RAREX LIMITED — Interim / Quarterly Report 2023

Apr 25, 2023

ASX Release 26 April 2023

March 2023 Quarterly Report

Highlights

• Substantial increase in the Cummins Range "Rare Dyke" Mineral Resource to 397Mt at 0.33% TREO and 4.2% P2O5 for 1.3Mt of contained TREO and 16.7Mt of contained P2O5.
• Updated Resource and significant increase in project scale provides the catalyst for a staged development approach, comprising:
  • o Stage 1: Fast-tracked DSO phosphate fertiliser.
  • o Stage 2: Phosphate concentrate.
  • o Stage 3: Rare Earths concentrate.
• Updated global Mineral Resource due in late April 2023, to be followed by a revised Scoping Study encompassing the new 3-Stage, DSO-catalysed development approach.
• Phosphate testwork confirms the potential to produce direct-application fertilisers from DSO and concentrate, with results indicating exceptionally high phosphate bioavailability and highlighting the opportunity to produce organic fertilisers for agricultural applications.
• Strategic board and management changes announced to prepare RareX for the transition to development and operations
  • o James Durrant appointed as Chief Executive Officer.
  • o Jeremy Robinson moves to Non-Executive Chairman.
  • o Former senior FMG, Danakali and Rio marketing, sales and shipping executive Danny Goeman appointed as a non-executive Director.
• Maiden ESG framework and Sustainability & Self Assessment Report delivered for 2022.
• Strong cash and listed investments of $7.4m

Australian rare earths and phosphate company, RareX Limited (ASX: REE) (RareX or the Company), is pleased to provide its quarterly activities and cash flow reports for the quarter ended 31 March 2023.

Management Comment

Commenting on the Quarter, RareX's newly appointed CEO, James Durrant, said: "The March Quarter has been a significant period for the Company, with the delivery of a step-change increase in the Mineral Resource Estimate at our flagship 100%-owned Cummins Range Phosphate-Rare Earths Project in Western Australia providing the catalyst for revised three-staged approach to the project development.

"The updated Resource – which was based solely on the Rare Dyke zone and captures a lot of the work we have undertaken over the past three years – has delivered a 500% increase in contained Total Rare Earth Elements (TREO) to 1.3 million tonnes and an 800% increase in contained phosphate to 16.7 million tonnes, firmly establishing Cummins Range as the second largest undeveloped rare earths deposit in Australia.

ASX:REE Level 1, 338 Barker Road @rarex_asx ABN: 65 105 578 756 Subiaco WA 6008 info@rarex.com.au Australia rarex.com.au

"Part 2 of the resource update, which will include the Phos Dyke zone, is scheduled for release in the near future to give us the full global resource at Cummins Range.

"Based on the significant increase in project scale, during the Quarter we articulated an evolved development approach for Cummins Range, based on a three-stage development pathway. Under this proposed new strategy, the project development will commence with a fast-tracked DSO phosphate fertiliser phase, followed by phosphate beneficiation as Stage 2 and rare earth beneficiation as Stage 3.

"This approach is expected to reduce the risk associated with a full-scale rare earth development from the outset. It would also allow RareX to deliver early cashflow from a low-capital-cost DSO mining operation, as well as maximising the extraction of both the rare earths and phosphate from within the Mineral Resource.

"We have commenced work on an updated Scoping Study to support this new development strategy, which is expected to be completed over the second half of 2023.

"With the Cummins Range Project now moving firmly into the development phase, during the Quarter the Company made some key changes to its board and senior management team to oversee this next phase of growth and development. I am delighted to have taken on the role as Chief Executive Officer, and we also welcomed Danny Goeman, who brings senior marketing and sales expertise to the board, as well as Kay Hoffman, who joins the team as Study Manager.

"We are now forging ahead with feasibility studies for the Cummins Range Project, focused on becoming a major new supplier of phosphate and rare earths – both of which represent vital strategic inputs for food and energy security in a growing and modernising world."

