Northern Minerals Limited ( (NOURF) ) has released its Q2 earnings. Here is a breakdown of the information Northern Minerals Limited presented to its investors.
Northern Minerals Limited is an Australian company engaged in the exploration and development of rare earth elements, primarily focusing on its Browns Range Heavy Rare Earth Project. The company operates within the mining sector and is publicly traded on the Australian Securities Exchange.
In its latest earnings report for the half-year ending December 2024, Northern Minerals Limited reported a net loss of $15 million, a slight increase from the previous year’s loss of $14.2 million. The company raised approximately $45.4 million through a placement and share purchase plan to fund ongoing projects and maintain its assets.
Key financial metrics show a significant decrease in revenue from $2.5 million in 2023 to $332,653 in 2024, primarily due to the absence of a Critical Minerals Development Grant received in the previous period. Despite the losses, the company improved its cash position to $35.8 million, up from $8.3 million in June 2024, through successful fundraising activities.
Northern Minerals continues to advance its Feasibility Study for the Browns Range Project, with significant progress in metallurgical test work and resource estimation. The company also expanded its exploration programs across its tenement portfolio in Western Australia and the Northern Territory, aiming to identify new targets for rare earth elements and copper.
Looking forward, Northern Minerals is focused on completing its Feasibility Study by Q4 FY25 and securing project funding. The company’s management remains optimistic about its ability to meet future financial commitments and continue its exploration and development activities.