Announcement PDF 2026 Annual Report ASX NTU 2 Northern Minerals About this Report Acknowledgement of Country Northern Minerals acknowledges the Traditional Custodians of the lands upon which we work and operate, including the Jaru and Tjurabalan peoples whose lands upon which our Browns Range Project lies. We recognise their unique cultural heritage, beliefs, and connection to these lands, waters, and communities. We pay our respects to all members of these Indigenous communities, and to Elders past and present. We also recognise the importance of continued protection and preservation of cultural, spiritual, and educational practices. We recognise and respect that there are areas of special heritage and cultural significance and continue to honour our agreements when managing our activities. As we value treating all people with respect, we are committed to building successful and mutually beneficial relationships with the Traditional Custodians throughout our areas of operation. What this report covers This annual report is a summary of Northern Minerals Limited’s financial results and operational performance for the financial year ended 30 June 2026. All references to ‘Northern Minerals,’ ‘NTU,’ ‘the Company,’ ‘we,’ ‘us’ and ‘our’ refer to Northern Minerals Limited (ABN 61 119 966 353). All references to ‘Browns Range,’ ‘the Project,’ ‘Browns Range Project’ refer to the Browns Range Heavy Rare Earths Project. References in this report to a ‘year’ are to the financial year ended 30 June 2026 unless otherwise stated. All dollar figures are expressed in Australian dollars (AUD) unless otherwise stated. 2 Northern Minerals 3 2026 Annual report About Us_________________________________________________________________4 Pathway to Production____________________________________________________8 DFS Summary___________________________________________________________ 10 From the Executive Chair________________________________________________ 12 From the Managing Director and CEO___________________________________ 16 Financial Review_________________________________________________________ 18 Review of Operations____________________________________________________20 Exploration and Growth__________________________________________________26 Environmental, Social and Governance___________________________________38 Ore Reserves and Mineral Resources Statement__________________________50 Tenement Report________________________________________________________56 Annual Financial Statements_____________________________________________60 Additional ASX Information_____________________________________________ 154 Corporate Directory_____________________________________________________ 158 Contents Page 4 Northern Minerals About Us We will be a globally critical source of ethically supplied dysprosium and terbium in support of decarbonisation. Our Vision Creating value and contributing to a cleaner earth for current and future generations. Our Purpose 4 Northern Minerals 5 2026 Annual report Our Values Respect - Care for people, property and the environment. Integrity - Do the right thing. Safety - Look out for myself, others and speak up. Accountability - We can count on each other. Innovation - Be curious and seek to continuously improve. Clarity - Be clear and ask if you are unsure. 6 Northern Minerals Browns Range Dy, Tb, Y in RE concentrate Eneabba Refinery Non-China Supply Advanced Manufacturing Geopolitical tensions and export controls are accelerating investment in diversified, non-China rare earth supply chains Western governments are prioritising secure supplies of Dy, Tb and Y for defence, aerospace and advanced manufacturing applications Dy, Tb and Y are exhibiting significant China/ non-China price divergence Offtake agreement with Iluka provides an established pathway into a government-backed non-China supply chain US and AUS governments have signed Critical Minerals and Rare Earth Framework Agreement Strategic Heavy Rare Earths: Dy, Tb and Y contribute ~78% of basket value4 Strong Economics: A$592M estimated capex1 yielding potential A$705M NPV8, 21% IRR (Divergence Case2 ) Development Ready: Final Investment Decision (FID) remains dependent on funding arrangements and associated negotiations which are continuing to progress. A globally significant heavy rare earth project positioned within emerging non-China supply chains 1 Real pre-production capex of Q4 2024 base date. Excludes working capital, financing costs, sustaining capital and corporate costs associated with project development. 2 Refer to Browns Range Heavy Rare Earth Project Definitive Feasibility Study (DFS) announcement dated 15 September 2025. 3 Please refer to ASX Announcement 15 September DFS Browns Range Heavy Rare Earths Project 4 Based on average individual rare earth oxide (REO) prices in 2024. 