RAREX LIMITED — Share Issue/Capital Change 2023

Dec 7, 2023

Announcement Summary

Entity name

RAREX LIMITED

Date of this announcement

Friday December 08, 2023

The +securities the subject of this notification are:

+Other securities issued under an +employee incentive scheme that are not intended to be quoted on ASX

Total number of +securities to be issued/transferred

ASX +securitycode	Security description	Total number of+securities to beissued/transferred	Issue date
REEAD	PERFORMANCE RIGHTS	1,500,000	08/12/2023

Refer to next page for full details of the announcement

Part 1 - Entity and announcement details

1.1 Name of entity

RAREX LIMITED

We (the entity named above) give notice of the issue, conversion or payment up of the following unquoted +securities.

1.2 Registered number type ABN

Registration number 65105578756

1.3 ASX issuer code REE

1.4 The announcement is

New announcement

1.5 Date of this announcement

8/12/2023

Part 2 - Issue details

2.1 The +securities the subject of this notification are:

+Other securities issued under an +employee incentive scheme that are not intended to be quoted on ASX

2.2a This notification is given in relation to an issue of +securities in a class which is not quoted on ASX and which:

has an existing ASX security code ("existing class")

Equity Securities

Part 3B - number and type of +securities the subject of this notification (existing class) where issue has not previously been notified to

ASX in an Appendix 3B

ASX +security code and description

REEAD : PERFORMANCE RIGHTS

Date the +securities the subject of this notification were issued

8/12/2023

Will these +securities rank equally in all respects from their issue date with the existing issued +securities in that class Yes

Were any of the +securities issued to +key management personnel (KMP) or an +associate? No

Please provide a URL link for a document lodged with ASX detailing the terms of the +employee incentive scheme or a summary of the terms

https://announcements.asx.com.au/asxpdf/20221101/pdf/45h419d5t761xn.pdf

Any other information the entity wishes to provide about the +securities the subject of this notification

500,000 performance rights vesting on granting of Mining Licence at Cummins Range and 24 months service 500,000 performance rights vesting on positive PFS for Cummins Range and 24 months service 500,000 performance rights vesting on positive DFS for Cummins Range and 24 months service All rights expiring 10 February 2026

Issue details

Number of +securities

1,500,000

Part 4 - +Securities on issue

Following the issue, conversion or payment up of the +securities the subject of this application, the +securities of the entity will comprise:

(A discrepancy in these figures compared to your own may be due to a matter of timing if there is more than one application for quotation/issuance currently with ASX for processing.)

4.1 Quoted +Securities (Total number of each +class of +securities quoted)

ASX +security code and description	Total number of+securities on issue
REE : ORDINARY FULLY PAID	683,386,573
REEO : OPTION EXPIRING 26-MAY-2025	50,000,030

4.2 Unquoted +Securities (Total number of each +class of +securities issued but not quoted on ASX)

ASX +security code and description	Total number of+securities on issue
REEAD : PERFORMANCE RIGHTS	56,000,000
REEAI : OPTION EXPIRING 31-DEC-2023 EX $0.15	7,000,000
REEAJ : OPTION EXPIRING 01-MAR-2026 EX $0.10	4,500,000

Equity Securities

Part 5 - Other Listing Rule requirements

5.1 Were the +securities issued under an exception in Listing Rule 7.2 and therefore the issue did not need any security holder approval under Listing Rule 7.1? Yes

5.1a Select the number of the applicable exception in Listing Rule 7.2

13

Equity Securities