Announcement PDF Company Presentation Shaw and Partners Rare Earths Conference 05 JUNE 2025 ASX:NTU Important Information This presentation (“Presentation”) is dated 05 June 2025 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). 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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 “2025 - Wolverine Mineral Resource Estimate” dated 16 January 2025, 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 | June 2025 2 Company Highlights DEVELOPING A WORLD CLASS HEAVY RARE EARTH ASSET WITH SIGNIFICANT EXPLORATION UPSIDE Strategic and globally significant heavy rare earth project ▶ Wolverine is one of the most advanced HRE project globally, with one of the highest known Dy/Tb grade outside of China1 ▶ Strategic importance of HREs, particularly Dy/Tb, highlighted by recent China export restrictions on Dy/Tb compounds and Dy/Tb containing products Supporting an Australian rare earth supply chain ▶ Global push for diversity of supply supporting rare earth value chain outside of China ▶ Browns Range concentrate will be key feedstock to Iluka’s Eneabba refinery, establishing a new domestic supply chain Clear pathway to execution ▶ All key approvals in place, proposed flowsheet supported by pilot plant work and optimisation studies ▶ DFS update due Q2 2025, project funding discussions underway ▶ Long-term supply agreement and strategic partnership with Iluka Resources $0.026 Share price3 8,361 million Ordinary shares on issue3 $217 million Market capitalisation3 20 million Options3 Compelling market opportunity ▶ Emerging supply deficit for Dy/Tb driven by demand growth of NdFeB magnets ▶ Magnet demand underpinned by accelerating global energy transition ▶ ~67% of Browns Range basket value derived from Dy/Tb, critical components for NdFeB magnet operability Growth focused strategy ▶ Tenement holdings >5,600 km2 in WA/NT highly prospective for rare earths ▶ Regional target generative exploration progressing over Browns Range and Coomarie Domes ▶ Five-hole diamond drilling at Dazzler produced improved geological model that will support an update to the Dazzler Mineral Resource estimate and guide future exploration targeting 2 1) 2) 3) Northern Minerals analysis of company filings, HRE projects include those with a reported DyTb:TREO ratio >3% ASX Announcement 13 May 2025: Exploration Incentive Scheme Drill Program results at Browns Range Dazzler Deposit Trading data as at 1 June 2025 (excludes Performance Shares, Iluka Convertible Note, Tranche B Shares and Put/Call Shares) Company Presentation | June 2025 3 Browns Range HRE Project UNDERPINNED BY THE WOLVERINE DEPOSIT, ONE OF THE HIGHEST KNOWN GRADE Dy AND Tb DEPOSIT 1 1) 2) 3) High Value Concentrate • Mining and processing at site to targeting production of c. 25% TREO concentrate rich in heavy rare earths Exploration Upside • Resource definition drilling confirms deposit is open at depth2 • Strong pipeline of defined mineral resources and prospects Processing • Well-understood flowsheet validated by comprehensive bench and pilot scale testwork 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 | June 2025 4 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 Excess production  Iluka has ROFR on production in excess of maximum annual amount 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 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 | June 2025 5 Supplying a Sustainable Future DYSPROSIUM (Dy) AND TERBIUM (Tb) - KEY INPUTS TO PERMANENT MAGNETS VITAL FOR THE GLOBAL ENERGY TRANSITION DyTb:TREO rare earth assemblage Non-JORC resource1 Browns Range Round Top 6.2% Norra Karr 5.7% Lofdal 5.4% Strange Lake 4.1% Penco Module Pela Ema JORC resource2 10.1% 3.3% 2.7% REE Project 4.3% North Stanmore Koppamurra 4.0% 3.1% Makuutu 1.9% 1) 2) 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. 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. Company Presentation | June 2025 6 A Heavy Rare Earths Basket Dy/Tb ACCOUNTS FOR ~67% OF THE RARE EARTH BASKET VALUE AT WOLVERINE Resource REO distribution1 2.3% REO contribution to basket value2 6.9% 0.4% 2.4% 6.1% 9.8% 1.3% 2.8% 9.3% 7.3% 1.9% 59.5% 5.5% 46.6% 3.0% 0.8% 4.5% 0.7% 1.3% 3.2% 2.8% 1) 2) 0.6% 21.2% Based January 2025 Wolverine Total Measured Mineral Resource estimate. See ASX announcement “2025 - Wolverine Mineral Resource Estimate” dated 16 January 2025, which is available to view at www.asx.com.au under the code "NTU". See Appendix A of this Presentation for further information. Based on average individual