Updated JORC Exploration Target

All sampling undertaken by Rainbow adheres to written procedures.

Grab/rock chip sampling: Individual REE veins are exposed over a strike length of at least 1 metre. Where possible, a structural measurement of dip and direction is recorded. Between 1kg and 3kg of outcropping/sub-outcropping material is collected per sample and transported in numbered bags to the Mutambu field office. The material is then broken into smaller chips with a geological pick and approximately 750g are put into cloth sacks, a sample ticket inserted and the sample number written on the bag with a permanent marker pen. Excess material is bagged in labelled sacks. All samples thus collected are transported to Rainbow's Bujumbura office where they are stored in a locked and secure room.

Channel sampling: Once a REE vein is exposed by pitting or trenching, the geologist delineates a sampling line on the outcrop. The channels, which are 10cm wide and 2-3cm deep, are then cut by hand using a chisel and hammer. A sample of the chipped-out material is collected every 1 metre channel length. Two to 4 kg of sample are collected and put in a pre-numbered calico bag and transferred to the Mutambu base camp. The sample size is reduced through a manual quartering protocol to produce a sample of 1kg.

Soil samples: soil samples were collected by rainbow during exploration in the past, however the results are not relevant to this Report.

Diamond drilling

Cores were not orientated

HQ and NQ core sizes, depending on the hole depth and hardness of the lithologies encountered downhole. HQ size was mainly utilized in approximately the top 50m where the lithologies are highly fractured and with hardness ranging between soft and moderately hard. The NQ core size was utilized on drill holes that exceeded 50m depth and encountered more competent/hard rock. Standard core barrels were used in both core size.

Core recovery was measured.

No relationship between sample recovery and grade is established.

Lithological logging (including radiometric detection using a handheld Polymaster).

RQD measurements made on the cores.

All cores were logged.

Logging at Kiyenzi is appropriate to support geological interpretation for 3D model creation.

Channel Samples: The channel samples selected for laboratory analyses were sub-sampled using a manual quartering method to achieve a weight of approximately 1,000g per sample.

Grab samples: samples weighing between 1kg and 3kg of material are collected and transported in numbered bags to the Mutambu field office. The material was then broken into smaller chips with a geological pick and approximately 750 g was filled into cloth sacks.

Core samples - half core cut with diamond saw. All sample submitted for analysis.

A sample ticket inserted and the sample number written on the bag with a permanent marker pen. These samples were sent for analysis at ALSC in Johannesburg. On request by Rainbow ALSC insert certified reference material ("CRM") and duplicates into the batch of 150 rock grab samples for REE ICP-MS and ICP-AES analyses. In total three AMIS185, three certified blanks and six duplicates (three inserted by Rainbow and three splits by ALSC) were inserted into the sample stream and were assigned specified sample numbers, using the sample number sequence of the field samples. In addition, ALSC inserted their own certified blank samples and duplicates as part of their internal quality assurance and quality control ("QAQC") process.

Analysis of duplicate samples has shown that sampling is representative of the in-situ material collect.

The vein material sampled is predominantly bastnaesite and monazite. The TREO grades have proved to be very consistent with low variability indicating that sample size is appropriate relative to the grain size of the material being sampled.

ALSC is an independent and accredited analytical facility in accordance with the recognised international standard ISO 17025:2005 for laboratory analysis, including the management requirements of ISO 9001:2008

Grab samples

Rainbow instructed ALSC to insert certified reference material ("CRM") and duplicates into the batch of 150 rock grab samples for REE ICP-MS and ICP-AES analyses. In total three AMIS185, three certified blanks and six duplicates (three inserted by Rainbow and three splits by ALSC) were inserted into the sample stream and were assigned specified sample numbers, using the sample number sequence of the field samples. In addition, ALSC inserted nine AMIS185, one SY-4, six certified blank samples and five duplicates as part of their internal quality assurance and quality control ("QAQC") process.

