10 March 2025
New Frontier Minerals
Limited
("NFM" or the
"Company")
Sale of Broken Hill East
Project to Impact Minerals
New Frontier Minerals Ltd (LSE and
ASX: NFM) is pleased to announce it has
agreed to sell all of the shares in its wholly owned subsidiary,
BHA No. 1 Pty Ltd (BHA) to
Impact Minerals Limited (ASX: IPT) (IPT). BHA holds the non-core Broken
Hill East Project. In exchange for all of the shares in BHA, IPT
will issue to NFM $275,000 worth of new IPT shares based on the
14-day VWAP of $0.0073 as at 7 March 2025. NFM has agreed to enter
into voluntary escrow arrangements with IPT for the IPT shares,
pursuant to which, one-sixth of the shares will be released each
month from escrow over a 6 month period. In addition, IPT will
assume responsibility for a 2% net smelter return royalty payable
with respect to tenements held by BHA.
Highlights:
·
NFM has entered into an agreement to sell its
wholly owned subsidiary BHA No. 1 Pty Ltd ("BHA"), holding the
Broken Hill East Project, to ASX-listed Impact Minerals Limited
("IPT")
·
Under the terms of the agreement, in consideration
for NFM transferring all of the shares in BHA to IPT, NFM will
receive $275,000 worth of IPT shares based on a 14-day VWAP of
$0.0073 per share as at 7 March 2025, which IPT shares are subject
to voluntary escrow arrangements for up to 6 months
·
Completion of the agreement, and the sale of BHA,
is expected to occur on or around Monday, 10 March 2025
·
This is the third, value creating, divestment of a
non-core asset in recent months that has enabled NFM to fund
development work on its core Harts Range and NWQ Copper
Projects
·
The Board intends to hold the remaining non-core
asset - Mkushi Copper Project in Zambia - until the right
development partner is secured
Ged
Hall, Chairman, commented: "Staying the course with our
strategy to be patient and find the right development partner for
the non-core asset portfolio has paid dividends again. This is the
third non-core asset to be sold in the past 18 months which leaves
the divestment of the Mkushi Copper Project as the final target.
Pleasingly, the value generated by these non-core asset sales is
being redeployed, as it materialises, to progress development work
on our core Harts Range and NWQ Copper Projects."
SUCCESSFUL NON-CORE ASSET PORTFOLIO
OPTIMISATION
Divesting the Broken Hill East
Project is the third non-core asset which NFM has successfully
closed in the past 18-months. The strategy to wait for the right
development partner has been key to ensuring maximum value creation
from the non-core asset portfolio.
As a result, NFM have been able to
redeploy funds and management time into advancing the core Harts
Range and NWQ Copper Projects.
The Board is optimistic, with
ongoing consolidation across the global copper sector, a
development partner can be found for Mkushi Copper Project in
Zambia which is the last remaining non-core asset.
The Mkushi Project in Zambia
ringfences an operating copper mine, with IP surveys having
highlighted multiple zones of high chargeability coincident with
known copper soil anomalies, which are potential targets for
disseminated copper sulphide mineralisation.
For
further information please contact
|
New
Frontier Minerals Limited
|
+61 8 6558 0886
|
|
Gerrard Hall (UK),
Chairman
|
|
|
|
|
|
SI
Capital Limited (Financial Adviser
and Corporate Broker)
|
+44 (0)1483 413500
|
|
Nick Emerson
|
|
|
|
|
|
Gracechurch Group (Financial
PR)
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+44 (0)20 4582 3500
|
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Harry Chathli, Alexis Gore, Henry
Gamble
|
|
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 and the Broken Hill Project in
western New South Wales.
New Frontier Minerals is listed on
the LSE and ASX under the ticker "NFM".
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.
References
1) NFM ASX Release -
5 April 2022