6 Northern Minerals Production Target and Forecast Financial Information: The Production Target and Forecast Financial Information referred to in this Annual Report are extracted from the Company's ASX announcement dated 15 September 2025 titled "Definitive Feasibility Study underscores global strategic value of Browns Range Heavy Rare Earths Project, demonstrates its technical and financial viability". The Company confirms that all material assumptions underpinning the Production Target and Forecast Financial Information continue to apply and have not materially changed. The Company is not aware of any new information or data that materially affects the information included in that announcement. Some of the satisfaction dates applying to certain conditions precedent under the Supply Agreement have passed as at the date of this Annual Report. This may entitle Iluka to terminate the Supply Agreement. The parties are in discussions to facilitate their satisfaction or agree suitable extensions where appropriate to the applicable satisfaction dates. For further details see “Material business risks” section of the financial statements in this annual report. 7 2026 Annual report DFS Project metrics3 • Mineral Resources = 7.5 Mt @ 0.96% TREO • Ore Reserve: 5.2 Mt @ 0.88% TREO • Mine life: 11 years @ ~560 ktpa • 17.5 ktpa concentrate produced • Up to 4,350 tpa TREO in concentrate Browns Range Project Profile • Open Pit Mining – single stage cutback • Underground Mining – longitudinal sub- level cave • Conventional Flowsheet – grind, magnetic separation, flotation • Average 25% TREO concentrate produced • First production targeted late 2028 Significant Exploration Potential • Dominant tenure position across WA and NT in an emerging heavy rare earths minerals district, established through early mover acquisition and exploration success • Advanced mineral systems framework defining a pipeline of priority exploration targets. Browns Range Basket Value split4 Dysprosium 48% Terbium 22% Yttrium 8% Other 22% 8 Northern Minerals Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2025 Pathway to production 2026 DFS Issued FEED Start Funding arrangements and associated negotiations are continuing to progress as the Company advances towards FID Browns Range is progressing through financing, FID and construction towards first production in Q4 2028 / Q1 2029 (subject to project funding) 8 Northern Minerals 9 2026 Annual report Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2027 2028 Execution-ready (subject to funding): Key approvals in place, FEED underway and financing activities advancing towards FID and Financial Close Construction Commencement Open pit mining and underground decline commencement First concentrate production and shipment, commencement of commercial operations 10 Northern Minerals DFS Summary Life of Mine2 11 years Pre-production Capital3 A$592M Opex4 A$31.25 /kg TREO Target Concentrate Production in 2028 78% from Dy/Tb/Y by revenue5 1 Please refer to ASX Announcement 15 September DFS Browns Range Heavy Rare Earths Project. 2  Life of mine or mine life refers to the estimated period of operation, commencing from first concentrate production underpinned by the Production Target, unless otherwise noted 3  Real pre-production capex in Q4 2024 dollars. Excludes working capital, financing costs, sustaining capital and corporate costs associated with project development 4 C1 opex includes all mining, processing and general and administration costs and is LOM average 5 Based on average individual REO prices in 2024. 10 Northern Minerals The economic outcomes presented are based on assumptions contained within the September 2025 DFS and are subject to the risks and opportunities outlined elsewhere in this Annual Report.1 11 2026 Annual report NPV8%,real (pre-tax) Base Case A$187M Divergence Case A$705M IRR (pre-tax) Base Case 12% Divergence Case 21% Undiscounted free cashflow (post-tax) Base Case A$635M Divergence Case A$1.3B Payback from first production (post-tax) Base Case 7.0 years Divergence Case 5.6 years 12 Northern Minerals From the Executive Chair It is my pleasure, on behalf of your Board of Directors, to present this Annual Report of Northern Minerals for the year to 30 June 2026. It has been a year of significant progress for your Company, highlighted by formal recognition by the Australian and US governments of the global significance and strategic importance of our 100%-owned Browns Range Heavy Rare Earths Project, in the East Kimberley region of Western Australia. This recognition was demonstrated in October 2025 when, in Washington DC, US President Donald Trump and Prime Minister Anthony Albanese signed the landmark Critical Minerals and Rare Earths framework agreement as a model of future global supply chain cooperation. Under the framework, each government committed to provide at least US$1 billion in financing for critical minerals projects in the US and Australia over the ensuing six months. It was a significant and timely step, which should accelerate the development of Australia’s highly strategic rare earths supply chain and further bolster the Western