Arafura Rare Earths Limited · ASX:ARU
Arafura Rare Earths — Investor Presentation (May 2026)
52 slides from Arafura Rare Earths's investor presentation, May 22, 2026
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 May 2026
Slide 2: Disclaimer
Disclaimer This presentation is dated 22 May 2026 and has been prepared by Arafura Rare securities laws. Refer to Appendix C of this presentation for further details out in the Company’s ASX announcement dated 11 November 2022 (including damage arising from this presentation or reliance on anything
Slide 3: Rare Earths: linchpin to future facing industries
Rare Earths: linchpin to future facing industries NdPr Oxide Driving economic prosperity through the delivery of rare earths to high For personal use only value future-facing industries Mining Concentrate MREC Oxide NdPr Oxide: 1 x Kg = US$100 or 0.21% cost of EV Value Chain Multiplier Effect1 Inter
Slide 4: Delivering the world's third mine to oxide project
Delivering the world’s third mine 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) ✓ Fully integrated, single-site mine-to-oxide project Mine Life Forecast capex1 NPV8 after tax1 US$1,859 m (base) ✓ Globally
Slide 5: Final investment decision achieved for Nolans
Final investment decision achieved for Nolans Positive Final Investment Decision made for the Nolans Project1, marking a Transaction Highlights For personal use only major milestone in establishing the world’s third fully integrated rare earth ore-to-oxide operation outside of mainland China, a key
Slide 6: Arafura to be fully funded
Arafura to be fully funded Nolans to be fully funded into production upon completion of the Placement1 For personal use only Nolans funding bridge (US$m)2 This transaction 4 239 1,692 COA and equity 182 3 reserve 6 295 146 Financing Costs Working capital, 173 corporate costs & 383 lender contingency
Slide 7: Pathway to Project Construction
Pathway to Project Construction Construction targeted to commence approximately 4 months after FID1 upon completion of below milestones For personal use only Shareholder approval of Execution of loan Finalisation of offtake funding commitments at documentation4 and completion arrangements3 General M
Slide 8: Equity raising
For personal use only Section 1 Equity raising 8
Slide 9: Equity raising overview
Equity raising overview • Arafura is undertaking a two-tranche institutional placement to raise ~A$350m ("Placement"), via the issue of approximately: For personal use only – ~675.1m fully paid ordinary shares (“New Shares”) to raise ~A$175.5m pursuant to the Company’s existing placement capacity un
Slide 10: High-quality, supportive strategic equity partners
High-quality, supportive strategic equity partners Nolans is backed by high-quality investors aligned with supply chain security and diversification For personal use only A$85m US$136m2 US$100m3 US$59m3 • Commitment to subscribe • Convertible note • Ordinary equity • Ordinary equity for A$85m under
Slide 11: Sources and use of funds
Sources and use of funds Proceeds from the Placement fully fund the equity funding component of the Nolans Project For personal use only Sources of funds A$m Proceeds from the Placement (before costs)1 350 Cash and cash equivalents (31 March 2026) 561 Total 911 Uses of funds A$m Nolans Project capit
Slide 12: Timetable and pro-forma capital structure
Timetable and pro-forma capital structure Indicative Timetable1 Pro-forma capital structure Event Date Shares Cash For personal use only Placement Current2 ~4,680m A$561m Trading halt and announcement of the Placement and SPP Friday, 22 May 2026 Placement3 ~1,346m A$350m Placement bookbuild Friday,
Slide 13: Offtake and rare earths market
For personal use only Section 2 Offtake and rare earths market 13
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: Binding offtake target
Binding offtake target NdPr Oxide % of Binding Offtake Discussion Group Location Approaching 80% offtake target (tpa)2 Offtake Target3 For personal use only Secured Offtake • Prior to drawdown of the senior debt (~12 months after Hyundai & Kia1 Korea 1,500 42% construction commencement), Arafura mus
Slide 16: Traxys agreement
Traxys agreement 500tpa NdPr binding term sheet with Traxys on a global, seaborne index For personal use only About Traxys Offtake Summary Global commodities group with deep Binding term sheet executed1 critical minerals experience 500tpa NdPr oxide and 7.5tpa of Established international customer D
Slide 17: Letter of support secured under A$1.2bn CMSR
Letter of support secured under A$1.2bn CMSR1 CMSR Objectives Letter of Support For personal use only Economic and Industry Development, Elevating attracting investment, derisking and Partnership Non-binding letter of support2 accelerating projects Supply chain security and resilience 500tpa NdPr ox
Slide 18: 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 19: 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 Ionic Rare Earths size = Ore-to- Market oxide Brazilian Rare Earths cap1,2 VHM Energy Transition M
Slide 20: 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 21: Arafura and Nolans Project
For personal use only Section 3 Arafura and Nolans Project 21
