Musical Dispatch from the Front – The Cake – January 2026

[Frank Baarda]

Hola,

 

In 2003, Arafura Resources (since renamed Arafura Rare Earths Ltd.) raised $3.5M and was listed on the stock exchange. At that stage its issued capital was $9M. Over time the many and varied prospects filtered down and the company’s priority settled on the Nolan’s Bore phosphate/rare earth deposit. Shareholders had a long wait until Nolan’s Bore became recognised as a major project of huge potential.

 

In October 2025, Australia and the United States of America announced a landmark bilateral Critical Minerals Framework to accelerate the pipeline of priority projects delivered by and for the two nations. As part of this initiative Arafura was identified as one of only two priority projects under the Framework.

 

The Company completed and settled a share placement in December 2025, which raised A$475 million, and a share purchase plan to existing shareholders, which raised A$9.8 million.

 

Gina Reinhart scored some of the placement and increased her stake in Nolan’s from 10% to 15%.

 

Not mentioned is the equity dilution affecting the original shareholders.

 

Nolan’s Bore is 150 Km as the crow flies ESE from Yuendumu.

 

https://www.youtube.com/watch?v=NBPxPT_NpkM&t=1s

♫ ♫ ♫ SUGAR MINOTT - Slice Of The Cake [1983]

 

Will the Anmatyerre traditional owners get a slice or only crumbs?

 

https://www.youtube.com/watch?v=z4nKOzk8qbw

♫ ♫ ♫ Nicole Scherzinger - Don't Hold Your Breath

 

Chau,

Frank