Announcement PDF Browns Range Heavy Rare Earth Project Definitive Feasibility Study (DFS) Outcomes 15 SEPTEMBER 2025 ASX:NTU Important Information This presentation (“Presentation”) is dated 15 September 2025 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. Disclaimer – Northern Minerals’ Definitive Feasibility Study The Definitive Feasibility Study (DFS) referred to in this report is based on technical and economic assessments to support the potential viability of the project. The outcomes, production targets, and forecast financial information in this report are subject to a range of assumptions regarding modifying factors, market conditions, and financing. There is no certainty that all assumptions will prove to be correct or that the outcomes indicated by the Definitive Feasibility Study will be achieved. Investors are cautioned not to place undue reliance on forward-looking statements. Further work, including additional studies and exploration, is required before a decision to mine can be made. 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 forwardlooking 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. Production Target The DFS has confirmed a 11-Year Life of Mine (LOM) production plan target of up to 181,000 tonnes of TREO in concentrate and up to 4,350 tonnes per annum TREO (Production Target). The Production Target and forecast financial information derived from the Production Target referred to in this release are underpinned by Probable Ore Reserves (approximately 85%) and Inferred Mineral Resources (approximately 15%). There is a low level of geological confidence associated with Inferred Mineral Resources and there is no certainty that further exploration work will result in the determination of Measured or Indicated Mineral Resources or that the Production Target or forecast financial information reported will be realised. Accordingly, the Company has scheduled the Production Target such that Inferred Mineral Resources do not feature as a significant proportion of the first 10 years of the 12-year mining plan. Approximately 6% of the Production Target material mined over the first 10 years is underpinned by Inferred Mineral Resources. The Company is satisfied that the proportion of included Inferred Mineral Resources is not the determining factor of the viability of the Project. Competent Person Statement The information in this document that relates to: • • Mineral Resources has been extracted from the Company’s ASX announcement titled “2025 - Wolverine Mineral Resource Estimate” dated 16 January 2025; and Ore Reserves and the Production Target has been extracted from the Company’s ASX announcement titled “Definitive Feasibility Study underscores global strategic value of Browns Range Heavy Rare Earths Project, demonstrates its technical and financial viability” dated 15 September 2025, which are 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. DFS Presentation | September 2025 2 Corporate Overview DEVELOPING A WORLD CLASS HEAVY RARE EARTH ASSET WITH SIGNIFICANT EXPLORATION UPSIDE Strategic and globally significant heavy rare earth project ▶ The Browns Range Heavy Rare Earth (HRE) Project is one of the most advanced HRE projects globally, with one of the highest known Dy/Tb grade deposits outside of China1 ▶ Strategic importance and supply risk of HREs, particularly Dy/Tb, highlighted by ongoing China export restrictions on Dy/Tb compounds and Dy/Tb containing products Clear pathway to execution ▶ All key approvals in place, proven process flowsheet and existing site infrastructure allowing rapid mobilisation ▶ Long-term supply agreement and strategic partnership with Iluka Resources Limited (ASX:ILU) 2 ▶ Project funding discussions underway supported by outcomes from the DFS Establishing an Australian rare earth supply chain ▶ Aligned with Australian and other government policies focused on creating alternative rare earth supply chains and reducing dependence on China ▶ Browns Range concentrate plans to be key HRE feedstock to Iluka’s Eneabba refinery, establishing a new domestic supply chain Compelling market opportunity $0.036 Share price3 8,361 million Ordinary shares on issue3 $301 million Market capitalisation3 ▶ Emerging supply deficit for Dy/Tb driven by demand growth of NdFeB magnets in EV, renewables and defence applications ▶ Magnet demand underpinned by accelerating global energy transition ▶ ~70% of Browns Range basket value from