Northern Minerals (NTU) Investor Presentation summary

Project overview and strategic significance

• Browns Range is a high-grade heavy rare earth project in Western Australia, with a mineral resource of 7.3 Mt at 0.96% TREO and an ore reserve of 5.18 Mt at 0.88% TREO.

• The project targets an 11-year life of mine, producing up to 181,000 tonnes of TREO in concentrate and ~4,350 tonnes per annum TREO.

• Strategic partnership with Iluka Resources enables supply of HRE-rich feedstock to Australia's first integrated rare earth refinery.

• All key approvals and native title agreements are in place, with established infrastructure and a clear execution pathway.

• The project is aligned with government policies to establish a domestic rare earth supply chain and reduce reliance on China.

Market opportunity and product basket

• Browns Range product basket is highly valuable, with over 70% of value from Dy/Tb, critical for NdFeB magnets in EVs, renewables, and defense.

• Global demand for permanent magnets is forecast to drive a supply deficit for Dy/Tb, with REO demand from magnets expected to grow at ~6% CAGR to 2035.

• China dominates HRE production and processing, creating supply chain vulnerabilities and price volatility.

• Browns Range is positioned as one of the largest potential sources of Dy and Tb outside China.

Technical and financial highlights

• The DFS confirms a technically and commercially robust project, with a proven flowsheet achieving ~84% TREO recovery and ~25% concentrate grade.

• Base case pre-tax NPV8% is A$187M (post-tax A$74M), IRR 12% (post-tax 10%), with a payback period of 7 years; divergence case shows significant upside.

• Average annual revenue is A$343M, EBITDA A$175M, and LOM free cashflow A$635M (base case).

• All-in sustaining cost is A$44.70/kg TREO, with open pit and underground mining, and a robust cost structure.

• Pre-production capital is A$592M, with funding discussions underway including government-backed options.