Ann: Arafura launches A$20m placement and A$7m SPP, page-230

Let’s break down their comment from ARU: so not misinformation. My original comments have been supported, with regard to price decouple and going forward; this will accelerate.

It’s my personal view; and I believe I am entitled to that.

1. Seaborne Price Index: A seaborne price index refers to the pricing of commodities (such as rare earths) based on transactions involving shipments by sea. It’s a benchmark for assessing market prices.

2. Accelerate Transition: Arafura suggests that supporting a seaborne price index will speed up the transition to a more transparent and functional NdPr market. Here’s what this means:

   • Transparency: By using a seaborne price index, market participants can have clearer visibility into pricing mechanisms, reducing opacity and promoting fair pricing.
   • Functionality: A well-defined price index helps create a more efficient market where buyers and sellers can make informed decisions.

3. NdPr Market: NdPr (neodymium and praseodymium) is critical for various applications, including electric vehicles, wind turbines, and electronics. A functional NdPr market ensures stable supply and fair pricing.

In summary, Arafura believes that adopting a seaborne price index will enhance transparency and functionality in the NdPr market, benefiting both industry players and consumers