REG - Rainbow Rare Earths - Results of Annual General Meeting

Rainbow Rare EarthsAnnouncement

21/11/2023 07:00

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RNS Number : 0556U  Rainbow Rare Earths Limited  21 November 2023

 

21 November 2023

 

Rainbow Rare Earths Limited

("Rainbow" or "the Company")

LSE: RBW

 

Results of Annual General Meeting ("AGM")

 

Rainbow announces that at the AGM of the Company held at the Company's
registered office, Connaught House, St Julian's Avenue, St Peter Port,
Guernsey GY1 1GZ on 20 November 2023 at 2.00pm, all resolutions proposed were
duly passed.

 

**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 (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  (#_ftnref1) Net present value using a 10% forward discount rate

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