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RAREX LIMITED Capital/Financing Update 2023

Jan 22, 2023

65681_rns_2023-01-22_aa3829b7-9851-4a92-b9bf-bc95cf8d8b0e.pdf

Capital/Financing Update

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Outstanding New +500m and +280m Intercepts Highlight Step-Change in Scale at Cummins Range

Record intercepts of 513.8m @ 0.5% TREO and 5% P2O5 and 288m @ 0.4% TREO and 4% P2O5 delineate large-scale bulk rare earths-phosphate deposit ahead of imminent resource upgrade

Highlights

  • Outstanding new results from a further eight holes from the 2022 drilling campaign at the Cummins Range Rare Earths and Phosphate Project, Western Australia
  • Exceptional intersection of:
    • o 513.8m at 0.5% TREO and 5% P2O5 from 3m and 144m at 5% P2O5 and 0.7% TREO from 557m from scissor hole CDX0033
    • o Including very high-grade zones of 12.65m at 2.3% TREO and 5% P2O5 and 7.8m at 5.3% TREO and 6% P2O5
  • Another outstanding wide intercept of:
    • o 288m at 0.4% TREO and 4% P2O5 including 12m at 1.4% TREO and 4% P2O5 and 14m at 1.4% TREO and 5% P2O5 from CDX0038
  • Rare earths and phosphate mineralisation now confirmed over a strike extent of 600m with results received from the outermost holes
  • 2022 drilling has demonstrated the potential for a very large, bulk tonnage REE-phosphate project, with a significant step-up in scale from last year's Scoping Study
  • Resource upgrade on track for this quarter following expected receipt of remaining assays in February
  • No direct impact on operations from recent flooding in the Central and West Kimberley

Australian sustainable rare earths company, RareX Limited (ASX: REE) (RareX or the Company), is pleased to report assay results from a further eight drill holes completed as part of the 2022 drilling program at its 100%-owned Cummins Range Rare Earths-Phosphate Project in the Kimberley region of Western Australia.

The exceptional new results, building on significant assays reported towards the end of last year, demonstrate the potential for a step-change in the scale of the Project, with broad zones of significant rare earths (REE) and phosphate mineralisation now defined over a 600m strike extent.

RareX is still awaiting assay results from 48 holes drilled as part of the significant 2022 drilling program that was completed in December 2022. Following expected receipt of the final assays in February, the Company expects to be in a position to publish a significant mineral resource upgrade later this quarter.

For more information, Investors: Jeremy Robinson, Managing Director P +61 (0) 8 6383 6593 please contact: Media: Nicholas Read, Read Corporate P +61 (0) 8 9388 1474

RareX Limited RareX HQ P +61 (0) 8 6383 6593 RareX Limited (ASX:REE) ASX:REE Unit 6, 94 Rokeby Road @rarex_asx ABN: 65 105 578 756 Subiaco WA 6008 [email protected]

Australia rarex.com.au

Drill hole CDX0033

CDX0033 was drilled as a scissor hole to support structural, geological and mineralisation modelling. The hole was collared in the hanging wall and remained in the hanging wall to 667m where it passed into the Rare Dyke as shown in Figure 2. Lithologies, structural fabrics, contacts and mineralisation encountered in the hole all support the current geological model and have provided geological confidence for the upcoming Resource update.

The hole returned 35 rare earth intersections with a cumulative total of 95m at 2.9% TREO. Several highgrade zones were intersected including 5.9m at 2.2% TREO from 3m, 12.65m at 2.3% TREO, 7.77m at 5.3% TREO and 16.65m at 1.3% TREO. Intersections are detailed in Appendix A.

The hole was also consistently mineralised with phosphate and contained two wide zones of 513m at 5% P2O5 and 0.5% TREO from 3m and 144m at 5% P2O5 and 0.7% TREO from 557m to end-of-hole (Appendix B). These phosphate intersections have confirmed the large scale of the rare earths- phosphate system with Figure 2 showing mineralisation over a 700m width, and down to 700m depth.

Drill Holes CDX0038 and CDX0039

Assays for the RC portions of holes CDX0038 and CDX0039 have been received. These holes were drilled on the same section as CDX0033 and are shown on Figure 2.

CDX0038 intersected 12 rare earth zones with a cumulative total of 55m at 1.6% TREO. Three wide zones were encountered including 15m at 1.1% TREO, 12m at 1.4% TREO and 14m at 1.4% TREO. These highgrade zones are located within a larger phosphate alteration halo of 288m at 4% P2O5 and 0.4% TREO from 8m. Assays for the the diamond portion of the hole down to 434.9m are expected in February.

CDX0039 was drilled down to 324m and was stopped at the upper contact of the Rare Dyke. Several rare earths zones were intersected with 13m at 1.9% TREO drilled at the upper contact of the Rare Dyke, including 6m at 3.1% TREO. A majority of the drill hole has phosphate alteration with 316m at 4% P2O5 and 0.3% TREO from 8m.

Drill Hole CDX0021

Hole CDX0021 was collared on the north-western edge of the pipe and the hole was lost at a depth of 345.2m. The upper 290m of the drill hole is fenitized country rock with localised stringer rare earth mineralisation with a cumulative intersection total of 15.65m at 1.1% TREO.

CDX0021 was lost before it passed through the Rare Dyke and contained phosphate mineralisation to end-ofhole with 81.2m at 4% P2O5 and 0.3% TREO.

ASX:REE Unit 6, 94 Rokeby Road @rarex_asx ABN: 65 105 578 756 Subiaco WA 6008 [email protected] Australia rarex.com.au

Drill Holes CDX0026, CDX0029 and CDX0030

Holes CDX0026, CDX0029 and CDX0030 are the three most south-eastern diamond drill holes and are characterised by a thickening of the Rare Dyke to 300m. Strong mineralisation was encountered in each of the drill holes including 6.5m at 1.68% TREO in hole CDX0026, 4.1m at 1.15% TREO in hole CDX0029, and 4.8m at 1.66% TREO from CDX0030. A summary of the TREO intercepts are detailed in Appendix A.

