RAREX LIMITED — Regulatory Filings 2018

Apr 9, 2018

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----- Start of picture text ----- Clancy Exploration Limited Phone:(08) 6143 6720Suite 23, 513 Hay StreetSubiaco WA 6008 www.clancyexploration.comAustralia info@clancyexploration.com----- End of picture text -----

10 April 2018

Australian Securities Exchange Limited Level 40, Central Park 152-158 St Georges Terrace Perth WA 6000

Attention: Sebastian Bednarczyk

Dear Sebastian,

UPDATE ON FEDERAL COURT HEARING

Further to its announcement of 3 April 2018, the Company advises that it was successful in obtaining the orders sought at the hearing today before the Federal Court.

A copy of these orders from the Federal Court of Australia, dated 10 April 2018 is attached to this announcement. In summary, it was declared that the offer of sale of 270,000,000 ordinary fully paid shares of the Company during the period after their issue on 1 December 2017 to 21 March 2018 is not invalid by reason of the sellers’ failure to comply with the applicable cleansing provisions of the Corporations Act.

The cleansing prospectus was not issued due to an administrative oversight. The Company has updated its corporate governance procedures.

The Company refers to its request for voluntary suspension dated 13 March 2018 and its subsequent requests for extension of voluntary suspension, confirms that it is compliance with ASX Listing Rule 3.1 and requests that its securities be reinstated to trading following the release of this announcement.

Yours sincerely,

Oonagh Malone Company Secretary

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Federal Court of Australia District Registry: Western Australia Division: General

No: WAD123/2018

CLANCY EXPLORATION LIMITED ACN 105 578 756

Plaintiff

ORDER

JUDGE: JUSTICE BANKS-SMITH DATE OF ORDER: 10 April 2018 WHERE MADE: Perth

THE COURT ORDERS THAT:

1. Pursuant to s 1322(4)(a) of the Corporations Act 2001 (Cth), it is declared that any offer for sale or sale of the quoted securities being 270,000,000 ordinary fully paid shares in the plaintiff during the period after their issue on 1 December 2017 to 21 March 2018 is not invalid by reason of the sellers’ failure to comply with ss 707(3) and 727(1) of the Corporations Act.

2. Pursuant to s 1322(4)(c) of the Corporations Act, any sellers of securities referred to in order 1 above be relieved from any civil liability arising out of a contravention of sections 707(3) and 727(1) of the Corporations Act.

3. A sealed copy of these orders is to be served on the Australian Securities and Investments Commission (ASIC) as soon as reasonably practicable and upon service of these orders on ASIC, ASIC is to include these orders on its database.

4. A copy of these orders be given to each person to whom the securities referred to in order 1 above were issued and as soon as reasonably practicable the plaintiff is to publish an announcement to the Australian Securities Exchange in which a copy of these orders is included.

Prepared in the Western Australia District Registry, Federal Court of Australia Peter Durack Commonwealth Law Courts Building, Level 6, 1 Victoria Avenue, Telephone 08 9268 7100

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1. The plaintiff is to make a request forthwith of the ASX for the class of securities ‘CLY’ to be reinstated.

2. For a period of 28 days from the date of reinstatement by the ASX of the class of securities ‘CLY’ and the publication of these orders on the ASX website, any person who claims to have suffered substantial injustice or is likely to suffer substantial injustice by the making of any or all of these orders has liberty to apply to vary or to discharge them within that period.

3. There be no order as to costs.

Date that entry is stamped: 10 April 2018

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Prepared in the Western Australia District Registry, Federal Court of Australia Peter Durack Commonwealth Law Courts Building, Level 6, 1 Victoria Avenue, Telephone 08 9268 7100