RAREX LIMITED — Regulatory Filings 2021

Jan 20, 2021

ASX / MEDIA ANNOUNCEMENT 21 January 2021

FURTHER SHALLOW MINERALISATION AT TRUNDLE

Part assay results for holes TRDD011 and TRDD012 at the Trundle Park prospect return significant mineralised intervals with high grade copper and gold zones

HIGHLIGHTS

• TRDD011 assay results for the first 102m of 332m: 74m @ 0.40% copper and 0.37 g/t gold from surface including:
  • 42m @ 0.64% copper and 0.58 g/t gold from 32m including:
  • 14m @ 1.69% copper and 1.39 g/t gold from 58m including:
  • 4m @ 4.98% copper and 3.36 g/t gold from 68m
• TRDD012 assay results for the first 220m of 581m: 29m @ 0.10% copper and 0.18 g/t gold from 191m including:
  • 2m @ 0.87% copper and 0.05 g/t gold from 195m; and,
  • 1m @ 0.09% copper and 1.17 g/t gold from 204m
• Broad and multiple skarn horizons intersected within TRDD012 provide encouragement for expanding the footprint size potential of the at/near surface skarn system along strike and to depth
• Primary bornite, chalcopyrite, molybdenum and observations of discrete monzodiorite intrusions in TRDD012 provide encouragement for vectoring towards the interpreted causative porphyry system intrusive target and the current working geological model for the central Trundle Park prospect

• Two rigs operational at the Trundle Park prospect

Figure 1: Near surface mineralised zones at the Central Trundle Park prospect with increasing signs of depth and strike potential

RareX Limited (ASX: REE) (RareX or the Company) is pleased to provide an update on ongoing drilling activities at the Trundle Gold-Copper Project Joint Venture Project, located in the Macquarie Arc of the Lachlan Fold Belt in NSW, Australia. The Trundle Project is a 35% / 65% joint venture between RareX and Kincora Copper Ltd (Kincora) (TSXV: KCC).

John Holliday, Technical Committee chair, and Peter Leaman, Senior VP of Exploration, commented:

"Ore grade assay results received for the upper sections of TRDD011 and the skarn alteration intersected in TRDD012 support our continuing exploration of the central Trundle Park prospect area. TRDD011 provides further confirmation of the grade potential at or near surface within the skarn system. TRDD011 and TRDD012 are providing vectors towards the intrusive source of the skarn, which may be strong porphyry mineralisation, similar to what drives skarn mineralisation at such famous porphyry systems as Cadia, Grasberg and Ok Tedi.

The focus of the current two-rig program is to expand the scale of the near surface ore grade skarn mineralisation by stepping out along strike. As well the drilling will be testing for the causative porphyry intrusive source of the mineralisation in the skarn. The results announced today provide key learnings and encouragement for this drilling strategy."

Figure 2: Trundle is the only brownfield porphyry project held by a listed junior in the Macquarie Arc, Australia's foremost and gold rich copper porphyry belt - Trundle is the western section of the Northparkes intrusive complex, that hosts the second largest porphyry mine in Australia, with initial Kincora drilling taking place at targets 8.5km apart

Trundle Park prospect

As outlined in the 21 December 2020 release, hole TRDD011 intersected intense structurally controlled mineralization hosted within near surface skarn alteration with further positive visual indications reported from TRDD012, a step back to the south-east from TRDD011.

Assay results from nearer surface intervals for TRDD011 (to 102m of 332m – see Table 1) and TRDD012 (to 202m of 581m – see Table 2) have been received. Highlights include:

• TRDD011: 74m @ 0.40% copper and 0.37 g/t gold from surface including:
  • 42m @ 0.64% copper and 0.58 g/t gold from 32m including:
  • 14m @ 1.69% copper and 1.39 g/t gold from 58m including:
  • 4m @ 4.98% copper and 3.36 g/t gold from 68m
• TRDD012: 29m @ 0.10% copper and 0.18 g/t gold from 191m including:
  • 2m @ 0.87% copper and 0.05 g/t gold from 195m; and,
  • 1m @ 0.09% copper and 1.17 g/t gold from 204m.