For major element analyses by XRF, ALSC inserted five NIST 694, five STSD-4, five certified blank samples and five duplicates as part of their internal QAQC procedure.

African Mineral Standards ("AMIS") in Johannesburg, South Africa, manufactures REE standard AMIS185 which was used as CRM. A total of three AMIS185 were randomly inserted into the batch of 150 samples. The results for all relevant rare earth elements were assessed and found to be within the accuracy limits specified by AMIS. The results for the nine AMIS185 standards inserted and analysed by ALSC, as part of their internal QAQC process, show acceptable accuracies for all relevant rare earth elements. ALSC inserted three OKA-2 and two TRLK certified standards as part of their internal QAQC procedure to monitor the accuracy of high Ce, La, Nd, Pr and Sm concentrations which were measured by ICP-AES analyses. The results for relevant rare earth elements show acceptable accuracies

The results for the three certified blank samples inserted by ALSC on behalf of Rainbow and the six blanks analysed as part of ALSC's routine QAQC procedure show no signs of contamination and the concentrations values for REE are within acceptable limits

Three field duplicates were randomly inserted by Rainbow and the sample batch. The results for all relevant REE were assessed and found to be within acceptable precision limits. The results for the three duplicate pairs created by ALSC on behalf of Rainbow and the five duplicate pairs inserted and analysed by ALSC, as part of their internal QAQC process, show acceptable precisions for relevant rare earth elements

Based on these results, it is concluded that the sampling and assay data are acceptable and sufficiently accurate.

Diamond Drilling Samples - ALS

The same laboratory procedures were used for the core samples as for the grab samples.

Rainbow's QAQC procedure consists of the insertion of one Certified Reference Material ("CRM"), one certified blank and one duplicate sample for every 50 samples submitted for analyses.

ALS utilises its own internal QAQC procedures which involve the insertion of CRM and blank samples as well as the analyses of duplicate samples for every batch.

For the Kiyenzi drill core samples, a total of 10 CRMs, 11 duplicates and 9 blank samples were inserted by Rainbow into the batches of samples that were dispatched to ALS for analysis. Control samples accounted for 5.6% of the Kiyenzi drill core samples submitted to ALS.

Based on the results, it is concluded that the sampling and assay data are acceptable and sufficiently accurate.

Diamond Drilling Samples - UIS

A second batch of 1,306 core samples (all from Kiyenzi) were submitted by Rainbow to UIS in 2019-20.

UIS Analytical Services is an   ISO/IEC 17025 accredited laboratory based in Pretoria (RSA).

The QAQC procedure for this batch of core samples was more stringent (than for the samples sent to ALS, see above) and consisted of the insertion of circa 1 CRM, 1 certified blank and 1 duplicate sample for every 30 samples.

As such 42 CRM's, 47 duplicate samples and 43 blank samples were inserted in the consignments to UIS, resulting in the QAQC samples accounting for 10% of the total samples analysed.

Furthermore, UIS utilised their own internal QAQC procedures which involve the insertion of CRM and blank samples as well as the analyses of duplicate samples for every batch.

Based on the results, it is concluded that the sampling and assay data for these core samples are acceptable and sufficiently accurate.

Verification activities were conducted by the Competent Person during the field visit and included:

1.     Inspection of selected observation and sampling points

2.     Review of sample sheets and recorded information

3.     Review of the project database for consistency, completeness and accuracy

4.     Review of sample submission and QA/QC protocol

5.     Review of QA/QC assay results

6.     Review project database against original Assay Certificates

7.     Inspection of the Kiyenzi cores and sample results

8.     Inspection of trenching and related channel sampling

9.     Inspection of REE vein exposures and the sampling thereof

10.  Rainbow follows an auditable chain of custody which ensured security and integrity of the results

Twinned holes have not been drilled.

All sampling data has been recorded in a DataShed database, hosted by CSA Global. Data entry validation procedures have been implemented.

Assay data has not been adjusted.

The position of all in-situ REE veins and float occurrences were recorded with a handheld GPS.

