Live News • May 20
Australian Treasurer Orders Major Foreign Stake Sale in Northern Minerals Citing Security Issues The Australian Treasurer has ordered six foreign investors to sell a combined 17.58% stake in Northern Minerals by July 2026 under the Foreign Acquisitions and Takeovers Act 1975, citing national security concerns around beneficial ownership.
One shareholder that did not comply with previous directions has already received a A$14 million penalty, while others now face restrictions on voting rights and on how and when they can sell their holdings.
Despite this ownership reshaping, Northern Minerals continues to progress its Browns Range Heavy Rare Earths Project, with a final investment decision targeted for late 2026 and project completion aimed for 2028, supported by letters of intent from US and Australian export finance agencies.
The key issue is a forced reshaping of Northern Minerals’ share register at the same time as the company is working toward major development milestones for Browns Range.
It may be useful to monitor how the required sell-down affects liquidity, ownership concentration and any future funding terms as the project moves toward final investment decision. New Risk • Mar 17
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -AU$28m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risk Less than 1 year of cash runway based on free cash flow trend (-AU$28m free cash flow). Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (AU$5.9m net loss in 2 years). Revenue is less than US$5m (AU$1.8m revenue, or US$1.2m). New Risk • Nov 26
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Australian stocks, typically moving 19% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (19% average weekly change). Earnings are forecast to decline by an average of 19% per year for the foreseeable future. Revenue is less than US$1m (AU$1.4m revenue, or US$933k). Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (AU$39m net loss in 3 years). Shareholders have been diluted in the past year (16% increase in shares outstanding). New Risk • Nov 13
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 19% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 19% per year for the foreseeable future. Revenue is less than US$1m (AU$1.4m revenue, or US$944k). Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (AU$39m net loss in 3 years). Share price has been volatile over the past 3 months (19% average weekly change). Shareholders have been diluted in the past year (19% increase in shares outstanding). New Risk • Oct 14
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Australian stocks, typically moving 16% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 16% per year for the foreseeable future. Revenue is less than US$1m (AU$1.4m revenue, or US$930k). Minor Risks Less than 1 year of cash runway based on current free cash flow (-AU$26m). Currently unprofitable and not forecast to become profitable over next 3 years (AU$37m net loss in 3 years). Share price has been volatile over the past 3 months (16% average weekly change). Shareholders have been diluted in the past year (23% increase in shares outstanding). Announcement • Oct 01
Northern Minerals Limited, Annual General Meeting, Nov 27, 2025 Northern Minerals Limited, Annual General Meeting, Nov 27, 2025. New Risk • Jul 01
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -AU$31m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$31m free cash flow). Earnings are forecast to decline by an average of 1.8% per year for the foreseeable future. Shareholders have been substantially diluted in the past year (41% increase in shares outstanding). Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (AU$22m net loss in 3 years). Share price has been volatile over the past 3 months (17% average weekly change). Revenue is less than US$5m (AU$4.4m revenue, or US$2.9m). New Risk • May 12
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Australian stocks, typically moving 17% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (17% average weekly change). Earnings are forecast to decline by an average of 1.8% per year for the foreseeable future. Shareholders have been substantially diluted in the past year (41% increase in shares outstanding). Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (AU$22m net loss in 3 years). Revenue is less than US$5m (AU$4.4m revenue, or US$2.8m). New Risk • May 02
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 1.8% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 1.8% per year for the foreseeable future. Shareholders have been substantially diluted in the past year (41% increase in shares outstanding). Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (AU$22m net loss in 3 years). Share price has been volatile over the past 3 months (16% average weekly change). Revenue is less than US$5m (AU$4.4m revenue, or US$2.8m). New Risk • Feb 25
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Australian stocks, typically moving 12% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Negative equity (-AU$14m). Earnings are forecast to decline by an average of 2.8% per year for the foreseeable future. Shareholders have been substantially diluted in the past year (40% increase in shares outstanding). Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (AU$12m net loss in 3 years). Share price has been volatile over the past 3 months (12% average weekly change). Revenue is less than US$5m (AU$4.5m revenue, or US$2.8m). Market cap is less than US$100m (AU$132.8m market cap, or US$84.3m). New Risk • Jan 16
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 40% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Negative equity (-AU$14m). Earnings are forecast to decline by an average of 5.4% per year for the foreseeable future. Shareholders have been substantially diluted in the past year (40% increase in shares outstanding). Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (AU$12m net loss in 3 years). Revenue is less than US$5m (AU$4.5m revenue, or US$2.8m). New Risk • Jan 09
