Northern Minerals

Northern Minerals has its origins in uranium exploration and the company was formerly known as Northern Uranium before changing its name in February 2011. Thereafter the company’s primary focus became the development of the Browns Range Heavy Rare Earths Project in the East Kimberley region, with a specific emphasis on dysprosium (Dy) and terbium (Tb) – two heavy rare earth elements critical to the global energy transition. Over nearly two decades, Northern Minerals has evolved from a greenfield explorer into one of Australia’s most advanced heavy rare earth development companies, steadily building its resource base, securing key offtake agreements, and attracting both domestic and international institutional support as geopolitical demand for non-Chinese rare earth supply has intensified. In September 2025, a Definitive Feasibility Study was released, a pivotal moment that confirmed Browns Range as one of the most strategically significant undeveloped heavy rare earth projects outside of China. The DFS outlines a pre-production capital expenditure of A$592 million and operating costs of approximately A$129 million per annum, with the project forecasting an average annual EBITDA of A$175 million and a pre-tax NPV8 of A$187 million using base case pricing forecasts by CRU International. Critically, an upside scenario carries far greater promise: a divergence scenario, based on higher ex-China price premiums, could increase the pre-tax NPV to A$705 million and the IRR to 21%. The DFS confirmed an 11-year Life of Mine production plan targeting up to 181,000 tonnes of TREO in concentrate and up to 4,350 tonnes per annum TREO. At steady state, Browns Range could supply approximately 8% of global dysprosium and terbium, directly challenging China’s dominance in heavy rare earth processing.