Announcement PDF ASX Announcement 30 October 2026 Northern Minerals 1 of 46 QUARTERLY ACTIVITIES REPORT: SEPTEMBER 2026 This announcement is available to read on the Northern Minerals Investor Hub. Sign up to stay connected to Northern Minerals and receive alerts when new announcements are released. HIGHLIGHTS ENVIRONMENTAL, SOCIAL AND GOVERNANCE ▪ No lost time injuries were recorded during the quarter, with Total Recordable Injury Frequency Rate (TRIFR) reducing from 11.6 in July 2026 to 10.52 at 30 September 2026. ▪ The Browns Range Heavy Rare Earths Project (Browns Range or the Project) Mine Development and Closure Plan was approved on 30 July 2026 and the Company received notice of the decision to grant the Main Infrastructure Works Approval after the reporting period on 22 October 2026. This completes the approvals required to commence construction of the Project. ADVANCING BROWNS RANGE TOWARDS A FINAL INVESTMENT DECISION ▪ The Project continued to progress through Front-End Engineering and Design (FEED), approvals, procurement and construction-readiness activities. Final Investment Decision (FID) and subsequent execution remain subject to completion of the Company’s funding arrangements. ▪ Evaluation of the Dazzler deposit as a potential future feed source alongside the Wolverine deposit progressed during the quarter. ▪ Capital and operating cost estimates were reviewed using recent tender pricing. Based on the current review, capital cost increases since December 2024 are broadly in line with Western Australian mining inflation, while the Project continues to target first concentrate production in Q1 2029, subject to completion of the Company’s funding arrangements. EXPLORATION AND GROWTH ▪ Regional target generation progressed from data acquisition and processing to integrated target generation and ranking across both the Browns Range and Coomarie Dome project areas. A significant development during the quarter was the renewed focus on the Coomarie Dome, approximately 120 km south of Browns Range. Northern Minerals 2 of 46 ▪ Ultra Fine Fraction (UFF) geochemical surface sampling confirmed coherent yttrium anomalies associated with Dazzler, Vulcan, Banshee and Mystique, and identified several additional anomalies requiring follow-up assessment. ▪ The Vulcan prospect diamond drilling program was completed during the quarter, with assays outstanding at quarter end. CORPORATE ▪ As at 30 September 2026, Northern Minerals held total cash and investments of $20.5M, comprising $19.0M in cash and cash equivalents and $1.5M in term deposits with original maturities greater than 90 days. While these term deposits are not classified as cash equivalents for accounting purposes, they are available to be converted to cash upon 31 days' notice, and all are due to mature within the next two quarters. ▪ Project funding discussions continued with Australian and US Government financing agencies in support of the Project's development. ▪ Following the 2 July 2026 deadline under the Federal Treasurer’s May 2026 disposal orders, Northern Minerals continued to assist the Foreign Investment Review Board (FIRB) and Treasury in assessing compliance with those disposal orders. The Treasurer issued further directions during the quarter in relation to the voting and disposal of certain shares, and the timing of the Company’s 2025 AGM was further deferred to allow the compliance process to progress. QUARTERLY ACTIVITIES REPORT Australian heavy rare earths-focused company Northern Minerals Limited (ASX: NTU) (Northern Minerals or Company) is pleased to present its Quarterly Activities Report for the period to 30 September 2026, to accompany the Appendix 5B. Northern Minerals’ primary focus during the quarter was to advance its 100%-owned Browns Range Heavy Rare Earths Project (Browns Range or Project), in the East Kimberley region of Western Australia. Browns Range is one of the world’s most significant and advanced heavy rare earths development opportunities outside of China. No substantive mining production or mine development activities were undertaken during the quarter. Northern Minerals remains focused on advancing Browns Range towards FID. FID and subsequent execution activities remain subject to completion of the Company’s funding arrangements. First concentrate production is targeted for Q1 2029. Commenting on the Quarter’s activities, Northern Minerals Executive Chairman, Adam Handley, said: “The September quarter was focused on progressing the work required to move Browns Range towards FID. We advanced engineering, approvals, procurement and field investigations while continuing the review of Project capital and operating cost estimates using recent tender pricing. “Achieving FID and commencing execution remain subject to completion of the Company’s funding arrangements, which continue to be a key priority. The Project continues to target first concentrate production in Q1 2029. Northern Minerals 3 of 46 “We also progressed