REO prices in 2024. Company Presentation | June 2025 7 Growing Supply Deficit STRONG DEMAND OUTLOOK FOR MAGNETS WILL DRIVE AN EMERGING SUPPLY DEFICIT FOR DY/TB Challenging short term outlook ▶ HRE pricing suppressed as supply remains regionally concentrated ▶ Current pricing structure represents predominantly China-based transactions but not necessarily a reflection of global HRE supplydemand fundamentals kt REO Reported European Dy/Tb prices have spiked 2-3x since China imposed export restrictions on HREs and rare earth magnets in early April3 10 ▶ Medium to long term outlook remains robust ▶ 1) 2) 3) Dy/Tb supply-demand balance1 NdFeB magnet demand expected to increase at 8.7% CAGR to 20401, Dy/Tb forecasted supply growth lags at 3.9% CAGR ▶ Country and industry level EV uptake and offshore wind power capacity additions will continue to drive NdFeB magnet demand, with robotics and advanced air mobility driving long term upside ▶ Outlook for HRE demand and the widening supply-demand gap suggests critical need to secure diversified rare earth supply chain ▶ Escalating geopolitical uncertainties (e.g. US tariff on permanent magnets from China and China’s latest export controls on rare earths and permanent magnets) also driving governments to seek reliable rare earth supply, likely at a price premium Source: Adamas Intelligence Rare Earth Magnet Market Outlook Q3 2024 Based on 2023 Dy/Tb supply sourced from Adamas Intelligence Rare Earth Magnet Market Outlook Q3 2024 Source: Argus Rare Earths Monthly Outlook May 2025 115% supply deficit2 12 50% supply deficit2 8 6 4 2 (0) Supply Deficit Demand Supply Company Presentation | June 2025 8 Rare Earth Market Opportunity STRONG DEMAND OUTLOOK FOR MAGNETS SUPPORTED BY STRUCTURAL SHIFT TOWARDS DECARBONISATION AND THE EMERGING ROBOTICS & DRONE MARKETS Forecasted NdFeB magnet demand by end-use1 Forecasted increase in DyTb demand from 2024 to 20401 kt kt REO 1,000 12 900 Adv air mobility CAGR 8.7% 8 500 Wind Power 6 400 Consumer 300 Industrial 200 Automotive 100 Electromobility 2024 2026e 2028e 2030e 2032e 2034e 2036e 2038e 2040e CAGR 23.5% CAGR 8.8% CAGR 17.0%  Humanoid robotics, EV traction motors and advanced air mobility will be the primary driver of NdFeB magnet demand growth 1) 10 Robotics 600 Total demand 10.5 kt Others 800 700 Total demand 3.5 kt Source: Adamas Intelligence Rare Earth Magnet Market Outlook Q3 2024 CAGR 4.4% 4 CAGR 4.9% 2 CAGR 19.7% 2024 2040 Demand from robotics and advanced air mobility will require ~4,300 t additional Dy/Tb by 2040 Demand from EV will require ~1,800 t additional Dy/Tb by 2040 Demand from wind power will require ~285 t additional Dy/Tb by 2040 Company Presentation | June 2025 9 Diversifying the Global Magnet Value Chain CHINA DOMINATES THE VALUE CHAIN, BROWNS RANGE WILL SUPPLY CRITICAL FEEDSTOCK FOR DOWNSTREAM PROCESSING OF Dy AND Tb IN AUSTRALIA MINING BENEFICIATION China 63% U.S. 6% Myanmar 19% Other 5% Australia 7% Ore Concentrate CRACKING & LEACHING REFINING METALLISATION China 92% (>99.9% of HRE) Malaysia 7% U.S. <1% China 92% Japan 7% Other 1% Separated REOs 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 Iluka Resources’ Eneabba Refinery Source: Adamas Intelligence Rare Earth Magnet Market Outlook Q3 2024, Benchmark Mineral Intelligence Potential Iluka metallisation plant (study in progress) Ex-China magnet producers, Western OEMs including automotive, wind turbine and electronic producers Company Presentation | June 2025 10 Current Rare Earth Supply Chain BROWNS RANGE HAS THE POTENTIAL TO BE THE LARGEST SOURCE OF DyTb OUTSIDE OF CHINA, AS DEVELOPMENT OF EX-CHINA REFINING CAPACITY ACCELERATES MINING Operating SEPARATION METALLISATION MAGNET MAKING Operating Construction HRE Financing/Feasibility LRE Construction Financing/Feasibility Company Presentation | June 2025 11 Rare Earth Geopolitics ELEVATED UNCERTAINTIES RESULTING FROM TARIFF WAR AND CHINA’S STRATEGIC EXPORT RESTRICTIONS US 2 April Reciprocal Tariffs  Up to 145% tariff imposed on China imports and China announced retaliatory tariffs of up to 125%; both subsequently suspended until August 2025  10% reciprocal tariff imposed on all imports incl. Australia  Tariffs notably excluded 31 critical minerals, including rare earths  On 4 April, China applied new export restrictions on seven medium and heavy rare earths (including Dy and Tb) and NdFeB permanent magnets China Export Controls Critical Minerals Strategic Reserve  Strategically significant - currently only one HRE mining operation outside of China, Myanmar and