RAREX LIMITED — Interim / Quarterly Report 2020

Apr 29, 2020

ASX / MEDIA ANNOUNCEMENT

30 April 2020

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March 2020 Quarterly Activities Report

HIGHLIGHTS

• RareX sold 65% interest in NSW Copper Gold Assets to TSXV listed Kincora Copper

• RareX retains 35% free carried interest and owns 9.9% of Kincora Copper’s listed equity

• Drilling at Trundle commenced with fully funded 3,800m drill program comprising 6 deep holes

• Historic drill intercepts at Trundle Project include:

• 60m @ 0.54g/t Au from 1m

• 56m @ 0.88g/t Au, 0.35% Cu from 34m

• 51m @ 0.58 g/t Au, 0.14% Cu from 33m

• Passive seismic survey highlights target areas adjacent to current resource at Cummins range in multiple directions

• Western Target Area – 300m N-S by 150m E-W

• Eastern Target Area – 750m N-S by 250m E-W

• Depth Extension – untested channels down dip of known mineralisation within resource

• Northern Target Area – 150m N-S by 500m E-W

• Announced strategic partnership with Noble Group’s technical unit, Talaxis, to assist in developing the Cummins Range Rare Earth Project

• Appointed highly experienced mining executive, John Young, as Non-Executive Chairman

• Cash and investments of over A$3.4m

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Figure 1: Drilling Underway at Trundle Project

RareX Limited Suite 23, 513 Hay Street, Subiaco WA 6008 Ph: 08 6143 6720 ACN: 105 578 756

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NSW Copper-Gold Projects

(see ASX Releases 30th January 2020, 11th March 2020 and 22nd April 2020)

During the quarter, RareX Limited ( Rarex ) ( ASX: REE ) entered into a binding Memorandum of Understanding ( MoU ) with Kincora Copper ( Kincora ) whereby Kincora paid a non-refundable option payment of C$25,000 to RareX for a six week exclusive option period.

Following completion of its due diligence activities, Kincora subsequently exercised the option and paid RareX an additional C$150,000 and issued RareX with 14.95 million shares in Kincora (currently valued at A$1.35m).

As a result of the agreement, RareX transferred a 65% interest in its NSW tenements to Kincora with RareX retaining a 35% free carried interest until such time as a positive scoping study or preliminary economic assessment is delivered, following which industry standard JV dilution mechanisms will apply.

Kincora is a well-funded TSXV listed copper gold explorer with projects in both Mongolia and the NSW Lachlan Fold Belt having raised C$6.25 in June 2019. Kincora is led by a team with a track record of world-class discoveries including the Cadia Au/Cu deposit in the Lachlan Fold Belt of NSW and the Reko Diq Copper Gold deposit in Pakistan. It is well supported by global funds LIM Advisors and New Prospect Capital.

Kincora’s technical team includes Mr John Holliday and Mr Peter Leaman. Mr Holliday has over 30 years’ experience in metals exploration mostly with BHP Minerals and Newcrest Mining, including the positions of Chief Geoscientist and General Manager, Property Generation and more recently in the junior sector. Mr Holliday was a principal discoverer and site manager of the undercover Cadia and Marsden porphyry Tier 1 gold-copper deposits in NSW, and was a principal geological advisor on the acquisition of many significant projects, including Namosi and WafiGolpu. Mr Leaman has over 40 years’ experience in exploration mostly with BHP Minerals, with a particular focus on Base & Precious Metals, and PanAust Limited, where he was Regional Exploration Manager SE Asia and remains an Exploration Advisor.

Subsequent to the quarter end, the first phase drilling program began at the Trundle Project for six holes for 3,800 metres. The program will test three known mineralized targets at Trundle Park, Mordialloc and Baileys seeking to discover a new cluster of porphyry deposits.

The Trundle Project

The Trundle Project is located 30km west of the China Molybdenum Company Limited ( China Moly ) operated Northparkes copper-gold project, which is Australia’s second largest porphyry mine (behind Newcrest’s Cadia, also located in the Macquarie Arc).

China Moly acquired an 80% interest in Northparkes from Rio Tinto in July 2013 for US$820 million (Sumitomo retaining a 20% minority interest) and has since undertaken a material expansion of production and extension of mine life.

RareX Limited Suite 23, 513 Hay Street, Subiaco WA 6008 Ph: 08 6143 6720 ACN: 105 578 756

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Trundle hosts the inferred westerly rift of the Northparkes Igneous Complex with extensive evidence of porphyry and skarn-style copper-gold mineralisation across a 12.5km strike associated with Ordovician intrusive centres similar to the Northparkes and Cadia deposits and mines.

The Raggatt volcanics at Trundle are the stratigraphic equivalent to the Goonumbla volcanics that host the deposits at Northparkes.