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: AU$160.8m (US$99.7m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Negative equity (-AU$14m). Earnings are forecast to decline by an average of 5.4% per year for the foreseeable future. Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (AU$12m net loss in 3 years). Shareholders have been diluted in the past year (36% increase in shares outstanding). Revenue is less than US$5m (AU$4.5m revenue, or US$2.8m). Market cap is less than US$100m (AU$160.8m market cap, or US$99.7m). New Risk • Nov 01
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 5.4% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Negative equity (-AU$14m). Earnings are forecast to decline by an average of 5.4% per year for the foreseeable future. Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (AU$12m net loss in 3 years). Shareholders have been diluted in the past year (15% increase in shares outstanding). Revenue is less than US$5m (AU$4.5m revenue, or US$2.9m). Market cap is less than US$100m (AU$136.1m market cap, or US$89.5m). New Risk • Oct 03
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 15% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Negative equity (-AU$14m). Minor Risks Shareholders have been diluted in the past year (15% increase in shares outstanding). Revenue is less than US$5m (AU$4.5m revenue, or US$3.1m). Market cap is less than US$100m (AU$129.3m market cap, or US$88.7m). Announcement • Sep 16
Northern Minerals Limited has filed a Follow-on Equity Offering in the amount of AUD 5 million. Northern Minerals Limited has filed a Follow-on Equity Offering in the amount of AUD 5 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 263,157,895
Price\Range: AUD 0.019 New Risk • Aug 21
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: AU$147.9m (US$99.7m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$21m free cash flow). Revenue is less than US$1m. Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (AU$24m net loss in 3 years). Shareholders have been diluted in the past year (16% increase in shares outstanding). Market cap is less than US$100m (AU$147.9m market cap, or US$99.7m). New Risk • Aug 02
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -AU$21m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$21m free cash flow). Revenue is less than US$1m. Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (AU$24m net loss in 3 years). Shareholders have been diluted in the past year (16% increase in shares outstanding). Breakeven Date Change • Aug 01
Forecast to breakeven in 2025 The analyst covering Northern Minerals expects the company to break even for the first time. New forecast suggests losses will reduce by 14% to 2024. The company is expected to make a profit of AU$1.20m in 2025. Average annual earnings growth of 54% is required to achieve expected profit on schedule. Announcement • Apr 12
Northern Minerals Limited, Annual General Meeting, Jun 06, 2024 Northern Minerals Limited, Annual General Meeting, Jun 06, 2024. Announcement • Jan 30
Northern Minerals Limited, Annual General Meeting, Mar 26, 2024 Northern Minerals Limited, Annual General Meeting, Mar 26, 2024. Announcement • Dec 08
Northern Minerals Receives a Notice from Yuxiao Fund Pte Ltd On December 8, 2023, Northern Minerals Limited announced that on December 5, 2023, the Company was of the view that Resolution 2 was invalid and advised Yuxiao Fund whether it agreed that Resolution 1 could be considered at the Company’s 2023 annual general meeting instead of at a separate EGM. The Company added that Yuxiao Fund has written to the Company withdrawing Resolution 2, but it continues to insist that Resolution 1 be considered at a separate EGM under the Notices. The Company stated that it is examining the option of having the EGM and 2023 AGM held on the same day and will keep shareholders updated on any material developments under its continuous disclosure obligations. Announcement • Dec 06
Northern Minerals Receives a Notice from Yuxiao Fund Pte Ltd On December 5,2023, Northern Minerals Limited announced that referring to its announcements dated November 21, 2023, and November 30, 2023, it received a notice under section 203D and section 249D of the Corporations Act 2001 from Yuxiao Fund Pte Ltd (Yuxiao Fund) at the next general meeting of the Company, the following resolutions: 1) the removal of Nicholas Curtis AM as a director of the Company, 2) to inspect the books of the Company relating to the Company’s expenses incurred during Nicholas Curtis AM’s tenure as the Executive Chairman of the Company. Announcement • Oct 05
Northern Minerals Limited, Annual General Meeting, Nov 30, 2023 Northern Minerals Limited, Annual General Meeting, Nov 30, 2023. Reported Earnings • Sep 26
Full year 2023 earnings released: AU$0.004 loss per share (vs AU$0.005 loss in FY 2022) Full year 2023 results: AU$0.004 loss per share (improved from AU$0.005 loss in FY 2022). Net loss: AU$22.3m (loss narrowed 8.5% from FY 2022). Over the last 3 years on average, earnings per share has increased by 54% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Reported Earnings • Mar 17
First half 2023 earnings released: AU$0.002 loss per share (vs AU$0.003 loss in 1H 2022) First half 2023 results: AU$0.002 loss per share (improved from AU$0.003 loss in 1H 2022). Net loss: AU$7.70m (loss narrowed 42% from 1H 2022). Over the last 3 years on average, earnings per share has increased by 87% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Announcement • Dec 10
