RAINBOW RARE EARTHS LIMITEDNdPr: Powering the Green Revolution

Date: December 2020

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D I S C L A I M E R

These Presentation Materials are for information purposes only and must not be used or relied upon for the purpose of making anyinvestment decision or engaging in any investment activity and should not be construed as, an offer for sale or subscription of, orsolicitation of any offer to buy or subscribe for, any securities of Rainbow Rare Earths Limited (the “Company”). Whilst theinformation contained herein has been prepared in good faith, neither the Company, its subsidiaries (together, the “Group”) nor anyof 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 beaccepted in connection with the same. The information contained herein is provided as at the date of this presentation and issubject 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-lookinginformation requires the Company to make assumptions that may not materialise or that may not be accurate. Such forward-lookingstatements involve known and unknown risks, uncertainties and other important factors beyond the control of the Company thatcould cause the actual performance or achievements of the Company to be materially different from any future results, performanceor achievements expressed or implied by such forward-looking statements. Nothing in this presentation should be construed as aprofit forecast. Past share performance cannot be relied on as a guide to future performance.

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R A I N B O W R A R E E A R T H S O V E R V I E W

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▪ Rare Earths Metals are critical to the needs of our changing world

with strong demand growth anticipated from the green revolution

▪ Rainbow Rare Earths has two major opportunities:

▪ The Gakara Project in Burundi, currently producing a high-

grade rare-earth concentrate exported to China from trial

mining and processing - Africa’s only producing rare earth

mine

▪ The Phalaborwa Rare Earths Project in South Africa, where

Rainbow has recently signed a co-development agreement for

recovering rare earth elements from two gypsum stacks

OUR MISSION:

To become a globally significant producer of Neodymium, Praseodymium

and associated rare earth elements to power the Green Revolution

T H E R I S E O F R A R E E A R T H S

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RARE EARTHS ARE CRITICAL TO THE NEEDS OF THE GREEN

REVOLUTION TAKING PLACE IN THE WORLD TODAY

Key drivers of demand for Rare Earth Minerals are:

▪ Technological progress

▪ Environment/climate change

▪ Pollution/health

▪ Energy security

▪ Energy efficiency

▪ Rainbow RE’s basket contains a high proportion of NdPr driving the

value of the deposit

Neodymium and Praseodymium (NdPr) are the High Value Rare Earth

Elements that are key to many emerging technologies including electric

vehicles, renewable energy and high-tech military applications

E L E C T R I C V E H I C L E S – H U G E G R O W T H A N T I C I PAT E D

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ELECTRIC VEHICLE USE IS SET TO ACCELERATE OVER THE

NEXT 20 YEARS

▪ Global automakers have announced over US$300bn to be invested

in EV production

▪ Each new EV requires between 1-2kg of NdPr

▪ Growth in EV production alone forecast to lead to increase in

demand for NdPr of 25-90% by 2030

W I N D T U R B I N E S – A M A J O R C O N S U M E R O F R E M A G N E T S

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MOST EFFICIENT WIND TURBINES USE CONSIDERABLE

AMOUNTS OF RARE EARTHS

▪ A 3MW direct drive turbine consumes close to 2 tonnes of rare earths

permanent magnet compared to c. 2kg for a standard Electric Vehicle

▪ The wind turbine market is expected to account for approximately

30% of the global growth in the use of rare earths magnets from 2020

to 2025

R A R E E A R T H S – A S T R AT E G I C I M P E R AT I V E

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RARE EARTHS ARE CRITICAL TO KEY ECONOMIC AND MILITARY

APPLICATIONS

▪ China dominates RE production globally having taken over from US in the mid 1980’s

▪ Covid-19 has created a global focus on supply chain dominance by China

▪ Western Governments have announced a desire to end this dominance/reliance on China and create supply chains outside of China

▪ Strategic minerals are a key focus of this supply chain

▪ REs are at the forefront of these strategic minerals that the West needs

Source: US Geological Society

G A K A R A P R O J E C T

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G A K A R A P R O J E C T O V E R V I E W

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PRODUCING HIGH-GRADE RARE EARTH CONCENTRATE FROM

THE ONLY AFRICAN RARE EARTHS MINE IN PRODUCTION

▪ Located just south of Bujumbura, Burundi (East Africa)

