NFM advances NWQ Copper Project with Austral

New Frontier Minerals Limited / Index: ASX & LSE / Epic: NFM / Sector: Industrial Metals and Mining

18 May 2026

New Frontier Minerals Limited

("NFM" or the "Company")

NFM advances NWQ Copper Project with joint Austral Resources site visit to Big One and Mt Storm

New Frontier Minerals Ltd (LSE and ASX: NFM) is pleased to provide an update on the NWQ Copper Project following a joint field visit to 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 metal1), Big One North anomaly and the historical Mt Storm prospect, conducted with the geological team from strategic partner Austral Resources Ltd (ASX: AR1). The visit marks a further step in advancing exploration and the commercialisation pathway for the NWQ Project.

Highlights:

· Joint site visit completed by New Frontier and Austral Resources (ASX: AR1) geological teams to inspect the Big One Deposit and Big One North prospect

· Assessment of historical copper stockpile material and Big One Deposit to support the proposed toll treatment pathway under the existing MOU with Austral Resources

· Preliminary metallurgical test work4 returned strong sulphuric acid-soluble copper recoveries of 83%-99%, with most samples exceeding 95% recovery, indicating predominantly oxide and supergene copper mineralisation amenable to conventional acid leach processing and compatible with Austral Resources' Mt Kelly processing flowsheet

· Reconnaissance assessment of the historical Mt Storm prospect, where small-scale open-pit operations mined ~1,100t at 6% Cu6 with no modern exploration drilling on record, identifies Mt Storm as an under-explored near surface target within the broader NWQ Copper Project

· Scout rock chip sample program at Mt Storm to characterise the mineralogy of the mineralised system and surrounding country rock, with laboratory results to inform future field work

Chairman Gerrard Hall commented: "In a strong copper market, we see significant value in partnering with Austral Resources to advance the NWQ Copper Project, particularly the Big One Deposit, which benefits from established regional infrastructure and a significant land position within one of Australia's premier and proven copper districts.

Through our strategic processing partnership with Austral, the Company is well positioned to evaluate potential near-term development pathways at Big One Deposit, while continuing to unlock the broader potential of the NWQ Copper Project, including the high-grade Mt Storm mine and a number of highly prospective regional targets."

NWQ COPPER PROJECT BACKGROUND

The Big One Deposit is the most advanced prospect within New Frontier's NWQ Copper Project, which is in a Tier 1 jurisdiction and surrounded by world-class infrastructure as well as the mining operations of majors such as Anglo American, Glencore and Rio Tinto.

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 metal1 (see also Appendix A). The broader NWQ Copper Project also hosts an Exploration Target (see below) estimated across 14 priority prospects2, offering substantial exploration upside.

Figure 1: NWQ Project Area and Active Neighbours

JOINT SITE VISIT - BIG ONE DEPOSIT AND BIG ONE NORTH

The May 2026 programme brought NFM and Austral Resources geologists together on the ground at the Big One Deposit and the adjacent Big One North anomaly. The joint team examined pit walls, mineralised exposures and historical mine dumps remaining from prior small-scale operations, unifying both Companies' technical understanding of the orebody ahead of the upcoming exploration campaign and proposed ore supply pathway to Mt Kelly.

The visit had two technical objectives. First, NFM and Austral geologists inspected, in person, the source of the historical stockpile material dispatched to Mt Kelly for metallurgical testing in 2025 - testing which returned up to approximately 99% compatibility with the Mt Kelly flowsheet under laboratory conditions4. Walking the stockpile locations together allowed both teams to examine the in-situ material from which the 2025 test samples were drawn and align on the geological controls behind those results.

Figure 2: Joint NFM and Austral Resources site visit at the Big One Deposit, May 2026   Source: NFM Geology team, Location Figure 2: 335394 mE and 7880283 mN, MGA94-Z54S

The site visit gave Austral's geological team an opportunity to assess the Big One Deposit and Big One North anomaly in the context of the broader exploration potential previously disclosed by NFM. As previously reported by New Frontier, Big One and Big One North represent 2 of 14 prospects evaluated as Exploration Targets (ranging from 12-58 million tonnes (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 Code2. Field observations during the visit considered the strike continuity of copper mineralisation between the Big One workings and Big One North, the structural setting along the north-east trending fault corridor, and the position of previously identified untested chargeability anomalies from the 2021 Induced Polarisation survey5. 

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. Full details of the Exploration Target, including the basis for the estimate and the proposed exploration activities, are set out in New Frontier's prior public reporting2.

Figure 3: Big One IP cross-section showing untested chargeability anomalies that define the Big One North Exploration Target (Sect. 10400, Station 5500-5600) Note: Coordinate System is MGA2020-Z54S

Figure 4: Big One North Exploration Target location plan showing dipole-dipole IP survey Line 10400 over the Big One Resource Area, the Big One North Exploration Target and surrounding chargeability anomalies Note: Coordinate System is MGA2020-Z54S

Existing access tracks to Big One, Big One North and Mt Storm are well maintained and accessible for light vehicles and larger rigs/operational equipment. Additionally, haulage routes between the Big One Deposit and Austral's Mt Kelly facility are being assessed by ReGroup Australia.

