RAREX LIMITED — Capital/Financing Update 2020

Oct 18, 2020

19 October 2020

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ASX / MEDIA ANNOUNCEMENT

EXCEPTIONAL WIDE HIGH-GRADE INTERCEPT AT CUMMINS RANGE: 90M AT 3.8% TREO AND 0.3% NB2O5

In-fill and extensional drilling delivers best-ever intercept from WA project

HIGHLIGHTS

• Further outstanding assay results received from in-fill and extensional drill program, with results now received for the initial 11 holes. Latest results include:

CRX0010

• 90m @ 3.8% TREO + 0.3% Nb2O5 from 4m

• Incl. 20m @ 5.1% TREO + 0.3% Nb2O5 from 7m

• Incl. 3m @ 11.3% TREO + 0.5% Nb2O5from 7m

• Incl. 32m @ 4.4% TREO + 0.3% Nb2O5 from 62m

• Incl. 5m @ 9% TREO + 0.6% Nb2O5 from 64m

• Incl. 17m @ 5.1% TREO + 0.3% Nb2O5 from 73m

CRX0011

• 8m @ 3.3% TREO + 0.1% Nb2O5 from 26m

  • Incl. 2m @ 10.4% TREO + 0.04% Nb2O5 from 30m

• Assaying ongoing with further results expected next week

• Drilling set to begin at Weld North Project next month

RareX Limited (“ RareX ” or “ the Company ”) ( ASX: REE ) is pleased to announce further exceptional results from the recent in-fill and extensional Reverse Circulation (“ RC” ) drill program at its 100%-owned Cummins Range Rare Earths Project, located in the Kimberley Region of WA.

An outcropping, thick high-grade mineralised channel trending north-west has now been confirmed with further strongly mineralised drill holes.

Drill holes CRX0010 and CRX0011 reported in this announcement are located 100m along strike from the high-grade results reported in drill holes CRX0002 and CRX0003 (see REE ASX announcements, 30 September and 13 October 2020).

As with previously announced drilling results, these holes also have ultra-high-grade seams within a broader high-grade intersection, with the internal zones including 3m @ 11.3% TREO, 5m @ 9% TREO and 2m @ 10.4% TREO.

The results are once again a significant improvement on the previous drilling in the immediate area and support the Company’s strategy of delineating a higher-grade component within the overall Inferred Mineral Resource of 13Mt at 1.13% TREO with 22% NdPr content.

RareX Limited Suite 23, 513 Hay Street, Subiaco WA 6008 Ph: 08 6143 6720 ACN: 105 578 756

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RareX Managing Director, Jeremy Robinson, said: “ 90m at 3.8% TREO is easily the best-ever hole drilled at Cummins Range and would have to be up there globally from anything I can recall. It provides a strong indication of the quality, scale and grade of this deposit, which is characterised by its high NdPr content and location in a Tier-1 mining jurisdiction.

“We continue to be impressed by Cummins Range and look forward to receiving further assay results that will pave the way for an updated Mineral Resource, as well as commencing drilling at Weld North next month.”

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Figure 1 - Cummins Range Cross Section 307,210 mE

RareX Limited Suite 23, 513 Hay Street, Subiaco WA 6008 Ph: 08 6143 6720 ACN: 105 578 756

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Figure 2 - Cummins Range Cross Section 307,265 mE

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Figure 3 - Cummins Range Drill Plan

RareX Limited Suite 23, 513 Hay Street, Subiaco WA 6008 Ph: 08 6143 6720 ACN: 105 578 756

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Table 1: Significant Intercepts

Hole ID	From (m)	To (m)	Interval (m)	TREO+Y2O3 %	Nb205 %	P2O5 %
CRX0001	50	54	4	0.62	0.11	3.06
CRX0001	61	67	6	1.52	0.16	12.71
CRX0001	69	73	4	0.68	0.09	6.2
CRX0002	3	15	12	1.71	0.25	5.38
Incl.	3	6	3	4.8	0.57	4.67
CRX0002	29	70	41	3.97	0.21	12.94
Incl.	29	58	29	5.2	0.25	15.4
Incl.	30	33	3	13.85	0.25	13.31
CRX0002	79	89	10	1.3	0.14	17.37
Incl.	81	87	6	1.7	0.18	20.6
CRX0003	0	36	36	4.59	0.32	15.13
Incl.	15	18	3	25.07	0.45	16.03
CRX0003	50	61	11	1.82	0.19	20.87
Incl.	58	60	2	6.77	0.05	23.47
CRX0003	86	91	5	1.28	0.02	3.37
Incl.	87	88	1	4.1	0.01	7.09
CRX0004	16	18	2	4.13	0.12	17.77
CRX0004	89	93	4	0.34	0.54	4.74
CRX0004	98	102	4	1.31	0.09	3.85
CRX0005	18	32	14	2.08	0.33	9.14
Incl.	19	20	1	15.31	0.39	27.57
CRX0006	11	13	2	3.91	0.07	3.51
CRX0007	60	94	34	0.9	0.05	7.66
Incl.	72	77	5	2.26	0.03	7.98
CRX0008	7	10	3	3.07	0.04	5.51
CRX0008	50	52	2	1.89	0.1	5.51
CRX0008	63	64	1	1.94	0.04	5.36
CRX0008	84	87	3	1.13	0.02	4.46
CRX0009	2	6	4	1	0.06	6.39
CRX0009	52	62	10	0.87	0.11	15.32
CRX0009	83	87	4	2.18	0.06	9.15
CRX0010	4	94	90	3.79	0.29	11.31
Incl.	7	27	20	5.08	0.33	6.64
Incl.	7	10	3	11.3	0.48	9.69
Incl.	62	94	32	4.4	0.3	18.79
Incl.	64	69	5	9.04	0.56	13.98
Incl.	73	90	17	5.05	0.32	25
CRX0011	26	34	8	3.31	0.11	9.63
Incl.	30	32	2	10.43	0.04	3.87
CRX0011	44	46	2	1.04	0.58	7.04
CRX0011	83	89	6	0.97	0.16	5.3

RareX Limited Suite 23, 513 Hay Street, Subiaco WA 6008 Ph: 08 6143 6720 ACN: 105 578 756

4

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Table 2: Collar Table

Hole ID	East MGA	North MGA	RL	End Depth	Azimuth	Dip
CRX0004	307267	7866701	391	102	180	60
CRX0005	307266	7866741	391	97	180	60
CRX0006	307266	7866780	391	84	180	60
CRX0007	307217	7866568	391	102	180	60
CRX0008	307215	7866615	391	96	180	60
CRX0009	307209	7866692	391	114	180	60
CRX0010	307208	7866731	391	126	180	60
CRX0011	307210	7866770	391	102	180	60

Full details of assay results are set out in Appendix 1.

This announcement has been authorized for release by the Board of RareX Limited.

For further information, please contact:

RareX Limited Jeremy Robinson Managing Director Ph: 08 6143 6720

Media Enquiries Nicholas Read Read Corporate Ph: 08 9388 1474

Competent Person’s Statement

Information in this release that relates to current Exploration Results is based on and fairly represents information and supporting documentation prepared and compiled by Mr Guy Moulang, an experienced geologist consulting for RareX Limited. Mr Moulang is a Member of the Australian Institute of Geoscientist and has sufficient experience which is relevant to the styles of mineralisation and types of deposits under consideration and to the activities being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr Moulang consents to the inclusion in this release of the matters based on his information in the form and context in which it appears.

RareX Limited Suite 23, 513 Hay Street, Subiaco WA 6008 Ph: 08 6143 6720 ACN: 105 578 756

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Appendix 1: Full Assay Table

Hole ID	From	To	Interval	TREO+Y2O3 %	La2O3 ppm	CeO2 ppm	Pr6O11 ppm	Nd2O3 ppm	Sm2O3 ppm	Eu2O3 ppm	Gd2O3 ppm	Dy2O3 ppm	Ho2O3 ppm	Er2O3 ppm	Tm2O3 ppm	Yb2O3 ppm	Lu2O3 ppm	Sc2O3 ppm	Y2O3 ppm	Nb205 ppm	P2O5 ppm	Th ppm
CRX000
4	0	3	3	0.22	514	1122	94	308	37	9	24	13	2	5	1	3	0	34	48	372	6187	16
CRX000
4	3	6	3	0.17	392	725	81	288	46	12	35	19	3	6	1	5	0	57	76	401	35061	18
CRX000
4	6	9	3	0.13	237	518	63	245	46	13	38	21	3	7	1	3	0	51	75	401	45374	11
CRX000
4	9	12	3	0.13	225	540	69	274	53	15	41	24	4	7	1	5	0	60	83	472	49728	13
CRX000
4	12	15	3	0.18	319	748	95	371	68	19	51	29	5	9	1	5	0	69	100	458	61873	15
CRX000
4	15	16	1	0.26	375	1039	142	586	111	30	81	45	7	14	1	8	1	64	147	629	90289	110
CRX000
4	16	17	1	3.5	11115	17019	1546	4400	362	71	156	61	9	16	2	8	1	201	187	1945	168891	148
CRX000
4	17	18	1	4.75	14678	23708	2143	6054	438	79	156	44	6	11	1	6	1	90	131	501	186536	118
CRX000
4	18	19	1	0.45	868	1952	236	918	147	38	102	51	7	15	1	8	0	89	170	443	235806	75
CRX000
4	19	20	1	0.29	500	1209	154	623	111	30	79	42	6	12	1	7	0	69	142	615	112747	52
CRX000
4	20	24	4	0.15	315	669	79	293	46	12	31	17	3	5	1	3	0	60	56	515	30478	34
CRX000
4	24	28	4	0.19	292	785	103	421	78	21	58	33	5	10	1	6	0	37	110	486	66686	52
CRX000
4	28	32	4	0.21	334	851	112	458	88	24	67	37	5	12	1	7	1	46	130	672	74706	56
CRX000
4	32	36	4	0.21	387	888	111	428	78	22	59	32	5	9	1	6	0	51	114	529	80206	24
CRX000
4	36	40	4	0.16	277	669	87	342	63	17	48	26	4	8	1	5	0	29	94	443	66915	17
CRX000
4	40	44	4	0.23	381	947	124	488	87	24	66	34	5	11	1	6	1	32	123	429	83185	34
CRX000
4	44	48	4	0.16	257	676	91	360	67	18	48	26	4	7	1	3	0	40	85	529	49499	26
CRX000
4	48	51	3	0.29	403	1140	161	691	137	37	100	56	8	17	2	9	1	95	180	830	99914	272
CRX000
4	51	54	3	0.35	616	1495	192	758	128	33	88	42	6	12	1	7	0	118	137	1416	118017	94
CRX000
4	54	58	4	0.21	529	995	103	338	42	10	24	11	2	3	0	1	0	48	37	715	16729	11
CRX000
4	58	60	2	0.19	346	796	97	370	64	17	46	25	4	8	1	5	0	44	88	558	42624	33
CRX000
4	60	64	4	0.22	558	1048	112	366	46	11	28	13	2	3	0	2	0	43	39	787	20395	22
CRX000
4	64	66	2	0.23	550	1093	121	414	53	13	32	14	2	3	0	2	0	86	44	1101	27958	16
CRX000
4	66	67	1	0.28	576	1301	153	552	78	19	50	21	3	5	1	2	0	49	66	1931	37811	10
CRX000
4	67	68	1	0.53	1240	2481	274	934	123	29	72	29	4	7	1	3	0	77	89	5608	53853	18
CRX000
4	68	69	1	0.28	766	1335	132	408	42	9	21	8	1	2	0	2	0	54	28	958	9854	7

