Rainbow Rare Earths reports FY2026 results with cash up to $12.9 million

what happened

Rainbow Rare Earths has published preliminary results for the financial year ended 30 June 2026, according to Reuters. Cash at the end of the period stood at US$12.9 million, against US$3.9 million a year earlier. The funds came from a share placing completed in April 2026, which raised gross proceeds of £11.1 million, about US$14.7 million, with US-based single family offices and trader Traxys Group among the new investors.

The company recovers rare earth elements from phosphogypsum, a by-product of fertiliser production. For the Uberaba project in Brazil, developed with The Mosaic Company, an March 2026 economic assessment showed a post-tax NPV10 of US$916 million and a post-tax IRR of 45%. A pre-feasibility study there began in September 2026. For the Phalaborwa project in South Africa, a pre-feasibility study is targeted for Q4 2026 and a definitive feasibility study for H1 2027. Neo Performance Materials has been selected as the solvent extraction technical partner.

why it matters

For the rare earths market, the main backdrop is China's export controls and the price gap between heavy rare earths sold inside China and those available to ex-China buyers. These conditions support interest in non-Chinese supply, but for investors this is a small developer still in study and financing stages.

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