TRDD011 extended the mineralised skarn horizon to the northwest of TRDD001 (previously reported 51m @ 0.54% copper and 1.17g/t gold from 39m) and TRDD012 was a 50m step out to the south from TRDD001 (Figure 3). TRDD012 has provided encouragement and vectors for the targeted causative porphyry intrusion system source with observations of:

• primary bornite and chalcopyrite within quartz veins occurring in an interval of volcaniclastic rocks from 160m to 210m down hole which are the best primary bornite and chalcopyrite veining intersected to date at the Trundle project (Figure 3);
• observations of discrete monzodiorite intrusions from 275m to 340m down hole depth, and coarse primary molybdenum within a quartz vein at 314m down hole depth (assay results pending); and,
• four well developed and broad skarn horizons identified commencing from the surface (noting dilution in reported intervals from core loss) and extending deep down hole (assay results pending).

Recent drilling in the central Trundle Park prospect area is providing significant encouragement to the lateral and thickness potential of the skarn horizons and vectors for both the skarn mineralised system but also towards targeting a large and potentially related porphyry intrusion system.

Hole TRDD015 has recently commenced to the southeast along the fence of TRDD001, TRDD011 and TRDD012 seeking to test both the skarn and interpreted causative intrusive targets and the current working geological model outlined in Figure 3.

The average depth of prior explorer drilling at the Trundle Park prospect is 28m, with only two diamond core drill holes completed to moderate depths. Our deeper diamond core drilling activities are resulting in a significantly improved understanding of the bedding direction hosting the skarn horizons, along with key structures/faulting and the identified multiple phases of

mineralization within the skarn, all supporting a substantial mineralizing event and provide further vectors to the targeted causative intrusion system.

These recent drill results, relogging of core and review of geophysical inversions have provided the confidence to mobilise a second drill rig, concurrent with operations re-commencing after a short holiday break over the holiday season on 4 January 2021.

Figure 3: Very attractive grades at shallow depths at the Trundle Park prospect, with encouraging vectors to expand the footprint size of the skarn system potential and to the targeted large related porphyry intrusion system source

Table 1: Trundle Park target hole TRDD011 - Anomalous results for part assays available

Hole ID	From(m)	To(m)	Interval(m)	Au(g/t)	Cu(%)	Mo(ppm)	Dilution(%)
TRDD011	0.0	74.0	74.0	0.37	0.40	0.20	20%
including	0.0	22.0	22.0	0.12	0.09	0.10	23%
including	32.0	74.0	42.0	0.58	0.64	0.30	10%
including	38.0	50.0	12.0	0.26	0.14	0.17	0%
including	58.0	72.0	14.0	1.39	1.69	0.76	0%
including	68.0	72.0	4.0	4.98	4.98	1.91	0%

Note: Reported assay results from surface to 102m depth with 88.9% core recovery over this interval and 83.1% over the first 50m. End of hole (EOH): 332m.

Table 2: Trundle Park target hole TRDD012 - Anomalous results for part assays available

Hole ID	From(m)	To(m)	Interval(m)	Au(g/t)	Cu(%)	Mo(ppm)	Dilution(%)
TRDD0012	86.0	99.0	13.0	0.07	0.06	0.27	27%
including	97.0	99.0	2.0	0.11	0.05	0.50	0%
and	117.7	123.4	5.7	0.09	0.03	0.29	36%
and	191.0	220.0	29.0	0.18	0.10	3.59	31%
including	191.0	193.0	2.0	0.22	0.17	3.50	0%
including	195.0	197.0	2.0	0.05	0.87	1.00	0%
including	204.0	220.0	16.0	0.26	0.05	5.75	13%
including	204.0	205.0	1.0	1.17	0.09	1.00	0%

Note: Reported assay results from surface to 220m depth with 75.2% core recovery over this interval and 55% over the first 50m. EOH: 581m.

