Rainbow Rare Earths Limited

Good morning and welcome to the Rainbow Rare Earths Limited Investor Presentation. Throughout this recorded presentation, investors will be in listen-only mode. Questions are encouraged and they can be submitted at any time using the Q&A tab situated on the right-hand corner of your screen. Just simply type in your questions and press send. Before we begin, I would like to submit the following poll, and I would now like to hand you over to CEO George Bennett. Good morning to you.

Good morning and welcome to your viewers to the InvestorMeets Rainbow Rear Earth presentation. I'd like to say we've chosen a good day with the two-week ceasefire in the Iran war, which bodes well for the markets. I see all markets up this morning, so that's very, very positive for everybody concerned, and we're all relieved, I'm sure, about that. Now to move on to Rainbow, which is developing two key rear projects. And basically, I'll take you through the presentation and show that we're going to be a very low cost producer of these rears and part of the independent supply chain being built in the Western world at the moment. Here's our disclaimer. There's just some key metrics for Rainbow at the moment that you can see on the screen there. As I said, we have pioneered the economic recovery of brewers from phosphogypsum. It had been done previously on lab scale, so academic papers, but never economically, and we've basically been able to do this. With an economic flow sheet, we've developed the IP using proven technology under stress. And that's also dearest that we're not using any special reagents or any special resins that are bespoke for this project or any bespoke equipment for this project. It's all standard off-the-shelf reagents, resins that are available commercially. And the equipment is standard equipment used in mineral processing plants around the world. As I said, one of the key drivers for our low cost is that we exclude costs and risks typically associated with normal mining projects. I'll go through that. And we are one of the only companies in the world that I'm aware of that's got two major diversified projects in different continents. And both of these are effectively near-term assets in terms of day-into-production. We've got good support from the US government via the DHC, that's the Development Finance Corporation. They've committed $50 million in project equity into the Palaboa project. At FID, when we go into construction, we have a very supportive shareholder in TechMet, which is also a critical minerals fund. funded by both the GFC and the Qatari Sovereign Law Fund, and we have good support from ACORA, where we have a small royalty. As mentioned, we have got two key projects and the project numbers speak for itself where you can see that these were two major, major projects that are going to develop massive EBITDA revenues for Rainbow once both of these projects are in production. The Palaboa project These numbers were, our last numbers published in December 24 using spot reared pricing at the time of $110 a kg for NDPR and as you can see that project here has only got a 16 year life. But, you know, it's going to generate $181 million of EBITDA per annum based on those numbers at the time. And real pricing has been higher since then. We saw near-denium and pressed-denium trading at $140 a kg earlier this year, so way above the $110 that these numbers are based on. And our project capital of circa $320-odd million is at the very, very low end. low capital intensity, we've got a very, very low operating cost and we've got exceptionally high, not only EBITDA margin, but RRI as well. And we've been very conservative with our UPV discount rate at 10. When we do the deal with the DFC, our discount rate is 9.5, so it's a slightly better discount rate for for the project economics, and at Uberaba in Brazil, we published economic assessments last month on that project, and there you can see those numbers speak for itself. You know, the project's got an NPV also using, we're concerned with an NPV of 10 or almost a billion dollars, Our RR is over 45% there. We've got, that'll generate $270 million of EBITDA per annum. EBITDA margin also way over 70%. And a very low capital intensity, circa $280 million. So, you know, we have two projects here which will And what's different about the Uber Arbor project is this is a LA feed. In other words, the phosphogypsum being generated in Brazil is from a LA phosphoric acid production facility with mosaic. the global fertilizer business listed in New York who we're partnering with in Brazil. And this project has got a life of over 30 years. So it's a very, very long-life project, very high grade for this type of acid. The PPM of the rarest in the phosphogypsum was circa 5,100 PPM. TREO and at Pelleport will be 4,400 ppm. You've got hydro projects out there in the world as well as 500 ppm and some are 5,000 ppm similar to where we are in Brazil, but they've still got to do all the mining and all the costs associated to get the areas into a situation where they can separate between these projects at both Pelleport and Brazil. We're running a pilot plant at MinTech in South Africa. We've been running a continuous pilot plant 24-7. It's a large-scale pilot plant. and we're producing an intermediate product called, it's a mixture earth product, as you can see it's greater than 75% TREO, total rare earth oxides in this product, very, very high grade in rare earths as well as significantly low in terms of impurities. And this is actually a point of success for Rainbow because lots of rare earth projects stop one step before this, which is a mixture of concentrate and then they crack it into a mixture of carbonate or or intermediate product, which this is, we call it a mixture of hydroxide in our case, and then they stop there, you know, their projects have stopped there. So we could stop here as Rainbow, and this is success. But we are, dealing with Linus in Australia, are going one step further down the beneficiation chain, which is to separate the NDPR to 99.5% purity out of this product you see on the screen, and we'll produce an SEG Plus group, which is samarium, europium, and gandolinium