Northern Minerals Limited

Quick Facts / Company Snapshot

• ASX Ticker Code: NTU
• Australian Business Number (ABN): 61 119 966 353
• Headquarters: Ground Floor, 40 Kings Park Road, West Perth, Western Australia
• Primary Development Asset: Browns Range Heavy Rare Earths Project
• Flagship Deposit: Wolverine Deposit
• Total Mineral Resources (Wolverine): 7.3 million tonnes at 0.96% TREO
• Contained Total Rare Earth Oxides (TREO): 70,500 tonnes
• Strategic Global Commodity Focus: Dysprosium (Dy) and Terbium (Tb)
• Primary Strategic Partner: Iluka Resources Limited (ASX: ILU)
• Targeted Final Investment Decision (FID): Q1 2026
• Targeted First Production: 1H 2028
• Estimated Pre-production Capital Expenditure: A$592 million
• Life of Mine (DFS Estimate): 11 years
• Annual Production Target: 17,500 tonnes of xenotime concentrate
• Total Land Tenure: Greater than 5,600 square kilometres across WA and NT
• Safety Record (FY2025): 0.00 Total Recordable Injury Frequency Rate (TRIFR)
• Total Assets (as of 30 June 2025): $28,756,556
• Cash and Cash Equivalents (as of 30 June 2025): $24,287,734
• Net Loss After Tax (FY2025): $27,367,370
• Executive Chairman: Adam Handley
• Managing Director & CEO: Shane Hartwig

Company Overview

Northern Minerals Limited is an Australian-based mining company dedicated to becoming a globally critical supplier of ethically produced heavy rare earth elements. The company is primarily focused on the development of its 100%-owned Browns Range Heavy Rare Earths Project, situated in the East Kimberley region of Western Australia. This project is uniquely positioned as one of the most advanced heavy rare earth (HRE) projects globally, specifically targeting the extraction of dysprosium and terbium from high-grade xenotime mineralisation.

The strategic vision of the company is to support global decarbonisation efforts by providing the essential materials required for the clean energy transition. Dysprosium and terbium are vital additives for neodymium-iron-boron (NdFeB) permanent magnets, which are critical components in electric vehicle (EV) motors, wind turbines, and advanced electronics. Because these elements allow magnets to maintain their performance at high temperatures, they are indispensable for the efficient operation of green technologies.

Strategic Global Significance

The Browns Range Project holds significant international importance due to the current concentration of heavy rare earth supply in specific markets. With ongoing export restrictions on dysprosium and terbium products from dominant global suppliers, Northern Minerals offers a viable, ethical, and reliable alternative. The project’s high-grade nature—boasting one of the highest known Dy/Tb to TREO ratios outside of China—makes it a cornerstone for diversifying the global critical minerals supply chain.

Core Values and ESG Framework

The company operates under a robust framework of corporate values designed to guide its interactions with employees, stakeholders, and the environment:

• Respect: Caring for people, property, and the environment.
• Integrity: Committing to doing the right thing in all business dealings.
• Safety: Prioritising the well-being of the workforce with a “look out for myself and others” mentality.
• Accountability: Fostering a culture where team members can count on each other.
• Innovation: Encouraging curiosity and continuous improvement in technical and operational processes.
• Clarity: Ensuring clear communication and seeking help when unsure.

Through these values, the company maintains a strong commitment to environmental, social, and governance (ESG) standards. This is evidenced by their zero-injury safety record and the maintenance of deep, respectful relationships with the Traditional Custodians of the lands where they operate, including the Jaru and Tjurabalan peoples.

Business Segments

Northern Minerals operates as a single-purpose entity focused on the exploration and development of rare earth mineral assets in Australia. For internal reporting and operational management, all activities are consolidated under one primary segment.

Mineral Exploration and Evaluation

The Mineral Exploration and Evaluation segment encompasses the entirety of the company’s activities, from regional exploration and resource definition drilling to the technical and engineering studies required for project development.

