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"ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800HONYSAXTG6KS11", "period": "2026-07-01T00:00:00", "unit": "iso4217:USD" } }, "Fxbrl_20250705100602089": { "value": "3933000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800HONYSAXTG6KS11", "period": "2025-07-01T00:00:00", "unit": "iso4217:USD" } }, "Fxbrl_20261021210059255": { "value": "\n 1. GENERAL INFORMATION Reporting entity Rainbow Rare Earths Limited (the \u201cCompany\u201d) is a company domiciled in Guernsey and incorporated on 5 August 2011, with company registration number 53831, and is a company limited by shares. The Company\u2019s registered office is Connaught House, St Julian\u2019s Avenue, St Peter Port, Guernsey, \n \n GY1 1GZ.\n The consolidated financial statements of the Company for the years ended 30 June 2026 and 30 June 2025 comprise the Company and its subsidiaries\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800HONYSAXTG6KS11", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "Fxbrl_20261021204750303": { "value": "Rainbow Rare Earths Limited", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:213800HONYSAXTG6KS11", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "Fxbrl_20261022010526251": { "value": "Rainbow Rare Earths Limited", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800HONYSAXTG6KS11", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "Fxbrl_20261021203101165": { "value": "Guernsey", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800HONYSAXTG6KS11", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "Fxbrl_20261021204631880": { "value": "Guernsey", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800HONYSAXTG6KS11", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "Fxbrl_20261021205321675": { "value": "company limited by shares", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800HONYSAXTG6KS11", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "Fxbrl_20261021203529508": { "value": "Connaught House, St Julian\u2019s Avenue, St Peter Port, Guernsey,\n GY1 1GZ.\n ", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800HONYSAXTG6KS11", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "Fxbrl_20261021210227644": { "value": "\n 2. MATERIAL ACCOUNTING POLICIES \n \n Basis of preparation \n \n The Financial Statements of the Company and its subsidiaries (the \u201cGroup\u201d) are prepared in accordance with IFRS Accounting Standards as adopted by the European Union.\n The consolidated financial statements have been prepared on a historical cost basis, except for financial instruments measured at fair value through profit or loss. Given the development status of the Group\u2019s assets, management do not consider sustainability and climate change as key risks requiring significant judgement for the Year. The Group has prepared sustainability disclosures on pages 22 to 34 in line with the requirements set out in the UK Listing Rules to the extent relevant for a Group without producing assets. \n \n \n Going Concern As at 30 June 2026, the Group had total cash of US$12.9 million. The Board have reviewed a range of potential cash flow forecasts for the period to 31 December 2027, including reasonable possible downside scenarios. The base case forecast includes US$14.8 million expected costs for the Group over the 18-month period from 1 July 2026 to 31 December 2027 (the \u201cPeriod\u201d) as follows: \u2022 Corporate costs of US$5.3 million including US$0.3 million in respect of pursuing new business opportunities. \u2022 US$5.4 million for Phalaborwa to deliver the planned PFS, DFS and permitting workstreams. This includes costs associated with management of the Phalaborwa site from Q3 2027 and a 10% contingency. \u2022 Research costs of US$1.0 million associated with Rainbow\u2019s in-house laboratory in Johannesburg, including associated technical staff. \u2022 US$1.7 million for a PFS at the Uberaba opportunity in Brazil. \u2022 US$1.1 million for Rainbow\u2019s project team who will deliver the Phalaborwa studies and Uberaba PFS. \u2022 US$0.3 million for ongoing care and maintenance at the Gakara project in Burundi. Management\u2019s reasonably plausible downside scenario includes a total cash outflow of US$20.1 million, which also includes: \u2022 US$0.4 million representing a 5% contingency for general corporate costs and overall inflationary impacts in H2 2027. \u2022 US$0.4 million for additional business development costs. \u2022 US$4.6 million for further progression of the Phalaborwa project including US$1.4 million for financing, US$2.8 million to progress a FEED, operational readiness and early site works in H2 2027 ahead of construction and a further US$0.4 million contingency thereon. The Group has determined that no additional cash outflows will be incurred on Gakara until the export ban and mining suspension has been lifted. Any re-start of operations would be conditional on the Gakara project not requiring additional financial support from Rainbow Rare Earths Limited at then current rare earth prices. The Group is evaluating the opportunity for a US listing. The forecast includes US$0.1 million of costs associated with that evaluation but excludes any significant legal or other costs that may be involved in completing a US IPO. A full budget for the potential US Listing has not been finalised. In the event that a US listing is undertaken it is expected that the majority of the cost will be paid from the resulting fundraising proceeds. At 30 June 2026 the Group had US$12.9 million of cash. The base case forecast includes a total cash outflow over the Period of US$14.8 million. Management\u2019s reasonably plausible downside scenario includes a total cash outflow of US$20.1 million. The forecast indicates that the Group will need to raise additional funds before 31 December 2027 under all scenarios, with funding expected to be required in Q3 2027. In addition, further funds may be required to advance a US listing process ahead of associated fundraising receipts. The Group is reliant on securing additional funding which is not guaranteed. Accordingly, the Board acknowledges that the need for additional funding indicates the existence of a material uncertainty which may cast significant doubt on the ability of the Group to continue as a going concern and, therefore, it may be unable to realise its assets and discharge its liabilities in the normal course of business. The financial statements do not include any adjustments that would result if the Group was unable to continue as a going concern. The Board is confident that this funding will be secured as and when required, based on its history of successful fundraising. On this basis, the Directors\u2019 have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.\n \n \n 2. MATERIAL ACCOUNTING POLICIES CONTINUED \n \n New and amended standards and interpretations adopted by the Group No material changes to accounting policies arose as a result of new standards applied by the Group from 1 July 2025. New standards, interpretations, and amendments not yet effective Certain new accounting standards and interpretations have been published that are not mandatory for 30 June 2026 reporting periods and have not been early adopted by the Group. These standards include: \u2022 Amendments to the Classification and Measurement of Financial Instruments \u2013 Amendments to IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures. The effective date is 1 January 2026. \u2022 Annual Improvements to IFRS Accounting Standards \u2013 Amendments to: - IFRS 1 First-time Adoption of International Financial Reporting Standards; - IFRS 7 Financial Instruments: Disclosures and its accompanying Guidance on implementing IFRS 7; - IFRS 9 Financial Instruments; - IFRS 10 Consolidated Financial Statements; and - IAS 7 Statement of Cash Flows The effective date is 1 January 2026. \u2022 IFRS 18 Presentation and Disclosure in Financial Statements. The effective date is 1 January 2027. Management is currently assessing the impact of IFRS 18 on the Group. The other amendments are not expected to have a material impact on the Group.\n \n \n \n Basis of consolidation Where the Company has control over an investee, it is classified as a subsidiary. The Company controls an investee if all three of the following elements are present: power over the investee, exposure to variable returns from the investee, and the ability of the investor to use its power to affect those variable returns. Control is reassessed whenever facts and circumstances indicate that there may be a change in any of these elements of control. The consolidated financial statements present the results of the Company and its subsidiaries as if they formed a single entity. Intercompany transactions and balances between Group companies are therefore eliminated in full. The results of undertakings acquired or disposed of are consolidated from or to the date when control passes to or from the Group. The results of subsidiaries acquired or disposed of during the year are included in the Consolidated Statement of Comprehensive Income from the date that control commences until the date that control ceases. Where necessary, adjustments are made to the results of subsidiaries to bring the accounting policies they use into line with those used by the Group. \n \n Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the Group\u2019s equity. Non-controlling interests consist of the non-controlling shareholder\u2019s share of changes in equity. The non-controlling interests\u2019 share of losses, where applicable, are attributed to the non-controlling interests irrespective of whether the non-controlling shareholders have a binding obligation and are able to make an additional investment to cover the losses. On acquisition of a non-controlling interest, the relevant non-controlling interest share of equity is extinguished and the difference between the fair value of consideration paid and the relevant carrying value of the non-controlling interest is recorded in retained earnings.\n \n \n \n \n 2. MATERIAL ACCOUNTING POLICIES CONTINUED \n \n Foreign currency \n \n The consolidated financial statements are presented in US Dollars, which is also the functional currency of the Company and all of its subsidiaries.\n The Group\u2019s strategy is focused on developing an ethical supply chain for rare earth elements from secondary sources, with its principal project based in South Africa and a global pipeline of earlier stage opportunities being developed. All such opportunities will ultimately generate revenue in US Dollars, which is the currency in which rare earth elements are traded internationally. All support services are charged between Group companies in US Dollars. The Group is funded by various financial liabilities, which are principally denominated in US Dollars, and shareholder equity. Transactions in foreign currencies are translated to the functional currency of the Group entity at the rates of exchange prevailing on the dates of the transactions. At each reporting date, monetary assets and liabilities that are denominated in foreign currencies are retranslated to the functional currency at the rates prevailing on the reporting date. Exchange differences on all transactions are recognised in the consolidated statement of comprehensive income in the year in which they arise.\n \n \n Research and development costs Research and development costs that cannot be clearly identified as relating to a single exploration and evaluation property for which the Group holds legal rights are expensed as incurred.\n \n \n \n Rare earth exploration and evaluation assets All exploration and evaluation costs incurred are accumulated in respect of each identifiable project area. Costs which are classified as intangible fixed assets are only carried forward to the extent that they are expected to be recovered through the successful development of the area or where activities in the area have not yet reached a stage which permits reasonable assessment as to whether the deposit is commercially viable and technically feasible for extraction. Costs incurred prior to the legal right to a mineral project being obtained are written off immediately. Accumulated cost in relation to an abandoned area are written off in full to the statement of comprehensive income in the year in which the decision to abandon the area is made. Exploration and evaluation assets associated with an identifiable project area are transferred from intangible fixed assets to tangible fixed assets as \u201cproject development costs\u201d when the commercial viability and technical feasibility of extracting the deposit has been established. This includes consideration of a variety of factors such as whether the requisite permits have been awarded, whether funding required for development is sufficiently certain of being secured, whether an appropriate project development plan is established and the results of exploration and evaluation data including internal and external assessments.\n \n \n \n Property, plant and equipment and depreciation Property, plant and equipment consists of plant and machinery, motor vehicles, computer equipment, office furniture and fittings, laboratory equipment and leasehold improvements. Property, plant and equipment is initially recognised at cost and subsequently stated at cost less accumulated depreciation and any impairment. The cost of acquisition is the purchase price and any directly attributable costs of acquisition or construction required to bring the asset to the location and condition necessary for the asset to be capable of operating in the manner intended by management. Assets in the course of construction are carried at cost, less any recognised impairment loss. Depreciation of these assets, on the same basis as other assets, commences when the assets are complete and ready for their intended use. \n \n Property, plant and equipment is depreciated on a straight-line basis over the estimated useful life of the asset. Residual values and useful lives are reviewed on an annual basis and changes are accounted for over the remaining lives. The applicable depreciation rates are as follows: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Description Useful life
Plant, machinery, and mine infrastructure 5 - 20 years
Vehicles 5 years
Computer equipment 3 years
Office furniture and fittings 7 years
Laboratory equipment 5 years
Leasehold Improvements term of lease agreement
\n Depreciation incurred on equipment used in exploration is capitalised to exploration and evaluation costs.\n \n \n \n 2. MATERIAL ACCOUNTING POLICIES CONTINUED \n \n \n Impairment of non-financial assets including exploration and evaluation assets Exploration and evaluation assets are reviewed regularly for indicators of impairment following the guidance in IFRS 6 \u201cExploration for and Evaluation of Mineral Resources\u201d and tested for impairment where such indicators exist. In addition, these assets are tested for impairment prior to transfer to project development costs. In accordance with IFRS 6 the Group considers the following facts and circumstances in their assessment of whether the Group\u2019s exploration and evaluation assets may be impaired: \u2022 whether the period for which the Group has the right to explore in a specific area has expired during the period or will expire in the near future, and is not expected to be renewed; \u2022 whether substantive expenditure on further exploration for and evaluation of mineral resources in a specific area is neither budgeted nor planned; \u2022 whether exploration for and evaluation of reserves in a specific area have not led to the discovery of commercially viable quantities of mineable material and the Group has decided to discontinue such activities in the specific area; and \u2022 whether sufficient data exists to indicate that although a development in a specific area is likely to proceed, the carrying amount of the exploration and evaluation assets is unlikely to be recovered in full from successful development or by sale. If any such facts or circumstances are noted, the Group performs an impairment test in accordance with the provisions of IAS 36. In such circumstances the aggregate carrying value of the exploration and evaluation asset, together with any associated property, plant and equipment held within the relevant cash generating unit, is compared against the expected recoverable amount of the cash generating unit. The recoverable amount is the higher of value in use and the fair value less costs to sell. Where the carrying amount of an asset or cash generating unit exceeds its recoverable amount, the asset or cash generating unit is considered impaired and is written down to its recoverable amount. Impairment losses are recognised in the Income Statement. Impairment losses recognised for a cash generating unit are recognised against goodwill (if any) and then to identifiable assets on a pro-rata basis. A previously recognised impairment loss is reversed if the recoverable amount increases as a result of a reversal of the conditions that originally resulted in the impairment. This reversal is recognised in the Income Statement and is limited to the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognised in prior years.\n \n \n \n Leases At inception the Group assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset, for a period of time, in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Group assesses whether: \u2022 the contract involves the use of an identified asset. This may be specified explicitly or implicitly and should be physically distinct or represent substantially all of the capacity of a physically distinct asset. If the supplier has a substantive substitution right, then the asset is not identified; \u2022 the Group has the right to obtain substantially all of the economic benefits from use of the asset throughout the period of use; and \u2022 the Group has the right to direct the use of the asset. The Group has the right when it has the decision-making rights that are most relevant to changing how and for what purposes the asset is used. In rare cases where the decision about how and for what purpose the assets is used is predetermined, the Group has the right to direct the use of the asset if either: - the Group has the right to operate the asset; or - the Group designed the asset in a way that predetermines how and for what purpose it will be used. At inception or on reassessment of a contract that contains a lease component, the Group allocates the consideration in the contract to each lease component on the basis of their relative stand-alone prices. The right of use asset is initially measured at the present value of the remaining lease payments, discounted using the incremental borrowing rate. The right of use asset is subsequently depreciated using the straight-line method from the commencement date to the end of the lease term. In addition, impairment indictors for the right of use asset are assessed annually and will be adjusted for certain remeasurements of the lease liability. The lease liability is initially measured at the present value of the remaining lease payments, discounted using the incremental borrowing rate. The liability is subsequently measured at amortised cost using the effective interest method. Lease payments are apportioned between the finance charges and reduction of the lease liability using the incremental borrowing rate implicit in the lease to achieve a constant rate of interest on the remaining balance of the liability.\n \n \n \n Environmental rehabilitation costs An obligation to incur restoration, rehabilitation and environmental costs arises when environmental disturbance is caused by the development or ongoing production of a project. Such costs arising from the decommissioning of plant and other site preparation work, discounted to their net present values, are provided for in full as soon as the obligation to incur such costs arises and can be quantified. On recognition of a provision, an addition is made to tangible or intangible fixed assets of the same amount. Upon commercial production this addition is then charged against profits over the life of the project. Closure provisions are updated annually for changes in cost estimates as well as for changes to the anticipated life of the project, with the resulting adjustments made to both the provision balance and the net book value of the associated non-current asset.\n \n \n \n 2. MATERIAL ACCOUNTING POLICIES CONTINUED \n \n Taxation Current tax is based on the estimated taxable profit for the period. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. In Burundi, when no taxable profit arises, current tax includes a minimum tax charge calculated as 1% of revenue. \n \n Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities for financial reporting purposes and the corresponding tax bases used in the computation of taxable profit. It is accounted for using the balance sheet liability method. Deferred tax liabilities are recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.\n \n \n \n Financial instruments Financial assets and financial liabilities are recognised on the statement of financial position when the Group becomes a party to the contractual provisions of the instrument. \n \n - Financial assets \n \n Cash and cash equivalents comprise cash held by the Group and short-term bank deposits with a maturity of three months or less.\n \n \n Trade and other receivables, to the extent they represent financial assets, are measured at initial recognition at fair value and are subsequently measured at amortised cost using the effective interest method. A provision is established when there is objective evidence that the Group will not be able to collect all amounts due.\n In applying the general model, the Group monitors on a forward-looking basis the expected credit loss, defined as the difference between the contractual cash flows and the cash flows that are expected to be received, associated with its assets carried at amortised cost. The impairment methodology applied depends on whether there has been a significant increase in credit risk. For trade receivables only, the simplified approach permitted by IFRS 9 is applied, which requires expected lifetime losses to be recognised from initial recognition of the receivables. Losses are recognised in the income statement. When a subsequent event causes the amount of impairment loss to decrease, the decrease in impairment loss is reversed through the income statement.