RAREX LIMITED — Share Issue/Capital Change 2025

Apr 27, 2025

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28 April 2025

Dear Option Holder,

Exercise of REEO Options

We are writing to you as a registered holder of REEO listed options in Rarex Limited to remind you that the options will expire at 5:00 pm (WST) on Monday, 26 May 2025.

Your option holding may be exercised in whole or in part by payment of $0.0675 for each option by no later than 5:00 pm (WST) on Monday, 26 May 2025. If payment is not received by 5:00 pm (WST) on Monday, 26 May 2025, the options will lapse and all rights under the options will cease at that time. On exercise, each REEO option entitles the holder to receive one fully paid ordinary share in the Company.

Some of the courses of action available to you as a holder of these soon to expire options are:

• a) Exercise the options on or before 5:00 pm (WST) on Monday, 26 May 2025.

• b) Sell your options. Quotation of the options will cease at the close of trading on 5:00 pm (WST) on Tuesday, 20 May 2025.

• c) Do nothing (i.e. allow your options to expire). If you do not exercise or sell your options, they will expire at 5:00 pm (WST) on Monday, 26 May 2025 and your right to subscribe for ordinary shares in RareX at $0.675 per share will lapse.

There is no obligation on option holders to exercise their options. However, under paragraph 5.2 of Appendix 6A of the Australian Securities Exchange ( ASX ) Listing Rules, the Company is required to advise option holders of the information contained in this notice.

The market sale price of ordinary shares in Company Name on the ASX was $0.031 on Thursday, 24 April 2025, being the last trading day prior to the date of this notice.

During the three (3) months preceding the date of this notice:

• The highest market sale price of ordinary shares on the ASX was $0.046 on 22 April 2025; and

• The lowest market sale price of ordinary shares on the ASX was $0.007 on 12 March 2025.

If you wish to exercise your options then you must complete the instructions set out on the “Notice of Exercise of Options” form on the reverse of this notice. A payment of $0.0675 per option exercised must be received no later than 5:00 pm (WST) on Monday, 26 May 2025.

If you have any further questions please do not hesitate to contact our Registry on telephone 1300 288 664 or +61 2 9698 5414, or email hello@automicgroup.com.au

Yours faithfully,

Oonagh Malone Company Secretary

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