with our very high-value hibis in there being dysprosium, terbium, and yttrium. And that ECG plus we will then sell to somebody who will refine it for real earth oxides out of the SCG Plus. Once again I must stress this is similar to what Linus have done for their whole production life when they started up some 12 to 14 years ago. They always separated NDPR and produced an SCG Plus product and you know they bought a multi-billion dollar business on going that far downstream. It's only recently in Malaysia that they've decided to separate the heavies themselves and they're one of the few companies in the western world that totally integrated production line. In other words, they'll be producing the mixture of concentrate, they'll be cracking it and change the immediate product, and then they'll be separating the ECG plus in Malaysia, the NDPR they're separating in Australia. In terms of the market for rare earths, I think this is well understood, hopefully by most for permanent magnets, which are driving the demand for neodymium and praseodymium, two carriers that make up a large part of the permanent magnet, as well as dysprosium and terbium, which you also require in these permanent magnets to protect them against the heat generated by the motors. Now, we've seen massive, massive increase of uses for these permanent magnets. Apart from your high electric vehicles, wind turbines, consumer electronics like your cell phones, your earpods, your Bose speakers, you know, air conditioning units now use permanent banked motors. But there's a massive, massive demand going forward for defence and with geopolitics the way they are in the world these days, I think this is going to drive demand for those key areas even higher, even though it's not massive volume, it's very critical. We see massive uses of drones in warfare at the moment. In the Ukraine-Russian war at the moment, massive use of drones. That's going to increase, and those need permanent magnetic motors to drive those drones. We also see NATO almost tripling their defence spend over the next few years, and that's going to lead to a lot more demand for arrears and all those military applications, including drones, tanks, and so forth. aircraft and then we just see the ceasefire right now, but those rockets that have been flung by both sides require rare earths, and then the missile guidance systems, the ordnance, the Tomahawk missiles have rare earths in them, and so I see the strategic demand for rare earths increasing, and that means that there's even more emphasis to create this independent supply chain outside of China. And lastly, you've got robotics. Two years ago, the conference in Toronto highlighted two They're talking about 10 million robots by 2040. I see the next decade as a major, major frontier for demand for permanent magnets made of rare earths, and that's been driven by drones, as I say, not only in warfare, but also drones used by people like Amazon to do deliveries in cities around the world. We've also seen EV tolls as electrical vehicles take off and landing vehicles starting to operate. In the US, they were operating them in Dubai. They did trial runs in Dubai until the war started. But these require lots of permanent magnets in terms of weight. And then, of course, your robotics. So even if you... I don't think there are going to be 10 billion robots on the planet by 2040, which I think is very optimistic, but you said 1 billion robots on the planet by 2040. That's one-tenth of the forecast number of robots on the planet. They require three to five times more permanent magnets than the EV. And if you think about what's been driving the demand for permanent magnets over the last few years, being EVs and wind turbines, they only forecast 500 million EVs. but taking three to five times the number of permanent magnets in terms of weight. So I see that the more I look for rears into these applications being very, very robust and increasing exponentially over the next five to ten years. I've spoken about defense briefly, but just to give you an idea, an F-35 fighter jet's got almost half a ton of rears in it. You've got a California-class submarine's got four tons of rears. that's a frigate there that's got almost two plus tonnes of rare earths in it, but also you see them in tanks, you see it, as I said, missile guidance systems, night vision goggles, all sorts of military applications require rare earths, and the strategic nature of rare earths is not going to go away for any time soon. This is where Rainbow's project differs from most projects around the world. As I said, what we've got in both our projects in South Africa and Brazil is that you have phosphate hard rock mine, which has got rears in it, but not economic quantities to mine the hard rock phosphate for the rears. That phosphate rock is then through a flotation process concentrated into a phosphate slurry and that slurry is then fed into a phosphoric acid plant to create phosphoric acid for the fertilizer and for fertilizers and you add sulfuric acid and heat to that phosphate slurry and that generates a waste residue called phosphogypsum. The rows are upgraded in the concentration process in the phosphate slurry, and they then report with the gypsum into the waste residue. At Paraboa, we have two stacks of 35 million tons, and in Brazil, we have a stack that's over 85 million tons, but more importantly, as I said, it's a live stack. They continue to produce about 4.5 million tons of phosphogypsum per annum, and the project in Brazil, we're going to be taking one of those There's the last stream of this phosphate slurry. If they put two phosphoric acid plants there, we'll be taking a live stream, feeding that into our chemical facility, extracting the roots and giving the phosphogypsum back. And the beauty of that result is it's got a long life, as I said, over 30 years. So we don't have, as I said, it's a waste product, so it's a very environmentally friendly project in terms of we take the neurose out of waste and adding value to the waste. And what we do is we just reclaim the phosphogypsum, we put it straight into a leach circuit, and we then go into our first stage of beneficiation, which is produce