RAREX LIMITED — Investor Presentation 2021

Sep 27, 2021

==> picture [324 x 47] intentionally omitted <==

Spin Out and IPO

High-impact Nickel, Copper, PGE and Gold Exploration

Cosmos Exploration Limited

ASX:C1X

ASXC1X

Disclaimer

This presentation has been prepared by Cosmos Exploration Limited ACN 648 890 126 ( Company ). It contains general background information only which is current at the date of this presentation unless otherwise specified. It contains selected summary information and does not purport to be allinclusive, comprehensive or to contain all of the information that may be relevant, or which a prospective investor may require in evaluations for a possible investment in the Company. Prospective investors should not rely on the information contained in this presentation, and must satisfy themselves as to the accuracy of all such information. This presentation has been prepared based on information available at the time of preparation and is subject to change without notice. In receiving this presentation, each recipient agrees to the foregoing terms and conditions, including any modifications to them. No person is under any obligation to update this presentation at any time after its release.

This presentation is provided for general information purposes only. This presentation does not constitute an offer, invitation, solicitation or recommendation with respect to the purchase or sale of securities in the Company in any jurisdiction. It is not a prospectus, product disclosure statement, pathfinder document or any other type of public offer disclosure document for the purposes of the Corporations Act 2001 (Cth) ( Corporations Act ) and has not been, and is not required to be, lodged with the Australian Securities and Investments Commission. It should not be relied upon by the recipient in considering the merits of the Company, or the acquisition of shares in the Company. The Company’s prospectus dated 20 September 2021 ( Prospectus ) is available on www.cosmosx.com.au. The offer of shares in the Company is made in the Prospectus. A person should consider the Prospectus in deciding whether to acquire shares in the Company. Anyone who wants to acquire shares in the Company will need to complete the application form that is in or that accompanies the Prospectus.

This presentation does not constitute investment or financial product advice. It is not intended to be used as the basis for making a financial decision, nor is it intended to constitute legal, tax, accounting or other advice. This presentation has been prepared without taking account of any person's individual investment objectives, financial situation or particular needs. Before making an investment decision, the recipient should consider its own financial situation, objectives and needs, and conduct its own independent investigation and assessment of the contents of this presentation, including obtaining investment, legal, tax, accounting and such other advice as it considers necessary or appropriate. Any references to or explanations of legislation, regulatory issues, benefits or any other legal commentary (if any) are indicative only, do not summarise all relevant issues and are not intended to be a full explanation of a particular matter. The information in this presentation has been obtained from and based on sources believed by the Company to be reliable. Past performance is not an indication of future performance.

This presentation may contain forward-looking statements, guidance, forecasts, estimates, prospects, projections or statements in relation to future matters that may involve risks or uncertainties and may involve significant items of subjective judgement and assumptions of future events that may or may not eventuate ( Forward Statements ). Forward Statements can generally be identified by the use of forward looking words such as "anticipate", "estimates", "will", "should", "could", "may", "expects", "plans", "forecast", "target" or similar expressions. Forward Statements including indications, guidance or outlook on future revenues, distributions or financial position and performance or return or growth in underlying investments are provided as a general guide only and should not be relied upon as an indication or guarantee of future performance. To the extent that certain statements contained in this presentation may constitute 'Forward Statements' or statements about forward looking matters, then the information reflects the Company's (and no other party's) intent, belief or expectations as at the date of this presentation. No independent third party has reviewed the reasonableness of any such statements or assumptions. None of the Company, its related bodies corporate and their respective officers, directors, employees, advisers, partners, affiliates and agents (together, the Cosmos Parties ) represent or warrant that such Forward Statements will be achieved or will prove to be correct or gives any warranty, express or implied, as to the accuracy, completeness, likelihood of achievement or reasonableness of any Forward Statement contained in this presentation. Except as required by law or regulation, the Company assumes no obligation to release updates or revisions to Forward Statements to reflect any changes. Recipients should form their own views as to these matters and any assumptions on which any of the Forward Statements are based and not place reliance on such statements.

All dollar values are in Australian dollars ($ or A$) unless otherwise stated.

An investment in the Company's securities is subject to known and unknown risks, many of which are beyond the control of the Company, including factors and risks specific to the industry in which the Company operates as well as general economic conditions, prevailing exchange rates and interest rates and conditions in the financial markets. The Company does not guarantee any particular rate of return or the performance of the Company, nor does it guarantee any particular tax treatment. Prospective investors should make their own enquiries and investigations regarding all information in this presentation, including the assumptions, uncertainties and contingencies which may affect future operations of the Company and the impact that different future outcomes may have on the Company.

