Announcement • Apr 09
Arafura Rare Earths Limited has filed a Follow-on Equity Offering in the amount of AUD 230 million. Arafura Rare Earths Limited has filed a Follow-on Equity Offering in the amount of AUD 230 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 343,277,483
Price\Range: AUD 0.2447
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 596,648,958
Price\Range: AUD 0.2447
Transaction Features: Subsequent Direct Listing Breakeven Date Change • Mar 02
Forecast to breakeven in 2026 The 2 analysts covering Arafura Rare Earths expect the company to break even for the first time. New consensus forecast suggests the company will make a profit of AU$2.80m in 2026. New Risk • Nov 05
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 37% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Shares are highly illiquid. Earnings are forecast to decline by an average of 50% per year for the foreseeable future. Shareholders have been substantially diluted in the past year (37% increase in shares outstanding). Revenue is less than US$1m. Minor Risk Currently unprofitable and not forecast to become profitable over next 3 years (AU$131m net loss in 3 years). New Risk • Oct 14
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 17% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Shares are highly illiquid. Earnings are forecast to decline by an average of 50% per year for the foreseeable future. Revenue is less than US$1m. Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (AU$131m net loss in 3 years). Shareholders have been diluted in the past year (17% increase in shares outstanding). Announcement • Aug 28
Arafura Rare Earths Limited, Annual General Meeting, Sep 26, 2025 Arafura Rare Earths Limited, Annual General Meeting, Sep 26, 2025. Location: bdo australia, mia yellagonga tower 2, 5 spring street, perth wa 6000 Australia Announcement • Aug 21
Arafura Rare Earths Limited has completed a Follow-on Equity Offering in the amount of AUD 80 million. Arafura Rare Earths Limited has completed a Follow-on Equity Offering in the amount of AUD 80 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 369,649,303
Price\Range: AUD 0.19
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 51,403,329
Price\Range: AUD 0.19
Transaction Features: Subsequent Direct Listing New Risk • Aug 15
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 23% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Shares are highly illiquid. Earnings are forecast to decline by an average of 23% per year for the foreseeable future. Revenue is less than US$1m. Minor Risk Currently unprofitable and not forecast to become profitable over next 2 years (AU$72m net loss in 2 years). Announcement • Jul 25
Arafura Rare Earths Limited to Report Q4, 2025 Results on Jul 29, 2025 Arafura Rare Earths Limited announced that they will report Q4, 2025 results on Jul 29, 2025 Board Change • Jul 14
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 4 non-independent directors. Independent Non-Executive Director Cathy Moises was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Jun 06
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 4 non-independent directors. Independent Non-Executive Director Cathy Moises was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • May 09
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 4 non-independent directors. Independent Non-Executive Director Cathy Moises was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Apr 09
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 4 non-independent directors. Independent Non-Executive Director Cathy Moises was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. New Risk • Mar 07
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 12% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Shares are highly illiquid. Earnings are forecast to decline by an average of 12% per year for the foreseeable future. Revenue is less than US$1m. Minor Risk Currently unprofitable and not forecast to become profitable over next 2 years (AU$75m net loss in 2 years). Board Change • Mar 04
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 4 non-independent directors. Independent Non-Executive Director Cathy Moises was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Jan 24
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 4 non-independent directors. Independent Non-Executive Director Cathy Moises was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Jan 17
Arafura Rare Earths Limited announced that it expects to receive AUD 200 million in funding from National Reconstruction Fund Corporation Arafura Rare Earths Limited entered into a binding term sheet with the National Reconstruction Fund Corporation for issuance of 200 unsecured subordinated convertible notes at a price of AUD 1,000,000 for gross proceeds of AUD 200,000,000 on January 15, 2025. The convertible notes have a 15-year maturity, and convertible into ordinary shares. The conversion period is from 2 years after the issue date to 7 years after the issue date. Announcement • Dec 10
