RAREX LIMITED — Investor Presentation 2021

Oct 14, 2021

Growing Cummins Range Rare Earths Project

Boom in a Room

October 2021

ASX | REE

rarex.com.au

==> picture [242 x 69] intentionally omitted <==

Disclaimer & Competent Person Statement

==> picture [191 x 55] intentionally omitted <==

This presentation contains summary information about RareX Limited (REE) and is current as of 15[th] October 2021 and has been authorised for release by the Board. The information in this presentation is of a general background and does not purport to be complete. This presentation is not investment or financial product advice (nor tax, accounting or legal advice) and is not intended to be used for the basis of making an investment decision. The information contained in this presentation has been prepared without taking into account the objectives, financial situation or needs of individuals. Investors should obtain their own advice before making any investment decision. REE has prepared this document based on information available to it at the time of preparation. No representation or warranty, express or implied, is made as to the fairness, accuracy or completeness of the information, opinions and conclusions contained in this presentation.

This presentation contains certain “forward-looking statements”. Forward looking statements can generally be identified by the use of forward looking words such as, “expect”, “should”, “could”, “may”, “predict”, “plan”, “will”, “believe”, “forecast”, “estimate”, “target” and other similar expressions. Indications of, and guidance on, future earnings and financial position and performance are also forward-looking statements. Forward-looking statements, opinions and estimates provided in this presentation are based on assumptions and contingencies which are subject to change without notice, as are statements about market and industry trends, which are based on interpretations of current market conditions.

Forward-looking statements including projections, guidance on future earnings and estimates are provided as a general guide only and should not be relied upon as an indication or guarantee of future performance. This presentation contains statements that are subject to risk factors associated with REE and the mining exploration industry. It is believed that the expectations reflected in these statements are reasonable, but they may be affected by a range of variables which could cause actual results or trends to differ materially. REE disclaim any intent or obligation to publicly update any forward-looking statements, whether as a result of new information, future events or results or otherwise. To the maximum extent permitted by law, REE, their related bodies corporate (as that term is defined in the Corporations Act 2001 (Cth)) and the officers, directors, employees, advisers and agents of those entities do not accept any responsibility or liability including, without limitation, any liability arising from fault or negligence on the part of any person, for any loss arising from the use of the presentation or its contents or otherwise arising in connection with it.

==> picture [242 x 218] intentionally omitted <==

Competent Person Statement: The information in this presentation relating to the Mineral Resource estimate for the Cummins Range Rare Earths Project is extracted from the Company’s ASX announcement dated 19 July 2021. REE confirms that it is not aware of any new information or data that materially affects the information included in the previous announcements and that all material assumptions and technical parameters underpinning the Mineral Resource estimate in the previous announcements continue to apply and have not materially changed. The Company confirms there have been no material changes to exploration results since first reported in accordance with Listing Rule 5.7.

Corporate Snapshot

Ca ital Structure p

ASX Code	REE
OTCQB Code	REEEF
Share Price (14th October 2021)	$0.10
Shares on Issue	452m
Market Capitalisation	$45.2m
Cash and Investments	$5.5m
Enterprise Value	$39.7m

Board and Management

Chairman John Young Managing Director Jeremy Robinson Non-Executive Director Shaun Hardcastle Non-Executive Director Cameron Henry Exploration Manager Guy Moulang General Manager Projects James Durrant Company Secretary Oonagh Malone

Cameron Henry Guy Moulang James Durrant Oonagh Malone

==> picture [191 x 55] intentionally omitted <==

Shareholders

Top 40 Shareholders ~40% Number of Shareholders ~5,200 Substantial Shareholder Simon Lee AO (6.5%)

Simon Lee AO (6.5%)

==> picture [388 x 246] intentionally omitted <==

==> picture [960 x 96] intentionally omitted <==

----- Start of picture text -----

Investment Overview
----- End of picture text -----

• Strategically located asset : 100% owned Cummins Range Rare Earths Project in Western Australia – Tier-1 mining jurisdiction

• Substantial resource: 18.8mt at 1.15% TREO + 0.14% Nb O 2 5, including 6.5mt

• at 1.98% TREO + 0.21% Nb O 2 5

• Exploration recommenced: Exploration has recently recommenced confirming high grade extensions at depth and along strike

• Rare Earths prices increased strongly this year due to strong demand growth in green-energy industry, global trade tensions

• Cosmos Exploration Limited (C1X) : Listing soon

Highly leveraged to the booming global rare earths sector, with a quality asset in a Tier-1 location, Tier-1 partners and a clear growth strategy

