3 September 2024
Rainbow Rare Earths
Limited
("Rainbow" or "the Company" and together with its
subsidiaries "the
Group")
LSE: RBW
Grant of Share Based
Remuneration
Rainbow Rare
Earths announces that pursuant to its Short
Term and Long Term Incentive Plans approved in January 2021 and
amended in August 2024 to incorporate Restricted Share Units for
the benefit of US resident individuals, its Board of Directors, on
the recommendation of the Remuneration Committee, has approved the
issue of the following share based remuneration, including issues
to Directors and Persons Discharging Managerial Responsibility of
the Company, as follows:
|
|
Nil Priced Share
Options
|
Restricted Share
Units
|
Ordinary Shares of No Par
Value
|
Total
|
|
Directors and Persons Discharging
Managerial Responsibility ("PDMR")
|
|
|
|
|
|
George Bennett
|
1,500,000
|
-
|
1,697,852
|
3,197,852
|
|
Pete Gardner
|
900,000
|
-
|
897,883
|
1,797,883
|
|
Dave Dodd
|
800,000
|
-
|
-
|
800,000
|
|
Adonis Pouroulis
|
500,000
|
-
|
-
|
500,000
|
|
Alex Lowrie
|
250,000
|
-
|
-
|
250,000
|
|
Atul Bali
|
-
|
416,667
|
83,333
|
500,000
|
|
J Peter Pham
|
-
|
416,667
|
83,333
|
500,000
|
|
Shawn McCormick
|
-
|
583,334
|
166,666
|
750,000
|
|
Total PDMR
|
3,950,000
|
1,416,668
|
2,929,067
|
8,295,735
|
|
Other staff
|
1,550,000
|
-
|
-
|
1,550,000
|
|
Grand total
|
5,500,000
|
1,416,666
|
2,929,067
|
9,845,735
|
The Nil Priced Share
Options will vest in equal tranches over three years
from 1 July 2024: one third after 12 months, one third
after 24 months and one third after 36 months.
After the time-based vesting conditions are met the
Nil Priced Share Options can be exercised once
the Group has reached a revenue generating stage of development or
otherwise in accordance with the scheme rules.
The Restricted Share Units ("RSU") have been
issued to comply with US tax requirements for US resident
individuals. The RSU scheme mirrors the terms of the existing
Rainbow share option scheme, save that the shares are issued on the
date of vesting. On 19 May 2023 Atul Bali, J Peter Pham and
Shawn McCormick were issued a combined total of 1,000,000
Nil Priced Share Options, the first 33% of which
were due to vest on 19 May 2024. These were cancelled prior
to vesting and Ordinary Shares will be issued to replace the
initial tranche which was due to vest on 19 May 2024 as set out in
the table above. The new RSU issue will vest as set out in
the table below, which mirrors the time-based vesting conditions of
the original Nil Priced Share Options
being replaced and the Nil Priced Share
Options issued to other personnel:
|
|
30/6/25
|
30/6/26
|
30/6/27
|
|
Atul Bali
|
166,666
|
166,667
|
83,334
|
|
J Peter Pham
|
166,666
|
166,667
|
83,334
|
|
Shawn McCormick
|
250,000
|
250,000
|
83,334
|
|
Total
|
583,332
|
583,334
|
250,002
|
In addition, new ordinary shares will be issued
under the Company's short term incentive scheme to George Bennett,
CEO, and Pete Gardner, CFO, as a non-cash bonus. Based on the
share price at 30 June 2024 this bonus is calculated as 64% and 48%
of their respective base salaries.
In aggregate, the share-based incentives
granted above represent 1.5% of the existing issued share capital
of the Company prior to this award. Following this award the
Company has 23,313,368 share-based incentive awards in issue under
the incentive schemes, representing 3.6% of the existing issued
share capital, including 11,300,000 Nil Priced Share
Options, 1,416,668 Restricted Share Units and
10,596,700 other share options with a weighted average exercise
price of 13.62 pence per share.
