Announcement PDF ASX Announcement 3rd December 2024 Re-issued Company Presentation Northern Minerals Limited (ASX: NTU) (Northern Minerals or Company) wishes to advise of the reissuance of the Company Presentation announced on the 20 November 2024. The Company has been requested by the ASX to provide further detail surrounding the peer group of projects containing Dysprosium and Terbium as outlined in Slide 6 and Appendix A. Authorised by the Board of Directors of Northern Minerals Limited For further information: For media enquiries: Northern Minerals Peter Klinger Shane Hartwig – Managing Director +61 8 9481 2344 Info@northernminerals.com.au +61 (0)411 251 540 Re-issued Company Presentation Ground Floor, 40 Kings Park Road West Perth WA 6005 T: +61 (0)8 9481 2344 ABN: 61 119 966 353 pklinger@purple.au Page 1 of 2 About Northern Minerals Northern Minerals Limited (ASX: NTU) (Northern Minerals or the Company) owns 100% of the Browns Range Heavy Rare Earth (HRE) Project in northern Western Australia, tenements uniquely rich in the heavy rare earth elements dysprosium (Dy) and terbium (Tb). Dysprosium and terbium are critical in the production of dysprosium neodymium iron-boron (DyNdFeB) magnets used in clean energy, defence and high technology solutions. Dysprosium and terbium are prized because their unique properties improve the durability of magnets by increasing their resistance to demagnetisation. The Project's flagship deposit is Wolverine, which is thought to be the highest-grade dysprosium and terbium orebody in Australia. The Company is preparing to bring Wolverine into production with the objective of providing a reliable alternative source of dysprosium and terbium to production sourced from China. To further its strategic objective, Northern Minerals is undertaking a Definitive Feasibility Study for a commercial scale mining and process plant at Browns Range to process Wolverine ore. Apart from Wolverine, Northern Minerals and has several additional deposits and prospects within the Browns Range Project that contain dysprosium and other heavy rare earth elements, hosted in xenotime mineralisation. For more information, please visit northernminerals.com.au Re-issued Company Presentation Ground Floor, 40 Kings Park Road West Perth WA 6005 T: +61 (0)8 9481 2344 ABN: 61 119 966 353 Page 2 of 2 Company Presentation Creating value and contributing to a cleaner earth 20 NOVEMBER 2024 ASX:NTU Important Information This presentation (“Presentation”) is dated 20 November 2024 and has been prepared by Northern Minerals Limited (ACN 119 966 353) (“NTU”, “Northern Minerals” or the “Company”). By attending a presentation or briefing, or accepting, accessing or reviewing this Presentation, you acknowledge and agree to the terms set out below. Summary information This Presentation is for information purposes only and is a summary only. It should be read in conjunction with Northern Minerals’ most recent financial report and Northern Minerals’ other periodic and continuous disclosure information lodged with the Australian Securities Exchange (“ASX”), which is available at www.asx.com.au. The content of this Presentation is provided as at the date of this Presentation (unless otherwise stated). Reliance should not be placed on information or opinions contained in this Presentation and, subject only to any legal obligation to do so, Northern Minerals does not have any obligation to correct or update the content of this Presentation. Certain market and industry data used in this Presentation may have been obtained from research, surveys or studies conducted by third parties, including industry or general publications. Neither Northern Minerals nor its representatives or advisers have independently verified any such market or industry data provided by third parties or industry or general publications. Past performance Past performance, including past share price performance of Northern Minerals and historical financial information if provided in this Presentation, is provided for illustrative purposes only and should not be relied upon as (and is not) an indication of Northern Minerals’ views on its future