We also break down next week’s catalysts to watch to help you prepare for the week ahead.

Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.

Rio Tinto (ASX:RIO,NYSE:RIO,LSE:RIO) and Glencore (LSE:GLEN,OTCPL:GLCNF) said they will no longer be pursuing a merger, with Rio Tinto noting that the combination of the businesses would not deliver value to its shareholders.

Glencore responded to Rio Tinto by saying that under the terms of the proposal, the Rio Tinto executive group would retain both the chair and CEO roles, which would undervalue Glencore’s contribution to the combined company.

The deal would have created the world’s largest mining company with a combined market cap of US$260 billion. While the collapse of the proposed merger is drawing headlines, it comes at an accelerated pace for mergers and acquisitions in the industry, as majors seek to replenish their project pipelines and mid-cap producers look to grow their businesses.

Among other notable mergers still on the books is Anglo American’s (LSE:AAL,OTCQX:NGLOY) merger with Canada-based Teck Resources (TSX:TECK.A,TECK.B,NYSE:TECK). That deal is currently working its way through regulatory approvals, with the most recent update that it is heading toward antitrust clearance in Europe.

On Wednesday (February 11), Indonesia’s resources ministry ordered Eramet (EPA:ERA,OTCPL:ERMAF) and its joint venture partners, Tsingshan Holding Group, to slash production at the world’s largest nickel mine.

Under the new work and budget plan, PT Weda Bay Nickel has been granted an initial quota of 12 million metric tons, down from the 42 million metric tons it was allowed in 2025.

Nickel has been elevated this year, trading as high as US$18,725 on February 2. Although prices have fallen since that high, the announcement gave nickel some momentum, pushing prices to US$17,720 per metric ton on the London Metal Exchange on Wednesday. Prices eased again on Thursday (February 12), but remain well above 2025 averages.

For more on what’s moving markets this week, check out our top market news round-up.

Article by Dean Belder; FAQs by Lauren Kelly.

Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.

Securities Disclosure: I, Lauren Kelly, hold no direct investment interest in any company mentioned in this article.

Keith Weiner, founder and CEO of Monetary Metals, shares his outlook for gold and silver in 2026, saying that while he expects higher prices there will be volatility.

He also outlines his thoughts on the role of precious metals in the monetary system.

Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.

News Provided by TheNewsWire via QuoteMedia

Tajiri Resources Corp. (TSXV: TAJ) (‘Tajiri’ or the ‘Company’) is pleased to report results from its ongoing Phase II trenching program at the majority owned Yono Project, Guyana, which indicate three significant gold zones potentially hosting economic mineralisation. All results are given in Table 1 and locations of trenches and mineralised intersections are shown in Figure 1.

*To View Full Presentation of Figures Associated with this announcement visit: https://tinyurl.com/TAJPR1202F

Yono is contiguous with and surrounded by the Oko and Oko West Properties of TSX listed G2 Goldfields Inc. ‘G2’ & G Mining Ventures ‘GMIN’, which collectively host 6.9 Moz and 2.0 Moz of Indicated and Inferred Resources (~ 94Mt @ 2.3g/t Ind. & 26Mt @ 2.5g/t Inf)1 within 150-170m of Yono’s eastern boundary and extending north and south of Yono over a total distance of ~ 5km. Currently the Oko West Deposit of GMIN is in construction with production slated for Q1 2028.

The three significant zones with potential to host economic gold mineralisation are as follows:

• North ‘Tweener Zone – Carbonaceous Metasediment Contact

A cluster of trench intersections – YTR16 20m @ 1.4g/t; YTR4R 12m @ 2.5g/t; YTR18 4m @ 1.8g/t & 4m @ 5.5g/t Gold situated on the northern boundary of Yono, which combined with mapping indicates a complex mineralised and folded contact zone between carbonaceous metasediments and a sequence of interbedded chloritic metasediments + volcanics (Figure 2). The zone strikes, dips and plunges southwards into Yono and is possibly an extension of the same mineralised contact encountered in YTR4, which returned 19m @ 4.6g/t Au2 400m south of the above-mentioned intersections (Figure 3). In addition, the Zone may strike southwards for ~ 800m before reaching the Projects boundary. Thus, a highly significant zone with substantial strike potential is indicated for immediate follow-up.

