Northern Minerals Limited · ASX:NTU
Northern Minerals — Shaw and Partners Rare Earths Conference 2025
28 slides from Northern Minerals's conference presentation, Jun 5, 2025
Slide 1: Company Presentation
For personal use only Company Presentation Shaw and Partners Rare Earths Conference 05 JUNE 2025 ASX:NTU
Slide 2: Important Information
Important Information This presentation (“Presentation”) is dated 05 June 2025 has been prepared by Northern Minerals Limited (ACN 119 966 Effect of rounding 353) (“NTU”, “Northern Minerals” or the “Company”). By attending a presentation or briefing, or accepting, accessing or reviewing this Present
Slide 3: Company Highlights
Company Highlights DEVELOPING A WORLD CLASS HEAVY RARE EARTH ASSET WITH SIGNIFICANT EXPLORATION UPSIDE Strategic and globally significant heavy rare earth project For personal use only ▶ Wolverine is one of the most advanced HRE project globally, with one of the highest known $0.026 Dy/Tb grade outs
Slide 4: Browns Range HRE Project
Browns Range HRE Project UNDERPINNED BY THE WOLVERINE DEPOSIT, ONE OF THE HIGHEST KNOWN GRADE Dy AND Tb DEPOSIT 1 For personal use only • Mining and processing at site to targeting High Value production of c. 25% TREO concentrate rich in Concentrate heavy rare earths • Resource definition drilling c
Slide 5: Iluka Resources Partnership
Iluka Resources Partnership BROWNS RANGE FURTHER STRENGTHENED BY LONG-TERM SUPPLY AND FUNDING ARRANGEMENTS WITH DOMESTIC PARTNER ILUKA RESOURCES For personal use only Supply of up to 5.5 kt contained TREO in Indicative illustration of price received by Northern Minerals concentrate per year for TR
Slide 6: Supplying a Sustainable Future
Supplying a Sustainable Future DYSPROSIUM (Dy) AND TERBIUM (Tb) - KEY INPUTS TO PERMANENT MAGNETS VITAL FOR THE GLOBAL ENERGY TRANSITION For personal use only DyTb:TREO rare earth assemblage Browns Range 10.1% Round Top Non-JORC resource1 6.2% Norra Karr 5.7% Lofdal 5.4% Strange Lake 4.1% Penco Modu
Slide 7: A Heavy Rare Earths Basket
A Heavy Rare Earths Basket Dy/Tb ACCOUNTS FOR ~67% OF THE RARE EARTH BASKET VALUE AT WOLVERINE For personal use only Resource REO distribution1 REO contribution to basket value2 6.9% 2.3% 0.4% 2.4% 6.1% 9.8% 1.3% 2.8% 9.3% 7.3% 1.9% 59.5% 46.6% 5.5% 3.0% 0.8% 4.5% 0.7% 1.3% 3.2% 0.6% 2.8% 21.2% 1) B
Slide 8: Growing Supply Deficit
Growing Supply Deficit STRONG DEMAND OUTLOOK FOR MAGNETS WILL DRIVE AN EMERGING SUPPLY DEFICIT FOR DY/TB For personal use only Challenging short term outlook Dy/Tb supply-demand balance1 ▶ HRE pricing suppressed as supply remains regionally concentrated kt REO ▶ Current pricing structure represents
Slide 9: Rare Earth Market Opportunity
Rare Earth Market Opportunity STRONG DEMAND OUTLOOK FOR MAGNETS SUPPORTED BY STRUCTURAL SHIFT TOWARDS DECARBONISATION AND THE EMERGING ROBOTICS & DRONE MARKETS For personal use only Forecasted NdFeB magnet demand by end-use1 Forecasted increase in DyTb demand from 2024 to 20401 kt kt REO 1,000 Total
Slide 10: Diversifying the Global Magnet Value Chain
Diversifying the Global Magnet Value Chain CHINA DOMINATES THE VALUE CHAIN, BROWNS RANGE WILL SUPPLY CRITICAL FEEDSTOCK FOR DOWNSTREAM PROCESSING OF Dy AND Tb IN AUSTRALIA For personal use only CRACKING & MAGNET MINING BENEFICIATION REFINING METALLISATION MAKING MANUFACTURING LEACHING China 63% U.