our high-grade mixed-release product, and then we go further downstream, as I said, to separate into NDPR, that's neodymium, prestidinium, and produce that ECG+, which is all those kidneys which have got high valium in them. Now just to take you to the site in South Africa, this is your site at Palo Boa. It's within five kilometres of the centre of a mining town that's been in existence for over 60 years. Just north of that photo is a phosphate hard rock mine that produces the phosphate slurry. It was fed into phosphoric acid plots in the top right-hand corner, top left-hand corner there, and that then created phosphoric acid, as I mentioned, for the fertilizer industry owned by Cecil in South Africa, and creates those two gypsum stacks you see in the photograph there. We're going to be lining the triangle on the bottom right of those stacks with a liner one stack, putting it on the lined stack site, then when that stack's at height, we'll then start reclaiming the second stack, we'll line the area where the first stack has been reclaimed, and then we'll put the balance of the phosphogypsum on the relined area. And so these stacks will sit on completely lined sites, so that solves a big environmental issue. for this area in Palaboa. SASL do have a fund to cover any environmental liability around these stacks. They are ultimately liable for any environmental sort of claims that might come as a result of these stacks. But we're actually cleaning up these stacks, putting them online, stack sites, and we'll be selling the phosphogypsum into the South African market over a period of 30 to 40 years. And that means that eventually those the site will be completely level and there will be a complete rehabilitation of that site. So very, very strong ESP and environmental sort of value to this project for Rambo and for the community. The beauty about this, that red border you see, that's the fence, this site's been fenced for over 60 years. We don't have to displace any villages, we don't have to, you know, we're not cutting down pristine forest or pristine jungle, like one might have to do if you've got a project in a remote site in Brazil. This is a brownfield site, and similarly, I'll show you, it's a similar story, it's a brownfield site, it's within the existing fence of the current phosphoric acid production facilities, and there's three mines operating within five kilometres of this sites and so we've got a huge skilled workforce serviced by Blacktop Highways and an airport at Pellarbor so it's a very very well serviced town and from a construction point of view this is a breeze to build our processing plants at the site which we'll start and I'll talk about that shortly. Just in terms of of the value of our phosphogypsum. On the left, you can see, if we use Chinese pricing, NDPR represents about 86% of the value of our basket, and the balances, there we're showing you the dysprosium and terbium, and, well, it's the SEG plus with dysprosium and terbium and etriminate. Now, if we look at what's happening in Europe over the last year or so, you see the bifurcation of pricing between Chinese pricing and European pricing. European pricing for Etrim, for Disposium and Turbium is trading much, much higher. And if we put European pricing into our basket of RERs, you can see the increase in revenue that we would realise from just selling and separating NDPR and then the SDG Plus, and all that accrual and revenue just flows to our bottom line. I'll be very conservative, I'm not showing you those European numbers and the slide, that front slide at the beginning of this presentation, but if we wanted to, you know, we could calculate that there's many tens of millions of the dire bottom line if we can realise European pricing. But that's upside for the project, and it's just what I think investors should be aware of. And we're very excited that we see this bifurcation of pricing getting even stronger over the next few years. And certainly when we come into production, starting with our first project, which is late 28 to early 29, which is the Palaboa project, and then the Mosaic project in 2030, we would expect to be capturing some of that European pricing, and that's all upside to our financial model. Just to confirm, this has been done by Argus Media, it's not been done by Rainbow, but it confirms that Rainbow is the highest margin rarest project in development in the world today. This was done at circa 2024 pricing, where at that stage MP Materials in America was losing money and Mount World, which is Linus from Australia, was just breaking even and making a small profit. Rainbow's on the right hand side there. The project on the right of Rainbow is another rear project, but it's actually, it's a bar product. So all the costs associated with generating those rears are covered by the production of another mineral. So the margin is actually misleading there. But in terms of the pure rear of clay, we know that we're the highest margin business in development in the world today. And our DFS will confirm that when we publish it later this year. You know, we used our pilot plant last year to optimize our flow sheet, and we've been able to deliver a very cost-effective and efficient extraction process to extract rows from the phosphogypsum and then feed it downstream into the final separation circuit. The design of the final separation circuit was done initially by ANSTO, and it's confirmed that we're going to have two circuits of circa 75 five mixer settlers between both circuits. So it's a very, very small number of mixer settlers, and it's a very small solvent extraction circuit. But we decided to go solvent extraction because that's the industry standard. It completely with continuous ion chromatography, which is a technology that's used in other industries around the world, but it's never been used in reverse. It's never been used in success on a pilot scale or commercial scale. And we were looking at this opportunity with our technology partner in America, but they couldn't deliver on that. They couldn't achieve the results that they claimed they would achieve. And when we realized it, we decided to bring our pilot plan from Florida back to South Africa, and