RareX Limited

Suite 23, 513 Hay Street, Subiaco WA 6008 Ph: 08 6143 6720 ACN: 105 578 756

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Hole ID	From	To	Interval	TREO+Y2O3 %	La2O3 ppm	CeO2 ppm	Pr6O11 ppm	Nd2O3 ppm	Sm2O3 ppm	Eu2O3 ppm	Gd2O3 ppm	Dy2O3 ppm	Ho2O3 ppm	Er2O3 ppm	Tm2O3 ppm	Yb2O3 ppm	Lu2O3 ppm	Sc2O3 ppm	Y2O3 ppm	Nb205 ppm	P2O5 ppm	Th ppm
CRX000
4	69	70	1	0.16	401	755	78	246	27	6	15	7	1	2	0	2	0	41	29	715	6416	5
CRX000
4	70	74	4	0.16	434	784	78	244	26	6	13	6	1	1	0	1	0	67	20	772	5271	4
CRX000
4	74	78	4	0.13	318	622	65	209	26	6	13	6	1	1	0	1	0	83	19	1287	115	24
CRX000
4	78	82	4	0.59	1841	2878	269	771	67	13	30	10	1	2	0	1	0	43	30	529	12375	6
CRX000
4	82	86	4	0.31	948	1522	144	423	38	8	16	6	1	1	0	1	0	38	19	315	5042	4
CRX000
4	86	88	2	0.11	293	556	57	176	20	4	10	5	1	1	0	1	0	115	17	1602	1375	4
CRX000
4	88	89	1	0.23	710	1146	108	306	28	6	13	5	1	1	0	1	0	114	17	2489	4354	5
CRX000
4	89	90	1	0.33	722	1556	178	622	86	21	54	23	3	6	1	2	0	95	72	7038	40561	14
CRX000
4	90	91	1	0.36	782	1712	198	682	91	22	53	21	3	5	0	2	0	112	65	6123	49269	12
CRX000
4	91	92	1	0.35	798	1696	189	640	75	16	40	14	2	3	0	3	0	127	48	4678	40561	12
CRX000
4	92	93	1	0.32	654	1462	173	621	93	23	59	26	4	6	1	2	0	51	83	3705	59352	10
CRX000
4	93	94	1	0.3	620	1328	153	565	87	22	60	30	5	9	1	6	1	55	114	1287	47207	6
CRX000
4	94	95	1	0.18	360	786	95	350	55	14	37	20	3	6	1	5	0	49	76	401	32999	3
CRX000
4	95	98	3	0.23	434	994	123	463	76	20	54	30	5	11	1	8	1	48	121	429	40790	5
CRX000		10
4	98	2	4	1.31	4023	6471	595	1691	137	26	55	18	3	4	0	2	0	95	58	873	38499	17
CRX000
5	0	2	2	0.13	177	834	38	131	20	5	14	9	2	4	1	5	0	29	41	329	3667	33
CRX000
5	2	3	1	0.18	420	900	85	275	33	7	18	9	1	3	0	2	0	83	32	2632	4812	17
CRX000
5	3	4	1	0.33	790	1637	161	526	67	15	39	18	3	6	1	6	1	94	65	1802	9625	22
CRX000
5	4	5	1	0.42	929	1951	217	758	107	26	70	34	5	11	1	7	1	201	127	5007	88456	28
CRX000
5	5	6	1	0.15	263	629	77	300	56	14	41	24	4	8	1	5	0	58	88	887	76539	19
CRX000
5	6	7	1	0.12	192	472	60	234	43	12	32	19	3	7	1	6	1	41	72	401	47207	20
CRX000
5	7	8	1	0.13	218	537	71	286	52	14	39	21	3	6	1	3	0	40	74	415	63477	24
CRX000
5	8	12	4	0.13	210	516	68	269	51	14	39	21	3	6	1	3	0	32	75	429	60269	19
CRX000
5	12	16	4	0.16	260	652	87	349	67	18	51	29	4	8	1	5	1	40	103	658	71956	18
CRX000
5	16	18	2	0.27	537	1169	143	525	87	22	59	31	5	9	1	5	0	156	108	901	77914	20
CRX000
5	18	19	1	0.64	1511	2986	339	1147	147	35	88	40	6	11	1	6	0	275	130	3548	123517	44
CRX000
5	19	20	1	15.31	51492	74819	6530	17342	1381	262	575	174	22	37	3	11	1	373	469	3862	275679	136
CRX000
5	20	21	1	0.49	1154	2184	243	843	122	30	80	39	6	12	1	6	1	256	141	1116	189515	19

RareX Limited

Suite 23, 513 Hay Street, Subiaco WA 6008 Ph: 08 6143 6720 ACN: 105 578 756

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Hole ID	From	To	Interval	TREO+Y2O3 %	La2O3 ppm	CeO2 ppm	Pr6O11 ppm	Nd2O3 ppm	Sm2O3 ppm	Eu2O3 ppm	Gd2O3 ppm	Dy2O3 ppm	Ho2O3 ppm	Er2O3 ppm	Tm2O3 ppm	Yb2O3 ppm	Lu2O3 ppm	Sc2O3 ppm	Y2O3 ppm	Nb205 ppm	P2O5 ppm	Th ppm
CRX000
5	21	22	1	0.27	513	1135	141	548	96	26	70	39	6	12	1	7	0	55	132	672	104726	69
CRX000
5	22	23	1	0.41	729	1677	211	839	152	40	111	61	9	19	2	9	1	72	197	572	120538	216
CRX000
5	23	24	1	0.34	740	1464	172	638	104	27	70	40	6	12	1	7	1	94	135	958	81123	78
CRX000
5	24	25	1	0.67	1708	3256	335	1059	123	28	67	32	5	10	1	6	0	278	107	7510	53165	41
CRX000
5	25	26	1	1.16	3300	5740	553	1638	157	32	75	30	4	9	1	6	1	308	102	5751	43311	24
CRX000
5	26	27	1	0.61	1631	2958	301	931	96	21	46	20	3	5	1	3	0	241	62	5436	40332	17
CRX000
5	27	28	1	2.12	6708	10374	959	2663	224	44	92	29	4	6	1	3	0	262	80	9055	49728	27
CRX000
5	28	29	1	3.02	9966	14735	1327	3601	267	48	99	28	3	6	0	2	0	129	77	2646	55228	27
CRX000
5	29	30	1	0.53	1508	2596	254	746	72	15	33	13	2	4	0	2	0	104	43	2618	16270	23
CRX000
5	30	31	1	2.38	7297	11895	1091	3070	219	37	73	18	3	5	1	2	0	90	56	2274	47207	32
CRX000
5	31	32	1	1.23	3618	6125	575	1626	135	26	60	24	3	7	1	5	1	35	84	758	78831	27
CRX000
5	32	33	1	0.43	1065	1964	207	668	89	22	59	33	5	11	1	7	1	34	123	758	74019	26
CRX000
5	33	34	1	0.32	820	1504	157	503	64	16	39	21	3	7	1	3	0	40	77	672	40332	21
CRX000
5	34	37	3	0.24	558	1081	119	406	55	14	34	18	3	5	1	3	0	129	63	944	34603	11
CRX000
5	37	41	4	0.15	249	619	83	324	59	16	43	24	4	7	1	5	0	35	90	558	58665	22
CRX000
5	41	45	4	0.15	283	622	79	293	51	14	37	22	3	6	1	5	1	28	80	529	59352	11
CRX000
5	45	49	4	0.18	335	728	94	353	62	16	44	25	4	8	1	6	1	35	93	486	56144	36
CRX000
5	49	53	4	0.17	272	694	94	378	70	19	52	28	4	9	1	6	1	48	103	486	61644	50
CRX000
5	53	55	2	0.13	212	511	68	259	49	13	36	20	3	6	1	3	0	38	70	501	42165	26
CRX000
5	55	56	1	0.16	342	743	88	311	46	12	31	15	2	4	0	2	0	86	51	1130	38499	11
CRX000
5	56	57	1	0.28	507	1203	152	579	91	23	58	27	4	8	1	5	1	104	94	1073	89831	11
CRX000
5	57	58	1	0.34	636	1502	188	696	107	27	70	32	4	8	1	3	0	74	98	2804	85477	10
CRX000
5	58	59	1	0.28	676	1350	141	464	57	13	32	14	2	3	0	2	0	130	43	5879	28187	13
CRX000
5	59	60	1	0.13	286	606	68	229	32	8	20	9	1	2	0	1	0	74	29	1373	14895	5
CRX000
5	60	64	4	0.14	225	566	76	300	56	15	43	25	4	8	1	5	0	31	88	658	62102	19
CRX000
5	64	68	4	0.13	216	531	70	274	52	14	39	22	3	6	1	3	0	28	77	443	54998	19
CRX000
5	68	72	4	0.2	317	819	110	435	79	21	61	32	5	11	1	6	1	25	113	386	77685	49
CRX000
5	72	76	4	0.16	231	656	91	370	68	18	48	26	4	8	1	5	1	41	89	730	36436	52

