ASX
190 days, 12 hours ago 
ARU
Arafura Rare Earths LTD
Update to Gas Supply Agreement
Arafura Rare Earths Limited has extended the condition precedent date for its gas supply agreement with the Mereenie field joint venture to February 4, 2025.
Delay expected
 
ASX
190 days, 12 hours ago 
ARU
Arafura Rare Earths LTD
HZN: Arafura Gas Supply Agreement Update
Horizon Oil provides an update on its Arafura Gas Supply Agreement, following a previous announcement in July.
ASX
190 days, 14 hours ago 
ARU
Arafura Rare Earths LTD
ECH: Arafura Gas Supply Agreement Update
Echelon Resources Limited has amended its gas supply agreement with Arafura Rare Earths, extending the condition precedent date to February 4, 2025.
Delay expected
 
ASX
191 days, 1 hours ago 
ARU
Arafura Rare Earths LTD
CTP: Arafura Gas Supply Agreement Update
Central Petroleum extends the deadline for a conditional gas supply agreement with Arafura Resources to February 4, 2025.
Delay expected
 
ASX
200 days, 5 hours ago 
ARU
Arafura Rare Earths LTD
Update on Project Leadership
Arafura Rare Earths Limited appoints Tommie van der Walt as Chief Projects Officer, effective January 20, 2025, while Stuart Macnaughton steps down as Chief Operating Officer.
ASX
207 days, 10 hours ago 
ARU
Arafura Rare Earths LTD
FY24 Sustainability Report
Arafura Rare Earths Limited (ARU) announced over US$1 billion in debt funding for its Nolans Project, highlighting the geostrategic importance of its role in a diversified global supply chain for rare earths essential to green technologies.
Capital raise
 
ASX
250 days, 2 hours ago 
ARU
Arafura Rare Earths LTD
Revised AGM Presentation
Arafura Rare Earths Limited (ASX: ARU) has retracted peer comparisons from its AGM presentation following ASX feedback that the comparisons were not like-for-like, and investors should not rely on those slides when making investment decisions.
Capital raise
 
ASX
254 days, 7 hours ago 
ARU
Arafura Rare Earths LTD
Results of the 2024 Annual General Meeting
Arafura Rare Earths Limited (ASX: ARU) reports that all resolutions put to shareholders at its Annual General Meeting on October 17, 2024, passed.
ASX
254 days, 9 hours ago 
ARU
Arafura Rare Earths LTD
AGM Presentation
Arafura Rare Earths' Nolans project, a fully permitted and construction-ready neodymium-praseodymium (NdPr) rare earth mine in Australia, has secured over US$1 billion in conditional debt financing and is progressing towards finalizing equity funding.
Capital raise
 
ASX
254 days, 9 hours ago 
ARU
Arafura Rare Earths LTD
Chairman's address
Arafura Rare Earths secured over US\$1 billion in debt funding for its Nolans Project, a significant achievement given the challenging market conditions, and is now focused on securing equity funding to reach a final investment decision.
Delay expected
 
Capital raise
 
ARU 
Arafura Rare Earths LTD 
ASX

Revised AGM Presentation

Sentiment:
 Revised Presentation
 21 October 2024 4:00 AM

Arafura Rare Earths Limited (ASX: ARU) has retracted peer comparisons from its AGM presentation following ASX feedback that the comparisons were not like-for-like, and investors should not rely on those slides when making investment decisions.

Capital raise
  The company is seeking to raise the remaining equity funding through an offer to new and existing shareholders. 

Summary
  • Arafura Rare Earths Limited (ARU) issued a revised AGM presentation after the ASX flagged concerns about peer comparisons on slides 8 and 12.
  • The original comparisons were deemed not 'like for like' by the ASX.
  • The company has removed the peer comparisons from the presentation.
  • Investors are advised not to rely on the original slides for investment decisions.
  • An updated presentation without the peer comparisons is available.
  • The Nolans Project has a 38-year mine life, with an average annual production of 4,440 tonnes of NdPr oxide.
  • Over US$1 billion in debt financing has been conditionally approved.
  • Binding offtake agreements are in place with tier-1 customers such as Hyundai, Kia, and Siemens Gamesa.
Sentiment

Score: 6

Explanation: While the retraction of peer comparisons is negative, the overall progress on debt financing and offtake agreements suggests a positive outlook for the project.

