Arafura Rare Earths Limited · ASX:ARU
Arafura Rare Earths — Investor Presentation (October 2025)
52 slides from Arafura Rare Earths's investor presentation, Oct 28, 2025
Slide 1: Arafura Rare Earths Investor Presentation
Not for release to US wire services or distribution in the United States ASX: ARU For personal use only Arafura Rare Earths Investor Presentation October 2025
Slide 2: Disclaimer
Disclaimer This presentation is dated 28 October 2025 and has been prepared by Arafura States except in transactions exempt from, or not subject to, the registration ASX announcement dated 11 November 2022. There is a low level of geological To the maximum extent permitted by law, the Company and th
Slide 3: Executive summary
Executive summary About Arafura Investment Highlights For personal use only Nolans is the most advanced, construction ready ore-to-oxide rare earths project globally, delivering the rare earth elements that enable diversified and resilient Globally significant, world class asset supply chains, under
Slide 4: Delivering the world's second single site, ore to oxide project
Delivering the world’s second single site, ore to oxide project For personal use only NdPr Oxide SEG/HRE Oxide Phos acid 4,440 tpa 573 tpa 3 144,393 tpa (Includes Dy and Tb) (54% P2O5 MGA) ✓ Strategic location in proximity to critical Mine Life Capex1 NPV8 after tax1 infrastructure and US$1,191 m US
Slide 5: Historic US-Australia Critical Minerals Framework
Historic US-Australia Critical Minerals Framework Nolans identified as a priority project, with Export Finance For personal use only Australia announcing the conditional approval for up to US$100m equity investment under the Framework Key Outcomes from Framework: Key Outcomes for Arafura1: • Intensi
Slide 6: Equity raising
For personal use only Section 1 Equity raising 6
Slide 7: Equity raising overview
Equity raising overview • Arafura is undertaking a two-tranche institutional placement to raise ~A$475m ("Placement"), via the issue of approximately: For personal use only – ~440.6m fully paid ordinary shares (“New Shares”) to raise ~A$123.4m pursuant to the Company’s existing placement capacity un
Slide 8: Indicative funding strategy
Indicative funding strategy Majority of funding conditionally approved or committed upon completion of the equity raise For personal use only Nolans funding bridge (US$m)1 Status shown on next slide 346 3 43 1,586 80 COF This transaction 146 Financing Costs 349 2 169 Working capital, corporate costs
Slide 9: Strategic offtake & equity partners
Strategic offtake & equity partners Arafura has strong conviction it will secure the remaining cornerstone equity funding and is targeting FID in Q1 2026 CY For personal use only Customers & strategics A$125m US$133m1 US$100m2 US$113m3 Targeting ~US$50m • A$125m participation in • January 2025 • Oct
Slide 10: Sources and use of funds
Sources and use of funds Proceeds from the Placement and SPP are expected to complete the public market component of Nolans’ equity For personal use only requirement Sources of funds A$m Proceeds from the Placement (before costs) 475 Proceeds from the SPP1 50 Cash and cash equivalents2 109 Total 634
Slide 11: Timetable and pro-forma capital structure
Timetable and pro-forma capital structure Indicative Timetable1 Pro-forma capital structure For personal use only Event Date Shares Cash Placement Current2 2,937m A$109m Trading halt and announcement of the Placement and SPP Tuesday, 28 October 2025 Placement3 1,696m A$475m Placement bookbuild Tuesd
Slide 12: Rare earths market backdrop
For personal use only Section 2 Rare earths market backdrop 12
Slide 13: Demand doubling....and that's before robotics takes off
Demand doubling....and that’s before robotics takes off More than one Nolans project required every year NdPr Supply and Demand1,2 For personal use only 160 % 143kt Arafura Rare Earths Additional supply of over 60kt NdPr 140 7% Industrial 8% Wind Turbines oxide required by 2035 ROW producers 8% Magn
Slide 14: Scarcity driving geographically captured supply
Scarcity driving geographically captured supply1 Arafura: a strategic supply for Europe, Korea & RoW use only CHINA MP MATERIALS LYNAS RARE EARTHS ARAFURA RARE EARTHS3 Company For personal State-supported project financing & policy Funding/ • Restrictions on rare earth exports • Tariff on China magn
Slide 15: Development pipeline challenging
Development pipeline challenging World’s most advanced single site, ore-to-oxide project2 For personal use only 18 years4 Exploration / Study Funding / Construction3 Commercial Production LEGEND Bubble size = Ore-to- Ionic Rare Earths Brazilian Rare Earths Market oxide Energy Transition Minerals cap
Slide 16: The right strategy, the right time
The right strategy, the right time Production For personal use only Development Mine Concentrate MREC1 NdPr Oxide NdPr Metal NdFeB Alloy / Magnet Average of 18 years between discovery and commencement of commercial production 2 2-5 years Radionuclides & rare earths unseparated Radionuclide free Neo
Slide 17: Arafura and Nolans Project
For personal use only Section 3 Arafura and Nolans Project 17
Slide 18: Single site, ore to oxide
