RAREX LIMITED — Board/Management Information 2014

Oct 22, 2014

Fax: (02) 6361 1202

ASX / MEDIA ANNOUNCEMENT 23 October 2014

BOARD CHANGES

Clancy Exploration Limited (ASX: CLY) is pleased to announce the appointment of two new Non Executive Directors, namely Nathan Featherby and Evan Cranston, effective 22 October 2014. Additionally, Dr James Macdonald has resigned as a director of the Company.

Nathan Featherby holds a Bachelor of Commerce from Curtin University. He has 9 years of investment banking and natural resource investment experience. Nathan is executive chairman of Ochre Management Pty Ltd a Western Australian merchant bank which focuses on advisory and investments in small to medium capitalization mining and exploration companies. Nathan has previously worked as a stockbroker and independent financier in Australia with a specialization in resources. His role at Clancy will focus on the pursuit of project opportunities. Nathan brings with him an extensive Asia/Pacific and US business development network in the global minerals sector. Mr Featherby is executive chairman of Ochre Group Holdings Limited (ASX: OGH) and is also a director of Silver Mines Limited (ASX: SVL) and Ascot Resources Limited (ASX: AZQ).

Evan Cranston is a corporate lawyer with over 10 years’ experience specialising in corporate and mining law. Evan holds a Bachelor of Commerce and Bachelor of Laws from the University of Western Australia. Mr Cranston has broad experience in the areas of capital raisings, initial public offerings, tenement acquisition agreements, mineral rights agreements, joint ventures, mergers and acquisitions and corporate governance. Mr Cranston is currently a Non-Executive Director of Boss Resources Limited (ASX: BOE) and Carbine Resources Limited (ASX: CRB), and an Executive Director of Attila Resources Limited (ASX: AYA). In the past three years Mr Cranston has also been a Director of Ampella Mining Limited.

The Clancy Board welcomes Nathan and Evan and looks forward to working closely with them in implementing its strategy of identifying and acquiring a more advanced flagship project to advance its business and deliver value to shareholders. Their combined experience in the minerals sector and in the global capital markets provides Clancy with additional capabilities that align with our existing team.

The Board would like to thank Dr James Macdonald for his contribution to Clancy over the past seven years. James was the founding Chairman of the Company upon its listing in 2007, before stepping into the role of Non-Executive Director in 2011. James’ technical knowledge and experience has been invaluable at board level. I have particularly valued James’ wise counsel since I took over from him as Chairman. We wish James all the best for the future.

MICHAEL ETHERIDGE Chairman