Arafura Rare Earths Ltd, page-463

A Summary... "Quarterly Activities Report for the period ended 31 March 2024"

"Nolans is shovel ready and construction will commence immediately after a final investment
decision is made"

"Throughout the quarter the Company focused on securing debt, offtake and equity to enable a final investment
decision (FID) for Nolans."

"Throughout the quarter the Company continued to implement its debt-led funding strategy. The intention is to execute
a capital raising when debt financing with key credit approvals is in place and long form loan documents can be
executed."

"The Company appointed UBS AG (UBS) and Canaccord Genuity (Canaccord) as joint lead managers (JLMs) to assist in
raising the equity required to execute the project equity funding"

"The equity strategy will take a cascade approach, with a focus on certainty over speed. 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."

"The Company anticipates future announcements on debt funding, offtake and cornerstone equity in advance of
reaching a final investment decision"

"On 31 March 2024, Arafura had cash reserves of ~A$58m"

"The Company now expects it has cashflow runway through to the fourth quarter of the 2024 calendar year"