Positives
  • Over US$1 billion in debt financing has been conditionally approved for the Nolans Project.
  • Binding offtake agreements have been secured with tier-1 customers, including Hyundai, Kia, and Siemens Gamesa.
  • The Nolans Project is fully permitted and construction-ready.
  • The Nolans Project has a long mine life of 38 years.
  • The project is expected to be the largest and longest-life mine in the Northern Territory.
Negatives
  • The ASX found the peer comparisons in the original AGM presentation to be not 'like for like'.
  • The company had to retract the peer comparisons from its AGM presentation.
  • Investors are advised not to rely on the original slides for investment decisions.
Risks
  • The short-term market has presented challenges in raising funding.
  • NdPr pricing has recovered from multi-year lows, but remains volatile.
  • There is uncertainty associated with inferred mineral resources and the realization of the production target.
Future Outlook

The company is focused on securing the remaining equity funding to finalize the debt financing and proceed with construction of the Nolans Project. The project is expected to contribute significantly to the global energy transition.

Industry Context

The announcement highlights the challenges faced by rare earth companies in securing funding and navigating regulatory scrutiny. The focus on securing debt financing and offtake agreements reflects the broader industry trend of securing supply chain certainty in the face of growing demand for rare earth materials driven by the energy transition.

Next Steps
  • Secure remaining equity funding
  • Finalize debt financing
  • Commence construction of the Nolans Project
Key Dates
  • 7 June 2017: Detailed Resource Assessment Completed ASX announcement
  • 16 March 2020: Major Increase in Mine Life for the Nolans Project ASX announcement
  • 7 February 2019: Nolans Project Definitive Feasibility Study ASX announcement
  • 11 November 2022: Nolans Project Update ASX announcement
  • 23 July 2024: Arafura achieves major debt funding milestone ASX presentation
  • 17 October 2024: AGM Presentation released
  • 21 October 2024: Revised AGM Presentation released
Keywords
Rare Earths, Nolans Project, NdPr, Arafura Rare Earths, ASX, Debt Financing, Offtake Agreements, AGM Presentation, Peer Comparisons, Energy Transition
ARU 
Arafura Rare Earths LTD 
ASX
Sector: Materials
 