the evaluation of Dazzler as a potential future feed source alongside Wolverine and continued regional exploration across Browns Range and Coomarie Dome. I thank the Northern Minerals team and our contractors for their continued efforts during the quarter.” ENVIRONMENTAL, SOCIAL AND GOVERNANCE SAFETY No lost time injuries were recorded during the quarter. TRIFR was 11.6 in July, 10.68 in August and 10.52 at 30 September 2026. Project field activities were supported by contractor engagement, daily safety meetings, leadership inspections, traffic management reviews and an emergency evacuation exercise. HERITAGE Northern Minerals maintained ongoing engagement with Traditional Owners and local communities throughout the quarter. Jaru Cultural Heritage Monitors supported water bore drilling, test pitting and related field programs, helping ensure project activities were undertaken in accordance with agreed heritage management processes. Heritage surveys were conducted in September over the remaining un-surveyed areas within the proposed Project disturbance footprint. Ten Traditional Owners and two archaeologists participated in the survey with NTU attending. Figure 1 – Heritage Survey Northern Minerals 4 of 46 ENVIRONMENTAL COMPLIANCE Environmental activities during the quarter focused on compliance and field controls supporting water bore drilling and geotechnical investigations of the tailings storage facility, waste rock landforms and pond facilities from the Browns Range Pilot Plant facilities completed by Knight Piésold. Figure 2 – Geotechnical waste rock landform compliance monitoring APPROVALS AND PROJECT READINESS During the quarter, key regulatory approvals were obtained in support of construction readiness. The Mine Development and Closure Plan was approved on 30 July 2026, authorising ground disturbance for the main Project together with existing approvals. The Department of Water and Environmental Regulation (DWER) issued draft conditions for the Main Infrastructure Works Approval on 27 August 2026 and, following Northern Minerals' response, DWER granted its approval on 22 October 2026. This now completes the approvals required to commence construction of the main Project infrastructure for the Browns Range Heavy Rare Earths Project. Following receipt of data and information from the field water drilling program, a request to amend the current water licence was submitted to DWER on 24 September 2026 to support increased borefield abstraction and reuse of Wolverine pit dewatering during construction. The amendment, once approved, accommodates the increased water demand during construction and early operations for the Project. Northern Minerals 5 of 46 Biological survey work supporting future approvals for the Dazzler deposit progressed during the quarter. Baseline vertebrate fauna and short-range endemic survey reports remained in preparation for inclusion in the planned Part IV Environmental Protection Act application. Lateral Environmental was engaged by the Company to conduct baseline surveys of the Project area for aquatic invertebrates. The study results will support an upcoming application to the Environmental Protection Authority (EPA) seeking approval to discharge excess mine dewatering to an ephemeral drainage line. The Lateral study involves two seasonal surveys; one completed in the wet season in 2025 and one in the dry season in 2026. The 2026 dry season survey sampled 9 locations within and surrounding the Project. Field samples of water quality, soils, habitat types and fauna will be assessed and a report provided to Northern Minerals in time to be included with the EPA application. Figure 3 – Lateral Environmental completing an Aquatic Invertebrate study Northern Minerals 6 of 46 DEVELOPMENT The Browns Range Heavy Rare Earth Project continued to advance through FEED during the quarter. Activities focused on progressing engineering and approvals, completing field investigations, continuing the process of reviewing capital and operating cost estimates, advancing procurement and improving construction readiness. FID and subsequent execution activities remain subject to completion of the Company’s funding arrangements. ENGINEERING AND FEED Engineering and FEED activities progressed across the principal infrastructure packages. Camp and non-process infrastructure design progressed towards 30% completion. Issued for Construction earthworks design continued for the Main Access Road and site-wide works, with completion expected in October 2026 following incorporation of Northern Minerals’ comments and geotechnical inputs. Detailed design of the Wolverine diversion drain commenced during September 2026. Design scopes and commercial terms for the airstrip and tailings storage facility were also substantially agreed. Capital and operating cost estimates were reviewed using recent tender pricing for nine major contract packages. Based on the current review, since December 2024 capital costs have