REG - Rainbow Rare Earths - Holding(s) in Company

Rainbow Rare EarthsAnnouncement

06/04/2023 12:00

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RNS Number : 6591V  Rainbow Rare Earths Limited  06 April 2023

 

06 April 2023

Rainbow Rare Earths Limited

("Rainbow" or "the Company")

LSE: RBW

 

TR-1: Standard form for notification of major holdings

1. Issuer Details

ISIN

GG00BD59ZW98

Issuer Name

RAINBOW RARE EARTHS LIMITED

UK or Non-UK Issuer

Non-UK

2. Reason for Notification

An acquisition or disposal of financial instruments

3. Details of person subject to the notification obligation

Name

Spreadex LTD

City of registered office (if applicable)

St. Albans

Country of registered office (if applicable)

United Kingdom

4. Details of the shareholder

Full name of shareholder(s) if different from the person(s) subject to the
notification obligation, above

 

City of registered office (if applicable)

 

Country of registered office (if applicable)

 

5. Date on which the threshold was crossed or reached

05-Apr-2023

6. Date on which Issuer notified

06-Apr-2023

7. Total positions of person(s) subject to the notification obligation

                                                                            % of voting rights attached to shares (total of 8.A)  % of voting rights through financial instruments (total of 8.B 1 + 8.B 2)  Total of both in % (8.A + 8.B)  Total number of voting rights held in issuer
 Resulting situation on the date on which threshold was crossed or reached  0.471800                                              2.601100                                                                   3.072900                        16175533
 Position of previous notification (if applicable)                          0.471800                                              2.522000                                                                   2.993800

8. Notified details of the resulting situation on the date on which the
threshold was crossed or reached

8A. Voting rights attached to shares

8B1. Financial Instruments according to (DTR5.3.1R.(1) (a))

 Type of financial instrument  Expiration date  Exercise/conversion period  Number of voting rights that may be acquired if the instrument is  % of voting rights
                                                                            exercised/converted
 CFD/Spreadbet                                                              13692200                                                           2.601100
 Sub Total 8.B1                                                             13692200                                                           2.601100%

8B2. Financial Instruments with similar economic effect according to
(DTR5.3.1R.(1) (b))

 Type of financial instrument  Expiration date  Exercise/conversion period  Physical or cash settlement  Number of voting rights  % of voting rights

 Sub Total 8.B2

9. Information in relation to the person subject to the notification
obligation

1. Person subject to the notification obligation is not controlled by any
natural person or legal entity and does not control any other undertaking(s)
holding directly or indirectly an interest in the (underlying) issuer.

 Ultimate controlling person  Name of controlled undertaking  % of voting rights if it equals or is higher than the notifiable threshold  % of voting rights through financial instruments if it equals or is higher  Total of both if it equals or is higher than the notifiable threshold
                                                                                                                                          than the notifiable threshold

10. In case of proxy voting

Name of the proxy holder

 

The number and % of voting rights held

 

The date until which the voting rights will be held

 

11. Additional Information

Cameron Davidson

01727 895134

12. Date of Completion

06-Apr-2023

13. Place Of Completion

UK

 

 

For further information, please contact:

 

 Rainbow Rare Earths Ltd   Company  George Bennett     +27 82 652 8526

                                    Pete Gardner
                                    Cathy Malins (IR)  +44 7876 796 629

                                                       cathym@rainbowrareearths.com (mailto:cathym@rainbowrareearths.com)
 Berenberg                 Broker   Matthew Armitt     +44 (0) 20 3207 7800

                                    Jennifer Lee
 Tavistock Communications  PR/IR    Charles Vivian     +44 (0) 20 7920 3150

                                    Tara Vivian-Neal   rainbowrareearths@tavistock.co.uk (mailto:rainbowrareearths@tavistock.co.uk)

 

Notes to Editors:

Rainbow's strategy is to identify near-term, secondary rare earths production
opportunities. Meeting escalating demand for critical minerals needed for
global decarbonisation, we are focused on producing the magnet rare earth
metals neodymium and praseodymium ("NdPr"), dysprosium and terbium. With our
strong operating experience, proven project development experience, unique
intellectual property and diversified portfolio, Rainbow will develop a
responsible rare earths supply chain to drive the green energy transition.

The Phalaborwa Rare Earths Project, located in South Africa, comprises a
Measured and Indicated Mineral Resource Estimate of 30.4 Mt at 0.44% TREO
contained within unconsolidated gypsum stacks derived from historic phosphate
hard rock mining. High value NdPr oxide represents 29.0% of the total
contained rare earth oxides, with economic Dysprosium and Terbium oxide
credits enhancing the overall value of the rare earth basket in the stacks.
The rare earths are contained in chemical form in the gypsum stacks, which
allows high value separated rare earth oxides to be produced in a single
processing plant at site with lower operating costs than a typical rare earth
mineral project.

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 will commence in 2023, with the project expected
to reach commercial production in 2026, just five years after work began on
the project by Rainbow.

 

 

 1  Net present value using a 10% forward discount rate

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