Arafura Rare Earths Limited

Okay. Good morning, everyone, and thank you again for joining us for today's update. I'm Daryl Kazuba, Arafura's Managing Director, and with me today is Peter Sherrington, who's been our CFO, and Tony Vanderbilt, our Chief Project Officer. I'd also like to give a warm welcome to our new CFO, Angela Bigg, who started in the role just a few days ago. A little bit about Angela. Angela brings more than 20 years of experience in the global mining sector across both the Association Officer of the Rio Tinto Diamond Mine in Canada. This mix of multi-jurisdictional corporate finance experience and hands-on operational leadership gives her a really unique perspective and puts her in a great position to help us take the company from construction through into operations. Can I just hand over to Angela for a bit of an introduction?

Thank you, Darrell, and good morning. I'm really excited to be starting with Arafura and be able to participate in a project of this nature and at this stage of its development. I also have a slightly unique perspective being in a developing territory myself and being able to be involved in something like this is something I'm really pleased about.

Thank you, Joanne. So let me walk you through what we've covered today. And as we've done in the previous updates, we'll go through a market overview and summary of what we've achieved over the past year. Peter will then provide you an update on the financials for the year, plus where we're at on financial close and off-takes. And Tommy will update you on construction progress. And before we open up for Q&A, I just want to take a moment to thank Peter, given that this will be his last year, he'll update with us. So let's start with the market overview. Looking back over the last 12 months, it's been a significant one. We've seen a sustained lift in pricing. NDPR started the year around, you know, US $62 a kilo, peaked at US $129, and currently it's around $107 a kilo. At the same time, the US and Japan introduced pricing laws of $110, and that actually Domestic Pricing, where it is basically staged range-bound between $100 and $120 a kilo, which really shows how effective these price scores have been. We've also seen two new independent and transparent pricing indices emerge over this period, being the Benchmark Minerals Intelligence and S&P Plus Index. This knows because China's domestic rates and trading volumes simply aren't disclosed, so it's greatly smaller policy instrument than a reliable market signal. A few other events that are worthy to call out from the past year. China added empty materials and USA Rare Earths, the two countries most directly backed by the US government to compete with Chinese supply, to its export control energy list back in June. China also effectively embargoed disposiums, G7 Leader Separation elevated rare earths from simply being an industrial input to being an economic security priority, with a real focus on standard-based markets, transparent supply chains, strategic stockpiling, and building China also added 14 EU entities to its export control list, meaning overseas organisations or individuals can now be penalised for supplying Chinese rare earth materials to anyone on that list. And looking ahead, it's worth remembering that the moratorium on export control for rare earths between China and the US expires on November the 10th. If I had to sum up the past year, there's been a lot of activity building out of the rest of the world's rare earth supply chain, but structurally, China is still very much in control, and that's not going to change quickly. It took China three decades to build that dominant. It's going to take more than a couple of years to establish a reliable, cost-effective alternative. Even though metallisation, separation, magnet manufacturing capacity might take two to three years to build out, you cannot turn on a new mine supply nearly that fast. It typically takes 18 years to find and win a new mine into commercial production. And that's exactly what makes Arafura's move into construction on the Molens off-site project the right strategy at the right time. It has taken us years of work to get into this position, and it's a genuinely advantageous one, both for us and the shareholders. I can now turn to what we've achieved over the last 12 months. It's been an incredibly busy but productive year. We've put together everything needed on off-taking funding to reach fees, all while competing for attention and support against a lot of other critical mineral projects around the world. And I'd argue that no other project globally is going to have more support than we have. We've secured off-takes into five countries has secured ECA covered debt from five countries, and we were the first project to receive equity from EFA, the second and the largest from the National Reconstruction Fund, and only the second in the world to receive equity from the German Normal Tourist Fund, with the first project being a project based in Germany. Let me run through some more specific highlights. In terms of government support, we were named one of two priority projects under the US-Australia Critical Minutes Framework Agreement announced by the Prime Minister Albanese and President Trump last October. As prior to that, we secured a US$300 million letter of support from US Exxon. In terms of off-takes, we secured an off-take with US-based Truxxas, the first on an independent transparent price index. We also received further support from the Australian government, becoming the first company to receive with a new critical mineral strategic reserve. And we achieved the buy-new-off-take term sheet with an Indian party, again on an independent transfer index. Our consistent push for an independent transfer pricing is really paying off. And it matters, because we want our investors to have confidence that pricing will reflect market-under-measles, just like it does for any other commodity. From an equity perspective, We raised over the required $900 million in equity with further support to be added to that from NRS, ESA and German Lawn Mature Funds. I do want to specifically call out Handpops who took a risk on us early and honestly we wouldn't be where we are today without them. It was on the back of all that we were able to make a final investment decision a few months ago in May. And just lastly on project readiness, we engaged Hatch with our and our EPCM contract at the end of last calendar year. We fully established our owner's team. We're very happy with the calibre that we've been able to attract. We signed a compensation deed with our passwords, which included him becoming an ARAFRA shareholder. We signed a Territory Benefits Plan with the Northern Territory Chief Minister. And we were nominated as the first significant project by the NC government. So looking back on the last four months, it's been an incredibly busy year. but an incredibly resilient one, as we take the cut from development into construction of what will be Australia's only earth oxide rare earths limited process plant. On that, Peter, I might hand over to you for your update.