• Ridgeline Splay Zone – Diorite Contact

YTR8 intersected 18m @ 0.8g/t including 10m @ 1.1g/t Gold. Combined with geophysics, mapping, geochemical and trench assays, the intersection is highly significant because it reveals a gold mineralised contact between diorite and country rock that extends through Yono for a distance of ~ 1,200m (Figure 4). The geological setting is directly analogous to the large Ghanie and Oko West deposits which are hosted in the contact zone of the Ghanie Diorite and lie at their closest point ~150m from the Yono.

• Eastern Border Zone

YTR 15, located in the southeast corner of Yono intersected 18m @ 0.5g/t including 8m @ 1.0g/t Gold. Mapping indicates the zone has a similar strike to Ghanie and the northern part of the Oko West Deposits at ~ 10-15°. The zone strikes northwards along the eastern boundary of Yono for a distance of some ~ 700m through the previously reported intersection of 1m @ 10.8g/t Gold encountered in trench YTR7 and into a cluster of higher auger values including, 1.6g/t Gold further north, before being inferred to pass into the tenure of G2 (Figure 5).

The implication of the zone is that it demonstrates the existence of potentially economic mineralisation west of, striking parallel to and near the Ghanie and Oko West deposits. To date, there has been a dearth of exploration within the tenure of both G2 and GMIN along the Yono border area despite there being abundant alluvial and bedrock artisanal workings indicating mineralised zones may exist in the footwall of the Ghanie Diorite within this area. The exploitation of any substantial mineralisation discovered, west of the Ghanie and Oko West deposits may require mining operations impinging onto Yono.

• Others

In addition to the above significant intersections trenches have also encountered substantial widths of gold anomalism ~10-26m @ ~ 0.1-0.2g/t Gold (Table 1 & Figure 1) which may be indicative of better mineralisation along strike or down dip of these anomalous zones (Figure 5). Such is supported by the style of mineralisation in the district where early trench results over the Oko West Deposit- 5.41Moz and 0.4M oz Indicated & Inferred Resources (80Mt @ 2.1g/t Ind. & 5.1Mt @ 2.4 Inf) show marked short range variation in widths and grades of mineralisation over strike lengths of ~100m (Figure 6).

Exploration Progress

Currently a 2,610m trenching program, targeting better auger anomalies is underway. To date, 1,800m has been completed. Field operations recommenced January 15. Currently an additional ~ 1,500m of trenching is being planned. Currently trenches to explore beyond YTR3, 3R, 16 & 17 are in progress.

Trenching and mapping has identified ferricrete capping a large portion of Yono (Figure 5). As a result, the Company is evaluating power auger drilling and/or shallow RC drilling to effectively test gold anomalies beneath the ferricrete cap, which is typically strongly leached of gold.

Executive Chairman, Dominic O’Sullivan, commented: ‘Our confidence in the potential for Yono to host significant economic gold mineralization continues to grow with each phase of results. The project now hosts at least three mineralized structural-stratigraphic corridors totalling approximately 3 km of strike length, each returning gold grades in excess of 1 g/t. Additional anomalous zones have also been identified that may develop into higher-grade mineralization along strike or at depth. Based on these results, the Company is accelerating its exploration programs and is in the process of hiring additional geological staff and mobilizing a second excavator to expedite trenching.’

On Behalf of the Board,

Tajiri Resources Corp.

Graham Keevil,
President & CEO

About Tajiri Resources

Tajiri Resources Corp. is a junior gold exploration and development Company with exploration assets located in the emerging premier gold destination of Guyana, South America. Lead by a team of industry professionals with a combined 100 plus years’ experience – 40 of that in Guyana; and a track record of discovering ~20 million ounces of gold in Western Australia, West Africa and Guyana- the Company’s goal is to generate the highest possible returns for shareholders through exploration and discovery.

Contact Information:

Tajiri Resources Corp.
Graham Keevil
President, CEO
778-229-9602
graham@tajirigold.com
www.tajirigold.com

Methodology

Trenches were dug by a 25 tonne New Holland excavator, rented by the Company. Ground is first cleared and soil and laterite overburden is removed to a depth 2-4m in an upper bench. Thence the trench is dug to a total depth of 6-7m (2-3m below the upper bench) to reach underlying saprolite where possible.

