Rainbow Rare Earths Ltd. · LSE:RBW
Rainbow Rare Earths — Investor Presentation (November 2025)
35 slides from Rainbow Rare Earths's investor presentation, Nov 25, 2025
Slide 1: Decision to use SX as the optimal separation route for Phalaborwa
RAINBOW RARE EARTHS Decision to use SX as the optimal separation route for Phalaborwa 25 November 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: About Rainbow
ABOUT RAINBOW UNLOCKING A LOW-COST AND RESPONSIBLE SOURCE OF RARE EARTHS A UNIQUE OPPORTUNITY IN THE RARE EARTHS SPACE FTSE LSE RBW LN • Pioneering the recovery of rare earth elements (REE) from phosphogypsum Index Ticker • Developed unique IP using proven technology • At the forefront of developing
Slide 4: Decision to use solvent extraction significantly de-risks Phalaborwa
DECISION TO USE SOLVENT EXTRACTION SIGNIFICANTLY DE-RISKS PHALABORWA SX OFFERS A RELIABLE, TECHNICALLY PROVEN, AND BANKABLE SEPARATION SOLUTION SEPARATION ROUTE TO DELIVER +99.5% PURITY PRODUCTS Decision to use SX • Whilst continuous ion chromatography (CIC) remains a compelling method for REE separ
Slide 5: Phalaborwa Economics
PHALABORWA ECONOMICS ONE OF THE HIGHEST MARGIN RARE EARTH PROJECTS IN DEVELOPMENT TODAY 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 5 Rainbow Rare Earths Limited Corporate
Slide 6: Rare Earth Market Backdrop
RARE EARTH MARKET BACKDROP CHINESE EXPORT RESTRICTIONS HAVE GALVANISED WEST TO ACT China’s actions expose REE supply chain vulnerabilities • April 2025: China announced export restrictions on 7 medium and heavy REE and the magnets that contain them • Severe disruption to global supply chains, with f
Slide 7: The Vitamins of Modern Industry
“THE VITAMINS OF MODERN INDUSTRY” SUPPLY DISRUPTIONS HAVE HIGHLIGHTED THE CRITICALITY OF REE A group of 17 elements • REE may not be a significant part of a product by weight, value, or volume (and therefore cost), yet they are essential for the device to function • Major disruption to industry in 2
Slide 8: Global Demand Is Rapidly Rising
GLOBAL DEMAND IS RAPIDLY RISING ROBOTICS AND ADVANCED AIR MOBILITY ARE THE NEW FRONTIER FOR DEMAND INDUSTRIAL HUMANOID ROBOTS ROBOTS Robotics • The robotics revolution is accelerating, with 10 billion robots predicted by 2040 (Elon Musk). REPM are Market Backdrop essential for enabling human-like mo
Slide 9: Supply Issues Force Price Bifurcation
SUPPLY ISSUES FORCE PRICE BIFURCATION RESTRICTED REE ARE TRADING AT MUCH HIGHER LEVELS IN EUROPE VS CHINA • As advocated by Rainbow: – Industry acceptance of an NdPr floor price above current pricing to incentivise new ex-China sources of supply – US, Australia and EU to develop strategic mineral st
Slide 10: Yttrium Has Emerged as Most Highly Sought-After Restricted REE
YTTRIUM HAS EMERGED AS MOST HIGHLY SOUGHT-AFTER RESTRICTED REE EXTENSIVELY USED IN HIGH-TECH CIVILIAN AND DEFENCE TECHNOLOGIES EXPORTS CRASHED TO A HALT AFTER THE APRIL EXPORT CONTROLS PRICE SURGE HAS A MATERIAL POSITIVE IMPACT ON PHALABORWA EBITDA Market Backdrop USD Pricing of oxide min 99.99% fob
Slide 11: Rainbow Contribution to Supply Chain Independence
RAINBOW CONTRIBUTION TO SUPPLY CHAIN INDEPENDENCE PIONEERING THE RECOVERY OF CRITICAL REE FROM PHOSPHOGYPSUM RAINBOW’S UNIQUE IP TO RECOVER REE Major breakthrough in confirming $ economic recovery of REE from phosphogyspum FROM PHOSPHOGYPSUM • Rainbow has succeeded where previous attempts over last
Slide 12: Phalaborwa: A Tier 1 REE Project
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 13: Phalaborwa Economics Based on Benchmark Floor Pricing for NdPr
PHALABORWA ECONOMICS BASED ON BENCHMARK FLOOR PRICING FOR NDPR 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 14: Phalaborwa Economics: Good Returns Across the Pricing Cycle
PHALABORWA ECONOMICS GOOD RETURNS ACROSS THE PRICING CYCLE EBITDA SENSITIVITY TO PRICING1 PHALABORWA MAGNET REE BASKET US$137.92 base case 250.00 basket price used for PEA 500.0 in Oct 2022 and Interim Phalaborwa Economics Study in Dec 2024, 450.0 Revenue/costs - US$/kg REO produced utilises similar
Slide 15: Test Work Achievements in 2025