world’s concerted efforts to develop independent supply chains for critical minerals, including heavy rare earths. The framework between the two countries also aligns fully with Australia’s ambition to build sovereign capability in critical minerals and rare earths supply chains under the Federal Government’s Critical Minerals Strategy. Northern Minerals was one of seven Australian companies to receive a Letter of Interest from the Export-Import Bank of the United States (EXIM) in conjunction with this landmark US-Australia framework. I was honoured to be in Washington to receive the coordinated, conditional and non- binding Letter of Interest from EXIM and an aligned Letter of Support from Export Finance Australia (EFA). EXIM indicated that it could consider debt financing of up to US$230 million for Browns Range’s development, in cooperation with EFA. We believe the provisional EXIM and EFA funding support reflects the opportunity Browns Range presents to open up a new and reliable, non- China supply chain of the key heavy rare earths dysprosium, terbium (together, Dy/Tb) and yttrium, which are essential to clean energy, defence, health and digital technologies. Thanks to the significant efforts of the Northern Minerals team, Browns Range is one of the most advanced and strategically significant heavy rare earth development projects globally. Following this bilateral support, Northern Minerals completed a $60.5 million equity raising, which bolstered the Company’s cash resources and allowed it to continue to advance Browns Range towards a Final Investment Decision (FID) . 13 2026 Annual report The Definitive Feasibility Study (DFS) for Browns Range, completed during the year, demonstrated the Project’s technical and financial viability at the DFS price assumptions and its potential to provide approximately 8% of the world’s Dy/Tb supply. Exploration across the Browns Range project area also progressed during the year to deliver an updated Mineral Resource estimate for the high- grade Dazzler deposit and the identification of the new Vulcan prospect. Browns Range is substantially permitted and construction-ready, subject to funding and FID, and has the support of stakeholders including the Jaru and Tjurabalan Traditional Owners. Subject to funding and FID, we are targeting first production of heavy rare earths-rich xenotime concentrate to meet a forecast global shortfall in Dy/Tb supply. Our supply agreement with Iluka Resources, under which Browns Range concentrate is to supply Iluka’s Eneabba refinery in Western Australia, provides a potential pathway into an Australian, non-China rare earths supply chain. Your Board and the Leadership Team remain focused on finalising a funding package to enable us to make an FID on Browns Range. In parallel, the Company will require additional funding to support its working capital requirements and planned activities, as outlined in the going concern disclosures in the financial statements. We had targeted FID for Browns Range by 30 September 2026. This was not achieved because our funding negotiations remained incomplete. FID timing remains dependent on completion of the Company’s funding arrangements and negotiations, which are ongoing. The Company continues to progress potential funding arrangements with EXIM, EFA and other prospective funding and strategic parties. No legally binding project funding commitment has been obtained. The Company will update the market on the status and timing of FID in accordance with its disclosure obligations. During the year, the Federal Government continued to enforce the foreign investment framework in relation to the Company’s share register. In January 2026, the Federal Court ordered penalties totalling $14 million against a then shareholder that was subject to the Federal Treasurer’s 2024 disposal orders, and its sole director, in relation to contraventions of those orders. In May 2026, the Treasurer made further disposal orders over approximately 17.6% of the Company’s shares on issue at the time. Interim directions restricting dealings in certain other shares remain in place as at the date of this report. The Company is providing share register information to the Foreign Investment Division of the Treasury, which will determine compliance with those orders. Your Board supports these processes and will continue to cooperate fully with them. I want to take this opportunity to thank the Federal Government and its agencies for their engagement with the Company. In last year’s annual report I said I was looking forward to updating shareholders at our Annual General Meeting in November 2025. That meeting was deferred under court orders and later cancelled while the Treasurer’s foreign investment processes concerning the Company’s share register were under way. No general meeting of shareholders has been held since November 2024. 