Northern Minerals Limited · ASX:NTU
Northern Minerals — Technical Presentation (September 2025)
24 slides from Northern Minerals's technical presentation, Sep 15, 2025
Slide 1: Browns Range Heavy Rare Earth Project DFS Outcomes
Browns Range Heavy Rare Earth Project Definitive Feasibility Study (DFS) Outcomes 15 SEPTEMBER 2025 ASX:NTU
Slide 2: Important Information
Important Information This presentation (“Presentation”) is dated 15 September 2025 and 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 thi
Slide 3: 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 4: 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 7.3 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 5: 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 6: 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$M 187 705 1,000 Pre-tax IRR % 12% 21% 500 Pos
Slide 7: LOM Physicals
LOM Physicals TARGETING AVERAGE STEADY STATE ANNUAL PRODUCTION OF ~17,500t CONCENTRATE FOR ~4,350 t TREO Annual Crusher Feed and TREO Grade Production Target Physicals Units Value1 700 1.2% Ore mined kt 5,870 600 1.0% Crusher feed (kt) 500 Ore processed (incl. stockpile) kt 6,120 0.8% % TREO 400 0.6
Slide 8: Operating Cost Profile
Operating Cost Profile OPERATING COSTS POST RAMP-UP UNDER BASE CASE PRICING PROVIDES PATHWAY TO POSITIVE CASHFLOWS Forecast Annual Costs of Production Costs of Production1 A$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 9: Mining
Mining PROPOSED PRODUCTION PLAN COMPRISING ~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 trial pit mining
Slide 10: 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 11: 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$50/kg2 for the full product basket, one of the Terbium 1
Slide 12: Market Opportunity
Market Opportunity STRONG DEMAND OUTLOOK FOR PERMANENT MAGNETS IS FORECAST TO DRIVE AN EMERGING SUPPLY DEFICIT FOR DY/TB Accelerating demand drivers Strong demand for permanent magnets used in EV, wind turbines, defence applications and emerging technologies such as robotics Dy/Tb are vital for
Slide 13: Current Rare Earth Supply Chain
Current Rare Earth Supply Chain BROWNS RANGE HAS THE POTENTIAL TO BE ONE OF THE LARGEST SOURCE OF Dy AND Tb OUTSIDE OF CHINA MAGNET MINING SEPARATION METALLISATION MAKING Operating Operating Construction Financing/Feasibility HRE Construction Financing/Feasibility LRE DFS Presentation | September 20
Slide 14: Supplying a Sustainable Future
Supplying a Sustainable Future DYSPROSIUM (Dy) AND TERBIUM (Tb) - KEY INPUTS TO PERMANENT MAGNETS VITAL FOR THE GLOBAL ENERGY TRANSITION DyTb:TREO rare earth assemblage Browns Range 10.1% Round Top 6.2% Non-JORC resource1 Norra Karr 5.7% Lofdal 5.4% Strange Lake 4.1% Penco Module 3.3% Pela Ema 2.7%
Slide 15: Iluka Resources Partnership
Iluka Resources Partnership BROWNS RANGE PLANS TO SUPPLY ILUKA’S ENEABBA REFINERY WITH HRE-RICH CONCENTRATE ESTABLISHING A FULLY DOMESTIC SUPPLY CHAIN Indicative illustration of price received by Northern Minerals Supply of up to 5.5 kt contained TREO in for TREO contained in concentrate Long-term
Slide 16: Project Funding
Project Funding STRATEGIC ALIGNMENT WITH GOVERNMENT CRITICAL MINERALS POLICIES IS KEY OPPORTUNITY TO ACCESS NON-TRADITIONAL, GOVERNMENT-BACKED FUNDING Pre-production capital1 A$M Potential funding solutions Project Indirects 198.5 • EFA2 / NAIF2 / US-EXIM2 General Site Works 1.7 • Other export credi
Slide 17: 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 18: Investment Highlights
Investment Highlights STRATEGICALLY CRITICAL PROJECT ESTABLISHING PATHWAY TO DOMESTIC DOWNSTREAM PROCESSING OF DYSPROSIUM AND TERBIUM 1 One of the highest grade1 Dy/Tb deposits outside China with 7.5 Mt @ 0.96% TREO Project Mineral Resource, including Probable Ore Reserve of 5.18 Mt @ 0.88% TREO 2 S
Slide 19: 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 20: 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 21: Appendix
Appendix 21
Slide 22: 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 23: 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 24: Board and Management
Board and Management FOCUSSED ON EXECUTING FID AND DEVELOPMENT STRATEGY 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
Northern Minerals — Technical Presentation (September 2025) on 6ix