Northern Minerals (NTU) Q4 2025 TU earnings summary

Executive summary

• Advanced project development and exploration at Browns Range, focusing on high-grade dysprosium and terbium deposits amid global supply disruptions for rare earths.

• Completed key optimisation programs for process plant and mining, targeting capital cost savings and operational efficiencies.

• Engaged with stakeholders, including Traditional Owners and export credit agencies, to support project milestones and regulatory approvals.

Environmental, Social and Governance

• Maintained a 0.0 TRIFR with zero lost time injuries, reflecting strong safety performance.

• Completed heritage surveys with Traditional Owners in WA and NT, supporting exploration and access.

• Secured regulatory approval for early construction works, including wastewater and landfill facilities.

• Conducted environmental baseline surveys with Traditional Owner participation to inform water discharge approvals.

• Implemented weed management and participated in regional economic forums for local engagement.

Outlook and guidance

• Definitive Feasibility Study (DFS) for Browns Range nearing completion, with release expected in Q3 CY2025.

• Metallurgical test work at Dazzler deposit underway; potential to impact future mining schedules and economics.

• Ongoing engagement with government and international agencies to align with critical minerals strategies.