\n \n \n - Financial liabilities Financial liabilities are classified at initial recognition as either: \u2022 Financial liabilities at amortised cost, or \u2022 Financial liabilities at fair value through profit or loss (FVTPL). The Group determines the classification of its financial liabilities at initial recognition based on the substance of the contractual arrangements. (a) Financial liabilities at amortised cost Financial liabilities at amortised cost include trade and other payables, borrowings and lease liabilities. These are initially recognised at fair value, net of directly attributable transaction costs, and subsequently measured at amortised cost using the effective interest method. They are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least 12 months after the statement of financial position date. Interest expense is recognised in profit or loss. \n \n (b) Financial liabilities at fair value through profit or loss (FVTPL) Financial liabilities are classified at FVTPL if they are held for trading, designated upon initial recognition as at FVTPL, or are contingent consideration in a business combination. Liabilities in this category are measured at fair value, with changes in fair value recognised in profit or loss. Royalty financing arrangements are designated as financial liabilities at FVTPL as the value of the liability to be settled at a future date is driven by the commodity price, giving rise to an embedded derivative. Transaction costs are recognised in the income statement. Fair value is determined by reference to the present value of expected future royalty payments, discounted using a rate that reflects current market conditions and the risk profile of the liability. Changes in the fair value of the liability are recognised in profit or loss in the period in which they arise. Royalty payments made to the counterparty reduce the carrying amount of the liability when they are contractually due. Such payments do not affect the recognition of fair value remeasurements in profit or loss. \n \n \n (c) Derecognition A financial liability is derecognised when the contractual obligation is discharged, cancelled, or expires. When an existing liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, the original liability is derecognised and a new liability is recognised, with the difference recognised in profit or loss.\n \n \n \n \n 2. MATERIAL ACCOUNTING POLICIES CONTINUED \n \n Share capital Ordinary shares are classified as equity and are recorded at the proceeds received, net of any direct issue costs. The nature of the Company\u2019s reserves is set out in note 24.\n \n \n Share options Equity-settled share-based payments to employees and Directors are initially measured at the fair value of the equity instrument. The fair value of the equity-settled transactions with employees and Directors is recognised as an expense over the vesting period. The fair values of the equity instruments are determined at the date of grant, considering market-based vesting conditions. The fair values of share options or restricted stock units (\u201cRSUs\u201d) are measured at fair value at the date of grant. Where the share options only contain service conditions or non-market conditions and the options are issued with a relevant strike price, a Black\u2013Scholes model is used. Where the share options or RSUs contain market conditions, a Monte Carlo simulation model is used and reflected in the fair value of the options or RSUs granted. Where the share options or RSUs contain no market conditions and do not include a strike price, the fair value is assessed by reference to the share price on the date of issue. Details of the assumptions used are included in note 23 Share Options and Warrants. The expected life used in the models is adjusted, based on management\u2019s best estimate of the effects of non-transferability, exercise restrictions and behavioural considerations. For RSUs, shares are automatically issued on vesting of the relevant tranche. The cost of equity-settled transactions is recognised, together with a corresponding increase in equity, over the period in which the performance and/or service conditions are fulfilled, ending on the date on which the relevant employees (or other beneficiaries) become fully entitled to the award (the \u201cvesting date\u201d). The cumulative expense recognised for equity-settled transactions at each reporting date until the vesting date reflects the extent to which the vesting period has expired and the Company\u2019s best estimate of the number of equity instruments that will ultimately vest. The income statement charge or credit for a period represents the movement in cumulative expense recognised as at the beginning and end of that period. No expense is recognised for awards that do not ultimately vest, except for awards where vesting is conditional upon a market condition, which are treated as vesting irrespective of whether the market condition is satisfied, provided that all other performance and/or service conditions are satisfied.\n \n \n Warrants Warrants issued are recognised at fair value at the date of grant. The fair value is measured using the Black-Scholes model. Where warrants are issued in respect of services provided, the fair value is expensed on a straight-line basis over the vesting period (if applicable). Where warrants are considered to represent a transaction cost attributable to a liability recorded at amortised cost, the fair value is deducted from the liability and amortised subsequently through the effective interest rate. Where a fixed number of warrants are issued, and the exercise price is in the functional currency of the issuer, the warrant fair value is credited to equity. Where the number of warrants is fixed but the exercise price is in a currency other than the functional currency of the issuer, the instrument fails the \u201cfixed-for-fixed\u201d criteria and is recognised as a financial liability at fair value through profit and loss.\n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800HONYSAXTG6KS11", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "Fxbrl_20261021211301728": { "value": "\n Basis of preparation \n \n The Financial Statements of the Company and its subsidiaries (the \u201cGroup\u201d) are prepared in accordance with IFRS Accounting Standards as adopted by the European Union.\n The consolidated financial statements have been prepared on a historical cost basis, except for financial instruments measured at fair value through profit or loss. Given the development status of the Group\u2019s assets, management do not consider sustainability and climate change as key risks requiring significant judgement for the Year. The Group has prepared sustainability disclosures on pages 22 to 34 in line with the requirements set out in the UK Listing Rules to the extent relevant for a Group without producing assets. \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800HONYSAXTG6KS11", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "Fxbrl_20261021211406212": { "value": "\n The Financial Statements of the Company and its subsidiaries (the \u201cGroup\u201d) are prepared in accordance with IFRS Accounting Standards as adopted by the European Union.\n ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800HONYSAXTG6KS11", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "Fxbrl_20261021211450445": { "value": "\n Going Concern As at 30 June 2026, the Group had total cash of US$12.9 million. The Board have reviewed a range of potential cash flow forecasts for the period to 31 December 2027, including reasonable possible downside scenarios. The base case forecast includes US$14.8 million expected costs for the Group over the 18-month period from 1 July 2026 to 31 December 2027 (the \u201cPeriod\u201d) as follows: \u2022 Corporate costs of US$5.3 million including US$0.3 million in respect of pursuing new business opportunities. \u2022 US$5.4 million for Phalaborwa to deliver the planned PFS, DFS and permitting workstreams. This includes costs associated with management of the Phalaborwa site from Q3 2027 and a 10% contingency. \u2022 Research costs of US$1.0 million associated with Rainbow\u2019s in-house laboratory in Johannesburg, including associated technical staff. \u2022 US$1.7 million for a PFS at the Uberaba opportunity in Brazil. \u2022 US$1.1 million for Rainbow\u2019s project team who will deliver the Phalaborwa studies and Uberaba PFS. \u2022 US$0.3 million for ongoing care and maintenance at the Gakara project in Burundi. Management\u2019s reasonably plausible downside scenario includes a total cash outflow of US$20.1 million, which also includes: \u2022 US$0.4 million representing a 5% contingency for general corporate costs and overall inflationary impacts in H2 2027. \u2022 US$0.4 million for additional business development costs. \u2022 US$4.6 million for further progression of the Phalaborwa project including US$1.4 million for financing, US$2.8 million to progress a FEED, operational readiness and early site works in H2 2027 ahead of construction and a further US$0.4 million contingency thereon. The Group has determined that no additional cash outflows will be incurred on Gakara until the export ban and mining suspension has been lifted. Any re-start of operations would be conditional on the Gakara project not requiring additional financial support from Rainbow Rare Earths Limited at then current rare earth prices. The Group is evaluating the opportunity for a US listing. The forecast includes US$0.1 million of costs associated with that evaluation but excludes any significant legal or other costs that may be involved in completing a US IPO. A full budget for the potential US Listing has not been finalised. In the event that a US listing is undertaken it is expected that the majority of the cost will be paid from the resulting fundraising proceeds. At 30 June 2026 the Group had US$12.9 million of cash. The base case forecast includes a total cash outflow over the Period of US$14.8 million. Management\u2019s reasonably plausible downside scenario includes a total cash outflow of US$20.1 million. The forecast indicates that the Group will need to raise additional funds before 31 December 2027 under all scenarios, with funding expected to be required in Q3 2027. In addition, further funds may be required to advance a US listing process ahead of associated fundraising receipts. The Group is reliant on securing additional funding which is not guaranteed. Accordingly, the Board acknowledges that the need for additional funding indicates the existence of a material uncertainty which may cast significant doubt on the ability of the Group to continue as a going concern and, therefore, it may be unable to realise its assets and discharge its liabilities in the normal course of business. The financial statements do not include any adjustments that would result if the Group was unable to continue as a going concern. The Board is confident that this funding will be secured as and when required, based on its history of successful fundraising. On this basis, the Directors\u2019 have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800HONYSAXTG6KS11", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "Fxbrl_20261021211553241": { "value": "\n New and amended standards and interpretations adopted by the Group No material changes to accounting policies arose as a result of new standards applied by the Group from 1 July 2025. New standards, interpretations, and amendments not yet effective Certain new accounting standards and interpretations have been published that are not mandatory for 30 June 2026 reporting periods and have not been early adopted by the Group. These standards include: \u2022 Amendments to the Classification and Measurement of Financial Instruments \u2013 Amendments to IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures. The effective date is 1 January 2026. \u2022 Annual Improvements to IFRS Accounting Standards \u2013 Amendments to: - IFRS 1 First-time Adoption of International Financial Reporting Standards; - IFRS 7 Financial Instruments: Disclosures and its accompanying Guidance on implementing IFRS 7; - IFRS 9 Financial Instruments; - IFRS 10 Consolidated Financial Statements; and - IAS 7 Statement of Cash Flows The effective date is 1 January 2026. \u2022 IFRS 18 Presentation and Disclosure in Financial Statements. The effective date is 1 January 2027. Management is currently assessing the impact of IFRS 18 on the Group. The other amendments are not expected to have a material impact on the Group.\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800HONYSAXTG6KS11", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "Fxbrl_20261021215318304": { "value": "\n \n Basis of consolidation Where the Company has control over an investee, it is classified as a subsidiary. The Company controls an investee if all three of the following elements are present: power over the investee, exposure to variable returns from the investee, and the ability of the investor to use its power to affect those variable returns. Control is reassessed whenever facts and circumstances indicate that there may be a change in any of these elements of control. The consolidated financial statements present the results of the Company and its subsidiaries as if they formed a single entity. Intercompany transactions and balances between Group companies are therefore eliminated in full. The results of undertakings acquired or disposed of are consolidated from or to the date when control passes to or from the Group. The results of subsidiaries acquired or disposed of during the year are included in the Consolidated Statement of Comprehensive Income from the date that control commences until the date that control ceases. Where necessary, adjustments are made to the results of subsidiaries to bring the accounting policies they use into line with those used by the Group. \n \n Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the Group\u2019s equity. Non-controlling interests consist of the non-controlling shareholder\u2019s share of changes in equity. The non-controlling interests\u2019 share of losses, where applicable, are attributed to the non-controlling interests irrespective of whether the non-controlling shareholders have a binding obligation and are able to make an additional investment to cover the losses. On acquisition of a non-controlling interest, the relevant non-controlling interest share of equity is extinguished and the difference between the fair value of consideration paid and the relevant carrying value of the non-controlling interest is recorded in retained earnings.\n \n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800HONYSAXTG6KS11", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "Fxbrl_20261021215430805": { "value": "\n Basis of consolidation Where the Company has control over an investee, it is classified as a subsidiary. The Company controls an investee if all three of the following elements are present: power over the investee, exposure to variable returns from the investee, and the ability of the investor to use its power to affect those variable returns. Control is reassessed whenever facts and circumstances indicate that there may be a change in any of these elements of control. The consolidated financial statements present the results of the Company and its subsidiaries as if they formed a single entity. Intercompany transactions and balances between Group companies are therefore eliminated in full. The results of undertakings acquired or disposed of are consolidated from or to the date when control passes to or from the Group. The results of subsidiaries acquired or disposed of during the year are included in the Consolidated Statement of Comprehensive Income from the date that control commences until the date that control ceases. Where necessary, adjustments are made to the results of subsidiaries to bring the accounting policies they use into line with those used by the Group. \n \n Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the Group\u2019s equity. Non-controlling interests consist of the non-controlling shareholder\u2019s share of changes in equity. The non-controlling interests\u2019 share of losses, where applicable, are attributed to the non-controlling interests irrespective of whether the non-controlling shareholders have a binding obligation and are able to make an additional investment to cover the losses. On acquisition of a non-controlling interest, the relevant non-controlling interest share of equity is extinguished and the difference between the fair value of consideration paid and the relevant carrying value of the non-controlling interest is recorded in retained earnings.\n \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800HONYSAXTG6KS11", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "Fxbrl_20261021215544519": { "value": "\n Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the Group\u2019s equity. Non-controlling interests consist of the non-controlling shareholder\u2019s share of changes in equity. The non-controlling interests\u2019 share of losses, where applicable, are attributed to the non-controlling interests irrespective of whether the non-controlling shareholders have a binding obligation and are able to make an additional investment to cover the losses. On acquisition of a non-controlling interest, the relevant non-controlling interest share of equity is extinguished and the difference between the fair value of consideration paid and the relevant carrying value of the non-controlling interest is recorded in retained earnings.\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:213800HONYSAXTG6KS11", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "Fxbrl_20261021215946900": { "value": "\n Foreign currency \n \n The consolidated financial statements are presented in US Dollars, which is also the functional currency of the Company and all of its subsidiaries.\n The Group\u2019s strategy is focused on developing an ethical supply chain for rare earth elements from secondary sources, with its principal project based in South Africa and a global pipeline of earlier stage opportunities being developed. All such opportunities will ultimately generate revenue in US Dollars, which is the currency in which rare earth elements are traded internationally. All support services are charged between Group companies in US Dollars. The Group is funded by various financial liabilities, which are principally denominated in US Dollars, and shareholder equity. Transactions in foreign currencies are translated to the functional currency of the Group entity at the rates of exchange prevailing on the dates of the transactions. At each reporting date, monetary assets and liabilities that are denominated in foreign currencies are retranslated to the functional currency at the rates prevailing on the reporting date. Exchange differences on all transactions are recognised in the consolidated statement of comprehensive income in the year in which they arise.\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:213800HONYSAXTG6KS11", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "Fxbrl_20261021220133766": { "value": "\n The consolidated financial statements are presented in US Dollars, which is also the functional currency of the Company and all of its subsidiaries.\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:213800HONYSAXTG6KS11", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "Fxbrl_20261021220325053": { "value": "\n Research and development costs Research and development costs that cannot be clearly identified as relating to a single exploration and evaluation property for which the Group holds legal rights are expensed as incurred.\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:213800HONYSAXTG6KS11", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "Fxbrl_20261021220444145": { "value": "\n \n Rare earth exploration and evaluation assets All exploration and evaluation costs incurred are accumulated in respect of each identifiable project area. Costs which are classified as intangible fixed assets are only carried forward to the extent that they are expected to be recovered through the successful development of the area or where activities in the area have not yet reached a stage which permits reasonable assessment as to whether the deposit is commercially viable and technically feasible for extraction. Costs incurred prior to the legal right to a mineral project being obtained are written off immediately. Accumulated cost in relation to an abandoned area are written off in full to the statement of comprehensive income in the year in which the decision to abandon the area is made. Exploration and evaluation assets associated with an identifiable project area are transferred from intangible fixed assets to tangible fixed assets as \u201cproject development costs\u201d when the commercial viability and technical feasibility of extracting the deposit has been established. This includes consideration of a variety of factors such as whether the requisite permits have been awarded, whether funding required for development is sufficiently certain of being secured, whether an appropriate project development plan is established and the results of exploration and evaluation data including internal and external assessments.\n \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExplorationAndEvaluationExpenditures", "language": "en", "entity": "scheme:213800HONYSAXTG6KS11", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "Fxbrl_20261023111635576": { "value": "\n Rare earth exploration and evaluation assets All exploration and evaluation costs incurred are accumulated in respect of each identifiable project area. Costs which are classified as intangible fixed assets are only carried forward to the extent that they are expected to be recovered through the successful development of the area or where activities in the area have not yet reached a stage which permits reasonable assessment as to whether the deposit is commercially viable and technically feasible for extraction. Costs incurred prior to the legal right to a mineral project being obtained are written off immediately. Accumulated cost in relation to an abandoned area are written off in full to the statement of comprehensive income in the year in which the decision to abandon the area is made. Exploration and evaluation assets associated with an identifiable project area are transferred from intangible fixed assets to tangible fixed assets as \u201cproject development costs\u201d when the commercial viability and technical feasibility of extracting the deposit has been established. This includes consideration of a variety of factors such as whether the requisite permits have been awarded, whether funding required for development is sufficiently certain of being secured, whether an appropriate project development plan is established and the results of exploration and evaluation data including internal and external assessments.\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMiningAssetsExplanatory", "language": "en", "entity": "scheme:213800HONYSAXTG6KS11", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "Fxbrl_20261021221127951": { "value": "\n Property, plant and equipment and depreciation Property, plant and equipment consists of plant and machinery, motor vehicles, computer equipment, office furniture and fittings, laboratory equipment and leasehold improvements. Property, plant and equipment is initially recognised at cost and subsequently stated at cost less accumulated depreciation and any impairment. The cost of acquisition is the purchase price and any directly attributable costs of acquisition or construction required to bring the asset to the location and condition necessary for the asset to be capable of operating in the manner intended by management. Assets in the course of construction are carried at cost, less any recognised impairment loss. Depreciation of these assets, on the same basis as other assets, commences when the assets are complete and ready for their intended use. \n \n Property, plant and equipment is depreciated on a straight-line basis over the estimated useful life of the asset. Residual values and useful lives are reviewed on an annual basis and changes are accounted for over the remaining lives. The applicable depreciation rates are as follows: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Description Useful life
