RAREX LIMITED — Director's Dealing 2011

Jan 3, 2011

Appendix 3Z Final Director’s Interest Notice

Rule 3.19A.3

Appendix 3Z

Final Director’s Interest Notice

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX’s property and may be made public.

Introduced 30/9/2001.

Name of entity	CLANCY EXPLORATION LIMITED
ABN	65 105 578 756

We (the entity) give ASX the following information under listing rule 3.19A.3 and as agent for the director for the purposes of section 205G of the Corporations Act.

Name of director	Mark Robert Stewart
Date of last notice	13 September 2010
Date that director ceased to be director	31 December 2010

Part 1 – Director’s relevant interests in securities of which the director is the registered holder In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

Note: In the case of a company, interests which come within paragraph (i) of the definition of “notifiable interest of a director” should be disclosed in this part.

Number & class of securities

• See chapter 19 for defined terms.

Appendix 3Z Page 1

11/3/2002

Appendix 3Z Final Director’s Interest Notice

Part 2 – Director’s relevant interests in securities of which the director is not the registered holder

Note: In the case of a company, interests which come within paragraph (ii) of the definition of “notifiable interest of a director” should be disclosed in this part.

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

Name of holder & nature of interest	Number & class of	securities
Note: Provide details of the circumstances giving
rise to the relevant interest
Shares and options held in the	1,004,057	Ordinary Shares
Stewart Family Trust. Mark Stewart
is a beneficiary of the Trust.	1,000,000	Director	options @	$0.195
		each expiring 31 December
		2013.
	238,515	Options	@$0.15	each
		expiring 31 July 2013.

Part 3 – Director’s interests in contracts

Detail of contract	-
Nature of interest	-
Name of registered holder	-
(if issued securities)
No. and class of securities to	-
which interest relates

• See chapter 19 for defined terms.

Appendix 3Z Page 2

11/3/2002