Rainbow Rare Earths Limited Director/PDMR Shareholding (8494A)

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RNS Number : 8494A

Rainbow Rare Earths Limited

26 May 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) 
                                    GBP0.0925   6,637,979 - Disposed by 
                                                 Westward Investments Limited 
                                    GBP0.0925   1,125,653 - Disposed by 
                                                 Pella Ventures Limited 
                                    GBP0.0925   7,763,632 - Purchased by 
                                                 Sanlam Private Wealth 
                                               ------------------------------ 
     --------------------------  -------------------------------------------- 
 d)   Aggregated information 
 
       Aggregated volume            15,527,264 
 
        *    Price                  GBP1,436,271.90 
     --------------------------  -------------------------------------------- 
 e)   Date of the transaction     15 May 2023 
     --------------------------  -------------------------------------------- 
 f)   Place of the transaction    Outside of a trading venue 
     --------------------------  --------------------------------------------

**ENDS**

For further information, please contact:

 
 Rainbow Rare Earths 
  Ltd                        Company    George Bennett      +27 82 652 8526 
   Pete Gardner 
   Cathy Malins 
    (IR)                                                    +44 7876 796 629 
                                                            cathym@rainbowrareearths.com 
 
 Berenberg                   Broker     Matthew Armitt      +44 20 3207 7800 
   Jennifer Lee 
 
 Tavistock Communications    PR/IR      Charles Vivian      +44 (0) 20 7920 3150 
   Tara Vivian-Neal                                         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 magnet rare earth elements neodymium and praseodymium ("NdPr"), dysprosium and terbium.

The Phalaborwa Rare Earths Project, located in South Africa, comprises a total Mineral Resource Estimate of 30.4 Mt at 0.44% TREO contained within unconsolidated gypsum stacks derived from historic phosphate hard rock mining. High value NdPr oxide represents 29.0% of the total contained rare earth oxides, with economic Dysprosium and Terbium oxide credits enhancing the overall value of the rare earth basket in the stacks. Rainbow will use a proprietary separation technique developed by its partner K-Technologies, Inc. for the plant at Phalaborwa, 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 will commence in 2023, with the project expected to reach commercial production in 2026, just five years after work began on the project by Rainbow.

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

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END

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May 26, 2023 08:15 ET (12:15 GMT)

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