An application will be made for the 2,929,067
Ordinary Shares to be issued pursuant to the subscription to be
admitted to the Official List (by way of a Standard Listing) and to
trading on the London Stock Exchange Plc's Main Market for listed
securities ("Admission"). It is expected that Admission will
become effective and that dealing in the Ordinary Shares will
commence on or around 6 September 2024. The new Ordinary
Shares will rank pari passu with the existing Ordinary Shares.
Following Admission, the Company will have 643,688,150
Ordinary Shares in issue. This figure may be used by
shareholders as the denominator for the calculations by which they
will determine if they are required to notify their interest in, or
a change to their interest in, the Company under the FCA's
Disclosure, Guidance and Transparency Rules.
Following the admission of the new Ordinary
Shares the beneficial ownership of the Company by persons
discharging managerial responsibility ("PDMR") are as
follows:
|
Name
|
No. of Ordinary Shares held prior to the
Award
|
% interest in Ordinary Shares held prior
to the Award
|
No. of Ordinary Shares held immediately
following Admission
|
% interest in Ordinary Shares
immediately following Admission
|
|
Adonis Pouroulis
|
89,466,830
|
13.96%
|
89,466,830
|
13.90%
|
|
George Bennett
|
38,805,298
|
6.06%
|
40,503,150
|
6.29%
|
|
Alex Lowrie
|
6,838,124
|
1.07%
|
6,838,124
|
1.06%
|
|
Atul Bali
|
4,420,992
|
0.69%
|
4,504,325
|
0.70%
|
|
J Peter Pham
|
631,500
|
0.10%
|
714,833
|
0.11%
|
|
Shawn McCormick
|
9,316,571
|
1.45%
|
9,483,237
|
1.47%
|
|
Darryll Castle
|
821,422
|
0.13%
|
821,422
|
0.13%
|
|
Pete Gardner
|
618,522
|
0.10%
|
1,516,405
|
0.24%
|
|
Dave Dodd
|
1,500,000
|
0.23%
|
1,500,000
|
0.23%
|
Further disclosures as required for the
notification of PDMRs are included in the Appendix to this
announcement.
Notification
and public disclosure of transactions by persons discharging
managerial responsibilities and persons closely
associated with them
|
1
|
Details of the person discharging managerial
responsibilities/person closely associated
|
|
a)
|
Name
|
George Bennett
|
|
2
|
Reason for the notification
|
|
a)
|
Position/status
|
Director
|
|
b)
|
Initial notification/
Amendment
|
Initial Notification
|
|
3
|
Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction
monitor
|
|
a)
|
Name
|
Rainbow Rare Earths
Limited
|
|
b)
|
LEI
|
213800HONYSAXTG6KS11
|
|
4
|
Details of the transaction(s): section to be repeated for (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 financial
instrument, type of instrument
Identification code
|
Ordinary shares of no par
value
GG00BD59ZW98
|
|
b)
|
Nature of the transaction
|
Issue of incentive
award shares
|
|
c)
|
Price(s) and volume(s)
|
|
Price(s)
|
Volume(s)
|
|
Nil
|
1,697,852
|
|
|
d)
|
Aggregated information
Aggregated volume
- Price
|
1,697,852
Nil
|
|
e)
|
Date of the transaction
|
3 September 2024
Note: the Company is not considered
in a close period at the time of this transaction.
