RAREX LIMITED — Interim / Quarterly Report 2013

Jan 30, 2014

Appendix 5B

Rule 5.3

Mining exploration entity quarterly report

Introduced 01/07/96 Origin Appendix 8 Amended 01/07/97, 01/07/98, 30/09/01, 01/06/10, 17/12/10

Name of entity

CLANCY EXPLORATION LIMITED

ABN Quarter ended ("current quarter")

Year to date (12 months)

65 105 578 756 31 December 2013

Current quarter $A'000

Consolidated statement of cash flows

Cash flows related to operating activities

			$A'000
1.1	Receipts from product sales and relateddebtors	37	57
1.2	Payments for (a) exploration & evaluation(b) development	(840)	(3,020)
	(c) production(d) administration	(170)	(802)
1.3	Dividends received
1.4	Interest and other items of a similar naturereceived	15	70
1.5	Interest and other costs of finance paid
1.6	Income taxes (paid)/refunded
1.7	OtherCash calls received from JV partners	763	1,535
	Net Operating Cash Flows	(195)	(2,160)
1.81.91.101.111.12	Cash flows related to investing activitiesPayment for purchases of:(a) prospects(b) equity investments(c) other fixed assetsProceeds from sale of:(a) prospects(b) equity investments(c) other fixed assetsLoans to other entitiesLoans repaid by other entitiesOther (provide details if material)	--568	(5)1,000568
	Option fee paid	(250)	(250)
	Net investing cash flows	318	1,313
1.13	Total operating and investing cash flows(carried forward)	123	(847)

+ See chapter 19 for defined terms.

1.13	Total operating and investing cash flows(brought forward)	123	(847)
	Cash flows related to financing activities
1.14	Proceeds from issues of shares,options, etc.	-	500
1.15	Proceeds from sale of forfeited shares
1.16	Proceeds from borrowings
1.17	Repayment of borrowings
1.18	Dividends paid
1.19	Other – share issue costs	-	(4)
	R&D Grant	-	362
	Net financing cash flows	-	858
	Net increase (decrease) in cash held	123	11
1.201.21	Cash at beginning of quarter/year to dateExchange rate adjustments to item 1.20	1,728	1,840
1.22	Cash at end of quarter	1,851	1,851

Payments to directors of the entity and associates of the directors Payments to related entities of the entity and associates of the related entities

		Current quarter$A'000
1.23	Aggregate amount of payments to the parties included in item 1.2	94
1.24	Aggregate amount of loans to the parties included in item 1.10	-

1.25 Explanation necessary for an understanding of the transactions

Payments of salaries, consulting fees and directors fees to directors and director related entities.

Non-cash financing and investing activities

• 2.1 Details of financing and investing transactions which have had a material effect on consolidated assets and liabilities but did not involve cash flows None
• 2.2 Details of outlays made by other entities to establish or increase their share in projects in which the reporting entity has an interest None

Financing facilities available

Add notes as necessary for an understanding of the position.

		Amount available$A'000	Amount used$A'000
3.1	Loan facilities	-	-
3.2	Credit standby arrangements	-	-

+ See chapter 19 for defined terms.

Estimated cash outflows for next quarter

		$A'000
4.1	Exploration and evaluation	374
4.2	Development	-
4.3	Production	-
4.4	Administration	272
	Total	646

Reconciliation of cash

Reconciliation of cash at the end of the quarter (asshown in the consolidated statement of cash flows) tothe related items in the accounts is as follows.		Current quarter$A'000	Previous quarter$A'000
5.1	Cash on hand and at bank	1,601	1,178
5.2	Deposits at call	250	550
5.3	Bank overdraft	-	-
5.4	Other (provide details)	-	-
	Total: cash at end of quarter (item 1.22)	1,851*	1,728*
	*Excludes $300,000 of restricted cash.

Changes in interests in mining tenements

		Tenement	Nature of	Interest at	Interest at end of quarter
		reference	interest	beginning
			(note (2))	of quarter
6.1	Interests in mining
	tenements	ELA 4880	Application	Nil	100%
	relinquished,reduced or lapsed	ELA 4894	Application	Nil	100%
6.2	Interests in mining
	tenements acquired
	or increased

• See chapter 19 for defined terms.

Issued and quoted securities at end of current quarter

Description includes rate of interest and any redemption or conversion rights together with prices and dates.

		Total number	Number quoted	Issue price per	Amount paid up per
				security (see note	security (see note 3)
				3) (cents)	(cents)
7.1	Preference
	+securities
	(description)
7.2	Changes during
	quarter
	(a) Increases
	through issues
	(b) Decreases
	through returns
	of capital, buy
	backs,
	redemptions
7.3	+Ordinary	206,254,392	206,254,392
	securities
7.4	Changes during
	quarter
	(a) Increases
	through issues
	(b) Decreases
	through returns
	of capital, buy
	backs
7.5	+Convertibledebt securities
	(description)
7.6	Changes during
	quarter
	(a) Increases
	through issues
	(b) Decreases
	through
	securities
	matured,
	converted
7.7	Options			Exercise Price	Expiry Date
	(description and
	conversion
	factor)
7.8	Issued during
	quarter
7.9	Exercised during
	quarter
7.10	Expired during	1,650,000	-	$0.195	31 December 2013
	quarter
7.11	Debentures
	(totals only)
7.12	Unsecured
	notes (totals
	only)

+ See chapter 19 for defined terms.

Compliance statement

• 1 This statement has been prepared under accounting policies which comply with accounting standards as defined in the Corporations Act or other standards acceptable to ASX (see note 5).
• 2 This statement does /does not* (delete one) give a true and fair view of the matters disclosed.

Sign here: ............................................................ Date: 31 January 2014 (Director/Company secretary)

Print name: Rowan Caren

Notes

• 1 The quarterly report provides a basis for informing the market how the entity's activities have been financed for the past quarter and the effect on its cash position. An entity wanting to disclose additional information is encouraged to do so, in a note or notes attached to this report.
• 2 The "Nature of interest" (items 6.1 and 6.2) includes options in respect of interests in mining tenements acquired, exercised or lapsed during the reporting period. If the entity is involved in a joint venture agreement and there are conditions precedent which will change its percentage interest in a mining tenement, it should disclose the change of percentage interest and conditions precedent in the list required for items 6.1 and 6.2.
• 3 Issued and quoted securities The issue price and amount paid up is not required in items 7.1 and 7.3 for fully paid securities*.*
• 4 The definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report.
• 5 Accounting Standards ASX will accept, for example, the use of International Financial Reporting Standards for foreign entities. If the standards used do not address a topic, the Australian standard on that topic (if any) must be complied with.

== == == == ==

• See chapter 19 for defined terms.