RareX Limited

Suite 23, 513 Hay Street, Subiaco WA 6008 Ph: 08 6143 6720 ACN: 105 578 756

==> picture [150 x 55] intentionally omitted <==

Hole ID	From	To	Interval	TREO+Y2O3 %	La2O3 ppm	CeO2 ppm	Pr6O11 ppm	Nd2O3 ppm	Sm2O3 ppm	Eu2O3 ppm	Gd2O3 ppm	Dy2O3 ppm	Ho2O3 ppm	Er2O3 ppm	Tm2O3 ppm	Yb2O3 ppm	Lu2O3 ppm	Sc2O3 ppm	Y2O3 ppm	Nb205 ppm	P2O5 ppm	Th ppm
CRX000
5	76	79	3	0.15	239	628	84	336	59	16	43	22	4	8	1	6	0	40	83	429	32312	57
CRX000
5	79	81	2	0.13	184	498	69	290	55	16	43	25	4	8	1	6	1	37	90	572	30020	39
CRX000
5	81	83	2	0.19	281	767	105	437	79	21	56	31	4	9	1	5	1	46	99	644	57748	71
CRX000
5	83	86	3	0.43	991	1941	222	794	117	28	77	34	5	9	1	5	0	60	110	672	98080	29
CRX000
5	86	88	2	0.38	707	1660	206	781	121	30	81	36	5	10	1	6	1	138	122	1016	112059	24
CRX000
5	88	91	3	0.28	459	1185	156	631	106	27	76	36	5	11	1	6	1	69	130	601	105414	39
CRX000
5	91	93	2	0.15	257	625	82	329	59	16	45	23	3	6	1	3	0	29	83	343	60269	14
CRX000
5	93	97	4	0.17	342	746	88	325	50	13	35	17	3	4	0	2	0	75	57	844	35978	11
CRX000
6	0	3	3	0.04	67	205	15	54	9	2	7	6	1	3	0	3	0	18	29	215	1833	15
CRX000
6	3	6	3	0.19	394	862	92	323	48	12	33	17	3	5	1	5	0	81	65	815	23833	21
CRX000
6	6	8	2	0.12	213	502	65	250	44	12	33	18	3	6	1	3	0	44	69	615	38957	13
CRX000
6	8	10	2	0.19	361	805	100	374	65	18	49	26	4	8	1	5	1	66	98	973	57519	13
CRX000
6	10	11	1	0.24	570	1097	121	406	61	16	45	24	4	7	1	5	0	64	88	701	58665	24
CRX000
6	11	12	1	5.11	16902	25323	2243	5960	403	68	129	28	3	6	1	2	0	55	80	973	28874	31
CRX000
6	12	13	1	2.7	8388	13543	1246	3426	246	42	77	14	1	2	0	1	0	21	32	372	41249	76
CRX000
6	13	14	1	0.38	1003	1802	188	588	67	15	37	16	2	4	0	2	0	83	56	629	47207	17
CRX000
6	14	17	3	0.24	484	1056	127	454	71	17	48	23	4	7	1	5	0	172	83	1101	57519	14
CRX000
6	17	20	3	0.29	558	1280	161	589	95	24	60	31	5	10	1	7	1	107	112	958	47436	28
CRX000
6	20	23	3	0.22	394	935	121	457	78	20	56	29	4	8	1	5	1	38	103	815	60040	25
CRX000
6	23	26	3	0.28	569	1210	146	520	86	22	58	31	5	9	1	6	1	49	110	930	51332	14
CRX000
6	26	30	4	0.12	183	462	63	245	48	13	36	21	3	6	1	5	0	25	75	629	43311	10
CRX000
6	30	33	3	0.14	203	543	76	300	57	15	43	23	3	7	1	5	1	29	83	644	41478	16
CRX000
6	33	36	3	0.09	144	351	47	183	37	10	28	17	3	5	1	3	0	20	62	443	35749	12
CRX000
6	36	39	3	0.14	208	542	76	299	56	15	40	24	4	7	1	5	1	28	84	701	40332	13
CRX000
6	39	40	1	0.15	264	617	79	296	52	14	38	20	3	6	1	5	0	69	79	629	39874	12
CRX000
6	40	41	1	0.99	2931	4840	463	1319	123	26	59	21	3	5	0	2	0	127	65	2217	53623	12
CRX000
6	41	42	1	0.3	688	1393	156	519	70	16	41	17	2	4	0	2	0	98	55	2618	41936	9
CRX000
6	42	43	1	0.55	1597	2712	264	762	70	15	32	11	1	2	0	1	0	123	33	844	22687	13

RareX Limited

Suite 23, 513 Hay Street, Subiaco WA 6008 Ph: 08 6143 6720 ACN: 105 578 756

==> picture [150 x 55] intentionally omitted <==

Hole ID	From	To	Interval	TREO+Y2O3 %	La2O3 ppm	CeO2 ppm	Pr6O11 ppm	Nd2O3 ppm	Sm2O3 ppm	Eu2O3 ppm	Gd2O3 ppm	Dy2O3 ppm	Ho2O3 ppm	Er2O3 ppm	Tm2O3 ppm	Yb2O3 ppm	Lu2O3 ppm	Sc2O3 ppm	Y2O3 ppm	Nb205 ppm	P2O5 ppm	Th ppm
CRX000
6	43	47	4	0.19	426	856	100	342	53	14	36	20	3	6	1	5	1	81	71	787	37353	13
CRX000
6	47	51	4	0.12	191	470	63	245	47	13	35	20	3	6	1	3	0	23	72	615	39186	10
CRX000
6	51	55	4	0.12	188	475	65	250	46	13	35	20	3	6	1	5	1	23	70	544	35520	12
CRX000
6	55	59	4	0.14	238	550	70	272	50	14	41	25	4	8	1	5	0	32	89	615	57290	21
CRX000
6	59	63	4	0.13	208	513	67	264	51	14	38	21	3	6	1	3	0	28	76	443	41707	34
CRX000
6	63	67	4	0.15	259	602	76	295	53	14	41	22	3	6	1	5	1	46	83	443	45832	20
CRX000
6	67	71	4	0.14	258	602	76	283	52	14	39	22	3	7	1	6	0	60	86	544	44228	16
CRX000
6	71	74	3	0.16	238	652	90	362	66	17	44	25	4	7	1	6	1	51	88	558	35291	54
CRX000
6	74	75	1	0.23	338	967	134	528	88	22	57	29	4	9	1	6	1	46	102	587	50186	53
CRX000
6	75	76	1	0.27	595	1208	137	483	70	17	44	21	3	5	0	2	0	241	70	2732	31853	21
CRX000
6	76	77	1	0.22	421	961	118	442	73	19	49	26	4	7	1	5	0	61	89	672	46290	27
CRX000
6	77	80	3	0.14	222	552	73	296	56	15	41	23	3	7	1	3	0	32	83	529	46519	18
CRX000
6	80	84	4	0.12	194	490	66	268	50	14	38	22	3	7	1	3	0	37	79	501	35978	10
CRX000
7	0	4	4	0.2	500	1006	93	303	37	8	23	12	2	4	1	3	0	31	51	243	9166	16
CRX000
7	4	7	3	0.5	1421	2426	237	705	66	12	31	14	2	5	1	5	0	31	61	143	16729	14
CRX000
7	7	11	4	0.24	491	1055	124	451	68	17	44	22	3	6	1	3	0	101	76	858	46061	15
CRX000
7	11	15	4	0.36	732	1629	195	708	107	27	68	32	5	9	1	5	0	64	107	1130	86622	15
CRX000
7	15	18	3	0.17	313	744	91	349	59	15	40	20	3	6	1	5	0	97	75	1144	51561	14
CRX000
7	18	20	2	0.3	592	1340	163	601	92	22	59	30	4	9	1	6	0	66	100	987	61186	18
CRX000
7	20	24	4	0.26	522	1150	138	518	81	21	54	26	4	8	1	5	0	98	99	930	66456	10
CRX000
7	24	28	4	0.19	374	824	100	372	66	17	48	25	4	8	1	6	1	103	95	629	56832	10
CRX000
7	28	32	4	0.24	497	1032	117	437	71	18	50	25	4	7	1	5	0	121	93	730	52936	10
CRX000
7	32	36	4	0.16	289	663	83	321	55	15	40	22	3	7	1	5	0	100	81	1659	44457	11
CRX000
7	36	40	4	0.2	395	872	101	366	60	16	43	23	4	8	1	7	1	66	93	744	40790	14
CRX000
7	40	43	3	0.23	456	1006	117	448	80	21	57	28	4	8	1	5	0	75	97	658	50874	19
CRX000
7	43	46	3	0.22	433	973	117	434	72	19	50	26	4	7	1	3	0	86	90	687	54082	34
CRX000
7	46	49	3	0.27	495	1182	140	535	92	24	64	34	5	10	1	6	0	67	114	715	72873	36
CRX000
7	49	52	3	0.26	509	1113	134	493	82	20	58	32	5	11	1	8	1	35	131	501	43999	10

RareX Limited

Suite 23, 513 Hay Street, Subiaco WA 6008 Ph: 08 6143 6720 ACN: 105 578 756

10

==> picture [150 x 55] intentionally omitted <==

Hole ID	From	To	Interval	TREO+Y2O3 %	La2O3 ppm	CeO2 ppm	Pr6O11 ppm	Nd2O3 ppm	Sm2O3 ppm	Eu2O3 ppm	Gd2O3 ppm	Dy2O3 ppm	Ho2O3 ppm	Er2O3 ppm	Tm2O3 ppm	Yb2O3 ppm	Lu2O3 ppm	Sc2O3 ppm	Y2O3 ppm	Nb205 ppm	P2O5 ppm	Th ppm
CRX000
7	52	53	1	0.26	617	1190	129	440	59	14	39	20	3	6	1	5	0	26	74	386	30020	8
CRX000
7	53	54	1	1.66	5170	8191	735	2097	169	33	66	20	3	4	0	2	0	81	61	944	36895	26
CRX000
7	54	55	1	0.54	1378	2607	273	883	100	24	54	24	4	7	1	3	0	43	84	973	66915	17
CRX000
7	55	56	1	0.49	1234	2350	243	791	95	22	54	28	4	9	1	6	0	74	107	2961	53853	29
CRX000
7	56	57	1	0.44	1166	2128	220	687	74	18	40	20	3	7	1	5	0	60	80	1817	36666	16
CRX000
7	57	58	1	0.31	792	1478	154	491	57	13	30	14	2	5	1	3	0	43	58	1302	27041	13
CRX000
7	58	59	1	0.13	294	593	70	239	34	9	22	11	2	4	0	2	0	26	44	887	26812	11
CRX000
7	59	60	1	0.33	647	1430	171	625	98	25	67	37	6	12	1	8	1	35	133	1059	54311	10
CRX000
7	60	61	1	0.9	2489	4458	432	1269	115	25	53	23	3	7	1	5	1	25	83	472	14666	14
CRX000
7	61	62	1	1.18	3389	5922	556	1604	133	27	56	22	3	7	1	5	1	21	85	529	16270	20
CRX000
7	62	63	1	0.61	1475	2866	302	996	123	30	75	42	7	13	2	9	2	41	155	1287	48582	14
CRX000
7	63	65	2	0.55	1188	2481	285	1008	145	37	95	52	8	17	2	11	1	41	193	1116	82498	12
CRX000
7	65	67	2	0.57	1142	2537	301	1100	168	42	115	60	10	19	2	11	2	48	218	930	122830	15
CRX000
7	67	69	2	0.7	1271	2991	372	1404	237	62	171	96	15	32	3	20	3	69	361	758	154683	21
CRX000
7	69	71	2	0.5	900	2120	259	983	164	44	118	71	12	25	3	17	2	63	273	772	93268	14
CRX000
7	71	72	1	0.41	778	1787	214	799	128	33	90	50	8	17	2	10	1	43	192	873	68977	10
CRX000
7	72	73	1	4.11	12348	20745	1901	5344	386	66	127	34	5	8	1	5	0	34	103	386	112059	43
CRX000
7	73	74	1	1.48	4581	7523	680	1823	125	21	38	9	1	2	0	1	0	46	28	57	52707	14
CRX000
7	74	75	1	2.54	8016	12784	1154	3076	219	36	70	16	2	4	0	2	1	51	53	129	39186	31
CRX000
7	75	76	1	1.93	5512	9385	915	2658	271	57	144	63	10	21	2	13	2	60	226	629	108164	34
CRX000
7	76	77	1	1.24	3314	6066	596	1817	204	46	119	55	8	18	2	11	1	63	189	515	87081	28
CRX000
7	77	78	1	0.93	2407	4409	463	1443	179	40	106	50	8	16	2	10	2	57	174	458	86164	25
CRX000
7	78	79	1	0.88	2161	4114	439	1424	187	44	116	55	8	17	2	9	1	57	187	472	103351	28
CRX000
7	79	80	1	0.7	1522	3193	366	1252	192	47	127	63	10	19	2	11	1	55	213	401	101747	23
CRX000
7	80	81	1	0.5	1030	2234	264	924	147	37	100	50	8	17	2	10	1	43	188	415	79748	16
CRX000
7	81	82	1	0.4	795	1758	213	769	125	30	85	42	7	13	1	8	1	35	143	343	77685	14
CRX000
7	82	83	1	0.35	767	1594	188	651	99	24	65	32	5	9	1	5	1	38	108	443	60727	11
CRX000
7	83	84	1	0.45	1212	2164	222	680	77	17	43	20	3	5	1	3	0	75	65	186	40332	9