Dy/Tb, critical components for NdFeB magnet operability Growth focused strategy ▶ Strong pipeline of defined mineral resources and prospects within >5,600 km2 of highly prospective and underexplored tenement holdings ▶ Potential opportunity to extend project life with further exploration 1) 2) 3) Northern Minerals analysis of company findings, HRE projects include those with a reported DyTb:TREO ratio >3% The satisfaction dates applying to certain conditions precedent under the Iluka Supply Agreement have passed as at the date of this Presentation. The parties are in discussions to facilitate their satisfaction or agree suitable extensions where appropriate to the applicable satisfaction dates. For further details see the risks disclosure under the heading ‘Iluka Supply Agreement' in the Executive Summary included as an Appendix to the ASX Announcement released today titled “Definitive Feasibility Study underscores global strategic value of Browns Range Heavy Rare Earths Project, demonstrates its technical and financial viability.” Trading data as at 11 September 2025 (excludes Performance Shares, Iluka Convertible Note, Tranche B Shares and Put/Call Shares) DFS Presentation | September 2025 3 Project Overview STRATEGICALLY SIGNIFICANT HIGH-GRADE DY/TB PROJECT Located in the Tier 1 mining jurisdiction of Western Australia Mineral Resource estimate of 7.3 Mt @ 0.96% Total Rare Earth Oxides (TREO) including Ore Reserve estimate of 5.18 Mt @ 0.88% TREO1 11-year proposed production plan2 of up to 181,000 tonnes of TREO in concentrate, and ~4,350 tonnes per annum TREO Strategic partnership with Iluka including agreement to supply HRErich feedstock complementary to Eneabba Refinery feed blends Proven flowsheet validated by comprehensive metallurgical test work, upgrading feed more than 30 times to achieve ~25% TREO All key primary approvals received, native title agreements in place and project critical tenure granted First concentrate targeted 2028, well positioned to feed into forecasted supply deficits and emerging price premiums for nonChina supply Established infrastructure and proven in-house operational capability with defined pathway to execution 1) 2) Including the Browns Range Pilot Plant stockpile. Mine life and production plan are based on the Production Target, which is an estimate of future production and is based on the modifying factors noted in the Ore Reserve Estimate. Production Target includes the reported 2025 Ore Reserve Estimate along with supplemental mine production based on Inferred Mineral Resources. Please refer to slide 9 and Appendix A for further information. DFS Presentation | September 2025 4 DFS Highlights TECHNICALLY AND COMMERCIALLY ROBUST DFS FINDINGS VALIDATING PROJECT TRANSITION FROM STUDIES TO DEVELOPMENT Dy/Tb demand in 20352 Proven flowsheet Target annual production1 Favourable market fundamentals Lower risk3 concentrate only 4,350 tpa TREO Domestic and international strategically significant asset by revenue 1) 2) 3) 4) 5) 6) 7) in concentrate ~1.5x growth 70% Dy/Tb A$592M A$31.25 CAPEX4 OPEX5 /kg TREO NPV8 A$187M A$705M IRR Base Case6 12% Divergence Case6 21% Potential Project returns7 with significant upside Based on a Production Target which comprises ~85% Probable Ore Reserves and ~15% Inferred Mineral Resources. Source CRU REE Special Report 2025. Compared to previous 2015 DFS inclusion of hydrometallurgical circuit. Real pre-production capex of Q4 2024 base date. Excludes working capital, financing costs, sustaining capital and corporate costs associated with project development. C1 operating costs include mining, processing and general and administration costs and excludes corporate cost. Refer to Browns Range Heavy Rare Earth Project Definitive Feasibility Study announcement dated 15th September 2025. Pre-tax, real cashflows. Scalable project Emerging HREE exploration region with significant discovery opportunity DFS Presentation | September 2025 5 Summary Financials A STRATEGIC PROJECT POISED TO GENERATE POSITIVE CASHFLOWS WITH FURTHER ECONOMIC UPSIDE UNDER THE DIVERGENCE CASE Forecast post-tax project cashflows (Base Case) Financial metrics1 Units Pre-tax NPV8% A$M 187 705 % 12% 21% Post-tax NPV8% A$M 74 443 Post-tax IRR % 10% 18% Payback from first production Years 7.0 5.6 Average TREO basket price3 US$/kg 107 138 Dy oxide price (LOM4 average) US$/kg 636 820 Revenue5 A$M 3,270 4,270 A$M pa 343 450 A$M 1,695 2,690 1,000 A$M pa 175 272 