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Rainbow Rare Earths (AIM: RBW) 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 magnet rare earth elements neodymium and praseodymium (NdPr), dysprosium (Dy) and terbium (Tb).

The Company is focused on the development of the Phalaborwa 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 also has a majority interest in the high-grade Gakara Project in Burundi, East Africa, which is currently on care and maintenance.


Adonis Pouroulis (NE Chairman)
30 years in African natural resources. Adonis is the founder of Rainbow, and also Chariot Transitional Energy (AIM: CHAR), Pella Resources Group, and Petra Diamonds (LSE: PDL).

George Bennett (CEO)
25+ yrs’ experience in mining, finance and management. Ex CEO Shanta Gold & OreCorp Ltd. In 2006, George established MDM Engineering Ltd, a mining engineering company building mineral process plants and mining infrastructure throughout Africa , which he listed on the London Stock Exchange in 2008.

NEDs: Shawn McCormick, Alexander Lowrie, Atul Bali, J. Peter Pham, Darryll Castle


P&L30 June 2023
30 June 2022
Loss from operating activities(13,084)

Loss before tax(12,865)

Balance Sheet30 June 2023
30 June 2022
Cash 8,1044,134
Total assets14,08617,132
Total liabilities(1,835)(1,836)
Net assets12,25115,296

Major Shareholders

  • Adonis Pouroulis – 14.0%
  • TechMet Limited – 11.9%
  • George Bennett – 6.2%
  • Caden Holdings – 5.9%
  • Robert Kampf – 5.87 %
  • Shawn McCormick – 1.48%
  • Alexander Lowrie – 1.09%

Media coverage

Investors Chronicle (14 Feb 2024): “Can this leftfield miner break the industry hoodoo?”

Unusual deposits attract retail and industry investment but often fall foul of standards put in place to stop yet more mining frauds…Rainbow Rare Earths (RBW) is a recent example of a staged development approach working well, but it has the added attraction of providing rare earths from a non-Chinese source, thereby bringing in investors with an eye on geopolitics. (Nov 2023): Shares in Raimbow Rare Earths are on the move
“Shares in Rainbow Rare Earths are on the move and, unlike most companies in the mining sector right now, the general trajectory is up. Three key factors are underpinning this outperformance: a high quality project, high quality management and high quality backers and partners. The project is Phalaborwa, a rare earths opportunity in South Africa. The management have come from one of the mining industry’s leading engineering and mine-building companies. And the backers and partners include the US government.”

Macro Indicators

MT Technology Review: The race to produce rare earth elements

China has dominated the market for rare earth elements, but US scientists and companies are scrambling to catch up…According to the International Energy Agency, demand for rare earth elements is expected to reach three to seven times current levels by 2040; demand for other critical minerals such as lithium may multiply 40-fold. Delivering on the 2016 Paris Agreement, under which signatory nations are obligated to reduce emissions to cap the global temperature increase, would require the global mineral supply to quadruple within the same time frame. At the current rate, supply is on track to merely double.

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