Browns Range HRE Project

Powering the Future George Bauk

Managing Director / CEO June 2013

ASX:NTU F

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Important Notice

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This presentation has been prepared by Northern Minerals Limited (“Northern Minerals” or the “Company”). It should not be considered as an offer or invitation to subscribe for or purchase any securities in the Company or as an inducement to make an offer or invitation with respect to those securities. No agreement to subscribe for securities in the Company will be entered into on the basis of this presentation.

This presentation contains forecasts and forward looking information. Such forecasts and information are not a guarantee of future performance, involve unknown risks and uncertainties. Actual results and developments will almost certainly differ materially from those expressed or implied. Northern Minerals has not audited or investigated the accuracy or completeness of the information, statements and opinions contained in this presentation. Accordingly, to the maximum extent permitted by applicable laws, Northern Minerals makes no representation and can give no assurance, guarantee or warranty, express or implied, as to, and take no responsibility and assume no liability for, the authenticity, validity, accuracy, suitability or completeness of, or any errors in or omission, from any information, statement or opinion contained in this presentation.

You should not act or refrain from acting in reliance on this presentation material. This overview of Northern Minerals does not purport to be all inclusive or to contain all information which its recipients may require in order to make an informed assessment of the Company’s prospects. You should conduct your own investigation and perform your own analysis in order to satisfy yourself as to the accuracy and completeness of the information, statements and opinions contained in this presentation and making any investment decision.

Information that relates to exploration results and geological interpretation has been complied by the Company and is based on information provided by Robin Wilson, an employee of Northern Minerals, who is a member of the Australasian Institute of Mining and Metallurgy. All information of this type is expressed in terms of the 2004 edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Robin Wilson has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a competent person as defined in the 2004 edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr Wilson consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

The information in this report relating to Mineral Resources was compiled by Mr John Tyrrell who is a Member of the Australasian Institute of Mining and Metallurgy. Mr Tyrrell is a full time employee of AMC and has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code). Mr Tyrrell consents to the inclusion of this information in the form and context in which it appears.

All drill results quoted in this presentation from Browns Range have been determined using a 0.15% TREO cut off and a maximum of 2m internal dilution.

TREO = Total Rare Earth Oxides – Total of La2O3, CeO2, Pr6O11, Nd2O3, Sm2O3, Eu2O3, Gd2O3, Tb4O7, Dy2O3, Ho2O3, Er2O3, Tm2O3, Yb2O3, Lu2O3, Y2O3

HREO = Heavy Rare Earth Oxides – Total of Sm2O3, Eu2O3, Gd2O3, Tb4O7, Dy2O3, Ho2O3, Er2O3, Tm2O3, Yb2O3, Lu2O3, Y2O3

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NTU 12 Month Price and Volume

Volume Period average volume Share price

High $0.36

Low $0.098

Capital Structure

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* includes 7.7M restricted shares issued under the share plan # includes 10.5M performance rights, with hurdles

ASX Code: NTU AUD

Ordinary Shares 268.9M*

Unlisted Options and Performance Rights 12.3M#

Market Capitalisation (as at 6 June 2013 @ $0.12) $32.3M

Balance Sheet Cash (30 April 2013) Debt Enterprise Value

$7.6M $4.0M $28.7M

Major Shareholders

Conglin Yue 19.9%

Lynas Corporation 5.6%

Board & Management 5.0%

CQS 4.8%

Top 40 Shareholders 62.3%

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Investment Highlights

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Funding strategy in progress

Dominance of heavy Rare Earths

Exploration potential – Browns Range

Outstanding beneficiation 25 times

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Right People in Place

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Relevant range of experience and expertise to explore, develop, commercialise and operate the Browns Range Project

Kevin Schultz - Non Executive Chairman • Mining engineer with global experience across multiple projects and commodities. • 40 years record of achievement from mineral discovery and appraisal, through to

mine development • Previously MD of Polaris Metals

George Bauk - Managing Director / CEO • More than 20 years global experience in corporate development and operations,

including WMC Resources. • Strong background in strategic/business planning, building teams and capital/debt

raising. • Former MD of Western Metals.

Board of Directors

Adrian Griffin - Non Executive Director • Significant expertise in mine management and production • Strong background in development of extraction technology – pioneer of

lateritic nickel processing • Corporate experience as MD and Chairman of listed resource Companies.

Colin McCavana - Non Executive Director • More than 35 years global management experience in the construction and

operation of resources projects. • Specific expertise in mining and mineral recovery development. • Former MD of Haddington Resources Limited, currently chairman of Reward

Minerals Ltd.

Executive Management Team Robin Wilson - Exploration Manager • Geologist, with 20 years experience in Australia and Africa • Successful exploration record across a range of commodities, including gold,

nickel, copper, uranium and REE. • Previous exploration experience with CRA, Woodside, Troy Resources,

Tanganyika Gold.

