RAREX LIMITED — Director's Dealing 2012

Nov 8, 2012

Rule 3.19A.2

Appendix 3Y

Change of Director's Interest Notice

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX's property and may be made public.

Introduced 30/09/01 Amended 01/01/11

Name of entity	CLANCY EXPLORATION LIMITED
ABN	65 105 578 758

We (the entity) give ASX the following information under listing rule 3.19A.2 and as agent for the director for the purposes of section 205G of the Corporations Act.

Name of Director	MICHAEL ANTHONY ETHERIDGE
Date of last notice	16 JULY 2012

Part 1 - Change of director's relevant interests in securities

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

Note: In the case of a company, interests which come within paragraph (i) of the definition of "notifiable interest of a director" should be disclosed in this part.

Direct or indirect interest	Direct and Indirect
Nature of indirect interest(including registered holder)Note: Provide details of the circumstances giving rise to the relevantinterest.	SharesandOptionsheldbyTectonexGeoconsultantsPtyLtdATF<etheridgeSuperannuation Fund>. Michael Etheridge isa beneficiary of the superannuation fundand is a director and shareholder of thetrustee company.</etheridge
Date of change	6 November 2012
No. of securities held prior to change	1,718,847Ordinary fully paid shares259,424Listed options expiring 31 July2013 exercisable at 15 cents
Class	Ordinary fully paid shares
Number acquired	793,030Ordinary fully paid shares
Number disposed	Nil

+ See chapter 19 for defined terms.

Value/ConsiderationNote: If consideration is non-cash, provide details and estimatedvaluation	$20,618.78 at the deemed issue price of 2.6cents per share. Funds advanced pursuant toloan agreement.
No. of securities held after change	2,511,877259,424	Ordinary fully paid sharesListed options expiring 31 July2013 exercisable at 15 cents
Nature of changeExample: on-market trade, off-market trade, exercise of options,issue of securities under dividend reinvestment plan, participation inbuy-back	Participation in ESOP.

Part 2 – Change of director's interests in contracts

Note: In the case of a company, interests which come within paragraph (ii) of the definition of "notifiable interest of a director" should be disclosed in this part.

Detail of contract	N/A
Nature of interest	-
Name of registered holder	-
(if issued securities)
Date of change	-
No. and class of securities to whichinterest related prior to changeNote: Details are only required for a contract inrelation to which the interest has changed	-
Interest acquired	-
Interest disposed	-
Value/ConsiderationNote: If consideration is non-cash, provide detailsand an estimated valuation	-
Interest after change	-

Part 3 – +Closed period

Were the interests in the securities or contracts detailedabove traded during a +closed period where prior written	No
clearance was required?
If so, was prior written clearance provided to allow the tradeto proceed during this period?	-
If prior written clearance was provided, on what date was thisprovided?	-

+ See chapter 19 for defined terms.