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The latest update is out from Arafura Resources ( (AU:ARU) ).
Arafura Rare Earths Limited has successfully completed an A$80 million institutional placement and launched a A$5 million share purchase plan (SPP). The capital raising received strong backing from both domestic and international investors, including significant support from Hancock Prospecting, Arafura’s largest shareholder. The funds will bolster Arafura’s financial position, enabling the company to advance the Nolans Rare Earth Project and strengthen its negotiating leverage with potential strategic partners. The placement and SPP are expected to raise a total of approximately A$85 million, which will be used for corporate expenses, working capital, and project development upon reaching a final investment decision.
The most recent analyst rating on (AU:ARU) stock is a Hold with a A$0.20 price target. To see the full list of analyst forecasts on Arafura Resources stock, see the AU:ARU Stock Forecast page.
More about Arafura Resources
Arafura Rare Earths Limited is a company operating in the rare earths industry, focusing on the development and production of rare earth elements. The company is primarily engaged in the Nolans Rare Earth Project, which aims to supply rare earths, crucial for various high-tech and green technologies, to the global market.
Average Trading Volume: 7,083,572
Technical Sentiment Signal: Buy
Current Market Cap: A$542.2M
See more insights into ARU stock on TipRanks’ Stock Analysis page.