Aeromagnetics illustrate key regional structures and geological features with the Trundle project located on the interpreted western rift of the Northparkes Igneous Complex within the JuneeNarromine Ordovician volcanic belt of the Macquarie arc.

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Figure 2: Trundle is the only brownfield porphyry project held by a listed junior in the Macquarie Arc, Australia’s foremost porphyry region

At Trundle, surface geological mapping, geochemistry, magnetic, gravity and Induced Polarisation (IP) coverage, coupled with structural and basement interpretations have been positive, indicative of multiple levels and phases of large mineralised copper and gold systems.

Historic drilling has been shallow in nature with inadequate use of modern exploration techniques and target depth has been inadequate.

Over 92% of prior drilling has been to less than 50 metres depth with just 11 holes beyond 300 metres (0.5% of holes drilled). Existing significant drill intersections supports vectoring to very compelling targets at three existing mineralised systems that have not been drilled since industry leading Induced Polarisation survey's, including HPX’s proprietary Typhoon system, and magnetic modelling.

RareX Limited Suite 23, 513 Hay Street, Subiaco WA 6008 Ph: 08 6143 6720 ACN: 105 578 756

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Significant intercepts not followed up include:

• 60m @ 0.54g/t Au from 1m[ 1]

• 56m @ 0.88g/t Au, 0.35% Cu from 34m, including:

• 2m @ 20g/t Au, 6.97% Cu and 81g/t Ag from 64m[2]

• 39m @ 0.55 g/t Au, 0.14% Cu from surface[ 3]

• 35m @ 0.55 g/t Au, 0.25% Cu from 12m[ 4]

• 51m @ 0.58 g/t Au, 0.14% Cu from 33m[ 5]

• 58m @ 0.44 g/t Au, 0.17% Cu from 22m , including:

• 4m @ 1.19g/t Au and 0.41% Cu from 28m[6]

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Figure 3: Kincora is drilling three fences at Trundle to test three known mineralized porphyry targets analogous to the five deposits at Northparkes

The Trundle Park Target

Drilling has commenced at the Trundle Park Prospect (which sits within the southern portion of the Trundle Project license) where prior activities have intersected very high-grade localised zones within a large lower grade skarn magnetite skarn, similar in style to the Big Cadia skarn that is peripheral to the Cadia porphyry copper-gold deposits.

1 RareX Limited (then Clancy Exploration) ASX Release dated 20th December 2010

2 RareX Limited (then Clancy Exploration) ASX Release dated 28th February 2011

3 RareX Limited (then Clancy Exploration) ASX Release dated 20th December 2010

4 RareX Limited (then Clancy Exploration) ASX Release dated 20th December 2010

5 RareX Limited (then Clancy Exploration) ASX Release dated 20th December 2010

6 RareX Limited (then Clancy Exploration) ASX Release dated 28th February 2011

RareX Limited Suite 23, 513 Hay Street, Subiaco WA 6008 Ph: 08 6143 6720 ACN: 105 578 756

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No drilling has tested below these mineralised holes where geophysics and relogging of historic drilling has indicated proximity to a porphyry source. Encouragingly the prior drilling provides vectors and supports subsequently defined underlying geophysical at shallow to moderate depth targets.

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Figure 4: Geological concept for the Trundle Park target: Shallow drilling has intersected higher-grade material at the top of an interpreted preserved porphyry

The Mordialloc Target

Metal grades at the Mordialloc target are comparable to the peripheral parts of the Northparkes deposits with improving grades down hole and open. Prior drilling has returned porphyry quartzsulfide veins overprinted by phyllic alteration adjacent to porphyrtic monzonite stock in a region with informal small-scale mining from the early 1900’s when shafts were developed on quartz chalcopyrite vein breccias.

One deeper diamond drill hole (CTD006, drilled in 2008) on the periphery of the subsequently defined chargeability high outer shell intersected 48 metres @ 0.15% copper, 0.12g/t gold and 41ppm molybdenum from 478 metres in a quartz monzonite porphyry. CTD006 ended in mineralisation with the grade profile improving as the hole approached the IP shell.

Similar to Alkane Resource’s discovery at Boda, Kincora is diamond core drilling below previous holes with improving grades and open, but with the benefit of the subsequent to prior drilling industry leading IP and magnetic modelling.

RareX Limited Suite 23, 513 Hay Street, Subiaco WA 6008 Ph: 08 6143 6720 ACN: 105 578 756

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Figure 5: Geological concept for the Mordialloc target: Improving grade at end of hole coincident with deeper geophysical target

Cummins Range Rare Earth Project

During the quarter the Company released the results of the Passive Seismic Survey (see ASX Release dated 30 January 2020) undertaken in the December quarter demonstrating exciting potential for further discovery.

