• A$200 million investment commitment from National Reconstruction Fund Corporation
• Tommie van der Walt appointed as Chief Projects Officer
• Nolans Project recognized as Materials Security Partnership initiative
• Engineering work progressed on detailed design to de-risk plant start-up and optimize capital costs

During the fourth quarter of 2024, Arafura Rare Earths Limited (ASX: ARU) continued to focus on progressing the funding strategy and derisking the Nolans Project to reach a final investment decision (FID). Key highlights include: a A$200 million investment commitment from the National Reconstruction Fund Corporation (NRFC) to support the Nolans Project; the commencement of Tommie van der Walt as Chief Projects Officer to further build on the company's major capital project expertise; global recognition of the Nolans Project as a Materials Security Partnership (MSP) initiative; and continued engineering work to advance the detailed design, de-risk plant start-up, and optimize capital costs. The company is targeting FID by the end of the first half of 2025, subject to potential cornerstone investor processes and broader market conditions. Arafura continued to progress the equity strategy, engage with potential offtakers, and advance project financing discussions with a diverse group of international Export Credit Agencies and commercial lenders. The company also provided updates on operational readiness, capital cost trending, project schedule, and sustainability initiatives.

Arafura is continuing to target FID by the end of the first half of CY2025, noting that this timeline is contingent upon potential cornerstone investor's internal processes and due diligence and broader market conditions.