Arafura Rare Earths Limited Announces Executive Changes, Effective January 20, 2025 Arafura Rare Earths Limited announced the appointment of Tommie van der Walt to the role of Chief Projects Officer, commencing on 20 January 2025. Tommie is a highly experienced mining executive who has led projects from exploration through to operations in challenging circumstances. As Newmont's Regional Project Director for Africa Tommie developed a multi-country growth strategy and delivered the USD 1.7 billion Ahafo mega-project on schedule, boosting production capacity and operational efficiency. More recently Tommie has served as Chief Operating Officer at Ionic Rare Earths, overseeing the development of the Makuutu Rare Earths mine in Uganda and a chemical plant in Belfast. Tommie's technical expertise, strategic vision, values-based leadership and emphasis on operational excellence positions him well to lead delivery of the Nolans Project. Chief Operating Officer Stuart Macnaughton will be stepping down from the role due to personal reasons. Stuart's advanced expertise in the construction and ramp up of complex hydrometallurgical facilities has continued to derisk the engineering design work for the Nolans Project (Nolans).Stuart will handover to Tommie and is available to continue in an advisory capacity to ensure Arafura can continue to benefit from Stuart's technical capability in ramping up and operating hydrometallurgical plants. Board Change • Dec 02
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 4 non-independent directors. Independent Non-Executive Director Cathy Moises was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Sep 16
Arafura Rare Earths Limited, Annual General Meeting, Oct 17, 2024 Arafura Rare Earths Limited, Annual General Meeting, Oct 17, 2024. Location: at the offices of johnson winter slattery, level 49 central park, 152-158 st georges terrace, perth, wa 6000 Australia Announcement • Sep 10
Arafura Rare Earths Limited Announces Appointment of Mr. Ian Murray to Its Board as A Non-Executive Director Arafura Rare Earths Limited announced the appointment of Mr. Ian Murray to its Board as a Non-Executive Director, effective 10 September 2024. Mr. Murray brings more than 30 years of experience in financial, corporate, project development, mergers and acquisitions, and operational experience across Australia, Africa, Asia Pacific and North America. Mr. Murray was most recently CEO and Managing Director of Gold Road as it transitioned from small market capitalisation explorer to large scale plus billion-dollar gold producer. He is a non-executive director with Black Rock Mining Limited and Miners Promise Limited (not-for-profit organisation) and is non-executive chair of Jupiter Mines Limited. My Murray is a Chartered Accountant, a member of the Australian Institute of Company Directors, and holds qualifications in commerce, accounting and taxation, as well as a post-graduate Advanced Management and Leadership Programme from the University of Oxford's Saïd Business School. Board Change • Sep 06
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Non-Executive Director Cathy Moises was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. New Risk • Aug 22
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 12% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Shares are highly illiquid. Earnings are forecast to decline by an average of 12% per year for the foreseeable future. Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (AU$126m net loss in 2 years). Shareholders have been diluted in the past year (14% increase in shares outstanding). Revenue is less than US$5m (AU$5.4m revenue, or US$3.6m). Recent Insider Transactions • Aug 05
Non-Executive Director recently bought €51k worth of stock On the 30th of July, Roger Higgins bought around 500k shares on-market at roughly €0.10 per share. This trade did not impact their existing holding. In the last 3 months, there was an even bigger purchase from another insider worth €62k. Insiders have collectively bought €126k more in shares than they have sold in the last 12 months. Board Change • Jul 31
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Non-Executive Director Cathy Moises was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Jul 26
Arafura Rare Earths Limited Announces Board Changes Arafura Rare Earths Limited announced the resignation of Non-Executive Director Chris Tonkin after more than 13 years of service. From a background as a metallurgist that led to a career in investment banking and project finance, Chris brought extensive expertise to the Arafura Board, which has been pivotal in the strategic advancement of financing the Nolans Project and getting the Company to where it is today. Chris has diligently served as Chair of the Audit Committee and was a member of both the Risk Management and Remuneration and Nomination committees. He also served as Managing Director and CEO in 2012 where his skills and capabilities led the Company through a transitional period of challenging global market conditions and economic uncertainty until a new CEO was appointed. The Arafura Board intends to appoint a new independent non-executive director and Audit chair to replace Chris. To ensure continuity, Cathy Moises will take on the role of Audit Chair as an interim measure until a new non-executive director has been appointed. Recent Insider Transactions • Jun 23
Non-Executive Director recently bought €62k worth of stock On the 17th of June, Michael Spreadborough bought around 610k shares on-market at roughly €0.10 per share. This trade did not impact their existing holding. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought €75k more in shares than they have sold in the last 12 months. Announcement • Dec 16
Arafura Rare Earths Limited has completed a Follow-on Equity Offering in the amount of AUD 25 million. Arafura Rare Earths Limited has completed a Follow-on Equity Offering in the amount of AUD 25 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 156,250,000
Price\Range: AUD 0.16
Discount Per Security: AUD 0.008
Transaction Features: Subsequent Direct Listing New Risk • Dec 07
