Northern Minerals progresses rare earth project with DFS, funding efforts

Northern Minerals’ 2025 annual report details substantial progress on the Browns Range Heavy Rare Earths Project. The definitive feasibility study (DFS), published in September 2025, confirmed the project’s technical and financial robustness, supporting an 11-year mine life with estimated ore reserves of 5.18 million tonnes at 0.88% Total Rare Earth Oxides (TREO). The project is expected to produce approximately 17,500 tonnes per annum of xenotime concentrate, supplying Iluka Resources' Eneabba Refinery, and targeting first production in 1H 2028. Pre-production capital expenditure is estimated at ~A$592m.

The company advanced its funding strategy through discussions with export finance agencies and strategic investment groups. A two-tranche placement and share purchase plan raised ~A$45.4m, with funds allocated to operational support, DFS finalization, exploration, and project funding. The report also highlights an expanded exploration tenure of over 5,600 km² across Western Australia and the Northern Territory, with successful drilling at Dazzler and Gambit prospects aiming to increase the heavy rare earth element (HREE) resource base.

Financially, Northern Minerals reported a net loss of A$27.4m for the year ended 30 June 2025, an improvement from A$31.6m in FY 2024, and ended the year with A$24.3m in cash and cash equivalents. The company emphasized its commitment to sustainability, maintaining a Total Recordable Injury Frequency Rate (TRIFR) of 0.00, and ensuring compliance with environmental and governance standards, including an updated environmental management system.