Background

In December 2019, RareX undertook a passive seismic survey at its Cummins Range Project to search for both extensions along strike and at depth of the known resource. Areas of higher rare earth element ( REE ) grades at Cummins Range are often a result of up grading due to weathering. The mineral monazite contains the rare earth elements and is resistive to weathering. As the surrounding mafics and carbonates are weathered over time the monazite remains and is concentrated. Producing weathering profiles with high monazite concentrations and REE intersections up to 41m @ 3.85% in hole KRC112 ( ASX release 15th October 2019 ). The passive seismic survey was used to identify deeper weathering in the carbonatite complex which will help to target future drilling. A total of 992 stations were surveyed in December 2019 on 100m spaced north south lines at 25m intervals.

RareX Limited Suite 23, 513 Hay Street, Subiaco WA 6008 Ph: 08 6143 6720 ACN: 105 578 756

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Results

The survey has identified deep weathering profiles continuing to the east, west and north of the current defined resource area. These areas have been named Eastern, Western and Northern Target areas. An area south of the current resources has also be identified and is call the Southern Target. These areas are show in Figure 6.

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Figure 6: Passive Seismic Survey depth to fresh rock contour map, Back ground image Airborne Magnetics TMI 1VD PSC, MGA Zone 52

The Western and Eastern targets are considered to have the greatest chance of further resource growth due to the presence of high-grade drill results at the edges of the adjoining delineated resources.

Western Target

The Western Target abuts the western boundary of the resource and is approximately 300m N-S by 150m E-W, with variable weathering between 35 to 70 metres below surface and is essentially untested to the base of weathering along strike from mineralised drill holes:

• KRC167 5m at 1.2% TREO from 95m to EOH (still in weathered material and open at depth) (ASX release 15[th] October 2019)

• KRC169 8m at 1.7% TREO from 17m (ASX release 15[th] October 2019)

RareX Limited Suite 23, 513 Hay Street, Subiaco WA 6008 Ph: 08 6143 6720 ACN: 105 578 756

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An image of seismic survey line 3 is shown below to highlight untested potential of the deeply weathered channel in the western extension zone.

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Figure 7: Passive Seismic Survey Line 3, 306950mE

Eastern Target

The Eastern Target sits on the eastern boundary of the resource and is approximately 750m N-S by 250m E-W, with variable weathering between 35 to 70 metres below surface. The RareX 2019 Inferred Resource of 13Mt @ 1.13% TREO (ASX release 15th October 2019) was closed off to the east due to lack of drilling, with drill holes on the eastern resource boundary reaching to grades of:

• KRC147 46m at 1.6% TREO from 18m

• Including 15m at 3.13% TREO from 36m (ASX release 15[th] October 2019)

• NRC047 5m at 6.7% TREO from 37m

• Including 2m at 15.5% TREO from 37m (ASX release 15th October 2019)

The Eastern Target area has been poorly tested with seven 1983 CRA aircore drill holes which are all less than 30m deep. One of the drill holes CR040 finished in gossanous rock grading 1.6% REE. An image of the seismic survey line 11 is shown below to illustrate the untested potential of the eastern zone beneath previous shallow reconnaissance drilling.

RareX Limited Suite 23, 513 Hay Street, Subiaco WA 6008 Ph: 08 6143 6720 ACN: 105 578 756

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Figure 8: Passive Seismic Survey Line 11, 307750mE

Depth Extensions

At multiple locations there is good scope to grow the known resource in existing channels at depth. The below image is showing approximately 200m of an untested portion of a mineralised channel on Line 10.

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Figure 9: Passive Seismic Survey Line 10, 307650mE

RareX Limited Suite 23, 513 Hay Street, Subiaco WA 6008 Ph: 08 6143 6720 ACN: 105 578 756

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Northern Target

The Northern Target represents a prospective zone approximately 150m N-S by 350m E-W although while still prospective, it is considered a lesser target then the Eastern, Western and Depth Targets. This target area has eight drill holes with seven having weak to strong mineralisation. The most significant intersection in this target area is 4m @ 1.24% TREO in hole KRC117 (ASX release 15th October 2019) .

Southern Target

The Southern Target represents an enticing target separated from the known resource and is essentially untested to the depth of weathering and largely overlain by aeolian sands. This area requires further investigation and reconnaissance drilling.

Further Work

Interpretation of the results in combination with the current drill database and resource model is ongoing to try and define controls on higher grade material within the resource ahead of upcoming field season.

RareX is highly encouraged by the results of this passive seismic survey and believes it has provided highly useful information is targeting extensions to the known resource and possible areas of new mineralisation.

Weld North Project

(see ASX Release 12th December 2019)

The project is located north of Laverton in Western Australia covering a large, circular magnetic anomaly prospective for being caused by a carbonatite intrusive complex similar to those that host the majority of the World's existing rare earth element production, including the world class Mt Weld mine owned by Lynas Corporation Limited and RareX’s Cummins Range Rare Earth Project both of which are located in Western Australia.

