RAREX LIMITED — AGM Information 2014

May 6, 2014

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----- Start of picture text ----- Clancy Exploration Limited Phone: (02) 6361 12853 Corporation Place Fax: (02) 6361 1202Orange NSW 2800 www.clancyexploration.comAustralia info@clancyexploration.com----- End of picture text -----

CHAIRMAN’S ADDRESS TO THE CLANCY AGM 7 MAY 2014

Dear Fellow Shareholders

On behalf of the board, I would like to welcome you to the 2014 AGM for Clancy Exploration Limited (“Clancy”) and would like to present to you the 2013 Annual Report.

Strategic Review

The Company’s share price over recent years is unacceptable to the Board, all of whom are also shareholders. To overcome this problem, your Directors identified the need to acquire an advanced “flagship” project two years ago.

When I addressed this meeting last year, I noted that we had reviewed several opportunities in particular the Plavica project held by Genesis Resources Limited – none of which had proceeded. I am pleased to be able to report that we are now closing in on the acquisition of such a flagship project – being the North Arunta project in the Northern Territory which is a more advanced project with existing mineralised drill intersections which we hope will create value for shareholders.

If shareholder approval for the acquisition and related capital raising is forthcoming, we will have satisfied several key conditions of the acquisition. The ability to fund the new acquisition will be critical. Our backers have expressed confidence in being able to raise the $4 million which will be required for Clancy to meaningfully advance the North Arunta project.

The Board considers that the acquisition brings a particularly attractive combination of well-defined targets ready for drill testing and an extensive portfolio of greenfield opportunities. We look forward to getting started with it.

NSW Joint Ventures

During the year, the Company continued to manage joint ventures on properties in NSW where joint venture partners are farming in. These joint ventures have ensured that a high level of funding will be available for each of these projects, while allowing Clancy to drive exploration towards testing the best possible targets.

Mitsubishi Materials Corporation of Japan (MMC) has continued to fund exploration at Cundumbul, Currumburrama and Genaren. From the inception of the joint venture in September 2012 to the end of March 2014, MMC had contributed approximately A$1.72.3 million to the exploration effort.

Kaizen Discovery Inc entered into a farmin arrangement with Clancy over the Fairholme project during the period. Kaizen has earned a 49% interest in the property by spending an initial A$1 ,000,000million which included completing an IP survey over a 74km2 area using HPX’s proprietary Typhoon system. HPX has a highly experienced board and management team and is indirectly controlled by international financier and mining entrepreneur Robert Friedland. Kaizen is majority owned by HPX.

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Clancy Exploration Limited (ASX: CLY)

Chairman’s Address to the Clancy AGM 7 May 2014

We trust that as investors and shareholders you will continue to support Clancy in 2014 (and in particular in the formal part of the meeting which is to take place shortly) during which we look forward to delivering on our strategy.

I would like to take this opportunity to thank Gordon Barnes, the staff in Orange and my fellow directors for their efforts over the past year.

Dr Mike Etheridge

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