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RNS Number : 2203L Rainbow Rare Earths Limited 18 April 2024
18 April 2024
Rainbow Rare Earths Limited
("Rainbow" or "the Company")
LSE: RBW
Director/PDMR Shareholding
Rainbow Rare Earths Ltd announces that Adonis Pouroulis, a Director and Person
Discharging Managerial Responsibility ('PDMR') of the Company, has bought
1,144,501 shares in the Company from Piran Resources Limited ('Piran').
Following the transaction Adonis Pouroulis is beneficially interested in
89,466,830 shares in Rainbow representing 14.2% of the total issued shares.
Piran is connected with Adonis Pouroulis, who beneficially owns 33% of
Piran. Piran is also connected with Shawn McCormick and Alex Lowrie, who are
also directors of the Company, who collectively own directly or via persons
closely connected with them a further 23% of Piran.
Notification and public disclosure of transactions by persons discharging
managerial responsibilities and persons closely associated with them
1 Details of the person discharging managerial responsibilities/person closely
associated
a) Name Adonis Pouroulis
2 Reason for the notification
a) Position/status Director
b) Initial notification/ Amendment Initial Notification
3 Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a) Name Rainbow Rare Earths Limited
b) LEI 213800HONYSAXTG6KS11
4 Details of the transaction(s): section to be repeated for (i) each type of
instrument; (ii) each type of transaction; (iii) each date; and (iv) each
place where transactions have been conducted
a) Description of the financial instrument, type of instrument Ordinary shares of no par value
Identification code
GG00BD59ZW98
b) Nature of the transaction Purchase of 1,144,501 shares.
c) Price(s) and volume(s) Price(s) Volume(s)
£0.098 1,144,501
d) Aggregated information
Aggregated volume
1,144,501
- Price
£112,161.10
e) Date of the transaction 16 April 2024
f) Place of the transaction Outside of a trading venue
d)
Aggregated information
Aggregated volume
- Price
1,144,501
£112,161.10
e)
Date of the transaction
16 April 2024
f)
Place of the transaction
Outside of a trading venue
**ENDS**
For further information, please contact:
Rainbow Rare Earths Ltd Company George Bennett +27 82 652 8526
Pete Gardner
IR Cathy Malins +44 7876 796 629
cathym@rainbowrareearths.com (mailto:cathym@rainbowrareearths.com)
Berenberg Broker Matthew Armitt +44 20 3207 7800
Jennifer Lee
Stifel Broker Ashton Clanfield +44 20 7710 7600
Varun Talwar
Tavistock Communications PR/IR Charles Vivian +44 20 7920 3150
Tara Vivian-Neal rainbowrareearths@tavistock.co.uk (mailto:rainbowrareearths@tavistock.co.uk)
Notes to Editors:
About Rainbow:
Rainbow Rare Earths aims to be a forerunner in the establishment of an
independent and ethical supply chain of the rare earth elements that are
driving the green energy transition. It is doing this successfully via the
identification and development of secondary rare earth deposits that can be
brought into production quicker and at a lower cost than traditional hard rock
mining projects, with a focus on the permanent magnet rare earth elements
neodymium and praseodymium, dysprosium and terbium.
The Company is focused on the development of the Phalaborwa Rare Earths
Project in South Africa and the earlier stage Uberaba Project in Brazil. Both
projects entail the recovery of rare earths from phosphogypsum stacks that
occur as the by-product of phosphoric acid production, with the original
source rock for both deposits being a hardrock carbonatite. Rainbow intends to
use a proprietary separation technique developed by and in conjunction with
its partner K-Technologies, Inc., which simplifies the process of producing
separated rare earth oxides (versus traditional solvent extraction), leading
to cost and environmental benefits.
The Phalaborwa Preliminary Economic Assessment has confirmed strong base line
economics for the project, which has a base case NPV(10) of US$627 million 1 ,
an average EBITDA operating margin of 75% and a payback period of < two
years. Pilot plant operations commenced in 2023, with the project expected to
reach commercial production in 2026, just five years after work began on the
project by Rainbow.
More information is available at www.rainbowrareearths.com
(http://www.rainbowrareearths.com/) .
1 Net present value using a 10% forward discount rate
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