Live News • Jun 17
Arafura Rare Earths Stock Advances Nolans Mine With 80% Offtake Secured for 2029 Production Arafura Rare Earths plans to begin construction in September on its Nolans mine, which is intended to be Australia’s first vertically integrated rare earths complex from ore to oxide.
The company has secured a mix of equity and debt financing, along with offtake contracts covering 80% of its planned production.
Nolans is targeting production from 2029, focused on neodymium-praseodymium oxide and heavy rare earths for a domestic mine-to-oxide supply chain independent of China.
The key development here is that Arafura Rare Earths is transitioning from project planning to execution, backed by financing commitments and substantial offtake coverage, which can reduce some of the usual uncertainty around funding and future sales for a large greenfield project.
Investors may still want to track construction progress, cost discipline and any changes to timelines or offtake terms, since delays or cost overruns are common risks for long-lead resources projects of this scale. Price Target Changed • Jun 06
Price target decreased by 11% to AU$0.29 Down from AU$0.33, the current price target is an average from 2 analysts. New target price is 9.4% above last closing price of AU$0.27. Stock is up 51% over the past year. The company is forecast to post a net loss per share of AU$0.0017 next year compared to a net loss per share of AU$0.0079 last year. Live News • Jun 02
Arafura Nolans Project Gains First Significant Status Under NT Act Accelerating Jobs And Approvals Arafura Rare Earths’ Nolans Project has been declared the first Significant Project under the Northern Territory Coordinator Act 2025.
The designation is intended to streamline permitting and approvals for Nolans, which the government has identified as having important economic potential.
The project is expected to support more than 600 construction jobs and about 350 ongoing operational roles, with a focus on local and Indigenous workforce participation.
This Significant Project status signals a high level of government attention and may reduce some project execution hurdles tied to approvals and coordination.
You still need to weigh typical project risks such as timing, capital requirements and potential cost pressures against the potential benefits of faster permitting and strong government backing. Announcement • Apr 09
Arafura Rare Earths Limited has filed a Follow-on Equity Offering in the amount of AUD 230 million. Arafura Rare Earths Limited has filed a Follow-on Equity Offering in the amount of AUD 230 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 343,277,483
Price\Range: AUD 0.2447
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 596,648,958
Price\Range: AUD 0.2447
Transaction Features: Subsequent Direct Listing Breakeven Date Change • Feb 25
Forecast to breakeven in 2026 The 2 analysts covering Arafura Rare Earths expect the company to break even for the first time. New consensus forecast suggests the company will make a profit of AU$2.80m in 2026. New Risk • Nov 06
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 37% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 50% per year for the foreseeable future. Shareholders have been substantially diluted in the past year (37% increase in shares outstanding). Revenue is less than US$1m. Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (AU$131m net loss in 3 years). Share price has been volatile over the past 3 months (17% average weekly change). New Risk • Oct 14
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 17% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 50% per year for the foreseeable future. Revenue is less than US$1m. Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (AU$131m net loss in 3 years). Shareholders have been diluted in the past year (17% increase in shares outstanding). Announcement • Aug 28
Arafura Rare Earths Limited, Annual General Meeting, Sep 26, 2025 Arafura Rare Earths Limited, Annual General Meeting, Sep 26, 2025. Location: bdo australia, mia yellagonga tower 2, 5 spring street, perth wa 6000 Australia New Risk • Aug 26
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 18% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 62% per year for the foreseeable future. Revenue is less than US$1m. Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (AU$87m net loss in 2 years). Shareholders have been diluted in the past year (18% increase in shares outstanding). Announcement • Aug 21
Arafura Rare Earths Limited has completed a Follow-on Equity Offering in the amount of AUD 80 million. Arafura Rare Earths Limited has completed a Follow-on Equity Offering in the amount of AUD 80 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 369,649,303
Price\Range: AUD 0.19
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 51,403,329
Price\Range: AUD 0.19
Transaction Features: Subsequent Direct Listing New Risk • Aug 15