14 Northern Minerals The Board recognises the lengthy delay since our last AGM. Shareholders are entitled to hold the Board to account at an AGM – we remain fully committed to holding the 2025 and 2026 AGMs within the time permitted under the relief granted by ASIC, so that all shareholders entitled to vote can be heard. In closing, I thank our shareholders for their continued support. I also wish to thank my fellow Directors as well as our Managing Director, Shane Hartwig, and his Leadership Team for their dedication and efforts over the past year. Your Board remains committed to advancing Browns Range and delivering value for all shareholders. Browns Range is positioned to become a foundation block of a safe, secure and sustainable Australian rare earths supply chain to enhance the country’s national security interests. Adam Handley Executive Chair Northern Minerals Limited 15 2026 Annual report 16 Northern Minerals From the Managing Director and CEO Dear Shareholders, The 2026 financial year was an important period of transition for Northern Minerals. Following completion of the Definitive Feasibility Study for the Browns Range Heavy Rare Earths Project in September 2025, the Company moved into the next phase of development with a strong focus on project funding, front-end engineering design (FEED), lender due diligence, commercial engagement and construction readiness. Our Executive Chair, Adam Handley, has outlined the growing international focus on Browns Range and its potential role in supporting more secure and diversified allied heavy rare earth supply chains. Against that backdrop, our team remained focused on the work required to prepare the Project for consideration of FID, subject to securing an acceptable funding package and final Board approval. A major milestone during the year was the establishment of a potential government-backed project financing pathway. In October 2025, the Company received a coordinated, conditional and non-bindingLetterofInterestfromEXIMandLetter of Support from Export Finance Australia. EXIM indicated that it could consider financing of up to US$230 million in cooperation with EFA through the agencies’ Single Point of Entry arrangements. These letters recognise the strategic importance of Browns Range and have provided a framework for continuingfinancingdiscussionsandduediligence. The Company also successfully completed a $60.5 million placement before costs to new Australian and international institutional and sophisticated investors. The proceeds strengthened Northern Minerals’ financial position and enabled the CompanytoadvanceFEED,contractnegotiations, exploration programs, site access and facility upgrades, organisational capability and project financing activities, while also repaying the Company's convertible note debt. Despite wet-season access constraints, we advanced critical engineering, infrastructure and field-investigation programs during the year. Work included water-supply drilling and testing, geotechnical investigations, bulk earthworks design, camp and site infrastructure planning and the continued development of the airstrip and Tailings Storage Facility design scopes. These activities have improved the definition of the Project’s execution requirements and supported lender due diligence, procurement planning and construction readiness. Procurement and commercial engagement also progressed across a number of FID-critical work packages. Together with project approvals and field investigations, this work is intended to improve scope, cost and schedule certainty ahead of a potential development decision. Safety remained a core priority as field activity increased. The Company recorded no lost time injuries during the year though one Restricted Work Injury occurred during the June quarter. We continued to strengthen reporting 17 2026 Annual report discipline, contractor oversight and the systems required to support a larger development and construction workforce. Northern Minerals also continued its engagement with Traditional Owners, local communities, regulators and regional businesses. Respectful and enduring relationships with the Jaru and Tjurabalan peoples and other stakeholders across the Browns Range region remain integral to the responsible development of the Project. During the year, the Company was granted Mining Lease M80/650 over the Browns Range project area, replacing the previous mining lease and expanding the area covered. The Dazzler deposit continued to emerge as a potentially important source of high-grade blending material to complement ore from the flagship Wolverine deposit. The updated Dazzler Mineral Resource estimate increased contained TREO metal by approximately 40% to 7,000 tonnes, with approximately 90% of the resource classified as Indicated. Geotechnical, hydrological, metallurgical and mining studies progressed during the year to assess whether Dazzler can be incorporated into the early years of the Browns Range operating plan. This work remains subject to completion of the relevant technical and economic studies. Across the broader