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Northern Minerals Raises $60.5 Million to Progress Browns Range Rare Earth Project

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By Colin Hay - 
Northern Minerals ASX NTU raising Progress Browns Range Rare Earth Project
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Northern Minerals (ASX: NTU) has confirmed the broad consensus that its Browns Range site is one of the world’s most significant undeveloped heavy rare earth element (HREE) projects with its successful completion of a $60.5 million capital raise.

The company received binding commitments from new local and international institutions, along with sophisticated investors, for the heavily oversubscribed placement.

The news follows Northern Minerals receiving letters of interest and/or support for up to US$230 million in funding for Browns Range from the Export-Import Bank of the United States and Export Finance Australia, and comes in the wake of last week’s critical minerals framework agreement between the USA and Australia.

FEED Programs and FID

The company will apply proceeds for the placement toward progressing front-end engineering design (FEED) programs and contract negotiations, exploration programs and advancing Browns Range to a final investment decision (FID), as well as to repay Northern Mineral’s convertible note debt.

The recently released definitive feasibility study for Browns Range found that the project can supply approximately 8% of global dysprosium (Dy) and terbium (Tb) demand—rare earth elements critically important in the creation of the high-performance permanent magnets in EVs, wind turbines, and specialist defence applications.

Northern Minerals is targeting a FID by Q4 FY26 and maiden production for 2028, which would coincide with the forecast global supply shortfall in Dy/Tb.

Strong Project Endorsement

Chief executive officer Shane Hartwig said the addition of new, high-quality institutional investors to Northern Minerals’ register was a strong endorsement of the global importance of Browns Range.

“The success of this placement further strengthens our momentum as we move toward a FID,” he said.

“The Northern Minerals team has worked hard for more than a decade to position Browns Range for development—we are excited about what the future holds for our project and our company as we pursue the creation of long-term, sustainable value for all stakeholders.”