NOLANS PROJECT - Minor Earthworks

Construction Contract (Earthworks).

Arafura Nolans Project Ltd (Arafura) is developing the Nolans Rare Earths project (the Project), which will encompass a mine, beneficiation plant, extraction plant, separation plant, sulphuric acid plant, and related non-process infrastructure to be constructed in the Northern Territory. The project site is on Aileron Station, approximately 135 kilometres NW of Alice Springs.

The Project mining operation will use conventional open-pit truck and excavator mining methods, supplemented by drill and blasting for ore and waste. A JORC-compliant Ore Reserve supports an initial mine life of 38 years, with mining and processing of all known mineral resources extending the project's operational life beyond 45 years. Ore Reserves are based on an average mining rate of 7.6 million tonnes per annum to produce 1 to 1.3 million tonnes of ROM ore each year and 316,000 tpa of concentrate through the hydrometallurgical plant to produce a range of rare earth products and a phosphoric acid by-product.

Project Status

The site enabling works, consisting of minor bulk earthworks and the installation of the bore field headworks, was completed in late 2023.

In March 2024 Arafura received conditional support from the Commonwealth Government with a debt finance package of US$533 million. This announcement catalysed Arafura to advance the project's remaining debt and equity funding. Once this remaining funding is secured, Arafura will be ready to make a final investment decision on Nolans and move immediately into construction. Arafura is committed to providing updates on the timing of construction commencement and other milestones.