MT STORM RECONNAISSANCE

As part of the May 2026 programme, the NFM geological team conducted a reconnaissance assessment of the historical Mt Storm prospect within the broader NWQ Copper Project tenure. According to historical records6 previously disclosed by New Frontier2, historical small-scale mining at Mt Storm reportedly produced approximately 1,100 tonnes of ore at a copper grade of 6% Cu.

Field observations during the Mt Storm site visit identified copper staining and altered host rocks consistent with a structurally controlled mineralised system. The combination of the historical production record 6,2, the absence of modern drill testing, visible surface mineralisation and proximity to the Big One Deposit supports Mt Storm's further evaluation as a near-surface satellite target within the broader NWQ Copper Project.

Rock chip samples were collected at the Mt Storm prospect area during the visit. As detailed in Appendix B and Appendix C, the scout sampling program was oriented toward characterising the mineralogy of the mineralised system and surrounding country rock at Mt Storm, rather than producing a geochemical dataset representing the copper oxide mineralisation. The resulting laboratory work is expected to refine the geological model and better understand the mineralised copper system for exploration targeting.

Figure 6: Copper carbonate material grab-sample (MTS_GS004) from the face of the Mt Storm historical open pit, visually estimated grade ~2-4% Cu (assay results pending)   Source: NFM Geology team, Location Figure 6: 334621 mE and 7890450 mN, MGA94-Z54S

Visual Estimates ASX Disclosures - Figure 6

Figure 6 shows samples of mineralised rock, typical of those found at the face of Mt Storm open pit. The mineralisation found in the dump material is highly to moderately weathered and altered copper carbonates, oxides silicates. Exact minerals present and their concentrations will be confirmed by XRD and/or SEM as part of the metallurgical testing ordered. This material is destined for detailed multi-element assay and metallurgical testing by ALS Perth. Results from this testing will be available in one to two months' time. More detail of this sample is given in Appendix B following, MTS_GS004, which also lists an estimate range of copper concentration that will be updated by laboratory assay.

Cautionary Statement: Visual estimates of mineral abundance should never be considered a proxy or substitute for laboratory analyses where concentrations or grades are the factor of principal economic interest. Visual estimates also potentially provide no information regarding impurities or deleterious physical properties relevant to valuations. Mineral Description: Copper mineralisation at Mt Storm appears to be copper carbonates/oxides/silicates, being malachite, with minor azurite and chrysocolla visible. No visible copper sulphide mineralisation. Estimated Abundance: Malachite (5%), Azurite (<1%), Chrysocolla (<1%). No Grade Estimates: New Frontier cannot provide a direct proxy or estimate for actual metal grade or economic value. Assay Timing: 1-2 months is the anticipated time for when laboratory assay results will be returned.

STRATEGIC ALLIANCE WITH AUSTRAL RESOURCES

A formalised Memorandum of Understanding (MOU) between NFM and Austral Resources3 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 contemplates a toll treatment pathway under which, subject to definitive agreements and ongoing exploration success, future ore supplied from NFM's tenements could be processed at Mt Kelly (Figure 7) to provide 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.

Initial ore supply, where exploration success warrants, is contemplated from the Big One Deposit, with potential to extend to additional satellite prospects within the NWQ Copper Project. Metallurgical test work will be designed to confirm that ore from the Big One Deposit meets Mt Kelly processing standards, and a profit-sharing framework is contemplated to deliver equitable value for both parties. The partnership positions the broader NWQ Copper Project as a credible exploration package within a region dominated by leading global miners (Figure 2), with significant growth potential for NFM shareholders.

Figure 7: Aerial view of Austral Resources' Mt Kelly copper processing facility - the proposed processing destination under the NFM-Austral MOU

NEXT STEPS

NFM's near-term plans to realise its ambitions at the NWQ Project include:

· Progress Mining Lease Application and regulatory requirements over the Big One Deposit

· Submit reconnaissance rock chip samples for comprehensive analysis and follow-up surface sampling at the Mt Storm prospect to evaluate its potential as a satellite target to the Big One Deposit

· Review geological targeting and technical evaluation at the Big One Deposit, to assess opportunities to extend and increase known mineralisation and support future resource growth potential

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

ENDS

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

For further information please contact:

REFERENCES

1. Castillo Copper Limited, ASX announcement dated 28 February 2022, "Maiden Mineral Resource Estimate 2.1Mt @ 1% Cu (21,886t) for Big One Deposit".

2. New Frontier Minerals Limited, ASX announcement dated 23 February 2026, "Updated JORC Exploration Targets at Copper Project".

3. New Frontier Minerals Limited, ASX announcement dated 21 January 2025, "Strategic alliance with Austral Resources to process NFM copper ore".