• Operational Scope: This segment manages the vast tenement holdings exceeding 5,600 km². Its core focus is the advancement of the Browns Range Project through the completion of Definitive Feasibility Studies (DFS), environmental approvals, and native title negotiations.
• Revenue Generation: As the project is currently in the pre-production development phase, this segment does not yet generate revenue from mining operations.
• Income Breakdown (FY2025): While there is zero operating revenue, the segment recorded total income of $2,583,404. This is comprised of:
  • Government Grants and Other Income: $1,580,330 (61.17% of total income)
  • Interest Income: $995,708 (38.54% of total income)
  • R&D Rebate: $7,366 (0.29% of total income)

The segment’s performance is currently measured by technical milestones rather than financial profitability. During the 2025 financial year, the segment successfully upgraded the Mineral Resource Estimate for the Wolverine deposit, reflecting a 15% increase in contained TREO.

History and Evolution

The history of Northern Minerals is defined by a systematic transition from a junior explorer to a near-term developer of critical minerals. The company has navigated complex metallurgical and market challenges to de-risk its flagship asset.

Early Milestones and Pilot Phase

The company established its presence in the Kimberley region with the discovery of heavy rare earth mineralisation at Browns Range. A pivotal era began in 2018 with the construction and operation of the Browns Range Pilot Plant. Between 2018 and 2022, the pilot plant successfully processed xenotime ore and produced heavy rare earth carbonate. This phase was critical for proving the technical flowsheet and understanding the metallurgical characteristics of the Wolverine orebody.

Strategic Shift to Concentrate Production

In 2022, a major strategic pivot occurred when Northern Minerals entered into a long-term supply agreement with Iluka Resources Limited. This agreement transformed the business model from the production of rare earth carbonate to the production of high-grade xenotime concentrate. This concentrate is intended to serve as feedstock for Iluka’s Eneabba refinery, the first integrated rare earth refinery in Australia. This partnership significantly de-risked the project by providing a domestic downstream processing route and a secure off-take arrangement.

Modern Development and Resource Expansion

Recent history has focused on project execution and resource definition. In late 2023, the company commenced a comprehensive Mineral Resource Definition Drilling Program. By 2025, this resulted in a substantial upgrade to the Wolverine deposit, strengthening the foundations for the Definitive Feasibility Study. The completion of the DFS in September 2025 marked a transition toward the Final Investment Decision phase, with the company now focusing on project funding and construction readiness.

Products and Services

As Northern Minerals is currently in the development stage, its primary focus is on the future production of a single, high-value mineral product.

Xenotime Concentrate

The cornerstone of the company’s future revenue is xenotime concentrate. This product is derived from the processing of heavy rare earth-bearing ore through crushing, grinding, and flotation stages.

• Product Profile: The concentrate is expected to be produced at a rate of approximately 17,500 tonnes per annum.
• Technical Specifications: The target concentrate grade is approximately 25% TREO.
• Contained Minerals: It will contain roughly 4,350 tonnes of Total Rare Earth Oxides per year.
• Value Drivers: Approximately 70% of the basket value of this concentrate is derived from its high dysprosium and terbium content.
• Market Application: The concentrate will be sold to Iluka Resources for refining into individual rare earth oxides used in high-strength permanent magnets.
• Revenue Status: Currently $0 (0% of total revenue) from sales. Future revenue is 100% leveraged to this product.

Geological and Exploration Services

While not a commercial service offered to third parties, the company possesses significant internal expertise in the exploration of xenotime-hosted heavy rare earths. This includes proprietary geological modelling and mineral systems approaches developed over a decade of exploration at the Browns Range Dome and Coomarie Dome.

Brand Portfolio

Northern Minerals operates under a unified corporate brand, focusing its identity on the ethical and strategic supply of heavy rare earths.

Northern Minerals Corporate Brand

The corporate brand is built on the promise of being a “globally critical source of ethically supplied dysprosium and terbium.”