RareX Limited

Suite 23, 513 Hay Street, Subiaco WA 6008 Ph: 08 6143 6720 ACN: 105 578 756

11

==> picture [150 x 55] intentionally omitted <==

Hole ID	From	To	Interval	TREO+Y2O3 %	La2O3 ppm	CeO2 ppm	Pr6O11 ppm	Nd2O3 ppm	Sm2O3 ppm	Eu2O3 ppm	Gd2O3 ppm	Dy2O3 ppm	Ho2O3 ppm	Er2O3 ppm	Tm2O3 ppm	Yb2O3 ppm	Lu2O3 ppm	Sc2O3 ppm	Y2O3 ppm	Nb205 ppm	P2O5 ppm	Th ppm
CRX000
7	85	86	1	0.64	1403	2935	335	1144	171	41	105	49	7	15	1	9	1	49	160	515	80664	15
CRX000
7	86	87	1	0.49	973	2205	266	953	152	38	101	49	7	16	2	9	1	37	170	1030	66456	16
CRX000
7	87	88	1	1.16	3267	5626	549	1634	172	36	90	37	6	12	1	7	1	37	131	758	77227	18
CRX000
7	88	89	1	1.46	4231	7239	684	1956	187	37	90	36	5	11	1	6	1	32	126	372	92351	19
CRX000
7	89	90	1	0.4	979	1841	202	649	89	21	57	29	5	10	1	6	1	29	109	272	46061	7
CRX000
7	90	91	1	0.33	786	1501	164	547	77	18	51	28	4	9	1	7	1	28	110	315	34374	6
CRX000
7	91	92	1	0.98	2727	4880	486	1418	126	24	56	22	3	6	1	5	1	20	76	172	52936	14
CRX000
7	92	93	1	1.25	3504	6257	605	1739	150	27	62	22	3	6	1	5	0	43	74	200	55686	17
CRX000
7	93	94	1	0.73	2163	3608	345	977	89	18	37	13	2	3	0	2	0	28	43	215	93726	10
CRX000
7	94	95	1	0.44	1114	2069	218	705	89	20	53	27	4	9	1	6	0	32	95	386	63248	35
CRX000
7	95	96	1	0.26	557	1149	135	476	72	18	50	27	4	8	1	6	1	31	104	343	54311	16
CRX000		10
7	96	0	4	0.21	439	945	111	397	60	16	41	21	3	6	1	5	0	34	81	601	39645	13
CRX000		10
7	100	2	2	0.22	403	936	117	432	70	18	47	26	4	8	1	6	0	60	97	672	51103	14
CRX000
8	0	3	3	0.06	145	270	30	97	14	3	9	7	1	2	0	3	0	14	33	114	3208	14
CRX000
8	3	5	2	0.11	250	538	53	178	28	6	17	10	2	4	0	3	0	31	41	243	4583	16
CRX000
8	5	7	2	0.07	131	281	37	139	31	4	17	9	1	3	0	2	0	21	36	286	12375	11
CRX000
8	7	8	1	0.83	2567	4094	381	1073	90	18	38	14	2	4	0	2	0	34	48	358	29103	14
CRX000
8	8	9	1	4.89	15459	24590	2193	5961	398	65	121	25	3	5	1	3	0	58	67	529	105872	61
CRX000
8	9	10	1	3.49	10738	17605	1606	4362	301	49	97	26	3	5	1	2	0	29	71	257	30249	46
CRX000
8	10	11	1	0.31	746	1438	159	527	73	17	44	22	4	6	1	3	1	66	80	544	33228	18
CRX000
8	11	12	1	0.18	357	779	92	336	55	14	38	20	3	6	1	5	0	60	71	572	32541	10
CRX000
8	12	13	1	0.18	345	800	95	345	59	16	41	22	4	8	1	5	1	57	79	572	31395	14
CRX000
8	13	14	1	0.27	588	1205	144	510	80	19	54	28	4	9	1	6	1	40	99	300	57748	16
CRX000
8	14	15	1	0.33	714	1458	174	616	93	23	62	33	5	12	1	8	1	41	113	215	24978	5
CRX000
8	15	18	3	0.12	192	484	63	247	51	10	35	18	3	7	1	3	0	41	70	429	35749	9
CRX000
8	18	21	3	0.14	254	593	77	290	53	13	39	21	3	8	1	5	1	43	80	529	39874	13
CRX000
8	21	25	4	0.11	167	421	58	227	45	11	34	17	3	6	1	3	0	41	62	587	28187	9
CRX000
8	25	29	4	0.1	142	387	56	219	42	12	31	17	3	6	1	3	0	55	58	787	14895	11

RareX Limited

Suite 23, 513 Hay Street, Subiaco WA 6008 Ph: 08 6143 6720 ACN: 105 578 756

12

==> picture [150 x 55] intentionally omitted <==

Hole ID	From	To	Interval	TREO+Y2O3 %	La2O3 ppm	CeO2 ppm	Pr6O11 ppm	Nd2O3 ppm	Sm2O3 ppm	Eu2O3 ppm	Gd2O3 ppm	Dy2O3 ppm	Ho2O3 ppm	Er2O3 ppm	Tm2O3 ppm	Yb2O3 ppm	Lu2O3 ppm	Sc2O3 ppm	Y2O3 ppm	Nb205 ppm	P2O5 ppm	Th ppm
CRX000
8	29	33	4	0.15	271	650	86	323	57	15	40	20	3	6	1	3	1	57	66	772	22916	16
CRX000
8	33	37	4	0.17	291	752	97	376	66	17	44	21	3	7	1	3	0	54	69	758	25437	25
CRX000
8	37	41	4	0.29	664	1289	151	527	79	20	54	26	4	9	1	5	1	89	90	572	43082	21
CRX000
8	41	45	4	0.16	294	678	86	325	58	16	44	22	3	7	1	3	0	61	76	501	42853	15
CRX000
8	45	48	3	0.16	298	709	89	332	57	15	41	21	3	7	1	3	0	58	70	415	38499	19
CRX000
8	48	49	1	0.17	281	706	92	350	60	15	43	21	3	7	1	3	1	97	76	629	35291	18
CRX000
8	49	50	1	0.29	667	1319	150	518	74	19	50	25	4	9	1	6	1	71	88	744	52478	11
CRX000
8	50	51	1	2.5	8274	12208	1090	2958	218	41	76	21	3	5	0	2	0	161	58	1144	56144	24
CRX000
8	51	52	1	1.27	4099	6090	552	1558	141	31	67	28	4	8	1	3	0	83	91	844	54082	27
CRX000
8	52	56	4	0.25	575	1087	123	429	67	18	48	24	4	8	1	3	0	55	88	572	42395	20
CRX000
8	56	60	4	0.11	209	457	56	206	37	11	30	15	3	5	0	2	0	54	58	358	28416	8
CRX000
8	60	62	2	0.17	331	731	90	330	58	16	45	23	4	8	1	3	0	60	80	443	43540	18
CRX000
8	62	63	1	0.19	337	806	103	395	68	17	49	25	4	9	1	5	0	49	97	86	56144	7
CRX000
8	63	64	1	1.94	6252	9426	864	2427	205	42	85	30	5	9	1	5	0	95	100	372	53623	40
CRX000
8	64	65	1	0.25	549	1131	123	436	70	19	51	28	4	9	1	5	0	48	94	572	52019	35
CRX000
8	65	66	1	0.2	410	871	105	388	67	17	50	25	4	8	1	5	1	60	89	429	53165	29
CRX000
8	66	67	1	0.16	305	671	84	315	59	16	47	24	4	8	1	5	1	49	89	401	51561	17
CRX000
8	67	71	4	0.17	339	742	92	336	56	15	42	21	3	6	1	3	0	78	74	415	41478	16
CRX000
8	71	75	4	0.2	368	825	105	391	68	18	48	26	4	8	1	5	1	77	90	644	44686	20
CRX000
8	75	79	4	0.18	331	764	96	352	59	15	41	21	3	7	1	3	0	66	74	558	38270	18
CRX000
8	79	83	4	0.22	504	967	109	379	54	13	35	17	2	5	1	3	0	25	62	329	44457	14
CRX000
8	83	84	1	0.36	964	1672	176	580	74	17	47	22	3	7	1	5	0	20	77	486	31166	18
CRX000
8	84	85	1	1.02	2884	4896	469	1465	172	36	94	42	6	12	1	5	0	34	123	172	19937	10
CRX000
8	85	86	1	1.71	4515	7793	813	2682	374	81	250	125	18	35	3	14	1	28	441	143	53853	19
CRX000
8	86	87	1	0.66	1838	3064	313	986	123	28	75	36	5	11	1	5	1	35	130	200	60040	16
CRX000
8	87	88	1	0.37	847	1655	192	670	98	25	66	32	5	10	1	6	1	52	119	315	73560	16
CRX000
8	88	89	1	0.39	949	1752	195	659	94	23	62	31	5	10	1	5	1	35	112	186	34374	8
CRX000
8	89	93	4	0.45	966	1964	229	821	129	33	92	45	7	14	1	7	1	60	166	515	67144	19

