RAREX LIMITED — Capital/Financing Update 2020

Sep 6, 2020

ASX / MEDIA ANNOUNCEMENT

7 September 2020

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TRUNDLE DRILLING PROGRAM EXPANDED AS LATEST HOLES DELIVER FURTHER PORPHYRY ENCOURAGEMENT

Funding, permits and targets in place for 17 new holes, with drilling set to accelerate

HIGHLIGHTS

• RareX’s 65% joint venture partner at the Trundle Copper-Gold Project in NSW, Kincora Copper (TSX-V: KCC), has provided a wide-ranging update on recent and upcoming exploration activities.

• Kincora has completed an oversubscribed $5.33m capital raising to accelerate drilling.

• Funding, permits and drill targets are now in place for up to 17 new diamond drill holes.

• Recent drill holes TRDD002, TRDD005 and TRDD006 have provided further encouragement for the discovery of an economic copper-gold porphyry deposit within the known northern porphyry system at the Mordialloc prospect.

• Access is also in place to commence high-priority follow-up drill holes to expand high-grade near-surface skarn gold-copper intervals and confirm an underlying gold-copper porphyry system at the southern Trundle Park prospect.

• The first diamond hole at Trundle Park intersected multiple significantly mineralised skarn zones including an interval of 51m @ 1.17 g/t gold and 0.54% copper from 39m with several high-grade zones.

••

RareX Limited (“the Company”, “RareX”) (ASX: REE ) is pleased to provide an update on exploration activities at its Trundle Gold-Copper Joint Venture Project , located in the Macquarie Arc of the Lachlan Fold Belt in NSW. The Trundle Project is a 65%: 35% joint venture between RareX and Kincora Copper Limited (“Kincora”; TSX-V: KCC).

Kincora has recently completed a $5.33 million capital raising to accelerate drilling activities at Trundle and undertaken a site visit review by senior members of its exploration team.

Kincora has also confirmed details of a substantial expansion of its drilling program at Trundle, with permits secured and landowner access agreements in place for a further 17 diamond drill holes targeting an economic porphyry copper-gold deposit and/or skarn deposit. Kincora has also reported further encouragement from recent diamond drilling at the Mordialloc prospect, with results from recently completed holes reported in this announcement.

John Holliday, Technical Committee chair, and Peter Leaman, Senior VP of Exploration, at Kincora commented: “Drilling at the Mordialloc prospect is continuing to provide significant indications of being in close proximity to a high-grade part of the porphyry system. Kincora’s third hole at Mordialloc is currently drilling, intersecting intense propylitic alteration with some veined zones hosting chalcopyrite mineralization. This further confirms our view that the Mordialloc prospect of the Trundle project has the potential for the discovery of an economic gold-rich copper porphyry deposit.”

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

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“With access re-established after the local lambing season, the team is very excited to shortly resume drilling at the Trundle Park prospect located in the southern part of Trundle. An extensive drilling program is planned to follow up the near-surface skarn system potential and to continue testing for a causative underlying mineralized porphyry copper-gold deposit, suggested by favourable results in our first drill hole.

“The recent capital raising provides funding to continue the systematic drill focused exploration programs at both Mordialloc and Trundle Park. With new permits in place for a further 17 holes across the Trundle project and a good working relationship with the landowners and local stakeholders, the Company is well placed to significantly advance our exploration targets in the upcoming months.”

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Figure 1: Trundle is the only brownfield porphyry project held by a listed junior in the Macquarie Arc, Australia’s foremost and gold-rich porphyry belt

Trundle is in the western section of the Northparkes intrusive complex, which hosts the second largest porphyry mine in Australia, with initial Kincora drilling taking place at targets 8.5km apart.