we built our own instead of the... You can see a photo... of our laboratory in the slide in front of you, but that enabled us to try and replicate the tests that were supposedly achieved in Florida, we didn't see them being achieved, and then we had such success with our continuous ion exchange part of our project, which reduces the volumetric flow of our pregnant leach solution coming out of the leach circuit from 340 cubes an hour 40 or 50 cubes an hour and we see significant impurity rejection at that stage of the CRX process, we then go into a few stages of what's known as precipitation to drop out the balance of the impurities and our final feed into our downstream separation circuit now drops to about three to four cubes an hour and with that we realised we'd have a very small solvent extraction circuit and that's why we decided to go solvent extraction. The industry standard being used by all major earth projects around the world, you're going downstream and separating. So we're very pleased that we finally realized that we needed to make this change at Dearest Rainbow completely. But even though we had this lecture year in our timeline in terms of development, what it did do is allowed us to look at our front end flow sheet where 80% of our cap exits and we optimized that while we were finalising the root to final separation and we use that time very, very effectively in our in-house laboratory. We change our leach circuit from three stages of leaching to two stages of leaching. By increasing the temperature in our leach circuit we are able to improve our leach kinetics and with our leach resonance, our leach We're able to reduce our residence time from 32 hours down to 8 hours, and that means you've got less tanking, you've got less stainless steel, you've got less steel work around those tanks, you've got less servals, you've got less earthworks. All that is helping contain our overall capital number for this project within that $320 million that we published in December 24, and this is a significant achievement for the projects, not only projects, but other projects which are significantly blowing out their CapEx numbers around the world. And, you know, with a very experienced team at Rainbow and designing and building process plants all over the world, we have a very good handle on our CapEx and we believe we'll still be within that range when we publish our DFS at the end of 2026. Our large-scale pilot plant, as I mentioned earlier, is producing about a kilogram of extra-earth hydroxide a day, which is this intermediate product, and as I said, that's a significantly large amount of product being produced. Most pilot plants, mineral pilot plants that are run, produce grams of material. We're producing a kilogram a day, so we're very proud of that fact. This is our final flow sheet that we've simplified from our initial PEA. All the work we've done has been to improve this flow sheet. We had an economic flow sheet, but what we've done is we've been able to reduce capex, keep the overall capex number intact, and also make improvements to our OPEX by optimizing our flow sheet. And that's why, as I said, when we publish our DFS, we believe will be the lowest cost produced of separated rivers in the Western world, and we believe we might even be below Chinese cost of production. You know, we reclaim the gypsum, we slurry it with water and over a screen to just remove any debris. There's not much debris in it, but just a small amount of debris will be removed going over a screen, and will then go into two stages of counter-current heat circuit, Then the permanent heat solution drops out into continuous ion exchange circuit which then recovers the rows off the resin and at the same time we see significant impurity rejection. We then go into a few stages of precipitation for final impurity rejection. Then we feed that final S-H separation circuit which is the industry standard. In terms of pathway to production, this is for Palo Boa now. As I said, the next steps are supported by the successful optimization of our flow sheet. And the most important work we did last year was not only deciding on our final route to separation was also optimising that front end flow sheet with the majority of the Catholic sits and that means that we've taken a bit longer on this project but we've ended up with a much more robust and much better project and I think The market will agree with me. That's far more important than trying to achieve a timeline that you promised the market when you weren't getting the results as we were promised by our partner in America. We pivoted to solvent extraction, but we've just led us to have a far more robust project and where we won't have any issues when we commission this plant and we believe it will operate very, very smoothly because we have projects that are quite technical, but Our optimisation of the flowsheet has effectively made it quite a simple flowsheet. The secret is how we put everything together, our reagents and our dosages and our residence times and so forth, and how we operate our continuous ion exchange circuit, and that's with our pieces from Rainbow, and that we've been very successful in developing. Our target is to finish the DFS. We're on track to finish by the end of this year. At the same time, we're starting financing in parallel. I'm talking about project financing now. To get project finance in place for this project, we believe we'll have two-thirds of debt and one-third will be equity. And then we believe FID, we're targeting the end of the third quarter of 2027. to start early works and front-end engineering and design for the project in Palaboa in the last quarter of 27, full construction 28, and to be commissioning and production late 28, first quarter of 2029. And that's a very achievable timeline. And as I've indicated, it's a year below, a year longer than what we initially thought we'd be, but... In terms of projects, this is still a very, very fast track project. We got hold of this project and realised the arrears from the fossil gypsum in January 21. We're talking production end of 28. That's exceptionally fast. Most mining projects from discovery to production average is 20 