RareX Limited

Suite 23, 513 Hay Street, Subiaco WA 6008 Ph: 08 6143 6720 ACN: 105 578 756

13

==> picture [150 x 55] intentionally omitted <==

Hole ID	From	To	Interval	TREO+Y2O3 %	La2O3 ppm	CeO2 ppm	Pr6O11 ppm	Nd2O3 ppm	Sm2O3 ppm	Eu2O3 ppm	Gd2O3 ppm	Dy2O3 ppm	Ho2O3 ppm	Er2O3 ppm	Tm2O3 ppm	Yb2O3 ppm	Lu2O3 ppm	Sc2O3 ppm	Y2O3 ppm	Nb205 ppm	P2O5 ppm	Th ppm
CRX000
8	93	96	3	0.37	704	1609	201	756	126	32	88	42	6	14	1	7	1	66	154	730	92122	45
CRX000
9	0	2	2	0.12	267	635	50	160	21	5	14	9	2	4	1	3	1	26	38	143	6187	15
CRX000
9	2	3	1	1.09	3018	5267	509	1557	167	37	95	44	7	15	2	10	1	103	166	1216	24749	24
CRX000
9	3	4	1	0.19	477	824	91	296	40	9	28	14	2	5	1	3	0	41	61	229	16041	12
CRX000
9	4	5	1	0.78	2340	3713	358	1036	101	22	57	26	4	8	1	3	0	41	100	257	49728	13
CRX000
9	5	6	1	1.95	5484	9136	916	2883	333	78	189	87	12	24	2	10	1	115	305	658	164995	19
CRX000
9	6	7	1	0.27	656	1206	134	457	63	16	40	18	3	6	1	3	0	95	63	429	45603	44
CRX000
9	7	8	1	0.11	236	467	55	205	36	9	29	17	3	6	1	5	0	54	70	329	52248	17
CRX000
9	8	10	2	0.22	454	957	115	428	70	19	52	27	4	9	1	5	0	63	100	501	65769	19
CRX000
9	10	14	4	0.15	270	591	75	293	54	16	43	24	4	8	1	5	0	57	93	629	68748	14
CRX000
9	14	18	4	0.31	687	1356	155	558	84	22	58	30	5	10	1	6	1	92	114	615	77227	16
CRX000
9	18	22	4	0.29	672	1247	141	498	79	22	56	30	5	10	1	6	1	83	116	515	79977	12
CRX000
9	22	26	4	0.16	278	656	86	339	64	17	49	26	4	8	1	5	0	40	99	601	68061	12
CRX000
9	26	30	4	0.16	259	634	86	351	66	18	52	27	4	10	1	5	1	35	103	658	68748	14
CRX000
9	30	34	4	0.17	272	676	92	366	68	19	54	28	4	9	1	6	0	46	104	758	65998	16
CRX000
9	34	38	4	0.23	453	954	118	439	74	20	54	29	4	10	1	6	0	38	107	558	78831	13
CRX000
9	38	41	3	0.22	394	904	117	456	79	21	57	30	5	9	1	6	0	38	104	730	73560	14
CRX000
9	41	44	3	0.22	378	908	120	476	87	24	66	34	5	12	1	7	1	97	124	715	68061	30
CRX000
9	44	47	3	0.37	629	1536	201	799	143	39	102	54	8	18	2	9	1	60	182	801	110455	95
CRX000
9	47	50	3	0.3	437	1171	161	680	132	37	98	54	9	17	2	10	1	54	183	730	116413	100
CRX000
9	50	51	1	0.38	640	1522	203	815	151	41	109	57	9	19	2	9	1	64	202	787	93039	107
CRX000
9	51	52	1	0.28	415	1104	152	623	122	35	97	52	8	17	2	9	1	49	178	644	100830	64
CRX000
9	52	53	1	0.56	1363	2465	274	955	140	37	97	48	7	16	1	7	1	49	163	572	123517	80
CRX000
9	53	54	1	0.35	536	1398	189	774	150	42	114	63	10	21	2	10	1	80	226	615	142767	83
CRX000
9	54	55	1	0.54	1095	2323	285	1065	170	44	118	58	9	18	2	10	1	106	211	944	158120	36
CRX000
9	55	56	1	0.86	1970	3906	416	1448	212	56	145	74	11	24	2	13	1	97	272	758	193182	97
CRX000
9	56	57	1	0.98	2381	4544	469	1569	217	54	146	71	11	22	2	11	1	124	282	1130	179203	67
CRX000
9	57	58	1	0.71	1670	3089	344	1175	169	43	123	69	12	28	3	17	2	95	331	501	149871	49

RareX Limited

Suite 23, 513 Hay Street, Subiaco WA 6008 Ph: 08 6143 6720 ACN: 105 578 756

14

==> picture [150 x 55] intentionally omitted <==

Hole ID	From	To	Interval	TREO+Y2O3 %	La2O3 ppm	CeO2 ppm	Pr6O11 ppm	Nd2O3 ppm	Sm2O3 ppm	Eu2O3 ppm	Gd2O3 ppm	Dy2O3 ppm	Ho2O3 ppm	Er2O3 ppm	Tm2O3 ppm	Yb2O3 ppm	Lu2O3 ppm	Sc2O3 ppm	Y2O3 ppm	Nb205 ppm	P2O5 ppm	Th ppm
CRX000
9	58	59	1	0.68	1518	2958	336	1169	175	45	128	69	11	27	3	19	2	153	314	1059	129017	40
CRX000
9	59	60	1	0.42	828	1780	217	786	130	33	90	49	8	19	2	13	2	110	211	1187	85477	16
CRX000
9	60	61	1	2.31	6168	10660	1097	3547	452	109	293	142	21	46	5	28	3	176	510	2317	203952	30
CRX000
9	61	62	1	1.32	3128	5998	645	2202	317	80	213	106	16	36	4	20	2	110	396	1502	167058	35
CRX000
9	62	63	1	0.38	864	1698	195	681	103	27	71	36	5	12	1	7	1	77	137	801	181495	17
CRX000
9	63	67	4	0.29	550	1211	154	570	95	25	70	37	6	13	1	8	1	106	163	715	178974	15
CRX000
9	67	71	4	0.25	449	1033	132	502	87	23	65	33	5	11	1	7	1	80	126	944	80893	20
CRX000
9	71	74	3	0.31	708	1357	161	580	91	23	63	30	4	9	1	5	0	58	108	701	66227	40
CRX000
9	74	77	3	0.31	687	1343	156	553	85	22	59	30	4	10	1	6	0	80	109	758	61186	19
CRX000
9	77	80	3	0.15	237	581	78	311	60	17	48	26	4	9	1	5	0	49	95	701	49269	14
CRX000
9	80	81	1	0.14	253	569	74	287	55	16	44	25	4	9	1	5	1	52	99	486	56832	10
CRX000
9	81	82	1	0.14	267	579	72	272	51	14	44	23	3	8	1	3	0	52	86	358	60269	9
CRX000
9	82	83	1	0.39	991	1739	187	614	88	23	61	33	5	12	1	8	1	78	132	916	56603	23
CRX000
9	83	84	1	3.12	9178	14864	1431	4324	468	99	254	113	16	32	3	11	1	75	377	315	112518	26
CRX000
9	84	85	1	3.75	12496	18284	1612	4373	333	63	124	45	6	13	1	6	1	57	151	873	70810	50
CRX000
9	85	86	1	0.89	2482	4185	416	1305	152	36	89	39	6	12	1	6	0	55	133	758	100601	33
CRX000
9	86	87	1	0.94	2751	4538	424	1273	132	29	71	32	5	10	1	5	0	49	112	429	82268	23
CRX000
9	87	88	1	0.49	1005	2049	250	942	162	43	119	63	9	20	2	10	1	72	213	801	116872	223
CRX000
9	88	89	1	0.24	497	1000	120	435	74	20	58	30	5	10	1	6	0	64	112	587	71269	25
CRX000
9	89	91	2	0.32	706	1436	167	586	94	23	67	30	5	9	1	5	0	87	108	687	74019	54
CRX000
9	91	94	3	0.29	578	1248	152	552	90	22	65	31	5	10	1	6	0	71	113	629	87539	27
CRX000
9	94	96	2	0.58	1565	2755	281	871	99	22	58	24	4	8	1	5	0	103	93	1159	117788	25
CRX000		10
9	96	0	4	0.24	469	1029	122	439	71	17	50	27	4	10	1	6	1	31	109	401	39416	8
CRX000		10
9	100	4	4	0.31	686	1368	155	537	79	20	56	29	5	11	1	7	1	35	121	558	36207	11
CRX000		10
9	104	8	4	0.33	737	1454	164	572	84	20	57	29	4	10	1	7	0	40	110	601	40332	8
CRX000		11
9	108	1	3	0.21	405	883	106	393	65	16	48	26	4	10	1	6	1	32	110	257	19708	11
CRX000		11
9	111	4	3	0.47	1183	2155	231	760	106	25	71	36	6	13	1	7	1	37	141	343	34145	10
CRX001
0	0	1	1	0.06	115	343	24	82	14	3	9	6	1	3	0	3	0	20	28	86	2750	16

RareX Limited

Suite 23, 513 Hay Street, Subiaco WA 6008 Ph: 08 6143 6720 ACN: 105 578 756

15

==> picture [150 x 55] intentionally omitted <==

Hole ID	From	To	Interval	TREO+Y2O3 %	La2O3 ppm	CeO2 ppm	Pr6O11 ppm	Nd2O3 ppm	Sm2O3 ppm	Eu2O3 ppm	Gd2O3 ppm	Dy2O3 ppm	Ho2O3 ppm	Er2O3 ppm	Tm2O3 ppm	Yb2O3 ppm	Lu2O3 ppm	Sc2O3 ppm	Y2O3 ppm	Nb205 ppm	P2O5 ppm	Th ppm
CRX001
0	1	2	1	0.06	114	308	24	80	13	3	9	7	1	4	0	3	0	21	28	57	2521	15
CRX001
0	2	3	1	0.07	133	403	29	99	16	3	12	8	1	4	0	3	0	25	34	129	2062	16
CRX001
0	3	4	1	0.11	218	505	48	160	24	5	18	11	2	6	1	6	1	32	52	129	2750	21
CRX001
0	4	5	1	0.94	2639	4425	449	1383	148	34	86	42	7	16	2	10	1	92	174	858	16729	24
CRX001
0	5	6	1	3.02	6138	12799	1525	5858	961	262	728	370	55	121	12	66	8	537	1256	6394	86852	79
CRX001
0	6	7	1	1.59	2930	6717	834	3227	528	140	406	211	33	73	7	42	5	681	775	5336	46519	46
CRX001
0	7	8	1	11.25	33325	52481	5274	15973	1680	371	939	452	69	151	16	89	11	463	1653	4849	112288	115
CRX001
0	8	9	1	10.97	33249	51664	5108	15232	1547	337	827	364	53	109	11	59	7	408	1151	3805	86164	93
CRX001
0	9	10	1	11.67	36176	55075	5345	15564	1495	327	805	377	56	122	13	71	9	417	1309	5736	92122	107
CRX001
0	10	11	1	3.13	8760	14580	1450	4725	548	124	313	147	22	49	5	25	3	198	528	3605	59352	43
CRX001
0	11	12	1	2.49	6727	11572	1191	3868	457	105	267	130	19	42	4	22	2	190	453	3605	60957	44
CRX001
0	12	13	1	3.3	9177	15457	1554	5047	572	131	327	150	22	47	5	24	3	224	500	7396	54082	55
CRX001
0	13	14	1	8.57	24880	40977	4162	12191	1190	255	609	278	40	87	9	49	6	443	949	10214	90977	155
CRX001
0	14	15	1	4.6	13690	21730	2085	6448	670	150	365	164	24	50	5	28	3	341	554	3691	65081	51
CRX001
0	15	16	1	8.53	26291	41067	4058	11382	968	197	430	175	25	55	5	28	3	445	625	2789	77227	165
CRX001
0	16	17	1	3.67	11293	17415	1622	4902	481	108	260	119	18	39	4	19	2	212	446	1488	63706	41
CRX001
0	17	18	1	0.64	1498	2753	315	1099	164	43	117	65	10	23	2	11	1	130	250	1202	26124	19
CRX001
0	18	19	1	0.4	897	1696	196	719	112	29	81	43	7	14	1	8	1	104	161	830	26812	15
CRX001
0	19	20	1	0.59	1390	2593	297	1049	146	37	100	49	8	15	2	9	1	133	173	672	37582	13
CRX001
0	20	21	1	2.45	7323	11654	1121	3380	342	78	188	89	13	28	3	15	2	201	293	2217	43082	24
CRX001
0	21	22	1	1.03	2547	4772	494	1685	227	56	152	75	11	23	2	14	2	179	246	1616	37582	21
CRX001
0	22	23	1	4.18	12241	19699	1932	6062	669	151	361	163	22	44	4	20	2	218	452	1931	52248	36
CRX001
0	23	24	1	1.03	2490	4707	506	1740	246	62	161	78	11	23	2	11	1	166	241	1159	29791	16
CRX001
0	24	25	1	11.82	38458	56199	5247	14778	1246	261	607	282	42	88	9	43	5	264	959	2174	103809	81
CRX001
0	25	26	1	5.55	15873	26564	2527	7886	867	196	486	227	31	67	7	36	5	301	767	2689	82956	92
CRX001
0	26	27	1	5.67	14873	27129	2718	8886	1008	227	576	271	37	79	8	43	5	327	856	3362	126267	101
CRX001
0	27	28	1	0.75	1712	3331	374	1285	181	44	118	64	10	24	3	16	2	130	284	1073	62332	30
CRX001
0	28	29	1	0.87	1698	3774	460	1698	263	67	183	95	14	33	3	19	2	307	380	1702	93726	33