Plant, machinery, and mine infrastructure 5 - 20 years
Vehicles 5 years
Computer equipment 3 years
Office furniture and fittings 7 years
Laboratory equipment 5 years
Leasehold Improvements term of lease agreement
\n Depreciation incurred on equipment used in exploration is capitalised to exploration and evaluation costs.\n \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800HONYSAXTG6KS11", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "Fxbrl_20261021221307647": { "value": "\n Property, plant and equipment is depreciated on a straight-line basis over the estimated useful life of the asset. Residual values and useful lives are reviewed on an annual basis and changes are accounted for over the remaining lives. The applicable depreciation rates are as follows: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Description Useful life
Plant, machinery, and mine infrastructure 5 - 20 years
Vehicles 5 years
Computer equipment 3 years
Office furniture and fittings 7 years
Laboratory equipment 5 years
Leasehold Improvements term of lease agreement
\n Depreciation incurred on equipment used in exploration is capitalised to exploration and evaluation costs.\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:213800HONYSAXTG6KS11", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "Fxbrl_20261021221434223": { "value": "\n \n Impairment of non-financial assets including exploration and evaluation assets Exploration and evaluation assets are reviewed regularly for indicators of impairment following the guidance in IFRS 6 \u201cExploration for and Evaluation of Mineral Resources\u201d and tested for impairment where such indicators exist. In addition, these assets are tested for impairment prior to transfer to project development costs. In accordance with IFRS 6 the Group considers the following facts and circumstances in their assessment of whether the Group\u2019s exploration and evaluation assets may be impaired: \u2022 whether the period for which the Group has the right to explore in a specific area has expired during the period or will expire in the near future, and is not expected to be renewed; \u2022 whether substantive expenditure on further exploration for and evaluation of mineral resources in a specific area is neither budgeted nor planned; \u2022 whether exploration for and evaluation of reserves in a specific area have not led to the discovery of commercially viable quantities of mineable material and the Group has decided to discontinue such activities in the specific area; and \u2022 whether sufficient data exists to indicate that although a development in a specific area is likely to proceed, the carrying amount of the exploration and evaluation assets is unlikely to be recovered in full from successful development or by sale. If any such facts or circumstances are noted, the Group performs an impairment test in accordance with the provisions of IAS 36. In such circumstances the aggregate carrying value of the exploration and evaluation asset, together with any associated property, plant and equipment held within the relevant cash generating unit, is compared against the expected recoverable amount of the cash generating unit. The recoverable amount is the higher of value in use and the fair value less costs to sell. Where the carrying amount of an asset or cash generating unit exceeds its recoverable amount, the asset or cash generating unit is considered impaired and is written down to its recoverable amount. Impairment losses are recognised in the Income Statement. Impairment losses recognised for a cash generating unit are recognised against goodwill (if any) and then to identifiable assets on a pro-rata basis. A previously recognised impairment loss is reversed if the recoverable amount increases as a result of a reversal of the conditions that originally resulted in the impairment. This reversal is recognised in the Income Statement and is limited to the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognised in prior years.\n \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800HONYSAXTG6KS11", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "Fxbrl_20261021221612062": { "value": "\n Impairment of non-financial assets including exploration and evaluation assets Exploration and evaluation assets are reviewed regularly for indicators of impairment following the guidance in IFRS 6 \u201cExploration for and Evaluation of Mineral Resources\u201d and tested for impairment where such indicators exist. In addition, these assets are tested for impairment prior to transfer to project development costs. In accordance with IFRS 6 the Group considers the following facts and circumstances in their assessment of whether the Group\u2019s exploration and evaluation assets may be impaired: \u2022 whether the period for which the Group has the right to explore in a specific area has expired during the period or will expire in the near future, and is not expected to be renewed; \u2022 whether substantive expenditure on further exploration for and evaluation of mineral resources in a specific area is neither budgeted nor planned; \u2022 whether exploration for and evaluation of reserves in a specific area have not led to the discovery of commercially viable quantities of mineable material and the Group has decided to discontinue such activities in the specific area; and \u2022 whether sufficient data exists to indicate that although a development in a specific area is likely to proceed, the carrying amount of the exploration and evaluation assets is unlikely to be recovered in full from successful development or by sale. If any such facts or circumstances are noted, the Group performs an impairment test in accordance with the provisions of IAS 36. In such circumstances the aggregate carrying value of the exploration and evaluation asset, together with any associated property, plant and equipment held within the relevant cash generating unit, is compared against the expected recoverable amount of the cash generating unit. The recoverable amount is the higher of value in use and the fair value less costs to sell. Where the carrying amount of an asset or cash generating unit exceeds its recoverable amount, the asset or cash generating unit is considered impaired and is written down to its recoverable amount. Impairment losses are recognised in the Income Statement. Impairment losses recognised for a cash generating unit are recognised against goodwill (if any) and then to identifiable assets on a pro-rata basis. A previously recognised impairment loss is reversed if the recoverable amount increases as a result of a reversal of the conditions that originally resulted in the impairment. This reversal is recognised in the Income Statement and is limited to the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognised in prior years.\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800HONYSAXTG6KS11", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "Fxbrl_20261021221811941": { "value": "\n Leases At inception the Group assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset, for a period of time, in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Group assesses whether: \u2022 the contract involves the use of an identified asset. This may be specified explicitly or implicitly and should be physically distinct or represent substantially all of the capacity of a physically distinct asset. If the supplier has a substantive substitution right, then the asset is not identified; \u2022 the Group has the right to obtain substantially all of the economic benefits from use of the asset throughout the period of use; and \u2022 the Group has the right to direct the use of the asset. The Group has the right when it has the decision-making rights that are most relevant to changing how and for what purposes the asset is used. In rare cases where the decision about how and for what purpose the assets is used is predetermined, the Group has the right to direct the use of the asset if either: - the Group has the right to operate the asset; or - the Group designed the asset in a way that predetermines how and for what purpose it will be used. At inception or on reassessment of a contract that contains a lease component, the Group allocates the consideration in the contract to each lease component on the basis of their relative stand-alone prices. The right of use asset is initially measured at the present value of the remaining lease payments, discounted using the incremental borrowing rate. The right of use asset is subsequently depreciated using the straight-line method from the commencement date to the end of the lease term. In addition, impairment indictors for the right of use asset are assessed annually and will be adjusted for certain remeasurements of the lease liability. The lease liability is initially measured at the present value of the remaining lease payments, discounted using the incremental borrowing rate. The liability is subsequently measured at amortised cost using the effective interest method. Lease payments are apportioned between the finance charges and reduction of the lease liability using the incremental borrowing rate implicit in the lease to achieve a constant rate of interest on the remaining balance of the liability.\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:213800HONYSAXTG6KS11", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "Fxbrl_20261021222258916": { "value": "\n \n Environmental rehabilitation costs An obligation to incur restoration, rehabilitation and environmental costs arises when environmental disturbance is caused by the development or ongoing production of a project. Such costs arising from the decommissioning of plant and other site preparation work, discounted to their net present values, are provided for in full as soon as the obligation to incur such costs arises and can be quantified. On recognition of a provision, an addition is made to tangible or intangible fixed assets of the same amount. Upon commercial production this addition is then charged against profits over the life of the project. Closure provisions are updated annually for changes in cost estimates as well as for changes to the anticipated life of the project, with the resulting adjustments made to both the provision balance and the net book value of the associated non-current asset.\n \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEnvironmentRelatedExpenseExplanatory", "language": "en", "entity": "scheme:213800HONYSAXTG6KS11", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "Fxbrl_20261023112125430": { "value": "\n Environmental rehabilitation costs An obligation to incur restoration, rehabilitation and environmental costs arises when environmental disturbance is caused by the development or ongoing production of a project. Such costs arising from the decommissioning of plant and other site preparation work, discounted to their net present values, are provided for in full as soon as the obligation to incur such costs arises and can be quantified. On recognition of a provision, an addition is made to tangible or intangible fixed assets of the same amount. Upon commercial production this addition is then charged against profits over the life of the project. Closure provisions are updated annually for changes in cost estimates as well as for changes to the anticipated life of the project, with the resulting adjustments made to both the provision balance and the net book value of the associated non-current asset.\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDecommissioningRestorationAndRehabilitationProvisionsExplanatory", "language": "en", "entity": "scheme:213800HONYSAXTG6KS11", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "Fxbrl_20261021222356419": { "value": "\n Taxation Current tax is based on the estimated taxable profit for the period. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. In Burundi, when no taxable profit arises, current tax includes a minimum tax charge calculated as 1% of revenue. \n \n Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities for financial reporting purposes and the corresponding tax bases used in the computation of taxable profit. It is accounted for using the balance sheet liability method. Deferred tax liabilities are recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.\n \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800HONYSAXTG6KS11", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "Fxbrl_20261021222445451": { "value": "\n Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities for financial reporting purposes and the corresponding tax bases used in the computation of taxable profit. It is accounted for using the balance sheet liability method. Deferred tax liabilities are recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800HONYSAXTG6KS11", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "Fxbrl_20261021222609399": { "value": "\n Financial instruments Financial assets and financial liabilities are recognised on the statement of financial position when the Group becomes a party to the contractual provisions of the instrument. \n \n - Financial assets \n \n Cash and cash equivalents comprise cash held by the Group and short-term bank deposits with a maturity of three months or less.\n \n \n Trade and other receivables, to the extent they represent financial assets, are measured at initial recognition at fair value and are subsequently measured at amortised cost using the effective interest method. A provision is established when there is objective evidence that the Group will not be able to collect all amounts due.\n In applying the general model, the Group monitors on a forward-looking basis the expected credit loss, defined as the difference between the contractual cash flows and the cash flows that are expected to be received, associated with its assets carried at amortised cost. The impairment methodology applied depends on whether there has been a significant increase in credit risk. For trade receivables only, the simplified approach permitted by IFRS 9 is applied, which requires expected lifetime losses to be recognised from initial recognition of the receivables. Losses are recognised in the income statement. When a subsequent event causes the amount of impairment loss to decrease, the decrease in impairment loss is reversed through the income statement.\n \n \n - Financial liabilities Financial liabilities are classified at initial recognition as either: \u2022 Financial liabilities at amortised cost, or \u2022 Financial liabilities at fair value through profit or loss (FVTPL). The Group determines the classification of its financial liabilities at initial recognition based on the substance of the contractual arrangements. (a) Financial liabilities at amortised cost Financial liabilities at amortised cost include trade and other payables, borrowings and lease liabilities. These are initially recognised at fair value, net of directly attributable transaction costs, and subsequently measured at amortised cost using the effective interest method. They are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least 12 months after the statement of financial position date. Interest expense is recognised in profit or loss. \n \n (b) Financial liabilities at fair value through profit or loss (FVTPL) Financial liabilities are classified at FVTPL if they are held for trading, designated upon initial recognition as at FVTPL, or are contingent consideration in a business combination. Liabilities in this category are measured at fair value, with changes in fair value recognised in profit or loss. Royalty financing arrangements are designated as financial liabilities at FVTPL as the value of the liability to be settled at a future date is driven by the commodity price, giving rise to an embedded derivative. Transaction costs are recognised in the income statement. Fair value is determined by reference to the present value of expected future royalty payments, discounted using a rate that reflects current market conditions and the risk profile of the liability. Changes in the fair value of the liability are recognised in profit or loss in the period in which they arise. Royalty payments made to the counterparty reduce the carrying amount of the liability when they are contractually due. Such payments do not affect the recognition of fair value remeasurements in profit or loss. \n \n \n (c) Derecognition A financial liability is derecognised when the contractual obligation is discharged, cancelled, or expires. When an existing liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, the original liability is derecognised and a new liability is recognised, with the difference recognised in profit or loss.\n \n \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800HONYSAXTG6KS11", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "Fxbrl_20261021224024251": { "value": "\n - Financial assets \n \n Cash and cash equivalents comprise cash held by the Group and short-term bank deposits with a maturity of three months or less.\n \n \n Trade and other receivables, to the extent they represent financial assets, are measured at initial recognition at fair value and are subsequently measured at amortised cost using the effective interest method. A provision is established when there is objective evidence that the Group will not be able to collect all amounts due.\n In applying the general model, the Group monitors on a forward-looking basis the expected credit loss, defined as the difference between the contractual cash flows and the cash flows that are expected to be received, associated with its assets carried at amortised cost. The impairment methodology applied depends on whether there has been a significant increase in credit risk. For trade receivables only, the simplified approach permitted by IFRS 9 is applied, which requires expected lifetime losses to be recognised from initial recognition of the receivables. Losses are recognised in the income statement. When a subsequent event causes the amount of impairment loss to decrease, the decrease in impairment loss is reversed through the income statement.\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800HONYSAXTG6KS11", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "Fxbrl_20261021224804496": { "value": "\n Cash and cash equivalents comprise cash held by the Group and short-term bank deposits with a maturity of three months or less.\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800HONYSAXTG6KS11", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "Fxbrl_20261021225029168": { "value": "\n Trade and other receivables, to the extent they represent financial assets, are measured at initial recognition at fair value and are subsequently measured at amortised cost using the effective interest method. A provision is established when there is objective evidence that the Group will not be able to collect all amounts due.\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800HONYSAXTG6KS11", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "Fxbrl_20261021230012397": { "value": "\n - Financial liabilities Financial liabilities are classified at initial recognition as either: \u2022 Financial liabilities at amortised cost, or \u2022 Financial liabilities at fair value through profit or loss (FVTPL). The Group determines the classification of its financial liabilities at initial recognition based on the substance of the contractual arrangements. (a) Financial liabilities at amortised cost Financial liabilities at amortised cost include trade and other payables, borrowings and lease liabilities. These are initially recognised at fair value, net of directly attributable transaction costs, and subsequently measured at amortised cost using the effective interest method. They are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least 12 months after the statement of financial position date. Interest expense is recognised in profit or loss. \n \n (b) Financial liabilities at fair value through profit or loss (FVTPL) Financial liabilities are classified at FVTPL if they are held for trading, designated upon initial recognition as at FVTPL, or are contingent consideration in a business combination. Liabilities in this category are measured at fair value, with changes in fair value recognised in profit or loss. Royalty financing arrangements are designated as financial liabilities at FVTPL as the value of the liability to be settled at a future date is driven by the commodity price, giving rise to an embedded derivative. Transaction costs are recognised in the income statement. Fair value is determined by reference to the present value of expected future royalty payments, discounted using a rate that reflects current market conditions and the risk profile of the liability. Changes in the fair value of the liability are recognised in profit or loss in the period in which they arise. Royalty payments made to the counterparty reduce the carrying amount of the liability when they are contractually due. Such payments do not affect the recognition of fair value remeasurements in profit or loss. \n \n \n (c) Derecognition A financial liability is derecognised when the contractual obligation is discharged, cancelled, or expires. When an existing liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, the original liability is derecognised and a new liability is recognised, with the difference recognised in profit or loss.