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Arafura Rare Earths
Arafura Rare Earths (ARU) investor relations material
Arafura Rare Earths Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary29 Jan, 2026
Executive summary
Over 90% of project funding secured, with less than 10% remaining, and final cornerstone investor agreements targeted for completion by end of the current quarter.
Strong engagement with government-backed funds and cornerstone investors, including conditional support from EFA, National Reconstruction Fund, and German Raw Materials Fund.
Project identified as a priority under the US-Australia Critical Minerals Framework, with conditional government equity and financing support.
Appointment of Hatch as project manager/EPCM provider, enhancing execution readiness and de-risking delivery.
Cash balance increased to A$571 million as of 31 December 2025, up from A$90 million at 30 September 2025.
Financial highlights
Total project funding requirement is $1.6 billion, with $1.9 billion available including undrawn completion support facilities.
Cash reserves at quarter-end were A$571 million, reflecting significant capital inflows from equity raises.
Recent A$475 million two-tranche placement and SPP completed, with strong participation from existing and new shareholders.
Net cash used in operating activities for the quarter was A$5.0 million; investing activities used A$0.5 million.
Financing activities provided A$487.4 million net cash inflow for the quarter.
Outlook and guidance
Targeting end of the current quarter to finalize agreements, enabling a shareholder vote and FID in Q2/H2 FY2026.
FID timing is subject to finalizing offtake and equity agreements, with some uncertainty due to third-party dependencies and market conditions.
Less than 10% of required project funding remains outstanding, with cornerstone equity commitments expected in Q3 FY2026.
Ongoing engagement with lenders to maintain valid credit approvals for project finance.
Focus remains on securing the best possible long-term pricing terms for offtake agreements.
Offtake pricing vs. FID timing: What's the trade-off?
Remaining 10% funding: What's the dilution risk?
Board's strategy to prevent opportunistic bids?
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Arafura Rare Earths
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Frequently asked questions
Arafura Rare Earths Limited is an Australian company focused on the exploration and development of mineral properties. It specializes in the production of rare earth products, particularly Neodymium-Praseodymium (NdPr) oxide and Mixed middle-heavy rare earths (SEG/HRE) oxide, from its flagship Nolans Project. This project is situated approximately 135 kilometers north of Alice Springs in Australia's Northern Territory and encompasses a mine, a process plant (including beneficiation, extraction, and separation plants), and related infrastructure. The company's rare earth products find applications in a variety of sectors, including catalytic converters in automobiles, consumer electronics, energy efficiency lighting, optics, alloys, advanced ceramics, and permanent magnets that support e-mobility and renewable energy applications. The company is headquartered in Perth, Western Australia, and its shares are listed on the Australian Stock Exchange.
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