500 A$M 635 1,335 - 2039 2036 2035 2034 2033 2032 2031 2030 2029 2028 2027 Operating expenses Capital expenditure Cumulative free cashflows (ungeared) 2039 (ungeared, post-tax) (1,000) 2038 LOM4 free cashflow (500) 2038 Average EBITDA - 2037 EBITDA 500 2037 Average revenue 1,000 2026 (post-tax) 1,500 2025 Pre-tax IRR Base Case2 Divergence Case2 Revenue Operating cashflows Forecast post-tax project cashflows (Divergence Case) 1,500 (500) 2036 2035 2034 2033 2032 2031 2030 2029 2028 2027 4) 5) (1,000) 2026 2) 3) All dollar values are presented in real Q4 2024 Australian dollars unless otherwise noted. Long term A$:US$ FX assumption of 0.65 adopted. Average revenue and EBITDA are calculated as the arithmetic annual averages during steady state production. Figures are subject to rounding Refer to Browns Range Heavy Rare Earth Project Definitive Feasibility Study announcement dated 15 September 2025. Full basket of individual REOs contained in concentrate, based on their relative proportions and assumed CRU price forecasts. Basket price is applied to the Iluka Supply Agreement pricing formula. Life of mine (LOM) or mine life refers to the estimated period of operation, commencing from first concentrate production underpinned by the Production Target. DFS financial assessment has assumed that the Iluka Supply Agreement pricing structure remains in place after the total contracted quantity of 30,500 t contained TREO has been delivered to Iluka under the terms of the agreement. It has also been assumed that any annual production volumes in excess of the 5,500 tpa maximum annual quantity are subject to Iluka exercising its right of first refusal and purchasing the excess volumes as per the agreement pricing structure. 2025 1) DFS Presentation | September 2025 6 LOM Physicals TARGETING AVERAGE STEADY STATE ANNUAL PRODUCTION OF ~17,500t CONCENTRATE FOR ~4,350 t TREO 5,870 kt 6,120 LOM2 years 11 Feed grade % TREO 0.88 Average annual feed rate tpa 560,000 Concentrate production t (dry) 181,000 Average concentrate production (steady state) tpa 17,500 Concentrate grade % TREO 25 Average TREO recovery % TREO 84 TREO in concentrate t 45,000 Average TREO production tpa 4,350 DyTb % in concentrate % 10.7 700 1.2% 600 1.0% 500 0.8% 400 0.6% 300 0.4% 200 0.2% 100 - - Ops Yr Ops Yr Ops Yr Ops Yr Ops Yr Ops Yr Ops Yr Ops Yr Ops Yr Ops Yr Ops Yr 1 2 3 4 5 6 7 8 9 10 11 Crusher feed (kt) 7,000 30% 6,000 25% 5,000 20% 4,000 15% 3,000 10% 2,000 5% 1,000 Ops Yr Ops Yr Ops Yr Ops Yr Ops Yr Ops Yr Ops Yr Ops Yr Ops Yr Ops Yr Ops Yr 1 2 3 4 5 6 7 8 9 10 11 TREO production 3) Figures are subject to rounding. Life of mine (LOM) or mine life refers to the estimated period of operation, commencing from first concentrate production underpinned by the Production Target. Operating Years refer to LOM years. Feed grade (RHS) Annual TREO Production - 1) 2) % TREO kt Annual Crusher Feed and TREO Grade % TREO Ore processed (incl. stockpile) Value1 Crusher feed (kt) Ore mined Units TREO production (t) Production Target Physicals Dy/Tb % in REO - Concentrate grade (RHS) Ops Yr = Operating Years3 DFS Presentation | September 2025 7 Operating Cost Profile OPERATING COSTS POST RAMP-UP UNDER BASE CASE PRICING PROVIDES PATHWAY TO POSITIVE CASHFLOWS Open pit mining 4 7.00 0.95 Underground mining 54 97.20 13.15 Processing 50 88.70 12.00 General & Administration 21 37.90 5.15 Total C1 operating costs 129 230.80 31.25 Corporate costs 15 26.80 3.63 Capital (sustaining) 18 32.10 4.74 Royalties 20 36.40 5.08 All-in Sustaining Costs2 182 326.10 44.70 Open pit mining includes open pit mining contractor costs, diesel, power, owners’ team mining costs, owners’ team labour, and flights and messing costs Underground mining includes underground mining contractor costs, diesel, power, owners’ team mining costs, owners’ team labour, and flights and messing costs. Processing includes power, reagents and consumables, product transport, owners’ team labour, maintenance and flights and messing costs. General & Administration includes owners’ team labour, flights and messing, NPI administration power, maintenance, and site management Capital includes open pit and underground mine development capital during the operations phase, TSF embankment lifts, and other mine owners’ costs Royalties include WA government royalties and third-party royalties 1) 2) Forecast Annual Costs of Production A$/t crusher feed A$/kg TREO All dollar values are presented in real Q4 2024 Australian dollars unless otherwise noted. Figures are subject to rounding. Excludes closure costs. 