==> picture [213 x 284] intentionally omitted <==

==> picture [201 x 134] intentionally omitted <==

Rare Earths and Niobium - a massive growth opportunity

==> picture [205 x 59] intentionally omitted <==

Niobium and Rare Earth Elements share common end uses undergoing massive growth through the technology revolution, with Niobium backed up by the ever increasing growth in steel alloys End Market Applications Global End Market Growth

==> picture [53 x 53] intentionally omitted <==

==> picture [46 x 46] intentionally omitted <==

Electric Passenger, commercial. Electric Vehicle trains and other motors transportation. Approx. 1kg NdPr per EV1

Consumer Smart speakers, electronics computer speakers, headphones, fridges, and air conditioners. appliances

Forecast Passenger EV Sales (m)

==> picture [9 x 6] intentionally omitted <==

----- Start of picture text -----

40
----- End of picture text -----

==> picture [485 x 134] intentionally omitted <==

----- Start of picture text -----

30
20
10
0
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
----- End of picture text -----

==> picture [80 x 103] intentionally omitted <==

==> picture [53 x 53] intentionally omitted <==

==> picture [62 x 63] intentionally omitted <==

Automotive Micromotors, parts and sensors, sensors speakers

Wind Electric motors generation

At least 150kg per MWs

Forecast Wind Power Installation (GM)

100

==> picture [484 x 135] intentionally omitted <==

----- Start of picture text -----

50
0
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
----- End of picture text -----

==> picture [124 x 34] intentionally omitted <==

==> picture [960 x 96] intentionally omitted <==

----- Start of picture text -----

Rare Earths Prices on the Rise
----- End of picture text -----

==> picture [165 x 77] intentionally omitted <==

----- Start of picture text -----

60 59
Nd Pr
Neodymium Praseodymium
----- End of picture text -----

Magnet Metals – Neodymium (Nd) Praseodymium (Pr), Dysprosium (Dy) and Terbium (Tb) Prices have risen sharply this year.

NdPr Market Balance

Neodymium – Praseodymium Oxide Price (NdPr) US$/t

Forecast NdPr Oxide market balance (kt)

==> picture [10 x 96] intentionally omitted <==

----- Start of picture text -----

10
5
0
-5
----- End of picture text -----

==> picture [11 x 6] intentionally omitted <==

----- Start of picture text -----

-10
----- End of picture text -----

==> picture [11 x 6] intentionally omitted <==

----- Start of picture text -----

-15
----- End of picture text -----

==> picture [463 x 8] intentionally omitted <==

----- Start of picture text -----

2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
----- End of picture text -----

• • NdPr supply shortage to occur in 2022-2023 + 2020-2030 demand growing at 9.6% p.a

==> picture [375 x 209] intentionally omitted <==

----- Start of picture text -----

120
100
80
60
40
20
0
Jul 20 Oct 20 Jan 21 Apr 21 Jul 21
Thousands
----- End of picture text -----

ESG Framework

==> picture [191 x 55] intentionally omitted <==

• RareX Announced its Maiden ESG framework in September 2021 developed in conjunction with industry leader Price Waterhouse Cooper.

• RareX has aligned itself with the World Economic Forum “WEF” Principles

• RareX already contributes 3.5% of its annual exploration expenditure the Kimberly sustainable development trust for the benefit of the Jaru People on who’s land it operates

==> picture [513 x 303] intentionally omitted <==

RareX has an important role to play in supplying rare earth minerals that are crucial for the low carbon economy, such as electric vehicles and wind turbines, as well as advanced technology for telecommunications and military purposes

==> picture [67 x 68] intentionally omitted <==

ESG Framework

==> picture [960 x 96] intentionally omitted <==

----- Start of picture text -----

Significant JORC Resource
----- End of picture text -----

• A large rare earth and niobium rich carbonatite deposit located in the Kimberley region of Western Australia

• ∙ Globally significant Indicated and Inferred JORC Resource 18.9Mt at 1.15% TREO + 0.14% Nb O 2 5

• High-grade tonnes to 6.5Mt at 1.98 % TREO (inc. 0.38% NdPr) + 0.21% Nb2O5

• Indicated Resource of 11.1Mt at 1.3% TREO + 0.17% Nb O 2 5

• Competitive Basket price of US$34/kg

==> picture [495 x 268] intentionally omitted <==

• Current Niobium Price of U$S93/kg

==> picture [960 x 96] intentionally omitted <==

----- Start of picture text -----

Cummins Range - Grade and Scale
----- End of picture text -----

0.5% Cut Off	Tonnes Mt	TREO %	NdPr %	Nb₂O5 %	HREO ppm
Indicated	11.1	1.34	0.27	0.17	830
Inferred	7.7	0.88	0.18	0.11	540
Total	18.8	1.15	0.23	0.14	711
1.0% Cut Off	Tonnes Mt	TREO %	NdPr %	Nb₂O5 %	HREO ppm
Indicated	4.9	2.11	0.41	0.23	1,150
Inferred	1.6	1.60	0.31	0.16	800
Total	6.5	1.98	0.38	0.21	1,060

