Announcement PDF Equity Raising Presentation | October 2025 ASX:NTU Equity Raising Presentation 27 OCTOBER 2025 Creating value and contributing to a cleaner earth Not for release to US wire services or distribution in the United States Equity Raising Presentation October 2025 Important Information This investor presentation (“Presentation”) is dated 27 October 2025 and has been prepared by Northern Minerals Limited (ACN 119 966 353) (“NTU”, “Northern Minerals” or the “Company”). By attending an investor presentation or briefing, or accepting, accessing or reviewing this Presentation, you acknowledge and agree to the terms set out below. This Presentation has been prepared in relation to a placement (“Placement”) of new fully paid ordinary shares ("New Shares") to institutional and sophisticated investors under section 708A of the Corporations Act 2001 (Cth) (“Corporations Act”) as modified by Australian Securities and Investments Commission (“ASIC”) Corporations (Disregarding Technical Relief) Instrument 2016/73. 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. Not financial product advice or offer This Presentation does not and does not purport to contain all information necessary to make an investment decision, is not intended as investment or financial advice (nor tax, accounting or legal advice), must not be relied upon as such and does not and will not form any part of any contract or commitment for the acquisition of New Shares. Any decision to buy or sell securities or other products should be made only after seeking appropriate financial advice. This Presentation is of a general nature and does not take into consideration the investment objectives, financial situation or particular needs of any particular investor. Any investment decision should be made solely on the basis of your own enquiries. Before making an investment in Northern Minerals, you should consider whether such an investment is appropriate to your particular investment objectives, financial situation or needs. Northern Minerals is not licensed to provide financial product advice in respect of its shares. This Presentation is for information purposes only and is not a prospectus, product disclosure statement or other offering document under Australian law or any other law (and will not be lodged with ASIC or any foreign regulator). This Presentation is not, and does not constitute, an invitation or offer of securities for subscription, purchase or sale in any jurisdiction. The distribution of this Presentation in jurisdictions outside Australia is be restricted by law and you should observe any such restrictions, including those set forth in Appendix E of this presentation. Any failure to comply with such restrictions may constitute a violation of applicable securities laws. In particular, this Presentation may not be released to US wire services or distributed in the United States. This Presentation does not constitute an invitation or offer of securities for subscription, purchase or sale in the United States of America or any other jurisdiction in which such an offer would be illegal. The New Shares have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (“U.S. Securities Act”), or the securities laws of any state or other jurisdiction of the United States of America, and may not be offered or sold, directly or indirectly, in the United States of America unless they have been registered under the U.S. Securities Act (which Northern Minerals has no obligation to do or procure) or are offered or sold in a transaction exempt from, or not subject to, the registration requirements of the U.S. Securities Act and any other applicable U.S. state securities laws. Refer to Appendix D of this Presentation for further details about international offer restrictions. Investment risk An investment in Northern Minerals shares is subject to known and unknown risks, many of which are beyond the control of Northern Minerals and its directors and officers. Northern Minerals does not guarantee any particular rate of return or the performance of Northern Minerals nor does it guarantee any particular tax treatment of transactions involving its shares. You should have regard to the risk factors outlined in Appendix D of this Presentation when making your investment decision. Cooling off rights do not apply to the acquisition of New Shares. Financial information All financial information in this Presentation is in Australian dollars ($ or AUD) unless otherwise stated. Where this Presentation includes certain pro forma financial information. Any such pro forma historical financial information provided in this Presentation is for illustrative purposes only and is not represented as being indicative of Northern Minerals’ views on its, nor anyone else’s, future financial position or performance. In addition, the pro forma financial information in this Presentation does not purport to be in compliance with Article 11 of Regulation S-X of the rules and regulations of the U.S. Securities and Exchange Commission. Investors should be aware that certain financial measures included in this Presentation are ‘non-IFRS financial information’ under ASIC Regulatory Guide 230: ‘Disclosing non-IFRS financial information’ published