All three of the holes contained coarse apatite mineralisation with multiple wide zones in each of the holes including 242m at 4% P2O5 and 0.2% TREO in hole CDX0026 and 196m at 4% P2O5 and 0.3% TREO in hole CDX0029, and 91m at 5% P2O5 and 0.4% TREO in hole CDX0030. A summary of the TREO intercepts is detailed in Appendix B.

CDX0030 marks the easternmost diamond drill hole and is mineralised in rare earths and phosphate. Precollars for holes CDX0031 and CDX0032 (Figure 1) were drilled with no diamond tails added to test the Rare Dyke due to time constraints.

Assay results for numerous in-fill holes are still awaited. However, results for drill holes on all sections completed have now been received confirming the continuity of rare earths-phosphate mineralisation over 600m of strike, 700m of width and up to 700m down-dip. This is a significant increase in size compared to the 2021 resource.

RareX would also like to take the opportunity to acknowledge the significant impact to communities in the Central and West Kimberley as a result of the recent flooding.

No direct damage has been caused to any of RareX's operations in the East Kimberley due to our location and standdown for the wet season.

Management Comment

RareX Managing Director, Jeremy Robinson, said: "We are now closing-in on what is expected to be a highly significant resource upgrade for Cummins Range, with the latest drilling results clearly highlighting the enormous scale of the rare earths-phosphate mineralisation.

"The very wide intercepts seen in these holes show that Cummins Range is a very large bulk tonnage REEphosphate deposit, capable of supporting a much larger project than what we scoped out initially last year. We are looking forward to a very busy start to the New Year, with more results to come, the impending resource upgrade and then providing further information on the expanded scope of the Project and our commercialisation pathway."

ASX:REE Unit 6, 94 Rokeby Road @rarex_asx ABN: 65 105 578 756 Subiaco WA 6008 [email protected] Australia rarex.com.au

Figure 1. Cummins Range drill collar plan, showing drill traces, TREO% mineralisation and location of drill section.

ASX:REE Unit 6, 94 Rokeby Road @rarex_asx ABN: 65 105 578 756 Subiaco WA 6008 [email protected] Australia rarex.com.au

$^{\prime}$ C' 700m $^{\prime\prime}$ C 11
Surface CONDOSSCOLOGISTICSCOLOROSCONDOOSCONDOSSCONDOOLCOLLEGE RACONDONSCDX0015 202.6m @ 9% P 2 0 5 & 0.3% TREO400m RL-
CDX00335.9m @ 2.2% TREO & 5% P20 5CDX0039316m @ 0.3% TREO & 4% P20 5CDX003815m @ 1.1% TREO & 5% P205CDX00384m @ 5.4% TREO & 3% P20 5CDX00394m @ 1.4% TREO & 1% P 2 0 5CDX0033 2021 ResourceCDX0005Pendance18.8Mt @ 1.15% TREO& 10% P 2 0 5CDX0033POSCI0460CDX0038CDX0038CDX0038288m @ 4% P 2 0 5 & 0.4% TREOCDX0039 205.9m @ 4% P 2 0 5 & 0.4% TREO4.7m @ 6% TREO & 7% P 2 0 512m @ 1.4% TREO & 5% P20 514m @ 1.4% TREO & 5% P 2 0 5 ,Incl. 4M @ 2.7% TREO & 9% $P_2O_5$
12.6m @ 2.7% TREO & 5% P20 5Om RLCDX0033513.8m @ 0.5% TREO & 5% P 2 0 5CDX00333.6m @ 2.2% TREO & 6% P 2 0 5 CDX0022CDX0027 13m @ 1.9% TREO & 6% P 2 0 5326.4m @ 4% P 2 0 5 & 0.4% TREO
CDX00337.8m @ 5.3% TREO & 6% P 2 0 5CDX0033144m @ 0.7% TREO & 5% P20 5 Rate Oyte455.6m @ 5% P 2 0 5 & 0.5% TREO,Incl. 87.9m @ 9% P 2 0 5 & 0.4% TREOLegendRAREXGeology
200mTREO = Lanthanide Oxides + Yttrium Oxide+ Scandium Oxide CDX00333.6m @ 7.1% TREO & 9% P205Cummins Range ProjectSchematic Cross SectionCDX0033Drilling$'C' - "C"$6.5m @ 2.1% TREO & 6% P20 5CDX003316.6m @ 1.3% TREO & 5% P 2 0 5 RegolithCarbonatitePyroxeniteDrill TracesREE IntersectionP 2 O 5 Intersection

Figure 2. Drill Section showing drill results for CDX0033, CDX0038 and CDX0039.

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

ASX:REE Unit 6, 94 Rokeby Road @rarex_asx ABN: 65 105 578 756 Subiaco WA 6008 [email protected] Australia rarex.com.au

Competent Person's Statements

The information in this announcement that relates to exploration results is based on and fairly represents information compiled by Mr Guy Moulang, an experienced geologist who is an employee of RareX Limited. Mr Moulang is a Member of the Australian Institute of Geoscientists and has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity to which he is undertaking 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 announcement of the matters based on this information in the form and context in which it appears. Prior exploration results were reported in accordance with Listing Rule 5.7 and the Company confirms there have been no material changes since the information was first reported.

About RareX Limited – ASX: REE

RareX Limited (ASX: REE) is a Perth-based rare earths company committed to becoming a near-term producer of neodymium and praseodymium (NdPr). RareX's focus is on developing rare earths deposits in Australia, including the flag-ship Cummins Range Rare Earths – Phosphate Project.