Single site, ore to oxide For personal use only Stuart Highway 10km east Water supply 25km Alice Springs railyard, airport southwest and other services 135km south Amadeus natural gas Tailings and waste Deep water port and associated pipeline adjacent to site management at site infrastructure at Dar
Slide 19: Construction ready
Construction ready Once financed, we are ready to go For personal use only Environmental permits and Granted mineral lease / Access to existing approvals in place license infrastructure >US$40m on site works Experienced Board and Construction to commence completed de-risking project leadership team
Slide 20: Capital cost breakdown
Capital cost breakdown Capital costs well defined through completion of front-end engineering and design For personal use only Mining Infrastructure Beneficiation Plant Indirect Costs Capital Cost Items1 USD$M 2% 5% 13% Mining Infrastructure 20 Beneficiation Plant 55 Extraction Plant 726 Separation
Slide 21: Robust project economics
Robust project economics Key Project Information1,2 Mining and Production Long life, high margin project Mine Life (years) 38 For personal use only NdPr Oxide (tpa) 4,440 SEG/HRE Oxide (tpa) 5733 • Upfront capital of US$1,191m includes additional Phosphoric Acid (tpa 54% P2O5 MGA) 144,393 US$26m of
Slide 22: Nolans forecast to be in first quartile of cost curve
Nolans forecast to be in first quartile of cost curve Nolans is forecast to sit comfortably in the first quartile For personal use only NdPr Cost Curve 2030 including by-product credits, US$/kg NdPr oxide Cost, Real 20251 • Nolans to sit in first quartile net of phosphoric acid by- product credits2
Slide 23: Binding offtake target
Binding offtake target NdPr Focus on strategic value and Offtake Discussion Group Location Oxide % of Binding Offtake For personal use only Target2 equity investment (tpa)1 Secured Offtake (Binding Agreement) • Targeting NdPr users not Hyundai & Kia Korea 1,500 43% aligned with ‘Made in China Siemen
Slide 24: Debt conditionally approved
Debt conditionally approved Tenor Amount Conditional credit approvals received for Facilities (Years) (US$ million) For personal use only more than US$1B in debt finance for Nolans6 Senior Debt Facilities Export Finance Australia 15 125 • ECA Direct lend & ECA Covered Tranches Northern Australia Inf
Slide 25: Nolans Project indicative timeline
Nolans Project indicative timeline Target start Q1 20261 Pre-FID For personal use only CRITICAL PATH Engineering, YEAR 1 YEAR 2 YEAR 3 YEAR 4 Procurement & Construction FID Beneficiation Plant Engineering Complete Fabrication Complete Construction Complete Commissioning Complete Sulphuric Acid Plant
Slide 26: ESG – an integrated approach focusing on what matters most
ESG – an integrated approach focusing on what matters most For personal use only We recognise the We are aligning our Clear pathway to net ESG intersections governance to zero and opportunities in international standards our business Building a sustainable workforce while co- As a greenfields design
Slide 27: Board and Executive team
Board and Executive team Mark Southey | Non-Executive Chairman | BSc (Hons), MBA, GAICD and MIEAust Peter Sherrington | Chief Financial Officer | BBus, CA For personal use only Mr Southey has extensive global experience in the industrial and natural resources sectors covering all aspects of asset Pe
Slide 28: The Nolans Project is ready to go
The Nolans Project is ready to go For personal use only Large, high grade, Construction ready, Projected first quartile Debt funding and Project delivery to Environment, social, scalable resource ore-to-oxide project of cost curve binding offtakes drive re-rate of market governance 38-year mine life
Slide 29: Appendix A: Supporting information
For personal use only Appendix A Supporting information 29
Slide 30: Approvals & permitting obtained
Approvals & permitting obtained All key environmental and regulatory approvals are now secured, ready to transition into main construction For personal use only 2016 2017 2017 2018 2019 EIS submitted based Supplementary EIS NT Government EPA Commonwealth Section 14A variation on SAPL DSP submitted b
Slide 31: Geology of a long-life asset
Geology of a long-life asset NdPr rich and open at depth For personal use only ✓ Over 90km drilled to define and ✓ 38-year mining inventory incl. 10.5Mt classify material types of Inferred ✓ 29-year ore reserves ✓ Single pit ✓ Expansion potential RARE EARTHS PHOSPHATE P2O5 NdPr RESOURCES TONNES (m)
Slide 32: Fully piloted flow sheet
Fully piloted flow sheet Process Flow Sheet Key elements: For personal use only 1. Extremely simple beneficiation 2. Modified wet phosphoric acid process to leach rare earths from concentrate and produce phosphoric acid by-product and rare earth rich feed for bake 3. Low temperature bake and precipi
Slide 33: Nolans Phase 2 preliminary study
Nolans Phase 2 preliminary study1 • Phase 1 – 4,440tpa NdPr Oxide For personal use only • Study considered potential for expanding the size of the Nolans processing facility by factors of up to 150 per cent 2 • Study considered opportunity to use expanded facility to process third-party rare earth f
Slide 34: Appendix B: Material business risks
For personal use only Appendix B Material business risks 34
Slide 35: Material business risks
