Highlights

• Arafura Rare Earths shareholders approved all four resolutions at EGM with 87-96% margins.
• Internal equity approvals for major financing package completed.
• Debt commitments secured from U.S. EXIM, EDC, NAIF, and commercial lenders.
• Only A$115M German government funding remains outstanding.
• Shareholder approval de-risks Nolans Project significantly.
• Clearing path to Final Investment Decision and construction acceleration.

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Arafura Rare Earths (ASX: ARU) has now cleared every internal shareholder approval needed to finalize its multi-stage capital raise. All four resolutions at today’s Extraordinary General Meeting—covering Tranche 1 ratification, Tranche 2 issuance, SPP participation, and SPP director allocations—passed decisively by poll.

Key investor signal:

The company has now completed all equity approvals required for its major financing package. The only remaining external component is the final

A$115 million German government-linked funding commitment. See last investor deck (opens in a new tab).

What the Votes Tell Us

The results were overwhelming:

• SPP approval (Resolution 3): 95.9% in favor
• Director SPP shares (Resolution 4): 94.0% in favor
• Tranche 2 placement (Resolution 2): 87.9% in favor
• Tranche 1 ratification (Resolution 1): 87.4% in favor

These margins show broad shareholder consensus around the capital plan and signal confidence in the Nolans Project’s strategic trajectory and its offtake-linked debt structure.

Financing Implication

With these approvals:

Equity: DONE

The placement and SPP (including shortfall) are now fully authorized.

Debt: MOSTLY DONE

Arafura already has confirmed support and in-principle commitments from:

• U.S. EXIM (up to A$300M)
• Export Development Canada (EDC) (up to A$300M)
• Northern Australia Infrastructure Facility (NAIF)
• Commercial lenders

Final Outstanding Item:

Germany’s government-backed funding tranche—approximately A$115 million—still pending.

This is through German export credit channels (Euler Hermes/UFK) tied to German offtakers such as Siemens Gamesa.

Once this piece lands, Arafura closes the loop on a >A$1 billion total funding package, enabling them to move toward full Notice to Proceed (NTP) and construction acceleration.

Bottom Line for Investors

• The entire internal shareholder risk is now off the table.
• The global sovereign financing stack is nearly complete.
• The last A$115M is a German government dependency, not a market or shareholder dependency.
• This significantly de-risks Nolans and tightens the project’s timeline to Final Investment Decision (FID) and execution.

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