NORTH077 Annual Report 2020 V5.2 DIGITAL

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100 NORTHERN MINERALS _ ANNUAL REPORT 2021 NORTHERN MINERALS LIMITED NOTES TO THE FINANCIAL STATEMENTS 23 New Accounting Standards and Interpretations (continued) The Company has decided not to early adopt any of the new and amended pronouncements. Of the above new and amended Standards and Interpretations the Company's assessment of those new and amended pronouncements that are relevant to the Company but applicable in future reporting periods is set out below. The Group has not yet determined the impact of these pronouncements on its financial statements. AASB 2021-2 Amendments to Australian Accounting Standards – Disclosure of Accounting Policies and Definition of Accounting Estimates This Standard amends: (a) AASB 7, to clarify that information about measurement bases for financial instruments is expected to be material to an entity’s financial statements; (b) AASB 101, to require entities to disclose their material accounting policy information rather than their significant accounting policies; (c) AASB 108, to clarify how entities should distinguish changes in accounting policies and changes in accounting estimates; (d) AASB 134, to identify material accounting policy information as a component of a complete set of financial statements; and (e) AASB Practice Statement 2 , to provide guidance on how to apply the concept of materiality to accounting policy disclosures. AASB 2021-25 Amendments to Australian Accounting Standards – Deferred Tax related to Assets and Liabilities arising from a Single Transaction The amendment narrowed the scope of the recognition exemption in paragraphs 15 and 24 of AASB 112 (recognition exemption) so that it no longer applies to transactions that, on initial recognition, give rise to equal taxable and deductible temporary differences. The amendment applies to transactions that occur on or after the beginning of the earliest comparative period presented. AASB 2020-3 Annual Improvements to IFRS Standards 2018–2020 and Other Amendments This Standard amends: (a) the application of AASB 1 by a subsidiary that becomes a first-time adopter after its parent in relation to the measurement of cumulative translation differences; (b) AASB 3 to update references to the Conceptual Framework for Financial Reporting; (c) AASB 9 to clarify when the terms of a new or modified financial liability are substantially different from the terms of the original financial liability; (d) AASB 116 to require an entity to recognise the sales proceeds from selling items produced while preparing property, plant and equipment for its intended use and the related cost in profit or loss, instead of deducting the amounts received from the cost of the asset; (e) AASB 137 to specify the costs that an entity includes when assessing whether a contract will be loss-making; and (f) AASB 141 to align the fair value measurement requirements in AASB 141 with those in other Australian Accounting Standards. AASB 2020-1 Amendments to Australian Accounting Standards – Classification of Liabilities as Current or Non- Current Amends AASB 101 to clarify that liabilities are classified as either current or non-current, depending on the rights that exist at the end of the reporting period. Classification is unaffected by the expectations of the entity or events after the reporting date (for example, the receipt of a waiver, a breach of covenant, or settlement of the liability). The mandatory application date of the amendment has been deferred by 12 months to 1 January 2023. 68
101 NORTHERN MINERALS LIMITED NOTES TO THE FINANCIAL STATEMENTS 23 New Accounting Standards and Interpretations (continued) Management is currently assessing the effects of applying the new standards on the Group’s financial statements. The Group will make more detailed assessments over the next 12 months. 69 NORTHERN MINERALS _ ANNUAL REPORT 2021
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2021 ANNUAL REPORT
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1 Chairman’s Report NORTHERN MINE
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3 CEO’S Report NORTHERN MINERALS
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5 Ore Sorter: The ore sorting syste
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7 ENVIROMMENT, SOCIAL & GOVERNANCE
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9 field team to conduct pre-clearan
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11 Executive Team Our executive tea
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13 COO Report NORTHERN MINERALS _ A
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15 Commissioned: The ore sorter cir
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17 rare earths into groups of produ
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19 EXPLORATION & GEOLOGY REPORT The
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21 The high-grade mineralisation oc
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23 Figure 5: Banshee Prospect Drill
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25 Browns Range Northern Territory
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27 Ore Reserve and Mineral Resource
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29 Mineral Resource The Mineral Res
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31 Comparison with previous years O
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33 NORTHERN MINERALS LIMITED DIRECT
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45 4. Service agreements NORTHERN M
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Page 51 and 52: 49 NORTHERN MINERALS LIMITED DIRECT
Page 57 and 58: 55 NORTHERN MINERALS LIMITED CONSOL
Page 59 and 60: 57 NORTHERN MINERALS LIMITED CONSOL
Page 61 and 62: 59 2. Basis of Preparation (continu
Page 63 and 64: 61 NORTHERN MINERALS LIMITED NOTES
Page 65 and 66: 63 7. Income Tax Expense NORTHERN M
Page 75 and 76: 73 9. Financial Risk Management (co
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Page 87 and 88: 85 11. Equity (continued) (i) Ordin
Page 95 and 96: 93 17. Share-based Payments (contin
Page 99 and 100: 97 19. Earnings per share NORTHERN
Page 101: 99 21. Segment Information NORTHERN
Page 105 and 106: 103 Auditor’s independence declar
Page 107 and 108: 105 Key audit matter How our audit
Page 109 and 110: 107 From the matters communicated w
Page 111 and 112: 109 Project Location Tenement ID St
Page 113 and 114: 111 b) Twenty largest shareholders
Page 115 and 116: 113 CORPORATE DIRECTORY Northern Mi
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NORTH077 Annual Report 2020 V5.2 DIGITAL

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