financial performance or condition. Nothing contained in this Presentation, nor any information made available to you is, or shall be relied upon as, a promise, representation, warranty or guarantee, whether as to the past, present or future. Future performance and forward-looking statements This Presentation contains certain “forward-looking statements”. The words “expect”, “anticipate”, “estimate”, “intend”, “believe”, “guidance”, “should”, “could”, “may”, “will”, “predict”, “plan” and other similar expressions are intended to identify forward-looking statements. Any indications of, and guidance on, future earnings and financial position and performance are also forward-looking statements. Forward-looking statements, opinions and estimates provided in this Presentation are based on assumptions and contingencies that are subject to change without notice and involve known and unknown risks and uncertainties and other factors that are beyond the control of Northern Minerals, its directors and management . This includes statements about market and industry trends, which are based on interpretations of current market conditions. You are strongly cautioned not to place undue reliance on forward-looking statements, particularly in light of the current economic climate and the significant volatility, uncertainty and disruption. Forward-looking statements are provided as a general guide only and should not be relied upon as an indication or guarantee of future performance. Actual results, performance or achievements may differ materially from those expressed or implied in such statements and any projections and assumptions on which these statements are based. These statements may assume the success of Northern Minerals’ business strategies, whether the success is realised in the period for which the forward-looking statement may have been prepared or otherwise. No representation or warranty, express or implied, is made as to the accuracy, likelihood of achievement or reasonableness of any forecasts, prospects, returns or statements in relation to future matters contained in this Presentation. The forward-looking statements are based on information available to Northern Minerals as at the date of this Presentation. Except as required by law or regulation (including the ASX Listing Rules), none of Northern Minerals, its representatives or advisers undertakes any obligation to provide any additional or updated information whether as a result of a change in expectations or assumptions, new information, future events or results or otherwise. Effect of rounding A number of figures, amounts, percentages, estimates, calculations of value and fractions in this Presentation are subject to the effects of rounding. Accordingly, the actual calculation of these figures may differ from the figures set out in this Presentation. No offer of securities Nothing in this Presentation should be construed as either an offer or a solicitation of an offer to buy or sell any securities in Northern Minerals. Reliance on third party information The views expressed in this Presentation contain information that has been derived from publicly available sources that have not been independently verified. No representation or warranty is made as to the accuracy, completeness or reliability of the information. This Presentation should not be relied upon as a recommendation or forecast by Northern Minerals. Reporting Requirements for Mineral Resources and Ore Reserves As an Australian public company with securities listed on the ASX, Northern Minerals is subject to Australian disclosure requirements and standards, including the requirements of the Corporations Act and the ASX Listing Rules. Investors should note that it is a requirement of the ASX Listing Rules that the reporting of Mineral Resources and Ore Reserves in Australia is in accordance with the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code) and that Northern Minerals’ Mineral Resource and Ore Reserve estimates and reporting comply with the JORC Code. Compliance Statement Competent Person Statement The information in this document that relates to Mineral Resources and Ore Reserves