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Northern Minerals Limited
(Sydney:NTU)
Northern Minerals Limited (NTU) vs. iShares MSCI Australia ETF (EWA)
Northern Minerals Limited Business Overview & Revenue Model
Northern Minerals Limited Financial Statement Overview
| Breakdown | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 | Jun 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 1.44M | 4.47M | 6.54K | 3.90M | 0.00 |
| Gross Profit | 1.44M | 4.47M | -522.62K | 3.39M | -1.62M |
| EBITDA | -26.04M | -28.84M | -20.61M | -21.43M | -16.46M |
| Net Income | -27.37M | -31.59M | -22.29M | -24.36M | -8.53M |
Balance Sheet | |||||
| Total Assets | 28.76M | 13.94M | 17.40M | 12.77M | 37.77M |
| Cash, Cash Equivalents and Short-Term Investments | 24.29M | 8.25M | 11.69M | 2.86M | 19.90M |
| Total Debt | 15.84M | 15.40M | 13.36M | 247.02K | 292.34K |
| Total Liabilities | 27.06M | 27.95M | 23.87M | 7.19M | 8.77M |
| Stockholders Equity | 1.69M | -14.01M | -6.47M | 5.58M | 29.00M |
Cash Flow | |||||
| Free Cash Flow | -26.16M | -26.50M | -14.20M | -17.42M | -8.52M |
| Operating Cash Flow | -25.80M | -26.12M | -14.09M | -16.93M | -885.01K |
| Investing Cash Flow | -473.14K | -556.78K | 699.56K | -499.80K | -7.65M |
| Financing Cash Flow | 42.41M | 23.24M | 22.23M | 259.70K | 21.82M |
Northern Minerals Limited Technical Analysis
Northern Minerals Limited Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
52 Neutral | AU$320.68M | -28.21 | -20.60% | ― | ― | 7.28% | |
51 Neutral | AU$212.98M | -22.86 | -8.25% | ― | ― | -55.56% | |
47 Neutral | AU$448.99M | -12.36 | -12.73% | ― | 2.00% | 8.82% | |
46 Neutral | AU$66.31M | -27.27 | -9.27% | ― | ― | 35.29% | |
44 Neutral | AU$295.87M | -8.38 | ― | ― | ― | 32.73% |
Northern Minerals Limited Corporate Events
Northern Minerals has updated the market on court proceedings related to its 2025 annual general meeting and an extraordinary general meeting requisitioned by shareholder Vastness Investment Group. The company had sought court orders to align the EGM with the 2025 AGM date, extend the deadline for holding the AGM, and shorten the EGM notice period to 10 days.
The court has approved only the reduced notice period for convening the EGM, which must currently be held by 28 March 2026. However, consideration of the requested deferrals for both the AGM and EGM has been postponed to a hearing on 2 March 2026, after directors Bin Cai and Liangbing Yu raised procedural concerns about the company’s authority to seek those orders, leaving investors awaiting clarity on the timing of key shareholder meetings.
The most recent analyst rating on (AU:NTU) stock is a Hold with a A$0.02 price target. To see the full list of analyst forecasts on Northern Minerals Limited stock, see the AU:NTU Stock Forecast page.
Northern Minerals has initiated further legal proceedings in the Supreme Court of New South Wales seeking orders to align an extraordinary general meeting, requisitioned by shareholder Vastness Investment Group to vote on the removal of executive chairman Adam Handley, with the company’s deferred 2025 annual general meeting. The company is also asking the court to extend the deadline for holding the AGM to allow additional time for the Foreign Investment Division of the Department of Treasury to review matters previously flagged to regulators, and has pledged to keep shareholders informed of any material developments.
The most recent analyst rating on (AU:NTU) stock is a Hold with a A$0.03 price target. To see the full list of analyst forecasts on Northern Minerals Limited stock, see the AU:NTU Stock Forecast page.
Northern Minerals Limited has highlighted a Federal Court of Australia decision ordering a total of $14 million in penalties against Indian Ocean International Shipping and Service Company Ltd and its sole director, Ms Jing Tian, for breaching orders under the Foreign Acquisitions and Takeovers Act in relation to disposals of shares in Northern Minerals. Although not a party to the proceedings, Northern Minerals’ 2023 referral of shareholder-related concerns to the Foreign Investment Review Board triggered the regulatory action, underscoring the company’s proactive stance on transparency, foreign investment compliance and protection of its shareholder base, while it continues to cooperate with authorities on separate, ongoing FIRB considerations concerning potential breaches of foreign investment and disposal orders.
The most recent analyst rating on (AU:NTU) stock is a Buy with a A$0.04 price target. To see the full list of analyst forecasts on Northern Minerals Limited stock, see the AU:NTU Stock Forecast page.
Northern Minerals Limited reported a significant operating cash outflow of A$10.0 million for the December 2025 quarter, driven by exploration and evaluation spending, site maintenance and environment-related costs, staff expenses, and administration and corporate outlays, partially offset by interest income. Investing cash flows were minimal, with effectively no major capital or tenement acquisitions in the period, while the company undertook substantial financing activities, raising A$60.5 million through equity issuance and using part of the proceeds to repay A$15.1 million in borrowings and cover transaction costs. As a result, despite persistent negative operating cash flows, Northern Minerals ended the quarter with a markedly stronger cash position, highlighting its reliance on capital markets to fund operations and maintain financial flexibility as it advances its exploration and development agenda.