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

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Figure 2: Initial and significantly expanded drilling program at Trundle

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Figure 3: Favourable and untested end-of-hole geochemistry and geophysics support large target zones that offer the potential for new clusters of mineralized porphyry related deposits

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

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The Mordialloc Prospect

As previously announced, assay results from Kincora’s first hole (TRDD002) at the Mordialloc target confirmed historical drilling results and returned metal grades comparable to the distal zones of the Northparkes and Cadia-Ridgeway porphyry deposits, within inner-to-outer propylitic style hydrothermal alteration – see ASX announcement: 24 July 2020.

These results together with previously untested industry-leading “Typhoon” induced polarization (IP) and magnetic surveys completed by previous explorer High Powered Exploration (HPX), and anomalous and increasing copper, gold and molybdenum grades towards the end of CTD006 (hole ending at 524m) encouraged Kincora to step out approximately 150m to the south of TRDD002 with drill hole TRDD005 (the second Kincora hole at the Mordialloc target).

TRDD005 was drilled to 958m and returned multiple broad zones of anomalous copper, gold and molybdenum, including localized moderate to higher grade intervals. A summary of anomalous assay results and notable intervals is shown in Table 4.

Significantly, a relatively shallow and previously unidentified skarn was also intersected in TRDD005 (including 12m at 0.33g/t Au and 0.29% Cu from 138m, including 2m at 1.4g/t Au and 1% Cu from 142m).

While returning anomalous and encouraging mineralization and alteration, the drill hole is interpreted to have been drilled to the east away from the targeted mineralized quartz monzonite porphyry complex – see Figure 4.

The favorable higher-grade results from TRDD005, coupled with significant grades from prior drill hole CTD006 (44m @ 0.15% Cu, 0.12g/t Au and 41ppm Mo) encouraged Kincora to drill TRDD006 to the west.

Propylitic alteration and surface mineralization have also been identified at surface in this area, and rock chip samples were collected and are currently being assayed. Together with the results from TRDD005 and TRDD006, this supports the concept of multiple mineralizing positions and phases of intrusions, with the potential for the discovery of a near-surface finger porphyry deposit.

Drill hole TRDD006 is ongoing at 727m depth with encouraging alteration and visual sulphides (including chalcopyrite) having been intersected, supporting the concept of close proximity to a potassic and higher grade core of the targeted system.

The first drill hole at the Mordialloc target (TRDD002) is proposed to be reopened and extended as interpretation of the alteration and assay results suggest these may represent the halo of a mineralized porphyry intrusion system.

Further drilling in addition to the ongoing hole TRDD006 and the extension of TRDD002 is proposed to aggressively test the targeted finger porphyry setting and potential clustering of associated mineralized systems across a significant strike where anomalous surface and end of hole geochemistry, and geophysics are complementary – see Figure 3.

Similar vectoring from drill hole alteration indicators was the exploration approach that was the key to the discovery of Cadia-Ridgeway, the majority of the Northparkes deposits and also Alkane Resources’ recent discovery at Boda.

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

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Figure 4: Cross section of current drilling at the Mordialloc target

Alteration and mineralisation returned in holes TRDD006, TRDD005 and CTD006 provide strong encouragement for close proximately for the targeted high-grade potassic core of a Macquarie Arc “finger” or “pencil” porphyry target.

The Trundle Park Prospect

Kincora will shortly resume drilling at the southern Trundle Park target following the completion of TRDD006, the end of seasonal lambing and the provision of updated permits and landholder access agreements.

The Company’s first drill hole (TRDD001) intersected multiple significantly mineralized skarn zones including 51m @ 1.17 g/t gold and 0.54% copper from 39m and 18m @ 0.53 g/t gold and 0.05% copper from 284m. TRDD001 also intersected broad anomalous mineralization (including 21.1m @ 0.25 g/t Au and 0.03% Cu from 664m to end of hole) in the outer zone of the targeted adjacent porphyry intrusion system – see ASX announcement: 6 July 2020.

Kincora’s second follow-up drill hole (TRDD004) was drilled 269m to the west of TRDD001, a considerable step-out, and was completed to 694m targeting a blind finger porphyry and not targeting the previously intersected high-grade skarn mineralization in TRDD001.

