Northern Minerals (NTU) H2 2025 earnings summary

Executive summary

• Advanced the Browns Range Heavy Rare Earths Project, completing a Definitive Feasibility Study (DFS) confirming technical and financial robustness, with an 11-year mine life and targeted first production in 2028.

• Secured all key project approvals, maintained strong safety performance (TRIFR 0.00), and raised $45.4 million through placements and a share purchase plan to fund ongoing operations and DFS completion.

• Strategic partnership with Iluka Resources for offtake and downstream processing, aligning with government policies to establish an Australian rare earth supply chain.

Financial highlights

• Net loss from continuing operations was $27.4 million, an improvement from $31.6 million in FY2024.

• Cash balance at 30 June 2025 was $24.3 million, up from $8.3 million the previous year.

• Payments to suppliers and employees totaled $26.9 million, down from $31.4 million in FY2024.

• Total assets increased to $28.8 million, with net assets of $1.7 million at year-end.

• Shareholder funds improved from a deficit to a surplus, driven by successful capital raising.

Outlook and guidance

• Focused on securing project funding and making a Final Investment Decision (FID) in 1H 2026.

• Construction expected to commence post-funding, with first production targeted for 2028.

• Ongoing exploration to expand resource base and extend project life.