Key Takeaways MOS and Rainbow Rare Earths signed a joint development deal to advance Uberaba project.The proposed facility could process 2.7M tons of phosphogypsum yearly and produce key rare earth oxides.Mosaic aims to leverage existing phosphate operations, targeting strong returns and a shorter payback period.The Mosaic Company’s (MOS) subsidiary, Mosaic Fertilizantes P&K Limitada,and Rainbow Rare Earths Limited have successfully entered into a joint development agreement to advance the Uberaba rare ear ...

Core Viewpoint - Mosaic and Rainbow Rare Earths are advancing the Uberaba rare earths project in Brazil, focusing on a prefeasibility study with the aim of progressing to a definitive feasibility study later in 2026 [1] Group 1: Project Development - The joint project development agreement aims to evaluate the responsible recovery of critical materials from existing phosphate operations [1] - The project is expected to treat approximately 2.7 million tonnes per year of phosphogypsum, producing 1,900 tonnes of separated neodymium and praseodymium oxide, and 600 tonnes of a SEG+ product rich in medium and heavy rare earth elements [1] - Initial production is targeted for 2030, contingent on further studies, regulatory approvals, and successful project execution [1] Group 2: Economic Assessment - The preliminary economic assessment indicates compelling economics, including an internal rate of return above the hurdle rate and a relatively short payback period [1] - The capital-intensive mining activities for rare earth elements are expected to be largely incorporated within existing fertilizer operations [1] Group 3: Company Background - Mosaic is a leading producer and marketer of potash and phosphate fertilizer, essential for global agriculture, with operations in over 40 countries [1] - Rainbow Rare Earths specializes in recovering rare earth elements from phosphogypsum, allowing for quicker and lower-cost project advancement compared to traditional mining [1]