\n \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800HONYSAXTG6KS11", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "Fxbrl_20261021230248693": { "value": "\n (b) Financial liabilities at fair value through profit or loss (FVTPL) Financial liabilities are classified at FVTPL if they are held for trading, designated upon initial recognition as at FVTPL, or are contingent consideration in a business combination. Liabilities in this category are measured at fair value, with changes in fair value recognised in profit or loss. Royalty financing arrangements are designated as financial liabilities at FVTPL as the value of the liability to be settled at a future date is driven by the commodity price, giving rise to an embedded derivative. Transaction costs are recognised in the income statement. Fair value is determined by reference to the present value of expected future royalty payments, discounted using a rate that reflects current market conditions and the risk profile of the liability. Changes in the fair value of the liability are recognised in profit or loss in the period in which they arise. Royalty payments made to the counterparty reduce the carrying amount of the liability when they are contractually due. Such payments do not affect the recognition of fair value remeasurements in profit or loss. \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800HONYSAXTG6KS11", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "Fxbrl_20261021230449809": { "value": "\n (c) Derecognition A financial liability is derecognised when the contractual obligation is discharged, cancelled, or expires. When an existing liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, the original liability is derecognised and a new liability is recognised, with the difference recognised in profit or loss.\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800HONYSAXTG6KS11", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "Fxbrl_20261021232646819": { "value": "\n Share capital Ordinary shares are classified as equity and are recorded at the proceeds received, net of any direct issue costs. The nature of the Company\u2019s reserves is set out in note 24.\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800HONYSAXTG6KS11", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "Fxbrl_20261021232758488": { "value": "\n Share options Equity-settled share-based payments to employees and Directors are initially measured at the fair value of the equity instrument. The fair value of the equity-settled transactions with employees and Directors is recognised as an expense over the vesting period. The fair values of the equity instruments are determined at the date of grant, considering market-based vesting conditions. The fair values of share options or restricted stock units (\u201cRSUs\u201d) are measured at fair value at the date of grant. Where the share options only contain service conditions or non-market conditions and the options are issued with a relevant strike price, a Black\u2013Scholes model is used. Where the share options or RSUs contain market conditions, a Monte Carlo simulation model is used and reflected in the fair value of the options or RSUs granted. Where the share options or RSUs contain no market conditions and do not include a strike price, the fair value is assessed by reference to the share price on the date of issue. Details of the assumptions used are included in note 23 Share Options and Warrants. The expected life used in the models is adjusted, based on management\u2019s best estimate of the effects of non-transferability, exercise restrictions and behavioural considerations. For RSUs, shares are automatically issued on vesting of the relevant tranche. The cost of equity-settled transactions is recognised, together with a corresponding increase in equity, over the period in which the performance and/or service conditions are fulfilled, ending on the date on which the relevant employees (or other beneficiaries) become fully entitled to the award (the \u201cvesting date\u201d). The cumulative expense recognised for equity-settled transactions at each reporting date until the vesting date reflects the extent to which the vesting period has expired and the Company\u2019s best estimate of the number of equity instruments that will ultimately vest. The income statement charge or credit for a period represents the movement in cumulative expense recognised as at the beginning and end of that period. No expense is recognised for awards that do not ultimately vest, except for awards where vesting is conditional upon a market condition, which are treated as vesting irrespective of whether the market condition is satisfied, provided that all other performance and/or service conditions are satisfied.\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:213800HONYSAXTG6KS11", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "Fxbrl_20261021232916942": { "value": "\n Warrants Warrants issued are recognised at fair value at the date of grant. The fair value is measured using the Black-Scholes model. Where warrants are issued in respect of services provided, the fair value is expensed on a straight-line basis over the vesting period (if applicable). Where warrants are considered to represent a transaction cost attributable to a liability recorded at amortised cost, the fair value is deducted from the liability and amortised subsequently through the effective interest rate. Where a fixed number of warrants are issued, and the exercise price is in the functional currency of the issuer, the warrant fair value is credited to equity. Where the number of warrants is fixed but the exercise price is in a currency other than the functional currency of the issuer, the instrument fails the \u201cfixed-for-fixed\u201d criteria and is recognised as a financial liability at fair value through profit and loss.\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForWarrantsExplanatory", "language": "en", "entity": "scheme:213800HONYSAXTG6KS11", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "Fxbrl_20261021234117144": { "value": "\n 3. ACCOUNTING JUDGMENTS AND ESTIMATIONS The preparation of financial statements in conformity with IFRS requires management to make judgments, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgments about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. \n \n The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects both current and future periods. Key sources of judgment and estimation uncertainty are: Accounting treatment of exploration and evaluation costs Significant accounting judgement Judgment was required in determining how to treat costs incurred during the Year for the Group\u2019s development projects in South Africa, Brazil and Burundi. For the Phalaborwa asset, management note that the project is based on a JORC compliant mineral resource estimate contained within gypsum stacks at the Phalaborwa site. The Group has an 85% economic interest in the project. Accordingly, all costs associated with defining the technical feasibility and commercial viability of the project are being capitalised under IFRS 6. For the Uberaba project management note that the current agreement with Mosaic does not give Rainbow a formal legal right to develop the project and accordingly costs have been recognised in the income statement in the Year. For the Gakara asset, management note that the project has been on care and maintenance throughout the Year. Accordingly, none of the costs incurred have been focused on improving the understanding of the ore body, and as such all costs have been recognised in the income statement in the Year. Impairment indicator assessment for exploration and evaluation assets and associated assets (notes 12-15) Significant accounting judgement Judgment was required in determining whether indicators of impairment existed at 30 June 2026 for the Group\u2019s exploration and evaluation assets. The Board assessed factors including the remaining licence term, the plans for future exploration and the results of activities to date, together with the strategic plans for the asset against the criteria set out in IFRS 6. Phalaborwa For the Phalaborwa asset management note the Interim Report released in December 2024, which confirmed that the proposed processing flow sheet was expected to economically extract the magnet rare earth metals from the gypsum stacks in a low capital and low operating cost environment with strong economic returns at forecast rare earth prices. Subsequent to the publication of the Interim Report significant additional test work has been undertaken, which has further refined and updated the proposed flow sheet for the recovery of the rare earths. The final expected products from Phalaborwa have also been defined as a combined 99.5% NdPr oxide and a mixed SEG+ carbonate containing heavy rare earth elements. These products are expected to be produced via a separation circuit incorporating industry-standard solvent extraction technology. The full detailed assessment of the economic impact of these changes is not complete. An updated economic assessment for the Phalaborwa project, supported by appropriate bench scale and pilot scale test work, is expected to be published in Q4 2026. Overall the changes are not expected to change the assessment that Phalaborwa will be a low capital and operating cost intensity source of rare earths compared to development peers. Whilst the Phalaborwa flow sheet remains subject to further development and updated cost data is not available, strong rare earth pricing underpinned by floor price agreements with all major non-Chinese producers of rare earth oxides demonstrate that Phalaborwa has significant headroom under all modelled scenarios for increases in costs whilst still delivering a strong economically attractive project. Accordingly, management do not consider there to be any indicators of impairment for the Phalaborwa asset. Gakara The assets associated with the Gakara project include both intangible and tangible fixed assets together with cash, mineral concentrate, royalty and VAT receivables and consumables held in stock. The liabilities associated with the Gakara project include a loan, decommissioning, site rehabilitation and environmental costs, tax liabilities and trade payables. The Gakara project has been suspended from operations by the Government of Burundi since June 2021. All assets associated with the Gakara cash generating unit were written down to nil at 30 June 2024 with the exception of cash and VAT recoverable. In making this decision, the Directors considered both the value in use and fair value less costs to sell of the assets. The Directors were unable to assign any value for the potential sale of the project or the separate sale of the assets associated with the project given the nature of the situation, which is subject to political constraints not in accordance with Burundi law. A change in the situation in Burundi could allow the operations to restart in the future or permit the sale of the project to a third party, which could allow the impairment to be fully or partially reversed. The VAT recoverable is not considered to be impaired as it is directly related to a recognised liability for VAT payable and, whilst there is no legal right to net settlement, it is expected that the liability will only be settled in a negotiated off-set against the recoverable asset.\n \n \n 3. ACCOUNTING JUDGMENTS AND ESTIMATIONS CONTINUED \n \n Royalty Financing Liability (note 19) Significant accounting estimate The royalty financing liability is measured at fair value through profit or loss, which involves estimating the present value of expected future royalty payments. The key assumptions applied in determining fair value include: \u2022 The royalty rate, which is expected to be 1.10% when commercial production commences in Q2 2029. \u2022 Rare earth prices, which are based on independent third-party commodity price forecasts. \u2022 The expected production profile, which is based on published economic assessments and the latest estimate of construction timelines. \u2022 A discount rate which reflects current market conditions and the risk profile of the underlying cash flows. Management reviews the assumptions at each reporting date, and any changes in estimates are recognised in profit or loss as they arise. The fair value of the royalty liability is highly sensitive to changes in expected future revenues and the discount rate used. A reasonably possible change in these assumptions could result in a material adjustment to the liability and profit or loss in future reporting periods. A sensitivity analysis is set out in note 19. Decommissioning, site rehabilitation and environmental costs (note 21) Significant accounting estimate and judgement The Group\u2019s mining and exploration activities are subject to various laws and regulations governing the protection of the environment. Judgement and experience are used in determining the expected timing, closure, and decommissioning methods, which can vary in response to changes in the relevant legal requirements or decommissioning technologies, and the estimated environmental provisions resulting. Judgement in respect of Phalaborwa No provision was recorded for the Group\u2019s Phalaborwa project as the Group has not yet acquired a beneficial interest in the land associated with the site and on-site activities have not yet commenced. At 30 June 2026 the obligation for restoration of historical environmental liabilities associated with the site legally and contractually remain with the previous owners of the site. Estimate in respect of Gakara The discounted provision recognised for the Group\u2019s Gakara project represents management\u2019s best estimate of the rehabilitation costs that will be incurred, discounted from the period in which they are judged to be incurred. Actual costs incurred in future periods could differ materially from the estimates. Additionally, future changes to environmental laws and regulations, life of mine estimates and discount rates could affect the carrying amount of this provision.\n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800HONYSAXTG6KS11", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "Fxbrl_20261021234224893": { "value": "\n The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects both current and future periods. Key sources of judgment and estimation uncertainty are: Accounting treatment of exploration and evaluation costs Significant accounting judgement Judgment was required in determining how to treat costs incurred during the Year for the Group\u2019s development projects in South Africa, Brazil and Burundi. For the Phalaborwa asset, management note that the project is based on a JORC compliant mineral resource estimate contained within gypsum stacks at the Phalaborwa site. The Group has an 85% economic interest in the project. Accordingly, all costs associated with defining the technical feasibility and commercial viability of the project are being capitalised under IFRS 6. For the Uberaba project management note that the current agreement with Mosaic does not give Rainbow a formal legal right to develop the project and accordingly costs have been recognised in the income statement in the Year. For the Gakara asset, management note that the project has been on care and maintenance throughout the Year. Accordingly, none of the costs incurred have been focused on improving the understanding of the ore body, and as such all costs have been recognised in the income statement in the Year. Impairment indicator assessment for exploration and evaluation assets and associated assets (notes 12-15) Significant accounting judgement Judgment was required in determining whether indicators of impairment existed at 30 June 2026 for the Group\u2019s exploration and evaluation assets. The Board assessed factors including the remaining licence term, the plans for future exploration and the results of activities to date, together with the strategic plans for the asset against the criteria set out in IFRS 6. Phalaborwa For the Phalaborwa asset management note the Interim Report released in December 2024, which confirmed that the proposed processing flow sheet was expected to economically extract the magnet rare earth metals from the gypsum stacks in a low capital and low operating cost environment with strong economic returns at forecast rare earth prices. Subsequent to the publication of the Interim Report significant additional test work has been undertaken, which has further refined and updated the proposed flow sheet for the recovery of the rare earths. The final expected products from Phalaborwa have also been defined as a combined 99.5% NdPr oxide and a mixed SEG+ carbonate containing heavy rare earth elements. These products are expected to be produced via a separation circuit incorporating industry-standard solvent extraction technology. The full detailed assessment of the economic impact of these changes is not complete. An updated economic assessment for the Phalaborwa project, supported by appropriate bench scale and pilot scale test work, is expected to be published in Q4 2026. Overall the changes are not expected to change the assessment that Phalaborwa will be a low capital and operating cost intensity source of rare earths compared to development peers. Whilst the Phalaborwa flow sheet remains subject to further development and updated cost data is not available, strong rare earth pricing underpinned by floor price agreements with all major non-Chinese producers of rare earth oxides demonstrate that Phalaborwa has significant headroom under all modelled scenarios for increases in costs whilst still delivering a strong economically attractive project. Accordingly, management do not consider there to be any indicators of impairment for the Phalaborwa asset. Gakara The assets associated with the Gakara project include both intangible and tangible fixed assets together with cash, mineral concentrate, royalty and VAT receivables and consumables held in stock. The liabilities associated with the Gakara project include a loan, decommissioning, site rehabilitation and environmental costs, tax liabilities and trade payables. The Gakara project has been suspended from operations by the Government of Burundi since June 2021. All assets associated with the Gakara cash generating unit were written down to nil at 30 June 2024 with the exception of cash and VAT recoverable. In making this decision, the Directors considered both the value in use and fair value less costs to sell of the assets. The Directors were unable to assign any value for the potential sale of the project or the separate sale of the assets associated with the project given the nature of the situation, which is subject to political constraints not in accordance with Burundi law. A change in the situation in Burundi could allow the operations to restart in the future or permit the sale of the project to a third party, which could allow the impairment to be fully or partially reversed. The VAT recoverable is not considered to be impaired as it is directly related to a recognised liability for VAT payable and, whilst there is no legal right to net settlement, it is expected that the liability will only be settled in a negotiated off-set against the recoverable asset.\n \n Royalty Financing Liability (note 19) Significant accounting estimate The royalty financing liability is measured at fair value through profit or loss, which involves estimating the present value of expected future royalty payments. The key assumptions applied in determining fair value include: \u2022 The royalty rate, which is expected to be 1.10% when commercial production commences in Q2 2029. \u2022 Rare earth prices, which are based on independent third-party commodity price forecasts. \u2022 The expected production profile, which is based on published economic assessments and the latest estimate of construction timelines. \u2022 A discount rate which reflects current market conditions and the risk profile of the underlying cash flows. Management reviews the assumptions at each reporting date, and any changes in estimates are recognised in profit or loss as they arise. The fair value of the royalty liability is highly sensitive to changes in expected future revenues and the discount rate used. A reasonably possible change in these assumptions could result in a material adjustment to the liability and profit or loss in future reporting periods. A sensitivity analysis is set out in note 19. Decommissioning, site rehabilitation and environmental costs (note 21) Significant accounting estimate and judgement The Group\u2019s mining and exploration activities are subject to various laws and regulations governing the protection of the environment. Judgement and experience are used in determining the expected timing, closure, and decommissioning methods, which can vary in response to changes in the relevant legal requirements or decommissioning technologies, and the estimated environmental provisions resulting. Judgement in respect of Phalaborwa No provision was recorded for the Group\u2019s Phalaborwa project as the Group has not yet acquired a beneficial interest in the land associated with the site and on-site activities have not yet commenced. At 30 June 2026 the obligation for restoration of historical environmental liabilities associated with the site legally and contractually remain with the previous owners of the site. Estimate in respect of Gakara The discounted provision recognised for the Group\u2019s Gakara project represents management\u2019s best estimate of the rehabilitation costs that will be incurred, discounted from the period in which they are judged to be incurred. Actual costs incurred in future periods could differ materially from the estimates. Additionally, future changes to environmental laws and regulations, life of mine estimates and discount rates could affect the carrying amount of this provision.\n ", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:213800HONYSAXTG6KS11", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "Fxbrl_20261021234823529": { "value": "\n \n \n 4. LOSS FROM OPERATING ACTIVITIES Operating loss includes: \n\n\n\n\n\n\n\n\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Year Ended Year Ended