Robin Jones - Project Manager • More than 20 years experience, in Australia, Africa and Asia. • Highly experienced resource project developer, with success in taking projects

from scoping study through to production. • Previously led project development with Mega Uranium, CopperCo, Aquarius

Platinum and Impala Platinum.

Robert Sills - Marketing Manager • Experience in developing commodity opportunities with multinational

corporations including REE end users and intermediaries. • Specialised and highly sought after expertise in REE commercial market. • Previous roles with Rio Tinto, Arafura Resources and Gold Corporation.

Mark Tory - CFO / Company Secretary • More than 20 years experience in the management (operational and finance)

of mining companies both national and international. • Previous experience includes MD Crescent Gold, and various roles with Anglo

American, Homestake Gold and Deloitte. • Capital raising and debt financing experience.

On the successful completion of Rights Issue, the Conglin Group will have the right to appoint 2 Directors to strengthen the capability of the Board

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Confidence building in Rare Earths Market

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Lynas and Molycorp transitioning into production phase, adding confidence to new REO supply.

Dy and Y consumers stress additional supplies are critical for the sustainable development of their respective industries. (Southern China RE Summit).

Japan’s extreme attempts to access RE sources such as seabed mining indicates the significance of rare earths to Japan’s future prosperity.

Global Industrial production drawing down RE stocks. Auto sales up in Japan, US and Germany.

Prices appear to have bottomed as buyers begin to re-enter the market and Chinese exports increase.

Renewed industry optimism as buyers begin to return to market to replenish stocks.

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Demand for Heavy Rare Earths is real

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Wind turbines major consumers rare earths magnets (NdFeB) – Dy, Tb additives

Southern China Ionic Clays - production

?Browns Range Project - 2016?

In 2016 global wind turbine annual Dy demand forecast exceeds 1,296 tonnes REO. December 2012 Wolverine resource contains 920 tonnes Dy2O3

Hybrid vehicles largest per unit rare earths consumer, Nd, Pr, Dy, Y, Tb – 15kg per vehicle

In 2017 global electric vehicle annual Dy demand forecast is 750 tonnes REO. December 2012 Wolverine resource contains 920 tonnes Dy2O3

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Developing Economies have only just begun

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Industrialisation Urbanisation

China’s 12th 5 year plan 2011-2015

1. Environmental Protection and improvement of energy efficiency.

2. Improve standard of living for Chinese citizens – higher demand for consumer goods

3. Develop 7 priority industries to increase 2015 GDP contributions to 8%, specifically related to “new markets” including rare earths

4. GDP growth of 6-8%, more sustainable than +10% in 2000’s.

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Xenotime, a major Marketing Edge

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Mixed REO product received well by potential offtakers

Offtake agreements should facilitate better funding options at construction phase

Agreements with Australian Conglin International Investment Group will secure sales for 20% output (subject to shareholder approval)

Purity exceeding 92% TREO improves margins and reduces bulk for transport

MoU partner’s expertise in critical material supply chains helping advance Browns Range Project

Additional interest from other global RE industry participants bolsters confidence

Xenotime Mineralisation

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Browns Range Competitive Advantage

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This is NTU’s competitive advantage as we simply

upgrade our feed 25 times through beneficiation

High grade feed using conventional hydromet

process steps results in low capital costs and high grade

mixed RE oxide

0.73% TREO* and

simple mineralogy

Targeting 20% TREO and

delivered in test work

>92% TREO achieved

in early test work

* Wolverine JORC compliant resource grade

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Conventional Process Components

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Focussing on Optimising Flowsheet

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Wet High Gradient Magnetic Separator

Mini-pilot plant rougher flotation

• Hydromet plant location study completed

o Browns Range site selected

• Commenced beneficiation optimisation testwork on two routes:

o WHGMS rougher/scavenger followed by cleaner flotation: produced 20% TREO concentrate with overall circuit recovery of 82%

o Whole of ore flotation: single rougher flotation produced 19% TREO concentrate with recovery of 79%

• Mini-pilot plant to treat 1 tonne of ore completed ~18kg of mineral concentrate

• Hydromet test work completed in January 2013 by Nagrom and ALS confirmed the ability to produce a high purity mixed Rare Earth oxide:

o Extraction efficiency for acid bake and water leach exceeded 85%

o Precipitation efficiency of the oxalate precipitation exceeded 99%

o Final calcined product purity exceeded the target of 92% TREO in mixed Rare Earth oxide

• Hydromet optimisation test work underway with acid bake, water leach and precipitation steps completed

