RAREX LIMITED — Capital/Financing Update 2018

Dec 6, 2018

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ASX / MEDIA ANNOUNCEMENT

7 December 2018

HONG KONG GOLD PROJECT JV UPDATE

Pilbara, Western Australia

Clancy Exploration Limited (ASX: CLY) (“Clancy” or the “Company”) is pleased to announce that further to its ASX announcement of 26 November 2018, the TSX Venture Exchange has accepted for filing the Tenement Sale and Purchase Agreement (“ Agreement ”) between Clancy and Pacton Gold Inc. (“ Pacton ”). Under the Agreement, Pacton will acquire a 70% equity interest in the Hong Kong Project, which consists of a single granted exploration license covering 40.15 km[2] that directly adjoins Pacton’s Friendly Creek and Golden Palms Projects.

Acceptance by the TSX Venture Exchange satisfies the final condition precedent in the Agreement, therefore Pacton’s acquisition of a 70% equity interest in the Hong Kong project can proceed to completion.

Under the terms of the Agreement, Pacton will pay Clancy CDN$175,000 and issue 3,780,613 common Pacton shares to Clancy.

Please direct enquiries to:

David Lenigas/Scott Patrizi Phone: +61 8 6143 6720 Email: info@clancyexploration.com Web: www.clancyexploration.com

Clancy Exploration Limited www.clancyexploration.com Suite 23, 513 Hay Street, Subiaco WA 6008 Ph: 08 6143 6720 ACN: 105 578 756