30 June 2026 30 June 2025
US$\u2019000 US$\u2019000
Employee remuneration (excluding share options) (2,482) (1,678)
Share-based payment charge (276) (707)
Audit of the Group financial statements 1 (236) (237)
Depreciation (266) (139)
\n 1. Audit fees include US$232k for the current year and US$4k foreign exchange differences.\n \n \n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:213800HONYSAXTG6KS11", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "Fxbrl_20261023112556146": { "value": "\n \n 4. LOSS FROM OPERATING ACTIVITIES Operating loss includes: \n\n\n\n\n\n\n\n\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Year Ended Year Ended
30 June 2026 30 June 2025
US$\u2019000 US$\u2019000
Employee remuneration (excluding share options) (2,482) (1,678)
Share-based payment charge (276) (707)
Audit of the Group financial statements 1 (236) (237)
Depreciation (266) (139)
\n 1. Audit fees include US$232k for the current year and US$4k foreign exchange differences.\n \n \n \n \n 8. REMUNERATION OF KEY MANAGEMENT PERSONNEL Key management personnel are defined as being Executive and Non-Executive Directors and PDMRs, who are set out on pages 38 to 40. Directors\u2019 emoluments are set out on page 50. Total remuneration for key management personnel is summarised as follows: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Year Ended Year Ended
30 June 2026 30 June 2025
US$\u2019000 US$\u2019000
Wages and salaries 1,228 1,122
Bonus - (4)
Pension costs 4 17
Social security costs and similar taxes 68 8
Share-based payments 139 557
Total remuneration of key management personnel 1,439 1,700
\n In addition to salary and benefits, payments to companies associated with key management personnel are set out in note 26.\n \n \n \n 9. TOTAL EMPLOYEE REMUNERATION (INCLUDING KEY MANAGEMENT PERSONNEL) \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Year Ended Year Ended
30 June 2026 30 June 2025
US$\u2019000 US$\u2019000
Wages and salaries 2,480 2,053
Bonus - (4)
Pension costs 7 23
Social security costs and similar taxes 90 31
Share-based payments 276 707
Total employee remuneration 2,853 2,810
\n Staff costs include US$517k capitalised within Exploration and Evaluation assets in the Year (2025: US$426k) relating to the Phalaborwa project. \n \n The average number of employees during the period were made up as follows \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Year Ended Year Ended
30 June 2026 30 June 2025
Directors 7 7
Management and administration 50 41
Total 57 48
\n \n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:213800HONYSAXTG6KS11", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "Fxbrl_20261023112831005": { "value": "\n 4. LOSS FROM OPERATING ACTIVITIES Operating loss includes: \n\n\n\n\n\n\n\n\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Year Ended Year Ended
30 June 2026 30 June 2025
US$\u2019000 US$\u2019000
Employee remuneration (excluding share options) (2,482) (1,678)
Share-based payment charge (276) (707)
Audit of the Group financial statements 1 (236) (237)
Depreciation (266) (139)
\n 1. Audit fees include US$232k for the current year and US$4k foreign exchange differences.\n \n \n 8. REMUNERATION OF KEY MANAGEMENT PERSONNEL Key management personnel are defined as being Executive and Non-Executive Directors and PDMRs, who are set out on pages 38 to 40. Directors\u2019 emoluments are set out on page 50. Total remuneration for key management personnel is summarised as follows: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Year Ended Year Ended
30 June 2026 30 June 2025
US$\u2019000 US$\u2019000
Wages and salaries 1,228 1,122
Bonus - (4)
Pension costs 4 17
Social security costs and similar taxes 68 8
Share-based payments 139 557
Total remuneration of key management personnel 1,439 1,700
\n In addition to salary and benefits, payments to companies associated with key management personnel are set out in note 26.\n \n 9. TOTAL EMPLOYEE REMUNERATION (INCLUDING KEY MANAGEMENT PERSONNEL) \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Year Ended Year Ended
30 June 2026 30 June 2025
US$\u2019000 US$\u2019000
Wages and salaries 2,480 2,053
Bonus - (4)
Pension costs 7 23
Social security costs and similar taxes 90 31
Share-based payments 276 707
Total employee remuneration 2,853 2,810
\n Staff costs include US$517k capitalised within Exploration and Evaluation assets in the Year (2025: US$426k) relating to the Phalaborwa project. \n \n The average number of employees during the period were made up as follows \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Year Ended Year Ended
30 June 2026 30 June 2025
Directors 7 7
Management and administration 50 41
Total 57 48
\n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800HONYSAXTG6KS11", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "Fxbrl_20261023113459785": { "value": "\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Year Ended Year Ended
30 June 2026 30 June 2025
US$\u2019000 US$\u2019000
Employee remuneration (excluding share options) (2,482) (1,678)
Share-based payment charge (276) (707)
Audit of the Group financial statements 1 (236) (237)
Depreciation (266) (139)
\n 1. Audit fees include US$232k for the current year and US$4k foreign exchange differences.\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800HONYSAXTG6KS11", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "Fxbrl_20261021235654147": { "value": "\n 5. SEGMENTAL INFORMATION Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker. The chief operating decision maker has been identified as the Chief Executive Officer. It is considered that the Group has two reportable segments: \u2022 Phalaborwa \u2013 a gypsum stack re-treatment project for the recovery of rare earths in South Africa. \u2022 Gakara \u2013 a rare-earth project in Burundi. Unallocated costs include corporate costs, which are not reported by entity to the Board. Year ended 30 June 2026: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Phalaborwa Gakara Unallocated Total
US$\u2019000 US$\u2019000 US$\u2019000 US$\u2019000
Administration expenses - (167) (3,372) (3,539)
Research costs - - (540) (540)
Depreciation - (5) (261) (266)
Loss from operating activities - (172) (4,173) (4,345)
Finance income - 152 96 248
Finance costs - (40) (315) (355)
Change in fair value of royalty financing liability (3,020) - - (3,020)
Loss before tax (3,020) (60) (4,392) (7,472)
Income tax expense - - (1) (1)
(3,020) (60) (4,393) (7,473)
Segmental assets 18,302 156 14,002 32,460
Exploration and evaluation assets 18,302 - - 18,302
Property, plant and equipment - - 583 583
Right of use assets - 5 317 322
Current assets - 151 13,102 13,253
Segmental liabilities (10,477) (984) (1,027) (12,488)
Capital expenditure 939 - 261 1,200
\n Year ended 30 June 2025: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Phalaborwa Gakara Unallocated Total
US$\u2019000 US$\u2019000 US$\u2019000 US$\u2019000
Administration expenses - (270) (3,418) (3,688)
Research costs - - (260) (260)
Depreciation - (15) (124) (139)
Loss from operating activities - (285) (3,802) (4,087)
Finance income - 39 129 168
Finance costs (360) (46) (45) (451)
Change in fair value of royalty financing liability 1,216 - - 1,216
Loss before and after tax 856 (292) (3,718) (3,154)
Segmental assets 17,363 164 4,884 22,411
Exploration and evaluation assets 17,363 - - 17,363
Property, plant and equipment - - 460 460
Other assets - 1 250 251
Current assets - 163 4,174 4,337
Segmental liabilities (7,423) (1,287) (519) (9,229)
Capital expenditure 1,647 - 505 2,152
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800HONYSAXTG6KS11", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "Fxbrl_20261021235954482": { "value": "\n \n \n \n 6. FINANCE INCOME \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Year Ended Year Ended
30 June 2026 30 June 2025
US$\u2019000 US$\u2019000
Interest income 81 38
Foreign exchange gains 167 130
Total 248 168
\n Foreign exchange gains in the current and prior periods mainly relate to gains on translation of funds from US Dollars to Burundian Francs (\u201cBIF\u201d) plus the settlement of liabilities in Burundi denominated in BIF.\n \n \n \n \n 7. FINANCE COSTS \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Year Ended Year Ended
30 June 2026 30 June 2025
US$\u2019000 US$\u2019000
Change in fair value of warrant liability (note 18 and 23) (274) (21)
Interest on bank borrowing (note 18) (26) (37)
Interest on lease liabilities (note 20) (26) (12)
Interest on taxes (14) (9)
Cost of royalty financing - (360)
Foreign exchange losses (15) (12)
Total (355) (451)
\n \n \n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800HONYSAXTG6KS11", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "Fxbrl_20261022000605176": { "value": "\n \n \n 6. FINANCE INCOME \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Year Ended Year Ended
30 June 2026 30 June 2025
US$\u2019000 US$\u2019000
Interest income 81 38
Foreign exchange gains 167 130
Total 248 168
\n Foreign exchange gains in the current and prior periods mainly relate to gains on translation of funds from US Dollars to Burundian Francs (\u201cBIF\u201d) plus the settlement of liabilities in Burundi denominated in BIF.\n \n \n \n \n 7. FINANCE COSTS \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Year Ended Year Ended
30 June 2026 30 June 2025
US$\u2019000 US$\u2019000
Change in fair value of warrant liability (note 18 and 23) (274) (21)
Interest on bank borrowing (note 18) (26) (37)
Interest on lease liabilities (note 20) (26) (12)
Interest on taxes (14) (9)
Cost of royalty financing - (360)
Foreign exchange losses (15) (12)
Total (355) (451)
\n \n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800HONYSAXTG6KS11", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "Fxbrl_20261022000822941": { "value": "\n \n 6. FINANCE INCOME \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Year Ended Year Ended
30 June 2026 30 June 2025
US$\u2019000 US$\u2019000
Interest income 81 38
Foreign exchange gains 167 130
Total 248 168
\n Foreign exchange gains in the current and prior periods mainly relate to gains on translation of funds from US Dollars to Burundian Francs (\u201cBIF\u201d) plus the settlement of liabilities in Burundi denominated in BIF.\n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:213800HONYSAXTG6KS11", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "Fxbrl_20261021235816582": { "value": "\n 6. FINANCE INCOME \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Year Ended Year Ended
30 June 2026 30 June 2025
US$\u2019000 US$\u2019000
Interest income 81 38
Foreign exchange gains 167 130
Total 248 168
\n Foreign exchange gains in the current and prior periods mainly relate to gains on translation of funds from US Dollars to Burundian Francs (\u201cBIF\u201d) plus the settlement of liabilities in Burundi denominated in BIF.\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800HONYSAXTG6KS11", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "Fxbrl_20261021235859677": { "value": "\n \n 7. FINANCE COSTS \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Year Ended Year Ended
30 June 2026 30 June 2025
US$\u2019000 US$\u2019000
Change in fair value of warrant liability (note 18 and 23) (274) (21)
Interest on bank borrowing (note 18) (26) (37)
Interest on lease liabilities (note 20) (26) (12)
Interest on taxes (14) (9)
Cost of royalty financing - (360)
Foreign exchange losses (15) (12)
Total (355) (451)
\n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800HONYSAXTG6KS11", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "Fxbrl_20261022000919959": { "value": "\n 7. FINANCE COSTS \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Year Ended Year Ended
30 June 2026 30 June 2025
US$\u2019000 US$\u2019000
Change in fair value of warrant liability (note 18 and 23) (274) (21)
Interest on bank borrowing (note 18) (26) (37)
Interest on lease liabilities (note 20) (26) (12)
Interest on taxes (14) (9)
Cost of royalty financing - (360)
Foreign exchange losses (15) (12)
Total (355) (451)
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800HONYSAXTG6KS11", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "Fxbrl_20261022001303228": { "value": "\n \n \n 8. REMUNERATION OF KEY MANAGEMENT PERSONNEL Key management personnel are defined as being Executive and Non-Executive Directors and PDMRs, who are set out on pages 38 to 40. Directors\u2019 emoluments are set out on page 50. Total remuneration for key management personnel is summarised as follows: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Year Ended Year Ended
30 June 2026 30 June 2025
US$\u2019000 US$\u2019000
Wages and salaries 1,228 1,122
Bonus - (4)
Pension costs 4 17
Social security costs and similar taxes 68 8
Share-based payments 139 557
Total remuneration of key management personnel 1,439 1,700
\n In addition to salary and benefits, payments to companies associated with key management personnel are set out in note 26.\n \n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800HONYSAXTG6KS11", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "Fxbrl_20261021235052396": { "value": "\n \n \n 9. TOTAL EMPLOYEE REMUNERATION (INCLUDING KEY MANAGEMENT PERSONNEL) \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Year Ended Year Ended
30 June 2026 30 June 2025
US$\u2019000 US$\u2019000
Wages and salaries 2,480 2,053
Bonus - (4)
Pension costs 7 23
Social security costs and similar taxes 90 31
Share-based payments 276 707
Total employee remuneration 2,853 2,810
\n Staff costs include US$517k capitalised within Exploration and Evaluation assets in the Year (2025: US$426k) relating to the Phalaborwa project. \n \n The average number of employees during the period were made up as follows \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Year Ended Year Ended
30 June 2026 30 June 2025
Directors 7 7
Management and administration 50 41
Total 57 48
\n \n \n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800HONYSAXTG6KS11", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "Fxbrl_20261021235147303": { "value": "\n The average number of employees during the period were made up as follows \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Year Ended Year Ended
30 June 2026 30 June 2025
Directors 7 7
Management and administration 50 41
Total 57 48
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800HONYSAXTG6KS11", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "Fxbrl_20261021235303410": { "value": "\n 10. INCOME TAX EXPENSE \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Year Ended Year Ended
30 June 2026 30 June 2025
US$\u2019000 US$\u2019000
Current tax expense - -
Prior year tax adjustment (1) -
Total tax expense for the year (1) -
\n The difference between the current tax expense shown above and the amount calculated by applying the standard rate of corporation tax to the loss before tax is as follows: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Year Ended Year Ended
30 June 2026 30 June 2025
US$\u2019000 US$\u2019000
Loss for the year before tax (7,472) (3,154)
Income tax using the effective tax rate of 25% (FY 2025: 8.3%): (1,868) (263)
Effects of:
Differences in tax rates (20) 2
Other adjustments 293 52
Tax losses carried forwards 1,595 209
Total - -
\n Rainbow Rare Earths Limited is subject to 25% income tax in the United Kingdom. Rainbow International Resources Limited is subject to 0% income tax in Guernsey. Rainbow Rare Earths (Proprietary) Limited is subject to income tax rate in South Africa at 27%. Rainbow Burundi SPRL and Rainbow Mining Burundi SM are subject to corporation tax in Burundi at 30%. \n \n No deferred tax asset has been recognised in respect of the tax losses carried forward as the recoverability of this benefit is dependent on the future profitability of the individual entities within the Group, the timing of which is considered insufficiently certain. The total unrecognised potential deferred tax assets in respect of losses carried forward are: \u2022 Rainbow Rare Earths Limited US$1,293k (30 June 2025: nil) \u2022 Rainbow Rare Earths (Proprietary) Limited US$516k (30 June 2025: US$246k) The above tax losses have no expiry date. \n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800HONYSAXTG6KS11", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "Fxbrl_20261021235405698": { "value": "\n No deferred tax asset has been recognised in respect of the tax losses carried forward as the recoverability of this benefit is dependent on the future profitability of the individual entities within the Group, the timing of which is considered insufficiently certain. The total unrecognised potential deferred tax assets in respect of losses carried forward are: \u2022 Rainbow Rare Earths Limited US$1,293k (30 June 2025: nil) \u2022 Rainbow Rare Earths (Proprietary) Limited US$516k (30 June 2025: US$246k) The above tax losses have no expiry date. \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800HONYSAXTG6KS11", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "Fxbrl_20261022005459859": { "value": "\n 11. LOSS PER SHARE The earnings per share calculations for 30 June 2026 reflect the changes to the number of ordinary shares during the Year. At the start of the Year, 643,688,150 shares were in issue. During the Year, a total of 56,004,105 new shares were allotted (note 22) and on 30 June 2026, 699,692,255 were in issue. The weighted average of shares in issue in the Year was 656,746,766. The loss per share has been calculated using the weighted average number of ordinary shares in issue. The Group was loss making for all periods presented, therefore the dilutive effect of share options has not been accounted for in the calculation of diluted earnings per share, since this would decrease the loss per share for each reporting period. \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Basic and diluted
2026 2025
Loss for the year (US$\u2019000) attributable to ordinary equity holders (7,468) (3,136)
Weighted average number of ordinary shares in issue during the Year 656,746,766 643,034,257
Loss per share (cents) (1.14) (0.49)
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800HONYSAXTG6KS11", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "Fxbrl_20261022005802392": { "value": "\n 12. EXPLORATION AND EVALUATION ASSETS \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Phalaborwa
US$\u2019000
At 1 July 2024 15,716
Additions 1,647
At 30 June 2025 17,363
Additions 939
At 30 June 2026 18,302
\n Costs capitalised relate to the Phalaborwa Project in South Africa. \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfExplorationAndEvaluationAssetsExplanatory", "language": "en", "entity": "scheme:213800HONYSAXTG6KS11", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "Fxbrl_20261022004118969": { "value": "\n \n 13. PROPERTY, PLANT AND EQUIPMENT \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Mine
development Plant and Laboratory Leasehold Office
US$\u2019000 costs machinery equipment Vehicles improvements equipment Total
Cost
At 1 July 2024 183 2,889 - 1,606 - 49 4,727
Additions - - 487 - 16 2 505
At 30 June 2025 183 2,889 487 1,606 16 51 5,232
Additions - - 277 - 7 2 286
Disposals - - - - - (2) (2)
At 30 June 2026 183 2,889 764 1,606 23 51 5,516
Depreciation
At 1 July 2024 183 2,889 - 1,587 - 47 4,706
Charge for year - - 58 5 2 1 66
At 30 June 2025 183 2,889 58 1,592 2 48 4,772
Charge for the year - - 152 5 5 1 163
Disposals - - - - - (2) (2)
At 30 June 2026 183 2,889 210 1,597 7 47 4,933
Net Book Value at 30 June 2026 - - 554 9 16 4 583
Net Book Value at 30 June 2025 - - 429 14 14 3 460
Net Book Value at 30 June 2024 - - - 19 - 2 21
\n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800HONYSAXTG6KS11", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "Fxbrl_20261022004717781": { "value": "\n 13. PROPERTY, PLANT AND EQUIPMENT \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Mine
development Plant and Laboratory Leasehold Office
US$\u2019000 costs machinery equipment Vehicles improvements equipment Total
Cost
At 1 July 2024 183 2,889 - 1,606 - 49 4,727
Additions - - 487 - 16 2 505
At 30 June 2025 183 2,889 487 1,606 16 51 5,232
Additions - - 277 - 7 2 286
Disposals - - - - - (2) (2)
At 30 June 2026 183 2,889 764 1,606 23 51 5,516
Depreciation
At 1 July 2024 183 2,889 - 1,587 - 47 4,706
Charge for year - - 58 5 2 1 66
At 30 June 2025 183 2,889 58 1,592 2 48 4,772
Charge for the year - - 152 5 5 1 163
Disposals - - - - - (2) (2)
At 30 June 2026 183 2,889 210 1,597 7 47 4,933
Net Book Value at 30 June 2026 - - 554 9 16 4 583
Net Book Value at 30 June 2025 - - 429 14 14 3 460
Net Book Value at 30 June 2024 - - - 19 - 2 21
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:213800HONYSAXTG6KS11", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "Fxbrl_20261022000957661": { "value": "\n 14. INVENTORY \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Year Ended 30 June 2026 US$\u2019000 Year Ended 30 June 2025 US$\u2019000
Consumables 1 1
Total inventory 1 1
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:213800HONYSAXTG6KS11", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "Fxbrl_20261022000709868": { "value": "\n \n 15. TRADE AND OTHER RECEIVABLES \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Year Ended 30 June 2026 US$\u2019000 Year Ended 30 June 2025 US$\u2019000
Accounts receivable - 107
VAT recoverable 211 191
Prepayments 89 97
Deposits paid 9 8
Accrued income 23 -
Total trade and other receivables 332 403
\n VAT recoverable relates to the input VAT recoverable in United Kingdom (US$45k, 2025: US$30k), Burundi (US$138k, 2025: US$137k) and South Africa (US$28k, 2025: US$25k). In Burundi, the Group has a BIF686m (US$231k) VAT liability. Whilst there is no legal right to net settlement, it is expected that the liability will only be settled in a negotiated off-set against the recoverable asset. Accordingly, both the asset and liability are recognised at 30 June 2026. \n \n Expected credit losses were assessed at 30 June 2026 considering various potential scenarios, information regarding the counterparty credit risk, the historical payment profiles, and forward-looking factors. On the basis that the primary credit risk relates to the reverse VAT recoverable in Burundi, which is expected to be paid only on resolution of all matters relating to the suspension of activity in Burundi, no expected credit loss provision was considered necessary in the Year (2025: US$nil).\n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800HONYSAXTG6KS11", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "Fxbrl_20261022000916682": { "value": "\n 15. TRADE AND OTHER RECEIVABLES \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Year Ended 30 June 2026 US$\u2019000 Year Ended 30 June 2025 US$\u2019000
