Rainbow Rare Earths Ltd. · LSE:RBW
Rainbow Rare Earths — Non-Deal Roadshow (September 2025)
28 slides from Rainbow Rare Earths's roadshow presentation, Sep 18, 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 September 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 • Pioneering the recovery of rare earth elements (REE) from phosphogypsum FTSE LSE RBW LN Index Ticker • Developed unique IP using proven technology • At the forefront of developing
Slide 4: Phalaborwa Snapshot
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 5: Phalaborwa Snapshot: Highest Margin Rare Earth Projects
PHALABORWA SNAPSHOT ONE OF THE HIGHEST MARGIN RARE EARTH PROJECTS IN DEVELOPMENT TODAY Rare earth mining margin curve, 2024 ($/kg REO) 20.0 15.0 Phalaborwa Snapshot 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 Pr
Slide 6: Introduction to Rare Earth Elements
INTRODUCTION TO RARE EARTH ELEMENTS A group of 17 elements • REE co-exist together within the same orebody - while not ‘rare’, they are rarely found in concentrated forms that are economically viable to extract • Neodymium / praseodymium (Nd/Pr), dysprosium (Dy) and terbium (Tb) are used for rare ea
Slide 7: Global Demand Is Rapidly Rising
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 8: 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 9: 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 10: Robotics and Advanced Air Mobility Are the New Frontier for Demand
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 11: First Piloted eVTOL Air Taxi Flight Between Two Public Airports
GLOBAL DEMAND IS RAPIDLY RISING FIRST PILOTED EVTOL AIR TAXI FLIGHT BETWEEN TWO PUBLIC AIRPORTS Market Backdrop 11 Rainbow Rare Earths Limited Corporate Presentation – September 2025 https://www.youtube.com/watch?v=BDNo3VYiOcs
Slide 12: The West Is Finally Taking Action on Supply Chain Independence
GEOPOLITICAL BACKDROP FORCES PRICE BIFURCATION THE WEST IS FINALLY TAKING ACTION ON SUPPLY CHAIN INDEPENDENCE • Cut-off of China supply in April caused major supply chain disruption across industries such as automotive, robotics and drones • As advocated by Rainbow, there is now industry acceptance
Slide 13: 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 14: Extracting Magnet REE from Phosphogypsum
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 Our Business A hard-rock phosphate deposit is mined and The waste product
Slide 15: Rehabilitating the Environment
RAINBOW IS POSITIONED TO UNLOCK THIS CRITICAL SUPPLY IMPORTANTLY, IN A WAY THAT WILL REHABILITATE THE ENVIRONMENT 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 pro
Slide 16: Phalaborwa: A Tier 1 REE Project
RAINBOW IS POSITIONED TO UNLOCK THIS CRITICAL SUPPLY PHALABORWA: A TIER 1 REE PROJECT 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 conta
Slide 17: Good Returns Across the Pricing Cycle
RAINBOW IS POSITIONED TO UNLOCK THIS CRITICAL SUPPLY GOOD RETURNS ACROSS THE PRICING CYCLE EBITDA SENSITIVITY TO PRICING1 PHALABORWA MAGNET REE BASKET US$137.92 base case 250.00 basket price used for PEA 500.0 in Oct 2022 and Interim Phalaborwa Economics Study in Dec 2024, 450.0 Revenue/costs - US$/
Slide 18: Ongoing Test Work to Optimise Flowsheet to Deliver Separated REO
RAINBOW IS POSITIONED TO UNLOCK THIS CRITICAL SUPPLY ONGOING TEST WORK TO OPTIMISE FLOWSHEET TO DELIVER SEPARATED REO Flowsheet de-risked by extensive test work and pilot plant operation Slurry Undersize Pre-leach Hydraulic Phalaborwa Test Work Screening Thickening & Neutralisation Reclamation Key d
Slide 19: Maximising REE Recovery and Impurity Rejection via CIX
RAINBOW IS POSITIONED TO UNLOCK THIS CRITICAL SUPPLY ONGOING TEST WORK TO OPTIMISE FLOWSHEET TO DELIVER SEPARATED REO Maximising REE recovery and impurity rejection via CIX MREC %TREO • Production of very high grade mixed rare earth carbonate (MREC), surpassing Rainbow MREC produced in Jul/Aug 25 >5
Slide 20: One of the Most Sophisticated Labs for Mineral Analysis in Africa
RAINBOW IS POSITIONED TO UNLOCK THIS CRITICAL SUPPLY ONE OF THE MOST SOPHISTICATED LABS FOR MINERAL ANALYSIS IN AFRICA Inductively Coupled Plasma – Mass Eluate samples from the CIX Spectrometer (ICP-MS) test work Phalaborwa Test Work Filtered out impurity solids Configuring the ADS 2 Plasma flame of
Slide 21: Short Timeframe to Production Once Test Work Finalised
RAINBOW IS POSITIONED TO UNLOCK THIS CRITICAL SUPPLY SHORT TIMEFRAME TO PRODUCTION ONCE TEST WORK FINALISED Phalaborwa Development Timeline COST IMPURITY INTERIM STUDY OPTIMISATION DFS / PROJECT CONSTRUCTION REJECTION SEPARATION DEC 2024 PERMITTING FINANCE EXPECTED 2027 MAR – AUG 2025 AUG 2025 NEXT
Slide 22: 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 Global Opportunity LCM Agreement to purchase separated REO Canada from Rainbow Approach for strategic partnership OCP
Slide 23: Uberaba Project in Brazil – MOU with Mosaic
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 24: 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 25: Appendix
RAINBOW RARE EARTHS APPENDIX
Slide 26: Key Shareholder Information
KEY SHAREHOLDER INFORMATION BOARD SHAREHOLDINGS AND MAJOR SHAREHOLDERS (>3%) INFORMATION AS AT 16 SEPTEMBER 2025 Shareholder Holding Ticker Market Market Share Shares in Brokers cap price issue Adonis Pouroulis 13.9% BERENBERG RBW.L LSE US$140.5m 16p 644m / STIFEL TechMet 11.7% SHARE PRICE (GBP) – O
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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