Updated Mineral Resource Estimate

RareX reported an updated Mineral Resource Estimate (MRE) for the Cummins Range Rare Earths-Phosphate Project during the March Quarter. The first instalment of the updated Cummins Range MRE is based on the Rare Dyke and contains an Indicated and Inferred Mineral Resource of 397Mt at 0.33% TREO (total rare earths oxide) and 4.2% P2O5 (phosphate) with appreciable quantities of niobium and scandium. The amount of contained TREO is 1.3Mt with 280Kt of contained NdPr. This represents an increase of 500% from the previous MRE in 2021, which is highly significant growth for RareX over a two-year period.

Table 1. Cummins Range Mineral Resource Estimate, P2O5≥2.5% cut off

Classification	Tonnes(Mt)	P2O5(%)	TREO + Y2O3(ppm)	HREO(ppm)	Nd2O3(ppm)	Pr6O11(ppm)	Nb2O5(ppm)	Sc2O3(ppm)	ThU(ppm)
Indicated	44.3	6.3	5,800	290	930	280	1,020	100	90
Inferred	352.9	3.9	2,960	165	490	140	570	70	40
Total	397.2	4.2	3,270	180	540	160	620	70	50

Notes:

1. Due to effects of rounding, the total may not represent the sum of all components.

2. TREO (ppm) includes: Light Rare Earth Oxides (LREO): La2O3, CeO2, Pr6O11, Nd2O3; and Heavy Rare Oxides (HREO): Sm2O3, Eu2O3, Gd2O3, Tb4O7, Dy2O3, Ho2O3, Er2O3, Tm2O3, Yb2O3, Lu2O3; + Y2O3

3. ThU comprises ThO2 + U3O8 (ppm)

4. Mineral Resource is reported from all blocks, classified as either Indicated or Inferred, where interpolated block grade is ≥ 2.5% P2O5

ASX:REE Level 1, 338 Barker Road @rarex_asx ABN: 65 105 578 756 Subiaco WA 6008 info@rarex.com.au Australia rarex.com.au

The relatively high NdPr and HREO (heavy rare earth oxide) content at Cummins Range is consistent with that of monazite dominant mineralisation, resulting in a high Basket Price of US$33/kg for the Project as shown below:

Element	Price US$/kg	% of TREO	Basket PriceUS$/Kg	% of BasketPrice
LREO
La2O3	1.1	24.8%	0.3	0.8%
CeO2	1.1	45.9%	0.5	1.5%
Pr6O11	110.0	4.9%	5.4	16.3%
Nd2O3	110.0	16.4%	18.1	54.8%
Sub-Total		92.0%	24.2	73.4%
HREO
Sm2O3	2.5	2.2%	0.1	0.2%
Eu2O3	26.0	0.6%	0.1	0.4%
Gd2O3	36.0	1.4%	0.5	1.5%
Tb4O7	2,300.0	0.2%	3.6	11.0%
Dy2O3	595.0	0.7%	4.2	12.7%
Ho2O3	-	0.1%	-	0.0%
Er2O3	-	0.2%	-	0.0%
Tm2O3	-	0.0%	-	0.0%
Yb2O3	-	0.1%	-	0.0%
Lu2O3	-	0.0%	-	0.0%
Y2O3	10.0	2.5%	0.3	0.8%
Sub-Total		8.0%	8.8	26.6%
Total Basket Price
US$/kg			33.0

Table 2. Rare Dyke Mineral Resource-Based Basket Price

Complementing the increase in TREO is the very large phosphate resource of 16.7Mt of contained P2O5. The updated Rare Dyke MRE includes 44Mt at 6.3% P2O5 in the higher-confidence Indicated category, which is mostly contained in the upper 100m.

A significant increase in the phosphate tonnes is also expected from the Phos Dyke MRE, which is anticipated to be completed in late April. When the Phos Dyke MRE is complete, a global resource containing both the Rare and Phos Dykes will be announced.

A phosphate cut-off was chosen for the MRE as it better represents the geology and economic potential of the deposit in that it captures the phosphate and almost all of the rare earths.

