Northern Minerals' Q4 FY24 Activities Report Highlights High-Grade Assay Results and Strategic Progress
NORTHERN MINERALS LIMITED (NTU) Share Update July 2024 Wednesday 31st
Northern Minerals Reports High-Grade Assay Results and Strategic Progress
Northern Minerals Limited (ASX: NTU) has released its Quarterly Activities Report for the period ending 30 June 2024, showcasing significant milestones, including high-grade assay results from its Wolverine deposit and strategic advancements in its Browns Range Heavy Rare Earths Project.
Instant Summary:
- Lost Time Injury Frequency Rate remains at 0.00.
- High-grade assay results from Wolverine deposit.
- Wolverine Mineral Resource Estimate update to be completed in Q3 CY2024.
- Definitive Feasibility Study (DFS) targeted for Q4 CY2024.
- Engagement of Jaru Traditional Owners for site road repair program.
- Response to a cyber security breach with strengthened protocols.
- Board and Executive changes, including new CEO and Executive Chair.
High-Grade Assay Results
The June quarter marked significant progress for Northern Minerals, particularly with the high-grade assay results from the Resource Definition Drilling Program at the Wolverine deposit. The drill intercept assay results have continued to define wide and high-grade mineralization across both strike and down plunge, which remains open at depth. This achievement paves the way for an updated Mineral Resource Estimate (MRE) targeted for Q3 CY2024, which will underpin the release of the Definitive Feasibility Study (DFS) in Q4 CY2024.
Workforce Wellbeing and Local Engagement
Northern Minerals has maintained a strong focus on the wellbeing of its workforce, including addressing site access issues caused by heavy rainfall in Q3. The company engaged Jaru Traditional Owners to assist with the site road repair program, ensuring minimal disruption to site activities. Additionally, a new Employee Assistance Provider, Lifeskills Australia, was onboarded to offer 24/7 support services to the workforce.
Cyber Security and Governance
During the quarter, Northern Minerals responded to a cyber security breach by notifying the Australian Cyber Security Centre and the Office of the Australian Information Commissioner. The company refused to pay the ransom demanded by the cyber criminals and has since strengthened its cyber security protocols. Despite the breach, there was no material impact on operations, although some personnel information was compromised.
Board and Executive Changes
The company saw significant changes in its leadership team, with Nicholas Curtis stepping down as Executive Chair and being succeeded by Adam Handley. Shane Hartwig was appointed as the new CEO and Managing Director. These changes are expected to bring fresh perspectives and drive the company towards its strategic goals.
Definitive Feasibility Study and Future Plans
Progress continued across several key workstreams central to finalizing the DFS update. The company is working with SRK Consulting to respond to technical clarifications and produce an Independent Technical Review (ITR) Report. The successful completion of the Resource Definition Drilling Program at Wolverine has produced exceptionally high-grade assay results, confirming significant high-grade xenotime mineralization.
The remaining work programs include updating Wolverine’s MRE, undertaking mine design and scheduling, and finalizing magnetic separation and flotation variability test work. Northern Minerals aims to release a summary of the final DFS in Q4 CY2024 and is targeting a Final Investment Decision in Q1 CY2025.
The high-grade assay results and strategic advancements are likely to positively impact Northern Minerals' stock, as investors gain confidence in the company's ability to progress towards production. The engagement of local communities and the focus on workforce wellbeing further strengthen the company's reputation and operational stability.
Investor Reaction:
Analysts are expected to react positively to the high-grade assay results and the clear timeline for the DFS and Final Investment Decision. The leadership changes and strengthened cyber security measures also indicate a proactive approach to governance and risk management.
Conclusion:
Investors should closely monitor Northern Minerals' progress towards the updated Mineral Resource Estimate and the release of the Definitive Feasibility Study. The company's strategic initiatives and high-grade assay results position it well for future growth. Subscribing to updates will provide investors with timely information on Northern Minerals' developments.