increased broadly in line with the Western Australian mining inflation rate of approximately 6% to 8% per annum, while operating costs have increased by approximately 3% to 4% per annum. GEOTECHNICAL INVESTIGATION PROGRAM The geotechnical field investigation program was completed during the quarter. Activities included drilling, test pitting, Dynamic Cone Penetration, Electrical Resistivity Tomography and Multichannel Analysis of Surface Waves surveys. Borrow-source investigations were also completed along the Main Access Road. At quarter end, laboratory testing and final geotechnical reporting remained outstanding and continued into the December quarter. This work will confirm earthworks, pavement and foundation design parameters and assess approximately 150,000 bank cubic metres of potential borrow material. Geotechnical samples from the underground mining infrastructure drilling program were also tested during the quarter, with the results being analysed to support box cut design. Northern Minerals 7 of 46 Figure 4 – Multichannel Analysis of Surface Waves testing at the proposed tailings storage facility location WATER SUPPLY AND HYDROGEOLOGICAL STUDIES The water-bore drilling and pump-testing programs were completed during the quarter. Three production bores and associated monitoring bores were completed, with pump testing confirming sufficient yield for the Project water supply. The Wolverine West dewatering discharge monitoring bore was also completed during the quarter. No viable water bores were identified along the access-road alignment. Water for road construction will therefore be supplied by pipeline or carted to the workfront. This is not expected to have a material effect on Project capital costs. The groundwater-model update commenced during the quarter, together with supporting technical work for environmental approvals and final water-supply design. Figure 5 – Pump Testing of New Bores Northern Minerals 8 of 46 MINING STUDIES AND TECHNICAL OPTIMISATION Mining studies advanced across the proposed Wolverine open pit and Wolverine underground development options during the quarter. Tender submissions were evaluated and contractor pricing was incorporated into the review of capital and operating cost estimates. For the proposed Wolverine underground mine development option, cave hydrogeological modelling and ventilation studies progressed during the quarter. The final radiation assessment concluded that workforce exposure would represent a low risk with appropriate ventilation controls in place. A Radiation Management Plan and Ventilation Management Plan will be developed as part of the Project's operational readiness procedures. WOLVERINE-DAZZLER EVALUATION Evaluation of the Dazzler deposit as a potential future feed source alongside the Wolverine deposit progressed during the quarter Open pit optimisation commenced, supported by geotechnical logging, sampling and laboratory testing of material from four geotechnical diamond drill holes within the Dazzler Main Zone. Waste-rock characterisation was completed, while geotechnical analysis and hydrological assessment continued to support mine planning. Metallurgical testing also progressed to evaluate variability across nine Wolverine-Dazzler blends and a Wolverine baseline composite. Settling tests indicated that the flocculant and coagulant products selected for Wolverine were also suitable for Wolverine-Dazzler blends, although higher dosages may be required due to Dazzler’s clay content. Further testing included grind establishment, size-by-assay, low-intensity magnetic separation, wet high-intensity magnetic separation and flotation. Remaining assay results and selected repeat magnetic-separation tests are expected during the December quarter. The results of this work will inform mine planning and the continuing evaluation of Dazzler’s potential integration with Wolverine. Figure 6 – Dazzler geotechnical drill-hole locations and preliminary optimised open pits Northern Minerals 9 of 46 METALLURGICAL AND PROCESS DEVELOPMENT ACTIVITIES Metallurgical and process development activities for Wolverine progressed during the quarter to confirm process-design assumptions. For Wolverine, verification sizing of the magnetic-separation tailings confirmed that the material used in earlier dynamic thickener testing was consistent with the expected particle-size distribution. Dynamic thickener testing of magnetic and flotation concentrates commenced, with completion and reporting scheduled for the December quarter. CONSTRUCTION READINESS ACTIVITIES Construction readiness activities focused on completion and close-out of the water supply and geotechnical field programs, together with mobilisation planning, site access, permitting, construction staging and interface coordination for upcoming early works and execution packages. Main Roads WA, in partnership with the Shire of Halls Creek, continued upgrades to Duncan Road and Gordon Downs Road to improve road