Table 3: Trundle Park target hole TRDD008 - Anomalous results for full assays available

Hole ID	From(m)	To(m)	Interval(m)	Au(g/t)	Cu(%)	Mo(ppm)	Dilution(%)
TRDD008	0.0	87.7	87.7	0.65	0.19	1.11	16%
including	0.0	16.4	16.4	1.51	0.19	0.34	4%
including	0.0	6.0	6.0	3.73	0.25	0.67	0%
including	34.0	40.0	6.0	0.60	0.43	0.67	0%
including	52.0	87.7	35.7	0.69	0.24	0.17	3%
including	66.0	74.0	8.0	1.63	0.57	0.00	13%
and	134.0	142.0	8.0	0.26	0.12	2.25	0%
and	172.0	178.0	6.0	0.01	0.06	0.67	0%
and	262.0	272.0	10.0	0.21	0.15	0.80	0%
and	305.0	332.0	27.0	0.10	0.07	0.56	26%
and	379.0	384.0	5.0	0.18	0.02	0.00	20%
and	379.0	407.0	28.0	0.33	0.15	0.61	14%
including	394.0	398.0	4.0	0.94	0.57	1.50	0%
and	422.0	424.0	2.0	0.16	0.02	1.00	0%

Note: Part assay results previously announced for TRDD008 on 30 November 2020.

Note for Tables 1-3:

Interpreted near surface skarn gold and copper intercepts are calculated using a lower cut of 0.20g/t and 0.10% respectively.

RareX Limited Porphyry gold and copper intercepts are calculated using a lower cut of 0.10g/t and 0.05% respectively. Internal dilution is below cut off; and, * Dilutions related with Core loss

Suite 23, 513 Hay Street, Subiaco WA 6008 Ph: 08 6143 6720 ACN: 105 578 756

Table 4: Trundle project - Collar Information

Target	Hole No	Length (m)	Dip	Azi	RL	East	North	Core Rec	Results
Trundle Park	TRDD001	685	60	262	270	570079	6352082	0.959	Yes
Mordialloc	TRDD002	790	60	101	271	568443	6360363	0.982	Yes
Bayleys	TRDD003	721	60	329	274	569230	6360641	0.995	Yes
Trundle Park	TRDD004	694	55	264	271	569780	6352079	0.996	Yes
Mordialloc	TRDD005	958	60	110	266	568439	6360204	0.973	Yes
Mordialloc	TRDD006	962	70	275	267	568599	6360206	0.989	Yes
Trundle Park	TRDD007	521	60	264	268	570012	6352230	0.844	pending
Trundle Park	TRDD008	490	60	264	272	569920	6351962	0.971	Yes
Trundle Park	TRDD009	445	60	310	267	569611	6352378	0.992	pending
Trundle Park	TRDD010	643	60	330	272	569963	6351919	0.964	pending
Trundle Park	TRDD011	332	55	330	270	570036	6352041	0.948	Part
Trundle Park	TRDD012	581	55	330	270	570062	6351997	0.856	Part
Trundle Park	TRDD013	390	60	330	272	570012	6351827	0.946	pending
Trundle Park	TRDD014	670	55	330	275	569832	6351811	0.974	pending
Trundle Park	TRDD015	ongoing	60	330	275	570086	6351953

This announcement has been authorized for release by the Board of RareX Limited.