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 23% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 23% per year for the foreseeable future. Revenue is less than US$1m. Minor Risk Currently unprofitable and not forecast to become profitable over next 2 years (AU$72m net loss in 2 years). Announcement • Jul 25
Arafura Rare Earths Limited to Report Q4, 2025 Results on Jul 29, 2025 Arafura Rare Earths Limited announced that they will report Q4, 2025 results on Jul 29, 2025 Price Target Changed • Mar 28
Price target decreased by 18% to AU$0.15 Down from AU$0.18, the current price target is an average from 3 analysts. New target price is 17% below last closing price of AU$0.18. Stock is down 12% over the past year. The company is forecast to post a net loss per share of AU$0.01 next year compared to a net loss per share of AU$0.046 last year. New Risk • Mar 09
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Australian stocks, typically moving 12% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Revenue is less than US$1m. Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (AU$58m net loss in 2 years). Share price has been volatile over the past 3 months (12% average weekly change). New Risk • Mar 06
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 12% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 12% per year for the foreseeable future. Revenue is less than US$1m. Minor Risk Currently unprofitable and not forecast to become profitable over next 2 years (AU$75m net loss in 2 years). Announcement • Jan 17
Arafura Rare Earths Limited announced that it expects to receive AUD 200 million in funding from National Reconstruction Fund Corporation Arafura Rare Earths Limited entered into a binding term sheet with the National Reconstruction Fund Corporation for issuance of 200 unsecured subordinated convertible notes at a price of AUD 1,000,000 for gross proceeds of AUD 200,000,000 on January 15, 2025. The convertible notes have a 15-year maturity, and convertible into ordinary shares. The conversion period is from 2 years after the issue date to 7 years after the issue date. Announcement • Dec 10
Arafura Rare Earths Limited Announces Executive Changes, Effective January 20, 2025 Arafura Rare Earths Limited announced the appointment of Tommie van der Walt to the role of Chief Projects Officer, commencing on 20 January 2025. Tommie is a highly experienced mining executive who has led projects from exploration through to operations in challenging circumstances. As Newmont's Regional Project Director for Africa Tommie developed a multi-country growth strategy and delivered the USD 1.7 billion Ahafo mega-project on schedule, boosting production capacity and operational efficiency. More recently Tommie has served as Chief Operating Officer at Ionic Rare Earths, overseeing the development of the Makuutu Rare Earths mine in Uganda and a chemical plant in Belfast. Tommie's technical expertise, strategic vision, values-based leadership and emphasis on operational excellence positions him well to lead delivery of the Nolans Project. Chief Operating Officer Stuart Macnaughton will be stepping down from the role due to personal reasons. Stuart's advanced expertise in the construction and ramp up of complex hydrometallurgical facilities has continued to derisk the engineering design work for the Nolans Project (Nolans).Stuart will handover to Tommie and is available to continue in an advisory capacity to ensure Arafura can continue to benefit from Stuart's technical capability in ramping up and operating hydrometallurgical plants. Announcement • Sep 16
Arafura Rare Earths Limited, Annual General Meeting, Oct 17, 2024 Arafura Rare Earths Limited, Annual General Meeting, Oct 17, 2024. Location: at the offices of johnson winter slattery, level 49 central park, 152-158 st georges terrace, perth, wa 6000 Australia Announcement • Sep 10
Arafura Rare Earths Limited Announces Appointment of Mr. Ian Murray to Its Board as A Non-Executive Director Arafura Rare Earths Limited announced the appointment of Mr. Ian Murray to its Board as a Non-Executive Director, effective 10 September 2024. Mr. Murray brings more than 30 years of experience in financial, corporate, project development, mergers and acquisitions, and operational experience across Australia, Africa, Asia Pacific and North America. Mr. Murray was most recently CEO and Managing Director of Gold Road as it transitioned from small market capitalisation explorer to large scale plus billion-dollar gold producer. He is a non-executive director with Black Rock Mining Limited and Miners Promise Limited (not-for-profit organisation) and is non-executive chair of Jupiter Mines Limited. My Murray is a Chartered Accountant, a member of the Australian Institute of Company Directors, and holds qualifications in commerce, accounting and taxation, as well as a post-graduate Advanced Management and Leadership Programme from the University of Oxford's Saïd Business School. Price Target Changed • Aug 22
