Northern Minerals Raises AUD 43 Million for Browns Range Rare Earths Project

According to foreign media reports, on Monday, September 16th, Northern Minerals announced the successful raising of AUD 43 million to advance its Browns Range rare earths project in Western Australia. The company raised funds through a two-tranche placement of shares to both new and existing investors, complemented by a share purchase plan raising an additional AUD 5 million. The proceeds will be used to complete the definitive feasibility study, project development, exploration drilling, and operational funding requirements.

Located in the East Kimberley region, the project is rich in heavy rare earth elements such as dysprosium and terbium. The flagship deposit, Wolverine, is considered Australia's highest-grade dysprosium and terbium orebody. The definitive feasibility study is expected to be completed in the first quarter of 2025, with a target final investment decision set for mid-next year.

Source: Shanghai Metals Market, China Rare Earths Network