▪ Large mining permit – 39km2 with over 1,500 occurrences of RE

discovered in outcrop on surface demonstrating large scale

mineralised system1

▪ 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 (RE) concentrate of 52-58% TREO

with low levels of radioactivity currently exported to China for further

processing

▪ Weighted towards magnet REs: NdPr represent >80% of value

(19.5% of mass)

G A K A R A D E P O S I T - a m i x o f B r e c c i a a n d h i g h - g r a d e v e i n s

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Stockwork style high grade veins suitable for selective

open pit or underground mining

Breccia style mineralisation suitable for open pit mining and bulk processing

Source: PhD thesis, University of Rennes, December 2019

N E W U N D E R S TA N D I N G O F G E O L O G I C A L S T R U C T U R E

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▪ Structural re-evaluation recently completed by TECT combining geophysical data with comprehensive mapping database accumulated over several years

▪ Three large carbonatites identified, believed to be the source of mineralisation in the area

▪ 57 targets identified which have been compared to known outcrop, historical mining information and other geological data to generate highest priority targets for follow up

▪ JORC (2012) Compliant exploration target recently defined focused on nine high grade stockwork vein targets and one Breccia hosted area of mineralisation

▪ Simple low cost exploration programme defined to upgrade vein hosted exploration targets to formal resource categories and allow a formal modular development plan to be prepared

Source: TECT Geological Consulting

G A K A R A J O R C ( 2 0 1 2 ) E X P L O R AT I O N TA R G E T

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EXPLORATION TARGET ANNOUNCED OCTOBER 2020 DEFINED CLEAR STRATEGY FOR MODULAR DEVELOPMENT

TARGETING 10,000-20,000 TONNES PER ANNUM OR RARE EARTH CONCENTRATE PRODUCTION

Lower estimate Upper estimateTonnes 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 furtherexploration 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 Targetwas 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

J O R C E X P L O R AT I O N TAR G E T S F R O M AC R O S S T H E L I C E N C E

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

Kiyenzi – Breccia style mineralizationDrilling data re-evaluated alongside trenching, vein mapping and channel sampling have delivered the following updated target tonnage: 252kt-342kt @ 1-1.5% TREO

Gashirwe West & East – Breccia and vein style mineralization in high priority TECT target corridor.Trenching & mapping of large veins and channel sampling data delivered the following updated target tonnage: 45kt-64kt @ 7-12%TREO

Gomvyi Central – Breccia and vein style mineralization in high priority TECT target corridor.Trenching & mapping of large veins and channel sampling data delivered the following updated target tonnage: 15kt-22kt @ 7-12%TREO

Murambi South – Currently being trial mined by Rainbow.Production data and vein mapping data have delivered the following updated target tonnage: 36kt-52kt @ 7-12%TREO

Rusutama – Historic Belgian mine which produced c. 500t of high grade concentrate.Mapped veins and historical records have delivered the following updated target tonnage: 23kt-33kt @7-12%TREO

Bigugo – Historic Belgian mine with three large veins mined briefly before Belgian operations ceased entirely.Mapped veins and historical records have delivered the following updated target tonnage: 8kt-11kt @7-12%TREO

Gakara – Largest historic Belgian mine which produced c.3,500t of high-grade concentrate between 1947 – 1978.Mapped veins and historical have delivered the following updated target tonnage: 61kt-87kt @7-12%TREO

Gasenyi – Historic Belgian mine which produced c.500t of high grade concentrate.Mapped veins, trenching of large veins and historical records have delivered the following updated target tonnage: 47kt-67kt @7-12%TREO

R O A D M A P – E x e c u t i n g o n o u r l o n g - t e r m p l a n a t G a k a r a

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Stage 1 Stage 2 Stage 3 Stage 4 Stage 5

Status C u r r e n t s t a t u s 2 0 2 1 - 2 2 2 0 2 2 2 0 2 3 2 0 2 4 +

Product

• Trial mining proof of concept at Gakara Project in Burundi

• Producing +/- 54% TREO concentrate via simple open pit mining and gravity separation from high-grade stockwork vein system

• Planned break-even trial mining delivering 100+ tpmconcentrate from Q4 2020

• Upgrade Gakara JORC exploration target to inferred resources 1

• Define technical requirements for initial commercial scale production

• Expand trial mining to confirm detailed knowledge of resources and mineralogy

• Grow JORC resource base: large mineralised system expected to support up to 10ktpa -20ktpa concentrate