Substantial quantities of phosphate will be mined to access rare earth mineral concentrations and RareX intends to extract value from both the phosphate and rare earths. In addition, the Company will investigate the value opportunities presented by the appreciable quantities of niobium and scandium present in the deposit.

Full details of the updated MRE for Rare Dyke were provided in the Company's ASX Announcement dated 30 March 2023.

ASX:REE Level 1, 338 Barker Road @rarex_asx ABN: 65 105 578 756 Subiaco WA 6008 info@rarex.com.au Australia rarex.com.au

Revised Development Strategy

The Mineral Resource update outlined above, which will be followed by a further significant Resource update due by late April 2023, has re-framed the Cummins Range Project as a highly significant phosphate-hosted rare earths deposit commencing from surface.

The concept emerging as a result of the new understanding of the resource, coupled with important recent metallurgical testwork results (see below), suggests the option for an initial fast-tracked DSO (direct shipping ore) phosphate fertiliser phase (Stage 1), followed by phosphate beneficiation (Stage 2) and subsequently rare earth beneficiation and value chain development (Stage 3).

This staged approach is expected to lower the risk associated with building the full rare earth value chain outright at the beginning, by delivering a simpler and lower-cost DSO phosphate operation using existing infrastructure, whilst maintaining development towards a large scale, strategic, rare earth and phosphate critical minerals project.

Feasibility studies are investigating this pathway and a specific emphasis is being placed on accelerating the DSO portion while maintaining a technical pathway towards the ultimate goal of producing rare earth critical metals. RareX aims to announced revised project economics this financial year and a Scoping Study on Stage 1 by the end of 2023.

Further information on the revised development strategy for the Cummins Range Project was provided in the Company's ASX Announcement dated 13 April 2023.

Metallurgical Testwork

Recent testwork on samples from the Cummins Range Project confirmed the potential to produce phosphate Direct Shipping Ore (DSO) and phosphate mineral concentrate, with both products showing strong potential as direct-application agricultural fertiliser.

Results from initial phosphorous bioavailability tests on DSO and phosphate mineral concentrate – both of which are anticipated co-products with rare earths from Cummins Range – show the material possesses very high bioavailability, that is two-to-five times better than what has been classified as high-bioavailable rock phosphate by industry standard.

This unlocks a variety of development scenarios for the Cummins Range Project, including:

• A DSO product could be produced initially, meaning very low levels of processing and capital would be required to develop a readily saleable and marketable phosphate product line that is in demand in the fertiliser trade.
• A premium-grade phosphate concentrate product could also be produced from the Cummins Range deposit for direct-application fertiliser. Previous testwork has already demonstrated a simple beneficiation flowsheet and low reagent consumptions, suggesting low capital and operating costs.

In addition, the beneficiation circuit for phosphate concentrate production could be integrated as part of the rare earth beneficiation process in the longer-term, supporting enhanced project development.

Direct-application fertilisers are classified as organic as they do not require chemical reaction with sulphuric acid to make the phosphate derivative products. In addition, they often have favourable properties for plants' uptake. Direct-application phosphates, where the natural mineral form remains unadulterated, can be produced at a discount while also trading at a premium to processed phosphates.

The testwork undertaken to assess the phosphorous bioavailability of the Cummins Range mineralisation was a 2% citric acid test, which is an industry standard bioavailability assessment. The tests simulated the soil conditions and were performed on four resource samples – two DSO samples and two phosphate float concentrate samples.

All potentially deleterious elements (fluorine, cadmium, uranium and chlorine) were within normal specifications, and no further deleterious elements are present.

Tests on the phosphate co-product are being undertaken in parallel with rare earth metallurgical testwork programs, which are also delivering promising results.

Further information on the bioavailability of the phosphate from Cummins Range Project was provided in the Company's ASX Announcement dated 23 March 2023.

Heritage and Environmental Update

Negotiations with the Jaru Traditional Owners are on track with a draft Mining Agreement and compensation proposal complete. The RareX team, with support from Allens law firm, will meet with the Traditional Owners Negotiation Committee (TONC) again towards the end of April with the goal of completing negotiations before the start of the 2023 wet-season.

