Arafura Rare Earths (ARU) Q4 2026 earnings summary

Executive summary

• Achieved Final Investment Decision (FID) on 21 May 2026, transitioning to project execution with construction to begin in September 2026.

• Nolans Project declared the first-ever Significant Project by the Northern Territory Government, streamlining regulatory processes.

• Two new binding offtake term sheets executed for 500 tpa NdPr oxide each, supporting a global seaborne pricing index.

• Raised A$350 million via institutional placement and A$11.5 million through a Share Purchase Plan.

• Cash and term deposits totaled A$723 million at 30 June 2026, with further funds expected in the next quarter.

Financial highlights

• Cash and cash equivalents at quarter end: A$223 million; term deposits: A$500 million; total liquidity: A$723 million (up from A$561 million at 31 March 2026).

• Net cash used in operating activities: A$6.5 million for the quarter.

• Net cash used in investing activities: A$501 million, primarily due to term deposits.

• Net cash from financing activities: A$170 million for the quarter, A$725 million year-to-date.

• Estimated 31.2 quarters of funding available at current expenditure rates.

Outlook and guidance

• Construction of the Nolans Project to commence in September 2026.

• Completion of cornerstone equity subscriptions with EFA and GRMF expected in September 2026 quarter.

• Project finance documentation nearing completion, with final credit approvals in progress.

• Guidance for total funding requirement remains at ~US$1.9 billion, including cost overrun and liquidity facilities.