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Arafura Rare Earths to Issue AU$200 Million of Convertible Notes to Support Northern Territory Project

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Arafura Rare Earths (ASX:ARU) is set to issue AU$200 million of unsecured convertible notes to the National Reconstruction Fund to support the development of its Nolans project in the Northern Territory, according to a Tuesday filing with the Australian bourse.

The notes will have a tenor linked to the maturity of Nolans' senior finance facilities and are convertible at AU$0.476 apiece after two years of issue, per the filing.

The issuance is subject to several conditions, including the approval of a final investment decision for Nolans, which must be satisfied by May 11, 2027.

Arafura and the National Reconstruction Fund have signed definitive documentation for the issuance, superseding a binding term sheet signed in January 2025.

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