The Weld North Project is defined by a circular magnetic anomaly target located entirely within RareX’s exploration license application E38/3455 and its location 84 kilometers directly north of the Mt Weld carbonatite-hosted rare earth element deposit held by Lynas Corporation Limited (ASX: LYC, Mkt Cap A$1.5bn).

RareX is currently awaiting grant of tenement before commencing on ground exploration.

Morocco Cobalt Projects

No further work was undertaken on the Moroccan projects during the December quarter.

Leogang Project, Austria

No further work was undertaken on the Moroccan projects during the December quarter.

RareX Limited Suite 23, 513 Hay Street, Subiaco WA 6008 Ph: 08 6143 6720 ACN: 105 578 756

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Corporate

Appointment of Strategic Partner

During the quarter RareX announced it had secured a landmark strategic partnership with Talaxis Limited ( Talaxis ) a wholly-owned subsidiary of Noble Group Holdings Limited ( Noble ).

Talaxis will leverage its extensive experience and relationships to assist RareX with securing offtake, financial partners and strategic investors to develop RareX's 100% owned Cummins Range Rare Earths Project located in Western Australia.

As part of the Partnership Agreement, Talaxis will be responsible for (on a non-exclusive basis) providing market intelligence, global roadshows, capital introduction services, and assisting in contract procurement and negotiation.

Appointment of Chairman (See ASX Release 17th February 2020)

On 17 February 2020, the Company announced it has made a key appointment with the appointment of Mr John Young to its Board in the role of Non-Executive Chairman in order to accelerate the development of the Cummins Range Rare Earths Project in Western Australia.

Mr Young is a highly experienced geologist and was co-founder and executive director of successful ASX200 lithium producer Pilbara Minerals Limited (ASX: PLS). Mr Young played a critical role in growing Pilbara from a junior ASX-listed company to a globally significant $2 billion lithium producer in the Pilbara region of Western Australia. Mr Young currently serves as a nonexecutive director of ASX-listed Bardoc Gold Limited and Trek Metals Ltd.

Cash and Equivalents

The Company retains approximately $3.4m in cash and shares.

The Company retains approximately A$1.8m in cash and holds approximately A$1.6m[7] worth of Kincora Copper stock and is well funded for its proposed exploration activities. See cashflow report.

This quarterly report has been approved for release by the Board of RareX Limited.

For further information, please contact:

Jeremy Robinson Executive Director

7 14.95m TSXV: KCC shares at C$0.10 on the 29th April 2020 exchange rate of 0.91

RareX Limited Suite 23, 513 Hay Street, Subiaco WA 6008 Ph: 08 6143 6720 ACN: 105 578 756

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Competent person’s statement

The information in this announcement that relates to Inferred Mineral Resources and Exploration Results for the Cummins Range Project was first reported by the Company on 15 October 2019 and 30 January 2020. The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements, and in the case of estimates of Mineral Resources or Ore Reserves, that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from the original market announcement.

The Exploration Results in this announcement in relation to the Trundle Project was prepared and first disclosed under the JORC Code 2004. This information has not been updated since to comply with the JORC Code 2012 on the basis that the information has not materially changed since it was last reported.

RareX Limited Suite 23, 513 Hay Street, Subiaco WA 6008 Ph: 08 6143 6720 ACN: 105 578 756

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Appendix 1: RareX Limited Interests in Mining Tenements

The following information is provided pursuant to Listing Rule 5.3.3 for the quarter ended 31 March 2020.

During the quarter, the Company applied for the Cummins Range Extension (E80/5092), Weld North (E80/3455) and Mt Mansbridge (E80/5430) tenements and was granted the Payne’s Find (E59/2395) tenement.

The Company advises that 65% of the NSW tenements marked with * below were disposed of during the quarter following exercise of an option by Kincora Copper.

Australian Tenement Schedule	Australian Tenement Schedule
State	Project	Lease No	RareX interest	Note
WA	Cummins Range	E 80/5092	100%
WA	Cummins Range Extension	E80/5092	100%	Application
WA	Payne’s Find	E59/2395	100%
WA	Weld North	E38/3455	100%	Application
WA	Mt Mansbridge	E80/5430	100%	Application
WA	Hong Kong	EL 47/3566	30%
NSW	Condobolin*	EL 7748	35%
NSW	Cundumbul*	EL 6661	35%
NSW	Fairholme*	EL 6552	35%
NSW	Fairholme*	EL 6915	35%
NSW	Trundle*	EL 8222	35%
NSW	Jemalong*	EL 8502	35%
NSW	Orange East	EL 8442	100%	Alkane earning 60%