The distribution of this presentation to persons or in jurisdictions outside Australia may be restricted by law and any person into whose possession this document comes should seek advice on and observe those restrictions. The presentation is not an offer of securities in the Company for subscription, purchase or sale in any jurisdiction outside Australia, including the United States or in relation to any US person (as defined in Regulation S under the U.S Securities Act of 1933, as amended). Any failure to comply with such restrictions may violate applicable securities law.

No party other than the Company has authorised, permitted or caused the issue, submission, dispatch or provision of this presentation, or takes any responsibility for, or makes or purports to make any statement, representation or undertaking in this presentation and there is no statement in this presentation that is based on any statement by any other party. No person, either as a director, partner of or in the employment of the Company has any authority to make, imply, or give any representation or warranty whatsoever in relation to the information contained in this presentation. None of the Cosmos Parties take any responsibility for any information in this presentation or any action taken by you on the basis of such information.

To the maximum extent permitted by law, the Cosmos Parties:

• exclude and disclaim all liability, including (without limitation) any liability for fraud or negligence, for any expenses, losses, damages or costs incurred either as a result of the information in this presentation being inaccurate or incomplete in any way for any reason, or otherwise arising in connection with this presentation; and

• make no representation or warranty, express or implied, as to the currency, accuracy, reliability or completeness of information in this presentation.

Competent Person Statement

The Information in this Presentation that relates to Exploration Results is extracted from the Company’s Prospectus dated 20 September 2021 which is available on www.cosmosx.com.au. The Company confirms that it is not aware of any new information or data that materially affects the information included in the Prospectus and that all material assumptions and technical parameters underpinning the exploration results and mineral resource estimates 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 announcements.

2

ASXC1X

==> picture [257 x 38] intentionally omitted <==

==> picture [83 x 82] intentionally omitted <==

==> picture [80 x 81] intentionally omitted <==

==> picture [81 x 80] intentionally omitted <==

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

ASXC1X

The Projects

BYRO EAST PROJECT

==> picture [456 x 341] intentionally omitted <==

• 100%-owned by Cosmos

• Identified by RareX prior to Julimar Discovery

• Similar geological setting to Julimar and Nova-Bollinge r deposits

• Potential mafic-ultramafic intrusion related nickel-copper and PGE mineralisation

• Four exploration prospects identified

ORANGE EAST PROJECT

• 75%-owned by Cosmos

• Advanced exploration project located on the boundary between the Molong Arc and Hill End Trough within the Lachlan Fold Belt, a major mineral province

• Similar geological setting and along strike from the multi-million ounce McPhillamys Gold Mine

• Prospective for large scale gold and copper systems

• Strong copper-gold soil geochemical anomalies identified

4

ASXC1X

Board and Management

Jeremey Robinson Executive Chairman

Jeremy Robinson is a current managing director of RareX Limited (ASX: REE) and has previous experience as a non-executive director and company secretary for a number of ASX listed resource companies. Mr Robinson has worked in both the capital markets and in-house for junior and mid-cap mining companies for the past 15 years. Mr Robinson is an experienced mining executive having held senior roles at Mungana Goldmines Limited and Apex Minerals Limited. Mr Robinson holds a Bachelor of Commerce from the University of Western Australia majoring in Corporate Finance, Investment Finance and Marketing.

Andrew Denniss Non-Executive Director

Andrew Denniss has 15 years’ experience in finance and banking within Australia and the UK. With involvement in a broad range of cross jurisdictional transactions. Mr Denniss sits on several private company boards, both in Australia and the UK. For the past 8 years, Andrew has been working closely with Traditional Owners to develop economic empowerment within the Kimberley region of Western Australia. With a strong focus around mining & exploration, in particular compensation, environmental, heritage, access, and social impact.

James Bahen

Non-Executive Director & Company Secretary

James Bahen is a Corporate Advisory Executive and Chartered Secretary who commenced his career in audit and assurance with a chartered accounting firm and is experienced in navigating the various ASX listing rule requirements in matters such as acquisitions/disposals and capital raisings. Mr Bahen is currently a director of ASX listed entity Victory Goldfields Limited, MinRex Resources Limited and UUV Aquabotix Limited and is the company secretary of ASX listed entities Argent Minerals Limited, Dynamic Drill and Blast Holdings Limited and Wildcat Resources Limited. Mr Bahen is a member of the Governance Institute of Australia (GIA) and holds a Graduate Diploma of Applied Finance and a Bachelor of Commerce degree majoring in Accounting and Finance.

Kristian Hendricksen

Exploration Manager

Kristian Hendricksen is a geologist with over 14 years of industry experience, having held mining and senior exploration geological roles with listed and unlisted companies. During his tenure with Xstrata Nickel, Mr Hendricksen played an integral role in discovering the Odysseus Ore deposit and was a pivotal member in the technical and operational success of Encounter Resources Ltd. Mr Hendricksen has extensive experience in various commodities and deposit styles, including magmatic nickel sulphide, orogenic gold, sediment-hosted copper, lead-zinc MVT, and iron ore.