by ASIC and also ‘non-GAAP financial measures’ within the meaning of Regulation G under the U.S. Securities Exchange Act of 1934, as amended, and are not recognised under the Australian Accounting Standards (“AAS”) and International Financial Reporting Standards (“IFRS”). Such non-IFRS financial information/non-GAAP financial measures do not have a standardised meaning prescribed by AAS or IFRS. Therefore, the non-IFRS financial information/non-GAAP financial measures may not be comparable to similarly titled measures presented by other entities and should not be construed as an alternative to other financial measures determined in accordance with AAS or IFRS. Although Northern Minerals believes these non-IFRS financial measures/non-GAAP financial measures provide useful information to investors in measuring the financial performance and condition of its business, investors are cautioned not to place undue reliance on any non-IFRS financial information/non-GAAP financial measures included in this Presentation. Certain figures, amounts, percentages, estimates, calculations of value and fractions provided in this Presentation are subject to the effect of rounding. Accordingly, the actual calculation of these figures may differ from the figures set out in this Presentation. 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. 2 Equity Raising Presentation October 2025 Important Information 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. Disclaimer To the maximum extent permitted by law, Northern Minerals and its respective related bodies corporate, shareholders and affiliates, and each of their respective officers, directors, partners, employees, representatives, affiliates, agents, consultants and advisers: (i) disclaim any and all responsibility and liability (including, without limitation, any liability arising from fault, negligence or negligent misstatement) for any direct, indirect, consequential or contingent loss or damage arising from this Presentation or reliance on anything contained in or omitted from it or otherwise arising in connection with this Presentation; (ii) disclaim any obligations or undertaking to release any updates or revisions to the information in this Presentation to reflect any change in expectations or assumptions; (iii) do not make any representation or warranty, express or implied, as to the accuracy, reliability, completeness or fairness of the information, opinions and conclusions contained in this Presentation or that this Presentation contains all material information about Northern Minerals or that a prospective investor or purchaser may require in evaluating a possible investment in Northern Minerals or acquisition of shares in Northern Minerals, or likelihood of fulfilment of any forward- looking statement or any event or results expressed or implied in any forward-looking statement; and (iv) disclaim any fiduciary relationship between them and the recipients of this Presentation or the participants in the Offer. No recommendation is made as to whether any person should participate in the Offer. 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. 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." Compliance Statement Competent Person Statement The information in this document that relates to: • Mineral Resources has been extracted from the Company’s: – ASX announcement dated 15 September 2025, and titled “Definitive Feasibility Study underscores global strategic value of Browns Range Heavy Rare Earths Project, demonstrates its technical and financial viability.” – ASX announcement titled '2025 - Wolverine Mineral Resource Estimate' dated 16 January 2025 – ASX announcement titled 'NTU Over 50% increase in Dazzler high-grade mineral resource' dated 7 April 2020. – ASX announcement titled 'Mineral Resource and Ore Reserve Update – Post Trial Mining Operations at June 30 2018' dated 28 September 2018 – ASX announcement titled 'Further increase in Browns Range Mineral Resource' dated 15 October 2014. – ASX announcement titled 'Wolverine HREE Resource Doubled in upgrade at Browns Range' dated 26 February 2014. • 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. available to view at www.asx.com.au under the code "NTU" (the original releases). 3 Equity Raising Presentation October 2025 Important Information 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 and all material assumptions underpinning the production target and forecast financial information derived from the production target 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 JORC Code It is a requirement of the ASX Listing Rules that the reporting of ore reserves and mineral resources in Australia comply with the Joint Ore Reserves Committee’s Australasian Code for Reporting of Mineral Resources and Ore Reserves ("JORC Code"). Investors outside Australia should note that while ore reserve and mineral resource estimates of the Company in this document comply with the JORC Code (such JORC Code-compliant ore reserves and mineral resources being "Ore Reserves" and "Mineral Resources" respectively), they may not comply with the relevant guidelines in other countries and, in particular, do not comply with (i) National Instrument 43-101 (Standards of Disclosure