4. New Frontier Minerals Limited, ASX announcement dated 3 July 2025, "Copper Recovery Testing Supports Mt Kelly Pathway and MOU with Austral Resources".

5. Castillo Copper Limited, ASX announcement dated 20 May 2021, reporting the preliminary interpretation of the inaugural Induced Polarisation (IP) survey at the Big One Deposit (Mt Oxide Project).

6. Csar, M., 1996, Big One and Mt Storm Copper Deposits, unpublished report by Aberfoyle Limited for Coffee Gold NL, 8pp.Maiden Mineral Resource Estimate 2.1Mt @ 1.1% Cu (21,886t) for Big One Deposit - ASX announcement, 28 February 2022. (Refer to Appendix).

About New Frontier Minerals

New Frontier Minerals Limited is an Australian-based focused explorer, with a strategy to develop multi-commodity assets that demonstrate future potential as an economic mining operation. Through the application of disciplined and structured exploration, New Frontier has identified assets deemed core and is actively progressing these interests up the value curve. Current focus will be on advancing exploration activity at the Harts Range Niobium, Uranium and Heavy Rare Earths Project which is circa 140km north-east from Alice Springs in the Northern Territory. Other interests include the NWQ Copper Project, situated in the copper-belt district circa 150km north of Mt Isa in Queensland.

New Frontier Minerals is listed on the LSE and ASX under the ticker "NFM".

Competent Persons Statement

The scientific and technical information in this announcement, which relates to exploration results, preliminary sequential metallurgical results and the geology of the deposits described, is based on information compiled and approved for release by Mark Biggs. Mark Biggs is a Member of The Australasian Institute of Mining and Metallurgy (AusIMM Member # 107188) and meets the requirements of a Competent Person as defined by the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code 2012 Edition). Mark Biggs has 35 years of experience relevant to Rare Earth Elements (REE), industrial mineral copper mineralisation types, as well as expertise in the quality and potential mining methods of the deposits under consideration. Additionally, he has 25 years of experience in the estimation, assessment, and evaluation of exploration results and mineral resource estimates, which are the activities for which he accepts responsibility. He also successfully completed an AusIMM Online Course Certificate in 2012 JORC Code Reporting. Mark Biggs is a consultant with ROM Resources and was engaged by New Frontier Minerals Limited to prepare the documentation for several prospects, specifically those within the Harts Range Prospects upon which the Report is based.

Furthermore, the full nature of the relationship between himself and New Frontier Minerals Limited has been disclosed, including any potential conflicts of interest. Mark Biggs is a director of ROM Resources, a company that is a shareholder of New Frontier Minerals Limited, and ROM Resources provides occasional geological consultancy services to New Frontier Minerals Limited. The Report or excerpts referenced in this statement have been reviewed, ensuring that they are based on and accurately reflect, in both form and context, the supporting documentation relating to exploration results and any mineral resource estimates. The release of the Report and this statement has been consented to by the Directors of New Frontier Minerals Limited. Mr Biggs consents to the inclusion in this announcement of the matters based on his information and supporting documents in the form and context in which it appears.

Forward Looking Statements

Certain information in this document refers to the intentions of New Frontier Minerals Ltd, but these are not intended to be forecasts, forward-looking statements, or statements about future matters for the purposes of the Corporations Act or any other applicable law. The occurrence of events in the future is subject to risks, uncertainties and other factors that may cause New Frontier Minerals Ltd's actual results, performance, or achievements to differ from those referred to in this announcement. Accordingly, New Frontier Minerals Ltd, its directors, officers, employees, and agents, do not give any assurance or guarantee that the occurrence of the events referred to in this announcement will occur as contemplated. The interpretations and conclusions reached in this announcement are based on current geological theory and the best evidence available to the authors at the time of writing. It is the nature of all scientific conclusions that they are founded on an assessment of probabilities and, however high these probabilities might be, they make no claim for complete certainty. Any economic decisions that might be taken based on interpretations or conclusions contained in this announcement will therefore carry an element of risk. The announcement may contain forward-looking statements that involve several risks and uncertainties. These risks include but are not limited to, economic conditions, stock market fluctuations, commodity demand and price movements, access to infrastructure, timing of approvals, regulatory risks, operational risks, reliance on key personnel, Ore Reserve and Mineral Resource estimates, native title, foreign currency fluctuations, exploration risks, mining development, construction, and commissioning risk. These forward-looking statements are expressed in good faith and believed to have a reasonable basis. These statements reflect current expectations, intentions or strategies regarding the future and assumptions based on currently available information. Should one or more of the risks or uncertainties materialise, or should underlying assumptions prove incorrect, actual results may vary from the expectations, intentions and strategies described in this announcement. No obligation is assumed to update forward-looking statements if these beliefs, opinions, and estimates should change or to reflect other future developments.

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 materially changed.

A copy of the full Appendices can be found here:

http://www.rns-pdf.londonstockexchange.com/rns/6885E_1-2026-5-17.pdf