has been extracted from the Company’s ASX announcement titled “Updated Wolverine Mineral Resource estimate at Browns Range” dated 10 October 2022 which is available to view at www.asx.com.au under the code "NTU" (the original releases). Northern Minerals confirms that it is not aware of any new information or data that materially affects the information included in the original releases and that all material assumptions and technical parameters underpinning the estimates in the original releases continue to apply and have not materially changed. Northern Minerals confirms that the form and context in which the Competent Person findings are presented have not been materially modified from the original releases. References to “TREO” and “HREO” have the following meanings: TREO = Total Rare Earth Oxides – La2O3, CeO2, Pr6O11, Nd2O3, Sm2O3, Eu2O3, Gd2O3, Tb4O7, Dy2O3, Ho2O3, Er2O3, Tm2O3, Yb2O3, Lu2O3, Y2O3 HREO = Heavy Rare Earth Oxides – Total of Sm2O3, Eu2O3, Gd2O3, Tb4O7, Dy2O3, Ho2O3, Er2O3, Tm2O3, Yb2O3, Lu2O3, Y2O3 Company Presentation | November 2024 2 Company Introduction A HIGH-GRADE HEAVY RARE EARTHS DEPOSIT, EXPANSIVE EXPLORATION POTENTIAL AND AN EXPERIENCED TEAM DRIVING BROWNS RANGE TO OPERATION 1 BROWNS RANGE HEAVY RARE EARTHS (HRE) PROJECT  Browns Range is the most advanced HRE project globally2  Targeting production of c. 25% TREO concentrate rich in dysprosium and terbium  Recent drilling results at the Wolverine deposit confirm significant high-grade mineralisation that remains open at depth $0.019 Share price3 8,038 million Ordinary shares on issue3 STRATEGIC PARTNERSHIP WITH ILUKA RESOURCES  Long-term Supply Agreement to provide essential input to onshore processing of rare earth products EXPANSIVE EXPLORATION POTENTIAL  $160 million Market capitalisation3 20 million Options3 >5,600 km2 total landholding across WA & NT, highly prospective for rare earths 1) Subject to procuring project funding to enable a Final Investment Decision 2) Northern Minerals analysis of company filings 3) Trading data as at 15 November 2024 (excludes Performance Shares, Iluka Convertible Note, Tranche B Shares and Put/Call Shares) 4) As at 18 November 2024 Company Presentation | November 2024 3 Browns Range HRE Project UNDERPINNED BY THE WOLVERINE DEPOSIT, THE HIGHEST KNOWN GRADE Dy AND Tb DEPOSIT 1 1) 2) 3) High Value Concentrate • Mining and processing at site to produce c. 25% TREO concentrate rich in heavy rare earths Exploration Upside • Recent drilling results confirm deposit is open at depth2 Processing • 3-year pilot plant (in operations 2018-2021) provided critical data to inform operations Iluka Partnership • Long-term supply and funding arrangement3 with domestic partner Iluka Resources Approvals • All key approvals in place Northern Minerals analysis of company filings ASX Announcement 31 July 2024: June 2024 Quarterly Activities Report Subject to certain conditions being satisfied including NTU making a positive FID decision in relation to Browns Range and Iluka completing due diligence in respect of NTU's DFS to their satisfaction Company Presentation | November 2024 4 Supplying a Sustainable Future DYSPROSIUM (Dy) AND TERBIUM (Tb) ARE KEY INPUTS TO HIGH TEMPERATURE PERFORMANCE MAGNETS HIGH TEMPERATURE PERFORMANCE MAGNETS ARE CRITICAL COMPONENTS OF ELECTRIC VEHICLES, WIND TURBINES, DEFENCE APPLICATIONS AND BROADER CLEAN ENERGY TECHNOLOGIES Company Presentation | November 2024 5 A Heavy Rare Earth Basket BROWNS RANGE HAS THE POTENTIAL TO BE THE LARGEST SOURCE OF Dy AND Tb OUTSIDE OF CHINA Dy/Tb assemblage by volume2 Dy/Tb assemblage by volume (not reported in accordance with JORC code)3 ▪ Browns Range assemblage of has 10%1 a rare earths Dy and Tb, among 10% 10% 5% 5% the highest of advanced rare earth projects globally ▪ ~70% of Browns Range concentrate revenue is high value Dy and Tb ▪ Limited ex-China orebodies with heavy rare earths ratio for magnet making; currently challenging to source HRE exChina/Myanmar ▪ HRE-rich concentrate produced at Browns Range will be complementary to typical feedstock high in NdPr 1) 2) 3) Browns Range Wimmera Makuutu Nolans Based on October 2022 Wolverine