RAREX LIMITED — Share Issue/Capital Change 2025

Sep 23, 2025

Appendix 3G - Notification of issue, conversion or payment up of unquoted equity securities

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Announcement Summary

Entity name

RAREX LIMITED

Date of this announcement

Wednesday September 24, 2025

The +securities the subject of this notification are: Other

Total number of +securities to be issued/transferred

		Total number of
ASX +security		+securities to be
code	Security description	issued/transferred	Issue date
New class - code	Options exercisable at $0.025	15,000,000	23/09/2025
to be confirmed
New class - code	Options exercisable at $0.025 vesting on Mrima	15,000,000	23/09/2025
to be confirmed	Hill Project grant

Refer to next page for full details of the announcement

Appendix 3G - Notification of issue, conversion or payment up of unquoted equity securities

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Appendix 3G - Notification of issue, conversion or payment up of unquoted equity securities

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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 Registration number ABN 65105578756

1.3 ASX issuer code

REE

1.4 The announcement is

New announcement

1.5 Date of this announcement

24/9/2025

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Appendix 3G - Notification of issue, conversion or payment up of unquoted equity securities

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Part 2 - Issue details

2.1 The +securities the subject of this notification are:

Other

Please specify

Options that are not quoted, and 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:

does not have an existing ASX security code ("new class")

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Part 3C - number and type of +securities the subject of this notification (new class)

New +securities

ASX +security code		+Security description
New class - code to be confirmed		Options exercisable at $0.025
+Security type		ISIN code
Options
Date the +securities the subject of this notification were		issued
23/9/2025
Will all the +securities issued in this class rank equally in all respects from their issue date?
Yes
Have you received confirmation from ASX that the terms of the +securities are appropriate and equitable under
listing rule 6.1?
No
Please provide a URL link for a document lodged with ASX setting out the material terms of the +securities being
issued.
Options Details
+Security currency	Exercise price	Expiry date
AUD - Australian Dollar	AUD 0.02500000	23/9/2028

Details of the existing class of +security that will be issued upon exercise or conversion of this new class of company option REE : ORDINARY FULLY PAID

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

Please provide any further information needed to understand the circumstances in which you are notifying the issue of these +securities to ASX, including why the issue of the +securities has not been previously announced to the market in an Appendix 3B

Options issued immediately on agreement

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Appendix 3G - Notification of issue, conversion or payment up of unquoted equity securities

Issue details

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Number of +securities

15,000,000

Were the +securities issued for a cash consideration?

No

Please describe the consideration being provided for the +securities

See announcement dated 24 September 2025

Purpose of the issue

Other

Additional Details

See announcement dated 24 September 2025

New +securities

ASX +security code New class - code to be confirmed	+Security description Options exercisable at $0.025 vesting on Mrima Hill Project grant
+Security type	ISIN code
Options
Date the +securities the subject of this notification were issued
23/9/2025

Will all the +securities issued in this class rank equally in all respects from their issue date? Yes Have you received confirmation from ASX that the terms of the +securities are appropriate and equitable under listing rule 6.1? No Please provide a URL link for a document lodged with ASX setting out the material terms of the +securities being issued.

Options Details

+Security currency	Exercise price	Expiry date
AUD - Australian Dollar	AUD 0.02500000	23/9/2028

Details of the existing class of +security that will be issued upon exercise or conversion of this new class of company option

REE : ORDINARY FULLY PAID

Any other information the entity wishes to provide about the +securities the subject of this notification Vesting on Mrima Hill Project grant

Please provide any further information needed to understand the circumstances in which you are notifying the

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issue of these +securities to ASX, including why the issue of the +securities has not been previously announced to the market in an Appendix 3B

Options issued immediately on agreement

Issue details

Number of +securities 15,000,000 Were the +securities issued for a cash consideration? No Please describe the consideration being provided for the +securities See announcement dated 24 September 2025 Purpose of the issue Other Additional Details See announcement dated 24 September 2025

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Part 4 - +Securities on issue

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

The figures in parts 4.1 and 4.2 below are automatically generated and may not reflect the entity's current issued capital if other Appendix 2A, Appendix 3G or Appendix 3H forms are currently with ASX for processing.

4.1 Quoted +securities (Total number of each +class of +securities issued and quoted on ASX)

	Total number of
ASX +security code and description	+securities on issue
REE : ORDINARY FULLY PAID	1,000,164,017

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

	Total number of
ASX +security code and description	+securities on issue
REEAK : OPTION EXPIRING 27-DEC-2027 EX $0.018	33,000,000
REEAD : PERFORMANCE RIGHTS	35,000,000
REEAJ : OPTION EXPIRING 01-MAR-2026 EX $0.10	4,500,000
New class - code to be confirmed : Options exercisable at $0.025	15,000,000
New class - code to be confirmed : Options exercisable at $0.025 vesting on Mrima Hill	15,000,000
Project grant

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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? No

5.2 Has the entity obtained, or is it obtaining, +security holder approval for the issue under listing rule 7.1? No

5.2b Are any of the +securities being issued without +security holder approval using the entity's 15% placement capacity under listing rule 7.1? Yes

5.2b.1 How many +securities are being issued without +security holder approval using the entity's 15% placement capacity under listing rule 7.1? 30,000,000

5.2c Are any of the +securities being issued without +security holder approval using the entity's additional 10% placement capacity under listing rule 7.1A (if applicable)? No

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