NdPr is a core enabler of decarbonisation of our society and enables low carbon technologies, especially in the electric mobility sector, robotics solutions and renewable energy, e.g. the wind energy sector. NdPr is the key raw material for manufacturing rare earth powered permanent magnet NdFeB electric motors, the heart of the next industrial revolution the Electrification of our Society.

RareX's focus is on developing rare earths deposits in Australia, including the Cummins Range Rare Earths Phosphate Project in the East Kimberley region of Western Australia. RareX is committed to developing a sustainable, ethical, transparent and secure low carbon rare earth supply chain solution for the global electric mobility market and NdFeB permanent motor downstream ecosystem.

For further information on the Company and its projects visit www.rarex.com.au

ABN: 65 105 578 756 Subiaco WA 6008 [email protected] Australia rarex.com.au

ASX:REE Unit 6, 94 Rokeby Road @rarex_asx

APPENDIX A TREO Significant Intercepts

TREO SIGNIFICANT INTERCEPTS (0.5% Cut)
MineralisedZone Hole ID From (m) To (m) Interval(m) TREO % % NdPr ofTREO NdPr % Nb2O5 % P205 %
Hanging Wall CDX0021 129 130 1 0.59 0.12 20 0.03 1
Hanging Wall CDX0021 150 150.8 0.8 0.91 0.15 17 0.04 2
Hanging Wall CDX0021 184 187.3 3.3 1.34 0.22 16 0.04 2
Hanging Wall CDX0021 204.6 207.2 2.6 1.02 0.2 19 0.05 4
Hanging Wall CDX0021 240.4 242.8 2.4 1.09 0.19 17 0.03 4
Hanging Wall CDX0021 265.3 266.4 1.1 0.6 0.14 23 0.06 8
Hanging Wall CDX0021 270.4 271.4 1 1.91 0.31 16 0.21 2
Hanging Wall CDX0021 279.8 281 1.2 0.58 0.11 18 0.05 2
Footwall CDX0021 324.3 325.35 1.05 1.1 0.2 18 0.75 4
Footwall CDX0021 328.8 330 1.2 1.37 0.23 17 0.06 4
Rare Dyke CDX0026 166.15 172.7 6.55 1.68 0.3 18 0.2 5
Rare Dyke CDX0026 182 183 1 0.6 0.1 17 0.01 0
Rare Dyke CDX0026 186.8 187.6 0.8 6.4 1.09 17 0.07 6
Rare Dyke CDX0026 196 197 1 1.37 0.2 15 0.15 5
Rare Dyke CDX0026 221 222 1 0.77 0.12 16 0.05 2
Rare Dyke CDX0026 243.95 245.5 1.55 0.95 0.18 18 0.07 7
Rare Dyke CDX0026 288 288.5 0.5 0.56 0.09 17 0.01 1
Rare Dyke CDX0026 292.25 293 0.75 1.73 0.29 17 0 14
Rare Dyke CDX0026 324.95 326 1.05 0.62 0.11 17 0 3
Rare Dyke CDX0026 339 339.8 0.8 3.49 0.58 16 0.01 3
Rare Dyke CDX0026 412 416.2 4.2 1.05 0.18 17 0.02 4
Rare Dyke CDX0026 433.45 434 0.55 0.53 0.09 18 0.02 1
Rare Dyke CDX0026 440 440.3 0.3 2.39 0.39 16 0.01 14
Footwall CDX0026 478.5 479.45 0.95 1.19 0.21 17 0.03 4
Footwall CDX0026 542.7 543.05 0.35 1.8 0.3 17 0 1
Rare Dyke CDX0029 206.7 207.65 0.95 0.71 0.14 19 0.03 3
Rare Dyke CDX0029 210.45 210.9 0.45 2.58 0.47 18 0.04 1
Rare Dyke CDX0029 240.4 241.4 1 0.88 0.17 19 0.1 3
Rare Dyke CDX0029 250.25 251.1 0.85 3.26 0.6 18 0.01 5
Rare Dyke CDX0029 302.3 303.3 1 2.74 0.46 17 0.02 13
Rare Dyke CDX0029 328.1 329 0.9 0.99 0.19 19 0.02 6

ASX:REE Unit 6, 94 Rokeby Road @rarex_asx ABN: 65 105 578 756 Subiaco WA 6008 [email protected] Australia rarex.com.au