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

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TRDD004 did not intersect any skarn alteration and is interpreted to have intersected volcanics intruded by monzodiorite and monzonite across a fault block with minor potassic alteration at the bottom of the hole – anomalous results presented in Table 3. Such a fault setting is not uncommon in other Ordovician age porphyry systems in the Macquarie Arc and TRDD004 has assisted understanding of the fault blocks and potential preservation levels within the Trundle Park target.

With unencumbered access, high-priority drilling at Trundle Park will initially test the northern and southern strike of alteration and mineralization intersected in TRDD001 within the same interpreted fault block – see Figure 1. These holes will seek to test both the standalone near-surface gold-rich skarn and underlying finger porphyry potential at the Trundle Park target.

The Bayley’s Prospect

Drill-hole TRDD003 was completed to 721.5m at the Bayley’s target, confirming an interpreted fertile porphyry setting with zones of anomalous mineralization within the targeted quartz monzonite porphyry – see Table 2.

Further potential remains within the Bayley’s target zone, with drilling proposed in the second stage of the ongoing drilling program seeking to test the standalone potential for a finger porphyry within the larger northern Mordialloc intrusive complex. However, due to encouraging results with TRDD002 and TRDD005, combined with access (lambing) and permit constraints, a second hole was not completed during phase 1 of Kincora’s maiden drilling program.

Table 1: Trundle Project – Collar Information

Target	Hole #	Length (m)	Dip (o)	Azimuth	RL	Easting (MGA)	Northing (MGA)	Core Recovery
Trundle Park	TRDD001	685	60	251	270	570049	6352082	95.9%
Mordialloc	TRDD002	790	60	101	271	568443	6360363	98.2%
Bayley’s	TRDD003	721	60	329	274	569230	6360641	99.5%
Trundle Park	TRDD004	694	55	264	271	569780	6352079	99.6%
Mordialloc	TRDD005	958	60	110	266	568439	6360204	97.3%
*Mordialloc	TRDD006	727	70	275	270	568598	6360208

• Hole in progress

Table 2: Bayley’s Target Hold TRDD003 – Anomalous Results[1 ]

Hole ID	From (m)	To (m)	Interval (m)	Au (g/t)	Cu (%)	Mo (ppm)	Dilution (%)
TRDD003	164.0	166.0	2.0	0.01	0.08	1.00	0%
and	207.2	209.0	1.8	0.01	0.17	4.00	0%
and	338.0	340.0	2.0	0.12	0.01	0.00	0%
and	373.4	375.0	1.6	0.14	0.37	1.00	0%
and	505.0	509.0	4.0	0.00	0.17	1.00	0%

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

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Table 3: Trundle Park target hole TRDD004 - Anomalous results[1 ]

Hole ID	From (m)	To (m)	Interval (m)	Au (g/t)	Cu (%)	Mo (ppm)	Dilution (%)
TRDD004	332.0	336.0	4.0	0.35	0.01	0.00	0%
and	340.0	342.0	2.0	0.13	0.01	0.00	0%
and	394.0	396.0	2.0	0.27	0.02	1.00	0%
and	434.0	436.0	2.0	0.11	0.01	2.00	0%
and	508.0	512.0	4.0	0.16	0.01	2.00	0%
and	518.0	520.0	2.0	0.42	0.00	3.00	0%
and	578.0	582.0	4.0	0.14	0.01	3.50	0%
and	642.0	646.0	4.0	0.23	0.02	4.00	0%

Table 4: Mordialloc target hole TRDD005 - Anomalous results[1 ]