Accounts receivable - 107
VAT recoverable 211 191
Prepayments 89 97
Deposits paid 9 8
Accrued income 23 -
Total trade and other receivables 332 403
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800HONYSAXTG6KS11", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "Fxbrl_20261022000756633": { "value": "\n Expected credit losses were assessed at 30 June 2026 considering various potential scenarios, information regarding the counterparty credit risk, the historical payment profiles, and forward-looking factors. On the basis that the primary credit risk relates to the reverse VAT recoverable in Burundi, which is expected to be paid only on resolution of all matters relating to the suspension of activity in Burundi, no expected credit loss provision was considered necessary in the Year (2025: US$nil).\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:213800HONYSAXTG6KS11", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "Fxbrl_20261022000620799": { "value": "\n 16. CASH AND CASH EQUIVALENTS \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Year Ended 30 June 2026 US$\u2019000 Year Ended 30 June 2025 US$\u2019000
Cash at bank and in hand 12,920 3,933
Total cash at bank and in hand 12,920 3,933
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800HONYSAXTG6KS11", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "Fxbrl_20261022000429527": { "value": "\n \n \n 17. TRADE AND OTHER PAYABLES \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Year Ended 30 June 2026 US$\u2019000 Year Ended 30 June 2025 US$\u2019000
Trade payables 51 52
Accrued expenses 476 395
Taxes and social security 373 356
Other payables 10 110
Burundi land taxes and community contributions payable 340 290
Total trade and other payables 1,250 1,203
\n Tax and social security payables include BIF1.01 billion (US$340k) relating to the Burundi operating subsidiary, RMB. This amount primarily results from a tax audit covering 2017 to 2019 which found that reverse VAT and withholding taxes had not been correctly applied on a number of invoices received for services supplied to RMB from international suppliers. Penalties and interest on these amounts are included in the liabilities recognised.\n The Directors consider the carrying value of trade and other payables approximate to their fair value.\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800HONYSAXTG6KS11", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "Fxbrl_20261023115115517": { "value": "\n \n 17. TRADE AND OTHER PAYABLES \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Year Ended 30 June 2026 US$\u2019000 Year Ended 30 June 2025 US$\u2019000
Trade payables 51 52
Accrued expenses 476 395
Taxes and social security 373 356
Other payables 10 110
Burundi land taxes and community contributions payable 340 290
Total trade and other payables 1,250 1,203
\n Tax and social security payables include BIF1.01 billion (US$340k) relating to the Burundi operating subsidiary, RMB. This amount primarily results from a tax audit covering 2017 to 2019 which found that reverse VAT and withholding taxes had not been correctly applied on a number of invoices received for services supplied to RMB from international suppliers. Penalties and interest on these amounts are included in the liabilities recognised.\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:213800HONYSAXTG6KS11", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "Fxbrl_20261022000330503": { "value": "\n 17. TRADE AND OTHER PAYABLES \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Year Ended 30 June 2026 US$\u2019000 Year Ended 30 June 2025 US$\u2019000
Trade payables 51 52
Accrued expenses 476 395
Taxes and social security 373 356
Other payables 10 110
Burundi land taxes and community contributions payable 340 290
Total trade and other payables 1,250 1,203
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800HONYSAXTG6KS11", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "Fxbrl_20261022000213312": { "value": "\n 18. BORROWINGS \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Year Ended 30 June 2026 US$\u2019000 Year Ended 30 June 2025 US$\u2019000
FinBank Loan 85 249
Warrant liability 450 176
Total borrowings 535 425
Borrowings fall due:
Due within one year 535 340
Due between two to five years - 85
535 425
\n The following table analyses the movement in borrowings: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Year ended 30 June 2026 Year ended 30 June 2025
US$\u2019000 US$\u2019000 US$\u2019000 US$\u2019000
Borrowings brought forward 425 437
Cash flows from borrowings
Repayment of borrowings (73) (42)
Interest paid (20) (20)
(93) (62)
Non-cash movement in borrowings
Interest charge on borrowings 26 37
Revaluation of warrant liability 274 21
Foreign exchange gain on BIF loan (97) (8)
203 50
Borrowings carried forward 535 425
\n FinBank Loan The FinBank loan facility in Burundi is expressed in BIF and carries an interest rate of 15%. Under the terms of this loan FinBank has security over the fixed and floating assets of RMB, the shares of RMB, and the cash held in RMB\u2019s FinBank bank accounts. Interest on the loan amounted to US$26k (2025: US$37k). The loan is due to be repaid in full by April 2027. Warrant liability The warrant liability represents 2 million warrants issued to Pipestone Capital Inc., beneficially owned by George Bennett, CEO, with an exercise price of \u00a30.0455 per share, originally issued in February 2020, which are recognised as a financial liability at fair value through profit and loss. The warrants were exercised and shares admitted to trading in August 2026.\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800HONYSAXTG6KS11", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "Fxbrl_20261022000036486": { "value": "\n \n 19. ROYALTY FINANCING LIABILITY \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Year Ended 30 June 2026 US$\u2019000 Year Ended 30 June 2025 US$\u2019000
Proceeds from royalty financing agreement - 8,500
Royalty financing liability brought forward 7,284 -
Change in fair value 3,020 (1,216)
Liability carried forward 10,304 7,284
\n On 1 July 2024 the Company entered into a royalty financing agreement with Ecora Resources plc under which it will make quarterly royalty payments based on future rare earth sales from the Phalaborwa project. The royalty rate is linked to the expected date of commencement of commercial production as follows: \u2022 0.85% if production commences on or before 30 September 2027 \u2022 0.95% if production commences after 30 September 2027 but on or before 30 June 2028 \u2022 1.10% if production commences after 30 June 2028 The royalty financing liability is recognised at fair value through profit and loss calculated as the present value of the expected future royalty payments using a discount rate that reflects current market conditions and the risk profile of the liability. The royalty financing liability was initially recognised on 1 July 2024 at fair value of US$8.5 million, being the proceeds received and representing the present value of expected future royalty payments. The royalty financing liability is categorised as a level 3 fair value measurement in accordance with IFRS 13. The royalty financing liability is a long-term liability due after more than one year to match the expected timing of production from Phalaborwa. In determining the present value of the expected future royalty payments on initial recognition management used the following key inputs: \u2022 Rare earth production forecasts set out in the Phalaborwa PEA published in October 2022, with the timing of first production estimated by management to occur in Q3 2027. \u2022 Rare earth prices forecast by Argus Media Limited in April 2024, which were confirmed as still relevant at the date of initial recognition. \u2022 A discount rate of 19.26%. At 30 June 2025 the royalty financing liability was revalued with updated key inputs as follows: \u2022 An updated rare earth production schedule set out in the Interim Report announced in December 2024, with first production forecast to occur in Q2 2028 based on management\u2019s best estimate of DFS and construction timetables. \u2022 Rare earth prices forecast by Argus Media Limited in April 2025, which were confirmed as still relevant at the balance sheet date. \u2022 A discount rate of 19.30%. As a result of the lower rare earth prices forecast by Argus Media Limited in April 2025, the fair value of the royalty financing liability fell to US$7.3 million at 30 June 2025, representing a change in accounting estimate. At 30 June 2026 the royalty financing liability was revalued with updated key inputs as follows: \u2022 The same rare earth production schedule used at 30 June 2025. First production is forecast to occur in Q2 2029 based on management\u2019s best estimate of DFS and construction timetables, with separation capacity developed alongside the leaching and recovery circuit, which is a change to the assumption used at 30 June 2025. \u2022 Rare earth prices forecast by Argus Media Limited in May 2026, which were confirmed as still relevant at the balance sheet date. \u2022 A discount rate of 18.89% representing - An interest rate of 13.90% based on 20-year US dollar denominated non-investment grade bond yields. - An additional risk premium of 4.99%. As a result of the higher rare earth prices forecast by Argus Media Limited in May 2026, the fair value of the royalty financing liability increased to US$10.3 million at 30 June 2026, representing a change in accounting estimate. The fair value of the royalty financing liability is highly sensitive to changes in the assumptions that underpin the expected future revenue for the royalty and the discount rate used. Sensitivity analysis A sensitivity analysis has been prepared to show the impact of changes in the assumptions on the valuation of the royalty liability. The sensitivity factors considered are as follows: \u2022 Discount rate: A 2% variance has been modelled reflecting a change of ca. 10% to the discount rate at 30 June 2026. \u2022 Rare earth prices: A 10% variance in forecast rare earth pricing has been modelled for sensitivity. \u2022 Timing of production: A one-year delay to initial production has been modelled.\n \n \n \n 19. ROYALTY FINANCING LIABILITY CONTINUED Sensitivity analysis continued The impact of the above sensitivities on the royalty financing liability are set out in the table below: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Sensitivity Adjusted Input Updated Liability Impact US$\u2019000 Change %
Discount Rate 20.89% 9,111 (1,193) -12%
Discount Rate 16.89% 11,729 1,425 14%
Rare earth 10% higher 11,334 1,030 10%
Rare earth 10% lower 9,274 (1,030) -10%
Delay in production 12-month delay 8,645 (1,659) -16%
\n \n ", "dimensions": { "concept": "rbw:DisclosureOfRoyaltyFinancingLiabilityExplanatory", "language": "en", "entity": "scheme:213800HONYSAXTG6KS11", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "Fxbrl_20261023114124104": { "value": "\n 19. ROYALTY FINANCING LIABILITY \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Year Ended 30 June 2026 US$\u2019000 Year Ended 30 June 2025 US$\u2019000
Proceeds from royalty financing agreement - 8,500
Royalty financing liability brought forward 7,284 -
Change in fair value 3,020 (1,216)
Liability carried forward 10,304 7,284
\n On 1 July 2024 the Company entered into a royalty financing agreement with Ecora Resources plc under which it will make quarterly royalty payments based on future rare earth sales from the Phalaborwa project. The royalty rate is linked to the expected date of commencement of commercial production as follows: \u2022 0.85% if production commences on or before 30 September 2027 \u2022 0.95% if production commences after 30 September 2027 but on or before 30 June 2028 \u2022 1.10% if production commences after 30 June 2028 The royalty financing liability is recognised at fair value through profit and loss calculated as the present value of the expected future royalty payments using a discount rate that reflects current market conditions and the risk profile of the liability. The royalty financing liability was initially recognised on 1 July 2024 at fair value of US$8.5 million, being the proceeds received and representing the present value of expected future royalty payments. The royalty financing liability is categorised as a level 3 fair value measurement in accordance with IFRS 13. The royalty financing liability is a long-term liability due after more than one year to match the expected timing of production from Phalaborwa. In determining the present value of the expected future royalty payments on initial recognition management used the following key inputs: \u2022 Rare earth production forecasts set out in the Phalaborwa PEA published in October 2022, with the timing of first production estimated by management to occur in Q3 2027. \u2022 Rare earth prices forecast by Argus Media Limited in April 2024, which were confirmed as still relevant at the date of initial recognition. \u2022 A discount rate of 19.26%. At 30 June 2025 the royalty financing liability was revalued with updated key inputs as follows: \u2022 An updated rare earth production schedule set out in the Interim Report announced in December 2024, with first production forecast to occur in Q2 2028 based on management\u2019s best estimate of DFS and construction timetables. \u2022 Rare earth prices forecast by Argus Media Limited in April 2025, which were confirmed as still relevant at the balance sheet date. \u2022 A discount rate of 19.30%. As a result of the lower rare earth prices forecast by Argus Media Limited in April 2025, the fair value of the royalty financing liability fell to US$7.3 million at 30 June 2025, representing a change in accounting estimate. At 30 June 2026 the royalty financing liability was revalued with updated key inputs as follows: \u2022 The same rare earth production schedule used at 30 June 2025. First production is forecast to occur in Q2 2029 based on management\u2019s best estimate of DFS and construction timetables, with separation capacity developed alongside the leaching and recovery circuit, which is a change to the assumption used at 30 June 2025. \u2022 Rare earth prices forecast by Argus Media Limited in May 2026, which were confirmed as still relevant at the balance sheet date. \u2022 A discount rate of 18.89% representing - An interest rate of 13.90% based on 20-year US dollar denominated non-investment grade bond yields. - An additional risk premium of 4.99%. As a result of the higher rare earth prices forecast by Argus Media Limited in May 2026, the fair value of the royalty financing liability increased to US$10.3 million at 30 June 2026, representing a change in accounting estimate. The fair value of the royalty financing liability is highly sensitive to changes in the assumptions that underpin the expected future revenue for the royalty and the discount rate used. Sensitivity analysis A sensitivity analysis has been prepared to show the impact of changes in the assumptions on the valuation of the royalty liability. The sensitivity factors considered are as follows: \u2022 Discount rate: A 2% variance has been modelled reflecting a change of ca. 10% to the discount rate at 30 June 2026. \u2022 Rare earth prices: A 10% variance in forecast rare earth pricing has been modelled for sensitivity. \u2022 Timing of production: A one-year delay to initial production has been modelled.\n \n 19. ROYALTY FINANCING LIABILITY CONTINUED Sensitivity analysis continued The impact of the above sensitivities on the royalty financing liability are set out in the table below: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Sensitivity Adjusted Input Updated Liability Impact US$\u2019000 Change %
Discount Rate 20.89% 9,111 (1,193) -12%
Discount Rate 16.89% 11,729 1,425 14%
Rare earth 10% higher 11,334 1,030 10%
Rare earth 10% lower 9,274 (1,030) -10%
Delay in production 12-month delay 8,645 (1,659) -16%
\n \n The Pipestone warrants are recognised as a financial liability at fair value through profit and loss with changes in value in the Year included under Finance Costs as set out in note 7. As noted above, the Pipestone warrants are classified as a financial liability and are revalued at each period end using a Black-Scholes model, which is categorised as a level 3 fair value measurement in accordance with IFRS 13. The inputs into the model were: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
At 30 June At 30 June
2026 2025
Share price (GBP pence) 21.50 11.00
Exercise price (GBP pence) 4.55 4.55
Expected volatility 64.50% 39.96%
Risk free rate 3.83% 3.86%
Rate of Exchange 1.33 1.35
Time to exercise (years) 0.08 0.67
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800HONYSAXTG6KS11", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "Fxbrl_20261021235927879": { "value": "\n 20. LEASES \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Year Ended 30 June 2026 US$\u2019000 Year Ended 30 June 2025 US$\u2019000
Lease liabilities fall due:
Within one year 114 89
Between two to five years 230 173
After five years - -
Total 344 262
\n The following table analyses the movement in lease liabilities: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Year ended 30 June 2026 Year ended 30 June 2025
US$\u2019000 US$\u2019000 US$\u2019000 US$\u2019000
Lease liabilities brought forward 262 92
Cash flows from leases
Payment of lease liabilities (95) (70)
Interest paid (26) (10)
(121) (80)
Non-cash movement in leases
Recognition of lease liabilities 204 248
Interest charge on leases 26 10
Revaluation on termination (27) (8)
203 250
Lease liabilities carried forward 344 262
\n Right of use assets \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Land and buildings
US$\u2019000
Balance as at 1 July 2024 84
Right of use asset recognised in the year 248
Amendments to expected life (8)
Depreciation in year (73)
Balance as at 30 June 2025 251
Right of use asset recognised in the year 48
Amendments to expected life 115
Depreciation in year (103)
Changes in exchange rates 11
Balance as at 30 June 2026 322
\n Lease liabilities relate to properties let under renewable contracts with the related right of use asset and lease liability determined based on the Group\u2019s long-term intention to continue to utilise the relevant property. During 2026 the Group leased an additional area at the laboratory facility in Johannesburg from October 2025, expected to be used for 49 months in line with the intended term of the primary laboratory lease. The expected lease term for the Mutambu camp in Burundi was extended in September 2025 with an assumption that the facility will be used until April 2027. During the prior year the Group established a UK representative office in London from 1 March 2025, expected to be used for three years, and a laboratory facility in Johannesburg from November 2024, expected to be used for five years. There are no other lease commitments.\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800HONYSAXTG6KS11", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "Fxbrl_20261021235833189": { "value": "\n 21. PROVISIONS \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Rehabilitation provision
US$\u2019000
At 1 July 2024 55
Discount -
At 30 June 2025 55
Discount -
At 30 June 2026 55
\n The rehabilitation provision relates to the anticipated cost of restoring the operating sites at the Gakara project in Burundi, discounted to reflect management\u2019s best estimates of the timing of future estimated cash flows. During the Year the impact of inflation, the revaluation of the BIF and the expected timing of rehabilitation activities resulted in no change to the recognised liability. No provision was recorded for the Group\u2019s Phalaborwa project as on-site activities have not yet commenced and there is no legal obligation for restoration by the Group with historical environmental liabilities associated with the site contractually remaining with the previous owners.\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:213800HONYSAXTG6KS11", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "Fxbrl_20261021233235108": { "value": "\n \n 22. SHARE CAPITAL \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Year Ended 30 June 2026 US$\u2019000 Year Ended 30 June 2025 US$\u2019000
Share Capital 72,137 58,150
Issued Share Capital 72,137 58,150
\n The table below shows a reconciliation of share capital movements: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Number of shares US$\u2019000
At 30 June 2024 630,316,656 56,362
July 2024 - Share placing (cash receipts) 10,442,427 1,500
September 2024 \u2013 Share settled management bonus 2,929,067 341
Costs associated with share issues - (53)
At 30 June 2025 643,688,150 58,150
July 2025 \u2013 Issued on vesting of Restricted Share Units 583,332 -
April 2026 - Share placing (cash receipts) 55,420,773 14,681
Costs associated with share issues - (694)
At 30 June 2026 699,692,255 72,137
\n During the year: \u2022 On 7 July 2025 583,332 shares were issued in respect of restricted share units which vested on 30 June 2025. \u2022 On 9 April 2026 55,420,773 shares were issued at a price of 20 pence per share, raising US$14.7 million (before costs of US$694k). During the prior year: \u2022 On 1 July 2024 10,442,427 shares were issued at a price of 11.3652 pence per share, raising US$1.5 million (before costs of US$32k). \u2022 On 6 September 2024, the following shares were issued to settle the management bonus for the year ended 30 June 2023: - 1,697,852 shares were issued to George Bennett at a price of 10 pence per share. - 897,883 shares were issued to Pete Gardner at a price of 10 pence per share. Costs relating to this share issue were US$21k.\n \n \n 24. RESERVES \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Reserve Purpose
Share capital Value of shares issued less costs of issuance
Share-based payment reserve Fair value of share options issued
Accumulated losses Cumulative net losses recognised in the statement of comprehensive income
Non-controlling interest Amounts attributable to the 10% interest the State of Burundi has in RMB and 3% interest Gilbert Midende has in Rainbow Burundi SPRL.
