NDPR: POWERING THE GREEN REVOLUTION - MAY 2021 RAINBOW RARE EARTHS

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NDPR: POWERING THE GREEN REVOLUTION - MAY 2021 RAINBOW RARE EARTHS
RAINBOW RARE EARTHS

NdPr:
POWERING THE GREEN
REVOLUTION

May 2021
NDPR: POWERING THE GREEN REVOLUTION - MAY 2021 RAINBOW RARE EARTHS
DISCLAIMER

These Presentation Materials are for information purposes only and must not be used or relied upon for the purpose of making any investment
decision or engaging in any investment activity and should not be construed as, an offer for sale or subscription of, or solicitation of any offer to buy
or subscribe for, any securities of Rainbow Rare Earths Limited (the “Company”). Whilst the information contained herein has been prepared in good
faith, neither the Company, its subsidiaries (together, the “Group”) nor any of the Group’s directors, officers, employees, agents or advisers makes any
representation or warranty in respect of the fairness, accuracy or completeness of the information or opinions contained in this presentation and no
responsibility or liability will be accepted in connection with the same. The information contained herein is provided as at the date of this presentation
and is subject to updating, completion, revision, verification and further amendment without notice.

These Presentation Materials contain forward-looking statements in relation to the Group. By its very nature, such forward-looking information

                                                                                                                                                             Disclaimer
requires the Company to make assumptions that may not materialise or that may not be accurate. Such forward-looking statements involve
known and unknown risks, uncertainties and other important factors beyond the control of the Company that could cause the actual performance
or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such
forward-looking statements. Nothing in this presentation should be construed as a profit forecast. Past share performance cannot be relied
on as a guide to future performance.

2    Rainbow Rare Earths Limited Corporate Presentation – May 2021
NDPR: POWERING THE GREEN REVOLUTION - MAY 2021 RAINBOW RARE EARTHS
MARKET OVERVIEW

RARE EARTHS:
THE CRITICAL
BUILDING BLOCKS

                                                                    Market Overview
IN THE GREEN
REVOLUTION

3   Rainbow Rare Earths Limited Corporate Presentation – May 2021
NDPR: POWERING THE GREEN REVOLUTION - MAY 2021 RAINBOW RARE EARTHS
NdPr CONSTITUTE 90%+
   OF RARE EARTHS VALUE

NEODYMIUM AND PRASEODYMIUM (NdPr) ARE CRITICAL ELEMENTS IN PERMANENT MAGNETS USED FOR MOTORS AND TURBINES
Permanent magnet production accounted for 91% of the total value of TREO consumption in 2019

                                                                                                            Market Overview
       Source: Adamus Intelligence

   4           Rainbow Rare Earths Limited Corporate Presentation – May 2021
NDPR: POWERING THE GREEN REVOLUTION - MAY 2021 RAINBOW RARE EARTHS
GLOBAL TRENDS ACCELERATE
NdPr DEMAND…

                                                                                                  KEY GLOBAL MEGATRENDS ARE DRIVING STRONG AND DIVERSIFIED
                                                                                                  DEMAND FOR NdPr
             ANTICIPATED GLOBAL REO MAGNET DEMAND GROWTH
    160,000                                                                                       • AUTOMATION: Accelerating technological progress
                                                                                  141Kt by 2030

    140,000                                                                                       • LOW CARBON TRANSITION: environmental protection and climate
                                                                                                    change

                                                                                                                                                                              Market Overview
    120,000
                                                                                                  • SUSTAINABLE RESOURCE SECURITY: Increasing scarcity of and global
    100,000                                                                                         competition for resources

     80,000                                                                                       • SUPPLY CHAIN SECURITY: Against backdrop of heightened national
              61Kt                                                                                  protectionism
     60,000
                                                                                                  NdPr DEMAND ACCELERATED BY EVOLVING GLOBAL EMISSIONS
     40,000                                                                                       LEGISLATION

     20,000                                                                                       • Wind power will be a key contributor to meeting Paris Climate Goals

             -                                                                                    • UK to ban new petrol and diesel car sales by 2030 and increase offshore
             2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030                                 wind capacity to a level sufficient to power every home by this date