|
|
f)
|
Place of the
transaction
|
Outside a trading venue
|
Notification
and public disclosure of transactions by persons discharging
managerial responsibilities and persons closely
associated with them
|
1
|
Details of the person discharging managerial
responsibilities/person closely associated
|
|
a)
|
Name
|
Pete Gardner
|
|
2
|
Reason for the notification
|
|
a)
|
Position/status
|
PDMR
|
|
b)
|
Initial notification/
Amendment
|
Initial Notification
|
|
3
|
Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction
monitor
|
|
a)
|
Name
|
Rainbow Rare Earths
Limited
|
|
b)
|
LEI
|
213800HONYSAXTG6KS11
|
|
4
|
Details of the transaction(s): section to be repeated for (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 financial
instrument, type of instrument
Identification code
|
Ordinary shares of no par
value
GG00BD59ZW98
|
|
b)
|
Nature of the transaction
|
Issue of incentive
award shares
|
|
c)
|
Price(s) and volume(s)
|
|
Price(s)
|
Volume(s)
|
|
Nil
|
897,883
|
|
|
d)
|
Aggregated information
Aggregated volume
- Price
|
897,883
Nil
|
|
e)
|
Date of the transaction
|
3 September 2024
Note: the Company is not considered
in a close period at the time of this transaction.
|
|
f)
|
Place of the
transaction
|
Outside a trading venue
|
Notification
and public disclosure of transactions by persons discharging
managerial responsibilities and persons closely
associated with them
|
1
|
Details of the person discharging managerial
responsibilities/person closely associated
|
|
a)
|
Name
|
Shawn McCormick
|
|
2
|
Reason for the notification
|
|
a)
|
Position/status
|
Director
|
|
b)
|
Initial notification/
Amendment
|
Initial Notification
|
|
3
|
Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction
monitor
|
|
a)
|
Name
|
Rainbow Rare Earths
Limited
|
|
b)
|
LEI
|
213800HONYSAXTG6KS11
|
|
4
|
Details of the transaction(s): section to be repeated for (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 financial
instrument, type of instrument
Identification code
|
Ordinary shares of no par
value
GG00BD59ZW98
|
|
b)
|
Nature of the transaction
|
Issue of incentive
award shares
|
|
c)
|
Price(s) and volume(s)
|
|
Price(s)
|
Volume(s)
|
|
Nil
|
166,666
|
|
|
d)
|
Aggregated information
Aggregated volume
- Price
|
166,666
Nil
|
|
e)
|
Date of the transaction
|
3 September 2024
Note: the Company is not considered
in a close period at the time of this transaction.
|
|
f)
|
Place of the
transaction
|
Outside a trading venue
|
Notification
and public disclosure of transactions by persons discharging
managerial responsibilities and persons closely
associated with them
|
1
|
Details of the person discharging managerial
responsibilities/person closely associated
|
|
a)
|
Name
|
Atul Bali
|
|
2
|
Reason for the notification
|
|
a)
|
Position/status
|
Director
|
|
b)
|
Initial notification/
Amendment
|
Initial Notification
|
|
3
|
Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction
monitor
|
|
a)
|
Name
|
Rainbow Rare Earths
Limited
|
|
b)
|
LEI
|
213800HONYSAXTG6KS11
|
|
4
|
Details of the transaction(s): section to be repeated for (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 financial
instrument, type of instrument
Identification code
|
Ordinary shares of no par
value
GG00BD59ZW98
|
|
b)
|
Nature of the transaction
|
Issue of incentive
award shares
|
|
c)
|
Price(s) and volume(s)
|
|
Price(s)
|
Volume(s)
|
|
Nil
|
83,333
|
|
|
d)
|
Aggregated information
Aggregated volume
- Price
|
83,333
Nil
|
|
e)
|
Date of the transaction
|
3 September 2024
Note: the Company is not considered
in a close period at the time of this transaction.
|
|
f)
|
Place of the
transaction
|
Outside a trading venue
|
Notification
and public disclosure of transactions by persons discharging
managerial responsibilities and persons closely
associated with them
|
1
|
Details of the person discharging managerial
responsibilities/person closely associated
|
|
a)
|
Name
|
J Peter Pham
|
|
2
|
Reason for the notification
|
|
a)
|
Position/status
|
Director
|
|
b)
|
Initial notification/
Amendment
|
Initial Notification
|
|
3
|
Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction
monitor
|
|
a)
|
Name
|
Rainbow Rare Earths
Limited
|
|
b)
|
LEI
|
213800HONYSAXTG6KS11
|
|
4
|
Details of the transaction(s): section to be repeated for (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 financial
instrument, type of instrument
Identification code
|
Ordinary shares of no par
value
GG00BD59ZW98
|
|
b)
|
Nature of the transaction
|
Issue of incentive
award shares
|
|
c)
|
Price(s) and volume(s)
|
|
Price(s)
|
Volume(s)
|
|
Nil
|
83,333
|
|
|
d)
|
Aggregated information
Aggregated volume
- Price
|
83,333
Nil
|
|
e)
|
Date of the transaction
|
3 September 2024
Note: the Company is not considered
in a close period at the time of this transaction.