TREO SIGNIFICANT INTERCEPTS (0.5% Cut)
MineralisedZone Hole ID From (m) To (m) Interval(m) TREO % % NdPr ofTREO NdPr % Nb2O5 % P205 %
Rare Dyke CDX0029 340.22 341.1 0.88 1.11 0.18 16 0.03 2
Rare Dyke CDX0029 391.24 395.35 4.11 1.1 0.19 18 0.04 5
Rare Dyke CDX0029 435.85 438.4 2.55 2.96 0.53 18 0.03 2
Rare Dyke CDX0029 444.1 445.6 1.5 4.35 0.74 17 0.03 4
Rare Dyke CDX0029 465.6 466.8 1.2 0.68 0.12 18 0.03 3
Rare Dyke CDX0029 494.76 495.23 0.47 7.64 1.29 17 0.01 1
Rare Dyke CDX0030 206.6 209 2.4 0.63 0.11 18 0.18 3
Rare Dyke CDX0030 211 214 3 0.54 0.1 18 0.21 5
Rare Dyke CDX0030 221.7 222.25 0.55 13.24 2.4 18 0.3 10
Rare Dyke CDX0030 255.5 256 0.5 3.62 0.53 15 0.02 1
Rare Dyke CDX0030 285.5 286.66 1.16 6.29 1.07 17 0.01 11
Rare Dyke CDX0030 294 295 1 1.09 0.18 17 0.1 3
Rare Dyke CDX0030 301.83 305 3.17 0.54 0.11 20 0.07 6
Rare Dyke CDX0030 338.8 347 8.2 0.89 0.17 19 0.1 5
Including 338.8 340.1 1.3 2.6 0.47 18 0.12 4
Rare Dyke CDX0030 378 382.78 4.78 1.66 0.28 17 0.05 5
Rare Dyke CDX0030 416.1 417.6 1.5 1.89 0.31 16 0.02 5
Rare Dyke CDX0030 452 453 1 1.18 0.18 16 0.04 3
Rare Dyke CDX0030 474.2 476 1.8 0.83 0.15 18 0.09 4
Rare Dyke CDX0030 488.95 489.7 0.75 4.89 0.8 16 0.01 4
Hanging Wall CDX0033 3 8.9 5.9 2.19 0.33 15 0.05 5
Including 7.4 8.9 1.5 7.42 1.03 14 0.02 3
Hanging Wall CDX0033 12.2 14.2 2 0.86 0.14 16 0.09 5
Hanging Wall CDX0033 110.8 115.5 4.7 5.99 1 17 0.02 7
Including 112.3 113.3 1 17.49 2.99 17 0 16
Hanging Wall CDX0033 128.2 129.3 1.1 5.95 0.96 16 0 2
Hanging Wall CDX0033 137.3 137.8 0.5 1.22 0.2 16 0.06 3
Hanging Wall CDX0033 149.25 150.25 1 0.55 0.1 18 0.07 2
Hanging Wall CDX0033 167.1 167.7 0.6 0.5 0.1 20 0.02 3
Hanging Wall CDX0033 186.6 187.05 0.45 9.74 1.59 16 0 9
Hanging Wall CDX0033 194.2 194.75 0.55 0.96 0.15 16 0.03 3
Hanging Wall CDX0033 202.9 204.6 1.7 2.29 0.35 15 0.03 4
Hanging Wall CDX0033 220.45 222.25 1.8 0.93 0.16 17 0.03 5
Hanging Wall CDX0033 257.95 258.25 0.3 3.38 0.53 16 0.05 6

ASX:REE Unit 6, 94 Rokeby Road @rarex_asx ABN: 65 105 578 756 Subiaco WA 6008 [email protected] Australia rarex.com.au

TREO SIGNIFICANT INTERCEPTS (0.5% Cut)
MineralisedZone Hole ID From (m) To (m) Interval(m) TREO % % NdPr ofTREO NdPr % Nb2O5 % P205 %
Hanging Wall CDX0033 288.6 292.35 3.75 0.84 0.14 17 0.04 4
Including 291.3 292.35 1.05 2.27 0.36 16 0.02 6
Hanging Wall CDX0033 303.6 304.05 0.45 1.15 0.2 17 0.06 3
Hanging Wall CDX0033 311.8 324.45 12.65 2.72 0.42 16 0.08 5
Including 314.45 316.2 1.75 6.48 1 15 0.05 9
Hanging Wall CDX0033 393.5 397.1 3.6 2.19 0.36 16 0.08 6
Hanging Wall CDX0033 457.9 458.4 0.5 3.89 0.66 17 0.02 1
Hanging Wall CDX0033 473.87 476.23 2.36 7.13 1.11 16 0.04 15
Hanging Wall CDX0033 484.63 492.4 7.77 5.26 0.79 15 0.06 6
Hanging Wall CDX0033 542.3 543.14 0.84 2.66 0.43 16 0.12 3
Hanging Wall CDX0033 549.2 550.3 1.1 0.55 0.1 18 0.04 1
Hanging Wall CDX0033 565 566 1 0.73 0.13 17 0.05 4
Hanging Wall CDX0033 575.74 576.67 0.93 0.53 0.09 18 0.02 2
Hanging Wall CDX0033 599.7 603 3.3 0.58 0.1 18 0.14 4
Hanging Wall CDX0033 628.4 629.4 1 0.5 0.1 20 0.02 4
Hanging Wall CDX0033 639.4 643 3.6 7.06 1.08 15 0.02 9
Including 640.4 642.25 1.85 10.81 1.65 15 0.01 14
Hanging Wall CDX0033 649 650.6 1.6 6.69 1.01 15 0.02 7
Rare Dyke CDX0033 655.2 656.4 1.2 0.59 0.13 23 0.05 11
Rare Dyke CDX0033 659.3 660.2 0.9 0.62 0.1 17 0.01 0
Rare Dyke CDX0033 666.8 673.3 6.5 2.1 0.34 16 0.04 6
Rare Dyke CDX0033 666.8 668 1.2 6.47 1.03 16 0.03 4
Rare Dyke CDX0033 680.35 697 16.65 1.27 0.2 16 0.07 5
Rare Dyke CDX0033 681.4 682.4 1 4.29 0.67 16 0 9
Rare Dyke CDX0033 687 688 1 6.99 1.01 14 0.01 3
Rare Dyke CDX0033 689.4 690.72 1.32 3.38 0.5 15 0.11 2
Pendant Dyke CDX0038 92 107 15 1.13 0.2 17 0.05 5
Including 95 96 1 5.81 0.87 15 0.01 9
Pendant Dyke CDX0038 119 123 4 5.43 0.84 16 0.01 3
Including 120 121 1 15.19 2.36 16 0.01 4
Pendant Dyke CDX0038 130 132 2 0.75 0.13 18 0.04 4
Pendant Dyke CDX0038 136 137 1 0.57 0.11 20 0.04 5
Hanging Wall CDX0038 172 173 1 0.55 0.11 20 0.11 4
Rare Dyke CDX0038 197 209 12 1.38 0.23 17 0.03 4

ASX:REE Unit 6, 94 Rokeby Road @rarex_asx ABN: 65 105 578 756 Subiaco WA 6008 [email protected] Australia rarex.com.au