Price target increased by 28% to AU$0.17 Up from AU$0.14, the current price target is an average from 3 analysts. New target price is 5.0% above last closing price of AU$0.17. Stock is down 37% over the past year. The company is forecast to post a net loss per share of AU$0.01 next year compared to a net loss per share of AU$0.046 last year. Price Target Changed • Aug 22
Price target increased by 28% to AU$0.17 Up from AU$0.14, the current price target is an average from 3 analysts. New target price is 5.0% above last closing price of AU$0.17. Stock is down 37% over the past year. The company is forecast to post a net loss per share of AU$0.01 next year compared to a net loss per share of AU$0.046 last year. Recent Insider Transactions • Aug 05
Non-Executive Director recently bought AU$85k worth of stock On the 30th of July, Roger Higgins bought around 500k shares on-market at roughly AU$0.17 per share. This trade did not impact their existing holding. In the last 3 months, there was an even bigger purchase from another insider worth AU$101k. Insiders have collectively bought AU$207k more in shares than they have sold in the last 12 months. Board Change • Jul 31
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Non-Executive Director Cathy Moises was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Price Target Changed • Jul 30
Price target decreased by 41% to AU$0.14 Down from AU$0.23, the current price target is an average from 2 analysts. New target price is 21% below last closing price of AU$0.17. Stock is down 42% over the past year. The company is forecast to post a net loss per share of AU$0.039 next year compared to a net loss per share of AU$0.051 last year. Announcement • Jul 26
Arafura Rare Earths Limited Announces Board Changes Arafura Rare Earths Limited announced the resignation of Non-Executive Director Chris Tonkin after more than 13 years of service. From a background as a metallurgist that led to a career in investment banking and project finance, Chris brought extensive expertise to the Arafura Board, which has been pivotal in the strategic advancement of financing the Nolans Project and getting the Company to where it is today. Chris has diligently served as Chair of the Audit Committee and was a member of both the Risk Management and Remuneration and Nomination committees. He also served as Managing Director and CEO in 2012 where his skills and capabilities led the Company through a transitional period of challenging global market conditions and economic uncertainty until a new CEO was appointed. The Arafura Board intends to appoint a new independent non-executive director and Audit chair to replace Chris. To ensure continuity, Cathy Moises will take on the role of Audit Chair as an interim measure until a new non-executive director has been appointed. Recent Insider Transactions • Jun 23
Non-Executive Director recently bought AU$101k worth of stock On the 17th of June, Michael Spreadborough bought around 610k shares on-market at roughly AU$0.16 per share. This trade did not impact their existing holding. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought AU$122k more in shares than they have sold in the last 12 months. New Risk • Mar 14
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Australian stocks, typically moving 24% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (24% average weekly change). Revenue is less than US$1m. Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (AU$93m net loss in 2 years). Shareholders have been diluted in the past year (9.3% increase in shares outstanding). Announcement • Dec 16
Arafura Rare Earths Limited has completed a Follow-on Equity Offering in the amount of AUD 25 million. Arafura Rare Earths Limited has completed a Follow-on Equity Offering in the amount of AUD 25 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 156,250,000
Price\Range: AUD 0.16
Discount Per Security: AUD 0.008
Transaction Features: Subsequent Direct Listing New Risk • Dec 06
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 2.7% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$72m free cash flow). Earnings are forecast to decline by an average of 2.7% per year for the foreseeable future. Revenue is less than US$1m. Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (AU$106m net loss in 3 years). Shareholders have been diluted in the past year (22% increase in shares outstanding). Announcement • Oct 28
Arafura Rare Earths Limited to Report Q1, 2024 Results on Oct 31, 2023 Arafura Rare Earths Limited announced that they will report Q1, 2024 results on Oct 31, 2023 New Risk • Oct 06
New minor risk - Profitability The company is currently unprofitable and not forecast to become profitable over the next 3 years. Trailing 12-month net loss: AU$96m Forecast net loss in 3 years: AU$22m This is considered a minor risk. Companies that are not profitable are more likely to be burning through cash and less likely to be well established. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. Without profits, the company is under pressure to grow significantly while potentially having to reduce costs and possibly needing to take on debt or raise capital to remain afloat. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$72m free cash flow). Revenue is less than US$1m. Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (AU$22m net loss in 3 years). Shareholders have been diluted in the past year (23% increase in shares outstanding). Price Target Changed • Oct 06
