Northern Minerals (NTU) investor relations material

Executive summary

• Net loss for the half year ended 31 December 2025 was $16.0 million, compared to $15.0 million for the same period in 2024.

• Browns Range Project's DFS was completed, confirming an 11-year mine life and significant rare earths production potential.

• $60.5 million equity placement completed, with proceeds used to repay the $15 million Iluka Convertible Note and fund project development.

• Ongoing engagement with US and Australian government agencies for project funding, including conditional support letters for potential debt financing.

Financial highlights

• Total revenue and other income for the half year was $639,811, up from $332,653 year-over-year.

• Net cash used in operating activities was $16.6 million, compared to $14.9 million in the prior year.

• Net cash used in investing activities increased to $38.0 million, mainly due to a $38 million term deposit.

• Net cash from financing activities was $41.3 million, reflecting the equity raise and repayment of borrowings.

• Cash and term deposit balances at 31 December 2025 were $48.9 million, up from $24.2 million at June 2025.

Outlook and guidance

• Directors are confident the group has sufficient resources to fund planned activities for at least 12 months.

• First production from Browns Range targeted for late 2028, subject to project funding.

• Updated Mineral Resource Estimate for Dazzler deposit expected in Q4 FY26.