|
|
f)
|
Place of the
transaction
|
Outside a trading venue
|
Notification
and public disclosure of transactions by persons discharging
managerial responsibilities and persons closely
associated with them
|
1
|
Details of the person discharging managerial
responsibilities/person closely associated
|
|
a)
|
Name
|
George Bennett
|
|
2
|
Reason for the notification
|
|
a)
|
Position/status
|
Director
|
|
b)
|
Initial notification/
Amendment
|
Initial Notification
|
|
3
|
Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction
monitor
|
|
a)
|
Name
|
Rainbow Rare Earths
Limited
|
|
b)
|
LEI
|
213800HONYSAXTG6KS11
|
|
4
|
Details of the transaction(s): section to be repeated for (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 financial
instrument, type of instrument
Identification code
|
Ordinary shares of no par
value
GG00BD59ZW98
|
|
b)
|
Nature of the transaction
|
Award of nil priced
options.
|
|
c)
|
Price(s) and volume(s)
|
|
Price(s)
|
Volume(s)
|
|
Nil
|
1,500,000
|
|
|
d)
|
Aggregated information
Aggregated volume
- Price
|
1,500,000
Nil
|
|
e)
|
Date of the transaction
|
2 September 2024
Note: the Company is not considered
in a close period at the time of this transaction.
|
|
f)
|
Place of the
transaction
|
Outside a trading venue
|
Notification
and public disclosure of transactions by persons discharging
managerial responsibilities and persons closely
associated with them
|
1
|
Details of the person discharging managerial
responsibilities/person closely associated
|
|
a)
|
Name
|
Adonis Pouroulis
|
|
2
|
Reason for the notification
|
|
a)
|
Position/status
|
Director
|
|
b)
|
Initial notification/
Amendment
|
Initial Notification
|
|
3
|
Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction
monitor
|
|
a)
|
Name
|
Rainbow Rare Earths
Limited
|
|
b)
|
LEI
|
213800HONYSAXTG6KS11
|
|
4
|
Details of the transaction(s): section to be repeated for (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 financial
instrument, type of instrument
Identification code
|
Ordinary shares of no par
value
GG00BD59ZW98
|
|
b)
|
Nature of the transaction
|
Award of nil priced
options.
|
|
c)
|
Price(s) and volume(s)
|
|
Price(s)
|
Volume(s)
|
|
Nil
|
500,000
|
|
|
d)
|
Aggregated information
Aggregated volume
- Price
|
500,000
Nil
|
|
e)
|
Date of the transaction
|
2 September 2024
Note: the Company is not considered
in a close period at the time of this transaction.
|
|
f)
|
Place of the
transaction
|
Outside a trading venue
|
Notification
and public disclosure of transactions by persons discharging
managerial responsibilities and persons closely
associated with them
|
1
|
Details of the person discharging managerial
responsibilities/person closely associated
|
|
a)
|
Name
|
Alex Lowrie
|
|
2
|
Reason for the notification
|
|
a)
|
Position/status
|
Director
|
|
b)
|
Initial notification/
Amendment
|
Initial Notification
|
|
3
|
Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction
monitor
|
|
a)
|
Name
|
Rainbow Rare Earths
Limited
|
|
b)
|
LEI
|
213800HONYSAXTG6KS11
|
|
4
|
Details of the transaction(s): section to be repeated for (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 financial
instrument, type of instrument
Identification code
|
Ordinary shares of no par
value
GG00BD59ZW98
|
|
b)
|
Nature of the transaction
|
Award of nil priced
options.