TREO SIGNIFICANT INTERCEPTS (0.5% Cut)
MineralisedZone Hole ID From (m) To (m) Interval(m) TREO % % NdPr ofTREO NdPr % Nb2O5 % P205 %
Including 197 199 2 3.47 0.56 16 0.02 6
Rare Dyke CDX0038 221 223 2 0.51 0.1 19 0.04 4
Rare Dyke CDX0038 244 258 14 1.41 0.23 17 0.06 5
Rare Dyke CDX0038 247 251 4 2.65 0.43 16 0.03 9
Pendant Dyke CDX0039 199 203 4 1.42 0.2 14 0.1 1
Including 202 203 1 3.35 0.39 12 0 0
Hanging Wall CDX0039 216 218 2 0.62 0.11 17 0.15 1
Hanging Wall CDX0039 228 231 3 0.91 0.16 18 0.02 1
Hanging Wall CDX0039 249 251 2 0.77 0.14 18 0.06 4
Hanging Wall CDX0039 260 261 1 1.86 0.27 14 0.03 2
Hanging Wall CDX0039 267 270 3 4.35 0.63 15 0.04 5
Hanging Wall CDX0039 283 284 1 0.58 0.1 18 0.05 3
Rare Dyke CDX0039 301 314 13 1.92 0.31 16 0.03 6
Including 302 308 6 3.14 0.48 15 0.01 7

TREO = Lanthanide Oxides + Yttrium Oxide + Scandium Oxide

ASX:REE Unit 6, 94 Rokeby Road @rarex_asx ABN: 65 105 578 756 Subiaco WA 6008 [email protected] Australia rarex.com.au

APPENDIX B Phosphate Significant Intercepts

PHOSPHATE SIGNIFICANT INTERCEPTS (3% Cut)
Mineralised Zone Hole ID From (m) To (m) Interval(m) TREO % NdPr % NdPr % ofTREO Nb2O5 % P205 %
Hanging Wall /Rare Dyke CDX0021 262 343.2 81.2 0.28 0.06 22 0.11 4
Rare Dyke CDX0026 186.8 322 135.2 0.25 0.05 21 0.08 3
Rare Dyke /Footwall / PhosDyke CDX0026 336 578.85 242.85 0.23 0.05 23 0.04 4
Rare Dyke CDX0029 197.8 303.3 105.5 0.25 0.05 22 0.06 4
Rare Dyke CDX0029 343.35 372.55 29.2 0.18 0.04 21 0.08 3
Rare Dyke CDX0029 382.6 578.74 196.14 0.33 0.07 22 0.04 4
Rare Dyke CDX0030 197.5 288.9 91.4 0.4 0.08 20 0.11 5
Rare Dyke CDX0030 301.83 356 54.17 0.33 0.07 21 0.08 5
Rare Dyke CDX0030 378 515.9 137.9 0.29 0.06 22 0.05 4
Hanging Wall CDX0033 3 516.8 513.8 0.49 0.09 19 0.06 5
Hanging Wall /Rare Dyke CDX0033 557 701 144 0.7 0.12 17 0.06 5
Hanging Wall /Pendant / RareDyke CDX0038 8 296 288 0.44 0.08 19 0.06 4
Hanging Wall /Pendant Dyke CDX0039 8 324 316 0.32 0.06 18 0.06 4

TREO = Lanthanide Oxides + Yttrium Oxide + Scandium Oxide

ASX:REE Unit 6, 94 Rokeby Road @rarex_asx ABN: 65 105 578 756 Subiaco WA 6008 [email protected] Australia rarex.com.au

APPENDIX C Drill Collar Information

Hole ID East MGA North MGA RLUTM EndDepth Azimuth Dip Type Status
CDX0020 306871 7866529 392 666 50 60 Diamond Assays Received
CDX0021 306890 7866641 392 345.2 50 60 Diamond Awaiting Assays
CDX0022 307007 7866511 391 470.6 50 60 Diamond Assays Received
CDX0023 307009 7866383 392 569.9 50 60 Diamond Assays Received
CDX0024 307123 7866367 391 545.8 50 60 Diamond Assays Received
CDX0025 307113 7866260 391 198 50 60 RC Not Assayed
CDX0026 307222 7866252 391 578.8 50 60 Diamond Partly Received
CDX0027 306891 7866411 392 653.8 50 60 Diamond Partly Received
CDX0028 307005 7866263 392 695.8 50 60 Diamond Awaiting Assays
CDX0029 307115 7866262 391 578.8 50 60 Diamond Partly Received
CDX0030 307220 7866139 391 515.9 50 60 Diamond Partly Received
CDX0031 307324 7866122 391 150 50 60 RC Awaiting Assays
CDX0032 307101 7866148 391 198 50 60 RC Awaiting Assays
CDX0033 307154 7866673 391 701 217 60 Diamond Assays Received
CDX0034 307296 7866700 392 293.8 50 60 Diamond Awaiting Assays
CDX0035 307267 7866608 390 476.7 50 60 Diamond Awaiting Assays
CDX0036 307046 7866596 392 84 50 60 RC Awaiting Assays
CDX0037 307040 7866590 392 428.9 50 60 Diamond Awaiting Assays
CDX0038 307076 7866551 392 464.9 50 60 Diamond Partly Received
CDX0039 306946 7866457 392 324 50 60 RC Assays Received
CDX0040 307071 7866436 392 476.9 50 60 Diamond Awaiting Assays
CDX0041 307202 7866431 391 446.9 50 60 Diamond Awaiting Assays
CDX0042 307067 7866320 392 204 50 60 RC Awaiting Assays
CDX0043 307063 7866317 392 560.5 50 60 Diamond Awaiting Assays
CDX0044 307246 7866367 392 447.36 50 60 Diamond Awaiting Assays
CDX0045 307608 7866594 391 78.9 50 60 Diamond Awaiting Assays
CDX0046 307446 7866456 391 6.9 180 60 Diamond Not assayed
CDX0050 306949 7866595 392 533.8 50 60 Diamond Awaiting Assays
CRX0071 307080 7866743 393 144 50 60 RC Assays Received
CRX0072 307113 7866776 393 96 50 60 RC Assays Received
CRX0073 307023 7866747 393 138 50 60 RC Assays Received
CRX0074 307528 7866794 391 120 50 60 RC Assays Received

