RAREX LIMITED — Director's Dealing 2026

Jan 29, 2026

Appendix 3Y Change of Director’s Interest Notice

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	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	James Durrant
Date of last notice	24 October 2025

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
Nature of indirect interest (including registered holder) Note: Provide details of the circumstances givingrise to the relevant interest.	See below
Date of change	29 January 2026
No. of securities held prior to
Ms Toni Louise Gianatti – spouse of Mr Durrant	• 3,181,749 ordinary shares • 2,000,000 performance rights vesting on granting of mining licence at Cummins Range and 24 months service expiring 10 February 2026 • 2,000,000 performance rights vesting on positive PFS for Cummins Range and 24 months service expiring 10 February 2026 • 909,091 ordinary shares • 454,545quoted options exercisable at$0.035 expiring22 October 2028
Sibon Legacy Pty Ltd as trustee for the Durrant Family Trust – Ms Gianatti is a director and shareholder	• 15,000,000 unquoted options exercisable at $0.018 and expiring 27 December 2027 • 15,000,000 unquoted options exercisable at $0.046 and expiring 13 October 2028 • 15,000,000 performance rights vesting upon the grant of a mining licence in respect of the Mrima Hill rare earth-niobium phosphate manganese project in Kenya to an entity in which the Company has direct or indirect equity interest • 5,000,000 performance rights vesting upon the grant of a mining license at Cummins Range to an entity in which the Company has direct or indirect equity interest • 15,000,000 performance rights vesting on the Company’s Shares achieving a volume weighted average market price over 15 consecutive trading days of at least $0.05

• See chapter 19 for defined terms.

01/01/2011 Appendix 3Y Page 1

Appendix 3Y Change of Director’s Interest Notice

Class	Ordinary shares Performance rights
Number acquired
Ms Toni Louise Gianatti – spouse of Mr Durrant	• 2,000,000 shares
Sibon Legacy Pty Ltd as trustee for the Durrant Family Trust – Ms Gianatti is a director and shareholder	• 5,000,000 shares
Number disposed
Ms Toni Louise Gianatti – spouse of Mr Durrant	• 2,000,000 performance rights vesting on granting of mining licence at Cummins Range and 24 months service expiring 10 February 2026
Sibon Legacy Pty Ltd as trustee for the Durrant Family Trust – Ms Gianatti is a director and shareholder	• 5,000,000 performance rights vesting upon the grant of a mining license at Cummins Range to an entity in which the Company has direct or indirect equity interest
Value/Consideration Note: If consideration is non-cash, provide details and estimated valuation	Nil consideration payable Value per share of $0.03 based on closing price of REE shares on date of issue
No. of securities held after change
Ms Toni Louise Gianatti – spouse of Mr Durrant	• 5,181,749 ordinary shares • 2,000,000 performance rights vesting on positive PFS for Cummins Range and 24 months service expiring 10 February 2026 • 909,091 ordinary shares • 454,545 quoted options exercisable at $0.035 expiring 22 October 2028
Sibon Legacy Pty Ltd as trustee for the Durrant Family Trust – Ms Gianatti is a director and shareholder	• 5,000,000 ordinary shares • 15,000,000 unquoted options exercisable at $0.018 and expiring 27 December 2027 • 15,000,000 unquoted options exercisable at $0.046 and expiring 13 October 2028 • 15,000,000 performance rights vesting upon the grant of a mining licence in respect of the Mrima Hill rare earth-niobium phosphate manganese project in Kenya to an entity in which the Company has direct or indirect equity interest • 15,000,000 performance rights vesting on the Company’s Shares achieving a volume weighted average market price over 15 consecutive trading days of at least $0.05
Nature of change Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back	Conversion of performance rights following vesting

• See chapter 19 for defined terms.

01/01/2011 Appendix 3Y Page 2

Appendix 3Y Change of Director’s Interest Notice

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	N/A
Name of registered holder (if issued securities)	N/A
Date of change	N/A
No. and class of securities to which interest related prior to change Note: Details are only required for a contract in relation to which the interest has changed	N/A
Interest acquired	N/A
Interest disposed	N/A
Value/Consideration Note: If consideration is non-cash, provide details and an estimated valuation	N/A
Interest after change	N/A

Part 3 –[+] Closed period

Part 3 –+Closed period
Were the interests in the securities or contracts detailed above traded during a +closed period where prior written clearance was required?	No
If so, was prior written clearance provided to allow the trade to proceed during this period?	N/A
If prior written clearance was provided, on what date was this provided?	N/A

• See chapter 19 for defined terms.

01/01/2011 Appendix 3Y Page 3