Rainbow Rare Earths announced an amendment to the Agreement for Co-Development of the 38.3Mt Phalaborwa Rare Earths Project with Bosveld Phosphates (Pty) Ltd. When the Joint Venture was announced in November 2020, a mechanism was included in the Agreement to allow for Rainbow's Joint Venture ownership to vary from 60% to 85%, dependent on results of the Pre-Feasibility Study. The amended agreement, signed on 18 January 2022, confirms Rainbow's shareholding in the Joint Venture at 70%, with the remaining 30% held by Bosveld. This amendment removes any downside uncertainty concerning the potential to dilute the Company's share within the Joint Venture, as well as assuring Rainbow's material share in future revenue.