Picture of Rainbow Rare Earths logo

RBW Rainbow Rare Earths News Story

0.000.00%
gb flag iconLast trade - 00:00
Basic MaterialsSpeculativeSmall CapSucker Stock

REG - Rainbow Rare Earths - Grant of Share Based Remuneration

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240903:nRSC5851Ca&default-theme=true

RNS Number : 5851C  Rainbow Rare Earths Limited  03 September 2024

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  Ordinary shares of no par value

     Identification code

                                                                  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                                            1,697,852

     -      Price                                                 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

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  Ordinary shares of no par value

     Identification code

                                                                  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                                            897,883

     -      Price                                                 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

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  Ordinary shares of no par value

     Identification code

                                                                  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                                            166,666

     -      Price                                                 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

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  Ordinary shares of no par value

     Identification code

                                                                  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                                            83,333

     -      Price                                                 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

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  Ordinary shares of no par value

     Identification code

                                                                  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                                            83,333

     -      Price                                                 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

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  Ordinary shares of no par value

     Identification code

                                                                  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                                            1,500,000

     -      Price                                                 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

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  Ordinary shares of no par value

     Identification code

                                                                  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                                            500,000

     -      Price                                                 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

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  Ordinary shares of no par value

     Identification code

                                                                  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                                            250,000

     -      Price                                                 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

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  Ordinary shares of no par value

     Identification code

                                                                  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                                            900,000

     -      Price                                                 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

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  Ordinary shares of no par value

     Identification code

                                                                  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                                            800,000

     -      Price                                                 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

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  Ordinary shares of no par value

     Identification code

                                                                  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                                            583,334

     -      Price                                                 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

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  Ordinary shares of no par value

     Identification code

                                                                  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                                            416,667

     -      Price                                                 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

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  Ordinary shares of no par value

     Identification code

                                                                  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                                            416,667

     -      Price                                                 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

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         +27 82 652 8526

                                    Pete Gardner
                           IR       Cathy Malins           +44 7876 796 629

                                                           cathym@rainbowrareearths.com (mailto:cathym@rainbowrareearths.com)
 Berenberg                 Broker   Matthew Armitt         +44 (0) 20 3207 7800

                                    Jennifer Lee

 Stifel                    Broker   Ashton Clanfield       +44 20 7710 7600

                                    Varun Talwar

 Tavistock Communications  PR/IR    Charles Vivian         +44 (0) 20 7920 3150

                                    Tara Vivian-Neal       rainbowrareearths@tavistock.co.uk (mailto: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
(http://www.rainbowrareearths.com) .

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  DSHQKBBPQBKDOCK

Recent news on Rainbow Rare Earths

See all news