RareX Limited

Suite 23, 513 Hay Street, Subiaco WA 6008 Ph: 08 6143 6720 ACN: 105 578 756

16

==> picture [150 x 55] intentionally omitted <==

Hole ID	From	To	Interval	TREO+Y2O3 %	La2O3 ppm	CeO2 ppm	Pr6O11 ppm	Nd2O3 ppm	Sm2O3 ppm	Eu2O3 ppm	Gd2O3 ppm	Dy2O3 ppm	Ho2O3 ppm	Er2O3 ppm	Tm2O3 ppm	Yb2O3 ppm	Lu2O3 ppm	Sc2O3 ppm	Y2O3 ppm	Nb205 ppm	P2O5 ppm	Th ppm
CRX001
0	29	30	1	0.84	1392	3350	437	1717	296	80	225	139	22	54	6	35	5	199	608	1845	67831	201
CRX001
0	30	31	1	0.75	1561	3222	381	1386	220	59	161	88	14	31	3	17	2	141	349	1287	116642	84
CRX001
0	31	32	1	16.24	54227	80106	7058	18443	1254	226	409	131	17	33	3	13	2	179	452	1030	192036	133
CRX001
0	32	33	1	2.43	6891	11474	1113	3526	410	96	257	113	15	31	3	15	2	143	397	744	183328	40
CRX001
0	33	34	1	0.82	1570	3475	430	1668	280	74	201	99	14	30	3	19	3	199	305	2289	41020	74
CRX001
0	34	35	1	0.78	1398	3236	417	1627	286	78	201	101	15	35	4	25	3	273	348	1974	29791	161
CRX001
0	35	36	1	0.63	1173	2702	341	1318	219	58	157	75	11	24	3	16	2	298	245	1903	38041	42
CRX001
0	36	37	1	0.56	1108	2376	293	1099	177	46	127	66	9	22	2	15	2	253	210	1259	31624	29
CRX001
0	37	38	1	1.5	2866	6708	794	2994	464	119	328	162	21	46	4	24	3	219	507	1845	46290	33
CRX001
0	38	39	1	3.38	8714	15689	1624	5469	689	167	437	217	29	61	6	33	3	294	671	5135	62790	59
CRX001
0	39	40	1	7.77	18813	35776	4015	13074	1760	432	1166	566	78	159	15	81	9	485	1719	8626	91893	103
CRX001
0	40	41	1	13.17	38312	62099	6103	18192	2010	474	1272	645	91	199	21	114	13	523	2161	6051	121455	143
CRX001
0	41	42	1	3.09	7984	14155	1462	4936	654	163	442	226	32	72	7	42	5	344	766	3562	57748	102
CRX001
0	42	43	1	6.06	16438	28279	2770	9104	1132	276	733	371	52	114	12	64	7	428	1234	4449	81810	99
CRX001
0	43	44	1	4.98	13501	23429	2302	7491	884	213	553	275	40	86	9	48	6	337	973	5107	79748	61
CRX001
0	44	45	1	6.15	16579	28826	2869	9379	1116	270	693	338	48	105	10	57	6	368	1176	5965	73790	85
CRX001
0	45	46	1	6.39	16980	29765	2987	9944	1230	298	775	372	55	115	11	59	6	353	1257	6266	78144	115
CRX001
0	46	47	1	0.88	1982	3967	439	1554	224	56	154	74	11	24	2	15	2	170	258	844	36666	40
CRX001
0	47	48	1	1.56	3414	7028	773	2782	406	101	288	149	23	52	5	32	4	173	554	1473	46061	37
CRX001
0	48	49	1	3.79	10138	17759	1786	5851	680	163	408	200	30	65	7	38	5	282	748	3161	51790	77
CRX001
0	49	50	1	1.14	2427	5057	552	1996	293	76	213	124	20	46	5	30	4	201	518	2317	26124	35
CRX001
0	50	51	1	1.54	3564	7176	770	2708	357	85	222	101	15	31	3	18	2	670	354	3233	34832	38
CRX001
0	51	52	1	0.74	1450	3220	397	1494	236	60	161	80	12	25	3	15	2	261	264	2460	22229	28
CRX001
0	52	53	1	1.07	2377	4885	526	1849	256	66	178	92	14	32	3	18	2	229	359	2503	90747	39
CRX001
0	53	54	1	0.63	1337	2690	318	1161	176	46	127	69	11	24	3	15	2	179	286	1602	122142	26
CRX001
0	54	55	1	1.53	3837	7065	732	2480	319	79	211	108	16	36	4	20	2	183	400	1903	87081	38
CRX001
0	55	56	1	0.68	1529	2963	339	1220	183	47	130	69	11	24	3	14	2	121	272	1388	99685	26
CRX001
0	56	57	1	0.91	2063	4169	440	1536	213	53	145	73	11	27	3	17	2	271	300	2174	108393	23

RareX Limited

Suite 23, 513 Hay Street, Subiaco WA 6008 Ph: 08 6143 6720 ACN: 105 578 756

17

==> picture [150 x 55] intentionally omitted <==

Hole ID	From	To	Interval	TREO+Y2O3 %	La2O3 ppm	CeO2 ppm	Pr6O11 ppm	Nd2O3 ppm	Sm2O3 ppm	Eu2O3 ppm	Gd2O3 ppm	Dy2O3 ppm	Ho2O3 ppm	Er2O3 ppm	Tm2O3 ppm	Yb2O3 ppm	Lu2O3 ppm	Sc2O3 ppm	Y2O3 ppm	Nb205 ppm	P2O5 ppm	Th ppm
CRX001
0	57	58	1	0.45	895	1924	236	869	134	33	93	47	7	18	2	11	1	218	208	1402	93726	13
CRX001
0	58	59	1	0.37	650	1463	188	737	132	37	107	57	9	19	2	11	1	106	236	958	114809	15
CRX001
0	59	60	1	0.44	896	1830	217	795	126	34	101	59	10	24	3	16	2	114	270	1173	61644	14
CRX001
0	60	61	1	0.35	532	1266	168	692	136	40	127	81	14	35	4	24	3	71	405	715	106101	18
CRX001
0	61	62	1	0.31	516	1145	143	552	98	28	89	63	12	31	4	24	3	112	391	844	34145	15
CRX001
0	62	63	1	0.52	931	2163	275	1074	176	47	133	69	11	25	3	14	2	160	311	1588	141163	24
CRX001
0	63	64	1	1.7	4479	7991	802	2644	319	77	194	94	14	33	3	18	2	308	370	3033	109768	38
CRX001
0	64	65	1	11.58	34422	56349	5451	15771	1360	283	605	275	42	99	11	60	8	459	1101	3633	111372	137
CRX001
0	65	66	1	14.79	40367	70084	7175	22284	2415	547	1362	650	101	231	24	139	18	828	2455	7167	138413	224
CRX001
0	66	67	1	3.26	8442	15349	1534	5086	604	140	357	178	29	64	7	44	6	287	763	3877	186536	67
CRX001
0	67	68	1	9.99	27740	47265	4772	14409	1596	369	944	479	75	167	19	112	14	606	1926	6695	155829	121
CRX001
0	68	69	1	5.57	12513	24869	2681	9436	1327	340	950	566	96	222	26	157	20	462	2511	6666	106789	92
CRX001
0	69	70	1	1.18	2484	5264	562	2042	304	78	229	136	22	50	6	35	4	235	584	1674	103580	28
CRX001
0	70	71	1	0.95	2039	4266	473	1683	250	65	179	98	15	33	4	20	2	261	392	3161	132454	35
CRX001
0	71	72	1	0.92	1973	3978	459	1677	257	69	190	108	17	39	4	24	3	209	452	1016	179661	181
CRX001
0	72	73	1	0.54	1114	2290	274	1005	157	42	116	68	11	25	3	16	2	213	288	1130	121684	85
CRX001
0	73	74	1	10.59	29139	51144	5197	15777	1538	332	794	368	55	114	13	72	9	466	1307	5465	127871	178
CRX001
0	74	75	1	6.3	17615	30629	2894	9042	922	201	488	226	34	72	8	44	6	443	831	3033	194099	120
CRX001
0	75	76	1	8.5	23782	40729	4143	12357	1269	277	671	326	50	107	12	67	8	448	1186	3748	282096	114
CRX001
0	76	77	1	7.77	18862	35775	3710	12872	1701	416	1105	583	92	199	22	130	16	604	2217	5565	272930	133
CRX001
0	77	78	1	3.84	8681	17330	1881	6686	949	239	646	349	55	118	13	76	9	317	1349	4992	269721	91
CRX001
0	78	79	1	2.41	4926	10621	1199	4520	694	180	502	262	41	88	9	51	6	206	1013	3705	347177	60
CRX001
0	79	80	1	3.49	7432	15273	1728	6351	967	256	703	384	60	131	14	82	10	278	1545	5279	324032	75
CRX001
0	80	81	1	3.7	7792	16193	1839	6703	1024	269	749	414	66	144	16	89	11	380	1702	4306	303408	73
CRX001
0	81	82	1	5.51	13996	25591	2591	8725	1086	265	696	368	57	126	14	79	9	380	1473	3877	297221	85
CRX001
0	82	83	1	4.37	11984	21038	2030	6437	692	157	383	179	27	58	6	35	4	253	693	2804	281867	62
CRX001
0	83	84	1	3.7	9848	17642	1727	5613	634	146	369	178	27	56	6	34	4	232	673	2632	283013	55
CRX001
0	84	85	1	2.86	7349	13248	1365	4568	566	138	360	180	28	61	7	36	5	201	717	2561	301345	49

