Rainbow Rare Earths announces that it has entered into a Master Agreement and Mohammed VI Polytechnic University ("UM6P"), a Moroccan university with a strong focus on science, technology and innovation, (together, the "Parties") to further investigate and develop the optimal technique for the extraction of rare earth elements from phosphogypsum. Phosphogypsum contains rare earths as a by-product of phosphoric acid production. OCP together with the innovative research carried out by UM6P, have built up significant IP assets, know-how and expertise in the field of phosphogypsum processing.

This provides a synergistic opportunity for joint development with Rainbow, given Rainbow's expertise and intellectual property on rare earths extraction and processing gained from work carried out to date at Phalaborwa completed with the separation technolog licensed from K-Technologies Inc. ("K-Tech"), the process technologies company based in Florida, USA. OCP and UM6P will contribute with their respective expertise, including adapted complementary separation technologies.