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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
—
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

Funding, performance and ownership

Financials & Capital

As of 2026-06-30
Cash A$7.8M Finite
Debt A$0 Net cash A$7.8M
Basic shares 9.5B 2026-01-08
Runway 3.73 quarters Appendix 5B item 8.7 includes AUD25.75 million of term deposits convertible to cash on 31 days notice alongside AUD7.819 million cash.

Liquidity

Financial position

AUD33.569 million cash and liquid term deposits at 30 June 2026 is far below the AUD592 million DFS pre-production capital estimate; US EXIM and EFA interest is non-binding.

Capital structure

Ownership and dilution

Ordinary shares
9.5B
Fully diluted
9.6B

The Appendix 3H lists 9,544,154,113 quoted plus 4,353,400 unquoted ordinary shares, totalling 9,548,507,513. Adding 84,400,330 performance rights gives 9,632,907,843 fully diluted shares; the single Iluka call-option security expired unexercised. Iluka's Tranche 2B put/call expired on 31 December 2025; the conditional Tranche 2A placement is excluded until issue. No later ordinary-share issue was identified in reviewed issuer evidence.

Security classes2
ClassTypeQuantityStrikeExpiry
Quoted and unquoted ordinary fully paid sharesOrdinary Share9.5B——
Unquoted performance rightsPerformance Right84.4MA$0—
Company guidance2
MetricProjectPeriodLowHighStatus
Final Investment Decisionbrowns-rangeQ3 CY2026—— calendar quarterCurrent
First Concentrate Productionbrowns-rangeQ4 CY2028 / Q1 CY2029—— calendar quarterCurrent

Capital history

Capital events

1 events · newest first
DateEventAmountSharesPriceStatusTerms
2025-11-03RaisingOrdinary Fully Paid SharesA$60.5M1.2BA$0.051CompletedInstitutional and sophisticated investor placement completed at AUD0.051 per share before costs.Max 1.2B · Period 2025-11-03 to 2025-11-03

Contracts and ownership

Material economic arrangements These are deals that can affect sales, costs, funding or ownership. An arrangement marked “Included in valuation” may already be built into a project estimate or the bridge to shareholder value. A separate amount is shown only when one can be estimated; do not add it again.

Partial · as of 2026-09-26

Annual report and DFS reconciled with the original Iluka agreement and later repayment/cessation disclosures; private royalty splits and updated Iluka condition dates are not public in reviewed sources.

Conditional supply of Browns Range xenotime concentrate to Iluka's Eneabba refinery, with security and step-in rights; outstanding conditions and 2028 milestone create contract risk.

Offtake · Conditional
Counterparties
Iluka Resources Limited
Applies to
Browns Range Heavy Rare Earths Project · Rare Earths
Economic direction
Mixed
Period
From 2022-10-26; no end date stated
Key terms
Total contracted contained TREO: 30,500 tonnes TREO
Maximum annual contracted volume: 5,500 tonnes TREO/year
Price formula: fixed contained REO component plus realised-sale upside share and impurity adjustments
Historical milestone trigger: 2028-06-30
How it affects our valuation

No valuation treatment is available for this arrangement.

Conditional post-FID equity participation can contribute at most AUD13.8 million at the cap; neither issuance nor proceeds is assumed at the cutoff.

Strategic Partnership · Conditional
Counterparties
Iluka Resources Limited
Applies to
Browns Range Heavy Rare Earths Project · Rare Earths
Economic direction
Benefit
Period
From 2022-10-26; no end date stated
Key terms
Maximum new ordinary shares: 230,000,000 shares
Maximum subscription price: 0.06 AUD/share
How it affects our valuation

No valuation treatment is available for this arrangement.

Combined government and private royalties are included in DFS project economics; individual private payees and terms are not disclosed.

Royalty · Active
Counterparties
Western Australian Government · undisclosed private royalty holders
Applies to
Browns Range Heavy Rare Earths Project · Rare Earths
Economic direction
Burden
Period
From 2025-09-15; no end date stated
Key terms
Combined royalty rate: 4.5 %
How it affects our valuation

No valuation treatment is available for this arrangement.

Native Title Agreement grants land access and requires social and economic benefits; specific consideration is not disclosed.

Other · Active
Counterparties
Jaru Aboriginal Corporation RNTBC
Applies to
Browns Range Heavy Rare Earths Project · Rare Earths
Economic direction
Mixed
Period
Dates not stated
How it affects our valuation

No valuation treatment is available for this arrangement.

Native Title Agreement grants land access and requires social and economic benefits; specific consideration is not disclosed.

Other · Active
Counterparties
Tjurabalan Native Title Lands Aboriginal Corporation RNTBC
Applies to
Browns Range Heavy Rare Earths Project · Rare Earths
Economic direction
Mixed
Period
Dates not stated
How it affects our valuation

No valuation treatment is available for this arrangement.