18 April 2024
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 bought 1,144,501 shares
in the Company from Piran Resources Limited ('Piran').
Following the transaction Adonis
Pouroulis is beneficially interested in 89,466,830 shares in
Rainbow representing 14.2% of the total issued shares.
Piran is connected with Adonis
Pouroulis, who beneficially owns 33% of Piran. Piran is also
connected with Shawn McCormick and Alex Lowrie, who are also
directors of the Company, who collectively own directly or via
persons closely connected with them a further 23% of
Piran.
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
|
Purchase of 1,144,501 shares.
|
|
c)
|
Price(s) and volume(s)
|
|
Price(s)
|
Volume(s)
|
|
£0.098
|
1,144,501
|
|
|
d)
|
Aggregated information
Aggregated volume
- Price
|
1,144,501
£112,161.10
|
|
e)
|
Date of the transaction
|
16 April 2024
|
|
f)
|
Place of the
transaction
|
Outside of a trading
venue
|
**ENDS**
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 20 3207 7800
|
|
Stifel
|
Broker
|
Ashton Clanfield
Varun Talwar
|
+44 20 7710 7600
|
|
Tavistock
Communications
|
PR/IR
|
Charles Vivian
Tara Vivian-Neal
|
+44 20 7920 3150
rainbowrareearths@tavistock.co.uk
|
Notes to
Editors:
About
Rainbow:
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 NPV10 of US$627 million[1], an average EBITDA operating margin of 75% and a
payback period of < 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.
More information is available at
www.rainbowrareearths.com.