NORTHERN MINERALS LIMITED (NTU)
Share Price Analysis and Chart

18/09/2025

3

Downgrade to Hold from Speculative Buy

$0.036

-7.69%

Northern Minerals published a definitive feasibility study (DFS) for the Wolverine project, which outlined an 11-year open-pit/underground operation producing 17.5ktpa xenotime concentrate,

Ord Minnett notes the base case net present value at -8% discount of $74m was softer than expected and low relative to the company's $326m market cap.

The broker revised its model to include DFS assumptions plus upside from Gambit and Dazzler deposits.

Target trimmed to 3.6c from 4c. Rating downgraded to Hold from Speculative Buy.

FORECAST
Ord Minnett forecasts a full year FY26 dividend of 0.00 cents and EPS of minus -0.10 cents.

02/10/2025

-1

No Rating

-7.69%

Petra Capital initiates coverage of Northern Minerals with a Buy rating and 4.4c target price.

The analyst explains the strategic urgency on the development of processing and production of rare earths outside of China, with NdPr the initial focus of the West, while heavy rare earths remain a challenge and are essential for defense, including dysprosium (Dy) and terbium (Tb).

Northern Minerals owns 100% of the Browns Range project in East Kimberley, with a definitive feasibility study in Sept of an 11-yr mine life underpinned by 5.18mt mining inventory for 45,800t TREO (total rare earth oxides).

Dy and Tb represent around 10.7% of contained TREO and circa 70% of the basket value, making Browns Range one of the world's richest deposits.

Petra highlights Wolverine (part of Browns) is the only construction-ready heavy rare earth project globally, and concentrate is contracted to Iluka Resources ((ILU)) government-backed Eneabba refinery.

FORECAST
Petra Capital forecasts a full year FY26 EPS of minus -0.30 cents.
Petra Capital forecasts a full year FY27 EPS of minus -0.50 cents.