Filings with Classifications
Capital raise
20 May 2025 12:10 AM
Conference Presentation
  • The company requires a new equity requirement of US$793m (including COF).
  • Less NRFC US$133m (A$200m).
  • Remaining new equity requirement of US$660m.
Delay expected
20 May 2025 12:10 AM
Conference Presentation
  • The sources and uses of funds section includes an increase in ramp-up period from 2 years to 3 years and a 3-month delay in first production.
Delay expected
29 April 2025 6:47 PM
Quarterly Activities Report and Appendix 5B
  • The final investment decision for Nolans has the potential to extend beyond the previously advised window of the first half of 2025 calendar year due to the assessment of a potential joint venture structure.
Capital raise
29 April 2025 6:47 PM
Quarterly Activities Report and Appendix 5B
  • Arafura is assessing a potential joint venture (JV) structure which could significantly reduce the equity required to fund Arafura's remaining project interest.
  • The company and its advisors regularly consider and assess options put forward by third parties (including potential corporate and project-level transactions) which could, if implemented, give rise to an alternative pathway to the funding and development of the Project for the benefit of shareholders.
Capital raise
4 March 2025 4:21 PM
Investor Presentation
  • The company plans to raise equity through industry cornerstones, institutional investors, and an offer to new and existing shareholders.
  • The equity raise is intended to fund the US$1.2 billion Nolans Project.
Capital raise
19 February 2025 12:53 AM
Interim Financial Report
  • Arafura signed a binding term sheet with the NRFC for a A$200 million investment through unsecured convertible notes.
  • The company may seek additional equity to reduce the amount of funding being sought through public raising.
Better than expected
19 February 2025 12:53 AM
Interim Financial Report
  • The net loss decreased compared to the previous year (A$18.85 million vs A$66.87 million).
Delay expected
31 January 2025 12:53 AM
Update to Agreement
  • The gas supply agreement deadline has been extended from February 4, 2025, to March 31, 2025.
Capital raise
29 January 2025 4:20 PM
Quarterly Activities Report
  • The company is engaging with other potential cornerstone investors to secure the remaining equity required for the project.
  • The A$200 million investment from the NRFC is expected to be a catalyst for attracting additional equity funding.
Delay expected
29 January 2025 4:20 PM
Quarterly Activities Report
  • The gas supply agreement condition precedent date has been extended to 4 February 2025, with potential for further extension.
Capital raise
14 January 2025 4:23 PM
Funding Announcement
  • The convertible notes will convert into shares at a 40% premium to the reference price, which will be determined by a future equity raising.
  • The company expects to announce the equity financing around the time of the Final Investment Decision for the Nolans Project.
Delay expected
19 December 2024 5:36 PM
Project Update
  • The condition precedent date for the gas supply agreement has been extended from December 31, 2024, to February 4, 2025.
Delay expected
19 December 2024 3:30 PM
Operational Update
  • The condition precedent date for the gas supply agreement has been delayed from December 31, 2024, to February 4, 2025.
Delay expected
19 December 2024 3:53 AM
Operational Update
  • The condition precedent date for the gas supply agreement has been extended from December 31, 2024 to February 4, 2025.
Capital raise
2 December 2024 7:23 PM
Sustainability Report
  • A$20 million was received from sophisticated institutional investors.
  • An additional A$4.6 million was received from existing shareholders through a share purchase plan.
Capital raise
21 October 2024 4:00 AM
Revised Presentation
  • The company is seeking to raise the remaining equity funding through an offer to new and existing shareholders.
Capital raise
16 October 2024 9:27 PM
Annual Report Presentation
  • The company is seeking to raise the remaining equity funding needed to commence construction.
Delay expected
16 October 2024 9:24 PM
Annual Report
  • While the company is making progress, the timeline for reaching a final investment decision has been extended due to the complexities of securing funding in a challenging market environment.
Capital raise
16 October 2024 9:24 PM
Annual Report
  • Arafura is actively seeking equity funding to reach a final investment decision on the Nolans Project.
Capital raise
16 September 2024 2:10 AM
Annual Report
  • A $20 million institutional placement was completed.
  • A share purchase plan is targeting an additional $7 million, with potential for up to $3 million in oversubscriptions.
Capital raise
16 September 2024 2:04 AM
Annual General Meeting Notice
  • If all Placement Options are exercised, the Company will raise an additional $17,578,125 (before costs) to further progress the development of the Nolans Project and for general working capital purposes.
Capital raise
10 September 2024 6:18 PM
Share Purchase Plan Results
  • The SPP raised $4.6 million (before costs).