RareX Limited

Suite 23, 513 Hay Street, Subiaco WA 6008 Ph: 08 6143 6720 ACN: 105 578 756

18

==> picture [150 x 55] intentionally omitted <==

Hole ID	From	To	Interval	TREO+Y2O3 %	La2O3 ppm	CeO2 ppm	Pr6O11 ppm	Nd2O3 ppm	Sm2O3 ppm	Eu2O3 ppm	Gd2O3 ppm	Dy2O3 ppm	Ho2O3 ppm	Er2O3 ppm	Tm2O3 ppm	Yb2O3 ppm	Lu2O3 ppm	Sc2O3 ppm	Y2O3 ppm	Nb205 ppm	P2O5 ppm	Th ppm
CRX001
0	85	86	1	2.77	6939	12816	1310	4484	568	140	371	186	29	62	7	38	5	195	735	2847	296533	52
CRX001
0	86	87	1	1.47	2777	6442	752	2867	463	120	333	177	29	62	6	33	4	120	683	1388	245660	56
CRX001
0	87	88	1	5.41	17031	26229	2346	6863	599	124	278	122	19	42	4	20	2	107	453	815	158350	54
CRX001
0	88	89	1	3.85	11608	18568	1701	5137	491	106	248	118	18	39	4	20	2	114	420	1030	121684	43
CRX001
0	89	90	1	9.35	30332	45719	4195	11203	867	169	354	133	19	37	3	17	2	78	432	672	143683	52
CRX001
0	90	91	1	1.53	4385	7251	684	2171	241	57	142	73	12	27	3	16	2	100	287	572	86393	20
CRX001
0	91	92	1	0.95	2423	4482	436	1438	168	43	116	61	10	24	2	15	2	77	239	443	66227	11
CRX001
0	92	93	1	0.77	1962	3575	367	1224	154	38	101	55	9	20	2	13	1	64	208	386	61186	8
CRX001
0	93	94	1	0.52	1212	2306	260	921	133	33	91	49	8	18	2	11	1	58	189	415	62102	7
CRX001
0	94	95	1	0.36	781	1551	180	653	99	24	68	36	6	13	1	8	1	35	138	515	27958	6
CRX001
0	95	96	1	0.35	843	1571	174	616	86	20	58	29	5	10	1	7	1	29	112	401	35061	4
CRX001
0	96	97	1	0.23	456	988	122	455	72	18	52	29	5	11	1	7	1	26	118	215	35061	0
CRX001
0	97	98	1	0.25	528	1081	128	474	74	18	52	28	4	10	1	7	1	29	113	272	31853	12
CRX001
0	98	99	1	0.24	514	1050	123	449	69	17	50	25	4	10	1	7	1	29	113	129	23603	6
CRX001		10
0	99	0	1	0.32	752	1443	161	573	80	17	54	28	4	10	1	7	1	29	110	114	27041	4
CRX001		10
0	100	4	4	0.43	1030	1948	216	749	102	24	67	36	5	13	1	9	1	32	147	257	38957	6
CRX001		10
0	104	6	2	0.38	896	1682	187	652	92	22	62	33	5	12	1	8	1	35	136	257	35061	5
CRX001		10
0	106	7	1	0.42	1018	1873	204	698	93	23	63	32	5	12	1	7	1	34	132	257	34603	4
CRX001		10
0	107	8	1	0.6	1581	2760	295	965	120	28	75	38	6	13	1	9	1	43	155	358	43082	10
CRX001		10
0	108	9	1	0.9	2324	4292	417	1372	160	38	99	49	7	17	2	11	1	54	196	558	66915	9
CRX001		11
0	109	0	1	0.67	1623	3002	328	1126	151	37	102	53	8	18	2	13	1	67	215	558	54082	8
CRX001		11
0	110	1	1	0.38	846	1677	187	670	98	25	70	36	6	14	2	9	1	40	154	329	29791	3
CRX001		11
0	111	5	4	0.49	1148	2168	241	841	114	29	78	41	7	17	2	11	1	43	178	329	43770	5
CRX001		11
0	115	9	4	0.45	1079	2012	221	748	101	25	67	35	6	12	1	8	1	38	143	401	38041	4
CRX001		12
0	119	3	4	0.43	1029	1935	216	748	102	26	68	36	6	13	1	8	1	38	150	386	44915	6
CRX001		12
0	123	6	3	0.38	876	1678	188	663	93	24	65	35	5	12	1	8	1	35	149	358	44686	3
CRX001
1	0	3	3	0.04	61	247	14	48	8	2	5	5	1	3	0	2	0	18	22	57	1375	13
CRX001
1	3	6	3	0.27	644	1228	129	433	56	13	37	19	3	7	1	6	0	46	80	386	20624	16

RareX Limited

Suite 23, 513 Hay Street, Subiaco WA 6008 Ph: 08 6143 6720 ACN: 105 578 756

19

==> picture [150 x 55] intentionally omitted <==

Hole ID	From	To	Interval	TREO+Y2O3 %	La2O3 ppm	CeO2 ppm	Pr6O11 ppm	Nd2O3 ppm	Sm2O3 ppm	Eu2O3 ppm	Gd2O3 ppm	Dy2O3 ppm	Ho2O3 ppm	Er2O3 ppm	Tm2O3 ppm	Yb2O3 ppm	Lu2O3 ppm	Sc2O3 ppm	Y2O3 ppm	Nb205 ppm	P2O5 ppm	Th ppm
CRX001
1	6	9	3	0.2	338	821	110	442	77	21	56	29	4	9	1	6	1	75	112	801	70581	23
CRX001
1	9	10	1	0.28	455	1135	149	594	103	28	76	40	6	14	1	7	1	83	160	1373	85248	38
CRX001
1	10	11	1	0.28	470	1150	146	566	96	26	70	40	6	14	1	8	1	89	159	772	59811	47
CRX001
1	11	12	1	0.31	541	1302	169	670	112	29	78	40	6	13	1	8	1	98	149	830	73560	46
CRX001
1	12	13	1	0.43	846	1849	234	847	140	35	97	47	7	14	1	8	1	198	171	2103	83873	30
CRX001
1	13	14	1	0.38	697	1615	211	822	133	34	94	45	7	15	2	9	1	110	164	1602	85248	46
CRX001
1	14	15	1	0.3	664	1313	158	593	89	21	58	28	4	9	1	5	0	40	93	672	52248	58
CRX001
1	15	16	1	0.33	644	1398	180	688	112	29	81	40	6	12	1	8	1	51	137	944	78602	45
CRX001
1	16	17	1	0.47	905	1984	254	976	157	39	108	49	7	16	1	8	1	87	164	1173	109538	72
CRX001
1	17	18	1	0.34	610	1392	185	736	125	33	91	48	7	15	1	9	1	78	165	1316	88456	35
CRX001
1	18	19	1	0.45	843	1895	248	959	153	38	107	51	8	16	1	8	1	219	179	1602	112976	26
CRX001
1	19	20	1	0.38	671	1575	211	819	135	35	95	45	7	15	1	8	1	156	160	1459	98997	27
CRX001
1	20	21	1	0.94	1704	4260	522	1979	303	74	200	86	12	23	2	9	1	288	268	8154	201661	32
CRX001
1	21	22	1	0.63	1170	2741	357	1366	208	52	141	60	8	17	2	7	1	379	199	5650	165912	25
CRX001
1	22	23	1	0.35	551	1392	195	794	141	37	105	55	8	18	2	11	1	103	203	1974	87768	21
CRX001
1	23	24	1	0.26	400	994	138	560	102	28	82	45	7	15	2	10	1	118	168	1316	77456	15
CRX001
1	24	25	1	0.26	421	1064	145	576	99	26	75	38	6	12	1	7	1	130	136	1459	93039	19
CRX001
1	25	26	1	0.38	673	1582	210	822	133	33	94	45	6	13	1	7	1	141	156	1574	119851	48
CRX001
1	26	27	1	0.78	1599	3331	413	1555	239	61	167	87	13	30	3	17	2	110	323	1817	224577	32
CRX001
1	27	28	1	0.75	1322	3077	401	1586	261	69	192	105	16	38	4	23	3	115	415	1774	199140	26
CRX001
1	28	29	1	0.58	1068	2420	307	1193	192	50	138	75	12	28	3	18	2	103	304	1559	115497	19
CRX001
1	29	30	1	0.18	320	737	97	378	63	17	46	25	4	8	1	5	0	112	97	1130	55457	7
CRX001
1	30	31	1	7.7	25586	37641	3513	9166	612	104	179	44	5	9	1	5	0	72	116	401	27728	61
CRX001
1	31	32	1	13.15	42740	64481	6014	16418	1077	180	312	76	9	16	1	6	1	69	188	300	49728	91
CRX001
1	32	33	1	2.39	7677	11616	1052	2999	239	45	97	34	4	9	1	5	0	164	105	1144	51332	18
CRX001
1	33	34	1	0.98	2824	4803	429	1332	132	29	73	31	5	11	1	7	1	48	117	1030	47207	29
CRX001
1	34	35	1	0.35	816	1578	175	618	89	21	59	28	4	9	1	5	0	97	108	873	67373	21
CRX001
1	35	36	1	0.19	354	789	97	378	66	18	51	28	4	9	1	6	0	54	102	830	58665	18

RareX Limited

Suite 23, 513 Hay Street, Subiaco WA 6008 Ph: 08 6143 6720 ACN: 105 578 756

20

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Hole ID	From	To	Interval	TREO+Y2O3 %	La2O3 ppm	CeO2 ppm	Pr6O11 ppm	Nd2O3 ppm	Sm2O3 ppm	Eu2O3 ppm	Gd2O3 ppm	Dy2O3 ppm	Ho2O3 ppm	Er2O3 ppm	Tm2O3 ppm	Yb2O3 ppm	Lu2O3 ppm	Sc2O3 ppm	Y2O3 ppm	Nb205 ppm	P2O5 ppm	Th ppm
CRX001
1	36	37	1	0.19	274	767	106	450	79	20	55	26	4	8	1	5	0	103	81	1116	35061	27
CRX001
1	37	40	3	0.27	547	1190	139	526	80	20	54	26	4	8	1	5	0	158	93	887	58894	17
CRX001
1	40	42	2	0.23	391	969	126	500	86	23	64	34	5	11	1	6	1	60	121	1087	61186	21
CRX001
1	42	43	1	0.24	471	1036	124	470	75	19	54	25	4	8	1	5	0	206	98	1259	61644	8
CRX001
1	43	44	1	0.47	1134	2177	231	802	99	22	58	26	4	8	1	3	0	268	88	2131	59811	15
CRX001
1	44	45	1	0.67	1688	3223	335	1098	133	30	75	30	4	8	1	3	0	239	99	5765	71040	24
CRX001
1	45	46	1	1.41	4173	6938	630	1950	181	37	83	30	4	9	1	5	1	262	103	5851	69665	27
CRX001
1	46	47	1	0.22	440	983	120	457	69	17	47	22	3	6	1	3	0	273	80	1731	70581	6
CRX001
1	47	48	1	0.33	739	1515	170	619	85	20	55	22	3	7	1	3	0	252	80	1831	56144	6
CRX001
1	48	49	1	0.27	534	1168	140	547	81	20	52	25	3	7	1	3	0	133	83	1144	87081	13
CRX001
1	49	51	2	0.24	463	1038	126	478	75	19	54	25	4	8	1	5	0	181	95	1230	60040	15
CRX001
1	51	55	4	0.21	346	835	108	437	78	21	60	31	5	10	1	6	1	81	114	1202	62561	12
CRX001
1	55	59	4	0.19	297	753	100	409	72	19	55	30	5	10	1	7	1	71	112	1287	50186	12
CRX001
1	59	63	4	0.17	260	655	86	355	67	19	56	31	5	11	1	7	1	41	122	1230	51332	9
CRX001
1	63	67	4	0.17	293	666	85	337	62	17	50	29	5	10	1	7	1	54	117	1130	52019	8
CRX001
1	67	71	4	0.19	300	767	102	413	73	19	55	29	4	10	1	6	1	51	105	973	51332	21
CRX001
1	71	74	3	0.18	279	746	101	415	74	20	55	28	4	9	1	5	0	41	99	830	56603	23
CRX001
1	74	77	3	0.28	507	1194	152	610	101	27	73	34	5	11	1	6	1	78	121	744	103351	12
CRX001
1	77	79	2	0.26	534	1145	139	523	79	20	54	26	4	8	1	5	1	132	93	730	69206	16
CRX001
1	79	82	3	0.2	372	832	106	408	67	18	49	25	4	9	1	5	1	78	95	687	53623	18
CRX001
1	82	83	1	0.31	590	1307	164	638	103	26	73	36	5	11	1	6	1	67	128	1101	101747	32
CRX001
1	83	84	1	1.64	5149	8052	718	2052	176	36	81	30	4	9	1	5	1	140	102	1445	60498	20
CRX001
1	84	85	1	0.22	436	932	119	446	73	19	52	28	4	9	1	6	1	64	103	730	53165	11
CRX001
1	85	86	1	0.75	2133	3663	341	1053	111	24	61	25	4	7	1	3	0	175	86	730	46519	10
CRX001
1	86	87	1	1.57	4969	7545	686	2028	181	36	77	29	4	8	1	3	0	236	91	1874	57748	19
CRX001
1	87	88	1	0.4	1002	1803	196	653	86	21	55	26	4	8	1	5	0	247	91	2346	52248	12
CRX001
1	88	89	1	1.25	3855	6072	563	1683	152	30	67	25	4	8	1	5	1	242	83	2346	47894	18
CRX001
1	89	90	1	0.15	289	634	80	302	51	13	34	19	3	7	1	5	1	63	71	801	21770	7