\n Details in the movements of these reserves are set out in the Statement of Changes in Equity.\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800HONYSAXTG6KS11", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "Fxbrl_20261022040639209": { "value": "\n 22. SHARE CAPITAL \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Year Ended 30 June 2026 US$\u2019000 Year Ended 30 June 2025 US$\u2019000
Share Capital 72,137 58,150
Issued Share Capital 72,137 58,150
\n The table below shows a reconciliation of share capital movements: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Number of shares US$\u2019000
At 30 June 2024 630,316,656 56,362
July 2024 - Share placing (cash receipts) 10,442,427 1,500
September 2024 \u2013 Share settled management bonus 2,929,067 341
Costs associated with share issues - (53)
At 30 June 2025 643,688,150 58,150
July 2025 \u2013 Issued on vesting of Restricted Share Units 583,332 -
April 2026 - Share placing (cash receipts) 55,420,773 14,681
Costs associated with share issues - (694)
At 30 June 2026 699,692,255 72,137
\n During the year: \u2022 On 7 July 2025 583,332 shares were issued in respect of restricted share units which vested on 30 June 2025. \u2022 On 9 April 2026 55,420,773 shares were issued at a price of 20 pence per share, raising US$14.7 million (before costs of US$694k). During the prior year: \u2022 On 1 July 2024 10,442,427 shares were issued at a price of 11.3652 pence per share, raising US$1.5 million (before costs of US$32k). \u2022 On 6 September 2024, the following shares were issued to settle the management bonus for the year ended 30 June 2023: - 1,697,852 shares were issued to George Bennett at a price of 10 pence per share. - 897,883 shares were issued to Pete Gardner at a price of 10 pence per share. Costs relating to this share issue were US$21k.\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800HONYSAXTG6KS11", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "Fxbrl_20261021233445680": { "value": "\n 23. SHARE OPTIONS AND WARRANTS Employee share options The total share-based payment charge for the Year was US$276k (2025: US$707k). At 30 June 2026, the following employee share options were exercisable and outstanding: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
30 June 2026 30 June 2025
Number Average weighted exercise price (pence) Number Average weighted exercise price (pence)
Share option plan
Outstanding as at 1 July 8,052,000 14.09 10,596,700 13.30
Lapsed in the year - - (2,544,700) 10.80
Outstanding as at 30 June 8,052,000 14.09 8,052,000 14.09
Exercisable as at 30 June 8,052,000 14.09 8,052,000 14.09
Long-Term Incentive Plan
Outstanding as at 1 July 12,641,668 - 6,800,000 -
Lapsed in the year - - (75,000)
Exercised during the year (583,332) - (333,332) -
Cancelled during the year (25,000) - - -
Granted in the year - - 6,250,000 -
Outstanding as at 30 June 12,033,336 - 12,641,668 -
Exercisable as at 30 June 9,999,997 - 7,008,324 -
\n During the Year: \u2022 On 7 July 2025, 583,332 shares were issued in respect of restricted share units which vested on 30 June 2025. \u2022 On 31 March 2026, 25,000 previously awarded share options were cancelled prior to vesting. During the prior year: \u2022 On 3 September 2024, 6,250,000 nil priced share options / restricted share units were granted. \u2022 On 6 September 2024, 333,332 shares were issued in respect of restricted share units which vested. \u2022 On 18 January 2025, 350,000 options with an exercise price of 10p per share, 500,000 options with an exercise price of 15p per share, and 500,000 options with an exercise price of 12p per share expired. \u2022 On 31 March 2025, 75,000 nil priced share options lapsed prior to vesting. \u2022 On 31 March 2025, 944,700 options with an exercise price of 10p per share, and 250,000 options with an exercise price of 18p per share expired. The options and restricted share units outstanding at 30 June 2026 across both the share option plan and Long-Term Incentive Plan had a weighted average remaining contractual life of 5.4 years (2025: 6.2 years).\n \n 23. SHARE OPTIONS AND WARRANTS CONTINUED Warrants \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Number Exercise price
Outstanding and exercisable at 30 June 2025 and 2026 2,000,000 \u00a30.0455
\n Weighted average exercise price calculated for US$ based warrants on US$:GBP exchange rate ruling on 30 June 2020. On 21 February 2020, 2,000,000 warrants were issued to Pipestone Capital Inc (\u201cPipestone\u201d), in which George Bennett, the Company\u2019s CEO, has a beneficial interest. The warrants were issued in lieu of interest on a US$1 million bridging loan provided to the Company. The warrants initially had a contractual life of four years at an exercise price of 4.55 pence per warrant. During the prior year the expiry date was extended to 20 July 2026. The warrants were exercised prior to expiry and the shares were issued and admitted to trading in August 2026. \n \n The Pipestone warrants are recognised as a financial liability at fair value through profit and loss with changes in value in the Year included under Finance Costs as set out in note 7. As noted above, the Pipestone warrants are classified as a financial liability and are revalued at each period end using a Black-Scholes model, which is categorised as a level 3 fair value measurement in accordance with IFRS 13. The inputs into the model were: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
At 30 June At 30 June
2026 2025
Share price (GBP pence) 21.50 11.00
Exercise price (GBP pence) 4.55 4.55
Expected volatility 64.50% 39.96%
Risk free rate 3.83% 3.86%
Rate of Exchange 1.33 1.35
Time to exercise (years) 0.08 0.67
\n Expected volatility was determined by reference to the annual volatility of the Company\u2019s closing mid-market share price on the London Stock Exchange. The expected life used in the model has been on management\u2019s best estimate for the effects of exercise restrictions and behaviour. \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800HONYSAXTG6KS11", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "Fxbrl_20261021233349768": { "value": "\n \n 24. RESERVES \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Reserve Purpose
Share capital Value of shares issued less costs of issuance
Share-based payment reserve Fair value of share options issued
Accumulated losses Cumulative net losses recognised in the statement of comprehensive income
Non-controlling interest Amounts attributable to the 10% interest the State of Burundi has in RMB and 3% interest Gilbert Midende has in Rainbow Burundi SPRL.
\n Details in the movements of these reserves are set out in the Statement of Changes in Equity.\n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800HONYSAXTG6KS11", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "Fxbrl_20261021233101932": { "value": "\n 25. NON-CONTROLLING INTEREST The Group has subsidiaries with non-controlling interests (\u201cNCI\u201d) as follows: \u2022 The State of Burundi has a non-dilutable 10% interest in RMB \u2022 Gilbert Midende has a 3% interest in Rainbow Burundi SPRL Summarised financial information in relation to these subsidiaries, before intra-group eliminations, is presented below together with the attributable NCI. \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Name of subsidiary Rainbow Burundi SPRL Rainbow Mining Burundi SM
Country Burundi Burundi Total Group
Effective non-controlling interest 3% 10%
\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
30 June 2026 30 June 2025 30 June 2026 30 June 2025 30 June 2026 30 June 2025
US$\u2019000 US$\u2019000 US$\u2019000 US$\u2019000 US$\u2019000 US$\u2019000
Income statement
Administrative expenses - - (155) (159) (155) (159)
Impairment - - - - - -
Depreciation - - (5) (15) (5) (15)
Net finance income / (costs) - - 111 (5) 111 (5)
Tax - - - - - -
Income / (loss) and total comprehensive income / (loss) for period - - (49) (179) (49) (179)
Total comprehensive income / (loss) attributed to NCI - - (5) (18) (5) (18)
Dividends paid to NCI - - - - - -
Cash flows
Cash flow from operating activities - - 35 (58) 35 (58)
Cash flow from investing activities - - - - - -
Cash flow from financing activities - - (189) (70) (189) (70)
Net cash flows - - (154) (128) (154) (128)
Balance Sheet
Non-current assets - - 5 1 5 1
Current assets - - 145 158 145 158
Non-current liabilities - - (55) (150) (55) (150)
Current liabilities - - (763) (767) (763) (767)
Intra-group loans - - (576) (438) (576) (438)
Net liabilities - - (1,244) (1,196) (1,244) (1,196)
Accumulated non-controlling interest - - (125) (120) (125) (120)
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:213800HONYSAXTG6KS11", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "Fxbrl_20261021233008038": { "value": "\n 26. RELATED PARTY TRANSACTIONS \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Year to 30 June 2026 Year to 30 June 2025
Charged in year US$\u2019000 Settled in year US$\u2019000 Balance as at 30 June 2026 US$\u2019000 Charged in year US$\u2019000 Settled in year US$\u2019000 Balance as at 30 June 2025 US$\u2019000
MPD Consulting Limited 1 - - - 10 (10) -
Hague House Management Limited 2 29 (29) - 16 (16) -
Kinsella Consulting Limited 3 4 (4) - 5 (5) -
Total 33 (33) - 31 (31) -
\n Notes 1. MPD Consulting Limited, in which Pete Gardner, the Company\u2019s CFO, has a beneficial interest, recharged certain costs relating to third party UK administrative costs incurred on behalf of the Group in 2025. No transactions occurred in 2026. 2. George Bennett, the Company\u2019s CEO, has been reimbursed via expenses for costs incurred from Hague House Management Limited, a company in which he has a beneficial interest, related to accommodation incurred on business travel to the UK. Hague House Management Limited owns a number of properties across London which are available for short term business rental via a number of commercially available booking platforms including Airbnb. The Board has reviewed the underlying transactions and is satisfied that they have been concluded on a third-party arm\u2019s- length basis at or below market rates for such accommodation. All payments have been made in line with the Board approved expense policy. 3. Kinsella Consulting Limited, in which Adonis Pouroulis, the non-executive Chairman of the Board of Directors, has a beneficial interest, has recharged travel cost incurred on behalf of the Group. As set out in notes 18 and 23, the term of the warrants issued to Pipestone Capital, in which George Bennett, the Company\u2019s CEO, has a beneficial interest, was extended in the year ended 30 June 2025 leading to a revaluation of the warrant liability, which is recognised at fair value through profit and loss. The warrants were exercised prior to expiry and the shares were issued and admitted to trading in August 2026. Related party transactions were made on terms equivalent to those that prevail in arm\u2019s-length transactions. \n \n 31. ULTIMATE CONTROLLING PARTY The Company does not have a single controlling party.\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800HONYSAXTG6KS11", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "Fxbrl_20261021232822116": { "value": "\n \n 27. INVESTMENT IN SUBSIDIARIES The shareholdings in the Group\u2019s subsidiaries for each year are set out below: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
% Share Capital Held
Name of Company Principal Activity Country of Incorporation 2026 2025
Rainbow International Resources Limited Rare earth exploration Guernsey 100% 100%
Rainbow Burundi SPRL Rare earth exploration Republic of Burundi 97% 97%
Rainbow Mining Burundi SM Rare earth mining Republic of Burundi 90% 90%
Rainbow Rare Earths Zimbabwe (Private) Limited Rare earth exploration Zimbabwe 100% 100%
Rainbow Rare Earths (Proprietary) Limited Group support services South Africa 100% 100%
Phalaborwa Holding Company (Pty) Ltd Holding company South Africa 100% 100%
Rare Earths Processing Company (Pty) Ltd Rare earth processing South Africa 85% 85%
\n a. Rainbow International Resources Limited is 100% owned by Rainbow Rare Earths Limited. b. Rainbow Burundi SPRL is in the process of being deregistered. c. Gilbert Midende holds a 3% interest in Rainbow Burundi SPRL. d. Rainbow Rare Earths Zimbabwe (Private) Limited is dormant and not trading and in the process of being deregistered. e. Rainbow Rare Earths (Proprietary) Ltd is 100% owned by Rainbow Rare Earths Limited. f. Phalaborwa Holding Company (Pty) Ltd is 100% owned by Rainbow Rare Earths Limited. g. Rare Earths Processing Company (Pty) Ltd is 85% owned by Rainbow Rare Earths Limited. h. Bosveld Phosphates (Pty) Ltd has a 15% interest in Rare Earths Processing Company (Pty) Ltd i. The Government of Burundi holds a 10% interest in Rainbow Mining Burundi SM\n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:213800HONYSAXTG6KS11", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "Fxbrl_20261022041022055": { "value": "\n 27. INVESTMENT IN SUBSIDIARIES The shareholdings in the Group\u2019s subsidiaries for each year are set out below: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
% Share Capital Held
Name of Company Principal Activity Country of Incorporation 2026 2025
Rainbow International Resources Limited Rare earth exploration Guernsey 100% 100%
Rainbow Burundi SPRL Rare earth exploration Republic of Burundi 97% 97%
Rainbow Mining Burundi SM Rare earth mining Republic of Burundi 90% 90%
Rainbow Rare Earths Zimbabwe (Private) Limited Rare earth exploration Zimbabwe 100% 100%
Rainbow Rare Earths (Proprietary) Limited Group support services South Africa 100% 100%
Phalaborwa Holding Company (Pty) Ltd Holding company South Africa 100% 100%
Rare Earths Processing Company (Pty) Ltd Rare earth processing South Africa 85% 85%
\n a. Rainbow International Resources Limited is 100% owned by Rainbow Rare Earths Limited. b. Rainbow Burundi SPRL is in the process of being deregistered. c. Gilbert Midende holds a 3% interest in Rainbow Burundi SPRL. d. Rainbow Rare Earths Zimbabwe (Private) Limited is dormant and not trading and in the process of being deregistered. e. Rainbow Rare Earths (Proprietary) Ltd is 100% owned by Rainbow Rare Earths Limited. f. Phalaborwa Holding Company (Pty) Ltd is 100% owned by Rainbow Rare Earths Limited. g. Rare Earths Processing Company (Pty) Ltd is 85% owned by Rainbow Rare Earths Limited. h. Bosveld Phosphates (Pty) Ltd has a 15% interest in Rare Earths Processing Company (Pty) Ltd i. The Government of Burundi holds a 10% interest in Rainbow Mining Burundi SM\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800HONYSAXTG6KS11", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "Fxbrl_20261021232542945": { "value": "\n \n \n 28. COMMITMENTS AND CONTINGENCIES The Group has a number of contracts that could give rise to future expenditure commitments: \u2022 Under the terms of a consultancy agreement, if an agreement is signed with the Mosaic Company that gives the Group a legal interest in the phosphogypsum stacks at the Uberaba project and contains the terms upon which a project will be developed to extract the rare earths therefrom, a fee of US$300,000 would be payable in four equal annual instalments. There is no obligation to make any payments at 30 June 2026 and no liability has been recognised. \u2022 Under the terms of the Bosveld co-development agreement, Rainbow has the right to acquire Bosveld\u2019s remaining 15% stake in the Phalaborwa project via the issue of 38,873,663 shares at any time up to 30 June 2027. There were no capital commitments at 30 June 2026 (30 June 2025: nil). Under the terms of the Gakara Mining Convention there are no minimum expenditure commitments in respect of exploration and evaluation activities.\n \n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800HONYSAXTG6KS11", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "Fxbrl_20261022041120623": { "value": "\n \n 28. COMMITMENTS AND CONTINGENCIES The Group has a number of contracts that could give rise to future expenditure commitments: \u2022 Under the terms of a consultancy agreement, if an agreement is signed with the Mosaic Company that gives the Group a legal interest in the phosphogypsum stacks at the Uberaba project and contains the terms upon which a project will be developed to extract the rare earths therefrom, a fee of US$300,000 would be payable in four equal annual instalments. There is no obligation to make any payments at 30 June 2026 and no liability has been recognised. \u2022 Under the terms of the Bosveld co-development agreement, Rainbow has the right to acquire Bosveld\u2019s remaining 15% stake in the Phalaborwa project via the issue of 38,873,663 shares at any time up to 30 June 2027. There were no capital commitments at 30 June 2026 (30 June 2025: nil). Under the terms of the Gakara Mining Convention there are no minimum expenditure commitments in respect of exploration and evaluation activities.\n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800HONYSAXTG6KS11", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "Fxbrl_20261022041235584": { "value": "\n 28. COMMITMENTS AND CONTINGENCIES The Group has a number of contracts that could give rise to future expenditure commitments: \u2022 Under the terms of a consultancy agreement, if an agreement is signed with the Mosaic Company that gives the Group a legal interest in the phosphogypsum stacks at the Uberaba project and contains the terms upon which a project will be developed to extract the rare earths therefrom, a fee of US$300,000 would be payable in four equal annual instalments. There is no obligation to make any payments at 30 June 2026 and no liability has been recognised. \u2022 Under the terms of the Bosveld co-development agreement, Rainbow has the right to acquire Bosveld\u2019s remaining 15% stake in the Phalaborwa project via the issue of 38,873,663 shares at any time up to 30 June 2027. There were no capital commitments at 30 June 2026 (30 June 2025: nil). Under the terms of the Gakara Mining Convention there are no minimum expenditure commitments in respect of exploration and evaluation activities.\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800HONYSAXTG6KS11", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "Fxbrl_20261021232420950": { "value": "\n 29. POST BALANCE SHEET EVENTS On 7 August 2026, the Company announced the issue of 2,683,334 ordinary shares pursuant to the exercise of options and warrants and the issue of shares under the Company\u2019s Restricted Share Units (\u201cRSU\u201d) scheme. The shares comprise: \u2022 2,000,000 ordinary shares issued to Pipestone Capital Inc., in which the Company\u2019s Chief Executive Officer, George Bennett, has a beneficial interest, following the exercise of warrants at an exercise price of \u00a30.0455 per share; \u2022 166,667 ordinary shares issued to Atul Bali, a non-executive Director, under the Company\u2019s RSU scheme for nil consideration; \u2022 166,667 ordinary shares issued to J Peter Pham, a non-executive Director, under the Company\u2019s RSU scheme for nil consideration; \u2022 250,000 ordinary shares issued to Shawn McCormick, a non-executive Director, under the Company\u2019s RSU scheme for nil consideration; and \u2022 100,000 ordinary shares issued pursuant to the exercise of other employee share options for nil consideration. On 10 September 2026 the Company granted 15,206,892 restricted share units / nil priced share options including 11,706,892 allocated to Directors and Key Management Personnel. Of these: \u2022 9,083,183 vest on 30 June 2027. \u2022 4,474,352 vest on 30 June 2028. \u2022 1,649,357 vest on 30 June 2029. The total fair value of the restricted share units / nil priced options is US$4.8 million which will be recognised over the vesting period. These transactions represent non-adjusting events after the reporting period and, accordingly, no adjustment has been made to the amounts recognised in these financial statements.\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800HONYSAXTG6KS11", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "Fxbrl_20261021232030200": { "value": "\n \n 30. FINANCIAL RISK MANAGEMENT The Group\u2019s financial liabilities at each period end consist of borrowings (including the royalty financing liability), leases, unsecured loans and trade and other payables (including accrued expenses). The warrants issued in lieu of interest for the Pipestone Loan and the royalty financing liability are measured at fair value through profit or loss. All other liabilities are measured at amortised cost. These are detailed in notes 17, 18, 19 and 20. The Group has various financial assets, being trade and other receivables and cash, which arise directly from its operations. To the extent that these represent financial assets they are classified as assets held at amortised cost. These are detailed in notes 15 and 16. The fair values of the Group\u2019s cash, trade and other receivables, borrowings, unsecured loans, leases, trade and other payables and financial liabilities at fair value through profit and loss are considered to approximate book value. The risks arising from the Group\u2019s financial instruments are credit risk, liquidity risk and market risk (including interest risk and currency risk). The risk management policies employed by the Group to manage these risks are discussed below. \n \n Credit risk Credit risk refers to the risk that the Group\u2019s financial assets will be impaired by the default of a third party. The Group is exposed to credit risk on its cash and cash equivalents as set out in note 16. Credit risk is managed by ensuring that surplus funds are held in the UK with well-established financial institutions of high-quality credit standing. At 30 June 2026, 95% of funds were held with a UK bank with a long-term A- credit rating (2025: 83%).\n \n \n Market risk Market risk arises from the Group\u2019s use of interest bearing, tradable and foreign currency financial instruments. It is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in interest rates (interest rate risk), foreign exchange rates (currency risk) or other market factors (other price risk). In addition, the royalty financing liability incorporates market risk for future rare earth prices, which will define the level of payments required under the royalty agreement. Currency risk Currency risk refers to the risk that fluctuations in foreign currencies cause losses to the Group. The Group is exposed to foreign exchange risk arising from various currency exposures primarily with respect to Sterling, the Burundian Franc, and South African Rand. Management monitors the exchange rate fluctuations on a continuous basis and acts accordingly. The financial assets and liabilities that include significant foreign currency denominated balances are shown below. Foreign exchange risk is managed by matching the currency profile of cash holdings to expected future cash outflows. Minimal cash is held in Burundian Francs. The table below shows the currency profiles of cash and cash equivalents: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Year Ended 30 June 2026 Year Ended 30 June 2025