Northern Minerals Limited Announces Resignation of Ming Lu Has from His Position as Non-Executive Director Northern Minerals Limited advised shareholders that Mr. Ming Lu has resigned from his position as Non-Executive Director of Northern Minerals Limited. Mr. Lu was appointed to the Board of Northern Minerals in October 2018. Announcement • Dec 03
Northern Minerals Limited Appoints Shane Hartwig as Executive Director of Finance Northern Minerals Limited announced that Shane Hartwig has been appointed to the Board as Executive Director Finance. Mr. Hartwig will be accountable for NTU's financial governance and reporting and capital management and will assist Mr. Nicholas Curtis AM (Nick), Executive Chairman in all commercial matters associated with progressing Northern Minerals' Browns Range Project into development including securing project funding. Mr. Hartwig is a Founder and Director of Peloton Advisory a well-established and highly successful corporate advisory firm with offices in Sydney and Perth. He has over twenty years' national and international experience in the finance industry with exposure to both the equity and debt capital markets. Mr. Hartwig is a Certified Practicing Accountant and Chartered Company Secretary, with a Bachelor of Business majoring in Accounting and Taxation from Curtin University of Technology in Western Australia. The appointment is effective as of 2nd December 2022. Board Change • Nov 16
No independent directors There are 4 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 4 new directors. 1 experienced director. No highly experienced directors. No independent directors (5 non-independent directors). Non-Executive Director Ming Lu is the most experienced director on the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of experienced directors. Announcement • Oct 26
Northern Minerals Limited announced that it expects to receive AUD 73 million in funding Northern Minerals Limited announced that it has entered into agreement Iluka Resources Limited for gross proceeds of AUD 73 million on October 26, 2022. The company will issue 125,000,000 shares at price of AUD 0.04 per share to raise AUD 5 million and convertible note for AUD 15 million, a future placement to issue additional 230,000,000 shares at a maximum price of AUD 0.06 per share raising up to AUD 13.8 million and a call option / put option arrangement pursuant to which investor will be issued up to an additional 653,300,000 million shares at a maximum price of AUD 0.06 per share raising up to AUD 39.2 million. The convertible note to be issued will be convertible into up to 365,600,000 at AUD 0.048 per share and has a coupon of 7.0%, a maturity date of 31 December 2024. The first tranche is expected to be completed on or about 28 October 2022. The call option can be exercised by Iluka at any time up until 31 December 2025. The issue and grant of the call option and put option is conditional on shareholder approval of the call option. Announcement • Oct 20
Northern Minerals Limited Announces Cessation of Mark Tory as CEO Northern Minerals Limited announced changes to the Board and Executive. Transition to the new leadership structure is now underway, and a corporate office is being set up in Sydney. The Company's registered office will remain at its current location in Perth, which will also house company secretarial, operations and exploration functions. As part of this new leadership structure, the Perth-based CEO role will cease and Mark Tory, who has been with the Company since December 2012 and has been Chief Executive Officer since July 2020, will cease to be CEO and will leave the Company effective 30 November 2022. Mr. Tory will remain as CEO until 30 November 2022 to assist in an orderly transfer of executive responsibilities and a smooth leadership transition. Announcement • Oct 19
Northern Minerals Limited Appoints Shane Hartwig as Executive Director Finance Northern Minerals Limited announced that Board's intention to appoint Shane Hartwig to the Board as Executive Director Finance, commencing 1 December 2022 (to allow Mr. Hartwig time to finalise existing external commitments). Once appointed, it is proposed that Mr. Hartwig will be located in the Sydney Office with Mr. Curtis. Hr Hartwig will be accountable for NTU's financial governance and reporting and capital management and will assist Mr. Curtis in the commercial aspects of developing Northern Minerals Browns Range Project. Mr. Hartwig is a Certified Practicing Accountant and Chartered Company Secretary, with a Bachelor of Business majoring in Accounting and Taxation from Curtin University of Technology in Western Australia. Mr. Hartwig's appointment and employment terms, including remuneration package, are still being finalised and will be announced in due course. The Board is also considering the basis upon which it may further incentivise the Executive Directors of the Company, including through the issue of performance rights under the Company's performance rights plan. Announcement • Oct 10
Northern Minerals Announces Substantial Increase in the Rare Earth Mineral Resource Estimate for Its Wolverine Development Project (Wolverine) in Northern Western Australia Northern Minerals announced a substantial increase in the rare earth Mineral Resource estimate for its Wolverine development project (Wolverine) in northern Western Australia. Wolverine is a shear hosted deposit and is the most significant within the Browns Range mineralised system. The Wolverine Mineral Resource estimate will form the basis of the forthcoming proposed definitive feasibility study. CSA Global has prepared an updated Mineral Resource estimate for the Wolverine deposit and has reported it in accordance with the JORC Code, which is now estimated at 6.44 million tonnes at 0.96% TREO comprising 61,492 tonnes TREO using a cut-off grade of 0.15% TREO and is a 47% increase in tonnes of TREO from the previous estimate. The Wolverine Mineral