years. And 15 years is quick, 20 years is average. Other projects take 25, 30, 35 years. project like someone new in guinea the final project with red center has been around for 35 years before going to production just to give my viewers an idea of the project timelines for real projects and new variable project on pc says coming along even quicker mosaic was targeting us to get this introduction in 2013 we installed on that project two years ago And the reason why we can move that project along a lot quicker into production is because 80-90% of the flow sheet we've developed for Palaboa is applicable to Uberaba, so all the benefit of that IP has been applied to the project and results. As you can see, this is the project in Brazil at Uberaba. It's very, very similar to what you saw with the project at Palo Boa in terms of, you see the big tips and stack there. The bottom left is the ongoing operations at site. This is 500 kilometres from Sao Paulo, serviced by a three-lane highway, all the way to the city of Ubaraba, and this is about 20 kilometres outside the city. It's in the middle of a sugar cane belt, so there's no pristine forest, there's no Amazonian villages you've got to move. or so forth, or tribes, or it's an industrial site, it's been operating for many, many, many years, probably 30 or 40 years at least, similar to Palaboa, it's completely fenced, we've got ground within the fenced area to build our processing facility, a lot of the reagents that are required by our process are being used on site already, so a lot of the permitting is already in place for those reagents, so we see that to permitting being very, very quick for this project. And in Brazil, plus we are in partnership with a global fertilizer producer, multi-billion dollar fertilizer producer in Mosaic. And of course, they've been And we're very excited about this project as well because this project's got a life of exceeding 30 odd years. So this is a long life, high grade project in terms of road projects and if you come mining project very similarly, very, very long life, very high grade because once again, we don't have all your costs associated with mining that normal road project set. In other words, here you've got, you've got to drill and blast, you've got to haul, stockpile your rears, your hard rock rears, then you've got to crush, you've got to mow, then you've got to do a flotation process, produce a mixture of concentrate, Then you crack that concentrate into a chemical form and only then can you go further downstream. As I mentioned, some projects stop at that. Once they've cracked it into a chemical form with a mixture of carbonate and they sell that for further separation, we're going further downstream as rainbow. But as I said, lots of projects stop there. We are going further downstream. You will have seen last week we just announced a capital raise. We're very pleased. It was done at a very, very good price to where Randall was trading. We were trading between 19 and 21.5p. For the week before our raise, we settled at 20p a raise. We've raised $14.6 million, and that gives us runway well into the end of 2027. and beyond, and it also enables us to fund our pre-feasibility commitments with Mosaic on Uberaba. It allows us to complete the DFS as well as the EIA process and the permitting process, as well as engage with debt financiers, which are expensive which are expensive to engage with, but to keep our debt on track so we can keep our project timelines on track. And we're very excited that we, in the breakup market, that we were able to successfully raise this money out of the US. 90% of it came from US funders. In fact, two family offices as well as Traxxas. Traxxas, we know, is a global trader that is one of the partners for Project Vault, which has been appointed by the US government to source strategic and critical minerals for the top biggest strategic stockpile that has been created by the US government under Donald Trump, and that's not going to go away. So the fact that we have Traxxas now as a significant shareholder, I think bodes very well for our interaction in the US and raises our profile in the US. and I think this commitment by Paxos confirms that. What makes Rainbow different? We believe we've got a unique opportunity with two very, very robust projects to become a significant producer of separated rare oxides in the West. We've got a very experienced team, as you can see there, developed lots of projects in our careers out of a A lot of us came out of a background of a mining engineering business called Indium Engineering. And lots of those people in that business worked for Rainbow. And between the three chief process engineers, you see there, and Ru Build and Brew. Between the three of them, they've got three bankable feasibility studies under their Dalton Rear Space, the Loftar Rear Project in Namibia, the Peak Resources Rear Project in Tanzania, and the Makanga Rear Project in Malawi. The three guys on your screen there, you see their We're the guys who developed the process flow sheets for all three of those projects and we had that experience within Rainbow which is unusual for an engineer and miner like ourselves who have so much experience in the radar space and I don't think you have any other development project in the world today with that kind of experience. I would like to thank the audience. That's the end of my presentation, and we'll be opening up for questions now.

That's great, George. Thank you very much indeed for your presentation. Ladies and gentlemen, please do continue to submit your questions using the Q&A tab situated on the top right corner of your screen. While the company take a few moments to review those questions submitted today, I would like to remind you that a recording of this presentation, along with a copy of the slides and the published Q&A, can be accessed via our invested dashboard. George, at this point, if I may hand back to you to take us through the Q&A session, read out the questions where appropriate, and I'll pick up from you at the end.

Thank you. Yeah, I just need to give access to my questions. I don't have access yet. Thank you.

George, can you see on the right-hand side Q&A?

