Northern Minerals (NTU) Q1 2026 TU earnings summary

Executive summary

• Advanced the Browns Range Heavy Rare Earths Project, confirming its ability to supply ~8% of global Dy/Tb demand, with first production targeted for 2028, following a successful Definitive Feasibility Study (DFS).

• Secured expanded mining lease, completed key regulatory and community engagements, and maintained a zero injury safety record.

• Raised A$60.5 million in equity post-quarter to fund project advancement and repay convertible notes.

Financial highlights

• DFS forecasts average annual EBITDA of A$175 million, pre-tax NPV of A$187 million, and IRR of 12% based on base case REE price forecasts.

• Pre-production capital estimated at A$592 million, including A$77.5 million contingency.

• Expenditure during the quarter: A$0.84 million on DFS, A$1.35 million on site costs, and A$2.76 million on exploration and evaluation.

Outlook and guidance

• Targeting Final Investment Decision (FID) by Q4 FY26, with construction estimated at 26 months from financial close.

• Ongoing funding discussions with export finance agencies and strategic investors, with conditional letters of interest/support received for up to US$230 million.

• Market outlook for Dy/Tb remains strong, with anticipated global supply shortfall by 2028.