safety, drainage and wet-season access to Browns Range. Remaining Duncan Road works were scheduled for completion by the end of 2026. PROJECT SCHEDULE At 30 September 2026, FEED earned-value progress was 65.9%, compared with planned progress of 78.0%, representing a variance of 12.1 percentage points. The Project schedule continues to target first concentrate production in Q1 2029. The near-term schedule focus is completion of the Process Plant engineering, procurement and construction contracting and award process, coordination of site-wide earthworks interfaces and long-lead procurement. Award of the Process Plant engineering, procurement and construction contract remains scheduled for March 2027, followed by construction, installation and commissioning activities supporting the targeted production of first concentrate in Q1 2029. DEVELOPMENT EXPENDITURE FEED cost to date at 30 September 2026 was $7.22 million. Material expenditure during the quarter was concentrated on: ▪ Water bore drilling and hydrogeological investigations. ▪ Geotechnical drilling and site investigations. ▪ Engineering and IFC design activities. ▪ Procurement and tendering activities. ▪ Project management and FEED support services. ▪ Environmental approvals and supporting studies. Cash expenditure on FEED activities during the quarter was approximately $4.57 million, with an additional $1.93 million in site costs. PROCUREMENT ACTIVITIES Procurement advanced across FEED, FID-critical and execution packages during the quarter. Tender reviews, normalised pricing, technical and commercial clarifications, financial-capacity Northern Minerals 10 of 46 assessments and recommendations for award progressed for bulk earthworks, power supply, the Process Plant engineering, procurement and construction contract, raw-water supply, mining services, camp and non-process infrastructure, laboratory services and camp services. At quarter end, tender evaluation for the tailings storage facility and airstrip IFC design was complete, surveying services remained under evaluation and major execution packages continued towards award in line with the delivery schedule. Contracts awarded before FID will remain subject to conditions precedent, including FID and acceptable Project financing. PROJECT RISKS, ISSUES AND MITIGATIONS The principal near-term Project risks are completion of funding arrangements, timely close-out and award of major execution packages, progression of groundwater and Part IV Environmental Protection Act approvals, completion of outstanding FEED deliverables and management of interfaces between earthworks, camp, mining, process plant and commissioning activities. These risks are being managed through ongoing engagement with funding and technical parties, regulator consultation, tender evaluation and commercial alignment, integrated schedule reviews and completion of outstanding field-investigation reporting and design inputs. Regulatory approval timing remains a risk, for the proposed discharge of mine dewatering water. The groundwater licence amendment and Part IV Environmental Protection Act application are progressing, with Northern Minerals continuing to engage with regulators to support the Project schedule and meet applicable compliance requirements. ACTIVITIES PLANNED FOR THE DECEMBER 2026 QUARTER The primary focus for the December quarter will be completion of the remaining FEED deliverables and progression of funding, approvals, procurement and construction-readiness activities. Key priorities include: ▪ progressing the groundwater licence amendment and Part IV Environmental Protection Act application; ▪ completing geotechnical and hydrogeological reporting; ▪ advancing earthworks, camp, tailings storage facility, airstrip and water-supply design; ▪ closing out major tender evaluations and recommendations for award; ▪ progressing Dazzler evaluation, mine planning and metallurgical variability analysis; and ▪ maintaining alignment between funding, procurement and the execution schedule. EXPLORATION AND GROWTH Exploration activities during the quarter focused on regional target generation across Browns Range and Coomarie Dome, interpretation of UFF soil sampling results and completion of diamond drilling at the Vulcan prospect. REGIONAL TARGET GENERATION Regional target-generation activities during the quarter focused on the Browns Range and surrounding volcano-sedimentary sequences across Western Australia and the Northern Territory, together with the western margin of the Coomarie Dome. Geological, geophysical, Northern Minerals 11 of 46 geomechanical, hyperspectral and geochemical datasets were integrated to refine the Company’s regional HREE mineral systems model and identify prospective structural settings. A detailed litho-structural interpretation of the southern margin of Browns Range was completed during the quarter. The interpretation identified and ranked a series of targets using structural setting, geomechanical