Slide 11: Current Rare Earth Supply Chain
Current Rare Earth Supply Chain BROWNS RANGE HAS THE POTENTIAL TO BE THE LARGEST SOURCE OF DyTb OUTSIDE OF CHINA, AS DEVELOPMENT OF EX-CHINA REFINING CAPACITY ACCELERATES MAGNET For personal use only MINING SEPARATION METALLISATION MAKING Operating Operating Construction Financing/Feasibility HRE Co
Slide 12: Rare Earth Geopolitics
Rare Earth Geopolitics ELEVATED UNCERTAINTIES RESULTING FROM TARIFF WAR AND CHINA’S STRATEGIC EXPORT RESTRICTIONS For personal use only Up to 145% tariff imposed on China imports and China announced retaliatory tariffs of up to 125%; both US 2 April subsequently suspended until August 2025 Recipro
Slide 13: Strong Australian Government Support
Strong Australian Government Support NORTHERN MINERALS IS WELL POSITIONED TO ACCESS GOVERNMENT FUNDING For personal use only In a time of global uncertainty, Australia will be stronger and safer by developing our critical national assets to create economic opportunity and resilience - Madeline King,
Slide 14: Global Government Support
Global Government Support OPPORTUNITIES FOR INTERNATIONAL FUNDING VIA MUTUALLY AGREED OBJECTIVES ON CRITICAL MINERALS SUPPLY CHAINS For personal use only ▶ Minerals Security Partnership (MSP) of 14 nations (incl Australia) established to accelerate development of critical minerals supply chains by s
Slide 15: Global Government Support
Global Government Support OPPORTUNITIES FOR INTERNATIONAL FUNDING VIA MUTUALLY AGREED OBJECTIVES ON CRITICAL MINERALS SUPPLY CHAINS For personal use only ▶ Projects designated ‘Strategic Project’ under the Critical Raw Materials Act receive support gaining access to capital and offtake ▶ Aiming to d
Slide 16: DFS Update
DFS Update 1 PRODUCTION OF Dy/Tb-RICH CONCENTRATE INCORPORATING LESSONS LEARNT FROM PILOT PLANT For personal use only Conventional open pit mining followed by underground mining using sublevel caving Established flowsheet informed by comprehensive metallurgical testwork and three-year pilot plant op
Slide 17: Proposed Funding Pathway
Proposed Funding Pathway PROGRESSING TOWARDS SECURING AN OPTIMAL FUNDING STRUCTURE For personal use only Potential Project Funding Sources Recent Funding Progress ✓ Discussions underway with NAIF Debt Equity Other and EFA ✓ Previously fulfilled the strategic EFA / NAIF1 Iluka Resources Other assessm
Slide 18: Mineral Resource
Mineral Resource WOLVERINE UNDERPINS THE INITIAL LIFE OF MINE, WITH CONSIDERABLE OPPORTUNITY TO DEVELOP NEARBY RARE EARTH DEPOSITS For personal use only Mineral Resource estimate1 Ore TREO2 Dy2O3 Tb4O7 TREO2 Mt % kg/t kg/t t Wolverine MRE Measured 0.1 0.91 0.84 0.12 1,000 Indicated 4.9 1.13 1.00 0.1
Slide 19: Significant Tenure Holdings
Significant Tenure Holdings For personal use only Company Presentation | June 2025 19
Slide 20: Regional Exploration Program
Regional Exploration Program MINERAL SYSTEMS APPROACH TO EXPLORATION TARGETING For personal use only Expanded exploration program over Browns Range Dome WA (BRD- WA), Browns Range Dome NT (BRD-NT) and Coomarie Dome (CD) Systematic target generation underway to identify new opportunities Update
Slide 21: Near Term Exploration Potential
Near Term Exploration Potential ROBUST PIPELINE OF PROSPECTS TO SUPPORT MINERAL RESOURCE DEVELOPMENT For personal use only Advanced exploration has been focussed on the WA side of the Browns Range Dome (BRD), a major geological structure of ~1,500 km2 traversing the WA/NT border Margins of the B
Slide 22: Exploration Drilling
Exploration Drilling PRIORITY RESOURCE EXPANSION PROGRAMS AT DAZZLER AND GAMBIT Dazzler For personal use only 1,346 m (5 holes) of diamond drilling completed in February, designed to test deeper parts of the Dazzler hydrothermal system and increase understanding of its structural architecture Pr
Slide 23: Company Highlights
Company Highlights UNIQUELY PLACED TO BECOME A SIGNIFICANT SUPPLIER OF HEAVY RARE EARTHS ALONGSIDE AN EXTENSIVE EXPLORATION PORTFOLIO For personal use only Globally strategic Strategic partnership with Accelerated pathway to high-grade Dy and Tb deposit in a Iluka Resources establishing a production
Slide 24: Our Office
OUR OFFICE For personal use only Northern Minerals Limited Ground Floor, 40 Kings Park Road West Perth, Western Australia, 6005 Australia VISIT US ONLINE www.northernminerals.com.au LinkedIn: Northern-Minerals X: NorthernMins CONTACT US Phone: + 61 8 9481 2344 invest@northernminerals.com.au info@nor
Slide 25: Appendix
For personal use only Appendix 25
Slide 26: Appendix A: Source Documents
Appendix A: Source Documents PEER COMPARISON REFERENCE DETAILS Development DyTb:TREO ratio For personal use only Project Company Category Standard Source Stage Measured Indicated Inferred Total JORC Compliant Northern Minerals Ltd Feasibility 16 January 2025: ASX Announcement – “2025 - Wolverine Bro
Slide 27: Appendix B: Mineral Resource
Appendix B: Mineral Resource GLOBAL MINERAL RESOURCE BROWNS RANGE HEAVY RARE EARTHS ESTIMATE (JANUARY 2025) 1,2 PROJECT OVERVIEW For personal use only Deposit Classification Mt TREO Dy2O3 Y2O3 Tb4O7 HREO TREO % kg/t kg/t kg/t % t • The Project is located in the East Kimberley region of Western Austr
Slide 28: Board and Management
Board and Management FOCUSSED ON EXECUTING FID AND DEVELOPMENT STRATEGY ADAM HANDLEY Executive Chairman ANGELA GLOVER Chief Operations Officer For personal use only • Past President of the Australia China Business Council, specialising • 20+ years’ experience in the resources and infrastructure indu
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