Australian heavy rare earths-focused company Northern Minerals Limited (ASX: NTU) has released its activities report for the three-month period to 31 December 2024.
Northern Minerals’ primary focus during the quarter was to advance its 100%-owned Browns Range Heavy Rare Earths Project, in the East Kimberley region of Western Australia. Browns Range is globally significant because of its high grades of dysprosium and terbium.
Highlights
Environmental, social and governance
- Total Recordable Injury Frequency Rate of 0.00
- Field biological surveys completed for alternate access road in the Northern Territory
Feasibility Study
- Work has continued on the Feasibility Study for the Browns Range Heavy Rare Earths Project, including updates to capital and operational expenditure
- SRK completed interim Independent Technical Report of Browns Range technical and operational assumptions
- Updated Mineral Resource Estimate (MRE) for Browns Range flagship Wolverine Deposit was completed and released to the ASX post-quarter end. The updated MRE increased confidence level and scale in Wolverine and is being incorporated in the Feasibility Study
- A project optimisation process has begun, with key initiatives identified for inclusion in the Feasibility Study
Metallurgical test work completed to address variability queries raised by SRK
Exploration
- Regional target generation program was advanced with the completion of several priority work programs across the Browns Range exploration tenement portfolio located across Western Australia and Northern Territory
- Identified targets included those with potential for heavy rare earth elements and copper
- Priority was placed on geophysical data acquisition, processing and litho-structural interpretation as the fundamental dataset to inform targeting studies
- Commenced EIS co-funded exploration drilling program at Dazzler Deposit.
Corporate
- Successfully completed Share Purchase Plan announced on 16 September 20243 to raise $3.85 million (before costs)
- Received $24.6 million of Tranche 2 ($26.1 million) of the $43 million (before costs) placement announced on 16 September 20244 following shareholder approval in November 2024.
Commenting on the December Quarter’s activities, Northern Minerals managing director Shane Hartwig said:
“The December 2024 quarter has been a successful one for Northern Minerals as we continued to drive forward the development of Browns Range. During the quarter we completed several significant work streams including an update to the Mineral Resource Estimate for the Wolverine Deposit, which will provide the foundation volumes of dysprosium and terbium mineralisation for our proposed commercial-scale mining operation.
“The new Wolverine Mineral Resource Estimate, alongside some of the important metallurgical test work carried out during the quarter, is being incorporated into the refreshed Feasibility Study for Browns Range’s development. In parallel to advancing the Feasibility Study, our team has continued to work on financing options for Browns Range, which has all the necessary regulatory approvals in place to be developed.
“We extend our sincere thanks to existing shareholders and new investors for their support during the capital raising, which was approved at our General Meeting in November. The Company is well funded to continue our work programs at Browns Range. With sustained momentum in all areas of our business, Northern Minerals remains committed to creating sustainable value for our shareholders through the establishment of a robust, Australian-based heavy rare earths supply chain.’’
