Rainbow joins the Rare Earth Industry Association

Rainbow Rare Earths is pleased to announce that it has joined the Rare Earth Industry Association ("REIA"), as an important step on the Company's development path as it works to realise the first commercial recovery of critical rare earth elements ("REE") from phosphogypsum.

REIA is dedicated to the development of a transparent and sustainable REE industry and as such is a global non-profit organisation with partners representing the entire value chain. Currently the network consists of over 70 members with operations covering REE mining, recycling, processing, permanent magnet manufacturing, as well as the end users of permanent magnets, which are the main value drivers for REE.

REIA is focused on innovation as a key pathway to industry resilience and Rainbow's work can be an important contributor as the Company furthers its plans to unlock a global opportunity for the low-cost and responsible supply of magnet rare earths from phosphogypsum, starting with the Phalaborwa project in South Africa.

Rare earths are notably essential to national security and Phalaborwa has been identified by the U.S. Government as a strategic source of all four magnet rare earths (neodymium, praseodymium, dysprosium and terbium), with a proposed US$50 million in project equity funding from the U.S. International Development Finance Corporation ("DFC") to be invested via strategic shareholder TechMet Limited.

George Bennett, CEO, commented: "We are delighted to join REIA and to be part of the conversation as we work together with other REE stakeholders from across the supply chain to find solutions for some of the most pressing issues facing our industry. Most importantly, we must act now to develop an independent and resilient supply chain for the rare earths so vital to defence applications, the green energy transition as well as many other advanced and emerging technologies."

• Badrinath Veluri, President of REIA, commented, "We are very pleased to welcome Rainbow Rare Earths to REIA as our newest member. We recognise the benefit in Rainbow's proposed extraction of magnet rare earths from secondary sources, as a potentially lower cost and faster way to access these resources at a time when the world urgently needs diversified sources of supply. We look forward to working with Rainbow and to building a strong partnership."