RAREX LIMITED — Capital/Financing Update 2013

Jun 24, 2013

ASX / MEDIA ANNOUNCEMENT 25 June 2013

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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 -----

EXPIRY OF LISTED OPTIONS

Clancy Exploration Limited (ASX: CLY) wishes to confirm that in accordance with a waiver granted by the Australian Securities Exchange, it will not be sending out notices to holders of the CLYO listed options due to expire on 31 July 2013 as required under the timetable outlined in Appendix 6A of the ASX Listing Rules.

The Company wishes to advise holders of the following information:

• (a) The total number of quoted CLYO options on issue is 94,134,786;

• (b) The exercise price of the options is $0.15;

• (c) The expiry date of the options is 31 July 2013;

• (d) Non‐payment of the exercise price will result in the options lapsing;

• (e) Quotation of the options will end five business days before the expiry date of the options. Quotation will cease on 24 July 2013.

• (f) The current market price of the underlying shares (ASX: CLY) is $0.007;

• (g) The lowest trading price of the underlying shares over the last three months was $0.006 on 21 June and 24 June 2013. The highest trading price of the underlying shares over the last three months was $0.016 on 11 April 2013.

• (h) There is no underwriting agreement in place for the expiry of the options; and

• (i) If the market price of the Company’s ordinary shares exceeds $0.1125 before 31 July 2013 the Company will immediately send an option expiry notice to option holders.

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ROWAN CAREN Company Secretary