Rainbow Rare Earths Ltd. · LSE:RBW
Rainbow Rare Earths — Q2 2026 Earnings Presentation
18 slides from Rainbow Rare Earths's earnings presentation, Apr 8, 2026
Slide 1: Unlocking a low-cost and responsible supply of rare earths from phosphogypsum
RAINBOW RARE EARTHS Unlocking a low- cost and responsible supply of rare earths from phosphogypsum 8 April 2026
Slide 2: Disclaimer
DISCLAIMER These Presentation Materials are for information purposes only and must not be used or relied upon for the purpose of making any investment decision or engaging in any investment activity and should not be construed as, an offer for sale or subscription of, or solicitation of any offer to
Slide 3: About Rainbow
ABOUT RAINBOW UNLOCKING A LOW-COST AND RESPONSIBLE SOURCE OF RARE EARTHS ELEMENTS (REE) A UNIQUE OPPORTUNITY IN THE RARE EARTHS SPACE FTSE LSE RBW LN Index Ticker • Pioneering the economic recovery of REE from phosphogypsum • Developed unique IP using proven technology 644m 2 US$194m 3 About Rainbow
Slide 4: Rainbow Portfolio
TWO TIER 1 RARE EARTH PROJECTS IN FAVOURABLE JURISDICTIONS UTILISING RAINBOW’S UNIQUE IP TO RECOVER REE FROM PHOSPHOGYPSUM Phalaborwa¹ – South Africa Uberaba² – Brazil US$611m 38% US$916m 45% Rainbow Portfolio Post-tax NPV10 Post-tax IRR Post-tax NPV10 Post-tax IRR 16 years US$250m >30 years US$319m
Slide 5: Mixed Rare Earth Product
MAJOR BREAKTHROUGH IN DELIVERING ECONOMIC PROCESS PHALABORWA IS A PROVEN PRODUCER OF RARE EARTHS • Phalaborwa large-scale pilot plant can produce ca. 1kg per day of a high-grade mixed rare earth product (MREP) Mixed Rare Earth Product • Pilot plant initially produced a 55% total rare earth oxides (T
Slide 6: Market Backdrop
RARE EARTH ELEMENTS (REE) CRITICAL TO NATIONAL SECURITY AND ECONOMIC RESILIENCE CRITICAL BUILDING BLOCKS OF MODERN SOCIETY GLOBAL DEMAND FOR RARE EARTH OXIDES (REO)¹ • Rare earth elements (REE) are a group of 17 elements • “The vitamins of modern industry”: REE may not be a significant part of a pro
Slide 7: Market Backdrop: Critical to National Security
CRITICAL TO NATIONAL SECURITY REE AND REPM ARE USED ACROSS MANY MILITARY APPLICATIONS National Security • U.S. Executive Order (April 2025) emphasises the importance of F35 Fighter Jet developing secure domestic REE supply chains for national security • Reliable access to REE is crucial to maintain
Slide 8: Our Process
RAINBOW IP CAN EXTRACT CRITICAL RARE EARTHS FROM A WASTE PRODUCT THEREBY UNLOCKING A LOW-COST AND RESPONSIBLE SUPPLY PHOSPHATE IS MINED TO PRODUCE PHOSPHOGYPSUM IS THE RAINBOW HAS DEVELOPED UNIQUE IP PHOSPHORIC ACID BY-PRODUCT TO RECOVER THE REE Our Process A hard-rock phosphate deposit is mined and
Slide 9: Phalaborwa Snapshot
PHALABORWA: A TIER 1 REE PROJECT UTILISING A BROWNFIELDS SITE SKILLS & SUPPLIERS SULPHURIC ACID Located in an established Front gate is 5km from Supplied from local area Phalaborwa town mining district • 35 Mt Resource at 0.44% TREO comprises two stacks of phosphogypsum containing economic quantitie
