RAREX LIMITED — Investor Presentation 2021

Dec 5, 2021

Growing Cummins Range Rare Earths Project Company Update

December 2021

ASX | REE

rarex.com.au

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Disclaimer & Competent Person Statement

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This presentation contains summary information about RareX Limited (REE) and is current as of 6 December 2021 and 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.

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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 (3rd December 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

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Shareholders

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

Simon Lee AO (6.5%)

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Investment Overview
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• 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

• Outstanding recent results : Exploration has recently confirmed 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

• Well funded with cash and investments

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

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Rare Earths and Niobium - a massive growth opportunity

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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

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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)

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40
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Automotive Micromotors, parts and sensors, sensors speakers

Wind Electric motors generation

At least 150kg per MWs

Forecast Wind Power Installation (GM)

100

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Rare Earths Prices on the Rise
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60 59
Nd Pr
Neodymium Praseodymium
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NdPr Prices risen sharply over last few months - Currentlt US$136/kg

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

Forecast NdPr Oxide market balance (kt)

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• • NdPr supply shortage to occur in 2022-2023 + 2020-2030 demand growing at 10% p.a

ESG Framework

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• 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

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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

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ESG Framework

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Significant JORC Resource
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• 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

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• Current Niobium Price of U$S93/kg

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Cummins Range - Grade and Scale
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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

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Growing the Resource
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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

• 5,272m drill program complete

• 2,271m of RC Drilling complete

• 3,001m of Diamond drilling – first time since 1982

Potential to grow the resources significantly

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Primary Mineralisation Confirmed

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Initial Diamond Results
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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 iterecets high grade primary mimerlisation including

• 22m at 3.1% TREO and 0.2% Nb2O5

• Inc; 3m at 10.6%TREO

• CDX0012 and CDX0016 Intersects significant primary mineralisation – open down dip

• Multiple stacked lodes emerging

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Initial Diamond Results
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Proof of High Grade primary rare earths and niobium mineralisation in CDX007

• Primary Zone – 34.6m at 1.3% TREO and 0.4% Nb2O5 including 3.6m at 2.5% TREO and 0.7% Nb2O5

Strong economic drivers in the primary zone including

• Good NdPr content up to 24% - comparable to Mt Weld

• Strong Niobium by-product potential 0.4% average and high grade 0.7%

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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 ESG integration, stakeholder engagement, approvals and permitting Hydrogeology

Animal Plant Resources

Advisian

ESG integration

PWC

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Key Investment Takeaways

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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 completed

With a $45m market capitalisation, the Company is significantly undervalued relative to its peers in an exciting growth area