RareX wishes to take this opportunity to thank the Jaru TONC for a constructive, collaborative, and pragmatic approach to the negotiations.

MBS Environmental, with support from WSP Golder, have designed the environmental approvals strategy and have been project managing the environmental and heritage surveys. The final flora and fauna surveys are due in May 2023.

Baseline environmental studies should be completed in 2023, allowing for the requisite approval submissions in early 2024. Under the evolved development approach, DSO Stage 1 will follow a simplified approvals path with the more complex Stage 2 and Stage 3 approvals expected to run in parallel.

Exploration

Assay results were reported during the Quarter for a further 30 drill-holes, with multiple significant rare earth and phosphate intercepts.

Results included a record intercept of 513.8m at 0.5% TREO and 5% P2O5 from 3m and 144m at 5% P2O5 and 0.7% TREO from 557m from scissor hole CDX0033, including very high-grade zones of 12.65m at 2.3% TREO and 5% P2O5 and 7.8m at 5.3% TREO and 6% P2O5.

ASX:REE Level 1, 338 Barker Road @rarex_asx ABN: 65 105 578 756 Subiaco WA 6008 info@rarex.com.au Australia rarex.com.au

Other broad,wide results reported during the Quarter included:

• 426.9m at 0.4% TREO and 4% P2O5 in hole CDX0038
• 406m at 0.3% TREO and 4% P2O5 in CDX0024

Narrower high-grade rare earth intercepts of up to 11.5% TREO were reported, including:

• 35m at 1.6% TREO including 16m at 2.4% TREO in CDX0037
• 11m at 2.2% TREO and 18% P2O5 in CDX0034
• 9.6m at 1.6% TREO and 8% P2O5 including 3.2m at 3.4% TREO in CDX0040
• 9.8m at 3.3% TREO and 5% P2O5 including 2.2m at 11.5% TREO in CDX0043
• 10m at 3.6% TREO and 6% P2O5 including 3m at 9.5% TREO in CDX0050

RC results for the four northernmost drill holes, designed to test for extensions to the Phos Dyke mineralisation, all assayed 5% P2O5 and 0.2% TREO over wide intercepts:

• CRX0076 111m at 0.2% TREO and 5% P2O5
• CRX0077 97m at 0.2% TREO and 5% P2O5
• CRX0078 94m at 0.2% TREO and 5% P2O5
• CRX0079 85m at 0.2% TREO and 5% P2O5

In addition, monazite (not apatite) has been confirmed as the host of rare earths mineralisation in the Phos Dyke, containing highly valuable concentrations of up to 44% NdPr and HREO (26% NdPr and 19% HREO).

Full details of the assay results were reported in the Company's ASX Announcements dated 23 January 2023 and 16 March 2023.

NSW Copper-Gold Project

The Trundle Gold-Copper Project Joint Venture, located in the Macquarie Arc of the Lachlan Fold Belt in New South Wales, is a 65%/35% joint venture between RareX and Kincora Copper Ltd (Kincora) (TSXV: KCC) and includes the Trundle and Fairholme Projects.

During the Quarter, Kincora reported that its first drill holes into three prospects at the Trundle Project had intersected significant zones of mineralisation at shallow depths, with assay results including:

• 12.5m at 2.77g/t gold from 77.5m, including 2m at 14.2g/t gold (Dunn's North Prospect)
• 31m at 0.49g/t gold, 0.25% copper and 55ppm molybdenum from 65.9m (Dunn's South Prospect), including:
  • o 8.6m at 1.21g/t gold, 0.26% copper and 90ppm molybdenum from 65.9m, with 1m at 6.88g/t gold, 0.30% copper and 46ppm molybdenum
  • o 4.5m at 0.50g/t gold, 0.79% copper and 180ppm molybdenum from 92.4m, with 0.5m at 1.72g/t gold, 2.54% copper and 721ppm molybdenum

Drilling is continuing.