Hole ID	From (m)	To (m)	Interval (m)	Au (g/t)	Cu (%)	Mo (ppm)	Dilution (%)
TRDD005	24.0	54.0	30.0	0.10	0.08	10.47	27%
including	36.0	40.0	4.0	0.29	0.14	10.50	0%
and	138.0	150.0	12.0	0.33	0.29	35.00	0%
including	142.0	146.0	4.0	0.81	0.67	91.50	0%
including	142.0	144.0	2.0	1.41	1.02	176.00	0%
and	184.0	188.0	4.0	0.11	0.18	18.50	0%
and	228.0	254.0	16.0	0.07	0.16	24.92	0%
including	242.0	246.0	4.0	0.12	0.26	39.00	0%
and	270.0	288.0	18.0	0.08	0.18	43.00	0%
and	596.0	600.0	4.0	0.12	0.22	0.50	0%
and	632.0	644.0	12.0	0.66	0.14	4.00	17%
including	634.0	636.0	2.0	3.36	0.14	4.00	0%
including	638.0	640.0	2.0	0.11	0.15	1.00	0%
and	682.0	684.0	2.0	0.11	0.66	1.00	0%
and	690.0	692.0	2.0	1.17	0.01	1.00	0%
and	736.0	748.0	12.0	0.15	0.07	6.67	33%
and	770.0	772.0	2.0	0.08	0.12	4.00	0%
and	782.0	806.0	24.0	0.25	0.08	2.42	33%
including	782.0	790.0	8.0	0.64	0.06	2.50	0%
and	876.0	886.0	10.0	0.14	0.94	13.60	0%
including	880.0	884.0	4.0	0.27	2.14	27.00	0%

1 - Porphyry gold and copper intercepts are calculated using a lower cut of 0.10g/t and 0.05% respectively. Internal dilution is below cut off.

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

For further information, please contact:

RareX Limited Jeremy Robinson Executive Director Ph: 08 6143 6720

Media Enquiries Nicholas Read Read Corporate Ph: 08 9388 1474

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

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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.

The Trundle Project

The Trundle project is located 30km west of the China Molybdenum Company Limited (“CMOC”) operated Northparkes copper-gold project, in the same Northparkes Igneous Complex.

Past explorer drilling has been extensive with the completion of 2208 holes for 61,146 metres but deeper drilling utilising modern exploration knowledge has been very limited.

Over 92% of prior drilling has been to less than 50 metres depth, a depth that the existing major mines in this belt suggest is just too shallow, with just 11 holes beyond 300 metres (0.5% of holes drilled).

Existing significant drill intersections supports vectoring to very compelling targets for ongoing phase 1 drilling program at three existing mineralised systems – Trundle Park, Mordialloc and Bayleys. These systems have not been drilled since industry leading Induced Polarisation survey's, including HPX’s proprietary Typhoon system, and magnetic modelling were completed.

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

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Appendix 1: JORC Code, 2012 Edition – Table 1
Trundle 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 Trundle Park prospect at the Trundle Project was drill tested by our Joint Venture partner, Kincora Copper Limited with Diamond Drill core by DrillIt Consulting Pty Ltd. • Diamond drilling was used to obtain orientated samples from the ground, which was then structurally, geotechnically and geologically logged • Sample interval selection was based on geological controls and mineralization • Sampling was completed to industry standards with ¼ core for PQ diameter diamond core and ½ core for HQ and NQ diameter diamond core sent to the lab for each sample interval • Samples were assayed via the following methods: - Gold: Au-AA24 (Fire assay) - Multiple elements: ME-MS61 (4 acid digestion with ICP-AES & ICP-MS analysis for 48 elements) - Copper oxides and selected intervals with native copper: ME-ICP44 (Aqua regia digestion with ICP-AES analysis) has been assayed, but not reported - Assayresults >10g/tgold and/or 1% copper are re-assayed
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). _	• Diamond Drilling (DD) completed using PQ, HQ3 and NQ2 diameter
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 topreferential loss/gain of fine/coarse material.	• Drill Core recovery was logged • Diamond drill core recoveries are contained in the body of the annoucnment
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.	• Systematic geological, structural and geotechnical logging was completed by Kincora geologists and consultant

