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Northern Minerals continues to focus on strong balance sheet during FY20

The company made its first shipment of rare earths in December 2018, which was a major milestone for the company and the Browns Range Project in the northern Tanami region.

Northern Minerals Ltd - Northern Minerals continues to focus on strong balance sheet heading into FY2020
The company’s 2020 financial year is shaping up to be an exciting period

Northern Minerals Ltd (ASX:NTU) has focused on financing for the 2018-2019 reporting period with achievements including having raised $33.5 million in equity.

In the FY2019 annual report the company highlighted various milestones for the year such as officially opening Browns Range pilot plant, continuing research and development (R&D) test work, commissioning operations as well as exploration at the high-grade Dazzler prospect.

“We will build on our knowledge”

Managing director George Bauk said the company was also developing alternative global supply chains and supplying ethically produced dysprosium.

He said: “In the coming year we will build on our knowledge of our operation and the markets with the aim of being in a much stronger position at the end of 2019-2020.

“The FY20 report period is shaping up to be an exciting year as we finalise our debottlenecking projects, install and commission the ore sorter, progress product separation test work in the US and discover and expand our mineral resources.”

Looking ahead

FY20 plans include:

  • Steady-state nameplate capacity production;
  • Beginning offtake sales to Thyssenkrupp;
  • Installing and commissioning the ore sorter;
  • Completing the product separation Scoping Study;
  • Accelerating exploration at high-grade prospects;
  • Assessing technical and economic potential of full-scale project; and
  • Ramping up training-2 work programs with the Wunan Foundation.

Quick facts: Northern Minerals Ltd

Price: 0.035 AUD

ASX:NTU
Market: ASX
Market Cap: $155.27 m
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