INVESTOR CENTRE

Brown Range Project has the highest-grade dysprosium (“Dy”) and terbium (“Tb”) orebody globally,
essential for high-performance permanent magnets used in electric vehicles, windfarms and a diverse
range of essential industrial and defence applications

Long-term supply and funding partnership with Iluka covering 100% of production up to a maximum of
5.5ktpa and 30.5kt in total

High confidence in processing and metallurgy resulting from the three-year operation of a large-scale c.
$80m pilot plant, as well as other feasibility studies completed to date

Highly experienced board and management led by Nick Curtis, previous Executive Chairman of Lynas, with
market-leading knowledge in developing and operating rare earths projects

Located in Western Australia – Tier 1 mining jurisdiction, with ready access to infrastructure

All primary approvals secured to progress through to Final Investment Decision (“FID”)

Strong market fundamentals driven by acceleration of global electrification and decarbonisation efforts,
with price upside exposure maintained via the Iluka supply agreement

Decision to produce a c.25% TREO rare earth concentrate, rather than a more processing-intensive
carbonate, accelerates and simplifies the pathway to production

Longstanding relationship with the fully determined native title holders, the Jaru Aboriginal Corporation
RNTBC, where since 2007, Northern Minerals has provided surveying and exploration work, in addition to
education and training initiatives

Clear path to production – Completion of updated DFS expected during Q4 2023, FID in Q1 2024,
construction through 2024/2025 and commissioning from Q4 2025