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2026-11-06
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Northern Minerals Limited

DFS Unfunded Developer · Rare Earths · Australia Rating locked: sign in to view v6.2
Last 2026-11-06
A$0.024
1D
—
1M
—
YTD
—
1Y
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Upside
Locked: sign in to view
Mkt cap
A$229.2M
EV
A$195.6M
Cash
A$7.8M
Debt
A$0
3 newer ASX announcements not yet reflected in this valuation

Portfolio detail

Assets

1 assets

Core asset

Browns Range Heavy Rare Earths Project

Australia

DFS Unfunded Developer100% ownedRare Earths

100%-owned DFS-stage Wolverine development with FEED underway. FID by Q3 CY2026 is conditional on funding and final secondary approvals; Iluka supply agreement's 30 June 2028 performance trigger conflicts with current Q4 CY2028/Q1 CY2029 production guidance. Dazzler remains outside the DFS mine plan.

Project location

Approximate location

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© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.

Published study economicsIssuer or study metrics
NPVA$74M8% discount
IRR10%Published return
Initial capexA$592MPublished capital estimate
Operating cost31.25AUD/kg TREO C1
NPVA$187M8% discount
IRR12%Published return
Initial capexA$592MPublished capital estimate
Operating cost129,000,000AUD/year

Issuer-reported real Q4 2024 post-tax Base Case NPV8; capital excludes working capital, financing, sustaining capital and corporate development costs. Iluka contract pricing and combined 4.5% government/private royalty burden are embedded in the issuer DFS cash flows.

Issuer-reported real Q4 2024 pre-tax Base Case NPV8 using CRU Base Case prices and AUD:USD 0.65. Iluka contract pricing and royalty burden are already embedded.

Resources & reserves3
TypeCategoryQuantityGradeContained mineralsDate
Mineral ResourceMeasured, Indicated and Inferred7.3M tonnes0.96% TREORare Earths2025-01-15
Mineral ResourceIndicated and Inferred340K tonnes2.1% TREORare Earths2026-04-28
Ore ReserveProbable5.2M tonnes0.88% TREORare Earths2025-09-15
Tenements2
m80-650Granted10,458 ha · 2046-09-08
l80-113Application— None · No expiry supplied
Milestones2
  1. Final Investment Decision subject to funding

    Pending · High materiality

  2. First concentrate production

    Pending · High materiality

Permits & approvals3
PermitJurisdictionStatusExpiryCritical path
Section 45C amendment to Ministerial Statement 986Western AustraliaGranted—No
Mine Development and Closure ProposalWestern AustraliaPending—Yes
Main project Works Approval ApplicationWestern AustraliaPending—Yes
Economic studies1
StudyStageStatusDateSummary
Browns Range Definitive Feasibility StudyDFSCurrent2025-09-15Eleven-year concentrate operation with AUD592 million pre-production capital and material heavy rare earth pricing sensitivity.