New Frontier Minerals secures $1.59m for drilling

LONDON - New Frontier Minerals Ltd (LSE and ASX:NFM), a mining company focused on the exploration and development of mineral resources, has announced the successful completion of a capital raise, securing $1.59 million through the placement of new shares. The funds are earmarked for the exploration of Heavy Rare Earth Elements (HREE), Niobium, and Uranium at the Harts Range Project.

In a statement released today, New Frontier Minerals confirmed that it had received firm commitments from institutional and sophisticated investors to subscribe for 144,477,270 new fully paid ordinary shares at an issue price of $0.011 per share.

The proceeds from the placement are primarily intended for a maiden drilling campaign at the Harts Range Project, which is being pursued at a time when the US government is actively seeking to diversify its HREE supply chains and accelerate nuclear power technology development. These macroeconomic factors are seen as favorable for the exploration and potential extraction of HREE and Uranium.

Furthermore, the company plans to advance its memorandum of understanding with Austral Resources Ltd (ASX:AR1) for the Big One Copper Deposit, part of the NWQ Copper Project in Queensland, Australia. The capital will also support general working capital requirements.

Ged Hall, Chairman of New Frontier Minerals, expressed gratitude for the investor support and optimism for the company’s drilling campaign and future prospects, particularly given the current global context favoring HREE and Uranium.

The placement is being managed by CPS Capital Group Pty Ltd, which will receive a 2% management fee, a 4% placing fee of the total gross proceeds, and options as part of the compensation for their role in the placement.

Trading of the company’s shares, which was halted pending the announcement, resumed today. The settlement of the new shares is expected to be completed by Wednesday, June 11, 2025.

The company has also updated its corporate presentation, providing further details about its ongoing projects and future plans, available on its website.

This news comes as the mining industry continues to see increased investment and exploration activity, driven by the global demand for resources essential for high-tech industries and clean energy solutions. New Frontier Minerals’ announcement is based on a press release statement.

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