Sampling is routinely conducted as horizontal channels taken on the south side of the trench along the floor mostly as 2m continuous composites. The entire length of a trench is sampled and in areas of potential interest the sampling interval may be tailored to the interval of interest with sample intervals of 1m or less if required (e.g. YTR3 @ 80-80.3m). Trench walls are cleaned prior to channel sampling, preventing contamination from higher in the weathered profile. All trenches are sampled from west to east or from south to north and intervals reported herein are referenced from the western and southern end of trenches.

Orientations and positions of all reported trenches and intersections are shown in Figure 1 together with the mineralised intervals referred to in the Table of significant intersections. Except for Trenches YTR6 and YTR7 all trenches were excavated in an east west orientation to cut inferred dominant north-south striking zones.

Samples, weighing typically between 2-5kg, are bagged and labelled immediately after sampling and stored on site until transport to either Actlabs or MSA laboratories in Georgetown Guyana, respecting industry standard chain of custody procedures. At Actlabs samples are dried and crushed to 80% passing 2mm and a 250g aliquot is riffle split and pulverised and analysed by 50-gram fire assay. At MSA labs a 1,000-gram aliquot is pulverised. Initial assay readings are by atomic absorption with samples returning values greater than 3.0g/t being re-assayed with a gravimetric finish. The detection limit for both laboratories is 5ppb. The company inserts a QA/QC sample every 10th sample alternating between duplicates, blanks and standards. Bulk rejects and pulps are retained for 3 months for any required re-assay after which bulk rejects are discarded and pulps retained.

Qualified Person

The scientific and technical contents of this news release have been reviewed and approved by Dominic O’Sullivan B.Sc. and Executive Chairman of the Company. Mr. O’Sullivan is an Honours Graduate of the University of Sydney and a member of the AusIMM and a qualified person, as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects.

Forward-Looking Statements

This news release contains ‘forward-looking information’ and ‘forward-looking statements’ (collectively, ‘forward-looking statements’) within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward- looking statements and are based on expectations, estimates and projections as at the date of this news release, including without limitation; estimated timing, obtaining the final approval of the TSXV, geological interpretations relating to the Yono Gold Property and potential mineral recovery processes or results. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as ‘expects’, or ‘does not expect’, ‘is expected’, ‘anticipates’ or ‘does not anticipate’, ‘plans’, ‘budget’, ‘scheduled’, ‘forecasts’, ‘estimates’, ‘believes’ or ‘intends’ or variations of such words and phrases or stating that certain actions, events or results ‘may’ or ‘could’, ‘would’, ‘might’ or ‘will’ be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements.

Forward-looking statements contained herein are made as of the date of this press release, and the Company disclaims, other than as required by law, any obligation to update any forward-looking statements whether as a result of new information, results, future events, circumstances, or if management’s estimates or opinions should change, or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on forward- looking statements.

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy and / or accuracy of this release.

Table 1
Significant Trench Intercepts

Intercepts are reported with a maximum of 2m of internal dilution at a cutoff grade of 0.1g/t. Internal dilution of 2m has been applied to intercepts that average >1g/t and 6m to anomalous zones which average <1g/t. All intervals are given as the intersected widths and while strikes and dips of structures, contacts and veins associated with mineralised intervals have been measured during routine mapping of the trenches, given the early nature of exploration and the fact that vein orientations within shear zones commonly occupy an array or orientations often oblique to the true strike and width of a mineralised zones we cannot at this stage give a true width for the mineralised intervals given in the above table.

End notes:

The disclosure in this news release includes information on properties adjacent to Tajiri’s projects. Tajiri has no interest in or rights to acquire any interest in such adjacent properties, and the information presented is not necessarily indicative of the mineralization on the Yono Gold Property. The results from adjacent properties are disclosed strictly to provide context and should not be interpreted as suggesting that similar results will be obtained from the Yono Gold Property.

Mineral Resources quantified for the neighbouring properties may be found on p17 and p1-14 respectively of the below referenced Technical Reports.