• Brand Value: The brand represents a non-Chinese, high-grade alternative in the critical minerals sector.
• Strategic Alignment: It is closely associated with Australian government initiatives to bolster sovereign supply chains for critical minerals.
• Revenue Contribution: 100% of the company’s valuation and future income are tied to the Northern Minerals corporate identity and its flagship project.

Geographical Presence

The operations of Northern Minerals are located exclusively within Australia, primarily across Western Australia and the Northern Territory.

Western Australia (Browns Range Project)

Western Australia is the primary hub for the company’s development activities and home to its flagship asset.

• Head Office: Located in West Perth, serving as the corporate and administrative headquarters.
• Project Site: The Browns Range Project is situated in the East Kimberley region, approximately 160 km southeast of Halls Creek.
• Infrastructure: The site features a 50-person camp, an all-weather airstrip, a tailings storage facility, and the existing pilot plant infrastructure.
• Revenue Potential: 100% of the company’s planned production is based in WA.
• Total Income (FY2025): $2,583,404 (100% of the group’s income is domiciled in Australia).

Northern Territory (Exploration Tenure)

While the primary mining infrastructure is in Western Australia, the vast majority of the company’s exploration tenure extends into the Northern Territory.

• Footprint: Approximately 90% of the company’s >5,600 km² land package is located within the Northern Territory.
• Key Prospects: Includes the Coomarie Dome and the Boulder Ridge Project.
• Strategic Role: This region provides the exploration upside necessary to extend the project’s life beyond the initial 11 years.

Financial Performance Analysis

Northern Minerals is currently in a pre-revenue investment phase. Consequently, its financial performance is characterised by significant capital outflows for exploration and study work, balanced by equity funding and government grants.

Consolidated Performance Trends

The 2025 financial year showed a narrowing of net losses compared to the previous period. The net loss for FY2025 was $27,367,370, compared to a loss of $31,588,360 in FY2024. This 13.3% improvement was driven by disciplined cost management and a shift in focus from extensive drilling to technical study completion.

Strategic Financing: A major highlight was the successful capital raising of approximately $45.4 million through a two-tranche placement and a Share Purchase Plan. This significantly bolstered the cash position, which ended the year at **$24,287,734**, up from $8,253,482 in the prior year.

Profit and Loss Analysis

The following table provides a comprehensive view of the consolidated financial results for the 2025 financial year.

Item	FY2025 ($)	FY2024 ($)
Total Revenue and Income	2,583,404	5,613,856
Corporate Expenses	(10,154,354)	(12,044,227)
Exploration and Evaluation Expenditure	(17,807,676)	(22,837,376)
Depreciation and Amortisation	(669,801)	(687,931)
Finance Costs	(1,988,744)	(2,320,613)
Impairment of Assets	(917,785)	(875,000)
Net Loss After Tax	(27,367,370)	(31,588,360)
Basic Loss Per Share (cents)	(0.36)	(0.55)

The decline in total income was primarily due to a lower recognition of government grants in FY2025 compared to the previous year, during which the company received significant funding from the Critical Minerals Development Program. Corporate expenses saw a notable 15.7% reduction as the company optimised its administrative footprint.

Balance Sheet Analysis

The balance sheet reflects a strengthened liquidity position following successful equity raisings and a strategic focus on asset preservation.

Item	30 June 2025 ($)	30 June 2024 ($)
Current Assets	25,505,998	9,675,285
Non-Current Assets	3,250,558	4,266,245
Total Assets	28,756,556	13,941,530
Current Liabilities	21,723,406	22,700,411
Non-Current Liabilities	5,339,888	5,247,259
Total Liabilities	27,063,294	27,947,670
Net Assets (Equity)	1,693,262	(14,006,140)

The company successfully moved from a net liability position of $14.0 million in 2024 to a positive net asset position of $1.7 million in 2025. Current liabilities include a $15.0 million convertible note held by Iluka Resources, which is a key component of the company’s debt structure.

Cash Flow Analysis

The cash flow statement reveals the company’s reliance on capital markets to fund its development activities.

