Northern Minerals (ASX:NTU) announces $43m placement and $5m Share Purchase Plan to advance Browns Range Project

Northern Minerals Limited (ASX:NTU) has announced a two-tranche placement to institutional and sophisticated investors to raise $43 million and a $5 million Share Purchase Plan (SPP) to progress the Browns Range Heavy Rare Earths Project. The placement and SPP, together with existing cash, will support current operations, advancement of funding initiatives, and the progression of the Project towards production, including finalization of the Definitive Feasibility Study (DFS), exploration drilling activities, and early works.

Executive commentary on placement and project progression

Northern Minerals Chair, Adam Handley, expressed satisfaction with the strong support from existing and new investors, reflecting confidence in the Browns Range Project. Managing Director and CEO, Shane Hartwig, highlighted that the placement enables the company to continue key project initiatives, seek project funding, and proceed towards a Final Investment Decision. He emphasized the team's focus on completing the DFS and using the time to complete additional key technical work programs to ensure sustainable value for shareholders.

Summary of Northern Minerals' placement and outlook

Northern Minerals (ASX:NTU) has successfully secured a $43 million placement, demonstrating strong support for the Browns Range Heavy Rare Earths Project. The placement, along with the Share Purchase Plan, will provide funding to progress the Project towards production, including the completion of the Definitive Feasibility Study (DFS) and exploration drilling activities. The company aims to become a globally significant supplier of dysprosium and terbium, essential elements for the global clean energy transition. With the targeted Final Investment Decision in 1H CY2025, Northern Minerals is focused on delivering long-term, sustainable value for its shareholders.