• Australia and US announce Critical Minerals Framework to accelerate priority projects
• Arafura identified as one of two priority projects under the Framework
• Conditional approval for up to US$100 million equity investment from Australian Government
• US EXIM provides letter of interest for up to US$300 million in financing support

Arafura Rare Earths Limited (ASX: ARU) has made significant progress toward completing the funding of the Nolans Project during the September 2025 quarter. This includes the announcement of a landmark bilateral Critical Minerals Framework between Australia and the United States, which has identified Arafura's Nolans Project as one of only two priority projects under the initiative. As part of this, the Australian Prime Minister announced that Export Finance Australia had provided conditional approval for an equity investment of up to US$100 million to support the development of Nolans. Additionally, the Export-Import Bank of the United States (US EXIM) provided a non-binding letter of interest for financing support of up to US$300 million to evaluate the acceleration of third-party ore processing infrastructure at Nolans, phase two and heavy rare earth separation. The company also advanced the appraisal phase for potential equity investment from the German Raw Materials Fund, seeking up to €100 million (A$175 million) tied to supply from Nolans into the German market. Furthermore, Arafura completed a two-tranche placement and a share purchase plan, raising a total of A$90 million to strengthen its balance sheet and partially de-risk the final equity raise for the Nolans Project. The company also made progress on the Nolans Project management model, with the tender and evaluation of an EPCM contract nearing completion, and continued to advance various workstreams related to the project's operational readiness, capital cost, and regulatory approvals.

The announcement highlights the significant progress Arafura has made in securing funding for the Nolans Project, with the company now positioned as a strategic global solution for rare earth supply. The conditional approvals for equity investment from the Australian and US governments, along with the potential for additional financing from the German Raw Materials Fund, demonstrate the growing global importance of diversified rare earth supply sources. Arafura is now on the cusp of construction and ready to become a material and responsible contributor to global supply chain security.