Security of Supply Chain, page-5

11 September 2023

Rainbow Rare Earths Limited

("Rainbow" or "the Company")

LSE: RBW

Rainbow enters into strategic supply agreement with UK-based Less Common Metals to develop a responsible Western supply chain for rare earth elements

· Rainbow will supply LCM with rare earth elements designated as critical minerals due to their essential role in the green energy transition

· LCM is the only rare earth metal and alloy manufacturing facility in the UK and one of the only facilities in the Western world

· Both Rainbow and LCM are aligned in their values and their ambitions to play a part in the establishment of a Western supply chain for critical rare earth elements

NEWS RELEASE

Rainbow Rare Earths is pleased to announce that it has entered into a strategic supply agreement with Less Common Metals Ltd ("LCM") to be a supplier of the magnet separated rare earth oxides neodymium and praseodymium ("NdPr"), dysprosium ("Dy") and terbium ("Tb"). These are the most economically important rare earth elements as they are used to make the permanent magnets essential to decarbonisation, via their use in electric vehicles and wind turbines, as well as to defence and other high-tech products.

These elements are also designated as 'critical minerals' in the UK's Critical Minerals Strategy as they are defined as having a high criticality for the UK, according to the economic vulnerability and supply risk criteria used for the assessment.

LCM is a world leader in the manufacture and supply of complex alloy systems and metals. The separated rare earth oxides supplied by Rainbow will be used for manufacturing into metal in order to create an alloy, which is then supplied to permanent magnet manufacturers in the EU and the USA.

https://www.londonstockexchange.com/news-article/RBW/supply-agreement-with-uk-based-less-common-metals/16117731