JORC compliant Measured Mineral Resource estimate. See ASX announcement titled “Updated Wolverine Mineral Resource estimate at Browns Range” dated 10 October 2022, which is available to view at www.asx.com.au under the code "NTU". See Appendix B of this Presentation for further information. Projects with resource data compliant with the JORC code. Refer to Appendix A of this Presentation for reference details showing categories of resource and reserves. Projects with resource data reporting grade where available, not in accordance with the JORC code. Refer to Appendix A of this Presentation for reference details. - Company Presentation | November 2024 6 Diversifying the Global Magnet Value Chain CHINA DOMINATES THE VALUE CHAIN, OPPORTUNITY TO SUPPLY CRITICAL FEEDSTOCK FOR DOWNSTREAM PROCESSING OF Dy AND Tb IN AUSTRALIA MINING BENEFICIATION CRACKING & LEACHING China 63% U.S. 6% Myanmar 19% Other 5% Australia 7% Ore Concentrate REFINING China 92% Malaysia 7% U.S. <1% Separated REOs METALLISATION China 92% Japan 7% Other 1% Metals & Alloys MAGNET MAKING MANUFACTURING China 89% Japan 7% Other 4% NdFeB Magnets Motors & OEMs NTU AND ILUKA ARE SET TO ESTABLISH A NEW RARE EARTH METAL SUPPLY CHAIN Browns Range Heavy Rare Earth Concentrate Source: Adamas Intelligence Rare Earth Magnet Market Outlook Q3 2024 Iluka Resources’ Eneabba Refinery Potential Iluka metallisation plant (study in progress) Ex-China magnet producers, Western OEMs including automotive, wind turbine and electronic producers. Company Presentation | November 2024 7 Strong Government Sector Support NORTHERN MINERALS IS WELL POSITIONED TO ACCESS GOVERNMENT FUNDING The critical minerals and rare earth industries are perfect examples of sectors that will be crucial to our future…The Government has backed the Browns Range Heavy Rare Earths Project… - Madeline King, Federal Resource Minister April 2024 Australian Government Critical Minerals Strategy 2023-20301 Economic and Strategic Incentives to increase domestic production NAIF: Earmarked $500M for critical minerals projects Export Finance Australia: $4B through Critical Minerals Facility2 Critical Minerals Development Program: $100M early and mid-stage projects Development of Processing Facilities Financial support to boost onshore processing capabilities ($1.25B loan to Iluka Resources for Eneabba) International Partnerships and Investment $57.1M to secure strategic and commercial partnerships, enhancing the rare earth supply chain with the recent US-Australia partnership Regulatory and Environment Management $4B National Reconstruction Fund allocated for value-add in resources renewables/lowemissions technologies Research and Development $50.5M Australian Critical Minerals Research and Development Hub $225M Exploring for the Future program Future Made in Australia Act, May 20243 Critical Minerals Production Tax Incentive 1) 2) 3) 10% refundable tax offset for processing costs between 2027 to 2041 if eligible 2023-2030 Critical Minerals Strategy https://www.industry.gov.au/publications/critical-minerals-strategy-2023-2030 Export Finance Australia https://www.exportfinance.gov.au/newsroom/2-billion-critical-minerals-boost-crucial-to-energy-transition/ Australian Taxation Office https://www.ato.gov.au/about-ato/new-legislation/in-detail/businesses/hydrogen-production-and-critical-minerals-tax-incentives Company Presentation | November 2024 8 Environmental, Social and Governance ESTABLISHED COMMUNITY ENGAGEMENT, ONGOING ENVIRONMENTAL MONITORING AND MANAGEMENT, PLANNING FOR SUSTAINABLE DEVELOPMENT AND REPORTING Continuous improvement of sustainability framework to ensure compliance with evolving regulations Ongoing environmental baseline, monitoring and data collection on-site Kundat Djaru community consultation, including education sessions to the primary school and community events Traditional Owner engagement with controlled burns, heritage monitoring and environmental surveys around site Extensive environmental planning and studies completed All site activities undertaken with zero material regulatory noncompliances Pursuing a hybrid renewable power system for operations Training to Work program