Material business risks Company specific risks For personal use only Funding risk customary for secured project financing arrangements of this nature, such as To date, the Company has secured binding offtake agreements covering 66% final loan documentation and satisfaction of other conditions to dra
Slide 36: Material business risks
Material business risks Company specific risks For personal use only Exploration, production and project development NdPr and other rare earth product prices will depend on available markets at • scale-up and design of novel processes into a commercial flowsheet The future profitability of the Group
Slide 37: Material business risks
Material business risks Company specific risks For personal use only Operating Cost Risk Reliance on key personnel and advisors Changes in reserve or resource estimates could also impact the Group’s ability to maintain its borrowing capacity with lenders. As the Nolans Project progresses towards pro
Slide 38: Material business risks
Material business risks Company specific risks For personal use only Environmental There is no guarantee that a renewal will be automatically granted other than Legislative changes, government policy and approvals in accordance with the applicable state or territory mining legislation. In The Group’
Slide 39: Material business risks
Material business risks Company specific risks For personal use only Occupational health and safety such claim or dispute if proven, may impact adversely on the Company’s and fluctuations in those particular areas. operations, financial performance and financial position. The Company is not Explorat
Slide 40: Material business risks
Material business risks General risks For personal use only General market and economic factors Taxation Data and information technology The operating and financial performance of the Group is influenced by a The disposal of New Shares will have tax consequences, which will differ number of general
Slide 41: Appendix B: International offer restrictions
For personal use only Appendix B International offer restrictions 41
Slide 42: International offer restrictions
International offer restrictions This document does not constitute an offer of new ordinary shares (“New Shares”) of the Company in any jurisdiction in which it would be unlawful. In particular, this document may not be distributed to any person, and the New Shares may not be offered or For personal
Slide 43: International offer restrictions
International offer restrictions European Union (excluding Austria) For personal use only This document has not been, and will not be, registered with or approved by any securities regulator in the European Union. Accordingly, this document may not be made available, nor may the New Shares be offere
Slide 44: International offer restrictions
International offer restrictions Norway This document has not been approved by, or registered with, any Norwegian securities regulator under the Norwegian Securities Trading Act of 29 June 2007 no. 75. Accordingly, this document shall not be deemed to constitute an offer to the public in Norway For
Slide 45: International offer restrictions
International offer restrictions United Kingdom For personal use only Neither this document nor any other document relating to the offer has been delivered for approval to the Financial Conduct Authority in the United Kingdom and no prospectus (within the meaning of section 85 of the Financial Servi
Slide 46: Appendix C: Project economics assumptions
For personal use only Appendix C Project economics assumptions 46
Slide 47: Project economics assumptions
Project economics assumptions All material assumptions underpinning the financial information set out on slide 21 (which describes the economics of the Nolans Project), except to the extent modified by the updated information set out in this Appendix C, are the same as the assumptions disclosed in t
Slide 48: Project economics assumptions
Project economics assumptions Operating Costs For personal use only • The Australian Federal Government implemented the Safeguard Mechanism under the National Greenhouse and Energy Reporting Act 2007. This framework sets emission baselines for designated Australian facilities, including the Nolans P
Slide 49: Appendix D: Underwriting Agreement
For personal use only Appendix D Underwriting Agreement 49
Slide 50: Summary of Underwriting Agreement
Summary of Underwriting Agreement The Company has entered into a placement underwriting agreement with the Joint Lead (h) the Hancock party to the confirmation letter referred to in (g) above becomes matter made or disclosed in the announcement relating to the capital raising); Managers (JLMs) in re
Slide 51: Summary of Underwriting Agreement
Summary of Underwriting Agreement x) (*) any regulatory body commences any public action against an officer of the • trading of securities quoted on ASX, the London Stock Exchange, Hong Company (in their capacity as an officer) or announces that it intends to take any Kong Stock Exchange or the New
Slide 52: Contact
ASX: ARU Contact Level 6, 432 Murray St For personal use only Perth WA 6000 PO Box 5773 St Georges Terrace Perth WA 6831 T: +61 8 6370 2800 E: arafura@arultd.com arafura@arultd.com (All corporate and general enquiries) E: nolansproject@arultd.com nolansproject@arultd.com (Nolans Project enquiries on
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