Weld North

A wide spaced lithogeochemical soil survey was completed on all three tenements. Soil samples were taken on a 1km grid. Assay results have not been received as yet. Results will be used to create a geochemical assessment of lithologies and for potential anomalies.

Hong Kong Project

No work was undertaken on the Hong Kong Project during the Quarter.

Moroccan Cobalt Projects

No work was undertaken on the Moroccan projects during the Quarter. The Company is in the process of finalising the divestment of these assets.

CORPORATE

Key management and board changes

During the Quarter, RareX announced key changes to its management and board structure, aimed at enhancing market reach and driving the development of the Company's Cummins Range Project.

Effective 3 April 2023, experienced mining executive Mr James Durrant assumed the role of Chief Executive Officer (CEO), leveraging his extensive experience in rare earths, bulk commodities and fertilizers to lead the Company through its next phase of growth.

In conjunction with Mr Durrant's appointment, RareX founder and Managing Director, Mr Jeremy Robinson, transitioned to the role of Non-Executive Chairman, while Chairman, Mr John Young, transitioned to Non-Executive Director.

Mr Durrant holds degrees in mechanical engineering and mining engineering from the Camborne School of Mines in England, a Quarry Manager's Certificate of Competency, and is a graduate of the Australian Institute of Company Directors. He is an elected board member of AAMEG, which supports responsible mine development in Africa.

Mr Durrant joined RareX as General Manager – Projects in 2021 and has been Chief Operating Officer since January this year. He was previously Director of Projects with Canyon Resources and, before that, held project development and marketing leadership roles at Danakali Limited. Prior to that, he spent seven years with BHP Billiton Iron ore.

Mr Danny Goeman has been appointed to the Board as a Non-Executive Director, bringing over 20 years of marketing and sales experience including industry analysis, price negotiation, market segmentation and product placement across multiple commodities and multiple jurisdictions including Australia, Asia and Europe.

ASX:REE Level 1, 338 Barker Road @rarex_asx ABN: 65 105 578 756 Subiaco WA 6008 info@rarex.com.au Australia rarex.com.au

Mr Goeman was previously the global director of sales & marketing and shipping at Fortescue Metals Group (ASX: FMG) for four years before becoming a senior advisor to the chief executive in September 2022. Prior to FMG, he was head of marketing at international potash development company, Danakali (ASX: DNK), where he developed the off-take strategy, off-take contract frameworks and led the off-take negotiations on behalf of the Colluli Mining Share Company cumulating in a binding take-or-pay offtake deal with a tier 1 fertiliser company. He became its chief executive from September 2017 to August 2018. Prior to Danakali, Mr Goeman worked within Rio Tinto and held leading roles in commodity price negotiations, market analysis, market segmentation and price forecasting.

Experienced mining operations manager, Kay Hofmann, has been appointed as Cummins Range Study Manager. Mr Hofmann was most recently Manager – Ground Control and Water at Mineral Resources Limited (ASX: MIN) and, prior to that, held a number of production roles at BHP and BHP Billiton Iron Ore.

The Company is also pleased to confirm that RareX's long-serving Exploration Manager, Mr Guy Moulang, will continue to serve as Exploration Manager, a long-term employee currently preparing for the 2023 exploration season.

RareX would like to take this opportunity to extend its gratitude to Mr Michael Prassas, who has left RareX to pursue other opportunities after making a significant contribution to the Company's rebranding and preparation for this crucial development stage.

$1.92M Refund for R&D Activities

During the Quarter, RareX received a $1.92 million refundable tax offset for eligible research and development (R&D) expenditure conducted at the Company's Cummins Range Project during the 2021-22 financial year.

The R&D activities were primarily focused on testing the hypothesis relating to the development of an innovative process for the extraction of rare earth elements from the Cummins Range deposit.

Sustainability Report

RareX's inaugural Environmental, Social & Governance Framework and Maiden Sustainability and Self-Assessment Report for 2022 was published on 14 February 2023, providing an overview of the Company's ESG framework and its ESG performance over the past year.

