NORTHERN MINERALS LIMITED (NTU)
Share Price Analysis and Chart

22/10/2025

1

Upgrade to Speculative Buy from Hold

$0.075

59.57%

The US Export-Import Bank is interested in providing $350m in debt funding to Northern Minerals following the Trump-Albanese meeting. This could assist Wolverine enter production with less equity dilution than Ord Minnett expected.

Moreover, prices of scarce heavy rare earth elements that are rich in Wolverine are soaring. Consequently, Ord Minnett upgrades its target price to 7.5c from 3.6c and its recommendation to Speculative Buy from Hold.

FORECAST
Ord Minnett forecasts a full year FY26 dividend of 0.00 cents and EPS of minus -0.10 cents.
Ord Minnett forecasts a full year FY27 dividend of 0.00 cents and EPS of minus -0.10 cents.

06/10/2025

-1

No Rating

59.57%

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.