0139 GMT - Northern Minerals' stock is too hot for Ord Minnett, which downgrades its recommendation to hold from speculative buy. Northern Minerals' valuation is up 90% in 2025 so far. But a definitive feasibility study into the Browns Range rare earths project in Australia wasn't as strong as Ord Minnett had hoped. In its base case, Northern Minerals forecasts a net present value of A$74 million after tax. That looks "soft relative to its market cap of A$326 million," analyst Matthew Hope says. The study suggests a payback of seven years from first production, with mining forecast to last 11 years. Ord Minnett says additional resources are needed. "These look likely given the Wolverine deposit remains open at depth, there are known satellite deposits, and Northern Minerals' tenement package is vast and largely unexplored," it says. (david.winning@wsj.com; @dwinningWSJ)

(END) Dow Jones Newswires

September 17, 2025 21:39 ET (01:39 GMT)

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