Rainbow Rare Earths Ltd. · LSE:RBW
Rainbow Rare Earths — Investor Presentation (February 2026)
32 slides from Rainbow Rare Earths's investor presentation, February 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 February 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 • Pioneering the economic recovery of REE from phosphogypsum • Developed unique IP using proven technology About Rainbow • At the forefront of developing a secure sou
Slide 4: Rare Earth Elements: 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 5: 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 6: Major Breakthrough
MAJOR BREAKTHROUGH CONFIRMING ECONOMIC RECOVERY OF REE FROM PHOSPHOGYPSUM $ Process developed in-house using proven technologies • Rainbow has succeeded where previous attempts over last ca. 40 years have failed to achieve economic extraction • Phalaborwa primary flowsheet produces a high-grade mixe
Slide 7: 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 8: Phalaborwa Economics
PHALABORWA ECONOMICS AS PER THE INTERIM REPORT (DECEMBER 2024) A TIER 1 RARE EARTH PROJECT POSITIONED IN THE LOWEST COST QUARTILE Trial 35Mt hydraulic reclamation of the of phosphogypsum phosphogypsum sitting at surface in a chemically cracked form stacks delivered excellent results in 2024 35.0 Mt
Slide 9: Phalaborwa Products
PHALABORWA PRODUCTS A LOW-COST AND RESPONSIBLE SOURCE OF BOTH LIGHT AND HEAVY REE EXPECTED ANNUAL PRODUCTION OF REE WITHIN NDPR OXIDE AT +99.5% PURITY SEG+ MREC AT +99.5% PURITY SEG+ (TPA) samarium (Sm2O3) 244 • 1,800tpa – primary value driver • 80tpa Dy and Tb within the SEG+ product europium (Eu2O
Slide 10: Phalaborwa Economics: High Margin Project
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 10 Rainbow Rare Earth
Slide 11: Test Work Achievements in 2025
TEST WORK ACHIEVEMENTS IN 2025 FLOW SHEET ROUTE FINALISED TO DELIVER HIGH PURITY SEPARATED PRODUCTS VIA SX TEST WORK IN 2025 Maximising REE recovery and impurity rejection via CIX Phalaborwa Test Work • Rainbow’s purification process combines CIX and precipitation steps for REE recovery • Successful
Slide 12: Trade-off Studies in 2025
TRADE-OFF STUDIES IN 2025 DELIVERING THE MOST ECONOMICALLY ROBUST PROJECT POSSIBLE OPTIMISATION Strengthening economics via trade-off studies and piloting work Phalaborwa Test Work • Multiple optimisation initiatives pursued in 2025 • The trade-off studies primarily focused on the primary flowsheet
Slide 13: New Pilot Plant Marks Final Phase of Process Test Work
NEW PILOT PLANT MARKS FINAL PHASE OF PROCESS TEST WORK SITUATED ADJACENT TO RAINBOW LABORATORY AT MINTEK IN JOHANNESBURG FINAL TEST WORK IN 2026 Purpose of the large-scale pilot operation • Run the optimised primary flowsheet with a leach process producing sufficient Phalaborwa Test Work volumes of
Slide 14: High-Purity Mixed REE Hydroxide
HIGH-PURITY MIXED REE HYDROXIDE PRODUCED AT RAINBOW’S LARGE-SCALE PILOT PLANT IN JOHANNESBURG Phalaborwe Product 14 Rainbow Rare Earths Limited Corporate Presentation – February 2026
Slide 15: PEA Flowsheet
PEA FLOWSHEET HYDRAULIC PG Slurry SCREENING AND PRE-LEACH PH ADJUSTMENT RECLAMATION REPULP THICKENER + FILTERS PROCESS WATER Phalaborwa Test Work Amorphous Silica FLUORINE ION- Si PRECIPITATION AND IMPURITY LEACH EXCHANGE FLUORINE RECOVERY Impurities RARE EARTH LEACH RARE EARTH LEACH RARE EARTH LEAC
Slide 16: Interim Study Flowsheet
INTERIM STUDY FLOWSHEET HYRAULIC PG Slurry SCREENING AND PRE-LEACH PH ADJUSTMENT RECLAMATION REPULP THICKENER + FILTERS PROCESS WATER Phalaborwa Test Work RARE EARTH LEACH (STAGE 1 CCL) RARE EARTH LEACH (STAGE 2 CCL) NEW RESIDUE STACK RARE EARTH LEACH CIX PRIMARY CIC SEPARATION (STAGE 3 CCL) RECOVER
Slide 17: Final Flowsheet and Pilot Plant
FINAL FLOWSHEET AND PILOT PLANT 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 SEPARATION IMPURITY REDUCTION RECOVERY CIRCUIT 17 Rainbow Rare Earths
Slide 18: 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 19: Uberaba Project in Brazil: MOU with Mosaic
