• Total Recordable Injury Frequency Rate (TRIFR) remained at 0.00, with zero Lost Time Injuries (LTIs)
• Progressed pre-development works at the Browns Range Heavy Rare Earths Project including engineering, procurement and approvals
• Dazzler Mineral Resource estimate increased by ~40% in TREO metal terms

Northern Minerals Limited (ASX: NTU) continued to advance its 100%-owned Browns Range Heavy Rare Earths Project in the East Kimberley region of Western Australia during the March 2026 quarter. The company's primary focus was on progressing pre-development works, including Front End Engineering Design (FEED) activities, key infrastructure design, and market re-engagement for major contracts to support final capital and operating cost pricing, scope and schedule certainty ahead of a Final Investment Decision (FID). The company also reported a significant increase in the Mineral Resource estimate for the high-grade Dazzler deposit, which is being evaluated as potential blending feed to optimize the project economics. Northern Minerals maintained a strong safety record, with a Total Recordable Injury Frequency Rate (TRIFR) of 0.00 and zero Lost Time Injuries (LTIs) during the quarter. The company also continued to advance key regulatory approvals and permitting, and completed an Independent Technical Expert review of the project. While funding discussions with government agencies are progressing well, Northern Minerals has adjusted the targeted FID date from 30 June 2026 to no later than 30 September 2026, with a corresponding adjustment to target first production from Browns Range by late 2028 / early 2029.

Subject to project funding, Northern Minerals is targeting a Final Investment Decision (FID) for the Browns Range Heavy Rare Earths Project no later than 30 September 2026, with first concentrate production envisaged by late 2028 / early 2029.

Northern Minerals remains focused on advancing the Browns Range Heavy Rare Earths Project towards a Final Investment Decision, including continuing FEED activities, progressing key infrastructure design and procurement, and addressing recommendations from the Independent Technical Expert review. The company is also evaluating the potential to incorporate the high-grade Dazzler deposit as blending feed to optimize project economics.