Northern Minerals Limited · ASX:NTU
Northern Minerals — Investor Presentation (October 2025)
47 slides from Northern Minerals's investor presentation, Oct 27, 2025
Slide 1: Equity Raising Presentation
Equity Raising Presentation Creating value and contributing to a cleaner earth Not for release to US wire services or distribution in the United States 27 OCTOBER 2025 ASX:NTU Equity Raising Presentation | October 2025
Slide 2: Important Information
Important Information This investor presentation (“Presentation”) is dated 27 October 2025 and has been prepared by Northern Minerals Limited (ACN 119 966 353) (“NTU”, “Northern Minerals” or the “Company”). By attending an investor presentation or Investment risk briefing, or accepting, accessing or
Slide 3: Important Information
Important Information You are strongly cautioned not to place undue reliance on forward-looking statements, particularly in light of the Production Target current economic climate and the significant volatility, uncertainty and disruption. The DFS has confirmed a 11-Year Life of Mine (LOM) productio
Slide 4: Important Information
Important Information Northern Minerals confirms that it is not aware of any new information or data that materially affects the information included in the original releases and that all material assumptions and technical parameters underpinning the estimates and all material assumptions underpinni
Slide 5: Investment Highlights
Investment Highlights Ongoing geopolitical landscape has reinforced the strategic nature of HREE projects like Browns Range and the need for the development of ex -China supply 1 One of the highest grade1 Dy/Tb deposits outside China with 7.5 Mt @ 0.96% TREO Project Mineral Resource, including Proba
Slide 6: United States – Australia Framework
United States – Australia Framework Supporting the supply of raw and processed critical minerals and rare earths crucial to commercial and defence industries of the United States and Australia US and Australian governments intent to invest more than US$3bn in critical minerals projects in the next s
Slide 7: EXIM & EFA Support Letter
EXIM & EFA Support Letter Coordinated, conditional and non-binding Letter of Interest and Letter of Support • Export Finance Australia (EFA) and Export-Import Bank of the United States (EXIM) have provided a coordinated, conditional Supports global significance of Browns Range and non-binding Letter
Slide 8: Equity Raising
Equity Raising 8
Slide 9: Equity Raising Overview
Equity Raising Overview Equity raising via a single tranche placement Offer Size and • Approximately $60.5 million placement through the issue of 1,186,998,295 fully paid ordinary new shares under the Company’s remaining Structure placement capacity under ASX Listing Rule 7.1 (“Placement”) Offer Pri
Slide 10: Equity Raising Outcome
Equity Raising Outcome Proceeds ensures Browns Range stays on schedule, de -risks delivery and assists in potential increased Project value. Working capital, site, heritage & environmental: Uses $M • Operational and corporate expenses, site overheads and maintenance • Environmental, native title and
Slide 11: Corporate Snapshot
Corporate Snapshot COMPANY OVERVIEW AND INVESTMENT HIGHLIGHTS 11
Slide 12: Corporate Overview
Corporate Overview Developing a world class Heavy Rare Earth Asset with significant exploration upside Strategic and globally significant heavy rare earth project ▶ The Browns Range Heavy Rare Earth (HRE) Project is one of the most advanced HRE projects globally, with one of the highest known Dy/Tb
Slide 13: Board and Management
Board and Management Focussed on executing FID and development ADAM HANDLEY Executive Chairman ANGELA GLOVER Chief Operations Officer • Past President of the Australia China Business Council, specialising • 20+ years’ experience in the resources and infrastructure industries, with extensive in advis
Slide 14: Project Overview
Project Overview Strategically significant high-grade Dy/Tb project Located in the Tier 1 mining jurisdiction of Western Australia Mineral Resource estimate of 7.5 Mt @ 0.96% Total Rare Earth Oxides (TREO) including Ore Reserve estimate of 5.18 Mt @ 0.88% TREO1 11-year proposed production plan2 of u
Slide 15: Strategic Product Basket
Strategic Product Basket Dy/Tb accounts for >10% of product basket, making Browns Range product highly complementary to typical LREO-rich feedstock REO Assemblage1 Samarium 2.1% Europium 0.5% Unique high value assemblage Gadolinium 6.2% At ~US$50/kg2 for the full product basket, one of the highest v
Slide 16: Supplying a Sustainable Future
Supplying a Sustainable Future Dysprosium (Dy) and Terbium (Tb) – key inputs to permanent magnets vital for the global energy transition DyTb:TREO rare earth assemblage Browns Range 10.1% Round Top Non-JORC resource1 6.2% Norra Karr 5.7% Lofdal 5.4% Strange Lake 4.1% Penco Module 3.3% Pela Ema 2.7%
Slide 17: 2025 DFS Outcomes
2025 DFS Outcomes 117
Slide 18: DFS Highlights
DFS Highlights Technically and commercially robust DFS findings validating project transition from studies to development 70% Dy/Tb 4,350 tpa TREO ~1.5x growth Proven flowsheet by revenue in concentrate Dy/Tb demand in 20352 Domestic and international Target Favourable market Lower risk3 strategical
Slide 19: Summary Financials
Summary Financials A strategic project poised to generate positive cashflows with further economic upside under the divergence case Forecast post-tax project cashflows (Base Case) Financial metrics1 Units Base Case2 Divergence Case2 1,500 Pre-tax NPV8% A$M 187 705 1,000 Pre-tax IRR % 12% 21% 500 Pos
Slide 20: LOM Physicals
LOM Physicals Targeting average steady state annual production of ~17,500 t concentrate for ~4,350 t TREO Annual Crusher Feed and TREO Grade Production Target Physicals Units Value1 700 1.2% Ore mined kt 5,870 600 1.0% Crusher feed (kt) 500 Ore processed (incl. stockpile) kt 6,120 0.8% % TREO 400 0.
