RAREX LIMITED — Capital/Financing Update 2023

Feb 28, 2023

Announcement Summary

Entity name

RAREX LIMITED

Date of this announcement

Wednesday March 01, 2023

The +securities the subject of this notification are: Other

Total number of +securities to be issued/transferred

ASX +securitycode	Security description	Total number of+securities to beissued/transferred	Issue date
New class - codeto be confirmed	Unquoted options exercisable at $0.10 expiring 1March 2026	4,500,000	01/03/2023

Refer to next page for full details of the announcement

Part 1 - Entity and announcement details

1.1 Name of entity

RAREX LIMITED

We (the entity named above) give notice of the issue, conversion or payment up of the following unquoted +securities.

1.2 Registered number type

ABN

Registration number 65105578756

1.3 ASX issuer code REE

1.4 The announcement is

New announcement

1.5 Date of this announcement

1/3/2023

Part 2 - Issue details

2.1 The +securities the subject of this notification are:

Other

Please specify

Unquoted options issued to incoming new non-executive director

2.2a This notification is given in relation to an issue of +securities in a class which is not quoted on ASX and which:

does not have an existing ASX security code ("new class")

Part 3C - number and type of +securities the subject of this notification (new class) where issue has not previously been notified to ASX

in an Appendix 3B

New +securities

ASX +security code	+Security description
New class - code to be confirmed	Unquoted options exercisable at $0.10 expiring 1 March2026
+Security type	ISIN code
Options
Date the +securities the subject of this notification were issued
1/3/2023
Yes	Will all the +securities issued in this class rank equally in all respects from their issue date?
	Have you received confirmation from ASX that the terms of the +securities are appropriate and equitable under
listing rule 6.1?No
issued.	Please provide a URL link for a document lodged with ASX setting out the material terms of the +securities being

+Security currency AUD - Australian Dollar Exercise price AUD 0.10000000 Expiry date 1/3/2026

Details of the existing class of +security that will be issued upon exercise or conversion of this new class of company option

Other

Description

REE ordinary fully paid share

Any other information the entity wishes to provide about the +securities the subject of this notification

Please provide any further information needed to understand the circumstances in which you are notifying the issue of these +securities to ASX, including why the issue of the +securities has not been previously announced to the market in an Appendix 3B

Issued under Listing Rule 10.3 to incoming new director

Issue details

Number of +securities

4,500,000

Were the +securities issued for a cash consideration?

No

Please describe the consideration being provided for the +securities

Nil

Purpose of the issue

Other

Additional Details

Incentive securities

Part 4 - +Securities on issue

Following the issue, conversion or payment up of the +securities the subject of this application, the +securities ofthe entity will comprise:(A discrepancy in these figures compared to your own may be due to a matter of timing if there is more than oneapplication for quotation/issuance currently with ASX for processing.)
4.1 Quoted +Securities (Total number of each +class of +securities quoted)
ASX +security code and description	Total number of+securities on issue
REE : ORDINARY FULLY PAID	579,386,576
4.2 Unquoted +Securities (Total number of each +class of +securities issued but not quoted on ASX)
ASX +security code and description	Total number of+securities on issue

REEAH : OPTION EXPIRING 30-NOV-2023 EX $0.15 10,000,000

REEAI : OPTION EXPIRING 31-DEC-2023 EX $0.15 7,000,000

New class - code to be confirmed : Unquoted options exercisable at $0.10 expiring 1 March 2026 4,500,000

REEAD : PERFORMANCE RIGHTS 58,500,000

Part 5 - Other Listing Rule requirements

5.1 Were the +securities issued under an exception in Listing Rule 7.2 and therefore the issue did not need any security holder approval under Listing Rule 7.1? No

5.2 Has the entity obtained, or is it obtaining, +security holder approval for the issue under listing rule 7.1? No

5.2b Are any of the +securities being issued without +security holder approval using the entity's 15% placement capacity under listing rule 7.1? Yes

5.2b.1 How many +securities are being issued without +security holder approval using the entity's 15% placement capacity under listing rule 7.1?

	4,500,000

5.2c Are any of the +securities being issued without +security holder approval using the entity's additional 10% placement capacity under listing rule 7.1A (if applicable)? No