|
|
c)
|
Price(s) and volume(s)
|
|
Price(s)
|
Volume(s)
|
|
Nil
|
250,000
|
|
|
d)
|
Aggregated information
Aggregated volume
- Price
|
250,000
Nil
|
|
e)
|
Date of the transaction
|
2 September 2024
Note: the Company is not considered
in a close period at the time of this transaction.
|
|
f)
|
Place of the
transaction
|
Outside a trading venue
|
Notification
and public disclosure of transactions by persons discharging
managerial responsibilities and persons closely
associated with them
|
1
|
Details of the person discharging managerial
responsibilities/person closely associated
|
|
a)
|
Name
|
Pete Gardner
|
|
2
|
Reason for the notification
|
|
a)
|
Position/status
|
PDMR
|
|
b)
|
Initial notification/
Amendment
|
Initial Notification
|
|
3
|
Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction
monitor
|
|
a)
|
Name
|
Rainbow Rare Earths
Limited
|
|
b)
|
LEI
|
213800HONYSAXTG6KS11
|
|
4
|
Details of the transaction(s): section to be repeated for (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 financial
instrument, type of instrument
Identification code
|
Ordinary shares of no par
value
GG00BD59ZW98
|
|
b)
|
Nature of the transaction
|
Award of nil priced
options.
|
|
c)
|
Price(s) and volume(s)
|
|
Price(s)
|
Volume(s)
|
|
Nil
|
900,000
|
|
|
d)
|
Aggregated information
Aggregated volume
- Price
|
900,000
Nil
|
|
e)
|
Date of the transaction
|
2 September 2024
Note: the Company is not considered
in a close period at the time of this transaction.
|
|
f)
|
Place of the
transaction
|
Outside a trading venue
|
Notification
and public disclosure of transactions by persons discharging
managerial responsibilities and persons closely
associated with them
|
1
|
Details of the person discharging managerial
responsibilities/person closely associated
|
|
a)
|
Name
|
Dave Dodd
|
|
2
|
Reason for the notification
|
|
a)
|
Position/status
|
PDMR
|
|
b)
|
Initial notification/
Amendment
|
Initial Notification
|
|
3
|
Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction
monitor
|
|
a)
|
Name
|
Rainbow Rare Earths
Limited
|
|
b)
|
LEI
|
213800HONYSAXTG6KS11
|
|
4
|
Details of the transaction(s): section to be repeated for (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 financial
instrument, type of instrument
Identification code
|
Ordinary shares of no par
value
GG00BD59ZW98
|
|
b)
|
Nature of the transaction
|
Award of nil priced
options.
|
|
c)
|
Price(s) and volume(s)
|
|
Price(s)
|
Volume(s)
|
|
Nil
|
800,000
|
|
|
d)
|
Aggregated information
Aggregated volume
- Price
|
800,000
Nil
|
|
e)
|
Date of the transaction
|
2 September 2024
Note: the Company is not considered
in a close period at the time of this transaction.
|
|
f)
|
Place of the
transaction
|
Outside a trading venue
|
Notification
and public disclosure of transactions by persons discharging
managerial responsibilities and persons closely
associated with them
|
1
|
Details of the person discharging managerial
responsibilities/person closely associated
|
|
a)
|
Name
|
Shawn McCormick
|
|
2
|
Reason for the notification
|
|
a)
|
Position/status
|
Director
|
|
b)
|
Initial notification/
Amendment
|
Initial Notification
|
|
3
|
Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction
monitor
|
|
a)
|
Name
|
Rainbow Rare Earths
Limited
|
|
b)
|
LEI
|
213800HONYSAXTG6KS11
|
|
4
|
Details of the transaction(s): section to be repeated for (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 financial
instrument, type of instrument
Identification code
|
Ordinary shares of no par
value
GG00BD59ZW98
|
|
b)
|
Nature of the transaction
|
Award of restricted share
units.
