Northern Minerals (NTU) H2 2026 earnings summary

Executive summary

• Advanced the Browns Range Heavy Rare Earths Project, completing the Definitive Feasibility Study (DFS) and initiating Front-End Engineering Design (FEED) to support a Final Investment Decision (FID).

• Progressed project funding discussions with Australian and US government agencies, receiving conditional support for potential debt financing.

• Raised $60.5M via share placement, repaid Iluka Convertible Note, and maintained all mining and exploration tenure in good standing.

• No dividends declared or paid during the year.

Financial highlights

• Total income: $1.7M (2025: $2.6M); net loss after tax: $37.9M (2025: $27.4M).

• Net cash used in operating activities: $29.2M (2025: $25.8M); net cash used in investing: $24.8M (2025: $0.5M).

• Net cash from financing: $37.5M (2025: $42.4M); cash at 30 June 2026: $33.6M (2025: $24.3M).

• Shareholders’ funds increased to $21.0M (2025: $1.7M); interest-bearing liabilities reduced to $0.6M (2025: $15.8M).

• Basic EPS: (0.41) cents (2025: (0.36) cents).

Outlook and guidance

• FID for Browns Range delayed beyond September 2026, pending completion of funding arrangements.

• Ongoing focus on securing substantial additional funding for project construction and commissioning.

• Continued exploration, technical studies, and regulatory compliance to support future development.