For further information, please contact:

RareX Limited	Media Enquiries
Jeremy Robinson	Nicholas Read
Executive Director	Read Corporate
Ph: 08 6143 6720	Ph: 08 9388 1474

Competent Person's Statement

Information in this release that relates to current Exploration Results is based on and fairly represents information and supporting documentation reviewed by Mr Guy Moulang, an experienced geologist consulting for RareX Limited. Mr Moulang is a Member of the Australian Institute of Geoscientist and has sufficient experience which is relevant to the styles of mineralisation and types of deposits under consideration and to the activities being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Mr Moulang consents to the inclusion in this release of the matters based on his information in the form and context in which it appears.

Appendix 1: JORC Code, 2012 Edition –Table 1
Trundle Section 1 Sampling Techniques and Data
Criteria	JORCCode Explanation
Samplingtechniques	Nature and quality of sampling (eg cut channels, random chips, or specific specialisedindustry standard measurement tools appropriate to the minerals under investigation,such as down hole gamma sondes, or handheld XRF instruments, etc). These examplesshould not be taken as limiting the broad meaning of sampling.Include reference to measures taken to ensure sample representivity and theappropriate calibration of any measurement tools or systems used.Aspects of the determination of mineralisationthat are Material to the Public Report.In cases where 'industry standard' work has been done this would be relatively simple(eg 'reverse circulation drilling was used to obtain 1 m samples from which 3 kg waspulverised to produce a 30 g charge for fireassay'). In other cases more explanationmay be required, such as where there is coarse gold that has inherent samplingproblems. Unusual commodities ormineralisation types (eg submarine nodules) may warrant disclosure of detailedinformation.	•The Trundle Park prospect at the Trundle Project was drill tested by ourJoint Venture partner Kincora Copper Limited with diamond drillingcompleted by Drill Consulting Pty Ltd•Diamond drilling was used to obtain orientated samples from the ground,which was then structurally, geotechnically and geologically logged•Sample interval selection was based on geological controls andmineralization•Sampling was completed to industry standards with ¼ core for PQdiameter diamond core and ½ core for HQ and NQ diameter diamond coresent to the lab for each sample interval•Samples were assayed via the following methods:-Gold: Au-AA24 (Fire assay)-Multiple elements: ME-MS61 (4 acid digestion with ICP-AES & ICP-MSanalysis for 48 elements)-Copper oxides and selected intervals with native copper: ME-ICP44 (Aquaregia digestion with ICP-AES analysis) has been assayed, but not reported-Assay results >10g/t gold and/or 1% copper are re-assayed
Drilling Techniques	Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, auger,Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth ofdiamond tails, face-sampling bit or other type, whether core is oriented and if so, bywhat method, etc).	•Diamond Drilling (DD) completed using PQ, HQ3 and NQ2 diameter
Drill SampleRecovery	Method of recording and assessing core and chip sample recoveries and resultsassessed.Measures taken to maximise sample recovery and ensure representative nature of thesamples.Whether a relationship exists between sample recovery and grade and whethersample bias may have occurred due to preferential loss/gain of fine/coarse material.	•Drill Core recovery was logged•Diamond drill core recoveries are contained in the body of theannouncement
Logging	Whether core and chip samples have been geologically and geotechnically logged to alevel of detail to support appropriate Mineral Resource estimation, mining studies andmetallurgical studies.	•Systematic geological, structural and geotechnical logging was completedby Kincora geologists and consultants

