Quarterly Report

New Frontier Minerals Ltd (LSE and ASX: NFM) is pleased to announce its quarterly activities report for the period ending 30 September 2026.

QUARTERLY HIGHLIGHTS

NWQ Copper Project

Assay results from the May 2026 field programme at the historical Mt Storm prospect confirmed high-grade copper at surface, with pit and dump samples returning up to 6.88% Cu

Sequential leach testing confirmed high recoveries of sulphuric acid-soluble copper, supporting potential amenability to conventional acid-leach processing

NFM's geological team returned to Mt Storm in late July 2026 to complete detailed geological mapping to assist in the development of a future drill programme

A prospectivity review of more than 20 copper prospects across the 977 km2 NWQ tenement package ranked the Eldorado Prospect as the second highest priority target behind the flagship Big One Deposit

Eldorado hosts at least three interpreted zones of anomalous copper over a 5 km structural corridor inferred to be associated with the Dorman Fault Zone

Harts Range Heavy Rare Earths Project

Independent modelling by Southern Geoscience Consultants (SGC) defined an untested bedrock conductor approximately 240 m below surface within NFM's 100%-owned EL 34147, interpreted as prospective for copper-nickel mineralisation

The conductor is located approximately 3.5 km south of the Kings Cross magnetic anomaly and within 40 km of the C2 conductor identified through BHP Xplor-backed research

The target was generated from Geoscience Australia's publicly available pre-competitive AusAEM dataset, with no data acquisition costs

Pomme REE-Nb Project

Characterisation and metallurgical studies on existing Pomme drill core, utilising conventional metallurgical testwork and Metallium Limited's proprietary Flash Joule Heating (FJH) technology, target a pathway to produce higher-grade REE concentrates as a key catalyst to unlocking the economic potential of the Project

Corporate

Cash and liquid investments of A$1.22 million at 30 September 2026 (cash A$0.94m plus ASX-listed shares ~$0.28m)

An R&D Tax Incentive refund of approximately A$303,000 is expected to be received in November 2026, further strengthening the Company's cash position

2026 Annual Report released on 29 September 2026, with the Annual General Meeting to be held in Perth on 26 November 2026

NWQ COPPER PROJECT

The September Quarter saw material progress at the 100%-owned NWQ Copper Project, situated approximately 150 km north of Mt Isa in Queensland within one of Australia's premier copper provinces. Activity during the Quarter centred on the receipt and reporting of high-grade copper assays from the historical Mt Storm prospect, follow-up geological mapping at Mt Storm, a prospectivity review across the NWQ tenement package highlighting Eldorado as a priority target, and continued assessment of the Big One deposit.

Mt Storm – High-Grade Copper Assays

On 13 July 2026, New Frontier reported assay results from the May 2026 field programme at the Mt Storm Copper Prospect, located within EPM 27440. Eight rock chip and grab samples were submitted to ALS Perth for four-acid digest multi-element analysis (ME-MS61R) and sequential copper leach analysis (PH06).

Copper values for pit and dump samples ranged from 0.49% to 6.88% Cu, with the higher-grade samples also associated with minor anomalous silver, cobalt, nickel and zinc. The highest-grade sample, MTS_GS003 (6.88% Cu total), reported 6.83% Cu in the sulphuric acid-soluble fraction, indicating that the contained copper is dominantly hosted in oxide and secondary copper minerals potentially amenable to conventional acid-leach processing. Country rock returned background values of 8–70 ppm Cu, providing clear geochemical contrast with the mineralised material.

Historical small-scale mining at Mt Storm extracted approximately 1,100 t of ore at a head grade of circa 6% Cu, with historical pit sampling returning up to 10.4% Cu across a 0.6 m interval. The Mt Storm workings lie on the southern edge of a steeply dipping porphyritic syenite dyke exposed over more than 750 m of strike, with copper-cobalt-gold mineralisation interpreted to be structurally controlled along the dyke contact. There is currently no drilling to test down-dip extensions. Mt Storm is located approximately 8 km from the Big One Deposit and ~75 km north of Austral's Mt Kelly processing facility.

