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New Frontier Minerals Ltd on Monday reported a widened loss during its most recent financial year, driven by higher impairment charges, despite revenue multiplying more than four times higher. The minerals exploration company in Australia with exposure to copper, heavy rare earth minerals and uranium said pretax loss for the year that ended June 30 widened to A$2.2 million, or $1.5 million, from A$1.7 million the year before. This was driven partly by A$640,437 in impairment charges on exploration expenditure recorded during the year, against A$209,122 a year earlier. Marketing and investor relations expenses increased 24% to A$415,642 from A$335,416. The company reported an A$296,887 loss on fair value adjustment on assets held at fair value, against A$134,409 a year prior. Revenue multiplied to A$167,173 from A$35,661. ‘Our traditional copper business is now primarily focused on the NWQ Copper project in the world-class Mount Isa region in Queensland, as we have now sold all the non-core Australian assets. In line with this focus, we have exited our final non-core asset, the Mkushi project in Zambia. The deregistration of our Zambian subsidiary, Chalo Mining Group, is in the final stages. We continue to concentrate our resources on our Australian projects and other strategic opportunities,’ explained Chair Ged Hall. Hall continued: ‘Over the course of the financial year, through conducting surface sampling and geophysical campaigns, NFM’s geology team has been able to delineate high-conviction targets for drill-testing. The inaugural drilling campaign, which is awaiting regulatory approval, should provide invaluable insight into the potential to define a [heavy rare elements]-mineral resource estimate at the Harts Range project. ‘Concurrently, we are reviewing processing options for HRE-enriched material to map out a potential commercialisation pathway to facilitate future offtake discussions with global magnet supply chain groups.’ Shares in New Frontier Minerals were down 3.9% at 0.63 pence on Monday afternoon in London. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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