for Mineral Projects) of the Canadian Securities Administrators (the "Canadian NI 43-101 Standards"); or (ii) Item 1300 of Regulation S-K, which governs disclosures of mineral reserves in registration statements filed with the SEC. Information contained in this document describing mineral deposits may not be comparable to similar information made public by companies subject to the reporting and disclosure requirements of Canadian or US securities laws. 4 5 Ongoing geopolitical landscape has reinforced the strategic nature of HREE projects like Browns Range and the need for the development of ex-China supply Investment Highlights Equity Raising Presentation | October 2025 One of the highest grade1 Dy/Tb deposits outside China with 7.5 Mt @ 0.96% TREO Project Mineral Resource, including Probable Ore Reserve estimate of 5.18 Mt @ 0.88% TREO 1 Strategic partnership with Iluka Resources has the potential to establish a secure ex-China supply of heavy rare earth oxides, aligned with Australia’s Critical Minerals Strategy and other key government policies 2 Conventional mining methods and robust process flowsheet reducing overall Project complexity 3 All key approvals granted with strong government and community support 4 Significant growth and development competitive advantage gained by being the first to identify, secure, explore and successfully advance HRE development in the Browns Range emerging mineral terrain 5 1) Northern Minerals analysis of company filings, Dy/Tb grade is based on the reported DyTb:TREO ratio. Equity Raising Presentation | October 2025 United States – Australia Framework US and Australian governments intent to invest more than US$3bn in critical minerals projects in the next six months1 United States – Australia Framework • Securing Supply – cooperative efforts to accelerate the secure supply of critical minerals and rare earths • Investment in mining and processing – mobilising government & private support including capital and operational guarantees, loans, or equity, finalisation of offtake arrangements, insurance and regulatory facilitation. Providing at least US$1bn in financing • Permitting – acceleration, streamlining, or deregulating permitting timelines and processes • Price mechanisms – protection from non-market policies and unfair trade practices, including adopting of free trade for those adopting required standards to operate within a pricing framework including price floors or similar. Alongside development of a global framework to deal with international pricing challenges • Asset sales – strengthening tools to deter critical minerals and rare earths asset sales on national security grounds • Scrap – investment in minerals recycling technology to ensure management of critical minerals and rare earth scrap • Third parties – working with third parties to ensure supply chain security and utilise existing engagement mechanisms • Geological mapping – cooperate to assist in mapping mineral resources in the US and Australia, and elsewhere, to support diversified critical minerals supply chains • Rapid response – establishing US-Australia Critical Minerals Supply Security Response Group to identify priority minerals and supply vulnerabilities and develop a coordinated plan to accelerate delivery of processed minerals under this Framework 6 Supporting the supply of raw and processed critical minerals and rare earths crucial to commercial and defence industries of the United States and Australia 1) The White House Fact Sheet: President Donald J. Trump Closes Billion-Dollar Deals with Australia Australian Prime Minister Anthony Albanese and US President Donald Trump signing United States-Australia Framework For Securing of Supply in the Mining & Processing of Critical Minerals and Rare Earths 20th October 2025 Equity Raising Presentation | October 2025 EXIM & EFA Support Letter 7 Coordinated, conditional and non-binding Letter of Interest and Letter of Support Supports global significance of Browns Range • Export Finance Australia (EFA) and Export-Import Bank of the United States (EXIM) have provided a coordinated, conditional and non-binding Letter of Support and Letter of Interest outlining the provision of potential debt funding to support the development of Northern Minerals’ Browns Range Heavy Rare Earths Project, in Western Australia’s East Kimberley region. Australian Prime Minister and US President Collaboration • Leaders reaffirmed Australian and the United States of America’s desire to increase collaboration to advance the development of independent critical minerals, including heavy rare earth, supply chains, such as the heavy rare earths present at Browns Range Single Point of Entry (SPE) • EFA and EXIM established SPE to streamline referrals and enables support for both agencies for eligible critical minerals transactions Potential financing up to US$230 million • EXIM to consider financing up to US$230 million of debt funding to support the development of the Browns Range Rare Earths Project Additional funding • Any additional debt funding will be sought directly from EFA as well as NAIF1. EFA non- binding, conditional letter of support outlines EFA’s consideration of potential financing of Browns Range 1 Northern Minerals continues its discussions with EFA and NAIF to determine whether they may lend to the Project. Any consideration of finance is subject to Northern Minerals meeting relevant agency requirements and necessary levels of due diligence. 