New Frontier Minerals Limited — NWQ Copper Project – Big One Follow-Up Program

Selective assays show high copper grades, but no new drilling or resource upgrade yet.

What the company is saying

New Frontier Minerals Limited reports structural mapping and six rock-chip assays from a historical costean about 400 metres southwest of Big One Pit 1, highlighting a potential strike extension of the mineralised trachyte dyke and fault. The company emphasizes selective assay results, with stockpile material grading up to 7.76% CuO, costean rubble up to 1.67% CuO, and in-situ shear up to 1.30% CuO, plus a sample with 0.15% CuO and 594 ppm Co. Structural measurements (~80° towards 060°) are said to align with the orientation of the Big One pits. The area is heritage-cleared as of September 2020, but remains untested by drilling. Management states this zone will be included in the next drill program and further geophysics, positioning the update as part of a follow-up program at the NWQ Copper Project. The announcement reiterates that Big One hosts a JORC Mineral Resource Estimate of 2.1Mt at 1.1% Cu (21,886t contained copper at a 0.45% cut-off), and repeatedly cautions that the new samples are selective and not representative of the broader resource.

What the data suggests

The disclosed assays are from selective surface samples, with the highest copper oxide grade at 7.76% CuO from stockpile material, 1.67% CuO from costean rubble, and 1.30% CuO from in-situ shear, plus a 0.15% CuO sample containing 594 ppm cobalt. These values are not representative of the overall deposit and do not reflect average resource grades. The area sampled is heritage-cleared but has not been drilled, so the continuity and scale of mineralisation remain untested. Structural measurements (~80° towards 060°) are consistent with the known orientation of mineralisation at Big One, supporting the geological model but not confirming resource extension. The current JORC MRE for Big One stands at 2.1Mt @ 1.1% Cu, or 21,886 tonnes contained copper at a 0.45% cut-off. No new drilling, resource update, or economic assessment is included in this announcement. The data supports the possibility of further resource extension, but this remains unproven until drilling is completed.

Analysis

The announcement is factual and restrained, providing specific technical results from mapping and selective rock-chip assays, as well as a JORC-compliant resource estimate. The company is clear that the reported samples are selective and not representative, and that the area remains untested by drilling. Forward-looking statements are limited to the planned inclusion of this area in future drilling and geophysical surveys, with no exaggerated claims about imminent value creation or production. There is no mention of large capital outlays or near-term financial impact, and the technical data disclosed is appropriate for an exploration-stage update. The gap between narrative and evidence is minimal, as the company avoids overstatement and caveats the limitations of the current results.

Risk flags

• ●Selective sampling risk is high: the reported assays are from hand-picked or non-representative material, so they may not reflect the true grade or continuity of mineralisation in the broader area. This limits the reliability of the results for resource estimation or economic assessment.
• ●No drilling has been conducted in the newly sampled area, so the geological model and potential resource extension are untested. The actual presence, width, and grade of mineralisation at depth remain unknown until drilling is completed.
• ●Forward-looking statements about including this area in future drilling and geophysics carry execution risk, as delays, permitting issues, or negative results could prevent value realisation. There is no disclosed timeline or budget for these next steps.

Bottom line

This announcement provides selective high-grade copper assays from surface sampling southwest of the Big One Pit, but these results are not representative of the overall resource and come from an area that has not yet been drilled. The company is transparent about the limitations of the data and plans to include this zone in future drilling and geophysical surveys. The current JORC resource at Big One remains unchanged at 2.1Mt @ 1.1% Cu (21,886t contained copper at a 0.45% cut-off). Investors should treat the new assays as encouraging but preliminary, with no immediate impact on resource size or project economics. The main catalyst will be future drill results from this untested area; until then, the update is a technical step forward but not a value-defining event.

Announcement summary

(LSE:NFM) New Frontier Minerals Limited reports the results of structural mapping and six rock-chip assays at a historical costean approximately 400 metres southwest of Big One Pit 1. The mapping and assays confirm a strike extension of the mineralised trachyte dyke and fault system. Selective assay results include stockpile material grading up to 7.76% CuO, costean rubble up to 1.67% CuO, and in-situ shear samples up to 1.30% CuO. An additional sample returned 0.15% CuO and 594 ppm Co. Structural measurements of approximately 80° towards 060° are consistent with the orientation of the Big One pits. The area where these samples were collected is heritage-cleared as of September 2020. This area remains untested by drilling but will be included in the next drill program and further geophysical surveys. The Big One project hosts a JORC Mineral Resource Estimate (MRE) of 2.1 million tonnes at 1.1% Cu, containing 21,886 tonnes of copper at a 0.45% cut-off grade. The company notes that the reported samples are selective and not representative of the overall resource. The assays and mapping are part of a follow-up program at the NWQ Copper Project. The company highlights the alignment of new structural data with existing pit orientations. The inclusion of this area in future drilling and geophysics is planned. The results support the potential for further resource extension at Big One. No new drilling has yet been conducted in the sampled area. The company reiterates that the samples are not representative of the broader resource base.

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