Rainbow Rare Earths Limited (RBW): Phalaborwa DFS and financing
This situation live
RBW Rainbow Rare Earths Limited
27 Oct 2025 · DFS delayed to 2026; construction targeted 2027 · +21% until the next step
Phalaborwa's Definitive Feasibility Study ("DFS") is expected to be finalised in 2026; upon its completion, finalisation of the permitting process will run in parallel with the project finance process
24 Nov 2025 · DFS due 2026; yttrium upside noted · −3% until the next step
Rainbow Rare Earths notes the recent reports on the surge in pricing and importance of yttrium, a rare earth element that will be included in the Phalaborwa project's SEG+ product, which is a mix of a
25 Nov 2025 · Flowsheet finalising; DFS pending, timetable maintained · −3% until the next step
The project timetable therefore remains on track to commence construction in 2027 and first production in 2028.
13 Jan 2026 · Final pilot plant operating; DFS being finalised · +24% until the next step
This final pilot campaign will continue through H1 2026 whilst the work to finalise the DFS runs concurrently to enable the study to be completed this year, as planned.
31 Mar 2026 · DFS funded; due by end of 2026 · −10% until the next step
The funds raised will allow Rainbow to complete both the Phalaborwa DFS by the end of 2026 and the Uberaba PFS with our partner, Mosaic.
31 Mar 2026 · Pilot plant running; DFS funded · −10% until the next step
The Company is well advanced with all work streams to conclude the project's Definitive Feasibility Study ("DFS"), which will be published later this year.
1 Jul 2026 · DFS 75% in engineering; SX optimisation underway · +8% until the next step
75% of the flowsheet, up to the point of production of a mixed rare earth feed to feed the SX separation process, has now been finalised and moved to the engineering phase of the DFS.
24 Sep 2026 · Neo MoU signed; PFS added; DFS now H1 2027 · −11% since
Completion of the DFS is now planned for H1 2027.
Phalaborwa DFS and financing
Neo MoU signed; PFS added; DFS now H1 2027
Next: Phalaborwa PFS publication; binding Neo agreements
Every step · 8
- 27 Oct 2025 DFS delayed to 2026; construction targeted 2027 – Phalaborwa's Definitive Feasibility Study ("DFS") is expected to be finalised in 2026; upon its completion, finalisation of the permitting process will run... ↗
- 24 Nov 2025 DFS due 2026; yttrium upside noted – Rainbow Rare Earths notes the recent reports on the surge in pricing and importance of yttrium, a rare earth element that will be included in the Phalaborwa... ↗
- 25 Nov 2025 Flowsheet finalising; DFS pending, timetable maintained – The project timetable therefore remains on track to commence construction in 2027 and first production in 2028. ↗
- 13 Jan 2026 Final pilot plant operating; DFS being finalised – This final pilot campaign will continue through H1 2026 whilst the work to finalise the DFS runs concurrently to enable the study to be completed this year,... ↗
- 31 Mar 2026 DFS funded; due by end of 2026 – The funds raised will allow Rainbow to complete both the Phalaborwa DFS by the end of 2026 and the Uberaba PFS with our partner, Mosaic. ↗
- 31 Mar 2026 Pilot plant running; DFS funded – The Company is well advanced with all work streams to conclude the project's Definitive Feasibility Study ("DFS"), which will be published later this year. ↗
- 1 Jul 2026 DFS 75% in engineering; SX optimisation underway – 75% of the flowsheet, up to the point of production of a mixed rare earth feed to feed the SX separation process, has now been finalised and moved to the... ↗
- 24 Sep 2026 Neo MoU signed; PFS added; DFS now H1 2027 – Completion of the DFS is now planned for H1 2027. ↗
What is happening
Rainbow Rare Earths Limited: Phalaborwa DFS and financing – Neo MoU signed; PFS added; DFS now H1 2027. ['Neo MoU signed; PFS added; DFS now H1 2027']
- In short
- Pilot plant running and DFS funded by the March 2026 subscription. On 1 July 2026 about 75% of the flowsheet was in DFS engineering. On 24 Sep 2026 Rainbow signed an MoU with Neo for SX technical support and offtake. It also added a Q4 2026 PFS and moved the DFS to H1 2027.
- Announced
- 27 Oct 2025 · DFS delayed to 2026; construction targeted 2027
- Latest
- 24 Sep 2026 · Neo MoU signed; PFS added; DFS now H1 2027
- Flowsheet change
- CIX mixed rare earth feed goes directly to SX, no intermediate product first
- Products
- NdPr oxide and SEG+ Group at 99.5% purity, plus Dy, Tb and Y
- SX circuit
- Feed flow rate of less than 5 m3 per hour
- Partner
- Neo Performance Materials MoU for final SX circuit, signed 24 Sep 2026; binding long-form agreements being advanced
- Offtake
- 40% of NdPr oxide and 65% of SEG+ carbonate, at index-based arm's-length pricing
- Next milestone
- PFS in Q4 2026, prepared under SEC Regulation S-K 1300
- DFS
- Now planned for H1 2027
- Test work
- Underway in Estonia; confirmatory integrated pilot SX plant in Johannesburg to follow
What comes next
Phalaborwa PFS publication; binding Neo agreements.
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