Key Highlights

  • Mt Storm pit and dump samples returned copper values up to 6.88% Cu, with sequential leach testing confirming high recoveries of sulphuric acid-soluble copper supporting potential amenability to acid-leach processing
  • Prospectivity review ranked Eldorado as the second-highest priority copper target across the 977km2 NWQ tenement package, hosting at least three zones of anomalous copper over a 5km structural corridor
  • Independent modelling at Harts Range defined an untested bedrock conductor approximately 240m below surface, prospective for copper-nickel mineralisation and generated at zero data Acquisition cost from public AusAEM data
  • Cash and liquid investments of A$1.22 million at 30 September 2026, with an R&D tax incentive refund of approximately A$303,000 expected in November 2026

New Frontier Minerals Limited (ASX:NFM) reported material progress at its 100%-owned NWQ Copper Project during the September quarter, with assay results from surface sampling at the historical Mt Storm prospect confirming the presence of high-grade copper that opens the door to a future drill program.

Assay results from eight rock chip and grab samples submitted to ALS Perth returned copper values for pit and dump samples ranging from 0.49% to 6.88% copper. The highest-grade sample, MTS_GS003, returned 6.88% total copper with 6.83% copper in the sulphuric acid-soluble fraction. This result from sequential leach testing indicates that the contained copper is dominantly hosted in oxide and secondary minerals potentially amenable to conventional acid-leach processing — a characteristic that is commercially significant given the relatively lower Capital intensity of heap leach and SX-EW processing compared to sulphide flotation circuits.

Mt Storm Geological Context and Historical Production

The Mt Storm Copper Prospect is located approximately 150 kilometres north of Mt Isa in Queensland, within one of Australia's premier copper provinces. Historical small-scale Mining at the site extracted approximately 1,100 tonnes of ore at a head grade of around 6% copper, with historical pit sampling returning up to 10.4% copper across a 0.6-metre interval.

The workings lie on the southern edge of a steeply dipping porphyritic syenite dyke exposed over more than 750 metres of strike. Copper-cobalt-gold mineralisation is interpreted to be structurally controlled along the dyke contact, and importantly, there is currently no drilling to test down-dip extensions of the system. Country rock returned background copper values of 8 to 70 parts per million, providing clear geochemical contrast with the high-grade mineralised samples from the historical workings.

Follow-up geological mapping was conducted in late July 2026, with the program focused on tracing the syenite dyke and its contact zones along strike and mapping the orientation and continuity of mineralised structures. This work will form the basis for any future drill program design.

Prospectivity Review Elevates Eldorado as Priority Target

A systematic prospectivity review of more than 20 copper prospects across the 977 square kilometre NWQ tenement package was completed during the quarter. The review 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 five-kilometre structural corridor inferred to be associated with the Dorman Fault Zone — a regional structure that the company's geologists consider highly prospective for copper mineralisation. The review establishes a clear priority ranking for future exploration expenditure across the extensive NWQ ground position.

Harts Range Conductor Identified at Zero Data Cost

At the Harts Range Heavy Rare Earths Project, independent modelling by Southern Geoscience Consultants defined an untested bedrock conductor approximately 240 metres below surface within NFM's 100%-owned exploration licence EL 34147. The conductor is interpreted as prospective for copper-nickel mineralisation and is located approximately 3.5 kilometres south of the Kings Cross magnetic anomaly and within 40 kilometres of the C2 conductor identified through BHP Xplor-backed research.

Notably, the target was generated from Geoscience Australia's publicly available pre-competitive AusAEM dataset, meaning the discovery was made at zero data acquisition cost to the company — a capital-efficient approach to targeting that is increasingly being adopted by small-cap explorers. The conductor provides an additional copper-nickel exploration dimension at a project previously known primarily for its rare earth potential.

Pomme REE-Nb Project Metallurgical Testing

At the Pomme REE-Nb Project, characterisation and metallurgical studies on existing drill core are underway, utilising both conventional metallurgical testwork and Metallium Limited's proprietary Flash Joule Heating technology. The objective is to define a pathway to produce higher-grade REE concentrates as a catalyst for unlocking the economic potential of the project.

Risks

New Frontier Minerals holds a modest cash position of A$1.22 million, which limits the scope and pace of exploration activities across its multiple project portfolio. The Mt Storm results are from surface samples only, with no drilling to confirm grade continuity at depth — a significant geological uncertainty. The NWQ Project is located in a remote area of Queensland, which may increase the cost and logistical complexity of any future drill program. Copper and rare earth prices are subject to Commodity market Volatility that could affect the economic attractiveness of the company's assets.

What to Watch Next

The design and commencement of a drill program at Mt Storm is the primary near-term catalyst, contingent on the results of the geological mapping and the company's ability to secure additional capital. Progress on the Eldorado Prospect prospectivity work and any announcement of a fieldwork program targeting the Dorman Fault Zone corridor will be important developments. Receipt of the A$303,000 R&D tax refund in November will strengthen the company's cash position marginally. At Harts Range, follow-up geophysical work to further define the bedrock conductor could attract attention if copper-nickel results support the modelling.

Sector Context

Queensland's Mt Isa corridor is one of the most prolific copper-producing regions in Australia, with the geology around Mt Isa hosting world-class mineralisation that has underpinned decades of production. The region attracts ongoing exploration interest, and new copper discoveries within established geological corridors benefit from proximity to existing infrastructure including processing facilities. The confirmation of high-grade copper at surface at Mt Storm, while at a very early stage, places the NWQ Project within a prospective geological context that is well understood by the market.