UBERABA PROJECT IN BRAZIL: MOU WITH MOSAIC OPPORTUNITY TO REPLICATE PHALABORWA AT A LARGER SCALE Located in an established industrial complex • Uberaba phosphate slurry feed POWER sourced from a similar host rock to Exceptionally low cost of power $0.036 /kWh Phalaborwa (hard rock carbonatite) • Ass
Slide 20: 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 is a Tier 1, strategic source of both light and heavy REE, hence major backing by the US DFC, TechMe
Slide 21: Appendix
RAINBOW RARE EARTHS APPENDIX
Slide 22: Key Shareholder Information
KEY SHAREHOLDER INFORMATION BOARD SHAREHOLDINGS AND MAJOR SHAREHOLDERS (>3%) INFORMATION AS AT 29 JANUARY 2026 Shareholder Holding Ticker Market Market Share Shares in Brokers cap price issue Adonis Pouroulis 13.9% BERENBERG RBW.L LSE US$167.9m 18.9p 644m / STIFEL TechMet 11.7% SHARE PRICE (GBP) – O
Slide 23: Board and Executive Management Experience
EXPERIENCE BOARD AND EXECUTIVE MANAGEMENT EXTENSIVE EXPERIENCE ACROSS MINING, AFRICA, CAPITAL MARKETS, INTL. AFFAIRS ADONIS POUROULIS DARRYLL CASTLE NON-EXECUTIVE CHAIRMAN NON-EXECUTIVE DIRECTOR • Mining engineer: an entrepreneur whose expertise lies in the discovery, exploration • COO for TechMet1
Slide 24: Accessing Global REE Resources Economically Is Challenging
ACCESSING GLOBAL REE RESOURCES ECONOMICALLY IS CHALLENGING SIGNIFICANT COST TO BRING TRADITIONAL PROJECTS ON STREAM Significant capital and operating costs required for typical REE mining projects Hauling and Crushing, milling Multi-stage solvent Mining Flotation Chemical cracking Stockpiling and gr
Slide 25: Phalaborwa Economics: Returns Across the Pricing Cycle
PHALABORWA ECONOMICS EXCEPTIONAL RETURNS ACROSS THE PRICING CYCLE EBITDA SENSITIVITY TO PRICING1 PHALABORWA MAGNET REE BASKET US$137.92 base case 250.00 basket price used for PEA 500.0 in Oct 2022 and Interim Study in Dec 2024, 450.0 Revenue/costs - US$/kg REO produced utilises similar NdPr price Av
Slide 26: Phalaborwa ESG Benefits
PHALABORWA ESG BENEFITS TRANSFORMING WASTE INTO CRITICAL INPUTS TO SOCIETY REHABILITATION CIRCULAR ECONOMY SOCIAL VALUE Legacy issues: Socioeconomic benefits: Urgent need for new Recovery of sources of gypsum for critical REE from • Historic phosphoric acid production • Brownfields project will look
Slide 27: Mineral Resource Estimate (MRE)
MINERAL RESOURCE ESTIMATE (MRE) UPDATED TO INCLUDE YTTRIUM Contribution of TREO by oxide Grade % ppm Tonnes TREO Nd2O3 Pr6O11 Dy2O3 Tb4O7 Sm2O3 Eu2O3 Gd2O3 La2O3 Ce2O3 Y2O3 Th U Mt % Stack A 16.0 0.45 0.106 0.026 0.0043 0.0014 0.018 0.004 0.013 0.078 0.188 0.010 47 1.8 Appendix Stack B 15.2 0.43 0.0
Slide 28: Phalaborwa Resource Updated to Include Yttrium
PHALABORWA RESOURCE UPDATED TO INCLUDE YTTRIUM FURTHER ENHANCES VALUE OF SEG+ MIXED MEDIUM AND HEAVY REE PRODUCT RESOURCE EXPECTED ANNUAL PRODUCTION OF REE (TONNES PER ANNUM) Phalaborwa to supply all the economically important medium and heavy REE samarium • Updated Mineral Resource Estimate¹ includ
Slide 29: Rainbow's IP Opens Up a Larger Addressable Market
RAINBOW’S IP OPENS UP A LARGER ADDRESSABLE MARKET GLOBAL OPPORTUNITIES TO RECOVER REE FROM PHOSPHOGYPSUM Saudi Arabia Significant gypsum resources Approach for strategic partnership LCM Agreement to purchase Appendix separated REO Canada from Rainbow Approach for strategic partnership OCP - Morocco
Slide 30: Global Demand Is Rapidly Rising
GLOBAL DEMAND IS RAPIDLY RISING REPM ARE DRIVING THE GREEN ENERGY TRANSITION Total REE Demand by Usage Magnet REO are driving substantial demand growth for REE 400,000 350,000 300,000 Electric Vehicles (including PHEVs) use of REPM: +6% CAGR to 2040 250,000 • EVs and plug-in-hybrids (PHEVs) use 2 to
Slide 31: REPM Are Essential to National Security
GLOBAL DEMAND IS RAPIDLY RISING REPM ARE ESSENTIAL TO NATIONAL SECURITY 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 military super
Slide 32: Thank You
RAINBOW RARE EARTHS THANK YOU Contact: INVESTOR RELATIONS Cathy Malins Tel: +44 7876 796 629 Email: cathym@rainbowrareearths.com www.rainbowrareearths.com
Rainbow Rare Earths — Investor Presentation (February 2026) on 6ix