• Arafura received A$200m convertible note investment from National Reconstruction Fund Corporation
• Arafura's media adviser contacted journalist to ensure accuracy of information before public release
• Arafura acknowledges breach of Listing Rule 15.7 and outlines steps to ensure future compliance

Arafura Rare Earths Limited (Arafura or ARU) received an A$200 million convertible note investment commitment from the National Reconstruction Fund Corporation (NRFC) in support of the development of the Nolans Project. This is a significant milestone for the company as it is the first step in its staged equity strategy. After market close on 14 January 2025, Arafura was made aware that the NRFC had provided a copy of its media release to the Australian Financial Review with an embargo in place until midnight that night. Arafura was concerned that the investment might be misconstrued in the media as a Commonwealth grant rather than a commercial investment. To address this concern, Arafura's media adviser contacted the relevant journalist at the Australian Financial Review to provide a copy of Arafura's ASX announcement (which was yet to be released) on an embargoed basis, to ensure the accuracy of the information to be released in the article. Arafura acknowledges that this was not in compliance with Listing Rule 15.7, which requires information to be released to ASX before being provided to any third party, even on an embargoed basis. Arafura has outlined steps it will take to ensure strict compliance with Listing Rule 15.7 in the future, including refraining from releasing material to the media on an embargoed basis and ensuring relevant employees and external advisers comply with the company's Disclosure Policy and ASX Listing Rules.