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

Rainbow Rare EarthsAnnouncement

18/05/2023 17:00

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RNS Number : 9451Z  Rainbow Rare Earths Limited  18 May 2023

 

18 May 2023

Rainbow Rare Earths Limited

("Rainbow" or "the Company")

LSE: RBW

 

TR-1: Standard form for notification of major holdings

 

 NOTIFICATION OF MAJOR HOLDINGS (to be sent to the relevant issuer and to the
 FCA in Microsoft Word format if possible) (i)

 1a. Identity of the issuer or the underlying issuer of existing shares to                                                                                    Rainbow Rare Earths Limited
 which voting rights are attached (ii):
 1b. Please indicate if the issuer is a non-UK issuer  (please mark with an
 "X" if appropriate)
 Non-UK issuer                                                                                                                                                                                                                                             X
 2. Reason for the notification (please mark the appropriate box or boxes with
 an "X")
 An acquisition or disposal of voting rights
 An acquisition or disposal of financial instruments
 An event changing the breakdown of voting rights                                                                                                                                                                                                          X
 Other (please specify) (iii):
 3. Details of person subject to the notification obligation (iv)
 Name                                                                                                                                                         Caden Holdings Limited
 City and country of registered office (if applicable)                                                                                                        Gibraltar
 4. Full name of shareholder(s) (if different from 3.) (v)
 Name
 City and country of registered office (if applicable)
 5. Date on which the threshold was crossed or reached (vi):                                                                                                  9.05.2023
 6. Date on which issuer notified (DD/MM/YYYY):                                                                                                               9.05.2023
 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 both in % (8.A + 8.B)  Total number of voting rights held in issuer (8.A + 8.B) (vii)

(total of 8.B 1 + 8.B 2)
 Resulting situation on the date on which threshold was crossed or reached  4.8                                                                                                                                          28,753,578
 Position of previous notification (if                                      5.5

 applicable)

 
 8. Notified details of the resulting situation on the date on which the
 threshold was crossed or reached (viii)
 A: Voting rights attached to shares
 Class/type of                                  Number of voting rights (ix)                                              % of voting rights

shares

 ISIN code (if possible)
                                                Direct                    Indirect                                        Direct                                           Indirect

                                                (DTR5.1)                   (DTR5.2.1)                                     (DTR5.1)                                         (DTR5.2.1)
 GG00BD59W98                                    28,753,578                                                                4.8

 SUBTOTAL 8. A                                  28,753,578                                                                4.8

 B 1: Financial Instruments according to DTR5.3.1R (1) (a)
 Type of financial instrument                   Expiration  Exercise/                             Number of voting rights that may be acquired if the instrument is        % of voting rights

date (x)
Conversion Period (xi)

                                                                                                  exercised/converted.

                                                            SUBTOTAL 8. B 1

 B 2: Financial Instruments with similar economic effect according to DTR5.3.1R
 (1) (b)
 Type of financial instrument  Expiration                   Exercise/                   Physical or cash                                          Number of voting rights  % of voting rights

date (x)
Conversion Period (xi)

                                                                                        Settlement (xii)

                                                                                        SUBTOTAL 8.B.2

 

 9. Information in relation to the person subject to the notification
 obligation (please mark the

 applicable box with an "X")
 Person subject to the notification obligation is not controlled by any natural                                                                                                                                           X
 person or legal entity and does not control any other undertaking(s) holding
 directly or indirectly an interest in the (underlying) issuer (xiii)
 Full chain of controlled undertakings through which the voting rights and/or
 the

financial instruments are effectively held starting with the ultimate
 controlling natural person or legal entity (please add additional rows as
 necessary) (xiv)
 Name (xv)                   % 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, please identify:
 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 (xvi)

 

 Place of completion  Gibraltar
 Date of completion   18.05.2023

 

 

 

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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