The accuracy of a handheld GPS is sufficiently accurate for the purpose of the grab sample results in identification of broad areas of REE mineralisation.

The position of most of the channel samples were surveyed with a cm-accuracy DGPS system.

The position of all drillhole collars were surveyed with the DGPS system.

Rainbow has also acquired high-resolution topographic data derived from drone-based surveys (2018-19); the 2 trial mines, Gasagwe and Murambi S, as well as key deposits, Kiyenzi, Gashirwe E and W, Gomvyi C, thus have cm-accurate topography data for the key deposits.

The Targets explored in 2019-20, i.e. Gakara, Rusutama, Bigugo and Gasenyi, were surveyed by a Burundi topographer using a Leica DGPS system with cm accuracy.

No downhole surveys were completed and the collar orientation was used down the entire length of the hole.

Rainbow used UTM Zone 35S (WGS84 Datum) for all field measurements which were subsequently converted into geographic system (Long and Lat).

The quality and accuracy of current topographic control is sufficient for the purposes of defining an Exploration Target

Grab samples:

Data points were located where fresh REE vein occurrences were present. The spacing does not follow a systematic grid and is dependent on the observed outcrop of REE veins.

Soil samples:

Collected at 25 m intervals along 500 m long lines which were spaced at 50 m apart. The soil sampling survey was not considered useful in identifying REE mineralisation, even though alternate tighter grid intervals were trialled.

Channel samples:

Undertaken mainly at Gasagwe, Murambi South, Gashirwe West, Gomvyi Centre, Kiyenzi

Samples were taken at 1 or 2 m intervals. However only a selected number were submitted for assaying by ALSC, as the grade of the bastnaesite and monazite veins was very consistent. Identification of the location, width and geometry of veins is critical for generation of a geological model.

The channel sample data at Gasagwe, Murambi South and Gomvyi Centre are suitable for the purposes of defining an Exploration Target.

Drill core samples:

The Kiyenzi drill holes are located on a variable grid of between 15 and 33 m.

Samples were not composited.

Half cores were collected to sample distinct lithological units, with a sample length never exceeding 1 metre.

Where brecciated units, believed to be highly mineralised, were logged, such intersections were carefully and separately sampled, even if they were only centimetres wide.

Diamond drilling at Kiyenzi is sufficient to construct a 3D geology and grade model.

Grab samples were taken where REE veins were exposed on the surface

The grab sampling procedure ensured maximum extraction of clean vein material. Vein thickness, continuity and strike and dip measurements were recorded where possible.

The channel sampling was completed based on 2 different requirements:

1.     To obtain adequate "bulk" sample of vein material, by constructing the channel along the strike of the vein and carefully collecting all visually obvious bastnaesite or monzonite rich vein material - ignoring all visual "waste" material.

2.     Regular cross sections through the vein material, with the channel constructed to sample visual "waste" and visual selvedge either side of the observed vein. This was an attempt to understand the extent of REE mineralisation at the edges of the visual vein material and to determine if REE mineralisation is present, but not visible at naked eye, in the host rock between REE veins

Diamond drilling at Kiyenzi was completed using multiple orientations. The understanding of the orientation of mineralisation at Kiyenzi is insufficient to establish the relationship between drilling directions and mineralisation trends.

Standard operating procedures ("SOP") were used for the handling and transportation of samples to ensure a secure and auditable chain-of-custody from the field to the laboratory. Local sample transport was exclusively handled by Rainbow staff. Local courier companies, Brucargo or DHL, were responsible for shipment to ALS (SA and Canada) and SGS SA (sample for metallurgical test work).

All analysed sample data has been verified and security maintained by loading into a Datashed database hosted by CSA Global.

Sample collection, submission, QA/QC protocol and assay database were reviewed by the Competent Person and were determined to be appropriate for estimation of an Exploration Target.