Change of Registered Address and Principal Place of Business

RareX's registered office and principal place of business has changed to:

Level 1, 338 Barker Road Subiaco WA 6008

This announcement has been authorised for release by the Board of RareX Limited.

ASX:REE Level 1, 338 Barker Road @rarex_asx ABN: 65 105 578 756 Subiaco WA 6008 info@rarex.com.au Australia rarex.com.au

Competent Person's Statements

Prior exploration results were reported in accordance with Listing Rule 5.7 and the Company confirms it is not aware of any material changes since the information was first reported on 23 January 2023, 16 March 2023, 21 March 2023 and 24 March 2023.

The information in this release that relates to the Mineral Resource Estimate was reported in accordance with Listing Rule 5.8 on 30 March 2023. The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement and that all material assumptions and technical parameters underpinning the estimate in the relevant market announcement continue to apply and have not materially changed.

For more information,	Investors: James Durrant	P +61 (0) 8 6383 6593
please contact:	Media: Nicholas Read, Read Corporate	P +61 (0) 8 9388 1474

About RareX Limited – ASX: REE

RareX Limited (ASX: REE) is a Perth-based rare earths and phosphate project development company. RareX's focus is on developing its flag-ship Cummins Range Rare Earths and Phosphate Project.

Rare Earths and in particular, NdPr are core enablers of decarbonisation and electrification of our society. NdPr supports high strength magnets which enables low carbon technologies, especially in the electric mobility sector, robotics solutions and renewable energy, particularly the wind energy sector.

Phosphates are one of the three macro nutrients required in fertilisers. Fertilisers are in ever more demand due to population growth, depleting soils and reduced arable land requiring ever more intensive farming.

The Cummins Range Rare Earths and Phosphate Project is in the East Kimberley region of Western Australia. RareX is committed to developing a sustainable, ethical, transparent and secure low carbon rare earth and phosphate supply chain solution for its products which satisfy the two global mega-trends of population growth and electrification.

For further information on the Company and its projects visit www.rarex.com.au

ASX:REE Level 1, 338 Barker Road @rarex_asx ABN: 65 105 578 756 Subiaco WA 6008 info@rarex.com.au Australia rarex.com.au

Appendix A: RareX Limited Interests in Mining Tenements

The following information is provided pursuant to Listing Rule 5.3.3 for the quarter ended 31 March 2023. There were no acquisitions or disposals during the quarter.

Australian Tenement Schedule
State	Project	Lease No	RareX Interest	Note
WA	Cummins Range	E80/5092	100%
WA	Cummins Range Extension	E80/5372	100%
WA	Weld North	E38/3455	100%
WA	Weld North	E38/3530	100%
WA	Weld North	E38/3531	100%
WA	Mt Mansbridge	E80/5430	100%
WA	Hong Kong	E47/3566	100%
NSW	Condobolin	EL 7748	35%	Kincora JV
NSW	Cundumbul	EL 6661	35%	Kincora JV
NSW	Fairholme	EL 6552	35%	Kincora JV
NSW	Fairholme	EL 6915	35%	Kincora JV
NSW	Trundle	EL 8222	35%	Kincora JV
NSW	Jemalong	EL 8502	35%	Kincora JV

Moroccan Tenement Schedule
Licence Name	Licence No	RareX interest	Note
Tizi Belhaj	234 08 79	20%	Divesting this asset
Bou Amzil	233 88 04	20%	Divesting this asset
Imdere	233 94 05	20%	Divesting this asset
Bou Amzil Extension	PR 384 22 26	-	Divesting this asset

Appendix 2: Disclosures in relation to Quarterly Cashflow Report

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 2023, pertain to payments to the managing director for salary and superannuation, non-executive director fees and to Primero Group in connection with study work. During the Quarter, the Company spent approximately $0.65m on project and exploration activities. The exploration expenditure relates primarily to assaying of core from the Cummins Range Project, a soil sampling program at Weld North and metallurgical test work.