No, I've got them now. Thank you. I've got them now. Okay. Okay. So one of the questions is, can you review last year's milestones charting span while we are off target? Well, I think I've answered that in my presentation where we were looking at your last year's milestone charts all predicated on us achieving separation success. We never achieved that with the process, the continuous ion chromatography process that we were looking at doing with our technology partner in Florida. And as I said, when we realized that we weren't getting the results that they claimed and there was no backup data for their results, that we started doing our own work and we had such success with the continuous line exchange step in our process that we realized that our flows going downstream were not significantly reduced and that meant the solvent extraction circuit would be a very small solvent extraction circuit and fairly low capex, which will keep us within our overall capex parameters and that's what we have then decided to do. But that added circa a year to our timeline, but as I said, we also used that year to optimize our front end flow sheet significantly and it's made it for much better for robust projects. So, you know, as I've mentioned, you want to take a year longer and have a better project then try to keep a timeline and you... end up with a project with massive technical problems like we've seen in some other projects in South America that have needed more funding from the US government to blow them out because they've got huge technical issues there. As I said, we've successfully produced a commercial product in the mixture of hydroxide and we now control the process in the timetable to the final separation, which is solvent extraction. So, the delay with the American technology has turned into a blessing, where we've, as I've mentioned, got a far more efficient process, and with a very, very small solar extraction circuit. Next question is, why are we seeing increasing numbers of We are seeing increasing numbers of motor turbines without permanent magnets. Do you see headwinds on the demand side and why not? Well, once again, I went through this in my presentation. Actually, I don't believe that. We've seen lots of people talk about using substitution or ferrite magnets for motors, but these motors are not efficient. Permanent magnets are the most efficient way of turning energy into motion and vice versa. And anything that's driving gas wicking and alternatives is worried about security of supply. projects that have been committed to the West so the security of supply becomes more widely spread in the West and that will mean that people will stop looking at substitution and will continue to focus on using permanent magnets. But once again, I don't believe there is real substitution taking place and then we see massive demand as I've indicated from drones, eVTOLs and robotics, you know, making up for any slight slippage. I don't believe there's slippage, by the way. As I said, it's just been, you know, we've seen reports in the press, but there's no backup numbers for those reports. We also see that permanent magnets are critical and even in internal combustion engine vehicles, so your typical diesel or petrol car still has a kilogram of permanent magnets in it. in your steering column, in your ABS brake system, in your wing mirrors and motors, in your seat motors, your electric window motors, and so forth. So there's still massive demand for permanent magnets, even in those vehicles, never mind EVs. And we see year-on-year EV sales continuing to surpass the previous year, so I don't believe there's any slowdown in demand. Next question is, Rambo is trading in a steep discount to peers. Will Rambo pursue a US listing and what is the timeline for that? All I can say is if we are greedy, we are trading in a big discount to our peers. If you look at our EBITDA numbers forecast of new production in our two projects in 2030, our EBITDA numbers will be, if I can look at what Linus are publishing today, they will be in line with Linus' or not exceeding Linus'. And Linus is a $22 billion business today. So you can see the upside for Rainbow over the next three to four years that I believe that is there. And yes, US listing would unlock some of that discount. So we are considering the routes and what to do about the US strategy. And we'll update the market in due course. What is the current cash burn rate on average per month? How much CapEx is required until the 5D at Palo Boa? Well, our current burn rate is about $400,000 a month, and if you see what we raised, $14.6 million, we've got about 35 months of cash burn. We do see a slight increase in that cash burn as we pursue some of these other work streams, but if you look at Rainbow's G&A compared to what we spend on projects, it's very, very well contained compared to some other companies out there, so we're very proud of that fact that we have a very good percentage of our GMA compared to what the amounts of money we spend on actually delivering value for shareholders, and we don't see that changing. To conclude, the whole DFS from Pernambuco, including all the technical environmental and permitting extremes, we don't see this being more than $4 to $4.5 million. So it's well within the number we've raised, and as I said, we'll be able to complete the pre-fees at Uberaba, which we believe will deliver very, very robust numbers. The initial economic assessment numbers are exceptional. We see that trend continuing when we produce pre-fees at Uberaba and we've run way further. So, you know, we are well cashed up, which is the first time in my life as CEO of Rainbow that we've been so well cashed up to deliver on our work streams. are the growth opportunities beyond UberArmour which Rainbow are actively looking into. As I mentioned, we've got two large projects that we are focusing on delivering. Those two large projects have the ability to make Rainbow into a multi-billion dollar business and that's If you look at what MP are going to produce as EBITDA, we can line us at my yardstick. So you can make that assessment yourself. So we are focusing on delivering those two high-value projects for Rainbow. But at the same time, we're not close to other opportunities. We are aware of some other opportunities out there, but our focus is on the two key projects right now. Is the current pilot operation for the DFS a lock cycle pilot or several batches as I mentioned earlier? This is a large-scale