Item	FY2025 ($)	FY2024 ($)
Net Cash Used in Operating Activities	(25,803,231)	(26,119,278)
Net Cash Used in Investing Activities	(473,145)	(556,780)
Net Cash From Financing Activities	42,408,322	23,241,390
Net Increase/(Decrease) in Cash	16,131,946	(3,434,668)

Financing activities were the primary driver of the group’s cash movements, with $45.4 million in gross proceeds from share issues during the period. Operating cash outflows remained consistent as the company maintained its level of activity at the Browns Range site and progressed the DFS.

Board of Directors and Leadership Team

Northern Minerals is led by a board with significant experience in law, finance, and international resource development.

Adam Handley – Executive Chairman

• Role: Appointed Executive Chairman on 27 May 2024, having previously served as a Non-executive Director since 2021.
• Profile: Mr Handley is a Perth-based partner of global law firm HFW. He is the Immediate Past President of the Australia China Business Council (WA) and specialises in advising North Asian investors on Australian resource projects. He chairs the Remuneration and Nomination Committee and the Audit and Risk Committee.

Shane Hartwig – Managing Director & CEO

• Role: Managing Director and Chief Executive Officer.
• Profile: A founder and former Director of Peloton Advisory, Mr Hartwig has over 30 years of experience in the finance industry and project development. He is a Certified Practicing Accountant and Chartered Company Secretary. He is responsible for directing the company’s operations and securing project funding.

Bin Cai – Executive Director

• Role: Executive Director since joining in 2013.
• Profile: Mr Cai has more than 25 years of experience in finance and capital markets. He is the Managing Director of Conglin International Investment Group Pty Ltd. He assists the company with investor relations, particularly with investors from North Asia. He serves on both the Audit and Risk and Remuneration and Nomination Committees.

Liangbing Yu – Non-executive Director

• Role: Independent Non-executive Director.
• Profile: An Executive Partner at Beijing GloryHope Oriental Investment Centre, Mr Yu has over 20 years of experience in business operations and management. He is a member of the Audit and Risk and Remuneration and Nomination Committees.

Subsidiaries, Associates, Joint Ventures

Northern Minerals Limited is the head entity of a tax-consolidated group comprising five wholly-owned subsidiaries. All entities are incorporated in Australia.

• Northern Uranium Pty Ltd: 100% ownership.
• Northern Commodities Pty Ltd: 100% ownership.
• Northern P2O5 Pty Ltd: 100% ownership.
• Northern Rare Earth Metals Pty Ltd: 100% ownership.
• Northern Xenotime Pty Ltd: 100% ownership.

These subsidiaries primarily hold various tenements and mineral rights associated with the company’s regional exploration strategy. No external revenue was generated by these subsidiaries during the period.

Physical Properties

The company maintains a significant physical footprint to support its Kimberley operations and corporate functions.

• Corporate Headquarters: Ground Floor, 40 Kings Park Road, West Perth, WA 6005.
• Browns Range Site Infrastructure:
  • Camp: Accommodates 50 people with full messing facilities.
  • Airstrip: All-weather airstrip capable of supporting fly-in fly-out (FIFO) operations.
  • Tailings Storage Facility (TSF): Existing facility used during the pilot plant phase.
  • Pilot Plant: Infrastructure remains on site, including crushing and processing circuits.
• Tenements: A total land package of >5,600 km².

Shareholding Pattern

As of 15 September 2025, the company had 8,362,367,249 ordinary shares on issue. The top 20 shareholders hold 64.89% of the total capital.

• Vastness Investment Group Limited: 646,250,091 shares (7.73%)
• Hong Kong Ying Tak Limited: 626,450,546 shares (7.49%)
• Real International Resources Limited: 619,071,000 shares (7.40%)
• Qogir Trading & Service Co Limited: 530,714,012 shares (6.35%)
• Ms Jing Liu: 426,287,294 shares (5.10%)
• Iluka WA Investments Pty Ltd: Holds a strategic interest through a $15.0 million convertible note and 125,000,000 ordinary shares (1.49%).