Cash and cash equivalents US$\u2019000 US$\u2019000
US Dollars 8,069 3,039
GB Pounds 4,178 207
SA Rands 669 669
Burundi Francs 4 18
Total 12,920 3,933
\n \n \n \n 30. FINANCIAL RISK MANAGEMENT CONTINUED \n \n The table below shows an analysis of the currency of the monetary liabilities in the functional currency of the Group (US dollars): \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Year Ended 30 June 2026 US$\u2019000 Year Ended 30 June 2025 US$\u2019000
US Dollars 357 988
GB Pounds 376 332
Burundi Francs 423 600
South African Rand 453 303
European Euros 69 -
Total 1,678 2,223
\n A 10% strengthening in the relevant exchange rates against the US Dollar would result in a decrease in the Group\u2019s profit or loss and equity of approximately US$114k. A 10% weakening in the relevant exchange rates against the US Dollar would result in an increase in profit or loss and equity of approximately US$139k. Interest rate risk Interest rate risk refers to the risk that fluctuations in interest rates cause losses to the Group. The Group\u2019s borrowings bear fixed rates of interest. The Group has no exposure to interest rate risk except on cash and cash equivalents which carry variable interest rates. The Group has no material sensitivity to reasonable changes in variable interest rates. The Group monitors the variable interest risk accordingly. \n \n \n Liquidity risk Liquidity risk refers to the risk that the Group has insufficient cash resources to meet working capital requirements. The Group manages its liquidity requirements by using both short and long-term cash flow projections. The following table sets out the contractual maturities (representing undiscounted contractual cash flows) of financial liabilities: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
As at 30 June 2026 As at 30 June 2025
Due within 1 years US$\u2019000 Due in 1 to 2 years US$\u2019000 Due in 2 to 5 years US$\u2019000 Due in 5 to 10 years US$\u2019000 Due within 1 years US$\u2019000 Due in 1 to 2 years US$\u2019000 Due in 2 to 5 years US$\u2019000 Due in 5 to 10 years US$\u2019000
Trade and other payables 1,250 - - - 1,203 - - -
Loans and borrowings 85 - - - 163 85 - -
Royalty financing liability - - 6,482 43,003 - - 4,058 37,357
Lease liabilities 131 120 125 - 102 76 112 -
Total 1,466 120 6,607 43,003 1,468 161 4,170 37,357
\n Ultimate responsibility for liquidity risk management rests with the Directors, who have built an appropriate liquidity risk management framework for the management of the Group\u2019s short, medium, and long-term funding and liquidity management requirements. The Group closely monitors and manages its liquidity risk. For further details on the Group\u2019s liquidity position, please refer to the going concern paragraph in note 2 of these accounts.\n \n \n Capital management In managing capital, the Group\u2019s primary objective is to maintain a sufficient funding base, through debt and equity, to enable the Group to meet its working capital and strategic investment needs. This includes ensuring sufficient funds are available to service the Group\u2019s borrowings as they fall due. No funds are held in restricted or designated accounts for future debt servicing requirements. In making decisions to adjust its capital structure to achieve these aims the Group considers not only its short-term position but also its long-term operational and strategic objectives. The Group\u2019s primary capital management measure is net debt (borrowings including the royalty financing liability, net of cash) to total equity, measured as follows: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Net debt / (cash) to equity 30 June 2026 US$\u2019000 30 June 2025 US$\u2019000
Loans (note 18) 535 425
Royalty financing liability (note 19) 10,304 7,284
Less: Cash and cash equivalents (12,920) (3,933)
Net debt / (cash) (2,081) 3,776
Total equity 19,972 13,182
Ratio (10.42%) 28.65%
\n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800HONYSAXTG6KS11", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "Fxbrl_20261021232222806": { "value": "\n 30. FINANCIAL RISK MANAGEMENT The Group\u2019s financial liabilities at each period end consist of borrowings (including the royalty financing liability), leases, unsecured loans and trade and other payables (including accrued expenses). The warrants issued in lieu of interest for the Pipestone Loan and the royalty financing liability are measured at fair value through profit or loss. All other liabilities are measured at amortised cost. These are detailed in notes 17, 18, 19 and 20. The Group has various financial assets, being trade and other receivables and cash, which arise directly from its operations. To the extent that these represent financial assets they are classified as assets held at amortised cost. These are detailed in notes 15 and 16. The fair values of the Group\u2019s cash, trade and other receivables, borrowings, unsecured loans, leases, trade and other payables and financial liabilities at fair value through profit and loss are considered to approximate book value. The risks arising from the Group\u2019s financial instruments are credit risk, liquidity risk and market risk (including interest risk and currency risk). The risk management policies employed by the Group to manage these risks are discussed below. \n \n Credit risk Credit risk refers to the risk that the Group\u2019s financial assets will be impaired by the default of a third party. The Group is exposed to credit risk on its cash and cash equivalents as set out in note 16. Credit risk is managed by ensuring that surplus funds are held in the UK with well-established financial institutions of high-quality credit standing. At 30 June 2026, 95% of funds were held with a UK bank with a long-term A- credit rating (2025: 83%).\n \n \n Market risk Market risk arises from the Group\u2019s use of interest bearing, tradable and foreign currency financial instruments. It is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in interest rates (interest rate risk), foreign exchange rates (currency risk) or other market factors (other price risk). In addition, the royalty financing liability incorporates market risk for future rare earth prices, which will define the level of payments required under the royalty agreement. Currency risk Currency risk refers to the risk that fluctuations in foreign currencies cause losses to the Group. The Group is exposed to foreign exchange risk arising from various currency exposures primarily with respect to Sterling, the Burundian Franc, and South African Rand. Management monitors the exchange rate fluctuations on a continuous basis and acts accordingly. The financial assets and liabilities that include significant foreign currency denominated balances are shown below. Foreign exchange risk is managed by matching the currency profile of cash holdings to expected future cash outflows. Minimal cash is held in Burundian Francs. The table below shows the currency profiles of cash and cash equivalents: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Year Ended 30 June 2026 Year Ended 30 June 2025
Cash and cash equivalents US$\u2019000 US$\u2019000
US Dollars 8,069 3,039
GB Pounds 4,178 207
SA Rands 669 669
Burundi Francs 4 18
Total 12,920 3,933
\n \n \n \n 30. FINANCIAL RISK MANAGEMENT CONTINUED \n \n The table below shows an analysis of the currency of the monetary liabilities in the functional currency of the Group (US dollars): \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Year Ended 30 June 2026 US$\u2019000 Year Ended 30 June 2025 US$\u2019000
US Dollars 357 988
GB Pounds 376 332
Burundi Francs 423 600
South African Rand 453 303
European Euros 69 -
Total 1,678 2,223
\n A 10% strengthening in the relevant exchange rates against the US Dollar would result in a decrease in the Group\u2019s profit or loss and equity of approximately US$114k. A 10% weakening in the relevant exchange rates against the US Dollar would result in an increase in profit or loss and equity of approximately US$139k. Interest rate risk Interest rate risk refers to the risk that fluctuations in interest rates cause losses to the Group. The Group\u2019s borrowings bear fixed rates of interest. The Group has no exposure to interest rate risk except on cash and cash equivalents which carry variable interest rates. The Group has no material sensitivity to reasonable changes in variable interest rates. The Group monitors the variable interest risk accordingly. \n \n \n Liquidity risk Liquidity risk refers to the risk that the Group has insufficient cash resources to meet working capital requirements. The Group manages its liquidity requirements by using both short and long-term cash flow projections. The following table sets out the contractual maturities (representing undiscounted contractual cash flows) of financial liabilities: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
As at 30 June 2026 As at 30 June 2025
Due within 1 years US$\u2019000 Due in 1 to 2 years US$\u2019000 Due in 2 to 5 years US$\u2019000 Due in 5 to 10 years US$\u2019000 Due within 1 years US$\u2019000 Due in 1 to 2 years US$\u2019000 Due in 2 to 5 years US$\u2019000 Due in 5 to 10 years US$\u2019000
Trade and other payables 1,250 - - - 1,203 - - -
Loans and borrowings 85 - - - 163 85 - -
Royalty financing liability - - 6,482 43,003 - - 4,058 37,357
Lease liabilities 131 120 125 - 102 76 112 -
Total 1,466 120 6,607 43,003 1,468 161 4,170 37,357
\n Ultimate responsibility for liquidity risk management rests with the Directors, who have built an appropriate liquidity risk management framework for the management of the Group\u2019s short, medium, and long-term funding and liquidity management requirements. The Group closely monitors and manages its liquidity risk. For further details on the Group\u2019s liquidity position, please refer to the going concern paragraph in note 2 of these accounts.\n \n \n Capital management In managing capital, the Group\u2019s primary objective is to maintain a sufficient funding base, through debt and equity, to enable the Group to meet its working capital and strategic investment needs. This includes ensuring sufficient funds are available to service the Group\u2019s borrowings as they fall due. No funds are held in restricted or designated accounts for future debt servicing requirements. In making decisions to adjust its capital structure to achieve these aims the Group considers not only its short-term position but also its long-term operational and strategic objectives. The Group\u2019s primary capital management measure is net debt (borrowings including the royalty financing liability, net of cash) to total equity, measured as follows: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Net debt / (cash) to equity 30 June 2026 US$\u2019000 30 June 2025 US$\u2019000
Loans (note 18) 535 425
Royalty financing liability (note 19) 10,304 7,284
Less: Cash and cash equivalents (12,920) (3,933)
Net debt / (cash) (2,081) 3,776
Total equity 19,972 13,182
Ratio (10.42%) 28.65%
\n \n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800HONYSAXTG6KS11", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "Fxbrl_20261021231921215": { "value": "\n Credit risk Credit risk refers to the risk that the Group\u2019s financial assets will be impaired by the default of a third party. The Group is exposed to credit risk on its cash and cash equivalents as set out in note 16. Credit risk is managed by ensuring that surplus funds are held in the UK with well-established financial institutions of high-quality credit standing. At 30 June 2026, 95% of funds were held with a UK bank with a long-term A- credit rating (2025: 83%).\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800HONYSAXTG6KS11", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "Fxbrl_20261021231752070": { "value": "\n Market risk Market risk arises from the Group\u2019s use of interest bearing, tradable and foreign currency financial instruments. It is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in interest rates (interest rate risk), foreign exchange rates (currency risk) or other market factors (other price risk). In addition, the royalty financing liability incorporates market risk for future rare earth prices, which will define the level of payments required under the royalty agreement. Currency risk Currency risk refers to the risk that fluctuations in foreign currencies cause losses to the Group. The Group is exposed to foreign exchange risk arising from various currency exposures primarily with respect to Sterling, the Burundian Franc, and South African Rand. Management monitors the exchange rate fluctuations on a continuous basis and acts accordingly. The financial assets and liabilities that include significant foreign currency denominated balances are shown below. Foreign exchange risk is managed by matching the currency profile of cash holdings to expected future cash outflows. Minimal cash is held in Burundian Francs. The table below shows the currency profiles of cash and cash equivalents: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Year Ended 30 June 2026 Year Ended 30 June 2025
Cash and cash equivalents US$\u2019000 US$\u2019000
US Dollars 8,069 3,039
GB Pounds 4,178 207
SA Rands 669 669
Burundi Francs 4 18
Total 12,920 3,933
\n \n The table below shows an analysis of the currency of the monetary liabilities in the functional currency of the Group (US dollars): \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Year Ended 30 June 2026 US$\u2019000 Year Ended 30 June 2025 US$\u2019000
US Dollars 357 988
GB Pounds 376 332
Burundi Francs 423 600
South African Rand 453 303
European Euros 69 -
Total 1,678 2,223
\n A 10% strengthening in the relevant exchange rates against the US Dollar would result in a decrease in the Group\u2019s profit or loss and equity of approximately US$114k. A 10% weakening in the relevant exchange rates against the US Dollar would result in an increase in profit or loss and equity of approximately US$139k. Interest rate risk Interest rate risk refers to the risk that fluctuations in interest rates cause losses to the Group. The Group\u2019s borrowings bear fixed rates of interest. The Group has no exposure to interest rate risk except on cash and cash equivalents which carry variable interest rates. The Group has no material sensitivity to reasonable changes in variable interest rates. The Group monitors the variable interest risk accordingly. \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800HONYSAXTG6KS11", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "Fxbrl_20261021231604927": { "value": "\n Liquidity risk Liquidity risk refers to the risk that the Group has insufficient cash resources to meet working capital requirements. The Group manages its liquidity requirements by using both short and long-term cash flow projections. The following table sets out the contractual maturities (representing undiscounted contractual cash flows) of financial liabilities: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
As at 30 June 2026 As at 30 June 2025
Due within 1 years US$\u2019000 Due in 1 to 2 years US$\u2019000 Due in 2 to 5 years US$\u2019000 Due in 5 to 10 years US$\u2019000 Due within 1 years US$\u2019000 Due in 1 to 2 years US$\u2019000 Due in 2 to 5 years US$\u2019000 Due in 5 to 10 years US$\u2019000
Trade and other payables 1,250 - - - 1,203 - - -
Loans and borrowings 85 - - - 163 85 - -
Royalty financing liability - - 6,482 43,003 - - 4,058 37,357
Lease liabilities 131 120 125 - 102 76 112 -
Total 1,466 120 6,607 43,003 1,468 161 4,170 37,357
\n Ultimate responsibility for liquidity risk management rests with the Directors, who have built an appropriate liquidity risk management framework for the management of the Group\u2019s short, medium, and long-term funding and liquidity management requirements. The Group closely monitors and manages its liquidity risk. For further details on the Group\u2019s liquidity position, please refer to the going concern paragraph in note 2 of these accounts.\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800HONYSAXTG6KS11", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "Fxbrl_20261021231507381": { "value": "\n Capital management In managing capital, the Group\u2019s primary objective is to maintain a sufficient funding base, through debt and equity, to enable the Group to meet its working capital and strategic investment needs. This includes ensuring sufficient funds are available to service the Group\u2019s borrowings as they fall due. No funds are held in restricted or designated accounts for future debt servicing requirements. In making decisions to adjust its capital structure to achieve these aims the Group considers not only its short-term position but also its long-term operational and strategic objectives. The Group\u2019s primary capital management measure is net debt (borrowings including the royalty financing liability, net of cash) to total equity, measured as follows: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Net debt / (cash) to equity 30 June 2026 US$\u2019000 30 June 2025 US$\u2019000
Loans (note 18) 535 425
Royalty financing liability (note 19) 10,304 7,284
Less: Cash and cash equivalents (12,920) (3,933)
Net debt / (cash) (2,081) 3,776
Total equity 19,972 13,182
Ratio (10.42%) 28.65%
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800HONYSAXTG6KS11", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } } } }