RAREX LIMITED — Director's Dealing 2022

Dec 12, 2022

Appendix 3Y

Rule 3.19A.2

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	RAREX 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	Shaun Hardcastle
Date of last notice	30 June 2022

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	Indirect Interest
Nature of indirect interest(including registered holder)Note: Provide details of the circumstances givingrise to the relevant interest.	Held byRod Dog Pty Ltdof which Mr Hardcastleis adirector and beneficiary.
Date of change	12 December 2022
No. of securities held prior to change
RodDogPtyLtd-MrHardcastleisadirectorandbeneficiary	•2,664,379fully paid ordinary shares•1,000,000 unquoted options exercisable at $0.0607 eachexpiring 12 December 2022 and vesting on the 20DayVWAP of REE shares exceeding $0.10•1,000,000 unquoted options exercisable at $0.0607 eachexpiring 12 December 2022 and vesting on the 20 DayVWAP of REE shares exceeding $0.15•1,000,000 unquoted optionsexercisable at $0.0607 eachexpiring 12 December 2022 and vesting on the 20 DayVWAP of REE shares exceeding $0.20•1,500,000performance rightsvesting on20-Day VWAPof the Company's Shares exceeding $0.20 and 12months service from 26 May 2021•1,500,000performance rights vesting on20-Day VWAPof the Company's Shares exceeding $0.25 and 18months service from 26 May 2021•1,500,000performancerightsvestingon20-DayVWAP of the Company's Shares exceeding $0.30 and24 months service from 26 May 2021

+ See chapter 19 for defined terms.

Class	Unquoted options
Number acquired	Nil
Number disposed	3,000,000
Value/ConsiderationNote: If consideration is non-cash, provide detailsand estimated valuation	N/A
No. of securities held after changeRodDogPtyLtd-MrHardcastleisadirectorandbeneficiary	•2,664,379fully paid ordinary shares•1,500,000performance rightsvesting on20-Day VWAPof the Company's Shares exceeding $0.20 and 12months service from 26 May 2021•1,500,000performance rights vesting on20-Day VWAPof the Company's Shares exceeding $0.25 and 18months service from 26 May 2021•1,500,000performance rights vesting on20-Day VWAPof the Company's Shares exceeding $0.30 and 24months service from 26 May 2021
Nature of changeExample: on-market trade, off-market trade,exercise of options, issue of securities underdividend reinvestment plan, participation in buyback	Lapse of unquoted options unexercised

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	Not applicable
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 in relationto which the interest has changed
Interest acquired
Interest disposed
Value/ConsiderationNote: If consideration is non-cash, provide details and anestimated valuation
Interestafter change

+ See chapter 19 for defined terms.

Part 3 – +Closed period

Were the interests in the securities or contracts detailedabove traded during a +closed periodwhere prior written	No
clearance was required?
If so, was prior written clearance provided to allow the tradeto proceed during this period?	Not applicable
If prior written clearance was provided, on what date was thisprovided?	Not applicable

+ See chapter 19 for defined terms.