Price target decreased by 8.3% to AU$0.55 Down from AU$0.60, the current price target is an average from 3 analysts. New target price is 129% above last closing price of AU$0.24. Stock is down 26% over the past year. The company is forecast to post a net loss per share of AU$0.015 next year compared to a net loss per share of AU$0.051 last year. Announcement • Sep 15
Arafura Rare Earths Limited, Annual General Meeting, Oct 19, 2023 Arafura Rare Earths Limited, Annual General Meeting, Oct 19, 2023, at 10:00 W. Australia Standard Time. Location: BDO's Offices at Level 9, Mia Yellagonga Tower 2 5 Spring Street Perth Western Australia Australia Agenda: To receive and consider the consolidated financial statements of the Company and its controlled entities and the reports of the Directors and auditors for the financial year ended 30 June 2023; to consider remuneration Report; to consider re-election of Mr Mark Southey as Director; to consider re-election of Mr Chris Tonkin as Director; to re-election of Ms Cathy Moises as Director; and to consider approval to issue securities under Incentive Plan. Price Target Changed • Jul 15
Price target decreased by 9.7% to AU$0.62 Down from AU$0.69, the current price target is an average from 3 analysts. New target price is 86% above last closing price of AU$0.34. Stock is up 12% over the past year. The company is forecast to post a net loss per share of AU$0.024 next year compared to a net loss per share of AU$0.023 last year. Breakeven Date Change • Jun 30
Forecast to breakeven in 2026 The 3 analysts covering Arafura Rare Earths expect the company to break even for the first time. New consensus forecast suggests the company will make a profit of AU$30.0m in 2026. Average annual earnings growth of 12% is required to achieve expected profit on schedule. Announcement • Jun 16
Arafura Rare Earths Limited Announces Secretary Changes Arafura Rare Earths Limited announced that Mr. Lewis Lowe and Mr. Matthew Foy will retire as joint Company Secretary, effective 16 June 2023 following the return of Ms. Catherine Huynh from maternity leave. Ms. Huynh has resumed her position as Company Secretary. Announcement • May 19
Arafura Rare Earths Limited Announces Resignation of Quansheng Zhang as Non-Executive Director Arafura Rare Earths Limited advised that Mr. Quansheng Zhang has resigned as a Non-Executive Director of the Company, effective as of 18 May 2023. Mr. Zhang was appointed in 2016 as the nominee director of major shareholder East China Non-Ferrous Mineral Resources Co Ltd. (ECE). ECE has been a significant shareholder of the Company since 2009 and its financial and technical expertise supported the success of Arafura through a number of global economic cycles. ECE has recently undertaken a change in corporate strategic direction to focus on domestic projects. Mr. Zhang's resignation follows a two-month leave of absence while ECE considered its preferred path forward in light of this strategic shift. As ECE is no longer a substantial shareholder it is appropriate that he resign as a Director. Announcement • Dec 15
Arafura Rare Earths Limited, Annual General Meeting, Jan 18, 2023 Arafura Rare Earths Limited, Annual General Meeting, Jan 18, 2023, at 10:00 W. Australia Standard Time. Location: BDO's Offices at Level 9, Mia Yellagonga, Tower 2, 5 Spring Street, Perth Australia Announcement • Dec 01
Arafura Rare Earths Announces Company Secretary Changes Arafura Rare Earths Limited advised that Ms. Catherine Huynh has stepped down as Company Secretary whilst she takes maternity leave. The Company announced the appointment of Mr. Lewis Lowe and Mr. Matthew Foy as Joint Company Secretaries, effective immediately. Mr. Matthew Foy is a chartered secretary and Fellow of Governance Institute Australia (GIA). Mr. Foy is a professional company secretary and director with over 15 years' experience facilitating public company compliance with core strengths in the ASX Listing Rules, transactional and governance disciplines. Mr. Lewis Lowe is a member of the Chartered Accountants Australia and New Zealand with over 6 years' experience in public practice and commercial roles. Mr. Lowe commenced employment with Arafura in 2019 and is currently in the role of Financial Controller. Announcement • Nov 16