continuous pilot running 24-7. I think that answers that project. Next question is, will the DFS provide long-duration resin degradation data? Can you share how the CIX process is going? Well, firstly, I'm surprised resin is not a major issue for us in terms of OPEX, but to answer the question, we see no major degradation of our resin. We're using a very robust resin that's commercially available, as I indicated earlier. This resin is showing very, very little degradation after hundreds and hundreds and hundreds of uses of this resin, so we're very pleased about that. But if we take a very conservative approach to our resin, we We see ourselves replacing it once every five years, and we believe we'll be even far better than that. So there is no issue, and it's not a major cost in our effects at that rate of degradation, which is, as I mentioned, very conservative. And the CIX process has been very successful. It's going very well, as I mentioned earlier. We take 340 cubes of pregnant lead solution into our CIX circuit and we get 40 to 50 cubes an hour coming out of there that then goes into our stages of precipitation. But we see significant impurity rejection after that first stage of the CIX. So this CIX is working very, very well and we're very pleased about it. The Rainbow team, as I mentioned earlier, is very experienced coming out of a mining engineering background where we've designed in and built a number of uranium process plants. We use continuous ion exchange, we use resin, so we're well-affiliated with CRX and with resin, and we're very pleased that we've seen far better resin use compared to what we see in uranium plants. We've not seen as much degradation as we've seen with the rails that are in our pregnant heat solution. Does the impurity bleed through iron, calcium and phosphate increasing over time and affecting downstream SX? We see no increase in impurity bleed through our process. We see the iron and calcium and so forth. being rejected as a solid and that will then be fed back into the gypsum stacks so we don't see this as an issue we don't see a buildup and we're using a pile of plants in south africa is running for a few months now it'll be by the time we stop it will run for about three three and a half months in a continuous fashion we don't see anything that we can build up in um of these impurities as i said and we know because it's a closed loop circuit that we're running in south africa we know exactly where to bleed and the lead stream will then go back into the gypsum stack, so there's no issue there. For the transition from pilot to commercial plant, there's a linear scale I've assumed. What I can say is that, you know, we're running a large-scale pilot plant. It's five to ten times larger than the typical mineral processing pilot plant, and we don't see any issue with scale-up. Are you considering increasing Rainbow's ownership of the Palaboa or Uberaba project? Well, it's well documented in our financials that we will be issuing 38 million shares to acquire the final 15% of Palaboa. It's a dire election and we'll do it between now and July 2027. And then in terms of Uberaba and the announcements at the beginning of March, you would have noticed that we footprinted our ownership there at 49% with Mosaic having 51% and we don't see that changing going forward. Please explain in context of the Palaboa ownership structure how much of the downstream value addition through processing is captured by Rainbow Rares. Thank you. Well, typically the payability for a crack MREC is 65% to 70%. Payability, we know that with our high-grade mixture of hydroxide that we've already been offered a payability of circa 70%. So we, as I said, we could stop there. That is a success. We've got a very high payability of our MRAC, but we're going further. And when I mean we're going further, we'll see that we'll be achieving 100% payability for our separated NDPR, which is 75% of the value of the project if we use Chinese pricing. So that's why it makes sense for us to to go through the downstream and separate it and then we produce in the SEG plus group and because we originally were only targeting getting payability for dysprosium and terbium, now that we're going to get payability for dysprosium, terbium and yttrium and parts of the SEG, the samarium, europium and gandolinium, we'll get some payability there. The overall payability, the overall turnover captured from SEG Plus at 70% payability is actually higher than what Rainbow would have achieved by separating the DYTB. So in the end, we've come out with a better result and with better revenue numbers, which you'll see in our financial model when we publish our DFS at the end of 2026, as I've mentioned. We do not intend going further downstream into the midstream, which is your metallization, which is turning your separated hot sides into metal, and then alloys, which you then feed into a permanent magnet facility, those downstream projects are very low margin additions to a project, and we don't see any benefit in trying to go further downstream. We'll leave other guys to create that daily chain downstream, but Rainbow are not going to be doing that. We're happy to partner with guys who will be doing that, but we as Rainbow will not be doing that. Help us understand your reasoning, explain your rationale why Rainbow pivoted away from CRC to SX. And now there's capex topics and technical execution risk when scaling up compared. Well, as I've indicated earlier, I think I've covered this, is that We made this pivot to solvent extraction when we realized that continuous ion chromatography wasn't delivering the results that had been claimed. And it's been a very, very good move because solvent extraction is completely de-risking. It's an old standard for final separation. and we're having a very small solvent extraction circuit compared to typical solvent extraction circuits, so we see no risk in technical execution. As a team, we've built many solvent extraction circuits in the zinc space, in the copper space, as well as the uranium space, so we don't see any technical issues. in our solvent extraction circuits when we go into production. As I said, we've got a team well at play with commissioning solvent extraction circuits in other commodities, and it's a small solvent extraction circuit for rears, so no issue there. And scaling up, as I've indicated earlier, it's scaling up is not an issue at all from what we're running our pilot plant at and all the, I mean this