The company has also committed to a bonus listed option issue for shareholders, and this initiative should occur in February.
This follows a $9.84 million equity and debt raising conducted in December.
Capital raising supports operational initiatives at Browns Range
Northern Minerals has commenced a program consisting of four initiatives aimed at increasing the economic potential of the project.
The company is targeting an increase in the exploration budget aimed at extending the life of the potential large-scale project from 11 years to more than 20 years.
Northern Minerals is investigating downstream processing options focused on increasing the suite and value of revenue products.
Management expects to benefit from the optimisation of mining and processing procedures.
The company is also open to new acquisitions in the rare earth sector.