Company
ASX:NTU
Northern Minerals Ltd (ASX:NTU) is positioned to become one of the few producers of heavy rare earth element dysprosium via production from the Browns Range Heavy Rare Earth Project in Western Australia. Through the development of the flagship project, Northern Minerals aims to build the operation into a significant world producer of dysprosium outside of China. The project is 100%-owned by Northern Minerals and has several deposits and prospects containing high-value dysprosium and other heavy rare earths, hosted in xenotime mineralisation.
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Rare earths & specialist minerals
With the settlement and payment of claims with the ATO being finalised, Northern Minerals is now in a strengthened position to move forward with the Pilot Plant testing at Browns Range.
Rare earths & specialist minerals
R&D test-work recommenced in August, with the partial restart of operations following a five-month disruption due to Commonwealth biosecurity measures in response to COVID-19.
Rare earths & specialist minerals
A net refund of $9,921,638 is payable by the Australian Taxation Office (ATO) to the company on or about September 18 2020.
Rare earths & specialist minerals
Acting executive chairman Colin McCavana will revert to his former role of non-executive chairman after a period care-taking the company's executive function.
Rare earths & specialist minerals
A further 100 million shares have been acquired for 2 cents per share.
Rare earths & specialist minerals
NTU has commenced planning and logistics to support the restart of operations at its Browns Range Heavy Rare Earths Pilot Plant Project in WA.
Rare earths & specialist minerals
Exploration activity across the Browns Range tenement package will also be ramped-up, with a budget of $4.5-$5 million.
Rare earths & specialist minerals
The heavy rare earths developer's indicative debt position as at June 15, 2020, is around $19.2 million.
Rare earths & specialist minerals
The company’s Browns Range Project is set to become a significant world producer of dysprosium outside of China.
Rare earths & specialist minerals
The company is the only producer of heavy rare earth element dysprosium outside of China through production from the Browns Range Heavy Rare Earth Project.
Rare earths & specialist minerals
Funds raised will be used to repay convertible notes and continuing development of the company’s projects.
Earlier this week, NTU entered into subscription agreements with various sophisticated investors to raise $22 million under a private placement of 1.1 billion shares.
Rare earths & specialist minerals
Northern Minerals is well-placed to serve needs in the rare earth elements market with its Browns Range project.
Rare earths & specialist minerals
The balance of subscription shares will be used to raise funds in cash for the continued development of the company’s projects and operation of the business.
Rare earths & specialist minerals
The Dazzler deposit is now the second-largest resource at the Browns Range Project behind the Wolverine deposit.
Prior to this decision being made, the company transported a further 27 tonnes of heavy rare earth carbonate to Darwin for export and sale, with all material produced since commencement now sold or ready to be sold.
Rare earths & specialist minerals
The company aims to develop the Browns Range project into the first significant world producer of dysprosium outside of China.
Rare earths & specialist minerals
Best results include 15 metres at 2.72% total rare earth oxides and 34 metres at 1.55% with a mineral resource update underway.
Rare earths & specialist minerals
The company is developing its flagship Browns Range Rare Earths Project in northern Western Australia.
Rare earths & specialist minerals
Managing director and CEO George Bauk: “We are pleased but not surprised by the AusIndustry review findings.”