7,000 500 6,000 400 5,000 300 4,000 200 3,000 t TREO A$M p.a. A$M Costs of Production1 2,000 100 - 1,000 Ops Ops Ops Ops Ops Ops Ops Ops Ops Ops Ops Yr 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 9 Yr 10 Yr 11 Mining costs General & administration Sustaining costs Revenue (Base Case) - Processing costs Corporate costs Royalties TREO production (RHS) AISC A$44.70/kg TREO 11% 10% 2% 30% Open pit mining Underground mining Processing General & Administration 8% Corporate costs 12% 27% Capital (sustaining) Royalties DFS Presentation | September 2025 8 Mining PROPOSED PRODUCTION PLAN COMPRISING ~85% PROBABLE ORE RESERVES UNDERPINS DFS Open pit mining ▶ Single-stage cutback to existing trial pit Proposed Wolverine pit (view looking North) ▶ Conventional drill and blast / load and haul ▶ 200 t excavator coupled with 90 t trucks ▶ 5 m blasting bench heights Forecast Project mine plan Proposed Wolverine mine layout (view looking Northeast) Underground mining ▶ Longitudinal sublevel cave mining method – 25 m sublevel spacing ▶ Separate boxcut access adjacent to open pit ▶ Spiral decline configuration with a minimum 25 m radius ▶ Twin boom development, haulage by 60 t trucks ▶ 5.5 m wide by 6 m high decline developed at 1:7 gradient ▶ 5 m wide by 5 m high ore drive development A$14.10 /kg TREO LOM average mining cost DFS Presentation | September 2025 9 Metallurgy & Flowsheet Development ROBUST FLOWSHEET DEVELOPED WITH >80% TREO RECOVERY, VALIDATED BY BENCH AND PILOT SCALE TEST WORK Feed grade ~0.88% TREO Concentrate grade ~25% TREO  Well understood mineralogy Favourable to high TREO recovery using magnetic separation and flotation  Bench scale tests and variability sampling Flowsheet validated, ore variability test work confirmed no significant variation in performance with varying depths and/or lithologies  Pilot scale test work Three-year operation of Browns Range Pilot Plant A$12.00 /kg TREO LOM average processing cost DFS Presentation | September 2025 10 Strategic Product Basket Dy/Tb ACCOUNTS FOR >10% OF PRODUCT BASKET, MAKING BROWNS RANGE PRODUCT HIGHLY COMPLEMENTARY TO TYPICAL LREO-RICH FEEDSTOCK REO Assemblage1 Samarium 2.1% Europium 0.5% Gadolinium 6.2% Terbium 1.4% Dysprosium 9.4% Holmium 1.9% Erbium 5.3% Thulium 0.7% Ytterbium 4.2% Lutetium 0.6% Lanthanum 0.7% Cerium 1.9% Praseodymium 0.3% Neodymium 1.7% Yttrium 63.1% Unique high value assemblage At ~US$50/kg2 for the full product basket, one of the highest value product baskets of rare earth projects globally with >70% value derived from Dy/Tb Strategically important product basket Product synergy with Iluka’s rare earth product suite, key to establishing domestic rare earth capabilities and addressing supply chain vulnerabilities of the HRE market currently dominated by China Lutetium 8.8% Terbium 22.2% Base Case (China prices) 1) 2) 3) 2038 2037 2036 2035 2034 2033 2032 2031 Dysprosium 48.3% 50 2030 Yttrium 7.4% 100 2029 Other 1.8% Erbium 4.4% 150 2028 Holmium 2.6% Gadolinium 3.0% Neodymium 1.8% 200 2027 Basket Value2 US$/kg (real 2024) Browns Range product basket price forecast3 Divergence Case (Non-China prices) Based on DFS expected process plant recoveries of individual REOs in concentrate. Based on average individual REO prices in 2024. Source: CRU REE Special Report 2025. Base Case is Base Case EXW China price forecast, Divergence Case is the Scenario Case CFR Houston price forecast. DFS Presentation | September 2025 11 Market Opportunity STRONG DEMAND OUTLOOK FOR PERMANENT MAGNETS IS FORECAST TO DRIVE AN EMERGING SUPPLY DEFICIT FOR DY/TB Accelerating demand drivers  Strong demand for permanent magnets used in EV, wind turbines, defence applications and emerging technologies such as robotics kt REO Supply chain vulnerabilities increasingly highlighted 12  China/Myanmar currently accounts for >90% of global HRE mine production1, with limited ex-China projects coming online in the near term 10  China’s recent imposition of export restrictions on HREs caused extreme global price volatility 8  Substantial new HRE supply sources needed to meet forecast demand growth, however Dy/Tb forecasted supply growth lags at~1.9% CAGR to 20351  US Department of Defense and MP Materials deal has set a precedent for REO floor prices Supply Deficit 1) 2) 3) Demand 2040 2039 2038 2037 2036 2035 2034 2033 2032 2031 (0) 2030  