Northern Minerals (NTU) Q4 2026 TU earnings summary

Executive summary

• Advanced Browns Range Heavy Rare Earths Project through FEED phase, targeting Final Investment Decision (FID) in Q3 CY2026 and first concentrate production in Q4 CY2028/Q1 CY2029.

• Secured key regulatory approvals, expanded development envelope, and improved operational flexibility.

• Updated Dazzler Deposit Mineral Resource Estimate increased contained TREO by 40% to 7,000 tonnes.

• Ongoing engagement with Traditional Owners and stakeholders to support project development.

Financial highlights

• Held $33.6M in cash and investments as of 30 June 2026, with $7.8M in cash/cash equivalents and $25.8M in term deposits.

• FEED activities expenditure was approximately $1.75M, with an additional $1.91M in site costs.

• Exploration and evaluation expenditure was $1.59M; administration and corporate costs were $2.93M.

Outlook and guidance

• FID targeted for Q3 CY2026, contingent on successful project funding.

• First concentrate production expected Q4 CY2028/Q1 CY2029, aligning with forecast global rare earths shortfall.

• Next quarter focus: complete major contract negotiations, finalize engineering/geotechnical investigations, and advance regulatory approvals.