Laos, at Serra Verde, and 99.9% of HRE are processed in China1  US reacted by issuing a new Executive Order on 15 April to investigate the national security risks tied to reliance on imported processed critical minerals, including rare earths. Recommendations from investigation could lead to further tariffs, import restrictions and new policy measures  In response to US tariffs, Australian Labor Government committed to establishing a $1.2 billion Critical Minerals Strategic Reserve Strategic importance and supply chain vulnerabilities of HREs highlighted Increased price volatility to be expected from supply disruptions Acceleration in efforts to diversify supply chains Future investments likely less driven by economics and more by geopolitical and strategic considerations  Production incentives and price support mechanisms could provide opportunities for project funding 1. Benchmark Mineral Intelligence Company Presentation | June 2025 12 Strong Australian Government Support NORTHERN MINERALS IS WELL POSITIONED TO ACCESS GOVERNMENT FUNDING In a time of global uncertainty, Australia will be stronger and safer by developing our critical national assets to create economic opportunity and resilience Madeline King, Federal Resource Minister May 2025 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 ($1.65B 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 | June 2025 13 Global Government Support OPPORTUNITIES FOR INTERNATIONAL FUNDING VIA MUTUALLY AGREED OBJECTIVES ON CRITICAL MINERALS SUPPLY CHAINS ▶ Minerals Security Partnership (MSP) of 14 nations (incl Australia) established to accelerate development of critical minerals supply chains by supporting strategic projects and encouraging private sector investment ▶ Establishment of the Australia-United States Taskforce on Critical Minerals in 2023 as part of the broader “Climate, Critical Minerals, and Clean Energy Transformation Compact” between the two nations ▶ Australia has been recognised as a ‘domestic source’ under the US Defense Production Act Title III allowing new opportunities for US funding in the production of Australian critical minerals ▶ >US$440m awarded by the Department of Defense via the Defense Production Act Investment Mechanisms since 2020 to establish domestic critical mineral and rare earth supply chains ▶ US EXIM Supply Chain Resiliency Initiative (SCRI) financing for international mining operations with US offtake ▶ Congressional bills introduced1 to strengthen critical minerals supply chains and support stable pricing: ▶ S. 598 Unearth Innovation Act to create a mining and minerals innovation program to increase research, development, and commercialisation of advanced mining ▶ S. 429 STRATEGIC Minerals Act to authorise the U.S. President to negotiate and enforce free trade agreements on critical minerals and REEs with trusted allies ▶ H.R. 10378 SECURE Minerals Act to establish a U.S. Critical Mineral Reserve and stabilise non-China prices ▶ H.R. 1496 Rare Earth Magnet Security Act to establish a tax credit for the domestic production of highperformance rare earth magnets Note 1. Will be subject to referral, committee review, hearings and approvals before being passed and signed into law Company Presentation | June 2025 14 Global Government Support OPPORTUNITIES FOR INTERNATIONAL FUNDING VIA MUTUALLY AGREED OBJECTIVES ON CRITICAL MINERALS SUPPLY CHAINS ▶ Projects designated ‘Strategic Project’ under the Critical Raw Materials Act receive support gaining access to capital and offtake ▶ Aiming to diversify supply through agreements with supplier countries; the EU-Australia Memorandum of Understanding recently signed establishes this partnership ▶ Minerals Security Partnership Forum launched with MSP nations and other resource-rich countries with the same initiatives as MSP ▶ European Raw Materials Alliance strategic initiative to secure rare earths for the European market by providing support in financing rare earth projects ▶ Country level funds e.g. InfraVia Critical Metals Fund (France), KfW Raw Material Funds (Germany) and Made in Italy Fund (Italy) ▶ Critical Minerals Policy to accelerate investment in building supply chain resiliency of critical minerals ▶ Canada and Australia established cooperation on critical minerals in 2024 ▶ Export Development Canada supports financing of international rare earth projects Company Presentation | June 2025 15 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 Q2 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 | June 2025 16 