Ann: Quarterly Activities Report and Appendix 5B, page-13

Generative AI translation:

Arafura's equity funding strategy aligns with its debt process, prioritizing strategic backing before a public equity raise. The company aims to secure initial investment from key partners, including substantial shareholders, customer allies, and state-backed funds, especially given the strategic importance of NdPr and the dominance of China in the market. By building a cornerstone group of investors, Arafura aims to create momentum and reduce dilution before launching a broader public funding round. Engagement is already underway with “Equity Pool One” investors, including strategic partners, and “Pool Two,” which includes critical-material-focused funds in Australia and Europe, expected to play a major role in securing foundational investment.