Phalaborwa

Flagship near-term rare-earth development project in Limpopo, South Africa, recovering the four magnet rare earths (Nd, Pr, Dy, Tb) from phosphogypsum stacks left by historic phosphoric-acid production that ceased in 2014, near Kruger National Park. The at-surface material eliminates mining, crushing and milling costs and de-risks the legacy environmental footprint. A unique flowsheet leaches the rare earths and upgrades them to a high-grade mixed rare-earth product (MREP/MREC) ahead of separation into NdPr oxide and a SEG+ (heavy REE) product; separation route (CIC vs SX) and a possible staged build are under trade-off study. An Interim Study indicates a post-tax NPV10 of US$610.9 million, post-tax IRR of 38%, ~2-year payback and operating cost of US$12.91/kg TREO over a ~16-year life producing ~1,820 tpa separated NdPr REO and ~80 tpa Dy/Tb. Rainbow owns 85%, with an option to acquire the remaining 15% from Bosveld Phosphates via issuance of 38,873,663 shares, exercisable to 30 June 2026. DFS expected 2026.