Nolans Receives Mining Authorization from NT Government Arafura Rare Earths Limited announced that the Mining Management Plan (MMP) for it's 100% owned Nolans Neodymium-Praseodymium (NdPr) Project (Project) has been approved by the Norther Territory Government. The Hon Nicole Manison, Deputy Chief Minister and Minister for Mining and Industry, advised that the Application for an Authorization of the Nolans Rare Earth Project under section 36 of the Mining Management Act 2001 has been approved and Authorization 1127-01 granted. This Mining Authorization, allows Arafura to mine, construct and operate the Nolans Project, delivering formal approval of the MMP and the Environmental Management Plans (EMPs). The MMP and EMPs outline in detail how the Company will meet the approval conditions of the Northern Territory Environment Protection Authority (NTEPA) across key areas, which include: Biodiversity, Erosion and Sediment Control, Water Management, Dust and Noise, Radiation, Cultural Heritage, Tailings Storage and Mine Closure and Rehabilitation. Both the MMP and the EMPs have been compiled by the Arafura team, working with various specialist consultants,during the past two and a half years and represent a significant body of work. This approval completes the final stage of NT environmental approval process, leaving the sign-off of a small number of the EMPs under the FederalEPBC Act and an NT water extraction licence outstanding. The Company, which developed key aspects in of the plans in close collaboration with the NT Department of Industry, Trade and Tourism, has committed to continue to improve the parameters as knowledge of the specific environment at the Nolans Project site increases. Price Target Changed • Nov 16
Price target increased to AU$0.64 Up from AU$0.53, the current price target is provided by 1 analyst. New target price is 56% above last closing price of AU$0.41. Stock is up 67% over the past year. The company is forecast to post a net loss per share of AU$0.02 next year compared to a net loss per share of AU$0.023 last year. Announcement • Nov 11
Arafura Rare Earths Limited Provides Nolans Project Update Arafura Rare Earths Limited provided a Project Update for its 100%-owned Nolans Neodymium-Praseodymium (NdPr) Project (Nolans) in the Northern Territory. This update follows the recent execution of a binding offtake agreement with Hyundai Motor Company and Kia Corporation and strong progress with other prospective offtake partners, including GE Renewable Energy. This announcement also outlines the ongoing positive progress on project financing and updates the findings of the 2021 Feasibility Study Update. In parallel with offtake and funding activities, the Company has completed significant work to finalise the project definition and provide cost certainty of project outcomes, including: Front-end engineering and design (FEED) works on the hydrometallurgical plant with Hatch appointed in August 2021, together with significant equipment procurement and pre-payments for certified vendor data. Tendering of the hydrometallurgical plant construction contract to two Tier One Australian construction contractors. Completion of updated beneficiation engineering study by GR Engineering Services. Tendering and FEED engineering for the sulphuric acid plant. Significant progress on the design of the non-process infrastructure (NPI) including earthworks, village, and borefields, followed by tendering of key contracts associated with early works construction activities. Tendering of key operational contracts, including power station, operational logistics and village operations, ready for execution. Continuation of minor metallurgical test work to support the detailed design. Finalisation and submission of the Project's Mine Management Plan for approval of the Authority to Mine from the Northern Territory Government. The updated cost estimates and financial outcomes reported in this announcement, which are based on the previously announced Mineral Resources, Ore Reserves, and production scheduling, will now form the basis of discussions to finalise funding for Nolans, with Arafura targeting long-lead equipment procurement in early 2023, Final Investment Decision (FID) in March 2023 and Financial Close in mid-2023. During November, SRK Consulting Limited, who were appointed to complete an independent technical review and provide input to the financier's due diligence, provided the mandated lead debt arrangers, Société Générale and National Australia Bank, with their report. This report, together with the economic modelling of the project, allows lenders to assess the credit worthiness of the project and the quantum of debt it can sustain. The Company has confidence in its risk assessment process given no new material risks have been identified in the report that were previously unanticipated by the Company as part of its risk review and mitigation process. These updated costings will now be incorporated into the Project Financing process. Breakeven Date Change • Aug 19
No longer forecast to breakeven The analyst covering Arafura Resources no longer expects the company to break even during the foreseeable future. The company was expected to make a profit of AU$103.6m in 2025. New forecast suggests the company will make a loss of AU$62.6m in 2025. Announcement • Aug 17
