• Offer to Eligible Shareholders to subscribe for up to $30,000 of new shares at $0.28 per share
• Targeting to raise $50 million (before costs) under the SPP, with ability to accept oversubscriptions up to $20 million
• Funds to be used for Nolans Project capital costs, financing costs, and cash component of cost overrun facilities

Arafura Rare Earths Limited (ASX: ARU) is pleased to offer Eligible Shareholders the opportunity to participate in a Share Purchase Plan (SPP) to subscribe for up to $30,000 of new fully paid ordinary shares in the Company at an issue price of $0.28 per share. The SPP is targeting to raise $50 million (before costs), with the ability to accept oversubscriptions up to a further $20 million. The issue price represents a 25.3% discount to the closing price of Arafura's shares on ASX on 27 October 2025. Funds raised under the SPP and the recent $475 million Placement will be applied to the Nolans Project's capital costs, financing costs, and the cash component of the cost overrun facilities, as well as for general working capital purposes and corporate and transaction costs. The SPP Offer will open on 6 November 2025 and close at 5:00pm (AEDT) on 9 December 2025, unless extended, withdrawn or closed early by the Company. If the SPP raises less than $50 million, the Directors reserve the right to place any SPP Shortfall Shares at their discretion at $0.28 per share, subject to Shareholder approval. The issue of New Shares under the Offers is subject to Shareholder approval, which will be sought at a general meeting of the Company.