Arafura Rare Earths Ltd (OTCMKTS:ARAFF) is one of the best rare earth stocks to buy now. On July 29, the company confirmed it continues to advance its equity funding strategy for Nolans project. The project has already entered into an appraisal phase for potential equity investment from the German Raw Materials Fund.

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Arafura is seeking up to €100 million (A$175 million) in funding tied to the supply from Nolans project. An active sales and marketing program is already underway in Germany as the company targets several prospective off-take partners to support funding under the German Raw Materials Fund.

“As rare earths enter a new era of growth, establishing new sectors requires equitable risk sharing between government and industry through direct investment and offtake. We are encouraged by the proactive stance of governments globally. Earlier this month, Germany’s Interministerial Committee referred our Nolans Project to the German Raw Materials Fund (GRMF) for appraisal. We’re excited by the prospect of GRMF’s investment and opportunity to partner with them as a cornerstone investor. Our confidence in securing our equity investment target remains high, given the substantial progress we’re making with all our potential cornerstone investors,” Arafura’s Managing Director Darryl Cuzzubbo said.

The company aims to capitalize on the intensifying geopolitical focus on rare earths. That’s why it is strengthening the strategic position of Nolans projects as a leading construction-ready project. The company exited June with A$27 million in cash.

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Disclosure: None. This article is originally published at Insider Monkey.