Todays announcement by Arafura Rare Earths is disappointing:
ASX ANNOUNCEMENTGAS SUPPLY UPDATE31 March 2025Arafura Rare Earths LimitedABN: 22 080 933 455Level 6, 432 Murray St, Perth WA 6000PO Box 5773, St Georges Terrace, Perth WA 6831T: +61 8 6370 2800 | W: www.arultd.com | E: [email protected] Rare Earths Limited (ASX: ARU) (Arafura or the Company) refers to ASX announcements dated 29 July2024, 20 December 2024 and 31 January 2025 regarding the gas supply agreement (GSA) with the Mereenie fieldjoint venture, for the supply of natural gas to the Nolans Project. The condition precedent date of 31 March 2025has now lapsed and has not been extended.The Company, through its 100% owned subsidiary, Arafura Nolans Project Pty Ltd, has entered into a non-bindingLetter of Intent (LOI) with Tamboran Resources Corporation (NYSE: TBN, ASX: TBN) for the supply of 18 to 25terajoules per day (TJ/d) of natural gas for Nolans for up to 10 years. Tamboran is the largest acreage holder withinthe Beetaloo Sub-basin, located approximately 650 kilometres north of Nolans in the Northern Territory.
CTP Price at posting:
6.6¢ Sentiment: Hold Disclosure: Held
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