Northern Minerals (NTU) AGM 2024 summary

Opening remarks and agenda

• Managing Director Shane Hartwig chaired the AGM on 29 November 2024 due to the Chairman's absence for health reasons, welcoming in-person and online attendees, including media representatives.

• Acknowledgement of traditional landowners and introduction of board members and company team.

• Outlined meeting procedures, including online participation, Q&A, and voting processes.

Financial performance review

• $43 million raised via a two-tranche placement in September 2024, with strong support from institutional and sophisticated investors.

• Additional $3.85 million raised through a Share Purchase Plan at $0.019 per share, ensuring funding through to the final investment decision next year.

• Proceeds allocated to ongoing operations, project funding, DFS finalisation, and exploration drilling.

• Market conditions remain challenging due to soft commodity prices and global economic uncertainty, but long-term demand for rare earths is expected to grow.

Board and executive committee updates

• Significant changes to the share register and ongoing engagement with shareholders to align strategy.

• Appointment of an independent remuneration consultant to review board compensation and structure, with results expected early 2025.

• Changes to remuneration practices include deferring short-term rewards for senior leadership until a positive FID.

• Commitment to improving board diversity and expertise as the project advances.