modelling, geophysical information, hyperspectral imagery and UFF soil geochemistry. This work supported further refinement of the GMEX 1 target, approximately 2 km northeast of the Cyclops deposit, which was approved for the Western Australian Government’s Exploration Incentive Scheme Round 34 Co-funded Drilling Program. Regional target generation also progressed at Coomarie Dome, where geomechanical modelling was completed and regional geophysical, geological and hyperspectral datasets were assembled for integrated assessment. Priority areas identified from this work are being evaluated against complementary exploration information. Preliminary artificial intelligence modelling using the VRIFY DORA platform was undertaken during the quarter. Geological, geophysical, geochemical, hyperspectral and geomechanical datasets for Browns Range and Coomarie Dome are being integrated within the platform to support the identification and ranking of regional HREE exploration targets. Preliminary outputs are being assessed alongside the Company’s geological interpretations and other exploration information before targets are prioritised for field assessment. Northern Minerals 12 of 46 Figure 7 – Regional geological map of the Tanami region (from Blaikie et al., 2021) with coloured rectangular outlines defining Areas of Interest (AOI) of recent exploration initiatives for the Browns Range Dome and Coomarie Dome Project areas. SURFACE GEOCHEMICAL SAMPLING OVERVIEW Analytical results from the UFF soil sampling program completed during the previous quarter were received, validated and integrated with earlier UFF datasets during the reporting period. The program was designed to expand geochemical coverage across the southern Browns Range Project, assess the effectiveness of UFF geochemistry and support regional HREE target generation. Northern Minerals 13 of 46 A total of 1,436 exploration samples from the program completed during the previous quarter were analysed and incorporated into the interpretation during the reporting period. The results were combined with previous UFF surveys to generate a consolidated regional dataset comprising 2,343 exploration samples. INTERPRETATION Multielement statistical analyses were completed to identify geochemically coherent element associations and develop exploration indices representing geologically meaningful assemblages. This analysis identified a consistent yttrium-heavy rare earth element (Y-HREE) association across the survey area. Y-HREE anomalies coincide with several known HREE prospects and mineralised systems, including Dazzler, Vulcan, Banshee and Mystique. The spatial association between Y-HREE anomalism and known HREE mineralisation supports the use of UFF geochemistry as an effective regional exploration tool at Browns Range. However, the significance of Y-HREE anomalism that is not spatially associated with known mineralisation is yet to be established through subsequent exploration programs. Several coherent Y-HREE anomalous populations were identified within the survey area where no HREE prospects are currently defined. Unlike some of the relatively discrete anomalies associated with known mineralised systems farther south, several of the new anomalies have limited correspondence with interpreted geology and structural controls. These anomalies show a spatial relationship with topographic lows and modelled drainage pathways and require field validation. BROADER GEOCHEMICAL INTERPRETATION The broader multielement dataset also identified geochemical signatures relevant to the underlying lithological architecture. Mafic-ultramafic geochemical indices, principally characterised by chromium, vanadium, nickel and variably scandium associations, define several litho-geochemical domains across the coverage area. The spatial correspondence between independent geochemical and geophysical datasets indicates that UFF sampling is capable of preserving a measurable geochemical expression of underlying bedrock geology despite modification within the weathering profile and surficial environment. This provides an additional litho-geochemical constraint for interpreting regional signatures and distinguishing primary geological controls from secondary dispersion processes. FURTHER WORK The results demonstrate the effectiveness of UFF soil geochemistry as an exploration technique within the Browns Range environment. The survey successfully reproduces multiple known HREE prospects and mineralised systems, providing strong validation of the technique, while also identifying additional Y-HREE anomalism beyond currently recognised areas of prospectivity. Furthermore, the dataset demonstrates the capacity of UFF geochemistry to contribute to broader lithological and mineral-system mapping across the project area. Further work will focus on: ▪ refining the interpretation of the new Y-HREE anomalism; ▪ assessing the influence of drainage, landscape evolution and other surface processes; ▪ evaluating