	Whether logging is qualitative or quantitative in nature. Core (or costean, channel,etc) photography.The total length and percentage of the relevant intersections logged.	•The detail of logging was appropriated for the understanding and samplingof this style ofmineralisation•Drill core was photographed
Sub-samplingtechniques andsample preparation	If core, whether cut or sawn and whether quarter, half or all core taken.If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wetor dry.For all sample types, the nature, quality and appropriateness of the samplepreparation technique.Quality control procedures adopted for all sub-sampling stages to maximiserepresentivity of samples.Measures taken to ensure that the sampling is representative of the in situmaterialcollected, including for instance results for field duplicate/second-half sampling.Whether sample sizes are appropriate to the grain size of the material being sampled.	•Once all geological information was extracted from the drill core, thesample intervals were cut with an Almonte automatic core saw, baggedand delivered to the laboratory.•This is an appropriate sampling technique for this style of mineralizationand is the industry standard for sampling of diamond drill core.
Quality of assaydata andlaboratory tests	The nature, quality and appropriateness of the assaying and laboratory proceduresused and whether the technique is considered partial or totalFor geophysical tools, spectrometers, handheld XRF instruments, etc, the parametersused in determining the analysis including instrument make and model, reading times,calibrations factors applied and their derivation, etc.Nature of quality control procedures adopted (egstandards, blanks, duplicates,external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias)and precision have been established.	The reported assays were analyzed by ALS. The following techniques wereused:•Gold: Au-AA24 (Fire assay), reported.•Multiple elements: ME-ICP61 (4 acid digestion with ICP-AES analysis for 33elements) and ME-MS61 (4 acid digestion with ICP-AES & ICP-MS analysisfor 48 elements), the latter reported.•Copper oxides and selected intervals with native copper: ME-ICP44 (Aquaregia digestion with ICP-AES analysis), sampled but not reported.•Assay results >10g/t gold and/or 1% copper are re-assayed using anappropriate assay methodIn addition to internal checks by ALS, Kincora incorporates a QA/QC sampleprotocol utilizing prepared standards and blanks for 5% of all assayed samples.
Verification ofsampling andassaying	The verification of significant intersections by either independent or alternativecompany personnel.The use of twinned holes.The verification of significant intersections by either independent or alternativecompany personnel.Discuss any adjustment to assay data.	•Significant intercepts were calculated by Kincora's geological staff.•No twinned drill holes have been completed.•The intercepts have not been verified by independent personal•There are numerous shallow drill holes in the Trundle Park prospect thatverify the gold and copper tenure of the prospect.•There hasbeen no adjustments to assay data with ME-MS61 resultsreported for copper assays being the lower result relative to ME-ICP44.•This announcement describes partial assays from hole TRDD011 andTRDD012. Outstanding assays are outlined in Table 4.

Location of datapoints	Accuracy and quality of surveys used to locate drill holes (collar and down-holesurveys), trenches, mine workings and other locations used in Mineral Resourceestimation.Specification of the grid system used.Quality and adequacy of topographic control.	••••	Drill hole collars were located by handheld GPSAll coordinates are in MGA Zone 55H 1994Topographic control is maintained by the use of widely availablegovernment data sets. Ground is gently undulating.Down hole surveys were taken at approximately 30m intervals, using adigital Reflex multi shot camera.
Data spacing anddistribution	Data spacing for reporting of Exploration Results.Whether the data spacing and distribution is sufficient to establish the degree ofgeological and grade continuity appropriate for the Mineral Resource and Ore Reserveestimation procedure(s) and classifications applied.Whether sample compositing has been applied.	••	Drill holes are preferentially located in prospective areasThe mineralisedareas are yet to demonstrate sufficient grade orcontinuity to support the definition of a Mineral Resource per the JORC2012 Code
Orientation of datain relation togeologicalstructure	Whether the orientation of sampling achieves unbiased sampling of possiblestructures and the extent to which this is known, considering the deposit type.If the relationship between the drilling orientation and the orientation of keymineralisedstructures is considered to have introduced a sampling bias, this should beassessed and reported if material.	•	The angled drill holes were directed as best possible across the knownlithological and interpreted mineralized structures
Sample security	The measures taken to ensure sample security	•	Core is handled by Kincora Copper, and its contractors, including deliveryto the laboratory