Mt Storm – Follow-Up Geological Mapping

In late July 2026, NFM's geological team returned to Mt Storm to undertake detailed geological mapping of the prospect. The programme focused on tracing the porphyritic syenite dyke and its contact zones along strike, and mapping the orientation and continuity of the mineralised structures exposed in and around the historical workings. The mapping will refine the geological model of the structurally controlled mineral system and assist in the development of any future drill programme at Mt Storm.

NWQ Prospectivity Review – Eldorado Priority Target

On 24 August 2026, New Frontier released the results of a systematic prospectivity review across the 977 km2 NWQ tenement package, ranking more than 20 identified copper prospects on a combined prospectivity and certainty score basis. The Big One Deposit ranked as the highest priority target (Prospectivity: High, Certainty: D), followed by the Eldorado Prospect (Prospectivity: High, Certainty: C). Valparaisa, Boomerang and the historic Mt Storm Copper Mine rounded out the top five ranked targets.

The Eldorado Prospect, within EPM 26525, hosts a large copper-in-soil and rock chip geochemical anomaly within the Surprise Creek Formation. A total of 1,140 historical soil samples have been collected across three localities within the prospect. Pacminex soil sampling outlined an anomalous copper-in-soil footprint of approximately 500 m by 200 m with a maximum of 310 ppm Cu, while rock chip sampling has returned values of up to 5,400 ppm Cu. Thematic mapping identifies at least three interpreted zones of anomalous copper and gold over a 5 km north-north-east trending structural corridor.

The elevated rock chip results at Eldorado South extend across a 320 m by 600 m area located 450 m north-east of the historic Epsilon Mine workings. Eldorado South and North also hosts the largest Exploration Target within the NWQ Copper Project, ranging from 3.0 Mt to 13.3 Mt at 0.3% to 0.6% Cu (refer Table 1).

The Eldorado Prospect is interpreted to be associated with the Dorman Fault Zone. New Frontier recommends progressing reconnaissance work at Eldorado, including structural interpretation and potential ground geophysics, to refine and prioritise drill-ready targets.

The Big One Deposit hosts a JORC 2012 Inferred Mineral Resource Estimate of 2.1 Mt at 1.1% Cu for 21,886 tonnes of contained copper (refer Appendix B). Big One, Eldorado and Mt Storm represent 3 of 14 prospects evaluated as Exploration Targets (ranging from 12–58 Mt @ 0.3–1.5% Cu, representing circa 50,000–473,000t of contained copper) across the wider NWQ Copper Project, prepared in accordance with Clause 17 of the 2012 JORC Code.

Cautionary Statement: The Exploration Target referenced above is conceptual in nature. There has been insufficient exploration to estimate a Mineral Resource in respect of the Exploration Target tonnage, and it is uncertain whether further exploration will result in the estimation of a Mineral Resource. The potential quantity and grade of the Exploration Target are conceptual in nature, and investors should not rely on the Exploration Target alone in making investment decisions.

Strategic Alliance with Austral Resources

A formalised Memorandum of Understanding (MOU) between NFM and Austral Resources sets the foundation for a strategic alliance combining NFM's exploration expertise across the NWQ Copper Project with Austral's advanced copper processing facilities at Mt Kelly. The arrangement provides Austral with additional sources of high-grade copper ore feedstock, and NFM with a defined route to monetise exploration success without the capital outlay of stand-alone processing infrastructure.

Metallurgical test work on Big One stockpile material sent to Mt Kelly in 2025 returned up to approximately 99% compatibility with the Mt Kelly flowsheet under laboratory conditions, with preliminary copper recoveries of 83% to 99% and a number of samples exceeding 95% recovery. In May 2026, NFM and Austral geologists completed a joint site visit to the Big One Deposit and adjacent Big One North anomaly to inspect the local geology and stockpile material.

