Northern Minerals (NTU) Q1 2027 TU earnings summary

Executive summary

• Browns Range advanced through FEED, approvals, procurement and construction-readiness work; FID and execution remain conditional on completing funding arrangements.

• Main Infrastructure Works Approval was granted on 22 October 2026, completing approvals required to commence construction; first concentrate remains targeted for Q1 2029.

• No substantive mining production or mine development activities occurred during the quarter.

Financial highlights

• Cash and investments totalled $20.5M at 30 September 2026: $19.0M cash and cash equivalents and $1.5M term deposits.

• FEED cost to date was $7.22M; quarterly FEED cash expenditure was ~$4.57M, with an additional $1.93M in site costs.

• Quarterly exploration and evaluation expenditure was ~$2.46M; administration and corporate expenditure was ~$3.36M.

• Reviewed estimates indicate capital costs rose broadly in line with WA mining inflation of ~6%-8% p.a. since December 2024; operating costs rose ~3%-4% p.a.

Outlook and guidance

• First concentrate production remains targeted for Q1 2029, subject to completion of funding arrangements.

• Process Plant EPC contract award remains scheduled for March 2027; December-quarter priorities include FEED close-out, approvals, procurement and construction readiness.

• December-quarter work includes advancing the groundwater licence amendment and Part IV environmental application, completing technical reporting, and progressing Dazzler evaluation.