Rainbow Rare Earths Ltd. announced a maiden JORC (2012) compliant Mineral Resource Estimate in respect of the Phalaborwa Project in South Africa. Inferred Mineral Resource Estimate of 38.3Mt at 0.43% TREO is larger than the original 35Mt expected from the gypsum stacks. High value Neodymium ("Nd") and Praseodymium ("Pr") oxide, the essential metals for permanent magnets powering the green revolution, represent 29.1% of the total contained rare earth oxides, with an in-situ value of USD 95/t gypsum. Economic Dysprosium ("Dy") and Terbium ("Tb") oxide credits, with an in-situ value of USD 28/t gypsum1, enhance the overall value of the rare earth basket contained in the stacks, with the in-situ value of these four high value rare earth elements totaling USD 123/t gypsum1. Very low levels of radioactive elements confirmed in the Inferred Mineral Resource Estimate confirm the 'green' credentials of this project. Further metallurgical test work is ongoing with ANSTO Minerals in Australia to define a preliminary processing flow sheet to support a scoping study/preliminary economic assessment for the Phalaborwa project, which is expected to be completed in Third Quarter 2021. The maiden JORC Mineral Resource has been estimated based on the assay results received from 1,056.3m of auger drilling completed in December 2020. The auger drilling was independently assayed by SGS South Africa on the basis of 1.5m interval samples with appropriate duplicate, standards and blanks used for QAQC purposes. A further programme of sonic drilling was undertaken in April 2021 primarily to recover samples for bulk density estimation - the assay results from this drill programme were not available at the time of the initial resource estimation and will be used for a further resource update ahead of a formal feasibility study for Phalaborwa. Further drilling/assay samples will also be required to upgrade the mineral resources to the Measured and Indicated categories required for a formal feasibility study. The surface topography of the gypsum stacks was calculated by use of a LIDAR survey. The Mineral Resource Estimate uses a 1.5t/m3 estimate for the bulk density of the gypsum stacks, being the average of the bulk density calculated for competent samples collected from the sonic drilling programme (1.66t/m3) and the bulk density calculated from more porous/weathered material near the surface of the stacks (1.33t/m3). Further work is planned to validate the overall bulk density of the stacks to upgrade the mineral resources to the Measured and Indicated categories required for a formal feasibility study. Mineral resources were estimated using a block model with a panel size of 50 x 50 x 3m with block volume resolution down to 5 x 5 x 0.5m. Grades, including rare earth oxides, thorium and uranium, were estimated by ordinary kriging.