RAREX LIMITED — Capital/Financing Update 2018

Jul 22, 2018

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ASX / MEDIA ANNOUNCEMENT 23 July, 2018

NEW COBALT LICENCE CLOSER TO MOROCCO’S BOU AZZER COBALT MINE

Highlights:

• Clancy to acquire 100% of new cobalt licence, recently granted by Moroccan authorities, located next to the world famous Bou Azzer Cobalt mine in Morocco.

• The Bou Azzer Cobalt Mine is famous for being a primary cobalt producer and high-quality cobalt cathode and has been in operation since the 1930’s.

• This licence adds to the the Moroccan land package the subject of Clancy’s general meeting of shareholders scheduled for 3 August 2018.

David Lenigas, Clancy’s Chairman commented; “This is a jewel of a new licence in Morocco’s major cobalt producing region and gives Clancy immediate exposure to ground very close indeed to the western most shaft of the Bou Azzer Cobalt mine complex. As it is a new acquisition, this licence is not part of the land package that will be shortly put to Clancy shareholders for approval. Hopefully, shareholders will approve the acquisition of the three other licences in Morocco at the upcoming shareholders’ meeting, allowing Clancy to acquire a significant exploration play in one of the most prospective cobalt areas in Morocco.”

Figure 1: Location of the new Exploration Licence in Morocco in blue.

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Clancy Exploration Limited (ASX: CLY)

ASX / Media Announcement

Clancy Exploration Limited (ASX: CLY) (“Clancy” or the “Company”) is pleased to announce that it has signed an agreement to acquire the newly approved Exploration Licence (EL 3842226) in Morocco from local Moroccan company Chater SARL (“Chater”) for a cash consideration of US$50,000.

EL 3842226 (the “Bou Amzil Extension”) has been granted for a period of 3 years from 12 July 2018 to 12 July 2021. Refer to Figures 1 and 2 for location.

Figure 2: Bou Amzil Extension Exploration Licence (EL 3842226) in Morocco showing dimensions.

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The adjacent Bou Azzer Mine in Morocco contains Co-Ni Arsenide deposits with Au & Ag and is currently one of the world’s only operating primary cobalt mines:

• more than 50 deposits in the district, mined over 75 years with production of over 100kt of cobalt, 1,000’s of tonnes of silver and tens of tonnes of gold; and

• current production of ~2ktpa of cobalt at an estimated head grade of 1.3% cobalt and up to ~3-4 g/t gold, total current resources and reserves of 17,800 tonnes of cobalt.[1]

Information on the Bou Azzer Cobalt mine is available on Managem’s website at www.managemgroup.com.

Transaction Summary:

On 22 July 2018, Clancy signed an agreement with Chater whereby Clancy will pay US$50,000 to acquire the recently granted Bou Amzil Extension. Clancy will now move to complete the acquisition.

1 ASX news release by Blackstone Minerals dated 27 March 2018 – Investor Presentation – Goldman Sachs Battery Day

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Clancy Exploration Limited (ASX: CLY)

ASX / Media Announcement

Please direct enquiries to:

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

Forward-looking Statements and Disclaimer:

Forward-looking statements are statements that are not historical facts. Words such as “expect(s)”, “feel(s)”, “believe(s)”, “will”, “may”, “anticipate(s)” and similar expressions are intended to identify forward-looking statements. These statements include, but are not limited to statements regarding future production, resources or reserves and exploration results. All of such statements are subject to certain risks and uncertainties, many of which are difficult to predict and generally beyond the control of Clancy, that could cause actual results to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. These risks and uncertainties include, but are not limited to: (i) those relating to the interpretation of drill results, the geology, grade and continuity of mineral deposits and conclusions of economic evaluations, (ii) risks relating to possible variations in reserves, grade, planned mining dilution and ore loss, or recovery rates and changes in project parameters as plans continue to be refined, (iii) the potential for delays in exploration or development activities or the completion of feasibility studies, (iv) risks related to commodity price and foreign exchange rate fluctuations, (v) risks related to failure to obtain adequate financing on a timely basis and on acceptable terms or delays in obtaining governmental approvals or in the completion of development or construction activities, and (vi) other risks and uncertainties related to Clancy's prospects, properties and business strategy. Our audience is cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof, and we do not undertake any obligation to revise and disseminate forward-looking statements to reflect events or circumstances after the date hereof, or to reflect the occurrence of or non-occurrence of any events.

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