Resource increased compared to the 2015 estimate for the following reasons: Additional drilling - small increase on flanks; Detailed analysis of results based on grade-control and exploration drilling; Gaining confidence in the classification of Inferred Mineral Resources after analysis of continuity based on an exploration grid of 50 x 50 m; Detailed structural analysis; Updating wireframes to include the structural controls; Updating the grade interpolation methodology to better reflect the grade variability /distribution by adopting the following methods: The application of Multiple Indicator Kriging (MIK); The use of flattening; Using a narrow search ellipsoid to better reflect the grade variability. Measured and Indicated Mineral Resources increased by 18% for tonnage, 12% for TREO grade and 31% for TREO tonnage (Table 5). Inferred Mineral Resources increased by 55% for tonnage, 10% for TREO grade and 69% for TREO tonnage (Table 5). Incorporating the upgrade of the Wolverine project, the total Mineral Resource identified within the Browns Range system is now estimated at 10.81Mt @ 0.76% total rare earth oxides (TREO) comprising 81,450 tonnes contained TREO using a cut-off grade of 0.15% TREO. A Prospect Location Plan is presented in Figure 2. A key feature of the Wolverine resource is the dominance of high value dysprosium and terbium with average grades of 0.83kg/t and 0.12kg/t respectively contained within xenotime mineralisation. Dysprosium and terbium are essential ingredients in the production of neodymium iron-boron (NdFeB) magnets used in clean energy, military and high technology solutions because their unique properties enable the magnets to better resist demagnetisation. Announcement • Sep 30
Northern Minerals Limited, Annual General Meeting, Nov 25, 2022 Northern Minerals Limited, Annual General Meeting, Nov 25, 2022. Announcement • Jun 24
Northern Minerals Limited Announces Board Changes Northern Minerals Limited advised the appointment of Mr. Nicholas (Nick) Curtis AM to the role of Executive Chair of the Company and Mr. Bin Cai to the position of Executive Director, each effective immediately. Mr. Curtis was appointed as a non-executive director (and Chair) of the Company in November 2021 and brings an extensive background in mining and finance over more than 30 years to the Executive team, with a particular knowledge of the rare earths industry. Mr. Curtis will oversee the work carried out by CEO Mark Tory and the operations team who are continuing to focus on the Company's strategy to build a full-scale beneficiation processing facility at Browns Range. He will bring to the team financing and industry contacts as well as his wealth of knowledge in the rare earths industry. Mr. Cai has been involved with the Company for over 10 years and was appointed as a non-executive director in July 2021 after acting as an alternate director since 2013. Mr. Cai has been involved in the rare earth industry for over 15 years and has assisted the Company with critical financing and other activities over the years. Board Change • Apr 27
No independent directors There are 4 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 4 new directors. 1 experienced director. No highly experienced directors. No independent directors (5 non-independent directors). Non-Executive Director Ming Lu is the most experienced director on the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of experienced directors. Announcement • Sep 13
Northern Minerals Limited Progresses Its Ore Sorting Project Enhancement Initiative with the Commissioning and Testing of the Sorter System Northern Minerals Limited announce that it has progressed its ore sorting project enhancement initiative with the commissioning and testing of the sorter system and is now producing ore sorted material and converting this to a 30% TREO concentrate in its' Browns Range beneficiation plant. The ore sorter system was constructed during 2020 and 2021 and commissioned in June 2021. The sorter that was installed is a 2m wide Steinert sorter that uses X-ray Transmission (XRT) and laser detectors to identify rare earth mineralization. The sorter has been run over two test campaigns which included 41 test runs processing 5,300 tonnes of ore from the ROM stockpiles largely coming from Wolverine ore, and 5 test runs on Banshee
ore that was bulk sampled from a surface costean that provided 285 tonnes of Banshee ore. The tests have confirmed that simultaneous sorting of two size fractions is possible on the sorter, allowing a single machine to sort both sortable size fractions (10mm-25mm and 25mm-75mm). The sortable fraction (>10mm material) of Wolverine ore can be successfully sorted (90% Total Rare Earth Oxide (TREO) recovery in 50% of the mass) and when combined with non-sortable fines achieves a 45% grade increase to the mill and over 95% TREO recovery when feeding a 0.9% TREO ore. The sorter system is now being run to produce feed for the beneficiation plant and 4,479 tons of Wolverine ore have been processed through the ore sorter circuit to end August. Processing of the Wolverine ore sorted material in the beneficiation plant has resulted in better recoveries in the magnetic separation plant and flotation plant compared to feeding unsorted ore. A bulk sample of 50 tonnes of 30% TREO rare earth concentrate has being produced for test work by facilities identified with likely future capability and capacity to process the heavy rare earth xenotime concentrate produced at Browns Range. Bulks sample tests have highlighted some key factors to consider for ore sorting that cannot be determined at bench scale using vendor equipment in laboratory settings. Understanding the impact of these factors is critical to including an ore sorting circuit in a full scale processing facility. Executive Departure • Jul 24
