Northern Minerals is raising up to A$60m at $0.051 per share to fast-track its globally significant Browns Range Heavy Rare Earths Project toward development, backed by strategic partnerships, government support, and potential EXIM financing of up to US$230m. With a 19% discount to last close and clear line-of-sight to first concentrate in 2028, this placement offers investors a rare entry point into a Tier-1 dysprosium and terbium producer.
Northern Minerals Limited (ASX:NTU)
NTU
Lead Manager
Contact - Jake Grbavac
0474 484 982
jake@liquidity.com.au
Offer Price
A$0.0510
per share
Offer Size
A$60,000,000
Offer Details
Issue Price (Per Share)
A$0.0510
Discount
-75.86%
Offer Size
A$60,000,000
Shares Available
1,176,470,588
~A$60m placement with the ability to accept oversubscriptions, and potential SPP.
Discount
Discount to last close price of A$0.063/sh: 19.0% Discount to 5 trading day VWAP of A$0.057/sh: 11.1% Discount to 10 trading day VWAP of A$0.059/sh: 13.9%
Documents & Downloads
Company Overview
Northern Minerals Limited is an Australian rare earths company advancing the development of its flagship Browns Range Project in northern Western Australia, one of the world’s most significant sources of dysprosium and terbium, key ingredients in high-performance permanent magnets used in electric vehicles, wind turbines, and other clean energy technologies. With a focus on building a secure, sustainable supply of heavy rare earths outside China, Northern Minerals has established itself as a strategic player in the global energy transition.
Browns Range Project (100%) – one of the most advanced Heavy Rare Earths (HRE) Project globally
- Tier 1 jurisdiction – 160km SE of Halls Creek, WA
- Strategic importance – supply of HRE particularly Dy/Tb.
- Mineral Resource 7.5Mt @ 0.96% Total Rare Earth Oxides (TREO) including Ore Reserve 5.18Mt @ 0.88% TREO1.
- Established infrastructure & in-house operational capability – pathway to targeted first concentrate in 2028
- Key approvals granted strong government support.
EXIM & EFA cooperation agreement & conditional, nonbinding letters of support
- Established Single Point of Entry for both agencies – streamlining eligible critical mineral transaction referrals.
- EXIM financing up to US$230m & additional funding sought from EFA and NAIF.
DFS Highlights
- Strategic product basket & revenue – 70% Dy/Tb
- 4,350tpa TREO in concentrate targeted annual production with A$31.25/kg TREO opex.
- Capex A$592m, CRU base case NPV8 A$187m & IRR 12%, CRU divergence case NPV8 A$705m & IRR 21%.
Conventional mining methods and robust validated flowsheet >80% TREO recovery
- Comprehensive metallurgical test work – upgrading feed more than 30x to ~25% TREO.
- Pilot scale test work – 3-year operation.
Iluka Resources Strategic partnership
- Long term supply agreement – total of 30.5kt TREO in concentrate to be delivered (up to 5.5kt per annum).
- Pricing – fixed with upside sharing mechanism.
- Cornerstone equity funding post FID (subject to conditions)
Use of Funds
A$
%
Convertible note principal
$15,000,000.00
24.8%
Working capital
$14,500,000.00
24%
Exploration
$9,000,000.00
14.9%
FEED programs & contract negotiations
$9,000,000.00
14.9%
Site access and facility upgrades
$3,500,000.00
5.8%
Offer costs
$3,500,000.00
5.8%
Project funding legal & advisory costs
$3,000,000.00
4.9%
Additional staffing, IT and systems development
$3,000,000.00
4.9%
Total
$60,500,000.00
100%
Convertible note principal
$15,000,000.00
24.8%
Working capital
$14,500,000.00
24%
Exploration
$9,000,000.00
14.9%
FEED programs & contract negotiations
$9,000,000.00
14.9%
Site access and facility upgrades
$3,500,000.00
5.8%
Offer costs
$3,500,000.00
5.8%
Project funding legal & advisory costs
$3,000,000.00
4.9%
Additional staffing, IT and systems development
$3,000,000.00
4.9%
Total
$60,500,000.00
100%
Disclaimer
This site does not constitute an offer, recommendation, or invitation to any person, nor does it purport to provide all of the information an interested party may require in order to investigate the affairs of Northern Minerals Limited. This site is provided for information only and has not been prepared with the intention that the recipient should rely on it. Liquidity Technology Pty Ltd ("Liquidity") does not make any representation in relation to the contents of this site or give any assurances as to the accuracy or the degree of care or diligence used in preparing this document. The information, data, and advice herein is provided to recipients on the clear understanding that Liquidity nor any of its representatives, directors, officers, employees, agents, or advisers makes any representation or warranty about its accuracy, reliability, completeness, or suitability for any particular purpose and does not accept liability (including, but not limited to, for any expenses, losses, damages, and/or costs (including, but not limited to, indirect or consequential damage)) nor take any responsibility of any kind whatsoever (including, but not limited to, whether in contract, tort, financial or otherwise) for the information, data, or advice contained in or for any omission or for any other information, statement, or representation provided to any recipient (including, but not limited to, as a result of information, data, or advice being inaccurate, unreliable, incomplete, or unsuitable in any way and for any reason whatsoever). Users of this site must conduct their own investigation and analysis regarding any information, statement, or representation contained or provided to any recipient or its associates by Liquidity or any of the Liquidity Personnel. Each recipient waives any right of action, which it has now or in the future against Liquidity or any of the Liquidity Personnel in respect of any errors or omissions on or from this site, however caused. All rights are reserved. If the whole or any part of a provision of this "Notice and Disclaimer" is invalid, illegal, or unenforceable, then such provision will be severed and neither that part or provision or its severance will affect the validity or enforceability of the remaining parts or provisions.
Disclosure of Interest: Liquidity receives commission from dealing in securities and its introducers of business may directly share in this commission. Liquidity and its associates may hold shares in Northern Minerals Limited.