Slide 10: Phalaborwa Product Pricing
PHALABORWA PRODUCT PRICING PRICING STARTING TO REFLECT TRUE MARKET FUNDAMENTALS REALISABLE VALUE/TONNE GYPSUM (US$) • Separated Nd and Pr prices have risen from <US$60/kg in early 2025 to >US$150/kg in Q1 2026 300 Phalaborwa Products • Nd,Pr: US$110/kg price floor agreed for MP Materials with US Gov
Slide 11: Phalaborwa Economics
ONE OF THE HIGHEST MARGIN RARE EARTH PROJECTS IN DEVELOPMENT TODAY DELIVERED BY RAINBOW’S LOW-COST PROCESS Rare earth mining margin curve, 2024 ($/kg REO) 20.0 15.0 Phalaborwa Economics 10.0 5.0 0.0 -5.0 Mt Weld Phalaborwa -10.0 Mountain Pass -15.0 -20.0 -25.0 % of total output 11 Rainbow Rare Earth
Slide 12: Phalaborwa Operational Status
PHALABORWA OPERATIONAL STATUS LABORATORY AND PILOT PLANT FACILITIES IN JOHANNESBURG FINAL TEST WORK IN 2026 Delivery of low-cost and efficient process • Rainbow’s planned purification process combines CIX and precipitation steps for Phalaborwa Test Work REE recovery and impurity removal • Optimisati
Slide 13: Producing REE from a simple hydrometallurgical flowsheet
PRODUCING REE FROM A SIMPLE HYDROMETALLURGICAL FLOWSHEET DEMONSTRATED VIA LARGE-SCALE PILOT PLANT¹ MECHANICAL REPULP AND PG Slurry PH ADJUSTMENT RECLAMATION SCREENING PROCESS WATER Phalaborwa Test Work RARE EARTH LEACH (STAGE 1 CCL) RARE EARTH LEACH NEW RESIDUE STACK (STAGE 2 CCL) CIX PRIMARY SX SEP
Slide 14: Pathway to Production
PATHWAY TO PRODUCTION SHORT TIMEFRAME TO OPERATIONS ONCE TEST WORK FINALISED COST IMPURITY PERMITTING CONSTRUCTION INTERIM STUDY OPTIMISATION SEPARATION DFS REJECTION / FINANCE EXPECTED DEC 2024 MAR – AUG 2025 AUG 2025 2026 2026 2026 - 2027 END 2027 ¹ Pathway to Production NEXT STEPS SUPPORTED BY SU
Slide 15: Uberaba Project in Brazil
UBERABA PROJECT IN BRAZIL OPPORTUNITY TO REPLICATE PHALABORWA AT A LARGER SCALE POWER Located in an established Exceptionally low cost of industrial complex power $0.036 /kWh • Similar project to Phalaborwa, with PERMITTING source rock for the phosphogypsum No additional permitting requirements bein
Slide 16: Subscription raises ca. US$14.6 million
SUBSCRIPTION RAISES CA. US$14.6 MILLION BACKED BY STRATEGIC INVESTORS Fundraise supports Rainbow’s vision to become one of the highest margin producers of REE • Rainbow raised £11.1 million (ca. US$14.6 million) via issue of 55,420,773 new ordinary shares at a price of 20p (a 6.5% discount to closin
Slide 17: What makes Rainbow different?
WHAT MAKES RAINBOW DIFFERENT? A UNIQUE OPPORTUNITY IN THE REE SPACE • Rainbow’s IP unlocks a global opportunity for the low-cost and responsible supply of critical REE from phosphogypsum • Phalaborwa and Uberaba are Tier 1, strategic sources of rare earths, hence major backing for Phalaborwa by the
Slide 18: Thank you
RAINBOW RARE EARTHS THANK YOU Contact: INVESTOR RELATIONS Cathy Malins Tel: +44 7876 796 629 Email: cathym@rainbowrareearths.com www.rainbowrareearths.com