Lewis W. J., Sarkar C., San Martin A.J. & Gowans R. (2025) NI 43-101 Technical Report for the 2025 Updated Mineral Resource Estimate for the Oko Gold Property in the Co-operative Republic of Guyana, South America, Effective Date March1, 2025; Report Date: April 24, 2025. Micon International; report prepared for G2 Goldfields Inc. https://g2goldfields.com/technical/

Beaulieu C, Leahy K., Lincoln N., Burelle A., Guido S., Murphy P., Behrens da Franca P.R,. (2025) Feasibility Study NI43-101 Technical Report Oko West Project, Effective Date April 28, 2025, Issue Date June 06, 2025. G Mining Services; report prepared for G Mining Ventures. https://downloads.ctfassets.net/hdghwvgt3xim/42yNQ6zp8FAkSRXacGSzIk/86eacbd8f9c5798be50c098fc64097f1/GMIN_2025_OKO_WEST_FS_Technical_Report_43-101-_FINAL_WEBSITE.pdf

Summary Resources Tabulated below,
Combined both Open Pit and Underground Resources

1 See End Note for a breakdown of adjacent G2 and GMIN resources, and sources.
2 See Tajiri News release of 17th Decemeber 2025 for details. Further descriptive details of the style of mineralisation in YTR16 are also given in the aforementioned News Release.

Source

News Provided by TMX Newsfile via QuoteMedia

News Provided by GlobeNewswire via QuoteMedia

Latvian startup Deep Space Energy announced it has raised approximately US$1.1 million in a combination of private investment and public funding to advance a radioisotope-based power generator designed to operate on the Moon.

The company closed a US$416,500 pre-seed round led by Outlast Fund and angel investor Linas Sargautis, a former co-founder of NanoAvionics. It also secured an additional US$690,200 in public contracts and grants from the European Space Agency (ESA), NATO’s Defense Innovation Accelerator for the North Atlantic (DIANA), and the Latvian government.

Deep Space Energy is building a compact power system that uses radioisotopes, which are materials derived from nuclear waste that generate heat through natural decay, to produce electricity.

Founder and CEO Mihails Ščepanskis said the system converts that heat into electrical power while using significantly less fuel than conventional radioisotope thermoelectric generators (RTGs) currently deployed in space.

“Our technology, which has already been validated in the laboratory, has several applications across the defense and space sectors.

“First, we’re developing an auxiliary energy source to enhance the resilience of strategic satellites. It provides the redundancy of satellite power systems by supplying backup power that does not depend on solar energy, making it crucial for high-value military reconnaissance assets,” Ščepanskis said.

The company emphasized that the generator is not designed for weapons applications. Instead, it is targeting dual-use satellites operating in Medium Earth Orbit (MEO), Geostationary Orbit (GEO) and Highly Elliptical Orbit (HEO), all of which focus on communications, early warning systems, and reconnaissance capabilities.

These satellites support defense functions including synthetic aperture radar for detecting troop movements, signal intelligence systems, and missile-launch detection platforms.

According to Ščepanskis, recent geopolitical events have underscored their importance.

The war in Ukraine demonstrated the decisive role of satellite-based reconnaissance data. In 2025, Ukraine lost its beachhead in Russia’s Kursk Oblast during a period when the US temporarily halted the sharing of satellite intelligence.

“As Europe is trying to become more independent, it is imperative to produce satellites with advanced capabilities on our own. Our technology provides an auxiliary energy source for satellites, which makes them more resilient to non-kinetic attacks and malfunctions,” he added.

Beyond defense, Deep Space Energy is positioning its technology for lunar exploration. The company says its generator could support upcoming programmes such as NASA and ESA’s Artemis and Argonaut initiatives, as well as future lunar rover missions and the Moon Village framework.

On the Moon, temperatures can fall below minus 150 degrees Celsius during night cycles that last roughly 354 hours, making solar power unreliable.

Deep Space Energy estimates that about two kilograms of Americium-241 could generate 50 watts of power for a rover, compared with around 10 kilograms required by legacy RTG systems for similar output.

By reducing fuel requirements, the company argues it could extend rover lifetimes across multiple lunar day-night cycles, potentially lasting years.

Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.

As organizers award the medals for the Milan Cortina 2026 Winter Olympics, fans and spectators alike may have pondered a singular question at some point: how much is an Olympic gold medal actually worth?

The short answer is far less—and far more—than most people assume.

Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.

New Frontier Minerals Ltd (LSE and ASX: NFM) is pleased to announce that it has entered into a binding option and earn-in agreement providing NFM with the right to acquire a majority (90%) interest in the Pomme REE Project from Australian-listed company Metallium (ASX: MTM), which is located approximately 500 km northwest of Montréal in Québec around 100 km from the service town of Lebel-sur-Quévillon. The Pomme Project consists of 43 mineral claims, covering 2,400 ha. NFM holds the exclusive and binding option to acquire 90% of the Pomme REE-Nb project.

Highlights

• Binding option and staged earn-in agreement executed to acquire 90% of the Pomme Project, which is a large carbonatite-hosted Rare Earth Element (REE) and Niobium (Nb) Project in Québec
• Strategic alignment and acquisition from Metallium Limited (ASX: MTM) deepens the Harts Range vertical integration¹ and adds a complementary Canadian asset to create a western world jurisdictional partnership
• Metallium to assist as processing and technology partner, supporting metallurgical test work and downstream development
• Initial activities will target conventional metallurgical studies work and Flash Joule Heating (FJH) test work on existing drill samples to assess the potential for upgrading REE mineralisation
• Limited wide spaced scout drilling undertaken to date with high grade known mineralisation and large areas remaining untested from reconnaissance drilling
• Pomme REE Carbonatite key historical intercepts^2,8 include:
  • Drillhole POM-23-03: 398m @ 0.54% TREO & 0.05% Nb₂O₅ from 16m, including:
  • 30.5m @ 1.13% TREO & 0.03% Nb₂O₅ (from 311.5m) including
    • 26.5m @ 1.45% TREO & 0.02% Nb₂O₅
  • 51m @ 0.92% TREO & 0.06% Nb₂O₅ (from 216m) including
    • 9m @ 1.21% TREO & 0.03% Nb₂O₅ and
    • 8.5m @ 1.62% TREO & 0.03% Nb₂O₅
  • 36m @ 0.92% TREO & 0.06% Nb₂O₅ (from 174m) including
    • 18m @ 1.16% TREO & 0.03% Nb₂O₅
  • Drillhole POM-23-01: 513m @ 0.33% TREO & 0.08% Nb₂O₅ from 32m, including:
  • 17.5m @ 0.68% TREO & 0.08% Nb₂O₅ (from 228.6m) including
  • 7.6m @ 0.9% TREO & 0.02% Nb₂O₅, and
  • 94.8m @ 0.55% TREO & 0.05% Nb₂O₅ (from 333.5m) including
    • 4.5m @ 1% TREO & 0.02% Nb₂O₅, and
    • 4.9m @ 1.1% TREO & 0.02% Nb₂O₅, and
    • 4.25m @ 1.28% TREO & 0.02% Nb₂O₅, and
    • 17m @ 0.72% TREO & 0.06% Nb₂O₅
• The project comprises easily accessible claims via logging roads, has access to hydro-electric power, relatively flat topography, and is supported by extensive mining infrastructure and services²
• Low cost upfront consideration A$100,000 cash and A$200,000 in shares with contingent payments to earn a majority project interest through staged investment and technical milestones
• Government support and existing arrangements with local Cree First Nations of Waswanipi (CFNW) community²
• NFM (OTCQB:NFMXF) has engaged New York-based Viriathus Investor Advisory to expand its profile and actively promote the Company to US investors and capital markets

Chairman Gerrard Hall commented: ‘This transaction materially advances NFM’s critical minerals strategy. Pomme is a large, carbonatite-hosted REE system in a proven Québec district, with historical drilling having already confirmed scale and continuity. The earn-in structure provides a capital-efficient pathway for growth, while early integration of Metallium as processing and technology partner further enhances the opportunity. The Board believes Pomme’s scale, location and upside strongly position NFM to deliver meaningful shareholder value.’