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Hole ID East MGA North MGA RLUTM EndDepth Azimuth Dip Type Status
CRX0075 307561 7866824 391 114 50 60 RC Assays Received
CRX0076 307602 7866854 391 114 50 60 RC Awaiting Assays
CRX0077 307638 7866884 391 102 50 60 RC Awaiting Assays
CRX0078 307672 7866914 391 102 50 60 RC Awaiting Assays
CRX0079 307708 7866938 391 102 50 60 RC Awaiting Assays
CRX0080 307349 7866802 392 126 50 60 RC Awaiting Assays
CRX0081 307479 7866747 391 156 50 60 RC Assays Received
CRX0082 307564 7866558 392 96 50 60 RC Awaiting Assays
CRX0083 307666 7866694 391 96 50 60 RC Awaiting Assays
CRX0084 307601 7866701 391 157 50 60 RC Awaiting Assays
CRX0085 307578 7866733 391 120 50 60 RC Awaiting Assays
CRX0086 307624 7866671 391 126 50 60 RC Awaiting Assays
CRX0087 307621 7866710 391 132 50 60 RC Awaiting Assays
CRX0088 307549 7866763 391 126 50 60 RC Awaiting Assays
CRX0089 307593 7866649 391 114 50 60 RC Awaiting Assays
CRX0090 307568 7866676 391 114 50 60 RC Awaiting Assays
CRX0091 307586 7866791 391 96 50 60 RC Awaiting Assays
CRX0092 307613 7866762 391 96 50 60 RC Awaiting Assays
CRX0093 307565 7866624 391 150 50 60 RC Awaiting Assays
CRX0094 307502 7866829 391 120 50 60 RC Awaiting Assays
CRX0095 307479 7866857 391 120 50 60 RC Awaiting Assays
CRX0096 307445 7866625 391 132 50 60 RC Awaiting Assays
CRX0097 307415 7866591 391 150 50 60 RC Awaiting Assays
CRX0098 307421 7866647 391 132 50 60 RC Awaiting Assays
CRX0099 307389 7866622 391 174 50 60 RC Awaiting Assays
CRX0100 307424 7866682 391 150 50 60 RC Awaiting Assays
CRX0101 307391 7866680 391 144 50 60 RC Awaiting Assays
CRX0102 307399 7866707 391 138 50 60 RC Awaiting Assays
CRX0103 307472 7866589 391 156 50 60 RC Awaiting Assays
CRX0104 307442 7866564 391 168 50 60 RC Awaiting Assays

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APPENDIX D JORC Code, 2012 Edition – Table

Cummins Range Section 1 Sampling Techniques and Data
Criteria JORC Code Explanation
Samplingtechniques andqualityofsampling(egcut channels,randomchips,or specificspecialisedNatureindustrystandardmeasurement toolsappropriateto themineralsunderinvestigation,suchas downholegamma sondes,or handheldinstruments,etc).TheseexamplesXRFshouldnot betakenas limitingthebroadmeaningofsampling.Includereferenceto measures takento ensure samplerepresentivityandtheappropriatecalibrationofany measurement toolsor systems used.ofthedeterminationofmineralisationthatare Materialto thePublicAspectsReport.Incases where'industrystandard'workhasbeendonethiswouldberelativelysimple(eg'reversecirculationdrillingwas usedto obtainm samplesfromwhich3kg1waspulverisedto produceg chargeforfireassay').othercases more explanationa 30Inmay berequired,suchas wherethereiscoarse goldthathasinherentsamplingproblems.Unusualcommoditiesormineralisationtypes (egsubmarinenodules)may warrant disclosureofdetailedinformation. •The Cummins Range Rare Earth deposit is being drilled tested with RCdrilling and diamond drilling.•The RC drill rig used a 5 ½ inch diameter hammer. Each 1m bulk sample wascollected in a plastic bag.•Diamond drill sizes used are PQ, HQ and NQ2•Each metre was analysed with a portable XRF, and recovery and geologylogs were completed.•Sample intervalselection was based on geological controls andmineralisation•Each 1m RC sample has a 4% cone split from the drill rig. Samplessubmitted to the laboratory vary in length from 1m to 4m.•Each core sample was cut in half with an automatic core saw. The half coresample was sent to the laboratory with intervals ranging from 0.3m to 1.3m.•Samples are assayed for 35 elements using peroxide fusion with a ICP-OESand ICP-MS finish
DrillingTechniques Drilltype (egcore, reverse circulation,open- holehammer,rotary airblast,auger,etc)(egBangka,sonic,anddetailscore diameter,tripleor standardtube,depthofdiamondtails,face-samplingbitor othertype, whethercore isorientedandifso, byetc).whatmethod, •Prefix CRX drill holes are reverse circulation (RC) drilling•Prefix CDX are diamond drilling.
DrillSampleRecovery Methodofrecordingandassessingcore andchipsamplerecoveriesandresultsassessed. •Recoveries for all drill holes were recorded for each metre.•Recoveries for the Diamond drilling in this announcement are >99%

