Rainbow Rare Earths

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 and other advanced future-facing technologies. It is doing this successfully via pioneering the first commercial recovery of rare earth elements from phosphogypsum that occurs as the by-product of phosphoric acid production. These projects eliminate the cost and risk of mining, meaning that they can be brought into production quicker and at a lower cost than traditional hard rock mining projects.

The Company is developing the Phalaborwa Project in South Africa and the earlier stage Uberaba Project in Brazil. Rainbow’s process is expected to deliver two products that are highly sought-after by industry: separated neodymium and praseodymium (together “NdPr”) oxide and a SEG+ mixed rare earth carbonate which will include the valuable heavy rare earth elements dysprosium and terbium, as well as a range of other commercially important rare earths, being: samarium, europium, gadolinium and yttrium. These light and heavy REE are critical components for the green energy transition, as well as being extensively used across many civilian and defence applications. They are also vital to exciting new markets, such as robotics and advanced air mobility.

Management Profile

George Bennett CEO

With over 30 years’ experience in mining, finance and management, George has led a number of mining and energy companies, including Shanta Gold Ltd (which he successfully listed on the LSE in 2005) and Orecorp Ltd (which he seed funded, raised the initial capital as a non-executive director and listed on the ASX). In 2006, George established MDM Engineering Ltd, a mining engineering company building mineral process plants and mining infrastructure throughout Africa, which he successfully listed on the LSE in 2008. In 2014, George was instrumental in selling the business to Foster Wheeler Limited. In addition, George has been a partner and director with a number of leading financial, stockbroking and corporate advisory businesses including Fergusson Bros, Simpson McKie, and HSBC Securities Africa (Pty) Ltd.

What are your key goals for the next 3, 6 and 12 months?

3 Months

• Run pilot plant in Joburg to demonstrate Phalaborwa’s primary flowsheet parameters and to produce sufficient quantity of the high-grade mixed rare earth feed stream to be sent for solvent extraction pilot trials.
• Finalise and publish Economic Assessment of the Uberaba project in Brazil.

6 Months

• Run continuous SX two-stage pilot plant to produce Phalaborwa’s final proposed products: separated Nd/Pr oxide and a SEG+ product that is a mix of medium and heavy rare earths.
• Work towards progression of a definitive JV agreement with Mosaic on the Uberaba project

12 Months

Completion of Phalaborwa DFS; applications submitted for Phalaborwa permitting process; finalisation of financing process for Phalaborwa development.

What do you think makes your company such a compelling investment?

2025 is the year that rare earth elements (REE) entered the global consciousness as materials critical to both national security and economic resilience, as they became the focal point of the trade tensions between the US and China. These elements are indispensable in the electronic and household products we rely on daily, as well as in emerging technologies driving the future, from electric vehicles to defence systems and robotics. China's export controls in April caused immediate disruption worldwide and highlighted the extreme vulnerabilities in the supply chain. Rainbow Rare Earths is at the forefront of addressing these challenges, which is why the Phalaborwa project in South Africa has garnered significant support, including US$50 million backing from the DFC via strategic shareholder TechMet. This recognition underscores Phalaborwa’s potential to deliver a near-term, responsible supply of both the light and heavy magnet REE. The project involves the recovery of REE from a waste product (phosphogypsum) and as such many of the costs and risks of mining are eliminated. With a low capital intensity in comparison to traditional projects, Phalaborwa is independently estimated to be one of the highest margin REE projects in development today.