  • A previous placement raised $20 million.
Worse than expected
10 September 2024 6:18 PM
Share Purchase Plan Results
  • The SPP raised $4.6 million, which is less than the targeted $7 million.
Capital raise
5 September 2024 6:18 PM
Capital Raising Announcement
  • A$20 million placement completed in two tranches.
  • A$7 million target for the share purchase plan (SPP), with a potential for A$3 million in oversubscriptions.
Capital raise
3 September 2024 11:29 PM
General Meeting Results
  • Share issuance under Tranche 1 and Tranche 2 of a placement.
  • Share issuance under the SPP (including shortfall offer).
  • Share issuance to directors under the SPP.
Capital raise
2 August 2024 1:35 AM
Share Purchase Plan Announcement
  • Arafura Rare Earths is conducting a Share Purchase Plan (SPP) to raise A$7 million before costs.
  • The company may accept oversubscriptions up to A$3 million.
  • The SPP offer price is A$0.16 per new share.
Capital raise
1 August 2024 6:19 PM
Prospectus
  • The company may offer SPP Shortfall Shares to specific investors if the SPP does not reach its target of $7 million.
  • The company has conditional approval for US$775 million in senior debt facilities, an additional US$80 million for a cost overrun facility (COF) and a further US$200 million in the form of a standby liquidity facility (SLF).
Delay expected
28 July 2024 7:28 PM
Gas Sales Agreement Announcement
  • The condition precedent date of the Arafura GSA has been extended by five months to December 31, 2024.
  • The start date of the Arafura GSA has been deferred by two years to January 1, 2028.
  • The NGP is not expected to reopen until later this year.
Delay expected
28 July 2024 6:58 PM
Gas Sales Agreement Announcement
  • The Arafura GSA supply start date has been deferred by two years to January 1, 2028.
  • The Northern Gas Pipeline (NGP) is not expected to re-open until later this year.
Capital raise
28 July 2024 6:35 PM
Announcement and Media Release
  • The company will require further gas contracting and funding arrangements by Central to progress appraisal wells at Mereenie and Palm Valley.
Delay expected
28 July 2024 6:35 PM
Announcement and Media Release
  • The Arafura GSA has been amended, deferring the supply start date by two years to January 1, 2028.
Capital raise
23 July 2024 7:23 PM
Trading Halt Request
  • Arafura Rare Earths is completing the placement component of a capital raising.
  • The trading halt is pending an announcement regarding the completion of this placement.
Capital raise
22 July 2024 8:49 PM
Quarterly Activities Report
  • The company intends to execute a capital raising to secure the equity required for the project.
  • Barrenjoey has been appointed as a third joint lead manager alongside UBS AG and Canaccord Genuity to assist in raising the equity.
Delay expected
22 July 2024 6:12 PM
Investor Presentation
  • The sources and uses of funds includes adjustments for a 3-month delay in first production.
Capital raise
22 July 2024 6:12 PM
Project Funding Update
  • The company needs to raise new equity to meet the balance of the Projects funding requirement.
  • The COF equity component of US$80 million is targeted to be raised at the same time as the new equity.
Delay expected
22 July 2024 6:12 PM
Project Funding Update
  • The project includes an increase in ramp-up period (from 2 years to 3 years), and a 3-month delay in first production.
Capital raise
22 July 2024 6:12 PM
Investor Presentation
  • The company is focused on securing equity, leveraging strategic nature of NdPr.
  • The balance to be raised through offer to new and existing shareholders.
Capital raise
28 May 2024 9:00 PM
Conference Presentation
  • The company is planning a potential build-up of equity capital.
  • Customer/strategic commitment will drive participation of financial groups.
  • The balance to be raised through offer to new and existing shareholders.
Capital raise
28 April 2024 6:26 PM
Quarterly Activities Report
  • The company intends to execute a capital raising when debt financing with key credit approvals is in place.
  • The company is targeting a substantial portion of the equity requirement via cornerstone investors ahead of launching a public equity raising with institutions and retail investors.
Capital raise
22 April 2024 3:09 AM
Conference Presentation
  • The company is planning a potential build-up of equity capital.
  • The company has appointed Joint Lead Managers.
  • The company is seeking customer/strategic commitment to drive participation of financial groups.
  • The company is planning to raise capital through an offer to new and existing shareholders.

Disclaimer: This summary was generated by artificial intelligence and its accuracy is not guaranteed. The information provided here is for general informational purposes only and does not constitute financial advice, recommendation, or endorsement of any kind. It may contain errors or omissions. You should not rely on this information to make financial decisions. Always seek the advice of a qualified financial professional before making any investment or financial decisions. Use of this information is at your own risk.