• Complete full technical study on modular commercial production facility

• Build commercial scale process facility for an initial 5ktpa concentrate production expanding to 10-20ktpa

• Capital cost not expected to exceed US$20 million for up to 10ktpa concentrate plant

• Establish downstream beneficiation to produce a cerium depleted mixed RE carbonate

• Further downstream processing to separated Nd and Pr oxides to supply permanent magnet manufacturers

1. Exploration drilling to upgrade existing JORC Exploration Target to inferred resources dependent on future financing

G A K A R A : S I M P L E D E V E L O P M E N T O P P O R T U N I T Y

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Existing pilot plant demonstrates simple processing route

Crushing and gravity separation with no reagents required

Low levels of radioactive elements in underlying ore body

High grade concentrate produced c. 54% TREO of which c.19.5% NdPr

D O W N S T R E A M P R O C E S S I N G A N D S E PA R AT I O N

POTENTIAL TO INCREASE REVENUE AND PROFITABILITY SIGNIFICANTLY

• Rainbow takes a ~70% discount on sales to the published RE oxide prices

• Further processing of concentrate will reduce this significantly

• SGS scoping study for a 5,000 tonne per annum carbonate process plant for Gakara indicated capex US$20-25m, opex

US$1,654 per tonne processed – further work to be undertaken to understand optimal downstream processing route once

commercial concentrate production levels reached

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Additional processing cost

10,500

3,150 3,150

8,400 9,450

1,654

Basket price 70% Process cost/tonne 20% 10%

Current discount of c70%Further processing reduces discount to 10-20%

Potential uplift for RE selling prices if processed to a Mixed Rare Earth Carbonate

Source: SGS Hydrometallurgical Study 2015

Prices as at Jan 2020

P H A L A B O R WA E A R N - I N

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Image: Phalaborwa Gypsum Stack

P H A L O B O R WA – E X C I T I N G O P P O R T U N I T Y F R O M G Y P S U M D U M P S

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▪ Existing Gypsum stacks resulting from mining and processing of phosphate rock over 50+ years in South Africa

▪ c.35Mt in stacks which initial grab sample assays indicate hold c.210,000 tonnes rare earth oxides at 0.6% TREO with NdPr constituting 30% of the basket

▪ Historical processing, including initial flotation by Foskor followed by processing in Sasol’s PhosAcid plant, has deposited REE in chemical form in two gypsum stacks, removing 1st stage of usual complex processing requirements to deliver higher value rare earth carbonate

▪ Assay results by Alfred Knight Laboratories indicate low levels of radioactive elements in gypsum stacks

▪ Re-processing has significant environmental benefits: redepositing clean, benign gypsum suitable for usage in building and fertiliser industries

▪ Project is fully permitted and benefits from excellent local infrastructureImage: Sasol’s RE carbonate pilot plant

P H A L O B O R WA – E A R N I N A G R E E M E N T

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▪ Earn-in agreement signed with Bosveld Phosphates

▪ US$750k consideration for earn-in payable in three tranches in cash and shares over a period of 12 months

▪ Initial US$250k payable in cash on completion of initial confirmatory due diligence process, expected to be completed early December 2020

▪ 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

S U M M A RY

RAINBOW – A STRATEGIC SOURCE OF RARE EARTH MINERALS FOR A GROWING MARKET

▪ 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 revolution

▪ Growing supply/demand imbalance

▪ Growing 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

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

A P P E N D I C E S

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B O A R D

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ADONIS POUROULISNON-EXECUTIVE CHAIRMAN• Mining engineer: an entrepreneur whose expertise

lies in the discovery, exploration and development of natural resources across Africa including diamonds, precious/base metals, coal and oil and gas.

