Arafura Rare Earths (ASX:ARU) has secured approximately $230 million in binding equity subscriptions for its flagship Nolans Project.
The latest funding milestone involves two major cornerstone investors: the German Raw Materials Fund, represented by Kreditanstalt für Wiederaufbau, and Export Finance Australia.
The capital injection is comprised of a €50 million commitment from the GRMF and a US$100 million subscription from EFA.
The agreements mark a pivotal step in de-risking the development of the Nolans Project, which aims to diversify global rare earth supply chains.
The transaction builds upon a robust existing funding framework, which includes a previous $481 million equity raising completed in late 2025 and a $200 million commitment for convertible notes from Australia's National Reconstruction Fund Corporation.
Total equity raisings and binding commitments for the project now stand at approximately $911 million.
Industry analysts suggest that the participation of government-backed agencies from both Germany and Australia underscores the strategic global importance of the Nolans Project.
The company is currently advancing negotiations on long-form documentation with the NRFC as it moves closer to full-scale development.