RARE EARTH ELEMENTS ▪ Rare earths are critical to the global transition to a green economy ▪ Required for magnets in wind turbines, electric vehicles and most consumer electronics ▪ Critical to defence technologies, specifically fighter jet engines ▪ China holds a monopoly over the market for rare earths, producing an estimate 90% of the worlds output ▪ Western governments are beginning to realise the importance of security of supply of rare earths, outside of China ▪ From 2022 to 2035, Adamas Intelligence forecasts that global demand for NdFeB magnets will increase at a CAGR of 8.6%, driven by double-digit growth from the EV and wind power sectors ▪ Adamas forecasts that the value of global magnet rare earth oxide consumption will triple by 2035 to US$46.2 million ▪ Listed as one of the EU’s critical raw materials 31
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