Northern Minerals (ASX: NTU) says new federal disposal orders covering about 17.6% of its issued shares are an important step in aligning its register with Australia’s national security interests as it advances funding discussions for the Browns Range heavy rare earths project.
The Australian Treasurer has ordered six foreign shareholders to divest part or all of their respective Northern Minerals holdings by 2 July 2026 under the Foreign Acquisitions and Takeovers Act.
The orders cover 1,678,895,780 shares, representing 17.58% of the company’s issued capital.
Northern Minerals said the orders follow beneficial ownership matters it referred to the Foreign Investment Division of the Department of Treasury (FIRB) in November 2025.
Six Shareholdings Affected
The largest disposal order relates to Real International Resources, which has been directed to divest 619,071,000 shares representing 6.48% of Northern Minerals’ issued capital.
Qogir Trading & Service has been directed to dispose of 523,463,250 shares, equal to 5.48% of the company, while Vastness Investment Group has been ordered to divest 271,250,091 shares, and Chanoyu Cong must dispose of 130,056,866 shares.
The orders also require Hong Kong Ying Tak to dispose of 95,328,713 shares and Zhongxiong Lin to divest 39,725,860 shares.
Interim directions remain in effect that prevent Hong Kong Ying Tak from voting 361,538,264 shares on any matter at Northern Minerals’ next annual general meeting (AGM) or any other general meeting held on or before the next AGM.
They also prevent Hong Kong Ying Tak from disposing of those shares on or before the next AGM.
National Security Interests
Executive chair Adam Handley welcomed the Treasurer’s national orders.
“The Treasurer’s orders are an important step towards aligning Northern Minerals’ share register with Australia’s national security interests,” Mr Handley said, adding that the company supported a level playing field for all shareholders, subject to the requirements of Australia’s foreign investment regime.
Northern Minerals’ referral to FIRB covers broader shareholdings than those represented by the Hong Kong Ying Tak interim directions and the new disposal orders, and the company will continue cooperating with FIRB and other regulators.
Northern Minerals also intends to keep monitoring its share register and notifying any concerns to relevant authorities.
The latest orders marked the fourth time in just over three years that the federal government had made orders to address national security matters relating to the company’s share register.
Browns Range Context
The share register action comes as Northern Minerals continues development work on its 100%-owned Browns Range heavy rare earths project in the East Kimberley region of Western Australia.
Browns Range—which contains dysprosium, terbium, and yttrium—is described by the company as one of the world’s most significant and advanced heavy rare earths development projects outside China.
The project’s flagship deposit is Wolverine, which is thought to be the highest-grade dysprosium and terbium ore body in Australia.
The company is targeting a final investment decision for Browns Range by no later than 30 September 2026, subject to project funding.
Funding and Offtake Pathway
Northern Minerals received a coordinated letter of intent from Export-Import Bank of the United States and a letter of support from Export Finance Australia to assist with Browns Range development funding.
Those letters were aligned with the signing of the Critical Minerals and Rare Earths Framework Agreement by US President Trump and Prime Minister Albanese in October 2025.
Northern Minerals is targeting first production by late 2028 or early 2029 to coincide with a forecast global shortfall in dysprosium, terbium and yttrium supply.
The company has a binding, conditional, long-term agreement with Iluka Resources (ASX: ILU) to supply around 65% of planned Browns Range dysprosium, terbium, and yttrium-rich xenotime concentrate to Iluka’s Eneabba rare earths refinery in Western Australia.
Strategic Mineral Importance
Browns Range is being developed as a potential alternative source of heavy rare earths needed for permanent magnets used in defence, decarbonisation and medical technologies.
Iluka is completing construction of Eneabba with about $1.6 billion in Australian Government funding support.
Mr Handley said a transparent register aligned with Australia’s national security interests was critical to Northern Minerals’ ability to secure funding and advance Browns Range.
“Such alignment underpins confidence among government stakeholders and strategic partners and supports Australia’s broader ambition to build sovereign capability in critical minerals and rare earths supply chains, under the Federal Government’s Critical Minerals Strategy,” he said.
