*Note to U.S. investors: Northern Minerals trades on the OTC market under the ticker symbol (OTC:NOURF). Beware there is almost no liquidity in this stock and that investors should transact in this stock on the Australian Stock Exchange (ASX: NTU). Also note that it is called “Northern Uranium” on some finance platforms, as this used to be the name of the company before REEs were in vogue. Overview: The Northern Minerals Short Thesis Northern Minerals is in serious trouble. We think its stock can fall far, and that it can fall fast. There are 4 reasons for this: It is a non-producing resource company with debt. There is a massive stock overhang that is largely insensitive to share price. Its Browns Range Project is uneconomical at today’s REE-prices. It is the most valuable REE-company not in production in spite of all of its problems. 1: A glance at its balance
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