to provide onsite training for local Aboriginal people Regionally significant employment and training opportunities and economic activity in the Kimberley region post FID Business community engagement as members of the East Kimberley Chamber of Commerce & Industry (CCI) and Broome CCI Company Presentation | November 2024 9 DFS Update 1 PRODUCTION OF Dy/Tb-RICH CONCENTRATE INCORPORATING LESSONS LEARNT FROM PILOT PLANT Conventional open pit mining followed by underground mining using sublevel caving Established flowsheet informed by comprehensive metallurgical testwork and three-year pilot plant operation Xenotime ore is significantly concentrated to produce a concentrate of ~25% TREO Pilot plant operations established key base operational requirements e.g. camp, roads, airstrip and power, that will be expanded REO concentrate will be transported to Iluka’s Eneabba Refinery on tautliner trucks 1) Draft DFS completed, final DFS expected Q1 2025 which will compile the revised Wolverine Mineral Resource estimate, mine design and scheduling, further magnetic separation and flotation testwork results and revised contract pricing Company Presentation | November 2024 10 Proposed Funding Pathway PROGRESSING TOWARDS SECURING AN OPTIMAL FUNDING STRUCTURE Recent Funding Progress Potential Project Funding Sources ✓ Discussions underway with NAIF Debt Equity Other and EFA ✓ Previously fulfilled the strategic EFA / NAIF1 NORDIC Bond Potential for commercial banks 1) 2) Iluka Resources Strategic Partner1 Institutional Equity Other Government/ECA sources Strategic Equity Subject to certain conditions being satisfied including NTU making a positive FID decision in relation to Browns Range and Iluka completing due diligence in respect of NTU's DFS to their satisfaction NTU’s confirmation of fulfilment of NAIF’s Strategic Assessment Phase criteria was current until 30 June 2024. NTU is seeking to refresh this confirmation in connection with its current financing discussions with NAIF. Neither NAIF nor EFA have made any decision to offer finance nor made any commitment to provide any financing and there is no certainty that an agreement will be reached between the parties assessment phase of NAIF’s investment decision process2 ✓ Independent Technical Engineer report for prospective lenders’ due diligence under review - critical for engagement with financiers ✓ Iluka due diligence underway Company Presentation | November 2024 11 Iluka Resources Partnership BROWNS RANGE FURTHER STRENGTHENED BY LONG-TERM SUPPLY AND FUNDING ARRANGEMENTS WITH DOMESTIC PARTNER ILUKA RESOURCES Funding commitment  Cornerstone equity funding post FID1 Strategic significance  Browns Range concentrate to be feedstock for Australia first integrated rare earth refinery Upside value share  Price received includes fixed price component plus upside price sharing mechanism based on realised price2 Indicative illustration of price received by Northern Minerals for TREO contained in concentrate Price per kg TREO Long-term supply partnership  Supply of up to 5.5 kt contained TREO in concentrate per year  Total of 30.5 kt TREO to be delivered  100% of concentrate to be delivered by NTU and purchased by Iluka (within agreed bands) NTU market price component NTU fixed price component3 Excess production  Iluka has ROFR on production in excess of maximum annual amount Iluka realised price per kg of TREO sold 1) 2) 3) Subject to certain conditions being satisfied including NTU making a positive FID decision in relation to Browns Range and Iluka completing due diligence in respect of NTU's DFS to their satisfaction Based on contained REO and with adjustments for impurities Subject to turn down provisions Company Presentation | November 2024 12 Significant Tenure Holdings Company Presentation | November 2024 13 Wolverine Resource WOLVERINE UNDERPINS THE INITIAL LIFE OF MINE, WITH CONSIDERABLE OPPORTUNITY TO DEVELOP NEARBY RARE EARTH DEPOSITS Current Resource Estimate Wolverine Deposit Expansion kt JORC-compliant Mineral Resource estimate1 Ore TREO2 Dy Tb TREO2 Mt % kg/t kg/t t Measured 0.14 0.7 0.61 0.09 986 Indicated 3.24 0.95 0.83 0.12 30,751 Inferred 3.05 0.98 0.84 