New Frontier Minerals sells Broken Hill East project to Impact Minerals

SYDNY: New Frontier Minerals (ASX: NFM) has agreed to sell its wholly owned subsidiary, BHA No. 1 Pty Ltd, which holds the Broken Hill East Project, to Impact Minerals Limited (ASX: IPT).

The deal, valued at $275,000, will see NFM receive IPT shares based on a 14-day VWAP of $0.0073 per share as of 7 March 2025. The shares will be subject to a 6-month voluntary escrow period, with one-sixth released monthly.

This marks NFM’s third non-core asset divestment in 18 months, allowing the company to focus on its core Harts Range and NWQ Copper Projects. The remaining non-core asset, the Mkushi Copper Project in Zambia, will be held until a suitable development partner is found.

NFM Chairman Ged Hall highlighted the success of the strategy, emphasizing the value created from non-core asset sales and their reinvestment into core projects. The transaction is expected to complete around 10 March 2025.