Austrian Tenement Schedule – Leogang - RareX First	Austrian Tenement Schedule – Leogang - RareX First	Priority	Priority
Designation	Reference	Cadastral Municipalities
	Meridian	Centre in the Cadastral Municipality	Other Cadastral Municipality Concerned
51/17/S (CLY-LEOG-003)	M 31	Schwarzleo
56/17/S (CLY-LEOG-008)	M 31	Schwarzleo	Sonnberg, Pirzbichl
57/17/S (CLY-LEOG-009)	M 31	Schwarzleo	Grießen
58/17/S (CLY-LEOG-010)	M 31	Schwarzleo	Grießen
64/17/S (CLY-LEOG-016)	M 31	Schwarzleo	Grießen
68/17/S (CLY-LEOG-020)	M 31	Grießen
71/17/S (CLY-LEOG-023)	M 31	Grießen
74/17/S (CLY-LEOG-026)	M 31	Grießen	Hoch filzen
78/17/S (CLY-LEOG-030)	M 31	Schwarzleo
79/17/S (CLY-LEOG-031)	M 31	Schwarzleo	Saalbach
80/17/S (CLY-LEOG-032)	M 31	Schwarzleo	Saalbach
81/17/S (CLY-LEOG-033)	M 31	Schwarzleo	Grießen, Hoch filzen, Fieberbrunn
82/17/S (CLY-LEOG-034)	M 31	Schwarzleo	Saalbach
83/17/S (CLY-LEOG-035)	M 31	Schwarzleo	Fieberbrunn
84/17/S (CLY-LEOG-036)	M 31	Schwarzleo	Fieberbrunn, Saalbach
85/17/S (CLY-LEOG-037)	M 31	Fieberbrunn
86/17/S (CLY-LEOG-038)	M 31	Fieberbrunn	Hoch filzen
87/17/S (CLY-LEOG-039)	M 31	Fieberbrunn
88/17/S (CLY-LEOG-040)	M 31	Fieberbrunn
89/17/S (CLY-LEOG-041)	M 31	Fieberbrunn
90/17/S (CLY-LEOG-042)	M 31	Fieberbrunn	Saalbach
91/17/S (CLY-LEOG-043)	M 31	Fieberbrunn
92/17/S (CLY-LEOG-044)	M 31	Fieberbrunn
93/17/S (CLY-LEOG-045)	M 31	Fieberbrunn
94/17/S (CLY-LEOG-046)	M 31	Fieberbrunn
95/17/S (CLY-LEOG-047)	M 31	Fieberbrunn	Saalbach
96/17/S (CLY-LEOG-048)	M 31	Fieberbrunn

RareX Limited Suite 23, 513 Hay Street, Subiaco WA 6008 Ph: 08 6143 6720 ACN: 105 578 756

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98/17/S (CLY-LEOG-050)	M 31	Fieberbrunn
99/17/S (CLY-LEOG-051)	M 31	Fieberbrunn	Saalbach
101/17/S (CLY-LEOG-053)	M 31	Fieberbrunn
103/17/S (CLY-LEOG-055)	M 31	Fieberbrunn
104/17/S (CLY-LEOG-056)	M 31	Fieberbrunn
105/17/S (CLY-LEOG-057)	M 31	Fieberbrunn
106/17/S (CLY-LEOG-058)	M 31	Fieberbrunn
107/17/S (CLY-LEOG-059)	M 31	Fieberbrunn
108/17/S (CLY-LEOG-060)	M 31	Fieberbrunn
109/17/S (CLY-LEOG-061)	M 31	Fieberbrunn
110/17/S (CLY-LEOG-062)	M 31	Fieberbrunn
111/17/S (CLY-LEOG-063)	M 31	Fieberbrunn
112/17/S (CLY-LEOG-064)	M 31	Fieberbrunn
114/17/S (CLY-LEOG-066)	M 31	Fieberbrunn
115/17/S (CLY-LEOG-067)	M 31	Fieberbrunn
116/17/S (CLY-LEOG-068)	M 31	Fieberbrunn
117/17/S (CLY-LEOG-069)	M 31	Fieberbrunn
118/17/S (CLY-LEOG-070)	M 31	Fieberbrunn
119/17/S (CLY-LEOG-071)	M 31	Fieberbrunn
120/17/S (CLY-LEOG-072)	M 31	Fieberbrunn
121/17/S (CLY-LEOG-073)	M 31	Fieberbrunn
122/17/S (CLY-LEOG-074)	M 31	Fieberbrunn
123/17/S (CLY-LEOG-075)	M 31	Fieberbrunn
124/17/S (CLY-LEOG-076)	M 31	Fieberbrunn
125/17/S (CLY-LEOG-077)	M 31	Fieberbrunn
126/17/S (CLY-LEOG-078)	M 31	Fieberbrunn
127/17/S (CLY-LEOG-079)	M 31	Fieberbrunn
128/17/S (CLY-LEOG-080)	M 31	Fieberbrunn
129/17/S (CLY-LEOG-081)	M 31	Fieberbrunn
130/17/S (CLY-LEOG-082)	M 31	Fieberbrunn
131/17/S (CLY-LEOG-083)	M 31	Fieberbrunn
132/17/S (CLY-LEOG-084)	M 31	Fieberbrunn
133/17/S (CLY-LEOG-085)	M 31	Fieberbrunn
134/17/S (CLY-LEOG-086)	M 31	Fieberbrunn
135/17/S (CLY-LEOG-087)	M 31	Fieberbrunn
136/17/S (CLY-LEOG-088)	M 31	Fieberbrunn
137/17/S (CLY-LEOG-089)	M 31	Fieberbrunn	Aurach
138/17/S (CLY-LEOG-090)	M 31	Fieberbrunn	Aurach
139/17/S (CLY-LEOG-091)	M 31	Fieberbrunn
140/17/S (CLY-LEOG-092)	M 31	Fieberbrunn
141/17/S (CLY-LEOG-093)	M 31	Fieberbrunn	Saalbach
142/17/S (CLY-LEOG-094)	M 31	Fieberbrunn
143/17/S (CLY-LEOG-095)	M 31	Hochfilzen	Grießen
144/17/S (CLY-LEOG-096)	M 31	Hochfilzen	Grießen
145/17/S (CLY-LEOG-097)	M 31	Fieberbrunn	Saalbach
146/17/S (CLY-LEOG-098)	M 31	Fieberbrunn
147/17/S (CLY-LEOG-099)	M 31	Fieberbrunn
148/17/S (CLY-LEOG-1OO)	M 31	Fieberbrunn

Austrian Tenement Schedule – Kitzbuhel - RareX First Priority	Austrian Tenement Schedule – Kitzbuhel - RareX First Priority	Austrian Tenement Schedule – Kitzbuhel - RareX First Priority	Austrian Tenement Schedule – Kitzbuhel - RareX First Priority
Designation	Reference	Cadastral Municipalities
	Meridian	Centre in the Cadastral Municipality	Other Cadastral MunicipalityConcerned
38/17/T (CLY- KITZ-001)	M 31	Fieberbrunn
39/17/T (CLY- KITZ -002)	M 31	Fieberbrunn
40/17/T (CLY- KITZ -003)	M 31	Fieberbrunn
41/17/T (CLY- KITZ -004)	M 31	Fieberbrunn
42/17/T (CLY- KITZ-005)	M 31	Fieberbrunn
43/17/T (CLY- KITZ-006)	M 31	Fieberbrunn
44/17/T (CLY- KITZ -007)	M 31	Fieberbrunn

RareX Limited

Suite 23, 513 Hay Street, Subiaco WA 6008 Ph: 08 6143 6720 ACN: 105 578 756

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45/17/T (CLY- KITZ -008)	M 31	Fieberbrunn
46/17/T (CLY- KITZ -009)	M 31	Fieberbrunn
47/17/T (CLY- KITZ-010)	M 31	Fieberbrunn
48/17/T (CLY- KITZ -011)	M 31	Fieberbrunn
49/17/T (CLY- KITZ-012)	M 31	Fieberbrunn
50/17/T (CLY- KITZ-013)	M 31	Fieberbrunn
51/17/T (CLY- KITZ-014)	M 31	Fieberbrunn
52/17/T (CLY- KITZ -015)	M 31	Fieberbrunn
53/17/T (CLY- KITZ -016)	M 31	Fieberbrunn
54/17/T (CLY- KITZ -017)	M 31	Fieberbrunn
55/17/T (CLY- KITZ -018)	M 31	Fieberbrunn
56/17/T (CLY- KITZ-019)	M 31	Fieberbrunn
57/17/T (CLY- KITZ-020)	M 31	Fieberbrunn
58/17/T (CLY- KITZ-021)	M 31	Fieberbrunn
59/17/T (CLY- KITZ-022)	M 31	Fieberbrunn
60/17/T (CLY- KZTZ-023)	M 31	Fieberbrunn	Aurach
61/17/T (CLY- KITZ-024)	M 31	Fieberbrunn	Aurach
62/17/T (CLY-KITZ-025)	M 31	Fieberbrunn	Aurach
63/17/T (CLY-KITZ-026)	M 31	Fieberbrunn	Aurach
64/17/T (CLY-KITZ-027)	M 31	Fieberbrunn	Aurach
65/17/T (CLY-KITZ-028)	M 31	Fieberbrunn
66/17/T (CLY-KITZ-029)	M 31	Fieberbrunn
67/17/T (CLY-KITZ-030)	M 31	Fieberbrunn
68/17/T (CLY-KITZ-031)	M 31	Fieberbrunn	Aurach
69/17/T (CLY-KITZ-032)	M 31	Fieberbrunn	Aurach
70/17/T (CLY-KITZ-033)	M 31	Aurach
71/17/T (CLY-KITZ-034)	M 31	Fieberbrunn
72/17/T (CLY-KITZ-035)	M 31	Fieberbrunn
73/17/T (CLY-KITZ-036)	M 31	Fieberbrunn
74/17/T (CLY-KITZ-037)	M 31	Fieberbrunn
75/17/T (CLY-KITZ-038)	M 31	Fieberbrunn
76/17/T (CLY-KITZ-039)	M 31	Fieberbrunn
77/17/T (CLY-KITZ-040)	M 31	Fieberbrunn
78/17/T (CLY-KITZ-041)	M 31	Kitzbühel Land	Fieberbrunn
79/17/T (CLY-KITZ-042)	M 31	Kitzbühel Land	Fieberbrunn
80/17/T (CLY-KITZ-043)	M 31	Fieberbrunn
81/17/T (CLY-KITZ-044)	M 31	Fieberbrunn
82/17/T (CLY-KITZ-045)	M 31	Fieberbrunn
83/17/T (CLY-KITZ-046)	M 31	Kitzbühel Land	Fieberbrunn
84/17/T (CLY-KITZ-047)	M 31	Kitzbühel Land
