NTU - Quarterly Reports

John · May 5, 2025

Northern Minerals (ASX: NTU) just lodged its March 2025 quarterly with some key takeaways for investors keeping an eye on heavy rare earths:

$29.5 million in cash at 31 March 2025
Quarterly burn rate: ~$5.8 million
Estimated cash runway: ~5 quarters (i.e. until mid-2026)
No unused debt facilities. The existing $15M convertible note from Iluka is fully drawn.

The Feasibility Study is fully funded and on track for release by June 30, 2025.

Total raised from equity in FY25 YTD: $45.4M, mostly from the two-tranche placement finalised this quarter
Zero debt repayments due in short term, but discussions are ongoing with Iluka to extend convertible note terms.
According to this quarterly....the Iluka divestment (forced sale of ~10% stake by Treasurer) has now been completed. See my previous post...this is a joke and a deal breaker for me to invest.
Operating cost breakdown this quarter:
- Exploration & Evaluation: $1.89M
- Development: $2.33M
- Staff + Admin: ~$1.93M combined

Delivery of the Feasibility Study by June 30 – this is critical to unlocking debt funding from NAIF and EFA.
Any updates on Iluka note renegotiation.
Potential uplift in valuation as global heavy rare earth tensions (Dy/Tb) escalate due to China's export controls
And those pesky Chinese investors that wont exit stage left....

Anyone got any more insights that i missed?
Anyone invested in NTU?