Arafura Resources Limited announced the signing of a Joint Statement of Cooperation with the Korean Government Agency KOMIR that will support the development of Arafura's Nolans Project and assist in the export of product from Nolans to the Republic of Korea. Arafura and KOMIR will focus on expanding cooperation in several areas including information sharing on the development of the Nolans project for participation by Korean investors; the import of rare earth products into Korea and the use of strategic stockpiling. Nolans will produce neodymium-praseodymium (NdPr) oxide ­ a product integral to the production of rare earth magnets used in industries including the production of electric vehicles.

Cooperation between Arafura and KOMIR recognises the strategic importance of a secure supply of critical minerals including NdPr to the Korean market. Arafura Chairman Mark Southey said the Company welcomed the opportunity to strengthen its relationships in Korea. The signing between Arafura and KOMIR took place in the same week as talks in Canberra between the Australian Government and a Korean delegation led by Ministry of Trade, Industry and Energy Vice Minister Kiyoung Park.

The delegation's visit also included the signing of a memorandum of understanding between the Minerals Council of Australia and KOMIR to strengthen cooperation on the exploration and development of critical minerals in Australia. Arafura's Nolans Project is a rare earth ore to oxide mine and processing facility in the Northern Territory. The project is Australia's first vertically integrated rare earths operation, where its single site mining and processing operations (including waste disposal) will provide a secure and traceable supply chain to meet domestic and international economic and security interests and the ESG needs of global customers.