Non-Executive Director Yanchung Wang has left the company On the 22nd of July, Yanchung Wang's tenure as Non-Executive Director ended after 7.8 years in the role. We don't have any record of a personal shareholding under Yanchung's name. A total of 2 executives have left over the last 12 months. The current median tenure of the management team is less than a year, which is considered inexperienced in the Simply Wall St Risk Model. Executive Departure • Jul 22
Non-Executive Director Yanchung Wang has left the company On the 22nd of July, Yanchung Wang's tenure as Non-Executive Director ended after 7.8 years in the role. We don't have any record of a personal shareholding under Yanchung's name. A total of 2 executives have left over the last 12 months. The current median tenure of the management team is less than a year, which is considered inexperienced in the Simply Wall St Risk Model. Executive Departure • Jul 22
Non-Executive Director Yanchung Wang has left the company On the 22nd of July, Yanchung Wang's tenure as Non-Executive Director ended after 7.8 years in the role. We don't have any record of a personal shareholding under Yanchung's name. A total of 2 executives have left over the last 12 months. The current median tenure of the management team is less than a year, which is considered inexperienced in the Simply Wall St Risk Model. Announcement • Jul 06
Northern Minerals Limited Commences Second Phase Drilling Campaign Northern Minerals Limited announced the commencement of drilling at Browns Range, kicking off the second phase drilling campaign announced in May. The second phase campaign will include up to 12,000 metres of reverse circulation (RC) drilling aimed at expanding the inventory of near-surface resources in the Browns Range Dome. The campaign follows on from the first phase campaign completed at the end of 2020 and is part of the Company's $5 million investment in exploration in 2020-21. The second phase drilling will include a combination of follow-up holes at the Banshee West and Toad prospects; drill investigation in the vicinity of the Gambit and Gambit West deposits, and at the Rogue prospect; and drill testing at greenfield targets including the Ripcord, Pulse and Quicksilver prospects. Northern Minerals has developed a detailed plan to complete the second phase of RC drilling in a 12 week campaign, while the drill rig is mobilised at Browns Range. Reinforcing the Company's long-term commitment to exploration, the Board recently approved a substantial budget of approximately $10 million for 2021-22. Announcement • May 19
Northern Minerals Limited Completes Installation and Commissioning of Ore Sorting System at its Browns Range Pilot Plant Northern Minerals Limited advised that it has successfully completed the installation and commissioning of the ore sorting system at its Browns Range Pilot Plant, as forecast in the June 2021 quarter. The company announced in September 2020 it had gained the necessary regulatory approvals for the installation of ore sorting at Browns Range, with construction of the structural and mechanical equipment completed in the March 2021 quarter. Now commissioning is complete, the company will undertake further research and development (R&D) testwork on large bulk samples of a variety of ore sources at Browns Range to validate the technical and economic benefits of the ore sorter circuit. Previous bench scale trials of ore sorting of Browns Range material identified the potential to more than double the feed grade to the mill, which in turn has the potential to significantly reduce operating and capital costs of the beneficiation circuit in particular. Bulk sample validation testwork will be undertaken in the coming months to allow the company to acquire a larger data set for more accurate application of forecast improvements, from ore sorting at Pilot Plant scale to the broader Mineral Resource endowment at Browns Range. The results of this next phase of testwork will form an important input into the company's current feasibility study on the development of a commercial scale beneficiation plant at Browns Range. A standalone commercial beneficiation plant has been identified by the board as the fastest path to full-scale production and cash flow from the project. If approved, the proposed beneficiation plant will produce a dysprosium and terbium-rich heavy rare earth (HRE) concentrate product for sale. In addition to the existing off-take agreement with thyssenkrupp, further market opportunities have been identified to produce and sell a HRE concentrate to manufacturing facilities, including within Australia, to fill forecast supply shortfalls. Announcement • May 18
Northern Minerals Limited Starts Second Phase Drilling Campaign Northern Minerals Limited it will start its second phase drilling campaign at Browns Range in the first week of June. The phase two campaign is part of the Company's ongoing commitment to exploration at Browns Range, including an investment of at least $5 million in 2020-21. The Company has completed detailed planning for 8,500-10,000 metres of reverse circulation (RC) drilling which is anticipated to take approximately six weeks to complete. This drilling follows on from 8,500 metres of first phase RC drilling completed at the end of 2020, with final results from that successful campaign announced on 17 February 2021. The second phase will be a combination of follow-up holes based on some very promising assay results returned in the first phase as well as some further greenfield target testing. Follow-up holes are planned for the Banshee West prospect, which will build on the eight holes for 614 metres drilled as part of first phase drilling. Best results from the 2020 drilling at Banshee West included: 12m @ 0.43% TREO from 34m (BRBR0059); 13m @ 0.43% TREO from 23m (BRBR0062); and 4m @ 0.63% TREO from 41m (BRBR0061).
