Northern Minerals secures A$60.5m for rare earths project, repays debt

Northern Minerals Limited (ASX:NTU) announced the successful completion of an A$60.5 million placement to institutional and sophisticated investors on November 3, 2025. This placement involved the issue of 1,186,998,295 new fully paid ordinary shares at A$0.051 per share, utilizing the company's existing placement capacity. The funds will be primarily allocated to advancing the company's 100%-owned Browns Range Heavy Rare Earths Project in Western Australia.

A significant portion of the placement proceeds will be used to immediately repay the Iluka convertible note principal of A$15,000,000, which was set to mature on December 31, 2024, along with A$3,507,947 in accrued interest. Following the placement, the total number of quoted ordinary fully paid shares for Northern Minerals increased to 9,544,154,113.

Concurrently, Northern Minerals also notified the issue of 53,150,330 performance rights to key management personnel (KMP) under an employee incentive scheme, effective November 3, 2025. These performance rights are unquoted and their vesting is contingent on the achievement of project-related and NTU shareholder return milestones.