8 Equity Raising Equity Raising Presentation | October 2025 Equity Raising Overview Offer Size and Structure • Approximately $60.5 million placement through the issue of 1,186,998,295 fully paid ordinary new shares under the Company’s remaining placement capacity under ASX Listing Rule 7.1 (“Placement”) Offer Price Offer Price of $0.051 per New Share, representing a discount of: • 9.8% to the thirty-day volume weighted average price (“VWAP”) of $0.056 up to and including 22 October 2025 • 11.1% to the five-day volume weighted average price (“VWAP”) of $0.057 up to and including 22 October 2025 Ranking New Shares issued under the Offer will rank pari passu with existing fully paid ordinary shares on issue Syndicate • Global Coordinator, Joint Bookrunner and Joint Lead Manager – Petra Capital • Joint Bookrunner and Joint Lead Manager – Argonaut Securities • Broker to the Offer – Shaw and Partners Use of Proceeds (see slide 10 for details) Proceeds from the Offer, together with existing cash, will be applied to progress FEED programs and contract negotiations, repayment of convertible note, working capital and financing costs, fund exploration programs, support Project funding, legal and advisory costs, enhance staffing, IT and systems development, undertake site access and facility upgrades and funding offer costs. Timetable • Placement Settlement Date – 31 October 2025 • Placement Allotment Date – 3 November 2025 9 Equity raising via a single tranche placement Equity Raising Presentation October 2025 Proceeds ensures Browns Range stays on schedule, de-risks delivery and assists in potential increased Project value. Equity Raising Outcome 10 Working capital, site, heritage & environmental: • Operational and corporate expenses, site overheads and maintenance • Environmental, native title and regulatory obligations, community and stakeholder engagement Exploration: • Mineral Resource definition drilling to support post DFS operational readiness • Mineral Resource expansion drilling programs, targeting increase of mine life • Advanced exploration target delineation, resource growth potential • Priority early exploration target testing for discovery potential • Mineral Systems foundational data acquisition, enhancement of exploration targeting studies FEED (Front-End Engineering Design) programs & contract negotiations: • Design work to allow issued for tender work packages • Geotechnical and hydrological site and test work programs • Open pit and underground grade control • Mining design for underground mine, ventilation, cave flow monitoring and cave flow propagation • Negotiate major construction contracts (PMC, Mining, Earthworks, Process Plant, Power) Site Access & facility upgrades​ • Repair and reconstruct site access road • Initial upgrade of existing accommodation village and utilities • Clearing of new NT access track Additional critical staffing, Cyber/IT and system enhancements: • Recruitment of CFO, People and Culture, IT and key mining personnel • Design and implementation of ERP system • Upgrade of cyber security systems and governance • Marketing and government relations support Project funding legal and advisory costs: • Legal advice (Borrowers and Lenders Counsel), Debt & Equity Advisory costs, associated with procuring Project Funding, Finalise ITE Report • Advice on structuring, negotiating, due diligence programs, and legal documentation Uses $M Repay convertible note principal 15.0 Working capital, site, heritage & environmental 14.5 Fund Exploration Programs 9.0 Progress FEED programs & contract negotiations 9.0 Undertake site access & facility upgrades 3.5 Funding Offer Costs 3.5 Enhance staffing, IT and system development 3.0 Support Project funding legal and advisory costs 3.0 Total Uses 60.5 COMPANY OVERVIEW AND INVESTMENT HIGHLIGHTS 11 Corporate Snapshot 12 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 Developing a world class Heavy Rare Earth Asset with significant exploration upside Corporate Overview 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 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 ▶ 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 $0.063 Share price3 8,361 million Ordinary shares on issue3 $527 million Market capitalisation3 1) Northern Minerals analysis of company findings, HRE projects include those with a reported DyTb:TREO ratio >3% 2) 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 Appendix D: Key Risks. 3) Trading data as at 22 October 2025 (excludes Performance Shares, Iluka Convertible Note, Tranche B Shares, Put/Call Shares and ~112.5M Project Incentive Rights/Long Term Incentive Rights the Company proposes to issue Key Management Personnel, Executive and Non-Executive Directors, ~50.4M of which will require shareholder approval.) Equity Raising Presentation | October 2025 Equity Raising Presentation | October 2025 13 ADAM HANDLEY Executive Chairman • Past President of the Australia China Business Council, specialising in advising North Asian investors and their Australian count