New Frontier Unveils Vast Copper Target in Australian Hotspot

PERTH, Australia – February 23, 2026 – New Frontier Minerals (ASX: NFM) has dramatically expanded the potential scale of its Australian copper ambitions, announcing an updated JORC Exploration Target for its Northwest Queensland (NWQ) Copper Project that suggests a significant resource waiting to be tapped. The company revealed a target ranging from 12 to 58 million tonnes of ore at a grade of 0.3% to 1.5% copper, which could represent between 50,000 and 473,000 tonnes of contained copper metal.

The target, defined across 14 priority prospects in the prolific Mt. Isa mineral province, signals a major step-up for the explorer. It suggests the project's potential extends far beyond its initial cornerstone asset, the Big One Deposit. Gerrard Hall, Chairman of New Frontier Minerals, stated the updated figures "clearly demonstrate significant exploration potential beyond the Big One Deposit," underscoring the substantial opportunity across the company's holdings.

A Strategic Blueprint for Production

Rather than simply holding a large exploration claim, New Frontier has outlined a methodical, phased strategy aimed at moving from prospect to production. The company's immediate focus is on securing a mining lease for the Big One Deposit, which already contains a JORC-compliant inferred resource of 2.1 million tonnes at 1.1% copper for approximately 21,000 tonnes of contained metal. The mining lease application, lodged in late 2025, is currently under review by the Queensland regulator, with the company targeting preparatory work in late 2026 and first production in early 2027.

A cornerstone of this strategy is a planned partnership with established regional producer Austral Resources. New Frontier is working to formalize a revenue-sharing agreement to process ore from the Big One Deposit at Austral's nearby Mt. Kelly facility. This strategic alliance provides a clear and capital-efficient pathway to near-term cash flow, allowing New Frontier to bypass the immense cost and long timelines associated with building its own processing plant. The Mt. Kelly facility, an established heap leach and solvent extraction-electrowinning (SX-EW) operation with a capacity of 30,000 tonnes of copper cathode per year, has already processed ore with similar characteristics, and preliminary tests on Big One ore have proven favorable.

Once the Big One Deposit is operational, the company plans to systematically advance its exploration pipeline, conducting drilling campaigns to potentially expand the resource at Big One and Big One North while progressing site visits and initial work on the other 13 identified prospects that form the basis of the new, larger exploration target.

Tapping into a Copper Supercycle

The announcement comes at a pivotal moment for the global copper market. Prices have surged over the past two years, driven by a looming structural deficit. Analysts from firms like J.P. Morgan and S&P Global forecast a significant supply gap emerging by the end of the decade, potentially reaching 8 to 10 million tonnes by 2035. This deficit is fueled by soaring demand from the global energy transition, where copper is an indispensable component in electric vehicles, wind turbines, solar farms, and the grid infrastructure needed to support them.

More recently, the rapid expansion of artificial intelligence has created a powerful new demand driver. The data centers required to power AI are incredibly energy- and copper-intensive, with some analysts predicting demand from this sector alone could approach one million tonnes annually by 2030. With the average new copper mine taking over 15 years to move from discovery to production, the world is desperately seeking new, developable sources of supply. New Frontier's NWQ project, with its potential for shallow, open-pittable resources and a clear route to existing processing infrastructure, is positioned to help meet that critical need.

Navigating Queensland's Mining Revival

The project is situated in the heart of the Mt. Isa region, one of the world's most richly endowed mineral provinces. While historically dominated by giants like Glencore's Mount Isa Mines, the region is undergoing a dynamic transformation. Glencore's recent closure of its underground copper mines has created a supply vacuum that a new generation of miners is rushing to fill. Companies like Harmony Gold, with its $2.3 billion investment in the new Eva Copper Mine, are bringing significant new production online.

This competitive landscape is bolstered by strong government support. Initiatives like the CopperString 2032 project, a high-voltage transmission line connecting Mount Isa to the national grid, are set to lower operating costs and unlock further development. Furthermore, recent policy shifts by the Queensland government aim to streamline the regulatory process for mining approvals, potentially shortening the historically lengthy timelines. New Frontier's strategy to partner with an existing operator like Austral Resources appears particularly astute in this environment, allowing it to navigate the regional ecosystem efficiently.

Beyond Copper: A Diversified Critical Minerals Play

While the NWQ Copper Project is its flagship, New Frontier Minerals is building a portfolio that extends across the critical minerals spectrum. This diversification strategy positions the company to capitalize on a broad range of future-facing technologies. In Australia's Northern Territory, the company is advancing exploration at its Harts Range Project, which shows potential for niobium, uranium, and heavy rare earths—all vital for electronics, defense applications, and clean energy.

Crucially, the company is also looking abroad to secure a strategic foothold in the North American supply chain. It holds a binding option to acquire 90% of the advanced Pomme Rare Earth Elements Project in Quebec, Canada. This move provides exposure to a key jurisdiction focused on building a secure and reliable domestic supply of minerals essential for everything from EV motors to wind turbine magnets. This diversified approach mitigates single-commodity risk and positions New Frontier as a potential supplier for multiple high-growth industries.

To showcase this expanded potential, company representatives are scheduled to present at the OTC Australian Investor Conference in New York on February 26 and 27, before attending the annual PDAC Convention in Toronto, one of the world's premier mining investment conferences, from March 1-4.