The most recent analyst rating on (AU:NTU) stock is a Hold with a A$0.04 price target. To see the full list of analyst forecasts on Northern Minerals Limited stock, see the AU:NTU Stock Forecast page.
Northern Minerals advanced its Browns Range Heavy Rare Earths Project during the December 2025 quarter, maintaining a spotless safety record while completing heritage surveys to clear the way for construction and further exploration. The company strengthened its funding runway with a $60.5 million placement to Australian and international investors to support front-end engineering and design, exploration, debt repayment and working capital, and it received non-binding indicative support from US EXIM and Export Finance Australia for potential project financing following the signing of the new US–Australia Critical Minerals and Rare Earth Framework, which underscores its strategic position in allied rare earths supply chains. Technical work progressed towards a final investment decision, including planning of the FEED program and positive metallurgical results on blending ore from the Dazzler and Wolverine deposits, while extensive drilling and soil programs identified new high-priority targets and the promising Vulcan prospect. At the same time, Northern Minerals moved to address regulatory and governance issues related to share ownership by referring potential breaches to the Foreign Investment Review Board, obtaining court approval to defer its AGM until FIRB completes its review, and disclosing receipt of a shareholder requisition to call an extraordinary general meeting, highlighting a period of both strategic momentum and heightened corporate scrutiny for stakeholders.
The most recent analyst rating on (AU:NTU) stock is a Hold with a A$0.04 price target. To see the full list of analyst forecasts on Northern Minerals Limited stock, see the AU:NTU Stock Forecast page.
Northern Minerals has reported positive exploration results from four field programs completed in the first half of FY26 across the broader Browns Range project, including three drilling campaigns totaling 50 holes and an Ultrafine fraction soil geochemical survey of 772 samples. Reverse circulation drilling from the Regional Tracks program has defined a new heavy rare earths target, the Vulcan prospect, with broad zones of HREE-dominated mineralisation intercepted in mafic andesite, supporting a revised geological interpretation of Browns Range as a volcano-sedimentary arc sequence and opening up new lithological targets. Diamond drilling at the Rockslider prospect and around the Dazzler and Ripcord areas returned anomalous and significant TREO intersections that confirm target mineralisation and validate an updated geological model that will underpin a planned Dazzler Mineral Resource estimate update in Q4 FY26, while the soil program and regional target generation work have delivered new geochemical anomalies and advanced datasets to enhance future discovery potential across the project.
The most recent analyst rating on (AU:NTU) stock is a Hold with a A$0.04 price target. To see the full list of analyst forecasts on Northern Minerals Limited stock, see the AU:NTU Stock Forecast page.
Northern Minerals has received formal notices from substantial shareholder Vastness Investment Group, which holds more than 5% of the company, requesting a general meeting to vote on a resolution to remove director Adam Handley from the board. The company notes that a similar resolution regarding Handley’s re-election is already set to be considered at its delayed 2025 AGM, which must be held by 31 March 2026 under court orders, and that the timing coincides with ongoing scrutiny by Australia’s Foreign Investment Review Board into potential breaches of earlier disposal and prohibition orders and foreign investment laws. Northern Minerals is assessing the shareholder request and has not yet been advised of any conclusion by FIRB, indicating a period of governance uncertainty that could influence board composition and foreign investment oversight for the rare earths developer.
The most recent analyst rating on (AU:NTU) stock is a Hold with a A$0.04 price target. To see the full list of analyst forecasts on Northern Minerals Limited stock, see the AU:NTU Stock Forecast page.
Northern Minerals has reported positive preliminary metallurgical results from a blending study of ore from its high-grade Dazzler deposit with material from the main Wolverine deposit at the Browns Range Heavy Rare Earths Project. Laboratory test work by Bureau Veritas Minerals shows that blended ore achieved average Total Rare Earth Oxide (TREO) recoveries of about 79%, close to the 84% recovery achieved in the Definitive Feasibility Study using Wolverine ore alone, while still meeting concentrate specification targets. The study indicates Dazzler material could be incorporated into early-stage mine operations to increase TREO concentrate output during periods of spare processing capacity as Browns Range transitions from open pit to underground mining, providing potential upside to production without altering the standalone viability of the Wolverine-based mine plan. The company has completed metallurgical variability work on Dazzler and plans to release an updated Mineral Resource Estimate for the deposit in the fourth quarter of FY26, which could further inform future blending strategies and overall project optimisation.
The most recent analyst rating on (AU:NTU) stock is a Hold with a A$0.04 price target. To see the full list of analyst forecasts on Northern Minerals Limited stock, see the AU:NTU Stock Forecast page.
Northern Minerals Limited has announced the cessation of a class of options, with one NTUAD option expiring unexercised on 31 December 2025. The expiry marginally simplifies the company’s capital structure by removing an out-of-the-money or unused security, with negligible immediate impact on its overall issued capital or on existing shareholders.
The most recent analyst rating on (AU:NTU) stock is a Buy with a A$0.05 price target. To see the full list of analyst forecasts on Northern Minerals Limited stock, see the AU:NTU Stock Forecast page.