Argonaut acted as Lead Manager in a $22 million placement by Northern Minerals Limited in 2020 to continue developing the Browns Range Heavy Rare Earth Processing Plant and advancing nearby explorations. Part of the capital raised was also used to repay debt as well as for general working capital. Earlier transactions between Argonaut and Northern Minerals Limited included Argonaut acting as Financial Advisor to Northern Minerals Limited to successfully provide approximately A$61 million of structured financing for the Browns Range Pilot Plant.

Northern Minerals Limited (ASX:NTU) holds a large landholding in Western Australia and the Northern Territory where they develop ethically produced Rare Earth Metals and separated products from the world’s largest Heavy Rare Earth Element inventory. Northern Minerals Limited built a pilot plant in Browns Range to test deposits and prospects that contain high-value dysprosium and other Heavy Rare Earths hosted in xenotime mineralisation. These rare elements are essential in the production of magnets used in clean energy and high technology solutions.