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	ALASDAIR JAMES MACDONALD
Date of last notice	4 September 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
Nature of indirect interest(including registered holder)Note: Provide details of the circumstances giving rise tothe relevant interest.
Date of change	31 December 2013
No. of securities held prior to change	1,307,533Ordinary fully paid shares.400,000Optionsexercisableat19.5centsexpiring 31 December 2013.
Class	Optionsexercisableat19.5centsexpiring31December 2013.
Number acquired	Nil
Number disposed/expired	400,000 - expired
Value/ConsiderationNote: If consideration is non-cash, provide details andestimated valuation	Nil
No. of securities held after change	1,307,533Ordinary fully paid shares.

+ See chapter 19 for defined terms.

Nature of change	Expiry of 400,000 Options exercisable at 19.5 cents
Example: on-market trade, off-market trade, exercise ofoptions, issue of securities under dividend reinvestmentplan, participation in buy-back	on 31 December 2013.

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	N/A
Nature of interest	-
Name of registered holder	-
(if issued securities)
Date of change	-
No. and class of securities to which	-
interest related prior to change
Note: Details are only required for a contract inrelation to which the interest has changed
Interest acquired	-
Interest disposed	-
Value/Consideration	-
Note: 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	N/A
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.