RareX Limited

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

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	Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography. The total length and percentage of the relevant intersections logged.	• The detail of logging was appropriated for the understanding and sampling of this style of mineralization • Drill core was photographed
Sub-sampling techniques and sample preparation	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. 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.	• Once all geological information was extracted from the drill core, the sample intervals were cut in half with an Almonte automatic core saw, bagged and delivered to the laboratory. • This is an appropriate sampling technique for this style of mineralization and is the industry standard for sampling of diamond drill core.
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 analyzed by ALS. The following techniques were used: • Gold: Au-AA24 (Fire assay), reported. • Multiple elements: ME-ICP61 (4 acid digestion with ICP-AES analysis for 33 elements) and ME-MS61 (4 acid digestion with ICP-AES & ICP-MS analysis for 48 elements), the latter reported. • Copper oxides and selected intervals with native copper: ME-ICP44 (Aqua regia digestion with ICP-AES analysis), sampled but not reported. • Assay results >10g/t gold and/or 1% copper are re-assayed using an appropriate assay method In addition to internal checks by ALS, Kincora incorporates a QA/QC sample protocol utilizing prepared standards and blanks for 5% 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 Kincora’s geological staff. • No twinned drill holes have been completed. • The intercepts have not been verified by independent personal • There are numerous shallow drill holes in the Trundle Park prospect that verify the gold and copper tenure of the prospect. • There has been no adjustments to assay data with ME-MS61 results reported for copper assays beingthe lower result relative to ME-ICP44.

RareX Limited

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

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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 collar were located by handheld GPS • All coordinated are in MGA Zone 55H 1994 • Topographic control is maintained by the use of widely available government data sets. Ground is gently undulating. • Down hole surveys were taken at approximately 30m intervals, 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.	• Drill holes are preferentially located in prospective areas • The mineralised areas are yet to demonstrate sufficient grade or continuity to support the definition of a Mineral Resource per the JORC 2012 Code
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 lithological and interpreted mineralized structures
Sample security	The measures taken to ensure sample security	• Core is handled by Kincora Copper, and its contractors, including delivery to the laboratory

RareX Limited

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

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Trundle Section 2 Reporting of Exploration Results

Trundle Section 2 Reporting of Exploration Results	Trundle Section 2 Reporting of Exploration Results	Trundle 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 Trundle Project is located on EL8222 in which RareX is 35% free carried in a JV with Kincora Copper until PEA or scoping study is completed.
Exploration done by other parties	Acknowledgment and appraisal of exploration by other parties.	• Exploration has been conducted by multiple previous explorers include Newcrest Mining, Calibre Mining, HPX and Clancy Exploration • The review and verification process for the information disclosed herein for the Trundle project has included the receipt of all material exploration data, results and sampling procedures of previous operators and review of such information by Kincora’s geological staff using standard verification procedures
Geology	Deposit type, geological setting and style of mineralisation.	As per body of announcement
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.	• Significant intercepts were calculated using weighted averaging • Interpreted near surface skarn gold and copper intercepts are calculated using a lower cut of 0.20g/t and 0.10% respectively. Internal dilution is below cut off.

RareX Limited

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

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	The assumptions used for any reporting of metal equivalent values should be clearly stated.	• Porphyry gold and copper intercepts are calculated using a lower cut of 0.10g/t and 0.05% respectively. Internal dilution is below cut off.
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’).	• Geometry of the mineralised zones, including true width, is unknown due to lack of drill density
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 aplan 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.	• Nothing further
Further work	The nature and scale of planned further work (eg tests for lateral extensions or large scale step out drilling.	• Exploration is ongoing. • Exploration activities are to be undertaken by Kincora Copper, the Company's joint venture partner. • This announcement is reporting the assay results from drill holes 3, 4 and 5. Assays are waiting for final hole of the 6 hole program and drilling is set to begin on an additional 17 holes.
	Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.

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