Mosaic Subsidiary And Rainbow Rare Earths Complete Preliminary Economic Assessment And Enter Into Joint Project Development Agreement To Advance Uberaba Rare Earths Project In Minas Gerais, Brazil

Mosaic Fertilizantes P&K Limitada, a subsidiary of the Mosaic Company ("Mosaic") and Rainbow Rare Earths Limited ("Rainbow") have completed a favorable preliminary economic assessment and entered into a joint project development agreement to advance the Uberaba rare earths project in Minas Gerais, Brazil.

Under the agreement, the parties will jointly pursue a prefeasibility study ("PFS"), with the intention, subject to favorable results, to progress to a definitive feasibility study ("DFS") targeted later in 2026. Subject to the favorable outcome of the DFS and a decision by both parties to proceed, Mosaic and Rainbow would expect to negotiate definitive agreements for a jointly owned project company, with construction of a processing facility in Uberaba targeted to start in 2027.