John Hannaford, Chairman of Metallium, said: ‘We are delighted to partner with NFM in advancing and unlocking the full potential of the Pomme rare earths project. New Frontier brings strong exploration capability and a disciplined, value-driven approach to discovery, which we believe can materially enhance the scale and quality of the mineralised system. When combined with Metallium’s proprietary processing technologies and a comprehensive metallurgical test-work program, this partnership has the potential to support value uplift across both the resource and downstream development pathways.’

POMME CARBONATITE REE PROJECT

The Project is located approximately 500 km northwest of Montréal in Québec, around 100 km from the service town of Lebel-sur-Quévillon, approximately 50 km west of the Waswanipi Cree First Nation community, and benefits from easy access via established logging roads (Figure 1)². The Project comprises 43 mineral claims, covering approximately 2,400 ha area and is located 7km from the world class Montviel Deposit, which has a total Indicated and Inferred resource of 266 Mt @ 1.46% TREO and 0.14% Nb₂O₅.

Figure 1: Regional location map showing Pomme Project, in Québec, Canada²

MTM Critical Metals (a 100% subsidiary of ASX:MTM) has completed a 13-hole diamond drilling program totalling approximately 5,718 metres at its Pomme Rare Earth Element and Niobium Project in Québec, Canada². Carbonatite-hosted REE-Nb mineralisation was intersected in every drill hole, confirming the presence of a large, laterally extensive mineralised system exceeding 2 km² that remains open at depth (Figure 2).

The historic work program has significantly advanced the geological understanding of the complex, with early interpretations indicating that higher-grade mineralisation occurs within a ring structure surrounding a magnetic ultramafic carbonatite core.

Drill holes POM-23-03, POM 23-01 and POM 23-07 to the southwest of the mineralised carbonatite returned broad mineralised intervals with multiple high-grade TREO intersections, supporting strong geological similarities to the nearby world-class Montviel carbonatite deposit.

Importantly, large portions of this prospective ring structure remain untested due to the broad drill spacing, presenting clear potential for further discovery through follow-up drilling.

Figure 2: MTM scout drilling at the Pomme Project area overlain on airborne magnetic image (TMI, 1VD)

STRATEGY AND DEVELOPMENT OPPORTUNITY

The Pomme Project provides NFM with a highly capital-efficient, low-risk entry into a strategically located Canadian rare earth asset via a two-year option structure requiring upfront consideration of A$100,000 in cash and A$200,000 in NFM shares and minimum annual expenditure of A$100,000 per annum during the option period. This staged earn-in framework enables NFM to progressively earn a majority (90%) interest through defined technical and investment milestones, significantly limiting upfront capital exposure while preserving substantial upside.

1. Initial work programs will focus on conventional metallurgical test work alongside the application of Metallium’s proprietary Flash Joule Heating (FJH) technology to existing drill core, targeting the production of upgraded rare earth concentrates and early validation of a scalable, low-cost processing pathway that has the potential to materially enhance project economics.
2. The Pomme Project presents compelling exploration upside, having been subject to only limited, widely spaced drilling to date, with drill lines approximately 500 metres apart². Despite this early-stage drill density, high-grade rare earth element intersections have already been identified within a large, laterally extensive carbonatite system, highlighting the potential for significant growth through follow-up drilling targeting near surface higher grade zones of rare earth mineralistion.

The existing results indicate that higher-grade zones of mineralisation remain open, providing New Frontier Minerals with a strong opportunity to materially expand the scale and grade of mineralisation through systematic infill and step-out drilling programs.

METALLIUM TECHNOLOGY PARTNERSHIP

The acquisition deepens the Harts Range vertical integration with MTM¹, adds a highly complementary Canadian asset, and creates a compelling Western-world partnership with MTM across Australia and Canada, delivering value for shareholders.

NFM’s binding commercial framework with Metallium also establishes a strategic technology partnership that is directly applicable to the advancement of the Pomme REE-Nb Project in Québec. Under this framework, MTM’s proprietary Flash Joule Heating (FJH) technology has demonstrated encouraging sighter beneficiation results on raw rare earth ore, producing high-grade, Dy/Tb-rich concentrates without conventional flotation, acid leaching or reagent-intensive processing.

