Northern Minerals (NTU) Q1 2025 TU earnings summary

Executive summary

• Advanced the Browns Range Heavy Rare Earths Project, focusing on DFS completion and exploration expansion across Western Australia and Northern Territory.

• Achieved a TRIFR of 0.00, maintaining a strong safety record since November 2022.

• Secured $43 million via placement and $3.85 million through a Share Purchase Plan to fund project development and exploration.

• Received Environmental Protection Act approval, expanding the Browns Range disturbance footprint and development envelope.

Financial highlights

• Raised $43 million from a two-tranche placement and $3.85 million from a Share Purchase Plan.

• Expenditure on feasibility study activities was approximately $0.9 million, with $1.6 million in site costs.

• Exploration and evaluation activities expenditure totaled approximately $1.5 million for the quarter.

• Payments to related parties and associates from operating activities totaled $0.546 million.

Outlook and guidance

• Definitive Feasibility Study (DFS) on track for release in Q3 FY25, with updated Mineral Resource Estimate expected in Q2 FY25.

• Regional exploration programs to inform future drilling, with field season activities scheduled for Q3 FY25.

• Ongoing funding discussions with NAIF and EFA to support project advancement.