Toro JV Project Browns Range Annual Report for the period 16 February 2014 to 15 February 2015 EL 26270, EL 26271 and EL 26286

Abstract

The Toro JV (Browns Range) project incorporates tenements EL 26270, EL 26271 and EL 26286. The three tenements were granted to Toro Energy Limited on the 16 February 2012. On the 23 April 2012, Northern Minerals announced to the ASX that it had entered into a joint venture agreement with Toro Energy Limited, whereby it can earn up to an 80% stake for the non-uranium rights. The agreement was not however formally signed off until the 8 February 2013, after which Northern Minerals was appointed project manager. Northern Minerals is currently exploring the project as part of a wider exploration program covering contiguous tenements in Western Australia and the Northern Territory over the greater part of the Browns Range Dome. The targeted commodity is Heavy Rare Earths associated with xenotime mineralization, similar to that discovered at the Wolverine prospect on the Western Australian side of the Browns Range Dome. During the reporting period, an Aboriginal heritage survey was completed providing permission for mapping, rock-chipping, soil sampling and drilling on tenement EL 26270. This tenement was selected to test the effectiveness of a regional stream sediment program. Other exploration work completed included ground and/or elicopter-supported reconnaissance was over EL 26286 and EL 26270 during which several rock chips were taken. A soil sampling program was also completed on EL 26286.