District-Scale Copper Leverage Emerging in NWQ

Ticker: ASX/LSE: NFM | OTCQB: NFMXF | Sector: Copper / Critical Minerals | Rating: Speculative Buy | Price Target: A$0.08 | Date: 26 Feb 2026

12-Month Share Performance

A Junior Copper Story Just Got Bigger

UPGRADED to A$0.08 on District-Scale Copper Expansion

We have upgraded our 12-month price target to A$0.08, reflecting the material expansion in scale at NFM’s NWQ Copper Project and improving development clarity.

New Frontier Minerals has outlined a consolidated Exploration Target of 12–58Mt @ 0.3–1.5% Cu (50,000–473,000t contained copper in-situ) across 14 ranked prospects in the Mt Isa region. This marks a clear transition from a single defined resource (2.1Mt @ 1.1% Cu at Big One) to an emerging district-scale copper opportunity with infrastructure leverage and development optionality, including potential access to Austral Resources’ Mt Kelly processing facility.

While Exploration Targets remain conceptual under JORC (2012) and require drilling to convert, the expanded inventory materially enhances valuation torque. Under MRE + ET scenarios, valuation metrics improve meaningfully, highlighting strong leverage to exploration success and copper price strength.

Importantly, this valuation primarily reflects the copper opportunity, with minimal value currently attributed to NFM’s rare earth portfolio. We view the rare earth assets as strategically significant and potentially transformational, offering additional unmodelled upside through metallurgical progress and North American critical minerals exposure.

With district-scale copper growth, infrastructure alignment, drilling catalysts and rare earth optionality, NFM presents multiple compelling avenues for shareholder value creation.

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