Browns Range tenure, the exploration team continued regional target generation and commenced diamond drilling at the Vulcan Prospect. These programs reflect the potential of Northern Minerals’ extensive tenement position and the opportunity to build a longer-term pipeline of heavy rare earth targets beyond the current development footprint. As Browns Range advances toward FID, we are also strengthening the organisational capability required to deliver the Project. In March, we welcomed David Collins as Chief Financial Officer. David brings significant experience in project development, project financing and commercial structuring, complementing the capabilities of our existing leadership and project teams. The work completed during the year has advanced Browns Range materially though important conditions remain. Our immediate priorities are to progress an acceptable funding package, complete lender due diligence and FEED activities, advance key commercial and regulatory workstreams and provide the Board with the information required to consider the FID. I thank our Executive Chair and the Board for their support and guidance throughout the year. I also thank the Leadership Team and all Northern Minerals employees and contractors for their commitment to advancing Browns Range safely and responsibly. Finally, I acknowledge our shareholders, Traditional Owners, communities, government partners and other stakeholders for their continued engagement and support. The year ahead will be pivotal for Northern Minerals. We remain focused on disciplined execution and on Browns Range’s potential to contribute to Australia’s critical minerals security and the development of secure, diversified allied heavy rare earth supply chains. Shane Hartwig Managing Director and CEO Northern Minerals Limited 18 Northern Minerals Financial Review Summary of Financial Performance The Group’s financial performance during FY2026 reflects the continued advancement of the Browns Range Heavy Rare Earths Project from feasibility into the project development and funding phase. Following completion of the Definitive Feasibility Study in September 2025, activities during the year focused on FEED, project funding initiatives, regulatory approvals, exploration and resource growth programs, and technical studies aimed at supporting a Final Investment Decision. Expenditure during the year was directed towards advancing Browns Range while maintaining the Company’s exploration portfolio and supporting corporate and funding activities. Key areas of expenditure included FEED activities, project development studies, site operating and maintenance costs, exploration programs, environmental and approvals workstreams, project funding activities and corporate overheads (including material expenditure on legal and advisory costs related to the FIRB referral process and associated workstreams). Exploration activities remained focused on Browns Range and surrounding prospects, including resource growth initiatives at Dazzler and regional target generation programs. The Company also continued progressing discussions with a range of potential financing counterparties, including Australian and United States government-supported funding agencies, strategic investors and other prospective funding providers. These activities were aimed at establishing a funding solution capable of supporting development of Browns Range. During the year, the Company received a conditional, non-binding Letter of Interest from EXIM and a non-binding Letter of Support from EFA. A significant milestone during the year was the successful completion of a $60.5 million equity raising, which introduced a number of Australian and international institutional investors to the Company’s register. Funds raised were used to support ongoing project development activities, progress Browns Range towards Final Investment Decision, repay the Iluka Convertible Note principal and strengthen the Company’s liquidity position. Interest income increased due to higher cash balances following the equity raising and prudent treasury management of available funds. Summary of Financial Position The Group’s financial position continued to evolve during FY2026 as Browns Range progressed towards Final Investment Decision. The successful equity raising completed during the year strengthened the balance sheet and enabled repayment of the Iluka Convertible Note principal, removing a significant financial liability and simplifying the Group's capital structure. At 30 June 2026, the Group held a combination of cash and term deposits to support ongoing development, funding and exploration activities. Consistent with the Company’s treasury management approach, a portion of available funds was invested in term deposits to preserve liquidity while generating interest income. These deposits mature within the following two quarters and are available to be converted to cash if required. The Company’s asset base continues to primarily