ASX: ARU Not for release to US wire services or distribution in the United States. For personal use only Arafura Rare Earths Investor Presentation August 2025 Disclaimer This presentation is dated 20 August 2025 and has been prepared by Arafura Rare Earths Limited ("Arafura", "Arafura Rare Earths" or the "Company") in relation to an offer of shares in the Company via an institutional placement of ~A$80m, and an offer of shares under a share purchase plan (the Offer). This presentation is of a summary form o ...

Project Overview - Arafura Rare Earths is developing the world's most advanced construction-ready rare earths project, offering a non-China alternative [1] - The Nolans Project has a mine life of over 38 years and is strategically located with access to existing infrastructure [28, 31, 47] - The project is construction-ready with environmental permits and approvals in place, and over US$40 million has been spent on site works to de-risk the project schedule [35] Financials and Funding - The project's NPV8 after tax is estimated at US$1,729 million (base) and US$2,549 million (incentive) [30] - The company is targeting 60% of equity funding through Cornerstone Investors [40] - Over US$1 billion of debt and completion support has been conditionally approved [40, 48] - NRFC has committed to a A$200 million investment [48] - KfW has an investment of US$113 million subject to conditions [40, 41] Market and Demand - The rare earth magnet exports to the US experienced a 93.3% year-on-year decline in May 2025 [13] - Demand for NdPr oxide is projected to grow at a 7% CAGR from 2024 to 2035, requiring an additional supply of nearly 60kt by 2035 [17] - Robotics is an emerging thematic with a CAGR of approximately 22% between 2024 and 2035, with humanoids forecast to be a US$5 Trillion market by 2050 [17] Production and Cost - The Nolans Project is projected to produce 4,440 tpa of NdPr oxide [28, 47] - The project is expected to be in the first quartile of the cost curve [29, 48] - The project will produce 573 tpa of SEG/HRE Oxide [29]