The high sulphuric acid-soluble copper component confirmed at Mt Storm during the Quarter, together with its location approximately 8 km from Big One and ~75 km north of Mt Kelly, supports the evaluation of Mt Storm as a potential additional source of oxide copper feed under the alliance. NFM continues to work with Austral on exploration-stage workstreams across the NWQ Copper Project.

HARTS RANGE HEAVY RARE EARTHS PROJECT

The Harts Range Heavy Rare Earths and Niobium Project is located approximately 140 km north-east of Alice Springs in the Northern Territory. The tenements form part of an emerging heavy rare earths province prospective for dysprosium, terbium and associated critical minerals, and remain highly prospective for HREE, niobium and tungsten mineralisation. The broader Harts Range belt is also emerging as a district-scale copper-nickel-PGE mineral system.

Untested Bedrock Conductor Identified – EL 34147

On 5 August 2026, New Frontier announced that independent modelling by Southern Geoscience Consultants (SGC) had defined a bedrock conductor within the 100%-owned EL 34147. SGC assessed Geoscience Australia's publicly available AusAEM airborne electromagnetic (AEM) dataset across the Project, including a 5 km buffer surrounding the tenement, and undertook two-dimensional (2D) plate modelling of the most significant anomaly.

The modelling identified a concealed bedrock conductor, modelled as a single flat-lying plate at an interpreted depth of approximately 240 m below surface and striking approximately 679 m in a north-north-west direction. SGC concluded the modelled conductor is prospective for copper-nickel mineralisation, representing a high-priority target for follow-up ground geophysical surveys and drilling. The target remains untested, with no ground electromagnetic surveys or drilling completed over the conductor to date.

The conductor is located approximately 3.5 km south of the Kings Cross magnetic anomaly, a discrete magnetic feature interpreted by SGC to be approximately 150–200 m in diameter and extending to a similar depth. The target was generated from Geoscience Australia's pre-competitive dataset, with no data acquisition costs to New Frontier.

District-Scale Validation – BHP Xplor-Backed Research

The modelled conductor sits within 40 km of the C2 conductor identified through BHP Xplor-backed research released by Litchfield Minerals (ASX: LMS) in June 2026. That research reframed the Harts Range region as an emerging district-scale nickel-copper-PGE province, and concluded that conductors of that style are not resolved in coarser regional datasets, so further conductors may remain undetected across the belt. The research relates to Litchfield's own tenure in the Harts Range region and is cited as regional geological context only; it does not constitute exploration results on New Frontier's tenements.

Target Inventory

The Harts Range Project hosts approximately 46 priority geophysical targets defined by SGC through integrated interpretation of airborne magnetic and geophysical signatures. To date, only 6 of these 46 targets have been drill-tested, through New Frontier's maiden reverse-circulation (RC) scout programme completed in early 2026. With approximately 40 priority targets remaining untested, together with the Kings Cross magnetic anomaly and the newly modelled EL 34147 conductor, evaluation of the Project's target inventory remains at an early stage.

POMME REE-Nb PROJECT

The Pomme REE-Nb Project is a large carbonatite-hosted rare earth element and niobium project located in Québec, Canada, in which New Frontier holds an exclusive and binding option to acquire up to a 90% interest from Metallium Limited (ASX: MTM). As announced on 9 June 2026, New Frontier is undertaking characterisation and metallurgical studies at the Project, comprising conventional metallurgical testwork followed by Metallium's proprietary Flash Joule Heating (FJH) testwork on existing drill core samples, to assess the potential to upgrade REE mineralisation.

Testing targets the mid-to-high-grade zones of REE mineralisation identified during previous scout drilling, including POM-23-03 (398m @ 0.54% TREO and 0.05% Nb2O5 from 16m, including 26.5m @ 1.45% TREO) and POM-23-01 (513m @ 0.33% TREO and 0.08% Nb2O5 from 32m). Early interpretations indicate higher-grade mineralisation occurs within a ring structure surrounding a magnetic ultramafic carbonatite core, with large portions of this ring structure remaining untested due to broad drill spacing.

