Northern Minerals (NTU) H2 2026 earnings summary

Executive summary

• FY2026 focused on moving Browns Range from feasibility into FEED, project financing and construction readiness; a positive FID remains contingent on funding and Board approval.

• The September 2025 DFS estimated A$592M pre-production capex and, under its Divergence Case, pre-tax real NPV8 of A$705M and IRR of 21%.

• Browns Range is positioned as a potential non-China heavy rare earths supplier, with first production targeted for Q4 2028 subject to project funding.

Financial highlights

• FY2026 total income was A$1.71M versus A$2.58M in FY2025; net loss widened to A$37.89M from A$27.37M.

• Operating loss was A$37.37M; total expenses rose to A$39.08M from A$27.96M, including A$23.34M exploration and project evaluation expenditure.

• Net operating cash outflow was A$29.19M versus A$25.80M; net investing outflow was A$24.77M versus A$0.47M, largely reflecting term deposits and site/head-office IT expenditure.

• Cash and current term deposits totalled A$33.57M at 30 June 2026; net assets were A$20.97M versus A$1.69M a year earlier.

• A$60.5M was raised before costs in November 2025; placement proceeds and existing cash funded project work and full repayment of the Iluka convertible note, including A$3.51M accrued interest.

Outlook and guidance

• FID targeted for 30 September 2026 was not achieved; funding negotiations remain ongoing, with no legally binding project funding commitment obtained by the report date.

• EXIM indicated it could consider debt financing of up to US$230M with EFA; both agencies’ support letters are conditional and non-binding, subject to due diligence, approvals and acceptable terms.

• Subject to project funding, first concentrate production is targeted for Q4 2028; the pathway includes financial close, construction and commissioning.

• Additional working-capital funding is needed to maintain planned activities; project construction funding is a separate, substantially larger requirement.