Slide 22: 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 23: 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 Non-Proces
Slide 24: 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$26m of
Slide 25: Nolans forecast to be in first quartile of cost curve
Nolans forecast to be in first quartile of cost curve Nolans is forecast to sit comfortably in the first quartile For personal use only NdPr Cost Curve 2030 including by-product credits, US$/kg NdPr oxide Cost, Real 20251 • Nolans to sit in first quartile net of phosphoric acid by- product credits2
Slide 26: 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 • Long form documentation well advanced and expected to be Export Finance Australia 15 125 exec
Slide 27: Nolans Project indicative timeline
Nolans Project indicative timeline Target start Q3 CY20261 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 Pla
Slide 28: ESG – an integrated approach
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 29: 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 30: 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 Funding and binding Project delivery to Environment, social, scalable resource ore-to-oxide project of cost curve offtakes secured6 drive re-rate of market governance • 38-year min
Slide 31: Appendix A: Supporting information
For personal use only Appendix A Supporting information 31
Slide 32: 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 33: 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 34: 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 35: 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 36: Appendix B: Material business risks
For personal use only Appendix B Material business risks 36
Slide 37: Material business risks
Material business risks Company specific risks For personal use only Funding risk available) and there is no guarantee that the Group will be able to satisfy the export credit agencies require offtake volumes to be placed into specific required conditions. Accordingly, there is no guarantee that the
Slide 38: Material business risks
Material business risks Company specific risks For personal use only Communicable disease outbreaks Volatility of the price of rare earth elements • developing and identifying mineral processing and hydrometallurgical processes through testwork to produce a saleable product; The outbreak of communic
Slide 39: Material business risks
Material business risks Company specific risks For personal use only Operating Cost risks Reliance on key personnel and advisors Native Title As the Nolans Project progresses towards production, there is a risk that ongoing The ability of the Group to achieve its objectives depends on the engagement
Slide 40: Material business risks
Material business risks Company specific risks For personal use only Environmental Under the Mineral Titles Act 2010 (NT) (MT Act), a ‘person who has an interest in The Group has received environmental approval from the Australian Government land’ (as defined in the MT Act) is entitled to compensati
Slide 41: Material business risks
Material business risks Company specific risks For personal use only Critical minerals policy risk Insurance Financial risks While the classification of rare earth elements (including NdPr) as critical minerals Insurance of all risks associated with mineral exploration and production is not The Grou
Slide 42: Material business risks
Material business risks Company specific risks For personal use only Shareholder approval risk – Tranche 2 of the Placement and SPP Further details regarding the Shareholder approvals being sought at a General Meeting, including the consequences if the relevant resolution is not passed, will be The
Slide 43: Material business risks
Material business risks General risks For personal use only General market and economic factors Taxation While the duration and ultimate impact of the conflict is uncertain, any sustained increase in pricing under the Company’s key contracts may have a The operating and financial performance of the
Slide 44: Appendix C: International offer restrictions
For personal use only Appendix C International offer restrictions 44
Slide 45: 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 46: 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 47: 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 with
Slide 48: International offer restrictions
International offer restrictions United Kingdom For personal use only This document has not been delivered for approval to the Financial Conduct Authority in the United Kingdom and no prospectus (within the meaning of Regulation 21 of The Public Offers and Admissions to Trading Regulations 2024 (“PO
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 materially reducing or suspending, its participation in that facility; Managers (JLMs) in respect of
Slide 51: Summary of Underwriting Agreement
Summary of Underwriting Agreement y) the ASX makes any official statement to any person, or indicates to the Company ee) (*) something referred to in paragraph (cc) occurs which does or is likely to For details of fees payable to the JLMs, see the Appendix 3B released to the ASX in relation or the J
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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