|
|
c)
|
Price(s) and volume(s)
|
|
Price(s)
|
Volume(s)
|
|
Nil
|
583,334
|
|
|
d)
|
Aggregated information
Aggregated volume
- Price
|
583,334
Nil
|
|
e)
|
Date of the transaction
|
2 September 2024
Note: the Company is not considered
in a close period at the time of this transaction.
|
|
f)
|
Place of the
transaction
|
Outside a trading venue
|
Notification
and public disclosure of transactions by persons discharging
managerial responsibilities and persons closely
associated with them
|
1
|
Details of the person discharging managerial
responsibilities/person closely associated
|
|
a)
|
Name
|
Atul Bali
|
|
2
|
Reason for the notification
|
|
a)
|
Position/status
|
Director
|
|
b)
|
Initial notification/
Amendment
|
Initial Notification
|
|
3
|
Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction
monitor
|
|
a)
|
Name
|
Rainbow Rare Earths
Limited
|
|
b)
|
LEI
|
213800HONYSAXTG6KS11
|
|
4
|
Details of the transaction(s): section to be repeated for (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 financial
instrument, type of instrument
Identification code
|
Ordinary shares of no par
value
GG00BD59ZW98
|
|
b)
|
Nature of the transaction
|
Award of restricted share
units.
|
|
c)
|
Price(s) and volume(s)
|
|
Price(s)
|
Volume(s)
|
|
Nil
|
416,667
|
|
|
d)
|
Aggregated information
Aggregated volume
- Price
|
416,667
Nil
|
|
e)
|
Date of the transaction
|
2 September 2024
Note: the Company is not considered
in a close period at the time of this transaction.
|
|
f)
|
Place of the
transaction
|
Outside a trading venue
|
Notification
and public disclosure of transactions by persons discharging
managerial responsibilities and persons closely
associated with them
|
1
|
Details of the person discharging managerial
responsibilities/person closely associated
|
|
a)
|
Name
|
J Peter Pham
|
|
2
|
Reason for the notification
|
|
a)
|
Position/status
|
Director
|
|
b)
|
Initial notification/
Amendment
|
Initial Notification
|
|
3
|
Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction
monitor
|
|
a)
|
Name
|
Rainbow Rare Earths
Limited
|
|
b)
|
LEI
|
213800HONYSAXTG6KS11
|
|
4
|
Details of the transaction(s): section to be repeated for (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 financial
instrument, type of instrument
Identification code
|
Ordinary shares of no par
value
GG00BD59ZW98
|
|
b)
|
Nature of the transaction
|
Award of restricted share
units.
|
|
c)
|
Price(s) and volume(s)
|
|
Price(s)
|
Volume(s)
|
|
Nil
|
416,667
|
|
|
d)
|
Aggregated information
Aggregated volume
- Price
|
416,667
Nil
|
|
e)
|
Date of the transaction
|
2 September 2024
Note: the Company is not considered
in a close period at the time of this transaction.
|
|
f)
|
Place of the
transaction
|
Outside a trading venue
|
For further
information, please contact:
|
Rainbow Rare
Earths Ltd
|
Company
|
George Bennett
Pete Gardner
|
+27 82 652 8526
|
|
|
IR
|
Cathy Malins
|
+44 7876 796 629
cathym@rainbowrareearths.com
|
|
Berenberg
|
Broker
|
Matthew Armitt
Jennifer Lee
|
+44 (0) 20 3207 7800
|
|
Stifel
|
Broker
|
Ashton Clanfield
Varun Talwar
|
+44 20 7710 7600
|
|
Tavistock
Communications
|
PR/IR
|
Charles Vivian
Tara Vivian-Neal
|
+44 (0) 20 7920 3150
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 continuous ion exchange / continuous ion
chromatography separation technique, 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 NPV10 of US$627 million, an average EBITDA operating
margin of 75% and a payback period of < two years.
More information is available at
www.rainbowrareearths.com.
