How Northern Minerals Is Shaping the Future of Heavy Rare Earths Supply
Northern Minerals reports a robust Definitive Feasibility Study and secures conditional funding interest, positioning Browns Range as a critical supplier of heavy rare earths by 2028.
- Definitive Feasibility Study confirms Browns Range can supply ~8% of global Dysprosium and Terbium demand
- Conditional non-binding funding interest received from US Export-Import Bank and Export Finance Australia
- Successful A$60.5 million equity raising supports project advancement
- Expanded mining lease granted, doubling project tenure
- Ongoing exploration and drilling programs with pending assay results
Strategic Progress at Browns Range
Northern Minerals Limited (ASX, NTU) has delivered a comprehensive update on its Browns Range Heavy Rare Earths Project in Western Australia, underscoring significant progress during the September 2025 quarter. The company’s Definitive Feasibility Study (DFS), released in September, confirms Browns Range’s technical and financial viability as a near-term supplier of critical heavy rare earth elements, Dysprosium and Terbium, essential for clean energy technologies and defence applications.
The DFS projects Browns Range to supply approximately 8% of global Dysprosium and Terbium demand, with first production targeted for 2028. This timing aligns with anticipated global shortages of these critical materials, positioning Northern Minerals as a strategic player in the rare earths supply chain.
Funding Momentum and Government Support
Post-quarter, Northern Minerals secured conditional, non-binding Letters of Interest from the Export-Import Bank of the United States (US EXIM) for up to US$230 million and a Letter of Support from Export Finance Australia. These endorsements reflect strong geopolitical backing amid global efforts to diversify rare earths supply chains away from dominant single-country sources.
Complementing this, the company completed a successful A$60.5 million equity raising, attracting new Australian and international institutional investors. Proceeds will fund front-end engineering and design, exploration programs, and repay existing convertible notes, advancing Browns Range toward a Final Investment Decision (FID) targeted for Q4 FY26.
Operational and Exploration Advances
During the quarter, Northern Minerals expanded its mining lease, effectively doubling the project’s tenure and securing infrastructure access critical for development. The company maintained an impeccable safety record with zero lost time injuries, reflecting strong environmental, social, and governance (ESG) standards.
Exploration activities progressed with extensive drilling programs across multiple prospects including Ripcord, Rockslider, and Cyclops, supported by advanced geophysical and hyperspectral data acquisition. While assay results remain pending, these initiatives aim to refine resource estimates and support long-term mine planning.
Strategic Partnerships and Market Positioning
Northern Minerals holds a binding long-term supply agreement with Iluka Resources to deliver xenotime concentrate to Australia’s first fully integrated rare earth refinery at Eneabba, Western Australia. This partnership strengthens the domestic rare earths value chain and aligns with government policies promoting critical minerals development.
CEO Shane Hartwig highlighted the company’s momentum, noting the strategic importance of Browns Range amid heightened global focus on secure critical minerals supply. The recent US-Australia Critical Minerals Framework Agreement further cements Northern Minerals’ role in international supply security.
Bottom Line?
Northern Minerals is poised at a pivotal juncture, with funding and development plans advancing rapidly as global demand for heavy rare earths intensifies.
Questions in the middle?
- What are the specific conditions attached to the US EXIM and Export Finance Australia funding letters?
- How will pending assay results from exploration drilling impact Browns Range’s resource estimates and project economics?
- What are the risks and timelines associated with securing full project funding ahead of the Final Investment Decision?