0.13 29,756 Total 6.44 0.96 0.83 0.12 61,492 Total Browns Range MRE (including nearby deposits) 2) 3) 4) 1.2% 0.86%4 0.96% 1.0% 60 Wolverine MRE 1) 80 0.73%3 0.8% 40 0.6% 0.4% 20 0.2% Measured 0.14 0.7 0.61 0.09 986 Indicated 4.9 0.78 0.67 0.1 38,300 Inferred 5.76 0.73 0.62 0.09 42,166 Total 10.81 0.76 0.64 0.09 81,450 - 2012 Contained TREO Mineral Resource based on the Company’s ASX announcement titled “Updated Wolverine Mineral Resource estimate at Browns Range” dated 10 October 2022, which is available to view at www.asx.com.au under the code "NTU". See Appendix B of this Presentation for further information. TREO includes Yttrium. See Appendix B for full Mineral Resource estimate. Northern Minerals initial JORC compliant resource estimate, 21 December 2012 Mineral Resource update – Post trial mining operations, 28 September 2018 2018 2022 Grade (RHS) Company Presentation | November 2024 14 Company Highlights UNIQUELY PLACED TO BECOME A SIGNIFICANT SUPPLIER OF HEAVY RARE EARTHS ALONGSIDE AN EXTENSIVE EXPLORATION PORTFOLIO Globally significant high-grade Dy and Tb deposit in a Tier 1 location Strategic partnership with Iluka Resources establishing a new domestic magnet supply chain Accelerated pathway to production via expansion of existing near mine infrastructure Dy and Tb are essential to enabling global electrification and decarbonisation Key approvals in place with strong government, regulatory and community stakeholder support Significant tenure holdings with strong exploration upside Company Presentation | November 2024 15 OUR OFFICE Northern Minerals Limited Ground Floor, 40 Kings Park Road West Perth, Western Australia, 6005 Australia VISIT US ONLINE www.northernminerals.com.au LinkedIn: Northern-Minerals X: NorthernMins CONTACT US Phone: + 61 8 9481 2344 invest@northernminerals.com.au info@northernminerals.com.au 16 Appendix 17 Appendix A: Source Documents PEER COMPARISON REFERENCE DETAILS – JORC COMPLIANT Project Company DyTb:TREO ratio Development Stage Measured Indicated Inferred Browns Range Northern Minerals Ltd (ASX:NTU) Feasibility Study 10.0% 10.1% 10.0% Wimmera Iluka Resources (ASX:ILU) Feasibility Study 3.2% 3.2% 3.1% Makuutu Ionic Rare Earths Ltd Pre(ASX:IXR) production - 1.9% Nolans Arafura Rare Earths Ltd (ASX:ARU) 0.4% 0.4% Preproduction Category Standard Source 10.0% Mineral Resource JORC 10 October 2022: ASX Announcement – “Updated Wolverine Mineral Resource estimate at Browns Range” 3.2% Mineral Resource inclusive of Ore Reserves JORC 21 February 2024: Iluka WIM100 Mineral Resource Estimate Update 2.2% 1.9% Mineral Resource inclusive of Ore Reserves JORC 20 March 2023: ASX Announcement – “Makuutu Stage 1 DFS confirms technical and financial viability for sustainable, long-life supply of magnet and heavy rare earths, maiden ore reserve estimate” 0.4% 0.4% Mineral Resource inclusive of Ore Reserves JORC 7 February 2019: ASX Announcement – "Nolans DFS Delivers Robust Project Economics" Total Company Presentation | November 2024 18 Appendix A: Source Documents PEER COMPARISON REFERENCE DETAILS – NON JORC COMPLIANT 1) DyTb:TREO ratio Project Company Development Stage Measured Lofdal Namibia Critical Minerals Inc (TSXV:NMI) Feasibility Study 7.2% 5.3% 5.0% Penco Module Aclara Resources Inc (TSX:ARA) Feasibility Study 3.4% 3.5% Pela Ema Mineração Serra Verde Production N/A Balranald Iluka Resources (ASX:ILU) Preproduction Eneabba Iluka Resources (ASX:ILU) Category Standard Source 5.4% Mineral Resource NI 43-101 9 April 2024: NI 43-101 Mineral Resource Estimate 3.5% 3.3%1 Mineral Resource NI 43-101 2 December 2021: Amended and Restated NI 43101 Technical Report – Preliminary Economic Assessment for Penco Module Project N/A N/A 2.7% Mineral Resource inclusive of Ore Reserves Not stated August 2016 Serra Verde Rare Earth Project Geology Presentation N/A N/A N/A 1.2% Not stated Not stated 16 May 2023: Corporate Presentation Preproduction N/A N/A N/A 1.1% Not stated Not stated 16 May 2023: Corporate Presentation Hastings Yangibana Technology Metals (ASX:HAS) Preproduction N/A N/A N/A 0.4% Not stated Not stated 28 November 2022: Corporate Presentation Mountain Pass Production 0.0% 0.0% 