AUSTRALIAN RARE EARTHS LIMITED

AUSTRALIAN RARE EARTHS LIMITED's ordinary share count grew 64.1% between March 2024 and June 2026, to 256M shares. The company raised capital three times in that period for total disclosed proceeds of A$15.6M, most recently a A$6.0M placement in January 2026. Options and rights on issue could convert into 154M new shares, equal to 60.1% of the current share count, none of which are in the money at the current share price; the nearest expiry is November 2026. At the March 2026 quarter the company reported A$4.9M in available cash, about 3.8 quarters of funding at its recent spending rate. No proposed securities issues (Appendix 3B) are pending.