Geopolitical risks will likely drive further government supported opportunities for REE projects (e.g. price floors, offtake and equity investments to stimulate non-Chinese supply) 2029 2 2028  Major economies (e.g. US and EU) prioritising development of new supply chains to reduce dependency on Chinese supply 2025 4  Most rare earth deposits outside China are heavily skewed towards light rare earths (LREs) 70% supply deficit2 6 Evolving strategic and policy support Feedstock availability 56% supply deficit2 2027  REO demand from magnets expected to increase at a ~6.0% CAGR to 20351 Dy/Tb supply-demand balance1 2026  Dy/Tb are vital for optimal performance of permanent magnets; however, supply is constrained and unlikely to match growing demand Supply Source: CRU REE Special Report 2025 Percentage of 2024 Dy/Tb supply Benchmark Minerals Intelligence, 2025  China processes >99% of HRE oxides3, with few separation facilities outside China  Growth in demand for LRE oxides (LREO) drives demand for HRE oxides (HREO), but a structural bottleneck is created due to lower abundance of HREOs and lack of HRE separation capabilities outside China DFS Presentation | September 2025 12 Current Rare Earth Supply Chain BROWNS RANGE HAS THE POTENTIAL TO BE ONE OF THE LARGEST SOURCE OF Dy AND Tb OUTSIDE OF CHINA MINING Operating SEPARATION METALLISATION MAGNET MAKING Operating Construction HRE Financing/Feasibility LRE Construction Financing/Feasibility DFS Presentation | September 2025 13 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 resources and reserves. DFS Presentation | September 2025 14 Iluka Resources Partnership BROWNS RANGE PLANS TO SUPPLY ILUKA’S ENEABBA REFINERY WITH HRE-RICH CONCENTRATE ESTABLISHING A FULLY DOMESTIC SUPPLY CHAIN  Supply of up to 5.5 kt contained TREO in concentrate per year  Total of 30.5 kt TREO to be delivered1 Funding commitment  Cornerstone equity funding post FID2 Strategic significance  Browns Range concentrate planned to be feedstock for Australia’s first integrated rare earth refinery Upside value share  Price received includes fixed price component plus upside price sharing mechanism based on realised price3 Excess production  Iluka has right of first refusal on production in excess of maximum annual amount 1) 2) 3) 4) DFS financial assessment has assumed that the Iluka Supply Agreement pricing structure remains in place after the total contracted quantity of 30,500 t contained TREO has been delivered to Iluka under the terms of the agreement. Subject to certain conditions being satisfied including NTU making a positive FID decision in relation to Browns Range, continuation of the Iluka Supply Agreement 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 Price per kg TREO Long-term supply partnership Indicative illustration of price received by Northern Minerals for TREO contained in concentrate NTU market price component NTU fixed price component4 Iluka realised price per kg of TREO sold DFS Presentation | September 2025 15 Project Funding STRATEGIC ALIGNMENT WITH GOVERNMENT CRITICAL MINERALS POLICIES IS KEY OPPORTUNITY TO ACCESS NON-TRADITIONAL, GOVERNMENT-BACKED FUNDING Pre-production capital1 A$M Project Indirects 198.5 General Site Works 1.7 Mine (Underground and Open Pit) 95.1 Non-Process Infrastructure (NPI) 75.0 Process Plant 147.9 Process Plant NPI 73.8 Total 591.9 Contingency (included above) 77.5 Potential funding solutions Debt • • • Iluka Resources Strategic Partner3 Institutional Equity Strategic Equity Equity • • • • EFA2 / NAIF2 / US-EXIM2 Other export credit agencies NORDIC Bond Commercial Banks Other Government grants/subsidies appointed as Debt Advisor with financing process underway 1) 2) 3) Pre-production capital cost in real Q4 2024 Australian dollars and excludes escalation, working capital, financing costs, sustaining capital and corporate costs associated with project development. Northern Minerals continues to progress its funding strategy including ongoing discussions with Northern Australia Infrastructure Facility, Export Finance Australia and other international export credit agencies to determine whether these institutions may lend to the Project. Any consideration of finance is subject to Northern Minerals meeting relevant agency requirements and necessary levels of due diligence Subject to certain conditions being satisfied including NTU making a positive FID decision in relation to Browns Range, continuation of the Iluka Su