Rainbow Rare Earths Limited Results of Annual General Meeting (0556U)

TIDMRBW

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                    George Bennett 
  Ltd                        Company     Pete Gardner        [phone] 
  IR         Cathy Malins                                    [phone] 
                                                              [e-mail] 
                                        Matthew Armitt 
                                         Jennifer Lee 
 Berenberg                   Broker      Detlir Elezi        [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 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]) , 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

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

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

RAGFEUEFSEDSESF

(END) Dow Jones Newswires

November 21, 2023 02:00 ET (07:00 GMT)