Arafura Resources Limited, Annual General Meeting, Oct 20, 2022 Arafura Resources Limited, Annual General Meeting, Oct 20, 2022, at 10:00 W. Australia Standard Time. Location: BDO Audit (WA) Pty Ltd Level 9, Mia Yellagonga Tower 2, 5 Spring Street Perth Western Australia Australia Recent Insider Transactions • Jul 05
CEO, MD & Director recently sold AU$650k worth of stock On the 27th of June, Gavin Lockyer sold around 2m shares on-market at roughly AU$0.28 per share. This was the largest sale by an insider in the last 3 months. This was Gavin's only on-market trade for the last 12 months. Announcement • Jun 25
Arafura Resources Limited announced that it expects to receive AUD 40 million in funding Arafura Resources Limited (ASX:ARU) announced a private placement of 333,333,334 common shares at an issue price of AUD 0.12 per share for gross proceeds of AUD 40,000,000.08 on June 24, 2021. The transaction will involve participation from Australian and overseas institutional and sophisticated investors. The company will raise funding in two tranches, tranche one of 175,617,114 shares for AUD 21,074,054 and tranche two of 157,716,220 shares for AUD 18,925,946 subject to shareholder approval meeting to be held on August 9, 2021. The issue of shares under tranche 1 of the placement is expected to occur on or around 2 July 2021 and the issue of Shares under tranche 2 of the placement is expected to occur on or around 13 August 2021. Announcement • May 17
Arafura Resources Limited Commits to Sustainable Supply of Rare Earths Arafura Resources Limited announce a commitment to becoming a sustainable and trusted supplier of rare earths and phosphoric acid to global customers. The Company is in the process of adopting a series of standards, targets and aspirations, culminating in the release of an up-to-date sustainability report on its world-class 100%-owned Nolans Neodymium-Praseodymium (NdPr) Project in the Northern Territory. The Nolans Project is a "mine to oxide" project located on a single site in a jurisdiction with a strong regulatory framework and where all potential environmental issues are required to be fully investigated, managed, and costed into all planning. However, global external governance provides a further layer of oversight across the full range of activities and issues recognised by the Company's customers and international stakeholders. Announcement • May 11
Arafura Resources Limited Announces Nolans Project Update Arafura Resources Limited reported on the completion of the feasibility study update for its 100%-owned Nolans Neodymium-Praseodymium (NdPr) Project in the Northern Territory. The recent strength in rare earths prices and increasing interest from financiers and potential offtake partners, along with project changes determined through optimisation work, provided strong rationale for Arafura to review the findings of the Nolans definitive feasibility study (DFS) delivered in February 2019. Elements of the project that have been refined or optimised since then include the process flowsheet (following completion of final stages of pilot program); process plant design (deferral of cerium production and minor increase in concentrate processing capacity); and mine scheduling (factoring in Ore Reserve update announced March 2020). The updated cost estimates and financial outcomes reported in this announcement will now form the basis of discussions to finalise funding for Nolans, with Arafura targeting a Final Investment Decision in August 2022. Ahead of this and in keeping with the revised execution strategy articulated recently Front-End Engineering and Design (FEED) activities are expected to begin next quarter. Recent Insider Transactions Derivative • Feb 11
CEO, MD & Director exercised options to buy AU$118k worth of stock. On the 8th of February, Gavin Lockyer exercised options to buy 500k shares at a strike price of around AU$0.22, costing a total of AU$110k. This transaction amounted to 29% of their direct individual holding at the time of the trade. Since June 2020, Gavin's direct individual holding has increased from 1.75m shares to 2.25m. Company insiders have collectively bought AU$127k more than they sold, via options and on-market transactions, in the last 12 months. Announcement • Jan 22
Arafura Resources Limited Announces Completion of Test Work and Metallurgical Updates Arafura Resources Limited announced the completion of all metallurgical test work and associated analysis from the extensive 4-year metallurgical pilot program which was led by Arafura's Technology Manager, Dr. Alex Elliot. The program was completed in mid- 2020 with results and reporting received progressively through the second half of the year. Analysis of the results and incorporation of the findings into the final metallurgical design has also now been completed, resulting in several changes to the DFS process design which will improve commissioning, Neodymium Praseodymium (NdPr) oxide recovery and reduce risk allowing for a shorter commissioning and production ramp up to be targeted. Offtake and project funding activities continue to advance, and the process