hydrothermal and pathfinder element associations; Northern Minerals 14 of 46 ▪ integrating the UFF results with geological and geophysical information; and ▪ prioritising areas for follow-up exploration. Figure 8 – Amalgamated Ultrafine Fraction soil sampling results (2025-2026), southern Browns Range WA, gridded for Yttrium parts per million. VULCAN PROSPECT DIAMOND DRILLING PROGRAM A follow-up diamond drilling program comprising five holes for 1,201.5 m was completed at the Vulcan prospect to evaluate structural targets interpreted from geophysical data as potential pathways for HREE mineralisation. All holes intersected the targeted mafic volcanic sequence, with minor zones of brecciation and veining recorded. Structural measurements from drill core indicate the brecciated zones are oriented northwest-southeast and may be relevant to the exploration model. Assessment of the geological significance of these observations remains subject to receipt and interpretation of assay results, which remained outstanding as at 30 September 2026. Northern Minerals 15 of 46 Figure 9 – Completed diamond hole collars and traces, Vulcan prospect, with UFF soil sampling results overlay. NEXT STEPS Exploration activities during the December quarter will focus on advancing the regional exploration activities, including completion and interpretation of integrated geological, geophysical, hyperspectral and geochemical datasets across the Western Australia and Northern Territory tenement package. Data compilation and multivariate data uploads to the VRIFY DORA AI platform will continue, with initial AI-assisted targeting outputs expected to support the identification and ranking of new exploration targets. Further interpretation of the UFF results will continue, including assessment of the results acquired to date. Expansion of the surface geochemical sampling area is planned for the December quarter. Analysis and interpretation of the Vulcan diamond drilling assay results will be conducted once all results are received, assessing potential follow-up work. EXPLORATION EXPENDITURE Expenditure on exploration and evaluation activities during the quarter was approximately $2.46 million. Northern Minerals 16 of 46 CORPORATE CASH AND INVESTMENTS As at 30 September 2026, Northern Minerals held total cash and investments of $20.5M, comprising $19.0M in cash and cash equivalents and $1.5M in term deposits with original maturities greater than 90 days. While these term deposits are not classified as cash equivalents for accounting purposes, they are available to be converted to cash upon 31 days' notice and all are due to mature within the next two quarters. FUNDING ACTIVITIES Northern Minerals progressed discussions with US and Australian funding agencies during the quarter. The discussions follow the signing of the Critical Minerals and Rare Earths (inc. Heavy Rare Earths) Framework Agreement by US President Trump and Prime Minister Albanese in October 2025, and the Company receiving a: ▪ non-binding Letter of Interest from the Export-Import Bank of the United States (EXIM); and ▪ non-binding, conditional Letter of Support from Export Finance Australia for the Project. The non-binding, conditional letter of interest from the Export-Import Bank of the United States announced on 21 October 2025, under which EXIM indicated it could consider debt financing of up to US$230 million, was issued for EXIM's standard one-year term, which ended on 21 October 2026. EXIM's terms provide for a letter of interest to be renewed for a further year. The Company has requested renewal and EXIM is currently performing its standard due diligence review process. The non-binding, conditional letter of support from Export Finance Australia, also announced on 21 October 2025, remains in place. Neither letter is or was a commitment. FIRB AND ANNUAL GENERAL MEETINGS Following the 2 July 2026 deadline under the Federal Treasurer’s May 2026 disposal orders, Northern Minerals provided relevant share registry information to FIRB to assist the Treasurer and FIRB in determining compliance with the orders. The Company subsequently announced that a majority of the shares subject to the disposal orders remained registered in the names of the persons subject to those orders. During the quarter, the Treasurer issued further interim directions in relation to certain shares subject to the disposal orders. These included restrictions on the exercise of voting and other rights and, subsequently, additional requirements relating to the disposal and registration of transfers of certain shares. The Company initially announced that its deferred 2025 AGM would be held on 30 September 2026. Following further relief granted by ASIC, the timeframe for holding the 2025 AGM was extended to 30 November 2026 or, if earlier, within 42 business days after formal notification from Treasury that it considered the May 2026 disposal orders had been fully complied with. On 30 September 2026, the