Australian heavy rare earths-focused company Northern Minerals Limited (ASX: NTU) has completed a June quarter of significant activities as it advances development of the 100%-owned Browns Range heavy rare earths project, in the East Kimberley region of Western Australia.
Browns Range is a globally significant heavy rare earths project containing high grades of dysprosium and terbium, which are essential for high-performance permanent magnets used in electric vehicles, wind turbines and specialist defence applications. Northern Minerals has a long-term supply and funding partnership with Iluka Resources (ASX: ILU) to supply Iluka’s Eneabba rare earths refinery, currently under construction.
June quarter highlights included:
- Lost Time Injury Frequency Rate remained at 0.00.
- Exceptionally high-grade assay results from the successfully completed resource definition drilling program at Browns Range’s flagship Wolverine deposit:
- Drill intercept assay results continued to define wide and high-grade mineralisation across strike (horizontal) and down plunge (vertical), which remains open at depth
- Wolverine Mineral Resource Estimate update to be completed in Q3 CY2024, enabling the release of the Definitive Feasibility Study targeted for Q4 CY2024.
- Continued focus on the wellbeing of our workforce, including rectification of site access issues following heavy rainfall in Q3.
- Engagement of Jaru Traditional Owners for site road repair program.
- Board and executive changes.
- Foreign Acquisitions and Takeovers Orders – update.
- 2023 AGM – completed.
- Responded to a cyber security breach with subsequent strengthening of company systems and cyber security protocols.
“The June quarter marked several milestones for Northern Minerals, enabling progress towards advancing the development of the Browns Range heavy rare earths project,” managing director Shane Hartwig said.
“We achieved exceptionally high assay results from the successfully completed drilling program at the Wolverine deposit, with the overall assay results continuing to define wide and high-grade mineralisation across both the strike and down plunge, which remains open at depth.
“The completion of the program enables the update of the Mineral Resource, which is targeted for Q3 CY2024, underpinning the release of the definitive feasibility study targeted for Q4 CY2024.
“During the June quarter, we continued our emphasis on the welfare of our employees, including mitigating site access challenges due to heavy rainfall and responding to a cyber security breach. Looking after our team’s health, safety and wellbeing remains a top priority as we advance our strategic goals.
“We have also seen changes in our leadership team. Outgoing executive chair Nicholas Curtis, who had been with the company since November 2021, has provided invaluable leadership during his tenure and I am pleased that Nick will continue to provide expertise to Northern Minerals in his new role as strategic advisor. Nick has been succeeded by non-executive director Adam Handley, who has been appointed as the new executive chair. I am honoured to take on the role of CEO and managing director.
“With the FIRB process now concluded and the previously deferred 2023 AGM behind us, the board and executive team are fully focused on progressing the project towards a final investment decision. We are committed to delivering long-term value for our shareholders and stakeholders as we continue to advance our strategic objectives.”
Northern Minerals had a cash balance of $8.3 million at June 30.