The drill rig will return to the new Toad prospect discovered in the first phase campaign and further test results from the initial eight holes for 580 metres. The previous best result from Toad was 6m @ 0.78% TREO from 49m (BRTR0002). Further drill investigation will be done in the vicinity of the Gambit and Gambit West deposits, following up on anomalous results from past drilling and surface geochemical programs and at the Rogue Prospect, following up on the first pass drill program completed in 2019. The Company also plans to drill test some greenfield targets. This work includes the Ripcord Prospect, located approximately 700 meters to the north-west of the Dazzler Deposit, where a surface geochemical anomaly was defined above the Gardiner Sandstone during fieldwork completed in 2020. Other greenfield targets include the Pulse and Quicksilver prospects located in the south-east area of its tenements near the Northern Territory border, targeting surface geochemical anomalies and mapped, mineralised structures. Announcement • Feb 22
Northern Minerals Limited has completed a Follow-on Equity Offering in the amount of AUD 20 million. Northern Minerals Limited has completed a Follow-on Equity Offering in the amount of AUD 20 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 408,163,265
Price\Range: AUD 0.049
Transaction Features: Subsequent Direct Listing Announcement • Feb 18
Northern Minerals Limited Announces Final Results from 2020 Drilling Northern Minerals Limited announced that, it has returned further encouraging results from its 2020 exploration and resource definition drilling program at the Browns Range Project. The assay results from the remaining 72 holes drilled in the 2020 program have now been received, following the announcement of the first batch of assay results from 45 drill holes on 18 January 2021 ("First drilling results indicate potential for Mineral Resource growth at Browns Range"). The latest results are from Area 5 (18 holes), Banshee South (11 holes), Banshee West (8 holes), Dazzler/Iceman (25 holes), Toad (3 holes) and regional exploration (7 holes). Infill and extension drilling results from Dazzler (14m @ 0.76% TREO from 25m and 6m @ 1.41% TREO from 12m) have confirmed the mineralisation to the southeast of the main high-grade zone at Dazzler and indicated the potential to increase the existing Dazzler Mineral Resource. In the Banshee area, widespread low-grade mineralisation intersected at Banshee West (13m @ 0.43% TREO from 23m) and Banshee South (19m @ 0.33% TREO from 11m) suggest a significant mineralised system in this area. Similarly, at Area 5 widespread low-grade mineralisation was intersected (6m @ 0.44% TREO from 7m and 2m @ 0.69% TREO from 48m). Three holes drilled as follow-up to the first five drill holes at the new Toad prospect returned a best intersection of 6m @ 0.78% TREO from 49m. Northern Minerals announced on the 2 November 2020 that it had commenced a $5 million exploration program that would include up to 16,500 metres of drilling before the end of June 2021. The Company completed 8,500 metres of reverse circulation (RC) drilling in late 2020 and the significant results will be followed-up in the second phase of drilling being planned at Browns Range in 2021, following the end of the wet season in the Kimberley region. Infill and extension drilling was completed in the Dazzler/Iceman area in order to upgrade the resource categorisation of two separate mineralised pods located southeast of the main high-grade zone of mineralisation and to close off the western extent of the Iceman prospect (see Figure 1 & 2 below). A total of 25 holes for 2,142m were drilled in the program. Best results from this drilling included: 14m @ 0.76% TREO from 25m in BRDR0130; 6m @ 1.41% TREO from 12m in BRDR0139; 11m @ 0.74% TREO from 26m in BRDR0141; and 12m @ 0.69'% TREO from 14m in BRDR0138. Further infill drilling of Dazzler/Iceman will be included in the second phase of drilling. At Banshee West eight holes for 614m were drilled as a first-pass test of a portable XRF yttrium and radiometric surface anomaly, located 250m west of the Banshee deposit. Widespread low-grade mineralisation was intersected in several of the holes and the mineralized zones appear to dip gently towards the south. Mineralisation is open in all directions. Best results from this area include: 12m @ 0.43% TREO from 34m in BRBR0059; 13m @ 0.43% TREO from 23m in BRBR0062; and 4m @ 0.63% TREO from 41m in BRBR0061. Eight RC holes for 580m were completed at the Toad prospect, with the first five holes (BRR0537 - 0541) returning significant assay results (reported in ASX announcement dated 18th January 2021). The prospect is located approximately 250m southeast of Banshee (see Figure 4 and 5 below). A further three holes were drilled to follow-up on the anomalous portable XRF readings in the initial five holes. Further significant results were received from the follow-up drill holes, with the best result being from BRTR0002 with 6m @ 0.78% TREO from 49m. A first pass drill program of seven holes for 444m was completed at an area with a strong surface radiometric anomaly with a coincident pXRF yttrium anomaly. Xenotime mineralisation had also been observed within a mica schist from float material near the radiometric high. A rock chip sample of this material returned an assay of 1.26% TREO. The results from the drilling were generally disappointing with only one hole returning a significant intercept, 3m @ 0.25% TREO from 8m in BRR0545. No follow-up drilling is planned in this area in 2021. Announcement • Feb 16
Northern Minerals Limited announced that it expects to receive AUD 20 million in funding Northern Minerals Limited (ASX:NTU) announced that it has entered into subscription agreements for private placement of 408,163,265 common shares at a price of AUD 0.049 per share for gross proceeds of AUD 20,000,000 on February 16, 2021. The transaction will include participation from sophisticated and professional investors. The company will also issue an option for every two shares issued in the transaction, with each option exercisable at AUD 0.074 per share for a period of 3 years. The company will issue shares and 153,061,224 options in its first tranche on February 22, 2021 and 51,020,408 options in its second tranche after the extraordinary general meeting, subject to shareholder approval. Announcement • Feb 10
Northern Minerals Limited Completes Feasibility Study for Construction of Commercial-Scale Beneficiation Plant at Browns Range Northern Minerals Limited updated investors on its priority work program for 2021, including the planned completion of a feasibility study for construction of a commercial-scale beneficiation plant at Browns Range. Northern Minerals has identified a market opportunity to pursue the development of a full-scale production operation with processing via a standalone commercial-scale beneficiation plant to produce a saleable heavy rare earth xenotime concentrate product. Several facilities outside of China have been identified with capability and capacity to process the heavy rare earth xenotime concentrate produced at Browns Range. The Board believes that committing to this accelerated pathway to commercial-scale production represents a lower risk approach compared to pursuing a full-scale version of the Browns Range Pilot Plant, which includes both the beneficiation and hydrometallurgical processing circuits to produce a more refined rare earth carbonate product. If approved, the key driver behind Northern Minerals assessing the viability of developing the beneficiation plant first is that it could potentially deliver cashflow to the Company in 2023, at least two years earlier than the more complex project. In this regard, the Company is working towards completing a feasibility study for a commercial-scale beneficiation plant at Browns Range over the coming months and the decision whether or not to develop the commercial-scale beneficiation plant will be made by the Board following completion of that study. In parallel to the feasibility study on the beneficiation plant, Northern Minerals will continue to ramp-
up its ongoing investment in exploration across its Browns Range tenement package, including the immediate commitment to complete a further 8,000m of drilling before the end of June 2021. Along with follow-up drilling of encouraging results from the initial 8,500m drilling campaign at the end of 2020, several promising new greenfields targets will be drilled in the second phase of drilling scheduled to commence immediately following the end of the northern wet season. The Company is targeting near-surface, high grade Dazzler style mineralisation to significantly grow its Mineral Resource endowment and increase the potential life of mine at Browns Range to more than 20 years. Northern Minerals is continuing R&D testwork at its existing Browns Range Pilot Plant, which will feed into the new feasibility study on the beneficiation plant as well as future commercial studies. The current focus of work is completing the construction and installation of the ore sorter equipment, with trial and commissioning of the system expected to occur in the second quarter of 2021. Announcement • Jan 19
Northern Minerals Limited Reports First Drilling Results Indicate Potential for Mineral Resource Growth At Browns Range Northern Minerals Limited announced that it has returned encouraging assay results across several targets from the first phase of its latest exploration drilling program at the Browns Range Project. Northern Minerals completed 8,500 metres of reverse circulation (RC) drilling at Browns Range in
late 2020, following the Company's announcement on the 2 November that it had commenced a $5 million exploration program that would include up to 16,500 metres of drilling before the end of June 2021. The first batch of assay results have been received from 45 drill holes at Dazzler Northwest (7 holes), Dazzler North/Ripcord (16 holes), Dazzler (6 holes), Gambit West (7 holes), Wolverine West (4 holes) and a new prospect named Toad (5 holes). The assay results from the remaining 71 drill holes in the 2020 program are expected to be returned over the course of the next few weeks. Encouraging drill results were received from first-pass drilling at the Toad and Dazzler North
prospects, in particular. Best results from Toad were 9m @ 0.54% TREO from 53m in BRR0541 and 11m @ 0.37% from 52m, while at Dazzler North an intercept of 3m @ 0.74% TREO from 8m was returned. Northern Minerals will follow-up these initial results in the second phase of drilling being planned at Browns Range in 2021, following the end of the wet season in the Kimberley region. Eight RC holes for 580m were completed at the Toad prospect, of which the first five holes (BRR0537 0541) have returned assay results. The target, which is located approximately 250m southeast of