85/17/T (CLY-KITZ-048)	M 31	Kitzbühel Land	Fieberbrunn
86/17/T (CLY-KITZ-049)	M 31	Kitzbühel Land	Fieberbrunn
87/17/T (CLY-KITZ-050)	M 31	Fieberbrunn
88/17/T (CLY-KITZ-051)	M 31	Kitzbühel Land	Fieberbrunn, Aurach
89/17/T (CLY-KITZ-052)	M 31	Aurach
90/17/T (CLY-KITZ-053)	M 31	Aurach
91/17/T (CLY-KITZ-054)	M 31	Kitzbühel Land	Aurach
92/17/T (CLY-KITZ-055)	M 31	Aurach
93/17/T (CLY-KITZ-056)	M 31	Aurach
94/17/T (CLY-KITZ-057)	M 31	Kitzbühel Land	Aurach
95/17/T (CLY-KITZ-058)	M 31	Aurach
96/17/T (CLY-KITZ-059)	M 31	Kitzbühel Land	Aurach
97/17/T (CLY-KITZ-060)	M 31	Kitzbühel Land	Aurach
98/17/T (CLY-KITZ-061)	M 31	Kitzbühel Land	Aurach
99/17/T (CLY-KITZ-062)	M 31	Kitzbühel Land
100/17/T (CLY-KITZ-063)	M 31	Kitzbühel Land
101/17/T (CLY-KITZ-064)	M 31	Kitzbühel Land	Aurach
102/17/T (CLY-KITZ-065)	M 31	Aurach
103/17/T (CLY-KITZ-066)	M 31	Kitzbühel Land	Aurach
104/17/T (CLY-KITZ-067)	M 31	Kitzbühel Land

RareX Limited Suite 23, 513 Hay Street, Subiaco WA 6008 Ph: 08 6143 6720 ACN: 105 578 756

==> picture [150 x 55] intentionally omitted <==

105/17/T (CLY-KITZ-068)	M 31	Kitzbühel Land	Aurach
106/17/T (CLY-KITZ-069)	M 31	Kitzbühel Land	Aurach
107/17/T (CLY-KITZ-070)	M 31	Kitzbühel Land
108/17/T (CLY-KITZ-071)	M 31	Kitzbühel Land
109/17/T (CLY-KITZ-072)	M 31	Kitzbühel Land
110/17/T (CLY-KITZ-073)	M 31	Kitzbühel Land
111/17/T (CLY-KITZ-074)	M 31	Kitzbühel Land
112/17/T (CLY-KITZ-075)	M 31	Kitzbühel Land
113/17/T (CLY-KITZ-076)	M 31	Kitzbühel Land
114/17/T (CLY-KITZ-077)	M 31	Kitzbühel Land
115/17/T (CLY-KITZ-078)	M 31	Kitzbühel Land
116/17/T (CLY-KITZ-079)	M 31	Kitzbühel Land
117/17/T (CLY-KITZ-080)	M 31	Kitzbühel Land
118/17/T (CLY-KITZ-081)	M 31	Kitzbühel Land
119/17/T (CLY-KITZ-082)	M 31	St. Johann in Tirol	Kitzbühel Land
121/17/T (CLY-KITZ-084)	M 31	Kitzbühel Land	Fieberbrunn
122/17/T (CLY-KITZ-085)	M 31	St. Johann in Tirol	Kitzbühel Land
123/17/T (CLY-KITZ-086)	M 31	St. Johann in Tirol	Kitzbühel Land
124/17/T (CLY-KITZ-087)	M 31	St. Johann in Tirol	Kitzbühel Land, Fieberbrunn
125/17/T (CLY-KITZ-088)	M 31	St. Johann in Tirol
126/17/T (CLY-KITZ-089)	M 31	St. Johann in Tirol
127/17/T (CLY-KITZ-090)	M 31	St. Johann in Tirol
128/17/T (CLY-KITZ-091)	M 31	St. Johann in Tirol
129/17/T (CLY-KITZ-092)	M 31	St. Johann in Tirol
130/17/T (CLY-KITZ-093)	M 31	St. Johann in Tirol	Kitzbühel Land
131/17/T (CLY-KITZ-094)	M 31	St. Johann in Tirol
132/17/T (CLY-KITZ-095)	M 31	St. Johann in Tirol
133/17/T (CLY-KITZ-096)	M 31	St. Johann in Tirol
135/17/T (CLY-KITZ-098)	M 31	Kitzbühel Land
137/17/T (CLY-KITZ-100)	M 31	Aurach