Investments and Capital Expenditure Plans

Northern Minerals is entering a capital-intensive construction phase. The investment focus is currently shifted toward the final engineering and funding requirements for the Browns Range Project.

• Pre-production Capex: Estimated at A$592 million based on the 2025 DFS. This excludes working capital and finance costs.
• R&D Spending: The company continues to invest in metallurgical variability testing to optimise the xenotime flotation circuit. FY2025 R&D incentives totalled $7,366.
• Strategic Priorities: Securing a mix of debt and equity funding. The company is actively engaging with the Northern Australia Infrastructure Facility (NAIF) and Export Finance Australia (EFA) for government-backed debt support.

Future Strategy

The management has outlined a clear “Pathway to Production” with several key milestones targeted for the coming years:

1. Final Investment Decision (FID): Targeted for Q1 2026.
2. Financial Close: Targeted for Q1 2026.
3. Construction Commencement: Targeted for 1H 2026.
4. Mining Commencement: Targeted for 1H 2027.
5. First Production: Targeted for 1H 2028.

The long-term strategy involves extending the current 11-year mine life by developing regional targets like Dazzler and Banshee. The company also aims to be a key feedstock provider to Iluka’s Eneabba refinery, establishing a sovereign rare earth supply chain in Australia.

Key Strengths

• Strategic Resource: The Wolverine deposit is one of the highest-grade dysprosium and terbium resources outside of China.
• Supply Chain Alignment: Strategic partnership with Iluka Resources provides a clear, domestic route to market.
• Advanced Project Status: Key primary environmental and heritage approvals are already in place, allowing for rapid construction mobilisation.
• Proven Flowsheet: Data from the 2018-2022 pilot plant operations significantly de-risks the commercial processing design.
• Safety Excellence: Consistent 0.00 TRIFR reflects a high-performing operational culture.

Key Challenges and Risks

• Funding Risk: The project requires significant capital (A$592 million). Success is dependent on securing debt and equity in a volatile market.
• Commodity Price Volatility: Rare earth prices are subject to fluctuations based on global demand and Chinese production quotas.
• Convertible Note Maturity: The $15.0 million Iluka convertible note matures on 31 December 2024, requiring negotiation for extension or repayment.
• Foreign Investment Scrutiny: Divestment orders issued by the Federal Treasurer to certain shareholders in June 2024 highlight regulatory risks associated with foreign ownership.

Conclusion and Strategic Outlook

Northern Minerals Limited stands at a pivotal juncture as it transitions from a feasibility stage company to a critical minerals producer. With a confirmed 11-year mine life and an upgraded resource at Wolverine, the Browns Range Project is technically robust and strategically vital. The strategic alignment with Iluka Resources and the support of Australian government agencies provide a strong platform for the upcoming Final Investment Decision. As the global demand for dysprosium and terbium continues to accelerate, Northern Minerals is well-positioned to become a cornerstone of the world’s ethical rare earth supply chain.

Official Site: https://www.northernminerals.com.au

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FAQ Section:

1. What is Northern Minerals’ primary project?The flagship asset is the Browns Range Heavy Rare Earths Project in the East Kimberley region of Western Australia.
2. Which minerals does Northern Minerals focus on?The company specifically targets dysprosium and terbium, which are critical for high-performance permanent magnets.
3. Who is Northern Minerals’ main strategic partner?The company has a long-term supply agreement and strategic partnership with Iluka Resources Limited.
4. When is first production targeted?Northern Minerals is targeting first production of xenotime concentrate in the first half of 2028.
5. What is the size of the Wolverine resource?The Wolverine deposit contains 7.3 million tonnes at 0.96% TREO, representing 70,500 tonnes of contained total rare earth oxides.

Source: Content on FirmsWorld.com is based on publicly available corporate filings, regulatory disclosures, annual reports, SEC 10-K filings, investor relations materials, and, where applicable, direct communications with the company.