• Test work commenced on six resins for the ion exchange (IX) step

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Licence to Operate

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• Implementation of the stakeholder engagement plan with stage 1 community forums held in Halls Creek, Ringer Soak and Wyndham in May 2013

• Employing local people from Ringer Soak and Halls Creek

• Cultural Awareness Training workshop held on site in April 2013

• Commenced agreement discussions with the Jaru Native Title claimant group

• Environmental approval process commenced with submission of the project Referral to the EPA

• EPA has set the level of assessment as Assessment on Proponent Information (API) in May 2013

• Further baseline environmental surveys completed including: subterranean and invertebrate fauna, flora and vegetation, background radiation in April and May 2013

• Scoping Study based on the Wolverine resource well advanced, due after JORC resource update

Cultural Awareness Training – Smoking Ceremony

Wolverine Prospect

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Browns Range Dome

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• Northern Minerals 100% ownership and marketing rights (excluding Toro JV tenements where NTU earning up to 80%)

• The dome is a major geological feature covering 1,500km2 (60km x 30km) –HRE mineralised faults/breccias probably developed during late stages of doming

• Significant new HRE discoveries by Northern Minerals in 2009 – 2012 (Wolverine, Gambit, Gambit West)

• Exploration to date has focussed on WA side (12% of the Browns Range Dome is in WA)

• Significant potential for further discoveries

• NT on ground work to commence in 2013 For

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2013 Targeting 200% increase in Resource

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* The potential quantity of TREO targeted at the Wolverine, Gambit Central, Gambit West and Area 5 Prospects is based on existing drill results from 2011 and 2012, but is still conceptual in nature. There has been insufficient exploration at Gambit Central, Gambit West and Area 5 to define a Mineral Resource and it is uncertain if further exploration will result in the determination of a Mineral Resource at these prospects.

Prospect/Deposit

Current resource (t TREO)

2013 activities

Wolverine 10,500 On-going RC and diamond drilling in June and July –

resource upgrade in Oct 2013

Gambit West

Planned to be

released in

October 2013

Mineralisation outlined over 200m strike length and down to 150m vertical. Further RC and diamond drilling

planned in June/July – initial resource planned for Oct 2013

Gambit Central Several high grade pods of mineralisation identified. Further diamond drilling planned – initial resource

planned for Oct 2013

Area 5

Widespread mineralisation intersected in 2011 & 2012 drilling. On-going RC and diamond drilling planned in

June/July – initial resource planned for Oct 2013

Target 22,000 – 29,000* Resource upgrade to include all drilling up to July 2013,

whilst remaining 2013 drilling will be included in Jan 2014 resource upgrade F

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2013 Drilling Results

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Drilling at Gambit West confirms a high grade zone of mineralisation at shallow depth and depth extensions

Drilling at Wolverine

Tray of Diamond Core from Wolverine Drilling, May 2013

Interval (m)

TREO %

Dy2O3

ppm Y2O3

ppm

40 2.26 1,978 13,509

34 1.39 1,216 7,967

10 Inc. 2

7.83 31.64

7,333 29,714

50,186 203,745

7 Inc. 3

6.08 13.67

5,619 12,791

38,318 87,153

Visual and portable XRF measurements from Wolverine diamond drilling indicate further extensions to mineralisation at depths below 150m, and down to 300m. Assay results pending

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Wolverine Resource

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Average U3O8 of 26ppm and average ThO2 of 28ppm

1 Rounding may cause some computational discrepancies

Extensions below 150m

• 2013 exploration program targeting extension of existing resource below 150m and down to 350m

• Drilling completed in May has intersected HRE mineralisation (yttrium as measured by portable XRF) outside of current resource model

• Visible xenotime identified in first 6 diamond drill holes of 2013 drilling program

Deeper target below 350m

• Additional drilling to target higher grade central zone of the deposit below 350m

Category Mt TREO %

Dy2O2

ppm Y2O2

ppm HREO

% TREO

Tonnes

Indicated 0.90 0.82 728 4,739 89 7,400

Interred 0.54 0.57 495 3,185 81 3,100

Total1 1.44 0.73 640 4,153 84 10,500

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John Galt HRE Project

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• Rock chip samples up to 42% TREO with approximately 95% Heavy REO

• Preliminary metallurgical tests indicate excellent recovery rates (>90%) with potential for concentrate grades >40%

• High grade mineralisation in talus (scree) material – hard-rock source of scree is the primary target

• Initial drill program finalised with funding from WA Government approved ($150,000) proposed to commence in 2013 F

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Pathway to Production

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JORC Resource Drilling

Mining Lease & Land Access

Primary Environmental Assessment (EPA)

Secondary Approvals (DMP, DEC, DoW etc)

Metallurgy Test work

Scoping Study

Pre-feasibility Study

Feasibility Study

Off-take Agreements

Funding & Decision to Proceed

Engineering Design & Long Lead Procurement

Construction

Commissioning/Production

2013 2014 2015 2016

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Funding Through to Decision to Invest

