Initial HRE Resource at Browns Range

December 2012

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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

Important Notice

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Maiden JORC compliant resource at Wolverine;

1.44m tonnes @ 0.73% TREO totalling 10,500 tonnes TREO

includes 0.9m tonnes @ 0.82% TREO Indicated

84% HREO content – with dominance of dysprosium and yttrium

Wolverine maiden resource delivered 17 months from initial drill hole at Wolverine

2013 exploration program to expand global resource targeting an additional 10,000 to 20,000 tonnes TREO. Priorities include:

• Wolverine extension down to 350m depth

• Wolverine beyond 350m

• Gambit Central

• Gambit West

• Area 5

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.

Wolverine JORC Compliant Resource

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Browns Range Dome

• A potential new HRE province

• Drilling commenced in July 2011 - first resource released within 18 months

• 10 targets drilled to date - 8 have produced significant mineralisation

• 10% of the WA tenements (450km2) systematically soil sampled with a number of targets generated and yet to be followed up

• NT portion of the Browns Range Dome (1,600km2) untested

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Pipeline of Prospects

Conceptual Targets

Geochemical or Geophysical Drill Targets

Significant Drilling Intersections

Resources

Reserves

Production

Browns Range Dome

Wolverine

Gambit

Area 5

Area 5 North

Wolverine East

Sabretooth

Wolverine West

Wolverine North

Rogue Nightcrawler

Mystique Banshee

Gambit West Cyclops

Wolverine December 2012

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Wolverine Resource

Average U3O8 of 26ppm and average ThO2 of 28ppm

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

Category Mt TREO %

Dy2O3 ppm

Y2O3 ppm

HREO %

TREO Tonnes

Indicated 0.90 0.82 728 4,739 89 7,400

Inferred 0.54 0.57 495 3,185 81 3,100

Total1 1.44 0.73 640 4,153 84 10,500

1 Rounding may cause some computational discrepancies

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Wolverine Resource – Plan View

• Mineralisation over 250m strike length

• Resource widths up to 25m

• Majority of resource drilling currently limited to 150m

• Well defined high grade (>1% TREO) central zone continues at depth

• Deepest drilling intersected >1% TREO down to 240m vertical depth

Approximately 50m below surface

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Wolverine Resource – Cross Section

• Majority of the indicated resource is less than 150m from surface – with significant potential upside with further drilling below 150m

• Resource amenable to open cut followed by underground mining methods due to steeply dipping geometry

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Wolverine Resource Extension

Extensions below 150m

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

Deeper target to 350m

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

• Assist with the planning for potential underground resources

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Gambit Central

• 2011/12 drilling has identified a number of zones that demonstrate potential for low tonnage high grade mineralisation

• High grade zones of mineralisation to be assessed in 2013 for resource estimates

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Gambit West

• 2012 drilling indicates excellent widths, grades and continuity of mineralisation

• 2013 drilling to target the extension of Gambit West along strike and at depth

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Browns Range – Area 5

• 2012 Drilling has extended area of mineralisation

• Results have indicated mineralisation over downhole widths of up to 19m including high-grade mineralisation up to 8.5% TREO over 3m

• Data compilation and interpretation on-going leading to further drilling and resource estimate in 2013

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Simplified Process Flowsheet

Ore

Min

era

l C

on

cen

trate

30%

TR

EO

Mix

ed

Ch

em

ical C

on

cen

tra

te

Targ

et

>92%

TR

EO

Rare Earth Upstream and Mid Stream Supply Chain and Process

BENEFICIATION MINING HYDROMETALLURGY

Crushing

Grinding

Magnetic Separation

Flotation

Sulphation Bake

Water Leach

Purification

Calcination

Open Pit

TREO in Mineral

Concentrate

TREO in Mixed

Chemical Oxide

Concentrate

HRE rich

Xenotime

Mineralisation

Browns Range HRE Project – Simplified Process Flowsheet

Oxalate Precipitation

NOTE : The conceptual simplified process flowsheet has been developed by Tenova Bateman

following ongoing metallurgical test work and studies.

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Metallurgical Flowsheet Development

Stage 1 - Flotation & Magnetic Separation

Confirm and optimise flowsheet on Wolverine PQ core samples Underway

Variability test other prospects against base flowsheet

Produce bulk sample for Stage 1 Hydrometallurgical test work

Stage 2 – Production of bulk mineral concentrate for Hydrometallurgical Stage 2 pilot plant

Stage 1 – Lab Scale ~100 - 200kg Mineral Concentrate

Phase 1 – Confirmation Completed awaiting results

Phase 2 – Optimisation Underway

Phase 3 – Run optimised flowsheet

Phase 4 - Run Mini Pilot 10 x scale up

Batch or Pilot Plant

Stage 2 – Pilot Plant ~1,250 – 2,000kg Mineral Concentrate

Beneficiation Process

Hydrometallurgical Process

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Rare Earths Market and Off-take

Sustained Demand, Limited Supply • MOU signed with significant

global mining and minerals processor demonstrates confidence in Browns Range project

• Superior pricing for HRE products reflects the higher value and robustness of project

• Additional interest from other RE consumers confirms sustainable demand for Northern’s proposed products

• Prices remain firm for HRE – particularly dysprosium and yttrium – with limited new supplies

Source: Metal Pages China FOB REO prices

NOTE: These values have been calculated on Metal Pages China FOB fully separated oxide prices and published in-situ rare earths distribution values. The chart does not imply fully rare earths recovery and its purpose is primarily for comparison between rare earths projects.

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In Summary

• Resource - Maiden JORC resource delivered at Wolverine

• High grade – Dominated by high value dysprosium and yttrium

• Exploration upside - 2013 exploration to target increase in global resource from pipeline of prospects

• Off-take - MOU signed with significant global supplier for portion of production

• Metallurgy – Encouraging results to date – further work to assess production of high value mixed chemical concentrate

• Pathway to production – Complete Scoping Study end of Q1 2013 and commence pre-feasibility study with target completion Q4 2013

Based on Wolverine JORC compliant resource estimate