Arafura Rare Earths Ltd (ARU) $0.145
Arafura (ARU) is a smaller $880mn NT-based rare earths developer, still in the development stage, whose value is centred on its flagship Nolans project in the Northern Territory. Unlike established producers such as Lynas and diversified mineral sands group Iluka, Arafura remains pre-revenue, with its investment case dependent on successfully financing, building and commissioning a single integrated operation. Nolans is designed to mine and process rare earth ore in Australia and produce separated NdPr oxide locally, reducing reliance on China’s dominant processing industry.