design improvements provide significant risk mitigation outcomes that are strongly aligned with the potential project finance partners objectives. Pilot Program Completion: The completion of the final stages of metallurgical testing in 2020 included the piloting of the separation of the rare earth elements from the cerium depleted rare earth chloride and precipitation and calcining of rare earth oxide products. As reported these separated rare earth oxides where then validated with potential customers and demonstrated the required product purity. In addition to this separation and product precipitation piloting, a program aimed at the purification of the cerium hydroxide product produced in the previous piloting was undertaken with the aim of recovering any lost NdPr in the cerium hydroxide product. This purification circuit consists of the dissolution of the low-grade cerium hydroxide in sulfuric acid followed by a small solvent extraction circuit to recover the cerium from the other rare earth elements leaving them for recycling back into the rare earth purification circuit. All the results of the metallurgical test work have now been incorporated into the process model and metallurgical basis of design ready for the commencement of front-end engineering and design (FEED). The corrosion test program including coupon analysis is the only laboratory testing that is still underway and scheduled for completion in early 2021. Testing has been undertaken on a variety of materials to provide critical equipment and materials of construction selection and design information for FEED. Provisional patent applications to protect novel and inventive processes used in the Nolans flowsheet for rare earth sulphate precipitation and rare earth sulphate processing to produce a cerium hydroxide product and purified rare earth chloride were lodged some time ago. More recently the national patent process has now been completed with applications lodged in numerous jurisdictions in Australia, Europe, South Africa, North America, China, and other Asia based locations. Is New 90 Day High Low • Jan 15
New 90-day high: AU$0.23 The company is up 125% from its price of AU$0.10 on 16 October 2020. The Australian market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is up 21% over the same period. Announcement • Sep 18
Arafura Resources Limited Announces High-Quality Rare Earth Products from Nolans Validated by Supply Chain Partners Arafura Resources Limited announce that the quality of final rare earth oxide (REO) products from the Nolans flowsheet piloting program has been
validated by supply chain partners across the globe, including in Europe, China and Japan, and deemed to be
well within required key specifications for use in their processes. Three REO products prepared at ANSTO Minerals were the culmination of processing of 15 tonnes of
representative ore feed from the Company's 100 per cent-owned Nolans Neodymium-Praseodymium (NdPr)
project in the Northern Territory. Preparation of these products involved piloting of the project's beneficiation, phosphate extraction,
phosphoric acid production, rare earth extraction, rare earth processing and rare earth separation process
stages to produce final NdPr Oxide, SEG-HRE (middle and heavy rare earth) Oxide and Cerium (Ce) Oxide
products, achieving REO and TREO specifications. Marketing samples of NdPr Oxide product were dispatched for testing by key partners within the metal,
alloying and NdFeB magnet manufacturing supply chain in Europe, China and Japan for independent
chemical analysis and to confirm they comply with the tight quality specifications mandated by end user
customers in the automotive, wind energy, acoustics and personal electronics sectors. The SEG-HRE Oxide product chemical analysis was reviewed by a Japanese trading house involved in the rare
earth industry and engagement also continues with USA Rare Earth LLC for the potential to realise the
Dysprosium (Dy) and Terbium (Tb) value for use in NdFeB magnets. Finally, the Company elected to enhance the Ce product specification from a lower value Ce Hydroxide
product advanced in the project's definitive feasibility study, to a more marketable, higher purity Ce Oxide
product which has now been tested by leading users in Europe and China. In all cases, the supply chain partners confirmed that Arafura's products met the required specifications for
use in the production environment and/or in their respective downstream applications. When in production, Nolans will be the only Australian-domiciled NdPr-focused project that mines and
processes rare earths ore through to highly refined separated REO products. The value proposition for end
user customers in downstream advanced manufacturing is a safe, secure, transparent, commercially
competitive, long-life upstream critical minerals supply chain. Announcement • Jun 18
Arafura Resources Limited announced that it has received AUD 7 million in funding On June 17, 2020, Arafura Resources Limited (ASX:ARU) closed the transaction. 