The REE concentration enhancement and impurity rejection results observed through the aforementioned FJH test work indicate potential to support alternative downstream processing pathways for carbonatite-hosted rare earth projects such as Pomme, compared to conventional techniques. Alignment with MTM provides NFM with early integration of advanced metallurgical test work, access to MTM’s Texas Technology Campus for testing, and a clear potential pathway to Western-aligned rare earth supply chains, including U.S. magnet and defence markets, reinforcing the strategic value of the Pomme Project within a vertically integrated rare earth development strategy.

NEXT STEPS

Preliminary metallurgical test work

Selection of diamond drill core for characterisation tests and accelerate metallurgical assessment on existing diamond core samples, utilising conventional metallurgical test work and tailored MTM Flash Joule Heating (FJH) processing technology to beneficiate and upgrade REE sample.

Model geology, drilling and target high-grade mineralisation

Integration of geological logging, assay results and geophysics into 3D model and identification of continuous higher grade zones for follow-up drilling.

OPTION AND EARN-IN TERMS

The Pomme Project consists of 43 mineral claims, covering 2,400 ha. New Frontier Minerals holds the exclusive and binding option to acquire 90% of the Pomme REE-Nb project from Metallium.

Key Terms Summary – Pomme Rare Earth Project Option & Earn up to 90% interest in the project tenements from Metallium Ltd (via its option to acquire 100% of Critical Element Exploration Pty Ltd, holder of the GeoMega option).

Option Terms and Earn-in Terms

Option Fee:

• A$100,000 cash (A$50,000 already paid as an exclusivity deposit)
• A$200,000 in NFM shares, (issued at 5-day VWAP, 6-months escrow)
• Option Period: Commences on access to historic drill samples for 24-month duration with exclusive rights to manage exploration and technical work during the option period

Stage 1 – Option Exercise (Initial Earn-In)

Upon exercise of the option at any time during the Option Period (subject to conditions precedent), NFM must pay the following option exercise fee:

• Cash: A$150,000
• Equity: A$200,000 in NFM shares (20-day VWAP, 6-month escrow)Result: Entry into Joint Venture and commencement of staged earn-in
• Minimum annual expenditure of A$100,000 per annum

Exercise of the Option is conditional upon the satisfaction (or waiver as applicable) of the following conditions precedent:

• Due diligence: completion of financial, legal and technical due diligence on the Tenements, to the absolute satisfaction of NFM;
• Third party approvals: the Parties obtaining all third party approvals and consents, necessary to lawfully complete the matters set out in this Agreement;
• Deeds of assignment and assumption: MTM, NFM executing a deed of assignment and assumption in relation to all material agreements;
• Joint Venture Agreement: the Parties entering into a definitive Joint Venture Agreement consistent with the terms and conditions set out in the binding Agreement;
• MTM and/ or its subsidiaries being the 100% legal and beneficial owner of the Tenements; and
• Technology Licence Agreement: MTM and NFM entering into a definitive Technology Licence Agreement consistent with the terms and conditions set out in the binding Agreement;
• (together, the Conditions Precedent).

Stage 2 – JORC Resource Milestone (within 3 years)

• Minimum Spend: A$2.0 million
• Interest Earned: 80% project interest
• Milestone Payment: A$250,000 cash and A$250,000 in NFM shares (20-day VWAP, 6-month escrow) upon earning an 80% interest

Stage 3 – Pre-Feasibility Study Milestone (within 5 years)

• Minimum Spend: A$3.0 million
• Interest Earned: 90% project interest
• Milestone Payment: A$250,000 cash and A$250,000 in NFM shares (20-day VWAP, 6-month escrow) upon earning a 90% interest

Residual Interest & FJH Royalty

• Vendor retains 10% free-carried interest to DFS
• If diluted below 10%, interest converts to a 1.5% NSR royalty on material processed through Metallium’s FJH facility
• Existing third-party royalties (GeoMega/Niogold) remain in place

Technology Alignment

• Metallium retains ownership of its Flash Joule Heating (FJH) processing technology
• Parties may enter into a separate technology licence agreement, including per-tonne fees, annual licence fees, and royalties (commercial terms to be negotiated)

About New Frontier Minerals

New Frontier Minerals Limited is an Australian-based focussed 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.

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