ASX Listed Rare Earth Companies Primary Deposit Grades – TREO % 6% 5% 4% 3% 2% 1% 0%

NOTE: Doesn’t include potential niobium credits

==> picture [960 x 96] intentionally omitted <==

----- Start of picture text -----

Growing the Resource
----- End of picture text -----

Cummins Range unique geology points to high grade potential

• Carbonatite intrusive complex with REE mineralisation controlled by hydrothermal fluids

• Historic drilling mostly orientated in the wrong direction

• Recognition of high grade main fault / breccia zone for first time provides for high grade depth potential

• Possibility of multiple structures

• 6,000m drill program underway

• 2,000m of RC Drilling complete

• 4,000m of Diamond drilling – first time since 1982

Potential to grow the resources significantly

==> picture [356 x 380] intentionally omitted <==

==> picture [960 x 96] intentionally omitted <==

----- Start of picture text -----

Initial Results
----- End of picture text -----

First batch of assays confirm true width of the Main Fault to be >40m and identify new mineralised position, highlighting the deposit’s exceptional growth potential

• CRX0063 intersects multiple mineralised zones, including:

• Main Fault – 41m at 2.4% TREO and 0.51% Nb2O5 from 57m, including:

• 10m 4.1% TREO and 0.75% Nb2O5

• CDX0011 Intersects significant primary mineralisation – open down dip

Northern Fault discovered parallel to the Main Fault Follow-up diamond drilling targeting depth extensions continuing

==> picture [344 x 371] intentionally omitted <==

==> picture [960 x 96] intentionally omitted <==

----- Start of picture text -----

Primary Mineralisation Confirmed
----- End of picture text -----

CDX0007 has intersected the high grade primary zone for the first time Confirmation of potential for extension at depth and wide open First assays from diamond drilling in 4-6 weeks

==> picture [592 x 302] intentionally omitted <==

==> picture [276 x 421] intentionally omitted <==

----- Start of picture text -----

Oxidised REE-Nb Polymictic Breccia
Primary REE-Nb Polymictic Breccia
----- End of picture text -----

Study Work

• Recent Exciting Drilling results – potential change in Scope • Recently appointed GM Projects Mr James Durrant

• Scoping Study scheduled for completion March Quarter 2022 • Industry Leading experts now all appointed

Consultant Scope Gavin Beer Rare Earth Element, metallurgical and general technical counsel Primero Lead consultant. Process design and cost estimation

Primero

Metallurgical programme lead Pit design, pit optimisation mining method

METS Group Mining Plus AMC

Geometallurgical modelling

Animal Plant Resources

ESG integration, stakeholder engagement, approvals and permitting Hydrogeology ESG integration

Advisian PWC

==> picture [191 x 55] intentionally omitted <==

==> picture [386 x 287] intentionally omitted <==

==> picture [960 x 96] intentionally omitted <==

----- Start of picture text -----

Cosmos Exploration – Listing Soon
----- End of picture text -----

• Allows focus on Nickel Copper PGE and Gold Exploration

• Byro East Ni Cu PGE Project - Hosts numerous nickel-copperPGE targets along the geological setting of the Milly Milly intrusions, considered to be analogous to the Gonneville intrusion that hosts Chalice Mining Limited’s (Chalice) worldclass Julimar discovery.

==> picture [407 x 303] intentionally omitted <==

• Orange East Gold Project - The Orange East Gold Project is located just 15km along strike from the McPhillamys Gold Mine, which is owned by Regis Resources Limited and shows striking similarities to the McPhillamys Gold Mine.

• Offering 25m shares at 20c. RareX to retain 10m shares and 25% free carry in Orange East

==> picture [75 x 75] intentionally omitted <==

Priority Entitlement for RareX Limited Shareholders

IPO IS OPEN NOW

Key Investment Takeaways

==> picture [191 x 55] intentionally omitted <==

1 High-quality, advanced Rare Earths Project in WA

2 Resource upgrade announced

3 Confirmation of high grade primary mineralisation 4 Rare Earths prices rising strongly

5

Cosmos Exploration IPO underway

With a $40.0m market capitalisation, the company is significantly undervalued relative to its peers in an exciting growth area