• Founder of Rainbow and Petra Diamonds (LSE:PDL); Founder and Director of Chariot Oil & Gas (AIM:CHAR) and Founder of Pella Resources Limited

GEORGE BENNETTCEO• 25 years in finance and management, including as partner

in stockbroking/advisory firms in SA• Former CEO of Shanta Gold Ltd, successfully listed on

LSE in 2005• Financed and started MDM Engineering, responsible for

building 22 process plant and completing over 100 feasibility studies – sold after 8 years to Foster Wheeler for US$120m

• Seed-funded and raised initial capital for OneCorp Ltd

SHAWN MCCORMICKNON-EXECUTIVE DIRECTOR• International affairs specialist • Over 25 years of political and extractive industries

sector experience having served in The White House as Director for African Affairs on the National Security Council (Washington)

• Previously Political Affairs Director of BP (London) and VP of TNK-BP (Moscow)

ROBERT SINCLAIRNON-EXECUTIVE DIRECTOR• Chartered Accountant with over 38 years’ experience in

finance & accountancy• Founder and former MD of Artemis Trustees Limited• Fellow of the Institute of Chartered Accountants in

England and Wales

ALEXANDER LOWRIENON-EXECUTIVE DIRECTOR• Investment banker with 13 years’ experience and

previous director roles at Deutsche Bank and RBS• Co-founder of Telemark Capital LLP• Significant market experience: IPOs and primary

and secondary equity offerings

ATUL BALINON-EXECUTIVE DIRECTOR• Corporate CEO with extensive experience in tech,

government contracting and regulated industries• Currently Non-Executive Director of Gaming Realms Plc

and Chairman of Meridian Gaming• Previously held divisional CEO or President positions with

IGT (NYSE), Aristocrat (ASX), and Real Networks(NASDAQ), as well as a venture capital firm

R A I N B O W E X E C U T I V E M A N A G E M E N T

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GEORGE BENNETTCEO• 25 years in finance and management, including as

partner in stockbroking/advisory firms in SA• Former CEO of Shanta Gold Ltd, successfully listed

on LSE in 2005• Financed and started MDM Engineering,

responsible for building over 100 feasibility studies – sold after 8 years to Foster Wheeler for US$120m

• Seed-funded and raised initial capital for OneCorpLtd

PROF. GILBERT MIDENDECHARGE D’AFFAIRS - BURUNDI• Former Minister of Energy and Mines of Burundi, twice .• Former Minister of Higher Education and Scientific

Research of Burundi • Former Rector of the National Burundi University. • Former Director General of Geology and Mines of Burundi. • 6 years being a World Bank consultant on mining issues in

the sub-region and Burundi.

PETER GARDNERCHIEF FINANCIAL OFFICER• Qualified Chartered Accountant• 15 years’ experience in mining industry leading

finance teams across Africa and developing nations

• Former CFO of Amara Mining plc (up to acquisition by Perseus Mining Ltd), Chaarat Gold, Piran Resources and Alexander Mining

CESARE MORELLICHIEF EXPLORATION GEOLOGIST• Geologist with over 33 years’ experience• 18 years in diamond exploration with De Beers. 4 years

with BHP Billiton as Minerals Exploration Manager for Africa.

• Founded Benzu Minerals (Pty) Ltd. in 2009• Involved in Rainbow REE, Desert Lion Energy, and a

series of Au, Fe, Cu-Co, and REE exploration ventures

DAVE DODDTECHNICAL DIRECTOR• 45 years of extractive metallurgy experience • Dave Dodd – Metallurgical Project Consultant• BSc (Hons) Chemical Engineering (1974)• Fellow of Southern Africa Institute of Mining &

Metallurgy

CHRISTOPHER ATWOODPROJECT MANAGER - BURUNDI• 25 years’ experience in mining and extractive industries.• Track record of driving expansion and minimising costs• Associated with startup ventures in remote locations. • Led Operations up to 35MTPA successfully

K E Y D ATA

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TICKER MARKET MARKET CAP SHARE PRICE SHARES IN ISSUE BROKERS

RBW.L LSE £46.0m 9.90p 465m SP ANGEL

As at 30 November 2020

SHAREHOLDER HOLDING

Adonis Pouroulis* 16.5%

George Bennett* 7.5%

Shawn McCormick* 2.0%

Alexander Lowrie 1.2%

Robert Sinclair 1.1%

Atul Bali 0.8%

Cesare Morelli 0.3%

Gilbert Midende 0.4%

Total 29.8%

BOARD AND MANAGEMENT SHARE PRICE

* Held through a discretionary trust

Thank you

Contact me:George Bennett Pete Gardner CEO: Rainbow CFO: Rainbow

SA Mobile: +27 82 652 8526 UK Mobile: +44 771 779 4251

Office Number: + 27 11 996 3500

Skype: George.bennett729 Skype: petegardner73

Email: georgeb@Rainbowrareearths.com Email: peteg@rainbowrareearths.com25