Rainbow Rare Earths Limited Director/PDMR Shareholding (5477K)

TIDMRBW

RNS Number : 5477K

Rainbow Rare Earths Limited

29 August 2023

29 August 2023

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 effected a share transaction, the purpose of which is to register shares beneficially held on behalf of Adonis Pouroulis to Sanlam Private Wealth.

The net effect of this transaction leaves the overall beneficial holding of Adonis Pouroulis in the shares of the Company unchanged.

Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them

 
      Details of the person discharging managerial responsibilities/person 
  1    closely associated 
 a)   Name                          Adonis Pouroulis 
     ----------------------------  ----------------------------------------- 
      Reason for the notification 
  2 
     ----------------------------------------------------------------------- 
 a)   Position/status               Director 
     ----------------------------  ----------------------------------------- 
 b)   Initial notification/         Initial Notification 
       Amendment 
     ----------------------------  ----------------------------------------- 
      Details of the issuer, emission allowance market participant, 
  3    auction platform, auctioneer or auction monitor 
     ----------------------------------------------------------------------- 
 a)   Name                          Rainbow Rare Earths Limited 
     ----------------------------  ----------------------------------------- 
 b)   LEI                           213800HONYSAXTG6KS11 
     ----------------------------  ----------------------------------------- 
      Details of the transaction(s): section to be repeated for 
  4    (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            Ordinary shares of no par value 
       financial instrument, 
       type of instrument 
 
       Identification code           GG00BD59ZW98 
     ----------------------------  ----------------------------------------- 
 b)   Nature of the transaction     Transfer of ordinary shares of no par 
                                     value to Sanlam Private Wealth. The 
                                     shares remain beneficially owned on 
                                     behalf of Adonis Pouroulis. 
     ----------------------------  ----------------------------------------- 
 c)   Price(s) and volume(s)         Price(s)    Volume(s) 
                                      GBP0.1365   5,602,357 - Disposed by 
                                                   Pella Ventures Limited 
                                      GBP0.1365   5,602,357 - Purchased by 
                                                   Sanlam Private Wealth 
                                                 ------------------------- 
     ----------------------------  ----------------------------------------- 
 d)   Aggregated information 
 
       Aggregated volume              11,204,714 
 
        *    Price                    GBP1,521,000 
     ----------------------------  ----------------------------------------- 
 e)   Date of the transaction       8 August 2023 
     ----------------------------  ----------------------------------------- 
 f)   Place of the transaction      Outside of a trading venue 
     ----------------------------  ----------------------------------------- 
 

**ENDS**

For further information, please contact:

 
 Rainbow Rare Earths                    George Bennett 
  Ltd                        Company     Pete Gardner        [phone] 
   Cathy Malins                                              [phone] 
    (IR)                                                      [e-mail] 
                                        Matthew Armitt 
 Berenberg                   Broker      Jennifer Lee        [phone] 
 Tavistock Communications    PR/IR      Charles Vivian       [phone] 
                                         Tara Vivian-Neal     [e-mail] 
 

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 will 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 benefits, as well as being more environmentally friendly.

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 on the company is available at www.rainbowrareearths.com .

[1] Net present value using a 10% forward discount rate

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August 29, 2023 02:00 ET (06:00 GMT)