Trundle Section 2 Reporting of Exploration Results
Criteria	JORC Code Explanation
Mineraltenement andland tenurestatus	Type, reference name/number, location and ownership including agreements or materialissues with third parties such as joint ventures, partnerships, overriding royalties, nativetitle interests, historical sites, wilderness or national park and environmental settings.Thesecurity of the tenure held at the time of reporting along with any knownimpediments to obtaining a licence to operate in the area.	•The Trundle Project is located on EL8222 in which RareX is 35% freecarried in a JV with Kincora Copper until PEA or scoping study iscompleted.
Explorationdone by otherparties	Acknowledgment and appraisal of exploration by other parties.	•Exploration has been conducted by multiple previous explorers includeNewcrest Mining, Calibre Mining, HPX and Clancy Exploration•The review and verification process for the information disclosed hereinfor the Trundle project has included the receipt of all material explorationdata, results and sampling procedures of previous operators and reviewof such information by Kincora's geological staff using standardverification procedures
Geology	Deposit type, geological setting and style of mineralisation.	The Trundle project is a porphyry copper gold mineralized system and is locatedin the Lachlan fold belt. Description of the project can be found in previousRareX announcement dated 6th July, 2020.
Drill holeinformation	A summary of all information material to the understanding of the exploration resultsincluding a tabulation of the following information for all Material drill holes:easting and northing of the drill hole collarelevation or RL (Reduced Level –elevation above sea level in metres) of the drill holecollardip and azimuth of the holedown hole length and interception depthhole length.If the exclusion of this information is justified on the basis that the information is notMaterial and this exclusion does not detract from the understanding of the report, theCompetent Person should clearly explain why this is the case.	As per body of announcement
Dataaggregationmethods	In reporting Exploration Results, weighting averaging techniques, maximum and/orminimum grade truncations (eg cutting of high grades) and cut-off grades are usuallyMaterial and should be stated.	•Significant intercepts were calculated using weighted averaging

	Where aggregate intercepts incorporate short lengths of high graderesults and longerlengths of low grade results, the procedure used for such aggregation should be statedand some typical examples of such aggregations should be shown in detail.The assumptions used for any reporting of metal equivalent values should be clearlystated.	•Interpreted near surface skarn gold and copper intercepts are calculatedusing a lower cut of 0.20g/t and 0.10% respectively. Internal dilution isbelow cut off.•Porphyry gold and copper intercepts are calculated using a lower cut of0.10g/t and 0.05% respectively. Internal dilution is below cut off.
Relationshipbetweenmineralisationwidths andinterceptlengths	These relationships are particularly important in the reporting of Exploration ResultsIf the geometry of the mineralisation with respect to the drill hole angle is known, itsnature should be reported.If it is not known and only the down hole lengths are reported, there should be a clearstatement to this effect (eg 'down hole length, true width not known').	•Geometry of the mineralised zones, including true width, is unknown dueto lack of drill density
Diagrams	Appropriate maps and sections (with scales) and tabulations of intercepts should beincluded for any significant discovery being reported These should include, but not belimited to a plan view of drill hole collar locations and appropriate sectional views.	•Maps and diagrams are included in the body of the announcement•For further detail, including plan views see Kincora's TSX announcementdated 21st January, 2021.
Balancedreporting	Where comprehensive reporting of all Exploration Results is not practicable,representative reporting of both low and high grades and/or widths should be practicedto avoid misleading reporting of Exploration Results.	•Reporting is considered balanced
Othersubstantiveexplorationdata	Other exploration data, if meaningful and material, should be reported including (but notlimited to): geological observations; geophysical survey results; geochemical surveyresults; bulk samples –size and method of treatment; metallurgical test results; bulkdensity, groundwater, geotechnical and rock characteristics; potential deleterious orcontaminating substances.	•Nothing further
Further work	The nature and scale of planned further work (egtests for lateral extensions or large scalestep out drilling.Diagrams clearly highlighting the areas of possible extensions, including the maingeological interpretations and future drilling areas, provided this information is notcommercially sensitive.	•Exploration is ongoing.•Exploration activities are to be undertaken by Kincora Copper, theCompany's joint venture partner.•Two diamond drill rigs will continue drilling for the foreseeable future.