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takento maximisesamplerecovery andensure representativenature oftheMeasures •Recoveries for the RC drilling in this announcement are >95%
samples.
Whethera relationshipexistsbetweensamplerecovery andgradeandwhethersample
biasmay haveoccurreddueto preferentialloss/gainoffine/coarsematerial.
Logging Whethercore andchipsampleshavebeengeologicallyandgeotechnicallyloggedto a •All metres drilled had a geology log completed. Geology logs were aided
levelofdetailto support appropriateMineralestimation,miningstudiesandResource using geochemical analysis from a portable XRF.
metallurgicalstudies. •The detail of logging is appropriated for Mineral Resource estimation.
Whetherloggingisqualitativeor quantitativein(orcostean, channel,etc)nature. Core
photography.
Thetotallengthandpercentage oftherelevantintersectionslogged.
Sub Ifcore, whethercut or sawn andwhetherquarter, halfor allcore taken. •A 4% split from the cone splitter on the drill rig is used for the laboratory
sampling Ifnon-core, whetherriffled,tubesampled,rotary split,etc andwhethersampledwet or assay. Samples are often composited and samples can range from 1-4m.
techniques dry. •This RC sampling technique meets the industry standards and is appropriate
andsample allsampletypes, thenature, qualityandappropriatenessofthesamplepreparationFor for this style of mineralisation and for resource estimation.
preparation technique. •Diamond core was cut in half with an automatic core saw and half the core
Qualitycontrolproceduresadoptedforallsub-samplingstages to maximise was sent to the laboratory. This is an appropriate method for this style of
representivityofsamples. mineralization and for resource estimation.
takento ensure thatthesamplingisrepresentativeoftheinsitumaterialMeasures
collected,includingforinstanceresultsforfieldduplicate/second-halfsampling.
Whethersamplesizesare appropriateto thegrainsizeofthematerialbeingsampled.
Qualityof Thenature, qualityandappropriatenessoftheassayingandlaboratoryprocedures The reported assays were analysed by Nagrom. The following techniques were
assay data usedandwhetherthetechniqueisconsideredpartialor total used:
and geophysicaltools,spectrometers, handheldinstruments,etc, theForXRFparameters •35 elements were assayed for using peroxidefusion with anICP-OES and
laboratory usedindeterminingtheanalysisincludinginstrumentmakeandmodel,readingtimes, ICP-MS finish
tests calibrationsfactorsappliedandtheirderivation,etc.

Verificationofsamplingandassaying (egofqualitycontrolproceduresadoptedstandards,blanks,duplicates,Natureexternallaboratorychecks)andwhetheracceptablelevelsofaccuracy (ielackofbias)andprecisionhavebeenestablished.Theverificationofsignificantintersectionsbyeitherindependentor alternativecompany personnel.Theuse oftwinnedholes.Theverificationofsignificantintersectionsbyeitherindependentor alternativecompany personnel.Discussany adjustmentto assay data. ••••• In addition to internal checks by Nagrom, RareX incorporates a QA/QCsample protocol utilizing prepared standards, blanks and duplicates for 8%of all assayed samples.Significant intercepts were calculated by RareX geological staff.The intercepts have not been verified by independent personsThere are numerous drill holes with in the Cummins Range resource ofcomparable tenureAll assay results are reported to RareX in parts per million (ppm). RareXgeological staff then convert the parts per million to ppm oxides using thebelow element to stoichiometric oxide conversion factors. La2O31.1728,CeO21.2284, Pr6O111.2082, Nd2O31.1664, Sm2O31.1596, Eu2O31.1579,Gd2O31.1526, Dy2O31.1477, Ho2O31.1455, Er2O31.1435, Tm2O31.1421,Yb2O31.1387, Lu2O31.1371, Sc2O31.5338, Y2O31.2699, Nb2O51.4305,P2O52.2916
Locationofdatapoints andqualityofsurveys usedto locatedrillholes(collaranddown-holeAccuracysurveys),trenches,mineworkingsandotherlocationsusedinMineralResourceestimation.Specificationofthegridsystem used.Qualityandadequacyoftopographiccontrol. •••• Drill hole collars were located by handheld DGPSAll coordinates are in MGA Zone 52H 2020Topographic control is maintained by the use of previously surveyed drillholes. The Cummins Range deposit is located on flat terrain.Down hole surveys were taken every 10m using an Axis Gyro tool
spacingDataanddistribution spacingforreportingofExplorationResults.DataWhetherthedataspacinganddistributionissufficientto establishthedegreeofgeologicalandgradecontinuityappropriatefortheMineralandResourceOreReserveprocedure(s)estimationandclassificationsapplied.Whethersamplecompositinghasbeenapplied. •• Drill hole spacing is considered appropriate to gain a robust understandingof the mineralisation. The exploration team are seeing the same geologicalpositions mineralised along strike, suggesting RareX have a solid geologicalmodel. Drill spacing is considered appropriate to gain an inferred toindicated mineral resource.2m to 4m RC composites were completed in areas where higher gradeswere not expected

Orientation Whethertheorientationofsamplingachievesunbiasedsamplingofpossiblestructures • The angled drill holes were directed as best as possible across the known
ofdatain andtheextent to whichthisisknown,consideringthedeposittype. geology.
relationto Iftherelationshipbetweenthedrillingorientationandtheorientationofkey
geological mineralisedstructures isconsideredto haveintroduceda samplingbias,thisshouldbe
structure assessedandreportedifmaterial.
Sample Themeasures takento ensure samplesecurity • Drill samples are delivered to Halls Creek by RareX staff. Then the samples
security are transported from Halls Creek to Perth via a reputable transport
company.

