journal of Earth Sciences, 60(2), 157-173.
• New Frontier Minerals Limited, ASX Announcement: NWQ Copper bulk sample to Mt Kelly Processing facility, 22 May 2025.

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.