Slide 21: Operating Cost Profile
Operating Cost Profile Operating costs post ramp-up under base case pricing provides pathway to positive cashflows Forecast Annual Costs of Production Costs of Production1 A$M p.a. A$/t crusher feed A$/kg TREO 500 7,000 Open pit mining 4 7.00 0.95 6,000 Underground mining 54 97.20 13.15 400 5,000 Pr
Slide 22: Project Execution Plan
Project Execution Plan1 Robust construction schedule built with extensive contractor involvement Year 1 Year 2 Year 3 Year 4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Front End Engineering Design 16 weeks Enabling Works (Airstrip, Roads, Village) 52 weeks Utilities and Services 52 weeks Proces
Slide 23: Iluka Resources Partnership
Iluka Resources Partnership Browns Range plans to supply Iluka’s Eneabba Refinery with the HRE -rich concentrate establishing a fully domestic supply chain Indicative illustration of price received by Northern Minerals Supply of up to 5.5 kt contained TREO in for TREO contained in concentrate Long
Slide 24: Significant Exploration Potential
Significant Exploration Potential Equity Raising Presentation | October 2025 24
Slide 25: Geology
Geology Robust geological data supported by extensive drilling of > 160,000 metres 1 The dominant HREE mineralisation at Browns Range is hosted within xenotime, with additional REE minerals represented by the light REE dominated florencite – goyazite series Mineralisation is structurally control
Slide 26: Near Term Exploration Potential
Near Term Exploration Potential Highly prospective target portfolio supports advanced exploration initiatives Advanced exploration has been focussed on the highly prospective WA side of the Browns Range Dome (BRD), a major geological structure of ~1,500 km2 traversing the WA/NT border The NT mar
Slide 27: Mineral Resource
Mineral Resource Wolverine underpins the initial life of mine, with considerable opportunity to develop nearby rare earth deposits 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 0.14 54,400 Inferred 2.4
Slide 28: Mining
Mining Proposed production plan compromising ~85% probable Ore Reserves underpins DFS Open pit mining Proposed Wolverine pit Underground mining Proposed Wolverine mine layout (view looking North) (view looking Northeast) ▶ Single-stage cutback to existing ▶ Longitudinal sublevel cave (SLC) trial pit
Slide 29: Metallurgy & Flowsheet Development
Metallurgy & Flowsheet Development Robust flowsheet developed with >80% TREO recovery, validated by bench and pilot scale test work Feed grade Concentrate grade Well understood mineralogy ~0.88% TREO ~25% TREO Favourable to high TREO recovery using magnetic separation and flotation Bench scale t
Slide 30: Market Opportunity
Market Opportunity Strong demand outlook for permanent magnets is forecasted to drive an emerging supply deficit for Dy/Tb Accelerating demand drivers Strong demand for permanent magnets used in EV, wind turbines, defence applications and emerging technologies such as robotics Dy/Tb are vital fo
Slide 31: Current Rare Earth Supply Chain
Current Rare Earth Supply Chain Browns Range has the potential to be one of the largest source of Dy and Tb outside of China MAGNET MINING SEPARATION METALLISATION MAKING Operating Operating Construction Financing/Feasibility HRE Construction Financing/Feasibility LRE Equity Raising Presentation | O
Slide 32: Project Funding
Project Funding Strategic alignment with government critical minerals policies is key opportunity to access non-traditional, government-backed funding Pre-production capital1 A$M Potential funding solutions Project In-directs 198.5 • EFA2 / NAIF2 / US-EXIM2 General Site Works 1.7 • Other export cred
Slide 33: Summary of Key Risks
Summary of Key Risks Identified risks are well understood and will be actively mitigated as project advances Key Areas Risk Description Approvals Delays or inability to secure approvals to commence construction Title, land tenure and licences Non-compliance or changes in government regulations Costs
Slide 34: Our Office, Visit Us Online, Contact Us
OUR OFFICE 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 Facebook: NorthernMineralsNTU X: NorthernMins CONTACT US Phone: + 61 8 9481 2344 invest@northernminerals.com.au
