Northern Minerals has received binding commitments from investors to raise approximately AU$60.5 million to advance the company’s Browns Range Heavy Rare Earths Project in Western Australia.
The placement consists of 1,186,998,295 new fully paid ordinary shares at an issue price of 51 cents per share.
According to Northern Minerals CEO Shane Hartwig, the placement was “significantly overbid” and “represents a strong endorsement of our strategy and the global importance of Browns Range”.
In addition to advancing the Browns Range project, the funds raised in the placement will repay the company’s note debt, fund exploration programs and be allocated for working capital and financing costs.
Northern Minerals Executive Chairman Adam Handley said: “We are delighted to have attracted such strong interest in Northern Minerals and our Brown’s Range Heavy Rare Earths Project, including so soon after the last week’s landmark Critical Minerals and Rare Earths Framework Agreement by President Trump and Prime Minister Albanese and our company’s receipt of letters of intent by US and Australian export credit agencies pursuant to the Framework Agreement.”
Browns Range is described as one of the world’s most advanced heavy rare earths development opportunities outside of China. A feasibility study confirmed that Browns Range can supply 8 per cent of global dysprosium and terbium demand.
Northern Minerals is targeting a final investment decision by the fourth quarter of fiscal 2026. First production at Browns Range is targeted for 2028.
The company also has a binding and long-term funding partnership with Iluka Resources to supply a significant proportion of dysprosium and terbium-rich xenotime concentrate from Browns Range to Iluka’s Eneabba rare earths refinery.