A 'Permis d'Exploitation' (Mining Licence) was lodged by RIR on 10 November 2014 and granted by the Burundi Ministries of Energy and Mining and Finance and Economic Development on 27 March 2015 and ratified by Presidential Decree No. 100/110 on 18 April 2015. The ML is valid for 25 years with 10 year renewal increments available.

A further Decree, No. 100/194, was signed on 16 June 2015 stipulating that the State of Burundi has a 10 % interest in Rainbow Mining Burundi; the balance, 90%, being held by the parent company, RIR.

Rainbow does not own the surface rights covered by the ML but has free and unrestricted access to the entire Project area, following consultation with the local communities.

Rainbow submitted Environmental and Social Impact Studies to the Ministry of Environmental Affairs and obtained compliance certificates (No. 007/2015) on 30 March 2015 (No. 010/2015) for the ML.

1936-1957

In 1936, SOMUKI discovered bastnaesite in alluvial deposits in the Gakara area, which was confirmed by analysis at laboratories in Entebbe (Uganda), Liverpool (England) and Leuven (Belgium).

From 1941 to 1942, research into the bastnaesite occurrences continued and the first mining tests were undertaken. Approximately 14 tonnes of bastnaesite material were produced from in-situ veins at Gakara.

The increase in REE prices from 1947 to 1957 resulted in renewed mining activities at the Gakara and Rusutama deposits from 1948 onwards. In total, 2,137.3 tonnes of bastnaesite was reported to have been produced from these two deposits - SOBUMINES and BGR reports.

Thoreau et al. (1958) published an article on the Karonge deposit (Gakara) detailing results of a geological survey of the deposit. Initially they postulated that the REE mineralisation was only associated with the quartzites, until the excavation of the Rusutama quarry near Gakara, along strike from the Gakara mineralisation revealed that REE vein mineralisation at Rusutama occurs in gneiss and schists.

A further two discoveries of bastnaesite mineralisation were made at Gasenyi and Murambi, in a different geological context to the initial discovery. The bastnaesite mineralisation occurs in a network of veins and stockworks (5 cm to 15 cm thick) associated with pegmatites. The mineral paragenesis is: bastnaesite, quartz, barite and sulphides (pyrite and galena).

In the late 1950s, genetic similarities between the REE mineralisation at Gakara and Mountain Pass, California, were recognised, although the absence of carbonatites at Gakara and the generally more complex mineral assemblage at Mountain Pass were noted.

Exploration and mining stopped in 1957, with a fall in the global REE prices.

1965-1978

Sobumines returned to the Gakara area in 1965, by which time the general understanding of the geochemistry, mineralogy and metallurgical characteristics of REE had advanced.

From 1966 to 1969, mining of the Gakara and Rusutama deposits intensified. In 1968, exploration work and geological mapping was undertaken at Gasenyi and several other known REE occurrences. Various types of mineralisation were noted, identifying the need for detailed studies to facilitate the treatment and purification of the material to produce the required concentrate.

Aderca and Tassel undertook detailed studies of the Gakara deposit in 1971. Their work focussed on various aspects of REE mineralisation, and mineral types and associations, from samples obtained from various operational pits.

From 1972 to 1978, research was conducted by several Sobumines geologists and engineers. More than 30 REE occurrences were investigated as part of their exploration campaign for bastnaesite.

Exploration and mining operations were extended to the other sites including Gasenyi, Murambi, Gasagwe and Mugere. Mining operations until 1978 comprised open pits and occasional galleries for most deposits.

In 1978 Sobumines stopped all operations due to a fall in global REE prices which rendered mining in the Gakara area uneconomical.

1981-1985

From 1981-1985 Germany Bundesanstalt für Geowissenschaften und Rohstoffe ("BGR"), undertook an exploration and evaluation programme on six selected REE-bearing sites, within a framework of bilateral cooperation with the Burundi Government. An estimated 5,000 tonnes of REE material at a grade of 50% TREO was postulated for the six sites. The Gasagwe deposit alone was estimated by BGR to contain approximately 2,800 tonnes.