Slide 35: Appendix
Appendix 35
Slide 36: Appendix A: Ore Reserves and Production Target
Appendix A: Ore Reserves and Production Target Ore Reserve Estimate (August 2025) 1,3,4 Production Target (August 2025) 1 Tonnage TREO2 TREO2 Dy2O3 Tb4O7 Y2 O3 Mined2 TREO3 TREO3 Dy2O3 Tb4O7 Deposit Category Category Mt % t kg/t kg/t kg/t Mt % t kg/t kg/t Wolverine Wolverine Open Pit Probable 0.77 0
Slide 37: Appendix B: Mineral Resource
Appendix B: Mineral Resource Global Mineral Resource Estimate (January 2025) 1,2 TREO Dy2O3 Y2O3 Tb4O7 HREO TREO Deposit Classification Mt % kg/t kg/t kg/t % t Wolverine Measured 0.1 0.91 0.84 5.40 0.12 92 1,000 Indicated 4.9 1.13 1.00 6.72 0.14 91 54,400 Inferred 2.4 0.63 0.54 3.6 0.08 87 15,100 Su
Slide 38: Appendix C: Source Documents
Appendix C: Source Documents Peer comparison reference details Development DyTb:TREO ratio Project Company Category Standard Source Stage Measured Indicated Inferred Total JORC Compliant Northern Minerals Ltd 16 January 2025: ASX Announcement – “2025 - Wolverine Mineral Browns Range Feasibility Stud
Slide 39: Appendix D: Key Risks
Appendix D: Key Risks Northern Minerals maintains a detailed Project risk register and project risk workshops have been conducted. There are specific discovery of commercial quantities or viable projects. risks which relate directly to the Project and Northern Mineral’s business activities, while ot
Slide 40: Key Risks
Key Risks • additional projects and its ability to find purchasers for its products at prices acceptable to Northern Minerals. It is disposal of radioactive waste is subject to additional laws and regulations. The cost of compliance with these laws and impossible to predict future rare earths price
Slide 41: Key Risks
Key Risks Force Majeure mineral reserves, grade, or stripping ratio may affect the economic viability of any project undertaken by Northern Minerals. Northern Minerals’ estimated mineral resources and ore reserves should not be interpreted as assurances of commercial viability Northern Minerals’ cur
Slide 42: Key Risks
Key Risks Iluka Supply Agreement Northern Minerals has entered into the Supply Agreement with Iluka in respect of rare earths product from the Project. The Litigation risks Supply Agreement is subject to a number of conditions. The Company notes that certain conditions precedent have not been satisf
Slide 43: Key Risks
Key Risks Communicable disease outbreaks The outbreak of communicable diseases around the world (such as the novel coronavirus COVID-19) may lead to interruptions in Accounting standards operations, exploration, development and production activities, inability to source supplies or consumables and h
Slide 44: Key Risks
Key Risks Speculative investment The above list of risk factors ought not to be taken as an exhaustive list of the risks faced by the Group or by investors in the Company. The above factors, and others not specifically referred to above, may in the future materially affect the financial performance
Slide 45: Appendix E: International Offer Restrictions
Appendix E: International Offer Restrictions This presentation does not constitute an offer of new ordinary shares (“New Shares”) of the Company in any securities legislation of the purchaser’s Province for particulars of these rights or consult with a legal adviser. jurisdiction in which it would b
Slide 46: Appendix E: International Offer Restrictions
Appendix E: International Offer Restrictions Hong Kong pursuant to and in accordance with exemptions in Subdivision (4) Division 1, Part 13 of the Securities and Futures WARNING: This Presentation has not been, and will not be, registered as a prospectus under the Companies Act 2001 of Singapore (th
Slide 47: Appendix E: International Offer Restrictions
Appendix E: International Offer Restrictions United Kingdom Neither this Presentation nor any other document relating to the offer has been delivered for approval to the United States Financial Conduct Authority in the United Kingdom and no prospectus (within the meaning of section 85 of the This Pr
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