• Successful $60.5m capital raising to fund pre-development works
• Received conditional letters of interest from US EXIM and EFA for project funding
• Identified new high-priority exploration target 'Vulcan' and progressed Minerals Systems Model

Northern Minerals Limited (ASX: NTU) focused on advancing its 100%-owned Browns Range Heavy Rare Earths Project in Western Australia during the December 2025 quarter. Key activities included: a successful $60.5 million capital raising to fund pre-development works; receiving conditional letters of interest from the US Export-Import Bank (US EXIM) and Export Finance Australia (EFA) for potential project funding; completing an archaeological heritage survey and environmental rehabilitation activities; progressing Front-End Engineering and Design (FEED) work to prepare for a Final Investment Decision by Q4 FY26; positive preliminary metallurgical test results for blending ore from the Dazzler deposit with the main Wolverine deposit; and completing four field exploration programs that identified a new high-priority prospect called Vulcan as well as enabling the company to construct a Minerals Systems Model for heavy rare earths mineralisation across the entire Browns Range project area.