Northern Minerals (NTU) Equity Raising Presentation summary

Equity raising and funding strategy

• $43 million in binding commitments received for a two-tranche placement, with an additional share purchase plan (SPP) targeting up to $5 million at $0.019 per share, representing a 20.8% discount to the last closing price.

• Proceeds will fund the completion of the Browns Range Heavy Rare Earth Project Definitive Feasibility Study (DFS), exploration to extend mine life, project funding processes, pre-development activities, and working capital.

• The equity raising ensures funding through to DFS completion and progress toward a final investment decision (FID), with a total of $51.3 million allocated across technical, exploration, and corporate uses.

• Timetable includes SPP opening on 25 September 2024, general meeting on 6 November 2024, and targeted FID in 1H 2025.

• Ongoing discussions with NAIF, EFA, and Iluka Resources for additional project funding, with Iluka due diligence underway.

Project and operational highlights

• Browns Range is a globally significant, high-grade dysprosium and terbium deposit, with a rare earth assemblage of 10% Dy/Tb, among the highest globally.

• The project targets production of ~25% TREO concentrate, with recent drilling at Wolverine confirming extensive high-grade mineralisation open at depth.

• A three-year pilot plant operation has de-risked the flowsheet and established key infrastructure, informing the DFS and operational plans.

• All key approvals are in place, including native title and heritage agreements, with strong government and community support.

• First production is targeted for Q4 2027, following construction commencement in Q3 2025.

Strategic partnerships and market positioning

• Long-term supply and funding partnership with Iluka Resources, including a supply agreement for up to 5.5 kt TREO per year and a total of 30.5 kt TREO.

• Iluka to purchase 100% of concentrate produced, with a price mechanism including fixed and upside sharing components.

• Browns Range concentrate will be a key feedstock for Iluka’s Eneabba Refinery, supporting the establishment of a new domestic rare earth magnet supply chain.

• The project is well positioned to benefit from strong demand growth for Dy/Tb, driven by global electrification and decarbonisation trends, with supply shortages forecasted.

• Australian government support for critical minerals, with access to funding programs and incentives for domestic processing and supply chain development.