Northern Minerals (NTU) Q2 2026 TU earnings summary

Executive summary

• Advanced Browns Range Heavy Rare Earths Project towards Final Investment Decision (FID), targeting Q4 FY26, with first production aimed for 2028 to address forecast global Dy/Tb shortfall.

• Secured conditional Letters of Interest/Support from US EXIM (up to US$230m) and Export Finance Australia for project funding, following the US/Australia Critical Minerals and Rare Earth Framework Agreement.

• Completed A$60.5m equity raising, introducing new institutional investors and funding pre-development, FEED, exploration, and Iluka convertible note repayment.

• Maintained a 0.0 TRIFR with no lost time injuries; completed heritage and environmental compliance activities at Browns Range.

Financial highlights

• Raised A$60.5m through share placement; proceeds used for FEED, exploration, Iluka note repayment, and working capital.

• Increased cash outflows in the quarter due to Iluka note repayment, legal/consulting costs, and FEED program expenses.

• Payments to related parties totaled $0.429m, covering director remuneration and legal services.

Outlook and guidance

• FID for Browns Range targeted by Q4 FY26, with first production expected in 2028.

• Ongoing funding discussions with US EXIM, EFA, and other agencies to secure project finance.

• Updated Mineral Resource Estimate for Dazzler deposit expected in Q4 FY26.