RareX Limited

Suite 23, 513 Hay Street, Subiaco WA 6008 Ph: 08 6143 6720 ACN: 105 578 756

21

==> picture [150 x 55] intentionally omitted <==

Hole ID	From	To	Interval	TREO+Y2O3 %	La2O3 ppm	CeO2 ppm	Pr6O11 ppm	Nd2O3 ppm	Sm2O3 ppm	Eu2O3 ppm	Gd2O3 ppm	Dy2O3 ppm	Ho2O3 ppm	Er2O3 ppm	Tm2O3 ppm	Yb2O3 ppm	Lu2O3 ppm	Sc2O3 ppm	Y2O3 ppm	Nb205 ppm	P2O5 ppm	Th ppm
CRX001
1	90	91	1	0.15	259	617	82	322	56	15	40	22	3	7	1	3	0	44	76	758	30249	8
CRX001
1	91	95	4	0.16	258	662	91	365	66	17	50	26	4	8	1	3	0	40	91	615	53623	21
CRX001
1	95	99	4	0.26	637	1179	132	457	65	17	46	22	3	8	1	3	0	64	76	701	41936	11
CRX001		10
1	99	2	3	0.2	357	824	108	423	73	19	54	27	4	8	1	5	1	44	91	601	46290	43

RareX Limited Suite 23, 513 Hay Street, Subiaco WA 6008 Ph: 08 6143 6720 ACN: 105 578 756

22

==> picture [150 x 55] intentionally omitted <==

Appendix 2: JORC Tables

JORC Code, 2012 Edition – Table 1

Cummins Range Section 1 Sampling Techniques and Data

JORC Code, 2012 Edition – Table 1	JORC Code, 2012 Edition – Table 1	JORC Code, 2012 Edition – Table 1
Cummins Range Section 1 Sampling Techniques and Data
Criteria	JORC Code Explanation
Sampling techniques	Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling. Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. Aspects of the determination of mineralisation that are Material to the Public Report. In cases where ‘industry standard’ work has been done this would be relatively simple (eg ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information.	• The Cummins Range Rare Earth deposit was drilled tested with RC drilling. • The RC drill rig used a 5 ½ inch diameter hammer. Each 1m bulk sample was collected in a plastic bag. • Each metre was analysed with a portable XRF, and recovery and geology logs were completed. • Sample interval selection was based on geological controls and mineralisation • Each 1m bulk sample was split with a riffle splitter to the appropriate size. Samples varied in length from 1m to 4m. • Samples were assayed for 42 elements using either a peroxide fusion with a ICP-OES and ICP-MS finish, or a four acid digest with a ICP- OES and ICP-MS finish
Drilling Techniques	Drill type (eg core, reverse circulation, open- hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc).	• Reverse circulation (RC) drilling was used for the entire drill program
Drill Sample Recovery	Method of recording and assessing core and chip sample recoveries and results assessed. Measures taken to maximise sample recovery and ensure representative nature of the samples. Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.	• Drill sample recovery was logged • Sample recovery for drill holes are CRX0004 98%, CRX0005 96%, CRX0006 96%, CRX0007 80%, CRX0008 98%, CRX0009 93%, CRX0010 86%, CRX0011 99% . These recoveries exclude the top 3m where sample recoveryispoor due to fine unconsolidated sands.
Logging	Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography. The total length andpercentage of the relevant intersections logged.	• All metres drilled had a geology log completed. Geology logs were aided using geochemical analysis from a portable XRF. • The detail of logging is appropriated for Mineral Resource estimation.
Sub-sampling techniques	If core, whether cut or sawn and whether quarter, half or all core taken. If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. For all sample types, the nature, quality and appropriateness of the sample preparation technique.	• Splits from the drill rig were not used. The entire 1m bulk sample was split with a riffle splitter to the appropriate size. Samples varied in length from 1m to 4m.

RareX Limited

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and sample preparation	Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples. Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling. Whether sample sizes are appropriate to thegrain size of the material being sampled.	• This sampling technique is better than industry standards and is appropriate for this style of mineralisation and for resource estimation.
Quality of assay data and laboratory tests	The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established.	The reported assays were analysed by Nagrom. The following techniques were used: • 28 elements were assayed for using peroxide fusion with a ICP-OES and ICP-MS finish • 14 elements were assayed for using four acid digest with a ICP-OES and ICP-MS finish • In addition to internal checks by Nagrom, RareX incorporates a QA/QC sample protocol utilizing prepared standards, blanks and duplicates for 8% of all assayed samples.
Verification of sampling and assaying	The verification of significant intersections by either independent or alternative company personnel. The use of twinned holes. The verification of significant intersections by either independent or alternative company personnel. Discuss any adjustment to assay data.	• Significant intercepts were calculated by RareX geological staff. • The intercepts have not been verified by independent persons • There are numerous drill holes with in the Cummins Range resource of comparable tenure • All assay results are reported to RareX in parts per million (ppm). RareX geological staff then convert the parts per million to ppm oxides using the below element to stoichiometric oxide conversion factors. La2O31.1728, CeO21.2284, Pr6O111.2082, Nd2O31.1664, Sm2O31.1596, Eu2O31.1579, Gd2O31.1526, Dy2O31.1477, Ho2O3 1.1455, Er2O31.1435, Tm2O31.1421, Yb2O31.1387, Lu2O31.1371, Sc2O31.5338,Y2O31.2699,Nb2O51.4305,P2O52.2916
Location of data points	Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. Specification of the grid system used. Quality and adequacy of topographic control.	• Drill hole collars were located by handheld GPS • All coordinates are in MGA Zone 52H 1994 • Topographic control is maintained by the use of previously surveyed drill holes. The Cummins Range deposit is located in flat terrain. • Down hole surveys were taken every 30m, using a digital Reflex multi shot camera.
Data spacing and distribution	Data spacing for reporting of Exploration Results. Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. Whether sample compositing has been applied.	• The purposed of the drill program is to increase the confidence of the >1% TREO+Y resource. Historic drill spacing ranges from 50m to 60m. These infill drill holes will reduce the drill spacing to 25m to 30m.

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		• This drill spacing will be sufficient to demonstrate grade continuity to support the definition of a Mineral Resource as per the JORC 2012 code • 2m to 4m composites were completed in areas where higher grades were not expected • Sample intervals are documented in Appendix 1.
Orientation of data in relation to geological structure	Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.	• The angled drill holes were directed as best possible across the known geology and is consistent with historic drilling.
Sample security	The measures taken to ensure sample security	• Drill samples are delivered to Halls Creek by RareX staff. Then the samples are transported from Halls Creek to Perth via a reputable transport company.

Cummins Range Section 2 Reporting of Exploration Results

Cummins Range Section 2 Reporting of Exploration Results	Cummins Range Section 2 Reporting of Exploration Results	Cummins Range Section 2 Reporting of Exploration Results
Criteria	JORC Code Explanation
Mineral tenement and land tenure status	Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.	• The Cummins Range REO deposit is located on tenement E80/5092 and is 100% owned by Cummins Range Pty Ltd which is a wholly owned subsidiary of RareX Ltd. Cummins Range Pty Ltd has purchased the tenement from Element 25 with a potential capped royalty payment of $1m should a positive PFS be completed within 36 months of purchase finalisation.
Exploration done by other parties	Acknowledgment and appraisal of exploration by other parties.	• CRA Exploration defined REO mineralisation at Cummins Range in 1978 using predominantly aircore drilling. Navigator Resources progressed this discovery with additional drilling after purchasing the tenement in 2006. Navigator announced a resource estimate in 2008. Kimberly Rare Earths drilled additional holes and upgraded the resource estimate in 2012.

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Geology	Deposit type, geological setting and style of mineralisation.	• The Cummins Range REO deposit occurs within the Cummins Range carbonatite complex which is a 2.0 km diameter near-vertical diatreme pipe that has been deeply weathered but essentially outcropping with only thin aeolian sand cover in places. The diatreme pipe consists of various mafic to ultramafic rocks with later carbonatite intrusions. The primary ultramafic and carbonatite rocks host low to high grade rare earth elements with back ground levels of 1000-2000ppm TREO and high grade zones up to 8% TREO. The current resource sits primarily within the oxidised/weathered zone which reaches to 120m below the surface. Metallurgical studies by previous explorers show the rare earth elements are hosted by Monazite which is a common and favourable host for rare earth elements.
Drill hole information	A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: • easting and northing of the drill hole collar • elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar • dip and azimuth of the hole • down hole length and interception depth • hole length. If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case.	As per body of announcement
Data aggregation methods	In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated. Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail. The assumptions usedfor any reporting of metal equivalent values should be clearly stated.	• Significant intercepts were calculated using weighted averaging • A lower cut off of 0.5% TREO+Y2O3 was used with a maximum of 5m dilution. This cut off grade and dilution is thought to be appropriate due to likely open cut mining methods that would be used on the outcropping ore body.
Relationship between mineralisation widths and intercept lengths	These relationships are particularly important in the reporting of Exploration Results If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg ‘down hole length, true width not known’).	• The REE mineralisation that was tested by this drilling program is located in the regolith profile of the Cummins Range diatreme. The weathering profile has created super high grade REE mineralisation with significant vertical and horizonal development. These high grade intersections are mostly focused along a north west structure that extends for over 800m. Thick vertical intersections along this structure will thin as you move towards the north east or south west. The horizontal development of these zones can reach upto hundreds of metres.

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		• The mineralisation is developing in favourable horizons with in the regolith and is interpreted to be horizontal. Drilling at 60 degrees to the south is sufficient to test a horizontal ore body. All significant intercepts mentioned with in this announcement are down hole lengths and not true widths.
Diagrams	Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.	• Maps and diagrams are included in the body of the announcement
Balanced reporting	Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.	• Reporting is considered balanced
Other substantive exploration data	Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.	• This announcement describes the second batch of assays and a further 3300 assays are yet to be received over the following weeks. Once all assays have been received a geological model and metallurgical studies will be completed.
Further work	The nature and scale of planned further work (eg tests for lateral extensions or large scale step out drilling.	• Geological model to be developed • Metallurgical studies to be completed • Update the current JORC inferred resource of 13mt @ 1.13% TREO+Y
	Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.

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