0.0% 0.0% Ore Reserve SK-1300 MP Materials Corp (NYSE:MP) Indicated Inferred Total 28 February 2024: Form 10-K SEC Filing Reported total includes Measured and Indicated Mineral Resources only Company Presentation | November 2024 19 Appendix B: Mineral Resource GLOBAL MINERAL RESOURCE ESTIMATE (OCTOBER 2022) 1,2 Deposit Wolverine Gambit West Classification Mt BROWNS RANGE HEAVY RARE EARTHS PROJECT OVERVIEW TREO Dy2O3 Y2O3 Tb4O7 HREO TREO % kg/t kg/t kg/t % kg Measured 0.14 0.7 0.61 3.99 0.09 88 986,000 Indicated 3.24 0.95 0.83 5.53 0.12 89 30,751,000 Inferred 3.05 0.98 0.84 5.68 0.13 89 29,756,000 Total1 6.44 0.96 0.83 5.57 0.12 89 61,492,000 Indicated 0.12 1.8 1.62 10.98 0.22 94 2,107,000 Inferred 0.13 0.51 0.4 2.67 0.05 81 674,000 Total1 0.25 1.11 0.97 6.56 0.13 91 2,781,000 1,489,000 Indicated Pilot Plant Inferred Stockpiles Total1 0.17 0.95 0.83 5.5 0.12 89 0.03 0.26 0.2 1.35 0.03 79 89,000 0.2 0.83 0.72 4.8 0.1 88 1,577,000 • The Project is located in the East Kimberley region of Western Australia, approximately 160 km southeast of the town of Halls Creek near the Northern Territory border • The Wolverine, Gambit West, Gambit and Area 5 deposits are all within the Browns Range Project area and are all located wholly within the granted mining lease M80/627 • The Project is located on the western side of the Browns Range Dome, a Paleoproterozoic dome formed by a granitic core intruding the Paleoproterozoic Browns Range Metamorphics (meta-arkoses, feldspathic metasandstones and schists) and an Archaean orthogneiss and schist unit to the south • The dome and its aureole of metamorphics are surrounded by the Mesoproterozoic Gardiner Sandstone (Birrindudu Group) • The Jaru Native Title Claim is registered over the project area and Northern Minerals entered into a Co-existence Agreement with the Jaru Traditional Owners in June 2014 Indicated Gambit Area 5 Inferred 0.21 0.89 0.83 5.62 0.11 96 1,878,000 Total1 0.21 0.89 0.83 5.62 0.11 96 1,878,000 Indicated 1.38 0.29 0.18 1.27 0.03 69 3,953,000 Inferred 0.14 0.27 0.17 1.17 0.03 70 394,000 Total1 1.52 0.29 0.18 1.26 0.03 69 4,347,000 Indicated Cyclops Inferred 0.33 0.27 0.18 1.24 0.03 70 891,000 Total1 0.33 0.27 0.18 1.24 0.03 70 891,000 Indicated Banshee Inferred 1.66 0.21 0.16 1.17 0.02 87 3,484,000 Total1 1.66 0.21 0.16 1.17 0.02 87 3,484,000 Indicated Dazzler Total1 Inferred 0.21 2.33 2.17 13.93 0.29 95 5,000,000 1) Rounding may cause some computational discrepancies (TREO (metal) tonnes estimated from Mt x TREO%) Total1 0.21 2.33 2.17 13.93 0.29 95 5,000,000 TREO = Total Rare Earth Oxides – La2O3, CeO2, Pr6O11, Nd2O3, Sm2O3, Eu2O3, Gd2O3, Tb4O7, Dy2O3, Ho2O3, Er2O3, Tm2O3, Yb2O3, Lu2O3, Y 2 O 3; Measured 0.14 0.7 0.61 3.99 0.09 88 986,000 Indicated 4.91 0.78 0.6 3.98 0.09 87 38,300,000 Inferred 5.76 0.73 0.54 3.67 0.08 88 42,166,000 Total1 10.82 0.76 0.57 3.81 0.08 87 81,450,000 HREO = Heavy Rare Earth Oxides – Total of Sm2O3, Eu2O3, Gd2O3, Tb4O7, Dy2O3, Ho2O3, Er2O3, Tm2O3, Yb2O3, Lu2O3, Y2O3 HREO% = HREO/TREO*100 2) Mineral Resource based on the Company’s ASX announcement titled “Updated Wolverine Mineral Resource estimate at Browns Range” dated 10 October 2022, which is available to view at www.asx.com.au under the code "NTU". Company Presentation | November 2024 20 Dy/Tb Pricing DEMAND FUNDAMENTALS SUPPORT EXPECTATIONS OF INCREASE IN Dy/Tb PRICES IN THE LONG TERM Dy and Tb oxide historical prices4 Prices rebounding in the last 4 months (Dy +10% and Tb +20% since July low) Sustained restriction on HRE feedstock imports from Myanmar1 and continued tightening of rare earth production quotas in China2 - supply remains constrained Current price downturn a result of post-pandemic overproduction in 2023 as China increased production quotas and concentrate imports from Myanmar Long term fundamentals remain robust with demand expected to continue to grow as the global energy transition accelerates US$/kg US$/kg 600 3,000 500 2,500 400 2,000 300 1,500 200 1,000 100 - 1) 2) 3) Dy oxide Tb oxide (RHS) 500 - Adamas Intelligence Rare Earth Pricing Quarterly Outlook Q4 2024 China Ministry of Industry and Information Technology and Ministry of Natural Resources S