Arafura Rare Earths Limited · ASX:ARU
Arafura Rare Earths — Investor Presentation (August 2025)
32 slides from Arafura Rare Earths's investor presentation, Aug 20, 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 August 2025
Slide 2: Disclaimer
Disclaimer This presentation is dated 20 August 2025 and has been prepared by This presentation has been prepared for publication in Australia and may will be converted to reserves under the JORC Code or any other reporting shareholders and affiliates, and each of their respective officers, Arafura
Slide 3: The Nolans Project
The Nolan’s Project For personal use only NdPr Oxide SEG/HRE Oxide2 Phos acid 4,440 tpa 573 tpa 144,393 tpa (Includes Dy and Tb) (54% P2O5 MGA) ✓ Strategic location in proximity to critical Capex1 NPV8 after tax1 infrastructure Mine Life +38 years US$1,226 m US$1,729 m (base) (including contingency)
Slide 4: 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 5: 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 6: 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 7: Development pipeline challenging
Development pipeline challenging World’s most advanced construction ready, 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- Brazilian Rare Earths Energy Transition Miner
Slide 8: 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 9: MP transaction accelerates discussion of ex China price
MP transaction1 accelerates discussion of ex China price US$110/kg creates a market reference price – Benchmark Minerals Intelligence to launch new ex China rare earth prices2 For personal use only DoD Investment & Strategic Capital: Historical NdPr Oxide Pricing, EXW China (USD/kg) • US$400m conver
Slide 10: Nolans in first quartile of cost curve
Nolans in first quartile of cost curve Nolans is forecast to sit NdPr CRU Cost Cost 2030 Curve Curve(US$/kg 2030, $/kg NdPr NdPr Cost,1Real 20241 oxide) For personal use only comfortably in the first quartile • Nolans to sit in first quartile net of phosphoric acid by- product credits2 • China domin
Slide 11: Binding offtake target
Binding offtake target Focus on strategic value and Offtake Discussion Group Location NdPr Oxide (tpa)1 % of Binding Offtake Target2 For personal use only equity investment Secured Offtake (Binding Agreement) Hyundai & Kia Korea 1,500 43% • Targeting NdPr users not Siemens Gamesa RE Germany 520 15%
Slide 12: Debt conditionally approved
Debt conditionally approved Tenor Amount Conditional credit approvals received for Facilities (Years) (US$ million) For personal use only more than US$1B in debt finance for Nolans Senior Debt Facilities Export Finance Australia 15 125 • ECA Direct lend & ECA Covered Tranches Northern Australia Infr
Slide 13: Funding in focus
US$0.36bn Funding in focus COMPLETION SUPPORT US$1.5bn • Targeting 60% of equity funding through REQUIRED ~US$80m Equity PUBLIC CAPITAL Cornerstone Investors US$280M For personal use only • More than US$1bn of debt and Institutional & completion support conditionally CORNERSRONE Private approved INV
Slide 14: Executing on funding strategy
Executing on funding strategy Timetable to accelerate following establishment of cornerstone group For personal use only Cornerstone Group Public Market Customer Cornerstone & Other Strategic • Substantial holders Industry Cornerstone • Government seeded funds with supply chain diversification manda
Slide 15: 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) 5734 • Fall in net operating costs to <US$30/kg driven by Phosphoric Acid (tpa 54% P2O5 MGA) 144,393 stronge
Slide 16: Equity raising overview
Equity raising overview • Arafura is undertaking a non-underwritten two-tranche institutional placement to raise ~A$80m ("Placement"), via the issue of approximately: For personal use only – 369.6m fully paid ordinary shares (“New Shares”) to raise approximately ~A$70.2m pursuant to the Company’s ex
Slide 17: Sources and use of funds
Sources and use of funds Placement proceeds partially de-risk the final equity raise and enhances the Company’s negotiating leverage with potential For personal use only strategic equity partners to deliver on the equity funding strategy Sources of funds A$m Table excludes up to A$5m of funds raised
Slide 18: Timetable and pro-forma capital structure
Timetable and pro-forma capital structure Indicative Timetable1 Pro-forma capital structure2 For personal use only Event Date Shares Cash Placement Current3 2,464m A$27m Trading halt lifted and announcement of completion of Placement Wednesday, 20 August 2025 Placement4 421m A$80m Settlement of New
Slide 19: ESG – an integrated approach focusing upon what matters most
ESG – an integrated approach focusing upon what matters most For personal use only As a greenfield developer we have a unique opportunity to create and deliver value for all stakeholders We recognise the interdependencies of ESG in our business We are building capability to deliver best- practice ES
Slide 20: 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 21: Appendices
For personal use only Appendices 19 August 25 21
Slide 22: Appendix A: Material Business Risks
APPENDIX A: Material Business Risks Company Specific Risks For personal use only Funding risk based off, amongst other things, independent commodity price forecasts sunset dates. There is a risk that the Company may be unable to satisfy which demonstrate compliance with financial ratios and debt siz
Slide 23: Appendix A: Material Business Risks
APPENDIX A: 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 • scale-up and design of novel processes into a commercial flowsheet at acceptable prices and dis
Slide 24: Appendix A: Material Business Risks
APPENDIX A: 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
Slide 25: Appendix A: Material Business Risks
APPENDIX A: Material Business Risks Company Specific Risks For personal use only Environmental minister may need to consent to any transfer of a tenement to the Group. Legislative changes, government policy and approvals Renewal of titles is made by way of application to the relevant department. The
Slide 26: Appendix A: Material Business Risks
APPENDIX A: Material Business Risks Company Specific Risks For personal use only Occupational health and safety Litigation risks Financial risks Exploration and production activities may expose the Group's staff and The Company is exposed to possible litigation risks including native title The Group
Slide 27: Appendix A: Material Business Risks (General Risks)
APPENDIX A: Material Business Risks General Risks For personal use only General market and economic factors dividends can be given by the Company. conflicts may have an adverse effect on the Company’s share price or operations which will likely be out of the Group’s control. The operating and financ
Slide 28: Appendix B: International Offer Restrictions
APPENDIX B: International Offer Restrictions For personal use only 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
Slide 29: Appendix B: International Offer Restrictions
APPENDIX B: International Offer Restrictions For personal use only European Union (excluding Austria) 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 Shar
Slide 30: Appendix B: International Offer Restrictions
APPENDIX B: International Offer Restrictions For personal use only 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
Slide 31: Appendix B: International Offer Restrictions
APPENDIX B: International Offer Restrictions For personal use only United Kingdom 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 Fin
Slide 32: Contact
ASX: ARU For personal use only Contact Level 6, 432 Murray St 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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