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 Other governments assessment phase of NAIF’s Institutional Equity Domestic and international ECA sources ✓ Independent Technical Engineer 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 investment decision process2 initial report for prospective lenders’ due diligence under review - critical for engagement with financiers ✓ Iluka due diligence underway Company Presentation | June 2025 17 Mineral Resource WOLVERINE UNDERPINS THE INITIAL LIFE OF MINE, WITH CONSIDERABLE OPPORTUNITY TO DEVELOP NEARBY RARE EARTH DEPOSITS Ore Mt Mineral Resource estimate1 TREO2 Dy2O3 % kg/t Wolverine MRE Measured 0.1 0.91 0.84 Indicated 4.9 1.13 1.00 Inferred 2.4 0.63 0.54 Total 7.3 0.96 0.85 Total Browns Range MRE (including nearby deposits) Measured 0.1 0.91 0.84 Indicated 6.6 0.96 0.83 Inferred 5.1 0.54 0.46 Total 11.7 0.77 0.67 Tb4O7 kg/t TREO2 t 0.12 0.14 0.08 0.12 1,000 54,400 15,100 70,500 0.12 0.12 0.06 0.09 1,000 62,000 27,500 90,500 Wolverine Deposit Expansion 80 0.86%3 0.96%5 0.96%1 0.73%4 1.0% 60 Measured 40 0.5% Indicated 20 - 2012 1) 2) 3) 4) 5) Inferred 2018 2022 Grade (RHS) 2025 Mineral Resource based on the Company’s ASX announcement “2025 - Wolverine Mineral Resource Estimate” dated 16 January 2025, which is available to view at www.asx.com.au under the code "NTU". See Appendix A of this Presentation for further information. Rounding may have caused computational discrepancies. Wolverine Open Pit MRE constrained within open pit design, and above 0.15% TREO cut-off grade. Wolverine Underground MRE reported below base of open pit design, i.e., 325mRL, and above 0.15% TREO cut-off grade. TREO includes Yttrium. TREO = Total Rare Earth Oxides – La2O3, CeO2, Pr6O11, Nd2O3, Sm2O3, Eu2O3, Gd2O3, Tb4O7, Dy2O3, Ho2O3, Er2O3, Tm2O3, Yb2O3, Lu2O3, Y2O3. See Appendix A for full Mineral Resource estimate. Mineral Resource update – Post trial mining operations, 28 September 2018. Northern Minerals initial JORC compliant resource estimate, 21 December 2012. Updated Wolverine Mineral Resource estimate at Browns Range, 10 October 2022. Company Presentation | June 2025 18 Significant Tenure Holdings Company Presentation | June 2025 19 Regional Exploration Program MINERAL SYSTEMS APPROACH TO EXPLORATION TARGETING  Expanded exploration program over Browns Range Dome WA (BRDWA), Browns Range Dome NT (BRD-NT) and Coomarie Dome (CD)  Systematic target generation underway to identify new opportunities  Update of regional geophysical data sets including new 2023 and 2024 airborne geophysical surveys and open-source data completed  Detailed litho-structural interpretation completed at BRD-WA and CD  Satellite sourced hyperspectral data acquisition for identification of alteration (Qtz – Hematite) associated with HREE mineralisation – rapid, non-invasive technique Boulder Ridge  Geochemical soil and streams sampling for refined orientation studies ongoing  Ground reconnaissance including geological mapping, outcrop sampling and radiometric survey over specific prospects, field work continuing Tenement Outline Litho-Structural Interpretation Area HRE Prospect Company Presentation | June 2025 20 Near Term Exploration Potential ROBUST PIPELINE OF PROSPECTS TO SUPPORT MINERAL RESOURCE DEVELOPMENT  Advanced exploration has been focussed on the WA side of the Browns Range Dome (BRD), a major geological structure of ~1,500 km2 traversing the WA/NT border  Margins of the BRD and associated lithologies are highly prospective and underexplored for HREE mineralisation hosted in xenotime  Complimentary to the regional exploration program, the company has undertaken geological evaluation of the seven defined deposits comprising its Mineral Resource portfolio  Re-evaluation of existing deposits and prospects based on new information from exploration targeting may identify unrealised expansion potential within the existing portfolio  Priority work programs are underway:  EIS co-funded Deep Drilling program at Dazzler completed in February  Drilling completed at the Gambit deposit  Dazzler – Mineral resource update and evaluation studies  Further targets under evaluation Company Presentation | June 2025 21 Exploration Drilling PRIORITY RESOURCE EXPANSION PROGRAMS AT DAZZLER AND GAMBIT Dazzler  1,346 m (5 holes) of diamond drilling completed in February, designed to test deeper parts of the Dazzler hydrothermal system and increase understanding of its structural architecture  Previously drilled 2018-2020 to define inferred Mineral Resource estimate (MRE) of 0.21 Mt @