Northern Minerals (NTU) Noosa Mining Conference 2026 summary

Strategic context and market dynamics

• Browns Range addresses the critical gap in heavy rare earths supply for Western magnet industries, focusing on dysprosium, terbium, and yttrium, with demand driven by defense, EVs, wind, and robotics, and a projected deficit widening through 2040.

• Allied nations are accelerating investment in non-China rare earth supply chains, with government-backed funding and policy frameworks in Australia and the US prioritizing secure supply of critical minerals.

• Market bifurcation between China and allied nations has solidified, creating distinct pricing and supply chains, with recent transactions establishing price floors and non-China price indices.

• Export controls have accelerated allied government funding for non-China supply chains and driven significant price increases for yttrium in Western markets, though this upside is not yet reflected in project economics.

• The project aligns with national security interests, as reflected in recent shareholding disposal orders to align the register with Australia's security priorities.

Project status and timeline

• Browns Range is an advanced heavy rare earth project in Western Australia, with 7.3 Mt @ 0.96% TREO Mineral Resource and 5.2 Mt @ 0.88% TREO Ore Reserve.

• All primary approvals, including Native Title, and key agreements are in place, with the project described as shovel-ready and FEED underway.

• Final investment decision (FID) is targeted by 30 September 2026, pending funding negotiations with U.S. and Australian governments.

• Construction is planned to begin after financial close, with first production targeted for Q4 2028/Q1 2029.

• The project has an 11-year mine life, targeting up to 181,000 tonnes of concentrate and up to 4,350 TPA of TREO.

Supply chain integration and partnerships

• Browns Range will supply heavy rare earth concentrate to Iluka's Eneabba refinery, which is over 50% constructed and government-financed.

• A supply agreement with Iluka covers 100% of planned production for the first 7+ years, providing a pathway into an Australian government-backed non-China supply chain.

• Iluka has secured a binding offtake with a global automotive company, covering the full magnet suite including Dy and Tb.