TEST WORK ACHIEVEMENTS IN 2025 FLOW SHEET ROUTE FINALISED TO DELIVER HIGH PURITY SEPARATED PRODUCTS VIA SX TEST WORK Maximising REE recovery and impurity rejection via CIX Phalaborwa Test Work • Rainbow’s purification process combines CIX and precipitation steps - a novel combination in REE recovery
Slide 16: SX Chosen as the Optimal Separation Route
SX CHOSEN AS THE OPTIMAL SEPARATION ROUTE SUCCESS IN PRIMARY FLOWSHEET EFFICIENCY MAKES SX VIABLE ECONOMIC OPTION PROCESS TO INCORPORATE SX INTO DFS Definitive Feasibility Study Phalaborwa Test Work • Australia’s ANSTO has produced a pre-feasibility-level SX process report confirming Phalaborwa will
Slide 17: Pilot Plant Currently Commissioning at Mintek
PILOT PLANT CURRENTLY COMMISSIONING AT MINTEK Drums arrived at Mintek Phalaborwa Test Work CIX Plant Leach Plant Impurity Rejection Equipment 17 Rainbow Rare Earths Limited Corporate Presentation – November 2025
Slide 18: Phalaborwa Indicative Flowsheet
PHALABORWA INDICATIVE FLOWSHEET A LOW COST AND EFFICIENT METHOD TO RECOVER REE Phalaborwa Test Work 18 Rainbow Rare Earths Limited Corporate Presentation – November 2025
Slide 19: Trade-Off Studies
TRADE-OFF STUDIES DELIVERING THE MOST ECONOMICALLY ROBUST PROJECT POSSIBLE OPTIMISATION Strengthening economics via trade-off studies and piloting work Phalaborwa Test Work • The additional time required for the project test work has allowed for the pursuit of multiple optimisation initiatives • The
Slide 20: 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 Phalaborwa Resource samarium • Updated Mineral Resou
Slide 21: Pathway to Production
PATHWAY TO PRODUCTION SHORT TIMEFRAME TO OPERATIONS ONCE TEST WORK FINALISED COST IMPURITY DFS / INTERIM STUDY OPTIMISATION SEPARATION PROJECT CONSTRUCTION REJECTION PERMITTING DEC 2024 2025 - 2026 FINANCE EXPECTED 2027 ¹ MAR – AUG 2025 AUG 2025 2026 Pathway to Production NEXT STEPS SUPPORTED BY SUC
Slide 22: Rainbow's IP Opens Up a Larger Addressable Market
RAINBOW’S IP OPENS UP A LARGER ADDRESSABLE MARKET UBERABA PROJECT IN BRAZIL – MOU WITH MOSAIC ECONOMIC ASSESSMENT (EA) UNDERWAY: OPPORTUNITY TO REPLICATE PHALABORWA AT A LARGER SCALE • Uberaba phosphate slurry feed is sourced from a hard rock carbonatite similar to the Foskor carbonatite mine that f
Slide 23: 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 24: Appendix
RAINBOW RARE EARTHS APPENDIX
Slide 25: Key Shareholder Information
KEY SHAREHOLDER INFORMATION BOARD SHAREHOLDINGS AND MAJOR SHAREHOLDERS (>3%) INFORMATION AS AT 24 NOVEMBER 2025 Shareholder Holding Ticker Market Market Share Shares in Brokers cap price issue Adonis Pouroulis 13.9% BERENBERG RBW.L LSE US$202.2m 19.5p 644m / STIFEL TechMet 11.7% SHARE PRICE (GBP) –
Slide 26: Experienced 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 27: Rainbow Is Positioned to Unlock This Critical Supply
RAINBOW IS POSITIONED TO UNLOCK THIS CRITICAL SUPPLY BY EXTRACTING MAGNET REE FROM PHOSPHOGYSPUM PHOSPHATE IS MINED TO PRODUCE PHOSPHOGYPSUM IS THE RAINBOW HAS DEVELOPED UNIQUE IP PHOSPHORIC ACID BY-PRODUCT TO RECOVER THE REE Appendix A hard-rock phosphate deposit is mined and The waste product of p
Slide 28: 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 29: 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 30: 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 31: Global Opportunities to Recover REE from Phosphogypsum
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 Global Appendix Agreement to purchase separated REO Canada from Rainbow Approach for strategic partnership OCP - M
Slide 32: REPM Are Fundamental to Life in the 21st Century
GLOBAL DEMAND IS RAPIDLY RISING REPM ARE FUNDAMENTAL TO LIFE IN THE 21ST CENTURY • REPM are essential for life in the 21st century, with fast growing uses • REPM have many applications spanning household equipment, HVAC (heating, ventilation, air conditioning), elevators, personal electronics, medic
Slide 33: REPM Are Driving the Green Energy Transition
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 34: 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 35: 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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