5

ASXC1X

Byro East Project

Target orthomagmatic sulphides through the use of high powered electromagnetic technologies and surface geochemistry to generate a pipeline of targets

• Airborne EM (VTEM) to screen all granted tenure for massive sulphide bodies within 400m of surface

• Follow up any VTEM anomalies with ground EM

• Surface geochem to assist prioritisation of VTEM targets

• Regional surface geochem to identify mineralisation related to disseminated sulphides

• Significant strike length of historic Ni-Cu soil anomalism identified in the 1973 by Jododex.

• Looking to increase geochem anomaly by targeting known ultramafics that have not be sampled.

• Potential to find more ultramafic/mafic bodies along strike under shallow transported cover.

==> picture [433 x 357] intentionally omitted <==

6

ASXC1X

Orange East Project

• Has the potential to host an array of mineralisation styles which include:

• Orogenic McPhillamys gold

• Porphyry intrusion related copper-gold

• Volcanic hosted massive sulphide (VHMS)

• The exploration strategy will initially focus on orogenic, McPhillamys style gold

• Apply an incremental drilling approach to follow up numerous open surface geochemical trends and drilling

• Drill test IP anomalies possibly related to disseminated pyrite-gold mineralisation

• Detailed magnetic & gravity survey over prospects to improve structural understanding and gravity will also allow to test for porphyry stocks at depth

==> picture [483 x 350] intentionally omitted <==

7

ASXC1X

Orange East Project

• The Orange East Project is located 15km along strike from the McPhillamys Gold Mine (Probable Reserve of 2.02Moz) owned by Regis Resources Limited

• Advanced exploration project located on the boundary between the Molong Arc and Hill End Trough within the Lachlan Fold Belt, a major mineral province

• The regionally significant GodolphinCopperhannia Thrust Fault Zone (GCFZ) traverses through the centre of the tenement and host dozens of historical copper-gold-silver workings, including the Carangera mine, which produced 760 t of oxide copper ore.

==> picture [467 x 361] intentionally omitted <==

8

ASXC1X

Orange East Project

• The GCFZ prospect has experienced previous exploration rock chip, auger & soil sampling, and limited drilling in 2009-2010

• Strong surface geochemistry and several chargeable anomalies identified through past IP surveys

• RC and diamond drilling program were then done to test the anomalies but failed to intersect any significant results

==> picture [460 x 368] intentionally omitted <==

9

ASXC1X

Capital Structure and Capital Raising

• Cosmos Exploration is seeking to raise a minimum of A$5.0 million through the issue of 25.0 million fully paid ordinary shares at an issue price of 20¢ per shares pursuant to the IPO.

• Existing RareX shareholder will be entitled to participate in the IPO on a priority basis; and

• The indicative capital structure of the Company based upon A$5.0 million being raised will be as follows

==> picture [669 x 194] intentionally omitted <==

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

Shares Amount Raised Market Cap % Ownership
Existing Shares on -
10,000,000 $2,000,000 28.57
Issue [1]
IPO Offered Shares [1,2] 25,000,000 $5,000,000 $5,000,000 71.43
Total 35,000,000 $5,000,000 $7,000,000 100.0
----- End of picture text -----

1. Shares held by RareX Limited. Please see Cosmos Exploration Limited Prospectus for further details.

2. 3,350,000 Options and 3,000,000 performance rights on issue at IPO. Please see Cosmos Exploration Limited Prospectus for further details. Assumes $5,000,000 raised at $0.20 per share.

10

ASXC1X

Indicative Use of Funds & Timetable

Indicative Use of Funds	$ Million	$ Million
	Year 1	Year 2
Expenses of the IPO	437,103	-
Repayment of estimated expenses of IPO to RareX	100,000	-
Payment to RareX as reimbursement of expenditure	80,000	-
Mineral Exploration – Byro East	1,555,300	921,000
Mineral Exploration – Orange East	370,000	397,500
General administration and working capital	401,497	393,600
Directors’ fees	172,000	172,000
Total	3,115,900	1,884,100
	5,000,000

Indicative Timetable	2021	11
Lodgement of Prospectus	20 September
RareX Offer Record Date	23 September
Opening Date for the RareX Offer	28 September
Closing Date for the RareX Offer	12 October
Opening Date of the General Offer	12 October
Closing Date of the General Offer	26 October
Allotment of Shares	3 November
Despatch of Holding Statements	5 November
Expected Date for Shares to Commence Trading on the ASX	11 November

ASXC1X

Why Cosmos?

Leveraged to exploration success

==> picture [108 x 108] intentionally omitted <==

High impact exploration program with a compelling valuation