ASX, ARU, Arafura Rare Earths, Equity Raising Presentation

Highlights:

• Capital cost trending indicates that the capital cost to the first production at Nolans is likely to be approximately A$1,680 million. Currently, this represents an approximate 5.7% increase from the A$1,590 million estimate provided in the November 2022 Project Update1. The Capital Cost trend estimate is substantially in line with expectations.
• Indicative Project Schedule