comprise cash and cash equivalents, 19 2026 Annual report term deposits, property, plant and equipment, right-of-use assets and exploration and project development related assets. The Group maintained expenditure discipline while continuing to invest in project advancement activities that support development of Browns Range. Funding and Liquidity The financial report has been prepared on a going concern basis, which contemplates continuity of normal business activities and the realisation of assets and settlement of liabilities in the ordinary course of business. The Directors have considered the Group’s current cash position, forecast expenditure requirements, project funding activities and available funding alternatives. The Group will require additional funding to maintain an adequate liquidity runway and continue its planned corporate and project development activities. The Company continues to progress funding initiatives and remains engaged with government funding agencies, strategic investors and other financing parties. The Company’s funding strategy is directed towards securing near-term funding to support its ongoing activities, while continuing to progress the broader funding package required for the development of Browns Range. The timing and availability of additional funding remain important to the Group’s ability to continue its planned activities. Further information regarding the Directors’ assessment of going concern, including the material uncertainty associated with the Group’s ability to secure additional funding, is set out in Note 2(a) to the financial statements. 20 Northern Minerals Review of Operations Project Development – Browns Range Heavy Rare Earths Project Northern Minerals made significant progress during FY2026 in advancing its 100%-owned Browns Range Heavy Rare Earths Project in the East Kimberley region of Western Australia towards a FID. Activities throughout the year focused on completion of the DFS, project financing, FEED, technical optimisation, permitting, procurement and project readiness activities designed to support development of one of the world’s most advanced heavy rare earth development projects and a strategic future supplier of dysprosium, terbium and yttrium outside China. The Browns Range Project hosts a Mineral Resource of 7.5 Mt at 0.96% TREO and an Ore Reserve of 5.2 Mt at 0.88% TREO. The DFS supports an 11-year production plan targeting up to 181,000 tonnes of concentrate and up to 4,350 tonnes per annum TREO in concentrate. Browns Range is distinguished by its highly valuable heavy rare earth basket, with dysprosium, terbium and yttrium contributing approximately 78% of basket value. Definitive Feasibility Study and Project Optimisation The DFS, completed in September 2025, confirmed Browns Range as a technically viable and economically robust project with a clear pathway to development. The study outlined pre-production capital costs of approximately A$592 million and demonstrated strong project economics, including a pre-tax real NPV8 of A$705 million and IRR of 21% under the Divergence Case, and a pre-tax real NPV8 of A$187 million and IRR of 12% under the Base Case. The DFS also reinforced the strategic significance of Browns Range as one of the few near-term heavy rare earth projects capable of supplying meaningful quantities of dysprosium and terbium into emerging non-China supply chains. Forecast market analysis indicates increasing supply deficits for these critical heavy rare earth elements as defence, renewable energy, robotics and advanced manufacturing sectors experience accelerating demand growth. Following completion of the DFS, Northern Minerals undertook an Independent Technical Expert review and initiated a range of FEED activities aimed at reducing project execution risk and enhancing project value. These activities included additional engineering studies, mine design reviews, underground mining assessments, ventilation studies, geotechnical programs and metallurgical investigations. A key optimisation initiative was the Wolverine- Dazzler Blending Study, which assessed the opportunity to supplement Wolverine feed with higher-grade mineralisation from the Dazzler Deposit. The deposit continues to be evaluated as a future development opportunity which has the potential to enhance project economics, subject to completion of technical and economic studies and incorporation into future mine planning. Project Funding Progress Securing project financing remained the Company’s highest priority throughout FY2026. Browns Range continued to receive support from government-backed financing initiatives focused on developing secure critical minerals supply chains outside China. Following the Australia- United States Critical Minerals and Rare Earths Framework Agreement, the Company received a 21 2026 Annual report conditional, non-binding Letter of Interest from EXIM and a conditional, non-binding Letter of Support from EFA for potential project financing