Rainbow Rare Earths Ltd. · LSE:RBW
Rainbow Rare Earths — Investor Presentation (July 2025)
28 slides from Rainbow Rare Earths's investor presentation, July 2025
Slide 1: A low cost and responsible source of rare earths from phosphogypsum
RAINBOW RARE EARTHS A low cost and responsible source of rare earths from phosphogypsum July 2025
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: Our Market – Rare Earth Elements
OUR MARKET – RARE EARTH ELEMENTS CRITICAL TO NATIONAL SECURITY AND THE GREEN ENERGY TRANSITION • Rare earth elements (REE) are a group of 17 elements, categorised GLOBAL DEMAND FOR RARE EARTH OXIDES as light or heavy (REO)¹ • Neodymium / praseodymium (Nd/Pr), dysprosium (Dy) and terbium (Tb) are use
Slide 4: Supply Chain Vulnerability
SUPPLY CHAIN VULNERABILITY CHINA DOMINATES ALL PARTS OF THE RARE EARTH VALUE CHAIN Geographical concentration of supply chain stages for sintered NdFeB magnets REE mine supply is currently +70% dominated by China ‘Heavy’ REE (Dy & Tb) mine supply is +90% dominated by China Market Backdrop China USA
Slide 5: Escalating Geopolitical Tensions
ESCALATING GEOPOLITICAL TENSIONS RARE EARTHS HAVE BECOME THE KEY FOCAL POINT OF FRAUGHT US / CHINA TRADE RELATIONS Over the last few years, China has demonstrated its ability to restrict access to certain critical minerals, incl. graphite, gallium, germanium and antimony April 2025: China exerts exp
Slide 6: Case Study – The Automotive Industry
CASE STUDY – THE AUTOMOTIVE INDUSTRY CHINESE EXPORT RESTRICTIONS HAVE LEFT AUTOMAKERS SCRAMBLING FOR SUPPLY ICE VEHICLES USE CA. 1KG OF REE “The Vitamins of Modern Industry” Although the amount of REE used in a product may not be a significant part of that product by weight, value, or volume, the RE
Slide 7: REE Are Essential to National Security
REE ARE ESSENTIAL TO NATIONAL SECURITY THE WEST MUST DEVELOP SUPPLY CHAIN INDEPENDENCE • U.S. White House Executive Order in April 2025 focuses on the importance of developing secure domestic supply chains of REE to safeguard national security F35 Fighter Jet 417kg of REE – “Processed critical miner
Slide 8: Robotics and Advanced Air Mobility to Be Major Future Demand Drivers
ROBOTICS AND ADVANCED AIR MOBILITY TO BE MAJOR FUTURE DEMAND DRIVERS BOTH MARKETS PRIMED FOR EXPONENTIAL GROWTH INDUSTRIAL HUMANOID Robotics ROBOTS ROBOTS • The world is on the cusp of a robotics revolution, with Elon Musk predicting 10bn robots by 2040 • The utilisation of multiple REPM per Market
Slide 9: 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 Market Backdrop Hauling and Crushing, milling Multi-stage solvent Mining Flotation Chemical cracking St
Slide 10: A Solution
A SOLUTION A Solution Rainbow intends to unlock a global opportunity for the low-cost and responsible supply of critical rare earths (REE) from phosphogypsum 10 Rainbow Rare Earths Limited Corporate Presentation – July 2025
Slide 11: Rainbow Is Pioneering the First Commercial Recovery of REE from Phosphogypsum
RAINBOW IS PIONEERING THE FIRST COMMERCIAL RECOVERY OF RARE EARTH ELEMENTS FROM PHOSPHOGYPSUM PHOSPHATE IS MINED TO PRODUCE PHOSPHOGYPSUM IS THE RAINBOW HAS DEVELOPED UNIQUE IP PHOSPHORIC ACID BY-PRODUCT TO RECOVER THE REE Our Business A hard-rock phosphate deposit is mined and The waste product of
Slide 12: Phalaborwa Rare Earth Development Project
PHALABORWA RARE EARTH DEVELOPMENT PROJECT LOCATED IN AN ESTABLISHED MINING DISTRICT IN SOUTH AFRICA SKILLS & SUPPLIERS SULPHURIC ACID Front gate is 5km from Supplied from neighbouring Phalaborwa town PMC Copper Mine • 35 Mt Resource comprises two stacks of phosphogypsum containing economic quantitie
Slide 13: Phalaborwa's Grade Is 5-10x Higher Than Typical Ionic Clay Projects
PHALABORWA’S GRADE IS 5-10X HIGHER THAN TYPICAL IONIC CLAY PROJECTS GRADE CLOSER TO SOME HARDROCK REE DEPOSITS BUT WITH A MUCH LOWER OPEX PROFILE Magnet Project Style Owner TREO Nd2O3 Pr6O11 Dy2O3 Tb4O7 U3O8 ThO2 Metal % ppm ppm ppm ppm ppm ppm Intensity Phalaborwa1 Gypsum Stacks Rainbow Rare Earths
Slide 14: A Responsible and Traceable Source of Light and Heavy REE
A RESPONSIBLE AND TRACEABLE SOURCE OF LIGHT AND HEAVY REE CIRCULAR ECONOMY PROJECT THAT WILL REHABILITATE THE ENVIRONMENT REHABILITATION CIRCULAR ECONOMY SOCIAL VALUE Phalaborwa Positive Impacts Legacy issues: Socioeconomic benefits: Urgent need for new Recovery of sources of gypsum for critical REE