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 2.7% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$72m free cash flow). Shares are highly illiquid. Earnings are forecast to decline by an average of 2.7% per year for the foreseeable future. Revenue is less than US$1m. Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (AU$106m net loss in 3 years). Shareholders have been diluted in the past year (22% increase in shares outstanding). Announcement • Oct 28
Arafura Rare Earths Limited to Report Q1, 2024 Results on Oct 31, 2023 Arafura Rare Earths Limited announced that they will report Q1, 2024 results on Oct 31, 2023 New Risk • Oct 07
New minor risk - Profitability The company is currently unprofitable and not forecast to become profitable over the next 3 years. Trailing 12-month net loss: AU$96m Forecast net loss in 3 years: AU$22m This is considered a minor risk. Companies that are not profitable are more likely to be burning through cash and less likely to be well established. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. Without profits, the company is under pressure to grow significantly while potentially having to reduce costs and possibly needing to take on debt or raise capital to remain afloat. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$72m free cash flow). Shares are highly illiquid. Revenue is less than US$1m. Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (AU$22m net loss in 3 years). Shareholders have been diluted in the past year (23% increase in shares outstanding). Announcement • Sep 15
Arafura Rare Earths Limited, Annual General Meeting, Oct 19, 2023 Arafura Rare Earths Limited, Annual General Meeting, Oct 19, 2023, at 10:00 W. Australia Standard Time. Location: BDO's Offices at Level 9, Mia Yellagonga Tower 2 5 Spring Street Perth Western Australia Australia Agenda: To receive and consider the consolidated financial statements of the Company and its controlled entities and the reports of the Directors and auditors for the financial year ended 30 June 2023; to consider remuneration Report; to consider re-election of Mr Mark Southey as Director; to consider re-election of Mr Chris Tonkin as Director; to re-election of Ms Cathy Moises as Director; and to consider approval to issue securities under Incentive Plan. Breakeven Date Change • Aug 17
Forecast to breakeven in 2026 The 3 analysts covering Arafura Rare Earths expect the company to break even for the first time. New consensus forecast suggests losses will reduce by 4.6% per year to 2025. The company is expected to make a profit of AU$62.3m in 2026. Average annual earnings growth of 45% is required to achieve expected profit on schedule. New Risk • Jul 16
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 22% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$51m free cash flow). Shares are highly illiquid. Earnings are forecast to decline by an average of 22% per year for the foreseeable future. Revenue is less than US$1m. Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (AU$85m net loss in 2 years). Shareholders have been diluted in the past year (35% increase in shares outstanding). Breakeven Date Change • Jun 30
Forecast to breakeven in 2026 The 3 analysts covering Arafura Rare Earths expect the company to break even for the first time. New consensus forecast suggests the company will make a profit of AU$30.0m in 2026. Average annual earnings growth of 12% is required to achieve expected profit on schedule. Announcement • Jun 16
Arafura Rare Earths Limited Announces Secretary Changes Arafura Rare Earths Limited announced that Mr. Lewis Lowe and Mr. Matthew Foy will retire as joint Company Secretary, effective 16 June 2023 following the return of Ms. Catherine Huynh from maternity leave. Ms. Huynh has resumed her position as Company Secretary. Announcement • May 19
Arafura Rare Earths Limited Announces Resignation of Quansheng Zhang as Non-Executive Director Arafura Rare Earths Limited advised that Mr. Quansheng Zhang has resigned as a Non-Executive Director of the Company, effective as of 18 May 2023. Mr. Zhang was appointed in 2016 as the nominee director of major shareholder East China Non-Ferrous Mineral Resources Co Ltd. (ECE). ECE has been a significant shareholder of the Company since 2009 and its financial and technical expertise supported the success of Arafura through a number of global economic cycles. ECE has recently undertaken a change in corporate strategic direction to focus on domestic projects. Mr. Zhang's resignation follows a two-month leave of absence while ECE considered its preferred path forward in light of this strategic shift. As ECE is no longer a substantial shareholder it is appropriate that he resign as a Director. Announcement • Dec 15
Arafura Rare Earths Limited, Annual General Meeting, Jan 18, 2023 Arafura Rare Earths Limited, Annual General Meeting, Jan 18, 2023, at 10:00 W. Australia Standard Time. Location: BDO's Offices at Level 9, Mia Yellagonga, Tower 2, 5 Spring Street, Perth Australia Breakeven Date Change • Aug 18
No longer forecast to breakeven The analyst covering Arafura Resources no longer expects the company to break even during the foreseeable future. The company was expected to make a profit of AU$103.6m in 2025. New forecast suggests the company will make a loss of AU$62.6m in 2025. Recent Insider Transactions • Jul 05
CEO, MD & Director recently sold €426k worth of stock On the 27th of June, Gavin Lockyer sold around 2m shares on-market at roughly €0.18 per share. This was the largest sale by an insider in the last 3 months. This was Gavin's only on-market trade for the last 12 months. 