Austrian Tenement Schedule – Leogang - RareX Second Priority in at least 50% of the licence area	Austrian Tenement Schedule – Leogang - RareX Second Priority in at least 50% of the licence area	Austrian Tenement Schedule – Leogang - RareX Second Priority in at least 50% of the licence area	Austrian Tenement Schedule – Leogang - RareX Second Priority in at least 50% of the licence area
Designation	Reference Meridian	Cadastral Municipalities
		Centre in the Cadastral Municipality	Other Cadastral MunicipalityConcerned
49/17/S (CLY-LEOG-001)	M 31	Schwarzleo	Sonnberg
50/17/S (CLY-LEOG-002)	M 31	Schwarzleo
52/17/S (CLY-LEOG-004)	M 31	Schwarzleo
53/17/S (CLY-LEOG-005)	M 31	Schwarzleo
54/17/S (CLY-LEOG-006)	M 31	Schwarzleo
55/17/S (CLY-LEOG-007)	M 31	Schwarzleo
59/17/S (CLY-LEOG-011)	M 31	Schwarzleo
60/17/S (CLY-LEOG-012)	M 31	Schwarzleo
61/17/S (CLY-LEOG-013)	M 31	Schwarzleo	Grießen
62/17/S (CLY-LEOG-014)	M 31	Schwarzleo
63/17/S (CLY-LEOG-015)	M 31	Schwarzleo
65/17/S (CLY-LEOG-017)	M 31	Schwarzleo	Grießen
66/17/S (CLY-LEOG-018)	M 31	Schwarzleo
67/17/S (CLY-LEOG-019)	M 31	Schwarzleo
69/17/S (CLY-LEOG-021)	M 31	Schwarzleo
70/17/S (CLY-LEOG-022)	M 31	Schwarzleo	Grießen
72/17/S (CLY-LEOG-024)	M 31	Schwarzleo
73/17/S (CLY-LEOG-025)	M 31	Schwarzleo	Grießen
75/17/S (CLY-LEOG-027)	M 31	Schwarzleo
76/17/S (CLY-LEOG-028)	M 31	Schwarzleo
77/17/S (CLY-LEOG-029)	M 31	Schwarzleo
97/17/S (CLY-LEOG-049)	M 31	Fieberbrunn
100/17/S (CLY-LEOG-052)	M 31	Fieberbrunn
102/17/S (CLY-LEOG-054)	M 31	Fieberbrunn
113/17/S (CLY-LEOG-065)	M 31	Fieberbrunn

RareX Limited Suite 23, 513 Hay Street, Subiaco WA 6008 Ph: 08 6143 6720 ACN: 105 578 756

==> picture [150 x 55] intentionally omitted <==

Austrian Tenement Schedule – Kitzbuhel - RareX Second Priority in at least 50% of licence area	Austrian Tenement Schedule – Kitzbuhel - RareX Second Priority in at least 50% of licence area	Austrian Tenement Schedule – Kitzbuhel - RareX Second Priority in at least 50% of licence area	Austrian Tenement Schedule – Kitzbuhel - RareX Second Priority in at least 50% of licence area
Designation	Reference Meridian	Cadastral Municipalities
		Centre in the Cadastral Municipality	Other Cadastral MunicipalityConcerned
120/17/T (CLY-KITZ-083)	M 31	Kitzbühel Land
134/17/T (CLY-KITZ-097)	M 31	St. Johann in Tirol	Kitzbühel Land
136/17/T (CLY-KITZ-099)	M 31	Kitzbühel Land

Moroccan Tenement Schedule
Licence Name	Licence No	RareX interest	Note
Tizi Belhaj	234 08 79	20%	Earning up to 100%
Bou Amzil	233 88 04	20%	Earning up to 100%
Imdere	233 94 05	20%	Earning up to 100%
Bou Amzil Extension	PR 384 22 26	-	100% on completion

Appendix 2: Related Party Payments

In line with its obligations under ASX Listing Rule 5.3.5, RareX Limited notes that the only payments to related parties of the Company, as advised in the Appendix 5B for the period ended 31 March 2020, pertain to payments to an executive director for salary and superannuation and non-executive director fees.

RareX Limited Suite 23, 513 Hay Street, Subiaco WA 6008 Ph: 08 6143 6720 ACN: 105 578 756