RAREX LIMITED — Director's Dealing 2014

Jan 1, 2014

Rule 3.19A.2

Appendix 3Y

Change of 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 30/09/01 Amended 01/01/11

Name of entity	CLANCY EXPLORATION LIMITED
ABN	65 105 578 756

We (the entity) give ASX the following information under listing rule 3.19A.2 and as agent for the director for the purposes of section 205G of the Corporations Act.

Name of Director	MICHAEL ANTHONY ETHERIDGE
Date of last notice	28 August 2013

Part 1 - Change of director's relevant interests in securities

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.

Direct or indirect interest	Direct and Indirect
Nature of indirect interest(including registered holder)Note: Provide details of the circumstances giving riseto the relevant interest.	Tectonex Geoconsultants Pty Ltd ATF <etheridgeSuperannuationFund>.MichaelEtheridgeisabeneficiary of the superannuation fund and is a directorand shareholder of the trustee company.</etheridge
Date of change	31 December
No. of securities held prior to change	Holder	Security	Number
	TectonexGeoconsultantsPtyLtdATF<etheridgeSuperannuationFund></etheridge	Ordinaryfullypaid shares	2,126,875
	Michael Etheridge	Ordinaryfullypaid shares	793,030
Class	Ordinary Fully Paid Shares
Number acquired	294,958
Number disposed/expired	-
Value/ConsiderationNote: If consideration is non-cash, provide details andestimated valuation	$4,719.33

+ See chapter 19 for defined terms.

No. of securities held after change	Holder	Security	Number
	TectonexGeoconsultantsPtyLtdATF<etheridgeSuperannuationFund></etheridge	Ordinaryfullypaid shares	2,421,833
	MichaelEtheridge	Ordinaryfullypaid shares	793,030
Nature of changeExample: on-market trade, off-market trade, exerciseof options, issue of securities under dividendreinvestment plan, participation in buy-back	On market purchase.

Part 2 – Change of director's interests in contracts

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.

Detail of contract	-
Nature of interest	-
Name of registered holder(if issued securities)	-
Date of change	-
No. and class of securities to whichinterest related prior to changeNote: Details are only required for a contract inrelation to which the interest has changed	-
Interest acquired	-
Interest disposed	-
Value/ConsiderationNote: If consideration is non-cash, provide detailsand an estimated valuation	-
Interest after change	-

Part 3 – +Closed period

Were the interests in the securities or contracts detailed	No
above traded during a +closed period where prior written
clearance was required?
If so, was prior written clearance provided to allow the trade	-
to proceed during this period?
If prior written clearance was provided, on what date was this	-
provided?

+ See chapter 19 for defined terms.