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Total $51.7M

Application of Funds

1. Geological/Exploration – Browns Range

2. Engineering/Infrastructure/Mining Studies

3. Mineral Processing and Metallurgy

4. Environmental and Community

5. Capital Expenditure

6. Corporate

7. Market Summary

8. John Galt

2013 and 2014

$14.0M

$12.2M

$9.7M

$4.0M

$2.5M

$7.1M

$0.7M

$1.5M

AUD

* Subject to JV partner and shareholder approval # Excluding transaction costs

Total $56.7M

Source of Funds

$3.8M

$26.6M

$26.0M

$2.0M

AUD

<$1.7M>

2013 and 2014

1. Placement – 18.8M shares

2. Rights Issue#

3. Sale of Browns Range 16%*

• 30 Oct 13 $5M • 31 Dec 13 $5M • 31 Mar 14 $5M • 30 Jun 14 $5M • 30 Sept 14 $3M • 30 Oct 14 $3M

4. Sale of Gold Assets*

5. Transaction Cost

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Funding Update

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$58M#

Underwriting of Rights

Rights Issue Complete

Sale of Browns Range* - 16% sale agreement - 20% offtake agreement - Joint Venture agreement

Sale of Gold Assets*

$26M^

28 June 2013

15 July 2013

TBC

TBC

$28M^

* Subject to JV partner approval # Excluding transaction costs ^ Subject to shareholder approval

On the successful completion of Rights Issue, the Conglin Group will have the right to appoint 2 Directors to strengthen the capability of the Board

Rights Issue of: • 133.2M shares @ 20c • 66.6M options exercise

price 30c expiry 31 March 2015

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Delivering on promises made

Focussed on our HRE strategy

• Initial JORC resource at Wolverine • MoU signed for offtake • HRE Oxide >92% purity produced, expanding scope

• Drilling confirms HRE at Wolverine, Gambit and Area 5 • Flowsheet developed, low capital costs • Pathway to production schedule developed

• Identified HRE mineralisation at Browns Range • Acquisitions included John Galt and Browns Range NT • Completed first metallurgical test on xenotime

• Funding strategy being finalised • Target to increase resource by 200% • Advance Pre-Feasibility Study • Offtake partners for >80% product

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Second Half 2013 – Key Events

Drilling Results Ongoing General Meeting and Rights Issue June/July Results from mini pilot plant July Bulk sample collection August Stage 1 continuous hydromet September Updated JORC resource October Larger beneficiation pilot plant October

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The next source of HRE

• Funding plan established, awaiting shareholder approval

• JORC resource growing, update due in October 2013

• Project development progressing, environmental assessment complete

• Mixed RE oxide flowsheet being optimised, high purity product confirmed

• Xenotime and host rock, delivering 25 times upgrade in mineral concentrate – low capital cost

• Plan on track for production in 2016

Based on Wolverine JORC compliant resource estimate For

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APPENDICES

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Appendix A - Pipeline of Prospects

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Current Resource 10,500t TREO

Further exploration to define additional drill targets for resource expansion

Targeting total resource of 22,000 - 29,000t TREO *

Conceptual Targets

Geochemical or Geophysical Drill Targets

Significant Drilling Intersections

Resources

Reserves

Production

Browns Range Dome

Gambit West

Area 5

Area 5 North

Wolverine East

Sabretooth

Wolverine West

Wolverine North

Rogue Nightcrawler

Mystique Banshee

Gambit Cyclops

Wolverine Current Resource 10,500t TREO

* The potential quantity of TREO targeted at the Wolverine, Gambit Central, Gambit West and Area 5 Prospects is based on existing drill results from 2011 and 2012, but is still conceptual in nature. There has been insufficient exploration at Gambit Central, Gambit West and Area 5 to define a Mineral Resource and it is uncertain if further exploration will result in the determination of a Mineral Resource at these prospects.

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Appendix B - Beneficiation Results

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Appendix C - Hydrometallurgy Results

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Appendix D - Seven Priority Industries

29 Source: KPMG China 12th 5 Year Plan Overview 2011

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Appendix E – Competitor Comparison

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Note: Values represent $US/kg based on the Metal Pages China FOB price as of June 7 2013. In-situ values are for comparison purposes only and make no assumption with respect to grade or recovery. LRE: La2O3, CeO2, Pr6O11, Nd2O3

HRE: Sm2O3, Eu2O3, Gd2O3, Tb4O7, Dy2O3, Ho2O3, Er2O3, Tm2O3, Yb2O3, Lu2O3, Y2O3

LRE v HRE Comparative Percentage Distribution LRE v HRE in-situ value

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