RAREX LIMITED — Share Issue/Capital Change 2026

Jan 29, 2026

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

Friday January 30, 2026

The +securities the subject of this notification are:

+Securities issued under an +employee incentive scheme that are subject to a restriction on transfer and are not being quoted on ASX until the restriction ends

Total number of +securities to be issued/transferred

		Total number of
ASX +security		+securities to be
code	Security description	issued/transferred	Issue date
REEAD	PERFORMANCE RIGHTS	35,000,000	29/01/2026

Refer to next page for full details of the announcement

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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

30/1/2026

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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:

+Securities issued under an +employee incentive scheme that are subject to a restriction on transfer and are not being quoted on ASX until the restriction ends

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")

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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

Additional +securities in an existing class issued under an +employee incentive scheme ASX +security code and description REEAD : PERFORMANCE RIGHTS Date the +securities the subject of this notification were issued 29/1/2026 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/20251023/pdf/06qytgv9k3397v.pdf

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

Issue details

Number of +securities 35,000,000

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

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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	1,019,482,201
REEO : OPTION EXPIRING 22-OCT-2028	106,818,181
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	115,000,000
REEAN : OPTION EXPIRING 22-OCT-2028 EX $0.033	15,000,000
REEAO : OPTION EXPIRING 07-JAN-2029 EX $0.045	1,000,000
REEAL : OPTION EXPIRING 23-SEP-2028 EX $0.025	30,000,000
REEAM : OPTION EXPIRING 13-OCT-2028 EX $0.046	43,000,000
REEAJ : OPTION EXPIRING 01-MAR-2026 EX $0.10	4,500,000

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

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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? Yes

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

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