Arafura Rare Earths Ltd, page-322

ARU's debt-led strategy has been to secure binding offtake to support the debt component of financing Nolans. I'm now beginning to understand why strong statements around financing no longer being dependent on additional offtake were made by ARU during the most recent 1/4'ly update.

I'm certain that at that point, ARU would have had a very strong indication of further debt financing from the Australian Government SUBJECT TO being signed off by Cabinet ..... which convened in Darwin on 13 March. ARU went into a trading halt that day.

The debt is, for all intents and purposes, done. Further binding offtake is now optional, no longer critical path. Only the equity remains. How much will be strategic, how much to new and existing institutional investors, how much left for retail?

Time for the new MD to step up, get this done at a decent price, and in so doing, justify the cash component of his remuneration.