is just leach tanks in the front end circuit, pumps, filters, belt filters, once again these are standard and mineral processing operations, so there's no issue of scale up there. The continuous ion exchange circuit, we've been involved in designing similar sized circuits in uranium projects around the world, so there's no issue there in the continuous ion exchange circuit that we're going to build for Rainbow, and once again, this solid extraction circuit is very, very small in terms of what's typical in the industry, so no issues there. Very strange question. AI Gemini suggests that Pensana switch to USA leave Rainbow in a stronger position than Europe. Please expand if you agree. Well, I can't really comment on Pensana's switch once again, but We know that with people like Traxxas being a shield and Rainbow that we've got an opportunity to negotiate with the partners of Project Vault who are looking to build strategic stockpile. We also know we have lots of interest from European separators to take up our product, our ECG plus headers, as well as our NDPR. other companies in the US looking for our supplier of NDPR as well as ECG+. So we basically see that we've got lots and lots of opportunity for Rambo in both Europe, Japan as well, by the way, as well as the US. So we think Rambo sits in a very strong position to choose what's best for our shareholders in terms of where our product ends up. Any news from Burundi? We are continuing to evaluate all options and realise value for our shareholders in Burundi and we'll keep you updated on that once again. Is there any prospect for the other mosaic stacks in Brazil and also to be investigated for processing? There are some phosphogypsum stacks in Brazil, but we've got the jewel in the crown, as Mosaic will tell you themselves, which is the Ogoraba phosphogypsum stacks, the only ones that Mosaic has in Brazil. The other phosphogypsum stacks that Mosaic have are in Florida, and those are sedimentary sources of phosphogypsum, and therefore totally different in terms of grade, excuse me, compared to what we have at Palibor and Mosaic. Those are long-term opportunities that we might work with Mosaic on realizing value, but they are much, much longer term, as I mentioned. And right now we've got two projects in the current Uberaba operation and Palo Boa to make Rambo, as I said, a multi-billion dollar business. And I think that should be our focus for now to deliver massive uplift in value for our shareholders by delivering on those opportunities, which, as I think you would agree, are more than enough for the management team to focus on right now. You know, you see far too many juniors. They have 10 different projects across five different countries. And of course, they end up never delivering on any of those. We're not going to make the same mistake. We've got two very near-term projects which will deliver massive value and we'll focus on those. And once again, of any other sites, how the other sites are progressing, like Saudi and OCP in Morocco, once again, these are sedimentary sources of phosphogypsum stacks. We are engaged in a test-rig program with both of those opportunities, but once again, similar to the phosphogypsum in Florida, this is a very, very long-term way to eventually maybe creating or extracting value, but these are very, very long-term projects, which are going to move ahead very slowly, we believe, and we've got more than enough to focus on that in Rainbow at the moment. I'll just see if there's any other questions at the moment. Is there a cash cost to Rainbow for the 49% stake in Brazil, via providing IP and your 49% of CapEx? I'm pleased to say that no, there's no cash cost. It's a very, very big deal that we've done. I think the market should compliment Rainbow on the deal that we've secured 49% of the project is available at this with no cash out there. It's just our RP and our project experience that we've been able to negotiate this deal with Mosaic and we're very happy about that and it adds massive, massive value to Rainbow for minimal cost. What are the flow sheet challenges unique and palatable when compared to the likes of MP Materials or Lioness? Well, I think it speaks for itself. Those projects are hard rock projects. They have to crush more, produce a mixture of concentrate, and they have to crack that concentrate before they can go downstream. Rainbow starts with the crack. chemical stockpile in terms of the PhosphoGypsum and Palaboa and we're taking the PhosphoGypsum as a fee directly from the Phosphoric Gas Supply and so all those processes we don't incur, which is why our capex and opex is significantly lower than any of those projects. If you look at the capex for those projects that they've spent over the years, it runs into the billions of dollars. On both projects we're going to be circa $600 million to produce an EBITDA number that will be better than both those projects. I think that speaks for itself. And I don't see any more.

That's great, George. If I may just jump back in there as we approach the hour. And thank you for addressing those questions for investors today. But George, before I redirect investors to provide you with their feedback, which is particularly important to yourself and the company, could I just please ask you for a few closing comments?

I think I've outlined the opportunity for the listeners or the viewers quite well in the sense that, once again, we know that we are going to be a low capital intensity development company in terms of both projects, one in Brazil and in South Africa. South Africa will come on stream first. It's going to confirm the high margins that we experience in both projects. Now, And both these projects are more than enough to make Rainbow not only one of the leading producers of separate brewers and ECG plus in the world, in the Western world, but certainly, as I said, probably the highest margin and very, very economic. We've got the building blocks to create, as I said, a multi-billion dollar business here, and we don't see any obstacle to creating that value for our shareholders going forward. Thank you.

Fantastic. Thank you very much once again for updating investors today. I'm going to please ask investors not to close the session as you'll now be automatically redirected to provide feedback, which will help the company better understand your views and expectations. On behalf of the management team, we would like to thank you for attending today's presentation and good morning to you.