REG - Rainbow Rare Earths - Publication of Annual Report and Notice of AGM

Rainbow Rare EarthsAnnouncement

31/10/2023 09:30

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RNS Number : 8596R  Rainbow Rare Earths Limited  31 October 2023

 

31 October 2023

Rainbow Rare Earths Limited

("Rainbow" or "the Company")

LSE: RBW

 

Publication of Annual Report and Notice of Annual General Meeting

Rainbow Rare Earths announces that the Annual General Meeting of Shareholders
("AGM") will be held at 2pm on Monday 20 November 2023 at its registered
office Connaught House, St Julian's Avenue, St Peter Port, Guernsey GY1 1GZ.

A copy of the Notice of AGM and related forms of proxy will shortly be
available for inspection on the Company's website at
www.rainbowrareearths.com/investors/shareholder-information/shareholder-documents/
(http://www.rainbowrareearths.com/investors/shareholder-information/shareholder-documents/)
or via the Financial Conduct Authority's National Storage Mechanism ("NSM")
website.

The Company's Annual Report and Accounts for the year ended 30 June 2023 is on
Rainbow's website at www.rainbowrareearths.com
(http://www.rainbowrareearths.com) as well as the NSM website.

Please note that, as in prior years, printed copies of the Annual Report and
Accounts will not be available as Rainbow focuses on a more digital approach
to investor communications in line with its environmental commitments.

 

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 (0) 20 3207 7800

                                    Jennifer Lee

                                    Detlir Elezi

 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 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  (#_ftn1) )), an average EBITDA operating margin of 75% and a
payback period of less than 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.

For more information, visit www.rainbowrareearths.com
(http://www.rainbowrareearths.com)

 1  Net present value using a 10% forward discount rate

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