Arafura Rare Earths (ARU) investor relations material

Opening remarks and agenda

• Meeting opened with acknowledgment of the Nolans Project's two-decade journey and its significance as a rare earths supply alternative outside China.

• Attendees included board members, executives, and share registry representatives; housekeeping and voting procedures were outlined.

Strategic initiatives and plans

• Nolans Project positioned as a fully integrated rare earth oxide producer, with construction and ramp-up to full production as the next phase.

• Emphasis on building a robust funding structure involving export credit agencies, government partners, and strategic investors.

• Project execution readiness, procurement ramp-up, and workforce mobilization are progressing, with early construction works set for September and bulk earthworks targeted for December 2026 quarter.

• Focus areas shifting to safety, high-performance team development, and disciplined capital management.

• Opportunities for downstream expansion and partnerships, particularly in India, are being considered for the future.

Financial performance review

• Funding risk has been addressed; company now fully funded for phase 1 construction.

• Additional AUD 150 million raised as prudent contingency, bringing total contingency to just under $430 million.

• Share price volatility and dilution discussed, with explanations for timing and size of capital raises.