In 1985, the BGR undertook metallurgical test work on the Gakara REE mineralisation as part of their planning to resume small-scale mining at the Gakara deposit and to comply with REE concentrate specifications as required by the international market in the mid 1980's. The BGR study concluded that the tested bastnaesite/monazite mineralisation could be upgraded on site to a marketable product.

The Project area is situated within the northeast-trending Kibaran Fold Belt ("KB") which stretches across Burundi from the eastern Democratic Republic of Congo ("DRC") to western Tanzania. The KB in Burundi consists of a highly deformed sequence of Mesoproterozoic granites, granitoids and amphibolite-greenschist facies metasedimentary and metavolcanic rocks, referred to as the Burundi Supergroup.

The geology and tectonic framework of Burundi and neighbouring countries have been strongly influenced by repeated episodes of rifting along existing structural trends. This resulted in the emplacement of numerous carbonatites and alkaline complexes, spanning a broad range in age from Late Proterozoic to Cenozoic.

The Property geology is dominated by the Mugere granitoids which contain numerous inclusions of metasedimentary rocks such as the Karinzi and Makara "fragments" which are commonly fault bounded at the contacts with the granitoids. These granitoids are the dominant host rocks for the bastnaesite/monazite mineralisation in the Project area.

REE mineralisation is hosted within a network of bastnaesite/monazite-bearing veins and veinlets which range in thickness from a few centimetres to a few tens of centimetres. The veins exhibit variable orientations and attitudes, although there appears to be a broad correlation with regional structures and dominant trends.

The REE mineralisation at Kiyenzi is thought to be within a breccia pipe. The interpretation of the detailed geology is ongoing.

The Kiyenzi drillhole collar information and REE intercept grades and intervals are presented in the full technical report available on the Company's website at: http://rainbowrareearths.com/investors/corporate-documents/

Exploration results are reported in the form of an Exploration Target.

The Exploration Target ("ET") is subdivided into Vein Hosted or Breccia Hosted REE mineralisation.

For the Vein Hosted REE the ET was based on 3D modelling of the zone of potential mineralisation defined by either historical mining, current trial mining, exploration bulk sampling or exploration grab and/or trench samples. The tonnage of potential mineralisation was extrapolated based on a range of waste:ore strip ratios estimated from the historical and RMB trial mining data. The grade range was estimated from the current pilot plant trial mining feed grade.

For the Breccia Hosted REE at Kiyenzi the ET was based on a 3D model using the 2018 diamond drilling data to define a grade tonnage distribution. This distribution was extrapolated to include areas at depth where the breccia pipe is expected to be mineralised and laterally to an area of mineralisation defined by exploration sampling.

No aggregation of assays was used for the Vein Hosted ET

The Kiyenzi drilling was composited to 1m downhole lengths for use in the grade tonnage model.

No metal equivalent value was used.

The relationship between Breccia Hosted mineralisation at Kiyenzi and the orientation of drillhole samples is not yet clearly understood. The mineralisation is assumed to be contained within a breccia pipe created by exhalative extrusion from a carbonatite source.

The relationship between down hole mineralisation intercepts and true mineralisation width is not known.

Please refer to the full technical report available on the Company's website at: http://rainbowrareearths.com/investors/corporate-documents/

Please refer to the full technical report available on the Company's website at: http://rainbowrareearths.com/investors/corporate-documents/

Further development of exploration knowledge and REE target generation was completed by TECT Geological Consultants. Refer to the Technical Report for details on the work completed by TECT.

Evaluation of the REE occurrences through surface exploration mapping and sampling is ongoing, work includes:

1.     Cleaning and sampling of additional historical mining open pits.

2.     Follow-up on new REE targets identified by the TECT geological study.

3.     16,200 m of diamond core drilling to convert the 9 defined vein hosted Exploration Targets to a Mineral Resource during the next 15 months.

4.     Continue trial mining and production of concentrate with the pilot plant to assist with defining a Mineral Resource

Diagrams of the Exploration Targets are presented in the Technical Report.