                      Electric Vehicles / mobility                   Wind Power                   • Germany targets offshore wind power expansion targets of 20GW by
                      Industrial                                     Consumer                       2030 and 40GW by 2040
                      Other
                                                                                                  • France aims to produce 1m EVs annually by 2025
    Source: Adamus Intelligence

5        Rainbow Rare Earths Limited Corporate Presentation – May 2021
NDPR: POWERING THE GREEN REVOLUTION - MAY 2021 RAINBOW RARE EARTHS
…POWERED BY
THE GREEN REVOLUTION

                                                                            PROJECTED ANNUAL GLOBAL EV SALES
NO EXISTING ACCEPTABLE SUBSTITUTES FOR NdPr IN PERMANENT
MAGNETS FOR EVS AND WIND TURBINES

WHILST BATTERY CHEMISTRY IS STILL EVOLVING, THE MOTOR
TECHNOLOGY REQUIRED ACROSS ALL EVS DRIVES NDPR DEMAND
REGARDLESS OF BATTERY CHEMISTRY

                                                                                                                                                                    Market Overview
• Growth in EV production forecast to lead to increase in demand for NdPr
  of 25-90% by 2030

• Each new EV requires between 1-3kg of NdPr

• Average annual NdPr demand from EVs forecast to increase by ~4,200 –
  9,600tpa from 2020-20251
                                                                            RANGES FOR CUMULATIVE NdPr DEMAND FOR GLOBAL
• Value of global magnet REO consumption to increase from US$2.98bn to      WIND TURBINE PRODUCTION THROUGH 2050
  US$15.65bn by 20302

PERMANENT MAGNET ELECTRICITY GENERATORS FOR WIND
TURBINES

• Wind turbines consume ~600-830kg of REO per Megawatt3

• Estimated wind-capacity growth of 5.7% year-on-year to 20504

• Growing to +1.9TW of total wind capacity by 20505

                                                                            Sources: 1. SP Angel 2. Adamus Intelligence 3. Curtin University 4. Bloomberg NEF New
6    Rainbow Rare Earths Limited Corporate Presentation – May 2021          Energy Outlook 2020 5. NDRC-ERI “Aggressive Scenario. Graph 1: Bloomberg New Energy
                                                                            Finance, Katusa research, US Global Investors Graph 2: World Bank
NDPR: POWERING THE GREEN REVOLUTION - MAY 2021 RAINBOW RARE EARTHS
SIGNIFICANT PROJECTED NdPr
SUPPLY CONSTRAINTS

SECURING AN ETHICAL AND SUSTAINABLE SUPPLY CHAIN FOR
STRATEGIC MATERIALS
                                                                                  NdPr OXIDE – FORECAST SUPPLY – DEMAND BALANCE
• China currently dominates global RE production (~80%)                   160,000

• The EU’s Action Plan on Critical Raw Materials aims to strengthen       140,000
  domestic sourcing of raw materials in the EU and diversifying supply

                                                                                                                                                Market Overview
  from both primary and secondary sources                                 120,000

• US has announced contracts with REE producers to strengthen its         100,000
  domestic supply chain
                                                                           80,000
SUPPLY DEFICIT LIKELY DUE TO CHALLENGES TO BRINGING NEW
RARE EARTH MINES INTO PRODUCTION INCLUDE:                                  60,000

• Many projects are low grade                                              40,000

• Estimated high levels of capital for complex processing, ranging from    20,000
  US$200-500m for major listed rare earths projects
                                                                                  -
• Current rare earth prices unlikely to support significant development                2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
                                                                          (20,000)
RAINBOW’S GAKARA AND PHALABORWA PROJECTS DEMONSTRATE
COMPARATIVELY LOW CAPITAL INTENSITY VERSUS OTHER MAJOR                    (40,000)
RARE EARTHS PROJECTS                                                                               Production   Demand    Balance
                                                                           Source: Adamus Intelligence

7    Rainbow Rare Earths Limited Corporate Presentation – May 2021
NDPR: POWERING THE GREEN REVOLUTION - MAY 2021 RAINBOW RARE EARTHS
RAINBOW PROJECTS:
   SUPPORTED EVEN AT CURRENT NdPr PRICES

NDPR PRICES ARE FORECAST TO INCREASE SIGNIFICANTLY BY 2030…
...but the economic viability of Rainbow’s Gakara and Phalaborwa projects is supported even at current prices

                                                                                         NdPr PRICE FORECASTS
       120

                                                                                                                                                                         Market Overview
       110

       100

       90

       80

       70

       60

       50

       40

       30
                 2015a         2016a         2017a         2018a         2019a   2020f   2021f   2022f   2023f   2024f   2025f   2026f   2027f   2028f   2029f   2030f
                                                                                    Nd Oxide - US$/kg     Pr Oxide - US$/kg
        Source: Adamus Intelligence

   8         Rainbow Rare Earths Limited Corporate Presentation – May 2021
NDPR: POWERING THE GREEN REVOLUTION - MAY 2021 RAINBOW RARE EARTHS
PROJECT OVERVIEW

                                                                    Project Overview: Phalaborwa Project
PHALABORWA PROJECT

9   Rainbow Rare Earths Limited Corporate Presentation – May 2021
NDPR: POWERING THE GREEN REVOLUTION - MAY 2021 RAINBOW RARE EARTHS
SIGNIFICANT NDPR PRODUCTION TO POWER THE GREEN REVOLUTION
PHALABORWA – EXCITING, NEAR-TERM GROWTH OPPORTUNITY

C.35MT OF GYPSUM IN TWO STACKS FROM 50+ YEARS PHOSPHATE

                                                                               Project Overview: Phalaborwa Project
HARD ROCK MINING IN SOUTH AFRICA

• Project is largely permitted and positioned in an established mining
  town, with
   • associated skilled labour availability
   • supporting industry (i.e. local production of sulphuric acid, an
     expected key reagent in the processing circuit)

• Rainbow’s reported assay results from initial auger drilling programme
  averaged 0.45% TREO of which 28.9% represents high value NdPr with
  significant additional value from Terbium and Dysprosium

• 6 – 10 times higher grade than a typical ionic clay style rare earth
  deposit

• Phalaborwa has low levels of radioactive elements: typical rare earth
  development projects require complex processing to remove higher
  levels of radioactive elements

• Processing of Phalaborwa gypsum stacks will deliver a Green Rare Earth
  Project: removing existing environmental liability and redepositing clean,
  benign gypsum on a new stack

10   Rainbow Rare Earths Limited Corporate Presentation – May 2021
PHALABORWA
   SIMPLE PROCESSING AND HIGH VALUE CARBONATE PRODUCT EXPECTED TO
   DRIVE STRONG PROJECT ECONOMICS

• Historical processing, including initial                                                                        Typical Rare

                                                                                                                                              Project Overview: Phalaborwa Project
  flotation and concentration by Foskor                        Typical Unit Processes                                            Phalaborwa
  followed by processing in Sasol’s                                                                              Earth Project
  PhosAcid plant, has deposited REEs in
  chemical form in gypsum stacks
                                                               Hard rock mining and hauling                            X
                                                               Hydraulic transport to plant                                          X
• Rare Earth elements contained in a
  ‘cracked’ chemical form in the gypsum                        ROM Stockpile                                           X
  which will deliver a higher-value mixed                      Crushing and milling - energy                           X
  rare earth carbonate with significantly
  lower operating costs than a typical                         Multi stage flotation - energy and reagents             X
  rare earth project
                                                               Concentrate filtration                                  X
• No need for hard rock mining, crushing                       Gangue acid leaching (some projects) - reagents         X
  and milling, which comprise a
  significant element of capex and opex                        Cracking - energy and reagents                          X
  for standard hard rock mining projects
                                                               Rare earth dissolution - leaching                       X             X
• No need for 1st stage of usual complex                       Thorium and uranium removal                             X
  processing requirements, which
  involves producing a rare earth mineral                      Impurity removal and intermediate products              X             X
  concentrate before high-cost chemical
  process to ‘crack’ the concentrate to
  deliver a higher value rare earth
  carbonate or oxide

   11   Rainbow Rare Earths Limited Corporate Presentation – May 2021
ASSAY RESULTS CONFIRM HIGH VALUE PROJECT
 MUCH HIGHER GRADE THAN TYPICAL IONIC CLAY RARE EARTH PROJECTS

     Project                        Style                 Owner                                                 TREO4             NdPr5            Uranium6            Thorium7

                                                                                                                                                                                                                                             Project Overview: Phalaborwa Project
                                                                                                                  %               ppm                ppm                 ppm
     Phalaborwa1                    Tailings              Rainbow Rare Earths                                  0.454%              1,314                 2                   54
     Round Top2                     Ionic Clay            US Rare Earths/TMRC                                  0.063%                39                 45                  179
     La Paz2                        Ionic Clay            American rare Earths                                  0.04%                80                   1                   7
     Makuutu2                       Ionic Clay            Ionic Rare Earths                                     0.08%               232                  10                  30
     Mount Weld2                    Hard rock             Lynas Rare Earths                                     7.90%             18,833                30                  750
     Bear Lodge2                    Hard rock             Rare Element Resources                                3.08%              7,059                113                 472
     Longonjo2                      Hard rock             Pensana plc                                            1.43%             3,170                29                  967
     Nolan’s Bore2                  Hard rock             Arafura Resources                                     2.60%              6,859                191               2,700              Phalaborwa In-situ Metal Value: US$/t Gypsum1

     Norra Karr2                    Hard rock             Leading Edge Materials                                0.55%               758                  15                   8
                                                                                                                                                                                                        Total Value:
     Lofdal2                        Hard rock             Namibia Critical Metals                               0.32%                181                 18                 350
                                                                                                                                                                                                   US$149.68/t of gypsum1
     Gakara3                        Hard rock             Rainbow Rare Earths                                   13.50%            26,706                 97                 151

 • Phalaborwa high value NdPr grade is substantially higher than a typical low-cost ionic clay rare earth projects – closer to grade of traditional hard rock
   style deposits which typically have a much higher cost base for mining, crushing/grinding and metallurgical recovery
 • In addition, Phalaborwa has substantial high value Dy and Tb credits
 • Phalaborwa has substantially lower levels of radioactive elements than most publicly disclosed rare earth projects
1.    Based on the average assay results announced to date, with reference to rare earth prices published by Argus Media on 14 May 2021 – average assay results do not constitute a formal           4.   TREO includes Y2O3
      mineral resource                                                                                                                                                                               5.   Nd2O3 and Pr6O11
2.    Based on public disclosure from owner                                                                                                                                                          6.   U 3O 8
3.    Based on average grade of material mined and processed at Gakara from 1 September 2020 to 31 March 2021                                                                                        7.   ThO2

 12       Rainbow Rare Earths Limited Corporate Presentation – May 2021
PHALABORWA
  AN IDEAL LOCTION FOR A NEW OPERATION

• Brown field site near established                                                       Site boundary

                                                                                                             Project Overview: Phalaborwa Project
  mining town

• Agreed location for new
  deposition of clean treated
  gypsum in a ‘Green’ stack

• Space for new processing                                                             Existing plant area
  infrastructure within existing
  project footprint

• Local availability of key reagents
  and equipment

• Local availability of skilled labour                                                 Gypsum stack A

• Strong rail transport links for
  import of any specialist reagents
  and export of final product to
  market

• Local airport within 5 minutes                                                       Gypsum stack B
  drive of project site

                                                                        Phalaborwa Project layout

  13    Rainbow Rare Earths Limited Corporate Presentation – May 2021
PHALABORWA
EXCELLENT LOCAL INFRASTRUCTURE

SASOL’S PILOT PLANT REMAINS ON SITE WITH                                                                 [INSERT PICS FROM DAVE]

                                                                                                                                   Project Overview: Phalaborwa Project
ASSOCIATED INFRASTRUCTURE OF
PHOSPHORIC ACID PLANT, INCLUDING:
• High voltage switchyard (providing access to
  Eskom grid power)

• Equipped machine shops

• Workshops

• Laboratory buildings

• Administration offices                                             Stores                High voltage switchyard

• Acid storage and ammonia tanks

• Boilers and rail sidings

                                                                     Laboratory building   Sasol pilot plant

14   Rainbow Rare Earths Limited Corporate Presentation – May 2021
PHALABORWA
EARN-IN AGREEMENT

• Earn-in agreement signed with Bosveld Phosphates

                                                                                                                      Project Overview: Phalaborwa Project
• US$750k consideration for earn-in payable in three tranches in cash and
  shares over a period of 12 months

• US$250k paid in cash in December 2020 on completion of initial
  confirmatory due diligence process,

• Second US$250k tranche payable after 6 months in Rainbow shares at
  the then prevailing share price

• Final tranche payable after 12 months in cash or shares (at the then
  prevailing share price) at election of Bosveld

• Rainbow to fund pre-feasibility study to earn an initial 70% in the
  unincorporated JV – mechanism to allow Rainbow’s JV ownership to
  vary from 60% to 85% depending on IRR of PFS at spot rare earth prices
  versus initial 25% benchmark

                                                                            Image: Sasol’s RE carbonate pilot plant

15   Rainbow Rare Earths Limited Corporate Presentation – May 2021
PROJECT OVERVIEW

GAKARA PROJECT

                                                                     Project Overview: Gakara Project
16   Rainbow Rare Earths Limited Corporate Presentation – May 2021
PRODUCING HIGH-GRADE RARE EARTH CONCENTRATE
FROM THE ONLY AFRICAN RARE EARTHS MINE IN PRODUCTION

PRODUCING HIGH-GRADE RARE EARTH CONCENTRATE FROM THE
ONLY AFRICAN RARE EARTHS MINE IN PRODUCTION

                                                                                                                       Project Overview: Gakara Project
• Located just south of Bujumbura, Burundi (East Africa)

• Large mining permit – 39km2 with over 1,500 occurrences of Rare Earth
  (RE) discovered in outcrop on surface demonstrating large scale
  mineralised system

• Trial mining and processing since 2017 has demonstrated amenability
  for simple, low-cost gravity separation from ore sourced from across the
  licence area

• Produces a high value rare earth concentrate of 52-56%

• High value rare earth mineral concentrate with low levels of radioactivity
  currently exported to China for further processing

• Weighted towards magnet Rare Earths: NdPr represent ~88% of value 1
  (19.5% of mass)

1. Based on typical concentrate exported with reference to rare earth prices published by Argus Media on 14 May 2021

17      Rainbow Rare Earths Limited Corporate Presentation – May 2021
GAKARA DEPOSIT
A MIX OF BRECCIA AND HIGH-GRADE VEINS

                                                                       Project Overview: Gakara Project
Source: PhD thesis, University of Rennes, December 2019

18     Rainbow Rare Earths Limited Corporate Presentation – May 2021
JORC EXPLORATION TARGET FROM ACROSS THE LICENCE

Gasagwe – Trial mined by Rainbow between 2017–2019                         Murambi South – Currently being trial mined by Rainbow.
producing 1,200t high grade concentrate.                                   Production data and vein mapping data delivered updated
Production data and vein mapping data delivered updated                    target tonnage: 27kt-39kt @ 7-12% TREO

                                                                                                                                         Project Overview: Gakara Project
target tonnage: 27kt-39kt @ 7-12%TREO

                                                                           Gasenyi – Historic Belgian mine which produced c.500t of
                                                                           high-grade concentrate.
                                                                           Mapped veins, trenching of large veins and historical
Kiyenzi – Breccia style mineralization                                     records delivered updated target tonnage:
Drilling data re-evaluated alongside trenching, vein                       47kt-67kt @7-12% TREO
mapping and channel sampling delivered updated target
tonnage: 252kt-342kt @ 1-1.5% TREO
                                                                           Rusutama – Historic Belgian mine which produced c. 500t
                                                                           of high-grade concentrate.
                                                                           Mapped veins and historical records delivered updated
                                                                           target tonnage: 23kt-33kt @7-12% TREO
Gashirwe West & East – Breccia and vein style
mineralization in high priority TECT target corridor.
Trenching & mapping of large veins and channel sampling                    Bigugo – Historic Belgian mine with three large veins mined
data delivered updated target tonnage:                                     briefly before Belgian operations ceased entirely.
45kt-64kt @ 7-12%TREO                                                      Mapped veins and historical records delivered updated
                                                                           target tonnage: 8kt-11kt @7-12% TREO

Gomvyi Central – Breccia and vein style mineralization in
                                                                           Gakara – Largest historic Belgian mine which produced
high priority TECT target corridor.
                                                                           c.3,500t of high-grade concentrate between 1947 – 1978.
Trenching & mapping of large veins and channel sampling
                                                                           Mapped veins and historical delivered updated target
data delivered updated target tonnage:
                                                                           tonnage: 61kt-87kt @7-12% TREO
15kt-22kt @ 7-12%TREO

    19     Rainbow Rare Earths Limited Corporate Presentation – May 2021
GAKARA EXPLORATION TARGET
JORC (2012)

EXPLORATION TARGET ANNOUNCED OCTOBER 2020 DEFINED CLEAR STRATEGY FOR MODULAR DEVELOPMENT
Targeting 10,000-20,000tpa RE concentrate production
                                                                                                                                          Lower estimate                         Upper estimate

                                                                                                                                                                                                                 Project Overview: Gakara Project
                                                                                                                                         Tonnes             TREO %              Tonnes             TREO %
 Vein Hosted Mineralisation
 Murambi South                                                                                                                            36,000                 7.0%            52,000               12.0%
 Gasagwe                                                                                                                                  27,000                 7.0%            39,000               12.0%
 Rusutama                                                                                                                                 23,000                 7.0%            33,000               12.0%
 Gakara                                                                                                                                    61,000                7.0%            87,000               12.0%
 Gomvyi Central                                                                                                                            15,000                7.0%            22,000               12.0%
 Gashirwe West and East                                                                                                                   45,000                 7.0%            64,000               12.0%
 Bigugo                                                                                                                                     8,000                7.0%             11,000              12.0%
 Gasenyi                                                                                                                                  47,000                 7.0%            67,000               12.0%
 Total Vein Hosted Exploration Target                                                                                                   262,000                 7.0%         375,0000                12.0%
 Breccia Hosted Mineralisation
 Kiyenzi grade tonnage model                                                                                                              98,000                 1.0%           132,000                 1.5%
 Kiyenzi depth extension                                                                                                                  60,000                 1.0%            82,000                 1.5%
 Kiyenzi lateral extension                                                                                                                94,000                 1.0%           128,000                 1.5%
 Total Breccia Hosted Exploration Target                                                                                                252,000                 1.0%          342,000                  1.5%
 Note: The potential quantity and grade of the Exploration Target is conceptual in nature, there being insufficient exploration to estimate a Mineral Resource and that it is uncertain if further exploration
 will result in the estimation of a Mineral Resource. Numbers are rounded to appropriate levels commensurate with the level of accuracy of an Exploration Target. The Exploration Target was estimated
 as a range as required by the JORC Code (2012) and is based on data of varying quantity and quality, although is based largely on actual exploration, mining and processing results

20    Rainbow Rare Earths Limited Corporate Presentation – May 2021
PROGRESSING MINING AT GAKARA
TO MECHANICAL METHODS

TRIAL MINING HAS PROGRESSED FROM SMALL-SCALE MANUAL                  …TO BULK MECHANICAL WASTE MINING AND SELECTIVE MECHANICAL
FOCUSSED OPERATION…                                                  MINING METHOD

                                                                                                                                 Project Overview: Gakara Project
                                                                     • A second new mining fleet is now in operation on site
                                              PRE-2020                                          CURRENT OPERATIONS

21   Rainbow Rare Earths Limited Corporate Presentation – May 2021
ROAD MAP
DELIVERING ON THE LONG TERM GAKARA POTENTIAL

CURRENT STATUS                                                                STAGE 2: NEAR TERM PROFITABLE GROWTH              STAGE 3: REALISING FULL POTENTIAL
• Trial mining proof of concept at Gakara Project                             • Expand trial mining into new areas to confirm   • Grow JORC resource base: large mineralised

                                                                                                                                                                                 Project Overview: Gakara Project
  in Burundi                                                                    detailed knowledge of resources and               system expected to support up to 10ktpa -
                                                                                mineralogy                                        20ktpa concentrate
• Open pit mining from high-grade stockwork
  vein system                                                                 • Small investment to increase mining fleet,      • Complete full technical study on modular
                                                                                estimated at ~US$0.5 million                      commercial production facility
• Gravity separation using existing pilot plant
  infrastructure with no reagents required – low                              • Concentrate production expected to grow to      • Expand production to larger commercial scale
  levels of radioactive elements in ore body                                    ~200tpm fully utilising existing pilot plant
  create no complex processing requirements                                     infrastructure                                  • Establish downstream beneficiation to
                                                                                                                                  produce a cerium depleted mixed RE
• Producing +/- 54% TREO concentrate of which                                 • Enhanced production profile will generate in      carbonate
  c. 19.5% is high value NdPr                                                   country cash surplus for further exploration
                                                                                and expansion activities, with no growth in     • Further downstream processing to separated
• Planned break-even from trial mining                                          fixed cost base required                          Nd and Pr oxides to supply permanent magnet
  delivering 100+ tpm concentrate expected                                                                                        manufacturers
  from Q2 2021

22   Rainbow Rare Earths Limited H1 2021 Interim Results Presentation – March 2021
SUMMARY

RAINBOW:
A STRATEGIC
SOURCE OF
RARE EARTH

                                                                     Summary
MINERALS
FOR A GROWING
MARKET

23   Rainbow Rare Earths Limited Corporate Presentation – May 2021
RAINBOW
A STRATEGIC SOURCE OF RARE EARTH MINERALS FOR A GROWING MARKET

        Rainbow Rare Earths is uniquely positioned to benefit from
        the expected growth in the demand for Rare Earths to
        power the Green Revolution

• Rainbow has both project and country risk diversification from two
  potentially world-class, scalable projects in Burundi and South Africa

• Huge growth in demand expected for NdPr to power the green

                                                                           Summary
  revolution

• Growing supply/demand imbalance

• Mounting pressure from Governments and investors to secure
  independent rare earth mineral supply

• Both Rainbow’s projects enjoy simple mining and processing with low
  levels of radioactivity for expected low capital intensity development
  opportunity

24   Rainbow Rare Earths Limited Corporate Presentation – May 2021
OUR EXECUTIVE MANAGEMENT

                     GEORGE BENNETT                                                                           DAVE DODD
                     CEO                                                                                      TECHNICAL DIRECTOR
                     • 25 years in finance and management, including as partner in stockbroking/advisory      • 45 years of extractive metallurgy experience
                       firms in SA                                                                            • Dave Dodd – Metallurgical Project Consultant
                     • Former CEO of Shanta Gold Ltd, successfully listed on LSE in 2005                      • BSc (Hons) Chemical Engineering (1974)
                     • CEO and Founder of MDM Engineering, listed on LSE in 2008; responsible for building    • Fellow of Southern Africa Institute of Mining & Metallurgy
                       22 process plants and completing over 80 feasibility studies – sold after 8 years to
                       Foster Wheeler for US$120 million
                     • Seed-funded and raised initial capital for OreCorp Ltd, now ASX listed

                                                                                                                                                                             Summary
                     PETER GARDNER                                                                            CHRISTOPHER ATWOOD
                     CHIEF FINANCIAL OFFICER                                                                  PROJECT MANAGER - BURUNDI
                     • Qualified Chartered Accountant                                                         • 25 years’ experience in mining and extractive industries.
                     • 15 years’ experience in mining industry leading finance teams across Africa and        • Track record of driving expansion and minimising costs
                       developing nations                                                                     • Associated with startup ventures in remote locations.
                     • Former CFO of Amara Mining plc (up to acquisition by Perseus Mining Ltd), Chaarat      • Led Operations up to 35MTPA successfully
                       Gold, Piran Resources and Alexander Mining

25   Rainbow Rare Earths Limited Corporate Presentation – May 2021
OUR BOARD – NON-EXECUTIVE DIRECTORS

                     ADONIS POUROULIS                                                                         J PETER PHAM
                     NON-EXECUTIVE CHAIRMAN                                                                   NON-EXECUTIVE DIRECTOR
                     • Mining engineer: an entrepreneur whose expertise lies in the discovery, exploration    • Scholar and practitioner of International Affairs with more than 20 years of
                       and development of natural resources across Africa including diamonds,                   experience in Africa
                       precious/base metals, coal and oil and gas.                                            • Served until January 2021 as first-ever United States Special Envoy for the Sahel
                     • Founder of Rainbow and Petra Diamonds (LSE:PDL); Founder and Director of Chariot         Region with the personal rank of Ambassador and previously as US Special Envoy for
                       Oil & Gas (AIM:CHAR) and Founder of Pella Resources Limited                              the Great Lakes Region of Africa
                                                                                                              • Distinguished Fellow at the Atlantic Council, a preeminent American foreign policy
                                                                                                                think tank, where he was Vice President for Research and Regional Initiatives and
                                                                                                                Director of the Council’s Africa Center before his service in government
                                                                                                              • Vice Chairman of the Board of the Smithsonian National Museum of African Art in
                                                                                                                Washington, DC, as well as a Non-Executive Director of Africell Global Holdings

                                                                                                                                                                                                     Summary
                     SHAWN MCCORMICK                                                                          ROBERT SINCLAIR
                     NON-EXECUTIVE DIRECTOR                                                                   NON-EXECUTIVE DIRECTOR
                     • International affairs specialist                                                       • Chartered Accountant with over 38 years’ experience in finance & accountancy
                     • Over 25 years of political and extractive industries sector experience having served   • Founder and former MD of Artemis Trustees Limited
                       in The White House as Director for African Affairs on the National Security Council    • Fellow of the Institute of Chartered Accountants in England and Wales
                       (Washington)
                     • Previously Political Affairs Director of BP (London) and VP of TNK-BP (Moscow)

                     ALEXANDER LOWRIE                                                                         ATUL BALI
                     NON-EXECUTIVE DIRECTOR                                                                   NON-EXECUTIVE DIRECTOR
                     • Investment banker with 13 years’ experience and previous director roles at Deutsche    • Corporate CEO with extensive experience in tech, government contracting and
                       Bank and RBS                                                                             regulated industries
                     • Co-founder of Telemark Capital LLP                                                     • Currently Non-Executive Director of Gaming Realms Plc and Chairman of Meridian
                     • Significant market experience: IPOs and primary and secondary equity offerings           Gaming
                                                                                                              • Previously held divisional CEO or President positions with IGT (NYSE), Aristocrat
                                                                                                                (ASX), and Real Networks (NASDAQ), as well as a venture capital firm

26   Rainbow Rare Earths Limited Corporate Presentation – May 2021
KEY SHAREHOLDER INFORMATION

 BOARD SHAREHOLDINGS

 Shareholder                                          Holding            Ticker    Market   Market cap   Share price   Shares in   Brokers
                                                                                                                       issue

     Adonis Pouroulis*                                 16.1%             RBW.L     LSE      £72m         15.25p        475m        SP ANGEL

     George Bennett*                                   7.3%
                                                                         SHARE PRICE

                                                                                                                                              Summary
     Shawn McCormick*                                  2.0%

     Alexander Lowrie                                  1.3%

     Robert Sinclair                                   1.1%

     Atul Bali                                         0.8%

 Total                                                 28.9%

 * Held through a discretionary trust

27       Rainbow Rare Earths Limited Corporate Presentation – May 2021
RAINBOW RARE EARTHS

THANK YOU

Contact us:

GEORGE BENNETT                         PETE GARDNER
CEO                                    CFO

SA Mobile: +27 82 652                  UK Mobile: +44 771 779 4251
Office Number: + 27 11 996 3500        Skype: petegardner73
Skype: George.bennett72                Email: peteg@rainbowrareearths.com
Email: georgeb@Rainbowrareearths.com
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