Metallium Technology Partnership

Alignment with Metallium provides NFM with early integration of advanced metallurgical test work, access to Metallium's Texas Technology Campus for testing, and a clear potential pathway to Western-aligned rare earth supply chains - including US magnet and defence markets.

NEXT STEPS

NWQ Copper Project

Drill target preparation at the Big One Deposit, including follow-up mapping, sampling and structural interpretation to refine priority areas for future drilling

Progress reconnaissance work at Eldorado, including structural interpretation and potential ground geophysics, to refine priority drill targets

Incorporate the Mt Storm mapping outcomes into the geological model to assist in the development of any future drill programme

Continue collaboration with Austral Resources on the proposed toll treatment pathway and other exploration-stage workstreams

Harts Range Heavy Rare Earths Project

Review of NFM's existing magnetic, radiometric and geological datasets across southern EL 34147 for coincident structure, lithology and magnetic response

Reconnaissance mapping and rock-chip sampling along the projected surface position of the modelled conductor

Continued systematic evaluation and exploration of the remaining 40 untested priority geophysical targets, including the Kings Cross magnetic anomaly

Pomme REE-Nb Project

Existing diamond drill core to be used for characterisation studies and metallurgical assessment utilising conventional metallurgical testwork as well as Metallium Limited's proprietary Flash Joule Heating (FJH) processing technology to beneficiate and upgrade REE samples

CORPORATE ACTIVITY

Annual Report

On 29 September 2026, New Frontier released its Annual Report for the financial year ended 30 June 2026.

On 17 August 2026, New Frontier advised that fully paid ordinary shares had been released from escrow. Further information relating to the escrowed shares can be found in the ASX release dated 12 February 2026.

Annual General Meeting

Subsequent to the Quarter, on 7 October 2026, New Frontier advised that its Annual General Meeting will be held at 1.00pm (WST) on 26 November 2026 in Perth. The Notice of Meeting will be provided to shareholders in due course.

Strategic Prioritisation

FINANCIAL UPDATE

Quarterly Cash and Liquid Investments Position

Cash on hand and liquid investments at end of the quarter totalled $1.22 million (including cash on hand of $0.94 million and ASX listed shares, as noted below).

The Company anticipates receipt of an R&D Tax Incentive refund of approximately $303,000 in November 2026.

At reporting date, NFM holds 40 million Infinity Mining Limited (ASX: IMI) tradeable shares which have a total market value of ~$280,000 (40 million shares x $0.007 per share as at 30/09/2026) along with 20 million unlisted options (expiry 30/11/2029, strike $0.07).

Rehabilitation security bonds held at the end of the quarter totalled $125,000.

Securities on Issue at Quarter End

ASX LR 5.3.2

There were no substantive mining production and development activities during the quarter.

ASX LR 5.3.3

Refer to Appendix A for a copy of the tenement schedule.

ASX LR 5.3.4

Not applicable.

ASX LR 5.3.5

During the Quarter $72,000 was paid to related parties of the Company relating to non-executive and executive director fees and exploration consulting fees paid to an entity controlled by a related party.

To view Appendix 5B, which incorporates the quarterly cash flow report, click here:

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

References

Refer to NFM and MTM ASX announcements between 1 July and 30 September 2026 as applicable.

Disclaimers

ASX Listing Rule 5.23.2

APPENDIX A – TENEMENT SCHEDULE

Table 1: Mt Isa region in northwest Queensland

* Project claims are subject to the listed binding option and earn-in agreement.

APPENDIX B: RESOURCE TONNAGES – BIG ONE DEPOSIT

Notes:

Cut-off grade 0.45% Cu. Source: NFM geology team

Refer to ASX announcement dated 28 February 2022