Final Investment Decision to Deliver the Nolans Project

• Arafura announces Final Investment Decision to develop Nolans Rare Earths Project
• Project will be Australia's first fully integrated ore-to-oxide operation
• Secured binding offtake agreements with leading global manufacturers

Arafura Rare Earths Limited (ASX: ARU) announces its Board has made a Final Investment Decision (FID) for the Nolans Rare Earths Project, set to be Australia's first fully integrated ore-to-oxide rare earths operation. The decision follows securing binding offtake agreements with leading global manufacturers and support from sovereign-backed institutions. The project is expected to commence construction in September 2026 and deliver significant economic benefits to the Northern Territory, including job creation and infrastructure development. The Nolans Project aligns with global initiatives to diversify rare earths supply chains and supports Australia's critical minerals strategy.