Slide 15: Phalaborwa Economics
PHALABORWA ECONOMICS3 ONE OF THE MOST RESILIENT REE PROJECTS IN DEVELOPMENT TODAY Trial hydraulic reclamation of the phosphogypsum stacks delivered excellent results in 2024 35.0 Mt 16 years Total Resource¹,2 Project Life Phalaborwa Economics US$326.1m US$12.91 Capital Expenditure Operating cost per
Slide 16: Economic Resilience
ECONOMIC RESILIENCE GOOD RETURNS EVEN IN A LOW PRICING ENVIRONMENT EBITDA SENSITIVITY TO PRICING1 PHALABORWA REE BASKET 250.00 US$137.92 base case 500.0 basket price used for PEA Phalaborwa Economics in Oct 2022 and Interim 450.0 Revenue/costs - US$/kg REO produced Study in Dec 2024 Average EBITDA/a
Slide 17: One of the Highest Margin Rare Earth Projects in Development Today
PHALABORWA ONE OF THE HIGHEST MARGIN RARE EARTH PROJECTS IN DEVELOPMENT TODAY Rare earth mining margin curve, 2024 ($/kg REO) 20.0 15.0 10.0 Phalaborwa Economics 5.0 0.0 -5.0 Mt Weld Phalaborwa -10.0 Mountain Pass -15.0 -20.0 -25.0 % of total output 17 Rainbow Rare Earths Limited Corporate Presentat
Slide 18: Rainbow's Proposed Flowsheet
RAINBOW’S PROPOSED FLOWSHEET PROVEN BY EXTENSIVE TESTWORK AND PILOT PLANT OPERATION Primary leach flowsheet (ca. 85% of process) SIMPLIFIED FLOWSHEET • Large-scale pilot test work conducted on the primary flowsheet in Johannesburg during 2023 and 2024 Phalaborwa Test Work • Demonstrated robust recov
Slide 19: Ongoing Test Work – Key Deliverables
ONGOING TEST WORK – KEY DELIVERABLES OPTIMISING PHALABORWA FLOWSHEET IN A LOW-COST ENVIRONMENT Strengthening project economics • Trade-off studies underway focused on the primary leach flowsheet, with the aim of reducing power, reagent, labour and capital expenditure • The optimisation work is expec
Slide 20: Timeline to Production
TIMELINE TO PRODUCTION DE-RISKS PHALABORWA PROJECT; UNLOCKS VALUE INTERIM REO PRODUCTION RESOURCE UPDATE STUDY DFS AND PROJECT SEPARATION EXPECTED 2024 PERMITTING FINANCE Phalaborwa Development 2024 TESTWORK 2027¹ NEXT STEPS SUPPORTED BY SUCCESSFUL OPTIMISATION OF FLOWSHEET • Most important objectiv
Slide 21: Cutting-Edge Technology Opens Up a Larger Addressable Market
CUTTING-EDGE TECHNOLOGY OPENS UP A LARGER ADDRESSABLE MARKET GLOBAL OPPORTUNITIES TO RECOVER REE FROM PHOSPHOGYPSUM Saudi Arabia Significant gypsum resources Approach for strategic partnership Global Opportunity Canada Approach for strategic partnership OCP - Morocco Longer-term opportunity Uberaba
Slide 22: Uberaba Phosphogypsum Stacks in Minas Gerais, Brazil
UBERABA PHOSPHOGYPSUM STACKS IN MINAS GERAIS, BRAZIL THE OPPORTUNITY TO REPLICATE PHALABORWA AT A LARGER SCALE ECONOMIC ASSESSMENT (EA) ENVISAGES AN MOU WITH THE MOSAIC COMPANY OPERATION TWICE THE SIZE OF PHALABORWA • Uberaba phosphate slurry feed is sourced from a hard rock carbonatite similar to t
Slide 23: Experienced Leadership and Technical Team
EXPERIENCED LEADERSHIP AND TECHNICAL TEAM TRACK RECORD TO DELIVER CORPORATE TEAM TECHNICAL TEAM Our Team Adonis Pouroulis George Bennett Pete Gardner Dave Dodd Chris Le Roux Roux Wildenboer Tamsyn De Jager Founder and Chairman Chief Executive Officer Chief Financial Officer Technical Director Lead P
Slide 24: Why Rainbow?
WHY RAINBOW? RAINBOW’S IP UNLOCKS A GLOBAL OPPORTUNITY FOR THE LOW-COST AND RESPONSIBLE SUPPLY OF RARE EARTHS FROM PHOSPHOGYPSUM • Rainbow will offer a traceable supply of all four magnet rare earths, including the critical heavy REE – Phalaborwa is one of the highest margin rare earth projects in d
Slide 25: Appendix
RAINBOW RARE EARTHS APPENDIX
Slide 26: Key Shareholder Information
KEY SHAREHOLDER INFORMATION BOARD SHAREHOLDINGS AND MAJOR SHAREHOLDERS (>3%) INFORMATION AS AT 2 JULY 2025 Shareholder Holding as at 2 July 2025 Ticker Market Market Share Shares in Brokers cap price issue Adonis Pouroulis 13.9% BERENBERG RBW.L LSE US$99.2m 11.4p 644m / STIFEL TechMet 11.7% SHARE PR
Slide 27: Experience Board and Executive Management
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 28: Thank You
RAINBOW RARE EARTHS THANK YOU Contact: INVESTOR RELATIONS Cathy Malins Tel: +44 7876 796 629 Email: cathym@rainbowrareearths.com www.rainbowrareearths.com
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