NORTH077 Annual Report 2020 V5.2 DIGITAL

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42 NORTHERN MINERALS _ ANNUAL REPORT 2021 NORTHERN MINERALS LIMITED DIRECTORS’ REPORT FOR THE YEAR ENDED 30 JUNE 2021 The following ordinary shares were issued after the year ended 30 June 2021 on the exercise of performance rights issued as remuneration to the Directors, key management personnel and employees of the Company (no amounts are unpaid on any of the shares): Date performance rights Exercise price of shares Number of shares issued were granted (cents) 30 November 2016 Nil Nil 21 May 2019 Nil Nil INDEMNIFICATION AND INSURANCE OF DIRECTORS The Company has entered into an Access, Indemnity and Insurance Deed with the Directors to indemnify them to the maximum extent permitted by law against liabilities and legal expenses incurred in, or arising out of, the conduct of the business of the Company or the discharge of their duties as Directors. Also, pursuant to the Deed, the Company has paid premiums to insure the directors against liabilities incurred in the conduct of the business of the Company and has provided the right of access to Company records. In accordance with common commercial practice, the insurance policy prohibits disclosure of the amount of the premium and the nature of the liability insured against. The amount of the premium is included as part of the directors’ remuneration in the Remuneration Report. PROCEEDINGS ON BEHALF OF COMPANY No person has applied for leave of Court to bring proceedings on behalf of the Company or intervene in any proceedings to which the Company is a party for the purpose of taking responsibility on behalf of the Company for all or any part of those proceedings. The Company was not a party to any such proceedings during the year. 10
43 NORTHERN MINERALS LIMITED DIRECTORS’ REPORT FOR THE YEAR ENDED 30 JUNE 2021 REMUNERATION REPORT (Audited) This Remuneration Report for the year ended 30 June 2021 outlines the remuneration arrangements of the Company in accordance with the requirements of the Corporations Act 2001 and its Regulations. This information has been audited as required by section 308(3C) of the Act. This Remuneration Report details the remuneration arrangements for key management personnel (“KMP”) who are defined as those persons having authority and responsibility for planning, directing and controlling the major activities of the Company, directly or indirectly. Northern Minerals Limited (the Company) received more than 75% of the votes in favour of the Remuneration Report for the 2020 financial year. Details of directors and key management personnel Non-executive and Executive directors of Northern Minerals Limited during the year were: • Colin McCavana (Non-executive Chairman – took on the role of Executive Chairman from 5 June 2020 until 29 July 2020) • Ming Lu (Non-executive Director) • Bin Cai (Non-executive Director – ceased as Alternate Director on 22 July 2021 and was appointed as Non-executive Director on 27 July 2021) • Liangbing Yu (Non-executive Director) – appointed 24 November 2020 • Adrian Griffin (Non-executive Director) – resigned 24 November 2020 • Yanchun Wang (Non-executive Director) – ceased 22 July 2021 Other key management personnel during the year were: • Mark Tory (Chief Executive Officer and Company Secretary) – appointed Chief Executive Officer on 29 July 2020. Resigned as Company Secretary on 27 July 2021 • Robin Jones (Chief Operating Officer) • Simon Pooley (General Manager Geology) – appointed 6 April 2021 • Robin Wilson (Geology and Exploration Manager) – resigned 15 April 2021 After the reporting date, on 27 July 2021 Belinda Pearce was appointed as Company Secretary. Other than indicated above, there were no changes to KMP after the reporting date and before the date the financial report was authorised for issue. 1. Remuneration Policy The Remuneration Committee of the Board of Directors is responsible for determining and reviewing compensation arrangements for the Directors and executives. The Remuneration Committee assesses the appropriateness of the nature and amount of remuneration on a periodic basis by reference to relevant employment market conditions with the overall objective of ensuring maximum stakeholder benefit from the retention of a high-quality board and executive team. Remuneration levels for Directors and executives are competitively set to attract the most qualified and experienced candidates, taking into account prevailing market conditions and individual's experience and qualifications. 11 NORTHERN MINERALS _ ANNUAL REPORT 2021
Page 1 and 2: 2021 ANNUAL REPORT
Page 3 and 4: 1 Chairman’s Report NORTHERN MINE
Page 5 and 6: 3 CEO’S Report NORTHERN MINERALS
Page 7 and 8: 5 Ore Sorter: The ore sorting syste
Page 9 and 10: 7 ENVIROMMENT, SOCIAL & GOVERNANCE
Page 11 and 12: 9 field team to conduct pre-clearan
Page 13 and 14: 11 Executive Team Our executive tea
Page 15 and 16: 13 COO Report NORTHERN MINERALS _ A
Page 17 and 18: 15 Commissioned: The ore sorter cir
Page 19 and 20: 17 rare earths into groups of produ
Page 21 and 22: 19 EXPLORATION & GEOLOGY REPORT The
Page 23 and 24: 21 The high-grade mineralisation oc
Page 25 and 26: 23 Figure 5: Banshee Prospect Drill
Page 27 and 28: 25 Browns Range Northern Territory
Page 29 and 30: 27 Ore Reserve and Mineral Resource
Page 31 and 32: 29 Mineral Resource The Mineral Res
Page 33 and 34: 31 Comparison with previous years O
Page 35 and 36: 33 NORTHERN MINERALS LIMITED DIRECT
Page 43: 41 NORTHERN MINERALS LIMITED DIRECT
Page 47 and 48: 45 4. Service agreements NORTHERN M
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
Page 79 and 80: 77 9. Financial Risk Management (co
Page 87 and 88: 85 11. Equity (continued) (i) Ordin
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93 17. Share-based Payments (contin
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95 NORTHERN MINERALS LIMITED NOTES
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97 19. Earnings per share NORTHERN
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99 21. Segment Information NORTHERN
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101 NORTHERN MINERALS LIMITED NOTES
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103 Auditor’s independence declar
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105 Key audit matter How our audit
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107 From the matters communicated w
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109 Project Location Tenement ID St
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111 b) Twenty largest shareholders
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113 CORPORATE DIRECTORY Northern Mi
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NORTH077 Annual Report 2020 V5.2 DIGITAL

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