the Banshee South prospect, was identified as an area of anomalous surface portable XRF yttrium readings and a uranium radiometric anomaly. The target is adjacent to a north-south trending quartz vein/breccia and an interpreted northwest-southeast trending regional structure. The initial drilling comprised five drill holes on two fences, drilled at an inclination of 60 degrees towards the northeast. A further three holes were drilled to follow-up on the anomalous portable XRF readings in the first five holes, for which the assay results are currently still pending. At the Dazzler North/Northwest and Ripcord prospects multiple targets were drill tested. At Dazzler Northwest a small program was completed to follow up on mineralisation intersected during 2019 in hole BRDR0093 located 350m along trend to the northwest from the main Dazzler deposit. Seven holes (BRDR0100-0106) for 700m were drilled, with drill holes 20m apart and drilled at an inclination of 60 degrees towards the northeast. Two drill holes returned significant intercepts with a best result of 3m @ 0.31% TREO from 24m in BRDR0103, which was drilled 20m behind BRDR0093. A total of 12 holes (BRDR01100121) for 634m were drilled in an area between the Ripcord and Dazzler North prospects targeting a conceptual regional structure. All holes were spaced between 20-40m along two fences 100m apart. No significant results were returned for any of these holes. An additional four holes (BRDR0107-0109, 0122) for 366m were drilled at the Dazzler North Prospect as a first pass program targeting portable XRF yttrium and uranium radiometric surface anomalies, as well as outcropping narrow mineralised east-west trending structures. All holes were drilled at a
spacing of 25m towards the south. Recent Insider Transactions • Dec 16
Non-Executive Chairman recently sold AU$88k worth of stock On the 7th of December, Colin McCavana sold around 2m shares on-market at roughly AU$0.037 per share. This was the largest sale by an insider in the last 3 months. Colin has been a seller over the last 12 months, reducing personal holdings by AU$147k. Announcement • Nov 25
Northern Minerals Limited Announces Resignation of Adrian Griffin as Non-Executive Director Northern Minerals Limited announced that Mr. Adrian Griffin has resigned from his position as a Non-Executive Director on Northern Minerals' Board. Announcement • Nov 24
Northern Minerals Limited Appoints LiangBing Yu to the Board as Non-Executive Director Northern Minerals Limited announced that it has appointed Mr. LiangBing Yu to the Board as a Non-Executive Director, effective immediately. Mr. Yu has over 20 years' experience in business operation and management and is currently an Executive Partner at Beijing GloryHope Oriental Investment Centre. Announcement • Sep 30
Northern Minerals Limited to Commence Major Drilling Program At Browns Range Northern Minerals Limited updated shareholders on the Company's upcoming exploration activities at Browns Range in the Kimberley region of Western Australia. The Company has allocated a budget of up $5 million for the program in Financial Year 2021 with drill rigs expected on site in mid-October. The exploration program is focused on increasing the Mineral Resource and the life of mine potential at Browns Range. These results, along with the findings from Pilot Plant testwork, will feed into a new feasibility study to evaluate the potential for a commercial, larger scale heavy rare earths plant. Northern Minerals is planning approximately 8,000m of reverse circulation (RC) drilling at Browns Range before the end of 2020. The drill program will test several new drill targets as well as following-up on significant drilling intersections at a number of prospects including Polaris, Rogue and Banshee South. Eight RC drill holes were completed at Banshee South in 2019 with the final drill hole, BRBR0044, returning the broadest mineralised intersection at the prospect to date, with 22m @ 0.52% TREO from 15m. This drill hole is located outside the defined surface geochemical anomaly at the northwest end of the prospect and there is no drilling immediately to the west or northwest. Details of the 2019 drilling at Banshee South are contained in the ASX announcement dated 11 March 2020 entitled "Browns Range Exploration Update". Drilling will also be targeted at the Dazzler area where mineralisation occurs in four separate zonesover a strike length of approximately 600m. High-grade mineralisation occurs in an argillite unit immediately above the unconformity with the Browns Range Metamorphics. The "structural corridor" proximal to the unconformity, from Dazzler extending northwest and also southeast towards the Northern Territory (a strike length of approximately 12km) is considered prospective for Dazzler-style mineralisation. In 2019 BRDR0093, which is located 400m northwest of the Dazzler deposit, intersected 7m @ 0.46% TREO from 39m with no further drilling northwest of this drill hole. Details of this drilling are contained in the ASX announcement dated 11 March 2020 entitled "Browns Range Exploration Update". Follow-up drilling is intended around this drillhole with infill along the corridor towards Iceman. Announcement • Jul 31
Northern Minerals Limited Appoints Mark Tory as Chief Executive Officer Northern Minerals Limited announced that the company's long-serving Chief Financial Officer and Company Secretary Mark Tory has been appointed as Chief Executive Officer. Mr. Tory is a Chartered Accountant with 35 years of professional experience in the mining industry and accounting professions and has held the previous role of CFO and Company Secretary with the Company for almost eight years. Acting Executive Chairman Colin McCavana will revert to his former role of Non-Executive Chairman of the Northern Minerals' Board, after a period care-taking the executive function of the Company following the resignation of former Managing Director and CEO George Bauk in June.