Cummins Range Section 2 Reporting of Exploration Results
Criteria CodeExplanationJORC
Mineraltenement andlandtenurestatus referencename/number,locationandownershipincludingType,agreements ormaterialissueswiththirdpartiessuchas jointventures, partnerships,overridingroyalties,nativetitleinterests,historicalsites,wildernessor nationalparkandenvironmentalsettings.Thesecurityofthetenure heldat thetimeofreportingalongwithany knownimpedimentsto obtaininga licenceto operate inthearea. •The Cummins Range REO deposit is located on tenement E80/5092 and is100% owned by Cummins Range Pty Ltd which is a wholly owned subsidiary ofRareX Ltd. Cummins Range Pty Ltd has purchased the tenement from Element25 with a potential capped royalty payment of $1m should a positive PFS becompleted within 36 months of purchase finalisation.
Explorationdonebyotherparties Acknowledgmentandappraisalofexplorationbyotherparties. •CRA Exploration defined REO mineralisation at Cummins Range in 1978 usingpredominantly aircore drilling. Navigator Resources progressed this discoverywith additional drilling after purchasing the tenement in 2006. Navigatorannounced a resource estimate in 2008. Kimberley Rare Earths drilledadditional holes and upgraded the resource estimate in 2012.
Geology Deposittype, geologicalsettingandstyleofmineralisation. •The Cummins Range REO deposit occurs within the Cummins Range carbonatitecomplex which is a 2.0 km diameter near-vertical diatreme pipe that has beendeeply weathered but essentially outcropping with only thin aeolian sand coverin places. The diatreme pipe consists of various mafic to ultramafic rocks withlater carbonatite intrusions. The primary ultramafic and carbonatite rocks hostlow to high grade rare earth elements with back ground levels of 1000-2000ppm TREO and high grade zones up to 17% TREO. The current resourcesits primarily within the oxidised/weathered zone which extendsto 120m belowthe surface. Metallurgical studies by previous explorers and by RareX show therare earth elements are hosted by monazite and bastnasite which are a commonand favourable hosts for rare earth elements.

Drillholeinformation summary ofallinformationmaterialto theunderstandingoftheexplorationAresultsincludinga tabulationofthefollowinginformationforallMaterialdrillholes:eastingandnorthingofthedrillholecollar(Reducedmetres)elevationLevel– elevationabovesea levelinoftheor RLdrillholecollardipandazimuthoftheholedownholelengthandinterceptiondepthholelength.Iftheexclusionofthisinformationisjustifiedon thebasisthattheinformationisnot Materialandthisexclusiondoesnot detractfromtheunderstandingofthe • All drill hole locations are shown on the drill plan and collar details are tabledwithin the announcement
Dataaggregationmethods report, theshouldclearlyexplainwhythisistheCompetentPersoncase.reportingExplorationResults,weightingaveragingtechniques,maximumand/orIn(eggrades)minimumgradetruncationscuttingofhighandcut-offgradesareusuallyMaterialandshouldbestated.Whereaggregate interceptsincorporateshortlengthsofhighgraderesultsandlongerlengthsoflowgraderesults,theprocedureusedforsuchaggregationshouldbestatedandsome typicalexamplesofsuchaggregationsshouldbeshownindetail.Theassumptionsusedforany reportingofmetalequivalentvaluesshouldbeclearlystated. ••••• Significant intercepts were calculated using weighted averagingA lower cut off grade of 0.5% TREO was used for the rare earths intercepts witha maximum of 4m dilution. The cut off grade and dilution are thought to beappropriate due to likely open cut mining methods that would be used on theoutcropping ore body.A lower cut off grade of 3% P2O5 was used for the phosphate intercepts with amaximum of 10m dilution. The cut off grade and dilution are thought to beappropriate due to likely open cut mining methods that would be used on theoutcropping ore body.No metal equivalent values have been usedAccumulated significant intercepts have been mentioned in the announcementand are composed of compiling the weighted averages of each significantintercept. The accumulated intercept does not take into account the dilution in

between the individual intercepts and are there fore not a true representation ofin situ minable ore.
Relationshipbetweenmineralisationwidthsandinterceptlengths Theserelationshipsare particularlyimportantinthereportingofExplorationResultsIfthegeometry ofthemineralisationwithrespect to thedrillholeangleisknown,itsnature shouldbereported.Ifitisnot knownandonlythedownholelengthsare reported,thereshouldbea(egnot known').clearstatement to thiseffect'downholelength,true width •The angled drill holes were directed as best as possible across the knowngeology.•The true widths of the phosphate and rare earths intercepts in thisannouncement are likely >80% of the true width. The current geological modelinterprets the Phos Dyke and surrounding lithologies to be similar to the RareDyke dipping to the south west. Current drilling is aimed at 50 degrees and 60degrees dip cutting the interpreted lithologies at a high angle.
Diagrams Appropriatemaps andsections(withscales)andtabulationsofinterceptsshouldbeincludedforany significantdiscoverybeingreportedTheseshouldinclude,butnot belimitedto a planviewofdrillholecollarlocationsandappropriatesectionalviews. •A drill hole plan and section are in the report.
Balancedreporting WherecomprehensivereportingofallExplorationResultsisnot practicable,representativereportingofbothlowandhighgradesand/orwidthsshouldbepracticedto avoidmisleadingreportingofExplorationResults. •Reporting is considered balanced
Othersubstantiveexplorationdata Otherexplorationdata,ifmeaningfulandmaterial,shouldbereportedincluding(butto):not limitedgeologicalobservations;geophysicalsurvey results;geochemicalsurvey results;bulksamples– sizeandmethodoftreatment;metallurgicaltest results;bulkdensity,groundwater,geotechnicalandrockcharacteristics;potentialdeleteriousor contaminatingsubstances. •RareX have a JORC compliant resource of 18.8Mt at 1.15% TREO, 0.14%Nb2O3 and 10% P2O5. Metallurgical studiesare currently being conducted.
Furtherwork (egThenature andscaleofplannedfurtherworktests forlateralextensionsorlargescalestep out drilling. •Awaiting assays for diamond and RC drilling•Metallurgical tests are being conducted

Diagramsclearlyhighlightingtheareas ofpossibleextensions,includingthemain • PFS have commenced
geologicalinterpretationsandfuturedrillingareas, providedthisinformationisnot
commerciallysensitive.

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