Appendix 3: RareX investments

Company	Ticker	# Shares Held	Value (AU$)	Pricing date
Cosmos Exploration	C1X	10,000,000	3,300,000.00	31/3/2023
Kincora Copper	KCC	5,000,000	350,000.00	31/3/2023
Canadian Rare Earth Company	LL.V	25,000,000	1,387,500.00	31/3/2023
Value of investments			5,037,500.00	31/3/2023

RareX Limited RareX HQ P +61 (0) 863 836 593 RareX Limited (ASX:REE) ASX:REE Level 1, 338 Barker Road @rarex_asx ABN: 65 105 578 756 Subiaco WA 6008 info@rarex.com.au Australia rarex.com.au

Appendix 5B

Mining exploration entity or oil and gas exploration entity quarterly cash flow report

65 105 578 756	31 March 2023
ABN	Quarter ended ("current quarter")
RareX Limited
Name of entity

	Consolidated statement of cash flows	Current quarter$A'000	Year to date(9months)$A'000
1.	Cash flows from operating activities
1.1	Receipts from customers	-	-
1.2	Payments for
	(a)exploration & evaluation	(651)	(5,464)
	(b)development	-	-
	(c)production	-	-
	(d)staff costs	(428)	(1,392)
	(e)administration and corporate costs	(392)	(1,080)
1.3	Dividends received (see note 3)	-	-
1.4	Interest received	4	8
1.5	Interest and other costs of finance paid	(4)	(14)
1.6	Income and other taxes paid	(6)	(14)
1.7	Government grants and tax incentives	2,142	2,142
1.8	Other (provide details if material)	-	-
1.9	Net cash from / (used in) operatingactivities	655	(5,814)

2.	Cash flows from investing activities
2.1	Payments to acquire or for:
	(a)entities	-	-
	(b)tenements	-	-
	(c)property, plant and equipment	(9)	(19)
	(d)exploration & evaluation	-	-
	(e)investments	-	-
	(f)other non-current assets	-	-

	Consolidated statement of cash flows	Current quarter$A'000	Year to date(9months)$A'000
2.2	Proceeds from the disposal of:
	(a)entities	-	-
	(b)tenements	-	-
	(c)property, plant and equipment	-	-
	(d)investments	(20)	(20)
	(e)other non-current assets	-	-
2.3	Cash flows from loans to other entities	-	-
2.4	Dividends received (see note 3)	-	-
2.5	Other (Refund of security deposit)	-	-
2.6	Net cash from / (used in) investingactivities	(29)	(39)

3.	Cash flows from financing activities
3.1	Proceeds from issues of equity securities(excluding convertible debt securities)	-	40
3.2	Proceeds from issue of convertible debtsecurities	-	-
3.3	Proceeds from exercise of options	-	-
3.4	Transaction costs related to issues of equitysecurities or convertible debt securities	-	(4)
3.5	Proceeds from borrowings	-	-
3.6	Repayment of borrowings	-	-
3.7	Transaction costs related to loans andborrowings	-	-
3.8	Dividends paid	-	-
3.9	Other (Reduction in finance lease liability)	(21)	(61)
3.10	Net cash from / (used in) financingactivities	(21)	(25)

4.	Net increase / (decrease) in cash andcash equivalents for the period
4.1	Cash and cash equivalents at beginning ofperiod	1,740	8,233
4.2	Net cash from / (used in) operatingactivities (item 1.9 above)	665	(5,814)
4.3	Net cash from / (used in) investing activities(item 2.6 above)	(29)	(39)
4.4	Net cash from / (used in) financing activities(item 3.10 above)	(21)	(25)

Consolidated statement of cash flows		Current quarter$A'000	Year to date(9months)$A'000
4.5	Effect of movement in exchange rates oncash held	-	-
4.6	Cash and cash equivalents at end ofperiod	2,355	2,355

5.	Reconciliation of cash and cashequivalentsat the end of the quarter (as shown in theconsolidated statement of cash flows) to therelated items in the accounts	Current quarter$A'000	Previous quarter$A'000
5.1	Bank balances	2,355	1,740
5.2	Call deposits	-	-
5.3	Bank overdrafts	-	-
5.4	Other (provide details)	-	-
5.5	Cash and cash equivalents at end ofquarter (should equal item 4.6 above)	2,355	1,740

6.	Payments to related parties of the entity and theirassociates	Current quarter$A'000
6.1	Aggregate amount of payments to related parties and theirassociates included in item 1	172
6.2	Aggregate amount of payments to related parties and theirassociates included in item 2	-
Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must include a description of, and anexplanation for, such payments.

Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report

7.	Financing facilitiesNote: the term "facility' includes all forms of financingarrangements available to the entity.Add notes as necessary for an understanding of thesources of finance available to the entity.	Total facilityamount at quarterend$A'000	Amount drawn atquarter end$A'000
7.1	Loan facilities	-	-
7.2	Credit standby arrangements	-	-
7.3	Other– Instalment arrangement	-	-
7.4	Total financing facilities	-	-
7.5	Unused financing facilities available at quarter end		-
7.6	Include in the box below a description of each facility above, including the lender, interestrate, maturity date and whether it is secured or unsecured. If any additional financingfacilities have been entered into or are proposed to be entered into after quarter end,include a note providing details of those facilities as well.

8.		Estimated cash available for future operating activities	$A'000
8.1	Net cash from / (used in) operating activities (item 1.9)		665
8.2	(Payments for exploration & evaluation classified as investingactivities) (item 2.1(d))		-
8.3		Total relevant outgoings (item 8.1 + item 8.2)	665
8.4	Cash and cash equivalents at quarter end (item 4.6)		2,355
8.5	Unused finance facilities available at quarter end (item 7.5)		-
8.6	Total available funding (item 8.4 + item 8.5)		2,355
8.7	Estimated quarters of funding available (item 8.6 divided byitem 8.3)		N/A
	Note: if the entity has reported positive relevant outgoings (ie a net cash inflow) in item 8.3, answer item 8.7as "N/A". Otherwise, a figure for the estimated quarters of funding available must be included in item 8.7.
8.8	If item 8.7 is less than 2 quarters, please provide answers to the following questions:
	8.8.1Does the entity expect that it will continue to have the current level of net operatingcash flows for the time being and, if not, why not?
	N/A
	8.8.2Has the entity taken any steps, or does it propose to take any steps, to raise furthercash to fund its operations and, if so, what are those steps and how likely does itbelieve that they will be successful?
	N/A
	8.8.3Does the entity expect to be able to continue its operations and to meet its businessobjectives and, if so, on what basis?
	N/A
		Note: where item 8.7 is less than 2 quarters, all of questions 8.8.1, 8.8.2 and 8.8.3 above must be answered.

Compliance statement

• 1 This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A.
• 2 This statement gives a true and fair view of the matters disclosed.

Date: 26 April 2023

Authorised by: The Board of RareX Limited

Notes

• 1. This quarterly cash flow report and the accompanying activity report provide a basis for informing the market about the entity's activities for the past quarter, how they have been financed and the effect this has had on its cash position. An entity that wishes to disclose additional information over and above the minimum required under the Listing Rules is encouraged to do so.
• 1. If this quarterly cash flow report has been prepared in accordance with Australian Accounting Standards, 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. If this quarterly cash flow report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standards apply to this report.
• 1. Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity.
• 1. If this report has been authorised for release to the market by your board of directors, you can insert here: "By the board". If it has been authorised for release to the market by a committee of your board of directors, you can insert here: "By the [name of board committee – eg Audit and Risk Committee]". If it has been authorised for release to the market by a disclosure committee, you can insert here: "By the Disclosure Committee".
• 1. If this report has been authorised for release to the market by your board of directors and you wish to hold yourself out as complying with recommendation 4.2 of the ASX Corporate Governance Council's Corporate Governance Principles and Recommendations, the board should have received a declaration from its CEO and CFO that, in their opinion, the financial records of the entity have been properly maintained, that this report complies with the appropriate accounting standards and gives a true and fair view of the cash flows of the entity, and that their opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively.