22 Nov 2021

Exceptional high-grade intercepts of up to 10.6% TREO

RareX Limited Unit 6, 94 Rokeby Road, Subiaco WA 6008 Ph: 08 6383 6593 ACN: 105 578 756 ASX Release 22 November 2021 Exceptional high-grade intercepts of up to 10.6% TREO 1 in primary zone at Cummins Range Rare Earths Project Latest results include world-class intercept of 102.9m at 1.6% TREO with more assays to come Key Points: • Outstanding new results received from recent diamond drilling targeting the primary zone at the Cummins Range Rare Earths Project • Exceptional high-grade primary mineralization grading up to 10.6% TREO intersected in CDX0011, drilled 35m down-dip of previously reported intercept of 41m at 2.4% TREO (CRX0063): o 21.9m at 3.1% TREO with 0.6% NdPr and 0.2% Nb 2 O 5 ? Including: 3m at 10.6% TREO with 1.8% NdPr ? Assays awaited for the rest of the hole • Diamond hole CDX0004, drilled into an area interpreted by previous explorers to contain mineralization upgraded by weathering processes, has returned a thick zone of primary mineralization: o 102.97m at 1.6% TREO with 0.3% NdPr and 0.4% Nb 2 O 5 ? Including: 46.97m at 2% TREO with 0.4% NdPr and 0.5% Nb 2 O 5 ? Including 9m at 2.3% TREO with 0.5% NdPr and 1% Nb 2 O 5 • Other significant results include: o CDX0002 – 11.3m at 2.4% TREO with 0.4% NdPr and 0.2% Nb 2 O 5 ? Including: 3.1m at 7% TREO with 1.1% NdPr o CDX0003 – 23.9m at 2.5% TREO with 0.5% NdPr and 0.3% Nb 2 O 5 ? Including: 2.3m at 7.3% TREO with 1.7% NdPr and 0.6% Nb 2 O 5 • Results validate the huge potential of the primary zone at Cummins Range and the opportunity for significant resource growth • More assays to come RareX Limited (ASX: REE; RareX or the Company ) is pleased to advise that it has received further exceptional wide, high-grade results from diamond drilling targeting the primary zone at its 100%-owned Cummins Range Rare Earths Project in the Kimberley Region of Western Australia. The results – from holes CDX0002, CDX0003, CDX0004, CDX0005 and partial results for CDX0011 – have provided clear evidence of the significant potential of the primary zone to contain wide zones of high-grade mineralization, reinforcing the opportunity to substantially increase the current Mineral Resource of 18.8Mt at 1.15% TREO + 0.14% Nb 2 O 5 (Indicated Resource of 11.1Mt at 1.32% TREO + 0.17% Nb 2 O 5 ; Inferred Resource of 7.7Mt at 0.88% TREO + 0.11% Nb 2 O 5 ). 1 TREO = Lanthanide Oxides + Yttrium Oxide + Scandium Oxide RareX Limited Unit 6, 94 Rokeby Road, Subiaco WA 6008 Ph: 08 6383 6593 ACN: 105 578 756 RareX Managing Director, Jeremy Robinson, said: “These exceptional results are a game-changer for Cummins Range. The diamond drilling completed towards the end of the year has been geared towards unlocking the potential of the primary zone and showing that we have a potentially much larger and higher- grade project on our hands here. These results strongly vindicate that belief. “Partial assays from CDX0011 have returned some of the highest grades ever recorded at Cummins Range, including a fantastically high-grade zone grading 10.6% TREO – rarely seen in deposits like this. Plus, we have a world-class 103 metre intercept in hole CDX0004, in an area where previous explorers believed the mineralization had been upgraded by weathering processes. Instead, we have a very large zone of primary mineralization, which is a very exciting development for the Project. “We are looking forward to receiving the balance of the assays and planning our next phase of exploration at this rapidly evolving and growing deposit.” Assay results for 93m to 141.9m down-hole have been received for drill hole CDX0011, with the zone returning very high-grade results of 21.9m at 3.1% TREO with 0.6% NdPr and 0.2% Nb 2 O 5 , including 3m at 10.6% TREO with 1.8% NdPr. Importantly, this fresh rock intersection is interpreted to be true width and has been drilled 35m down-dip of the previously announced drill intercept from hole CRX0063 (41m @ 2.4% TREO with 0.5% NdPr and 0.5% Nb 2 O 5 ASX Announcement 9 September 2021). The hole is shown on Figures 1, 2 and 4. Figure 1 . Cross-section showing drill-hole CDX0011. RareX Limited Unit 6, 94 Rokeby Road, Subiaco WA 6008 Ph: 08 6383 6593 ACN: 105 578 756 Figure 2. Cummins Range drill plan showing REE mineralization and 2021 drill holes and location of cross section and vertical longitudinal projection. Drill hole CDX0004 has assayed a whopping 102.97m at 1.6% TREO with 0.3% NdPr and 0.4% Nb 2 O 5 . This hole was drilled into an area that was previously interpreted by previous explorers to be an area where rare earth minerals have been upgraded through weathering processes. Instead, the hole has passed through a wide breccia zone which sits in the hanging wall position of the Main Fault. This breccia zone has consistent wide intervals of 1% to 2% TREO and strong niobium mineralization as shown in previously announced drill-holes that were also drilled into this zone – CDX0007 61.4m at 1% TREO with 0.2% NdPr and 0.3% Nb 2 O 5 (75m to the west), and CRX0066 40m at 1.8% TREO with 0.4% NdPr and 0.3% Nb 2 O 5 (36m to the north) (ASX Announcement 10 November 2021). The rare earths and niobium grade appear to be increasing to the east with a higher grade zone of 46.97m at 2% TREO with 0.4% NdPr and 0.5% Nb 2 O 5 in hole CDX0004. The lower half of the breccia is more strongly mineralized, leading into the interpreted position of the Main Fault, as shown in Figure 3. Niobium results immediately above the Main Fault are also very elevated with an exceptional intercept of 9m at 1% Nb 2 O 5 and 2.3% TREO. RareX Limited Unit 6, 94 Rokeby Road, Subiaco WA 6008 Ph: 08 6383 6593 ACN: 105 578 756 Figure 3. Cross Section showing drill hole CDX0004. Figure 4. Cummins Range vertical longitudinal projection of the Main Fault, location shown on Figure 2. Holes CDX0002 (lost before drilling through the Main Fault target area) and CDX0005 have drilled through several newly discovered mineralized zones in the hanging wall and footwall position. These new zones vary in width and grade as shown in the significant intercept table. RareX Limited Unit 6, 94 Rokeby Road, Subiaco WA 6008 Ph: 08 6383 6593 ACN: 105 578 756 The most notable is a shallow intercept in hole CDX0002 – 11.3m at 2.4% TREO with 0.4% NdPr and 0.2% Nb 2 O 5 including a very high-grade interval of 3.1m at 7% TREO with 1.8% NdPr. Once all assays are received, these new zones will be mapped across the deposit. Hole CDX0003 produced high-grade results in the Main Fault position with 23.9m at 2.5% TREO with 0.5% NdPr and 0.3% Nb 2 O 5 , including 2.3m at 7.3% TREO with 1.7% NdPr and 0.6% Nb 2 O 5 . This hole was drilled as an in-fill and metallurgical drill hole for the oxide portion of the resource. The high-grade mineralization starts 20m below surface and is interpreted to be >80% true width. This hole, along with CDX0004, will be used for numerous metallurgical test work studies by local expertise in Western Australia. Diamond core drilling has significantly advanced the geological understanding of the Cummins Range deposit and continues to deliver high grade rare earths and niobium mineralization. The drilling of multiple new zones in the hanging wall and footwall to depths beyond expectations is very exciting and shallow wide rare earths and niobium intercepts in the breccia zone is even better. This announcement has been authorized for release by the Board of RareX Limited. For further information, please contact: Jeremy Robinson Managing Director Ph: +61 8 6383 6593 Competent Person’s Statements Information in this release that relates to Exploration Results is based on and fairly represents information and supporting documentation reviewed or compiled by Mr Guy Moulang, an experienced geologist engaged by 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. The mineral resource estimate in this announcement were reported by the Company in accordance with listing rule 5.8 on 19 July 2021. The Company confirms it is not aware of any new information or data that materially affects the information included in the previous announcement and that all material assumptions and technical parameters underpinning the estimates in the previous announcement continue to apply and have not materially changed. RareX Limited Unit 6, 94 Rokeby Road, Subiaco WA 6008 Ph: 08 6383 6593 ACN: 105 578 756 Appendix 1: Table of Significant Intercepts (cut-off grade of 1%) Minerali z ed Zone Hole ID From (m) To (m) Interval (m) TREO % % NdPr of TREO NdPr % Nb 2 O 5 % P 2 O 5 % NZ CDX0002 13 24.3 11.3 2.37 16 0.39 0.15 5 NZ Incl. 17 20.1 3.1 6.98 15 1.08 0.02 1 NZ CDX0002 35.1 36.2 1.1 2.31 16 0.38 0.02 1 NZ CDX0002 44 45.1 1.1 0.63 19 0.12 0.08 5 NZ CDX0002 53 53.85 0.85 6.43 16 1.03 0.02 1 NZ CDX0002 58.88 59.58 0.7 0.62 19 0.12 0 2 NZ CDX0002 80.26 82.7 2.44 0.86 16 0.14 0.28 1 NZ CDX0002 87 90 3 0.75 21 0.16 0.08 5 NZ CDX0002 93.8 103.4 9.6 0.94 18 0.16 0.08 4 NZ Incl. 93.8 95 1.2 2.78 16 0.46 0.05 4 NZ CDX0002 119.7 120.9 1.2 0.59 21 0.12 0.06 5 NZ CDX0002 127.1 131.5 4.4 1.08 21 0.23 0.07 9 CDX0003 1.25 2.5 1.25 0.61 17 0.11 0.05 1 NZ CDX0003 6 9 3 1.12 19 0.21 0.12 3 NZ CDX0003 13 14 1 0.51 21 0.11 0.1 14 MF CDX0003 20 43.9 23.9 2.48 21 0.52 0.31 10 MF Incl. 38 43.9 5.9 4.71 22 1.04 0.38 8 MF Incl. 38 40.3 2.3 7.31 23 1.67 0.58 11 NZ CDX0003 52.62 53.2 0.58 1.01 21 0.21 0.12 9 NZ CDX0003 68 69.2 1.2 0.73 20 0.14 0.08 7 NZ CDX0003 79 80 1 0.71 17 0.12 0.06 1 NZ CDX0003 83 85.25 2.25 1.09 16 0.18 0.16 5 NZ CDX0004 6 7 1 0.64 22 0.14 0.31 3 MF & BZ CDX0004 10 112.97 102.97 1.63 20 0.33 0.36 20 MF & BZ Incl. 17 18 1 17.81 17 3.02 0.2 22 MF & BZ Incl. 66 112.97 46.97 2.01 20 0.4 0.53 27 MF & BZ Incl. 68 75 7 2.76 18 0.51 0.35 25 MF & BZ Incl. 84 93 9 2.25 20 0.46 1.01 27 NZ CDX0004 116.85 117.6 0.75 3.22 17 0.54 0.03 8 NZ CDX0004 123 124 1 1 24 0.24 0.2 4 NZ CDX0004 136 137 1 0.6 19 0.11 0.02 4 NZ CDX0004 149 155.1 6.1 0.82 18 0.15 0.03 4 NZ CDX0005 70.6 72.5 1.9 1.81 16 0.29 0.06 4 NZ Incl. 72 72.5 0.5 5.67 15 0.85 0.03 2 NZ CDX0005 77 78 1 0.65 24 0.16 0.09 4 NZ CDX0005 93 94 1 0.52 19 0.1 0.04 3 NZ CDX0005 98 108 10 0.52 20 0.1 0.05 3 NZ CDX0005 137.5 138.5 1 0.55 25 0.14 0.06 6 MF CDX0005 146.8 150.2 3.4 1.77 17 0.3 0.17 5 NZ CDX0005 158 159 1 0.87 19 0.17 0.03 3 NZ CDX0005 173.8 174.9 1.1 1.55 16 0.25 0.06 1 RareX Limited Unit 6, 94 Rokeby Road, Subiaco WA 6008 Ph: 08 6383 6593 ACN: 105 578 756 NZ CDX0005 182 183 1 3.45 16 0.54 0.02 2 NZ CDX0005 186 189 3 0.6 22 0.13 0.08 4 MF CDX0011 111.9 133.8 21.9 3.07 18 0.55 0.19 8 MF Incl. 116.3 133.8 17.5 3.47 18 0.61 0.14 7 MF Incl. 116.3 121.5 5.2 7.68 17 1.29 0.09 4 MF Incl. 116.3 119.3 3 10.55 17 1.77 0.02 3 Mineralized Zone Key: MF - Main Fault NZ - Newly Discovered Zone BZ - Breccia Zone TREO = Lanthanide Oxides + Yttrium Oxide + Scandium Oxide RareX Limited Unit 6, 94 Rokeby Road, Subiaco WA 6008 Ph: 08 6383 6593 ACN: 105 578 756 Appendix 2: Drill Collar Table Hole ID East MGA North MGA RLUTM End Depth Azimuth Dip Type Assays CRX0059 307462 7866481 391 96 50 60 RC Received CRX0060 307139 7866751 392 120 50 60 RC Received CRX0061 306998 7866604 392 120 50 60 RC Received CRX0062 307223 7866709 392 108 180 60 RC Received CRX0063 307106 7866720 392 144 50 60 RC Received CRX0064 307399 7866736 391 120 50 60 RC Received CRX0065 307530 7866370 390 120 50 60 RC Received CRX0066 307348 7866540 391 132 90 90 RC Received CRX0067 307435 7866712 391 120 50 60 RC Received CRX0068 307430 7866762 391 96 50 60 RC Received CRX0069 307454 7866679 391 120 50 60 RC Received CRX0070 307477 7866648 391 144 50 60 RC Received CWB3 307415 7866568 391 48 90 90 RC Received CDX0001 307286 7866640 391 11.7 50 60 Diamond Awaiting CDX0002 307078 7866644 393 135.8 50 60 Diamond Received CDX0003 307192 7866694 392 96.5 50 60 Diamond Received CDX0004 307341 7866505 391 155.1 50 60 Diamond Received CDX0005 307140 7866598 393 210.4 50 60 Diamond Received CDX0006 307191 7866531 393 215.8 50 60 Diamond Awaiting CDX0007 307267 7866498 393 198.8 50 60 Diamond Partly Received CDX0008 307237 7866469 393 218.4 50 60 Diamond Awaiting CDX0009 307325 7866442 393 213.4 50 60 Diamond Awaiting CDX0010 307158 7866507 393 231.3 50 60 Diamond Awaiting CDX0011 307072 7866691 393 227.3 50 60 Diamond Partly Received CDX0012 307037 7866666 393 210.9 50 60 Diamond Awaiting CDX0013 307047 7866717 393 204.8 50 60 Diamond Awaiting CDX0014 307015 7866692 393 227.4 50 60 Diamond Awaiting CDX0015 307372 7866769 393 204.6 50 60 Diamond Awaiting CDX0016 307007 7866637 393 298.1 50 60 Diamond Awaiting CDX0017 307079 7866651 393 215.3 50 60 Diamond Awaiting CDX0018 307127 7866482 391 288.7 50 60 Diamond Awaiting CDX0019 307305 7866530 392 219.6 50 60 Diamond Awaiting RareX Limited Unit 6, 94 Rokeby Road, Subiaco WA 6008 Ph: 08 6383 6593 ACN: 105 578 756 Appendix 3: JORC Code 2012 Edition – Table 1 Cummins Range Section 1 Sampling Techniques and Data Criteria JORC Code Explanation Commentary Sampling techniques Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling. • The Cummins Ra nge Rare Earth deposit is being drilled tested with RC drilling and diamond drilling. • The RC drill rig used a 5 ½ inch diameter hammer. Each 1m bulk sample was collected in a plastic bag. • Diamond drill sizes used are PQ, HQ and NQ2 • Each metre was analysed with a portable XRF, and recovery and geology logs were completed. • Sample interval selection was based on geological controls and mineralisation • Each 1m RC bulk sample was split with a riffle splitter to the appropriate size. Samples varied in length from 1m to 4m. • Each core sample was cut in half with a brick saw. The half core sample was sent to the laboratory with intervals ranging from 0.3m to 1.3m. • Samples were assayed for 42 elements using either a peroxide fusion with a ICP-OES and ICP-MS finish, or a four acid digest with a ICP-OES and ICP-MS finish Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. Aspects of the determination of mineralisation that 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 was pulverised to produce a 30 g c harge for fire assay’). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information. 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 of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc). • Prefix CRX drill holes are r everse circulation (RC) drilling • Prefix CDX are diamond drilling. 11 of the diamond drill holes were started with an RC precollar ranging from 40-90m depth. Holes were then continued with HQ3 or NQ2 diamond core • 5 diamond drill holes were drilled core from surface. Drill Sample Recovery Method of recording and assessing core and chip sample recoveries and results assessed. • Recoveries for all drill holes were recorded for each metre. Recoveries for each hole in this announcement are CDX0002 96%, CDX0003 95%, CDX0004 98%, CDX0011 95% Measures taken to maximise sample recovery and ensure representative nature of the samples. Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material. RareX Limited Unit 6, 94 Rokeby Road, Subiaco WA 6008 Ph: 08 6383 6593 ACN: 105 578 756 Logging Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. • All metres drilled had a geology log completed. Geology logs were aided using geochemical analysis from a portable XRF. • The detail of logging is appropriated for Mineral Resource estimation. Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography. The total length and percentage of the relevant intersections logged. Sub - sampling techniques and sample preparation If core, whether cut or sawn and whether quarter, half or all core taken. • Splits from the drill rig were not used. The entire 1m bulk sample was split with a riffle splitter to the appropriate size. Samples varied in length from 1m to 4m. • This RC sampling technique is better than industry standards and is appropriate for this style of mineralisation and for resource estimation. • Diamond core was cut in half with a brick saw and half the core was sent to the laboratory. This is an appropriate method for this style of mineralization and for resource estimation. If non - core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. For all sample types, the nature, quality and appropriateness of the sample preparation technique. Quality control procedures adopted for all sub - sampling stages to maximise representivity of samples. Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling. Whether sample sizes are appropriate to the grain size of the material being sampled. Quality of assay data and laboratory tests The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total The reported assays were analysed by Nagrom. The following techniques were used: • 28 elements were assayed for using peroxide fusion with a ICP-OES and ICP-MS finish • 14 elements were assayed for using four acid digest with a ICP-OES and ICP-MS finish • In addition to internal checks by Nagrom, RareX incorporates a QA/QC sample protocol utilizing prepared standards, blanks and duplicates for 8% of all assayed samples. For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established. RareX Limited Unit 6, 94 Rokeby Road, Subiaco WA 6008 Ph: 08 6383 6593 ACN: 105 578 756 Verification of sampling and assaying The verification of significant intersections by either independent or alternative company personnel. • Significant intercepts were calculated by RareX geological staff. • The intercepts have not been verified by independent persons • There are numerous drill holes with in the Cummins Range resource of comparable tenure • All assay results are reported to RareX in parts per million (ppm). RareX geological staff then convert the parts per million to ppm oxides using the below element to stoichiometric oxide conversion factors. La 2 O 3 1.1728, CeO 2 1.2284, Pr 6 O 11 1.2082, Nd 2 O 3 1.1664, Sm 2 O 3 1.1596, Eu 2 O 3 1.1579, Gd 2 O 3 1.1526, Dy 2 O 3 1.1477, Ho 2 O 3 1.1455, Er 2 O 3 1.1435, Tm 2 O 3 1.1421, Yb 2 O 3 1.1387, Lu 2 O 3 1.1371, Sc 2 O 3 1.5338, Y 2 O 3 1.2699, Nb 2 O 5 1.4305, P 2 O 5 2.2916 The use of twinned holes. The verification of significant intersections by either independent or alternative company personnel. Discuss any adjustment to assay data. Location of data points Accuracy and quality of surveys used to locate drill holes (collar and down - hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. • Drill hole collar s were located by handheld GPS • All coordinates are in MGA Zone 52H 1994 • Topographic control is maintained by the use of previously surveyed drill holes. The Cummins Range deposit is located on flat terrain. • Down hole surveys were taken every 30m, using a digital Reflex multi shot camera. Specification of the grid system used. Quality and adequacy of topographic control. Data spacing and distribution Data spacing for reporting of Exploration Results. • The purposed of the drill program is to test for primary mineralization below the regolith. Drill spacing of 40m on 80m drill lines is appropriate to establish geological and grade continuity. • 2m to 4m RC composites were completed in areas where higher grades were not expected Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. Whether sample compositing has been applied. Orientation of data in relation to geological structure Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. • The angled drill holes were directed as best as possible across the known geology. If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material. Sample security The measures taken to ensure sample security • Drill samples are delivered to Halls Creek by RareX staff. Then the samples are transported from Halls Creek to Perth via a reputable transport company. RareX Limited Unit 6, 94 Rokeby Road, Subiaco WA 6008 Ph: 08 6383 6593 ACN: 105 578 756 Cummins Range Section 2 Reporting of Exploration Results Criteria JORC Code Explanation Commentary Mineral tenement and land tenure status Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area. • The Cummins Range REO deposit is located on tenement E80/5092 and is 100% owned by Cummins Range Pty Ltd which is a wholly owned subsidiary of RareX Ltd. Cummins Range Pty Ltd has purchased the tenement from Element 25 with a potential capped royalty payment of $1m should a positive PFS be completed within 36 months of purchase finalisation. Exploration done by other parties Acknowledgment and appraisal of exploration by other parties. • CRA Exploration defined REO mineralisation at Cummins Range in 1978 using predominantly aircore drilling. Navigator Resources progressed this discovery with additional drilling after purchasing the tenement in 2006. Navigator announced a resource estimate in 2008. Kimberly Rare Earths drilled additional holes and upgraded the resource estimate in 2012. Geology Deposit type, geological setting and style of mineralisation. • The Cummins Range REO deposit occurs within the Cummins Range carbonatite complex which is a 2.0 km diameter near-vertical diatreme pipe that has been deeply weathered but essentially outcropping with only thin aeolian sand cover in places. The diatreme pipe consists of various mafic to ultramafic rocks with later carbonatite intrusions. The primary ultramafic and carbonatite rocks host low to high grade rare earth elements with back ground levels of 1000- 2000ppm TREO and high grade zones up to 8% TREO. The current resource sits primarily within the oxidised/weathered zone which reaches to 120m below the surface. Metallurgical studies by previous explorers and by RareX show the rare earth elements are hosted by Monazite which is a common and favourable host for rare earth elements. Drill hole information A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: • All drill hole locations are shown on the drill plan and collar details are tabled within the announcement • easting and northing of the drill hole collar • elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar • dip and azimuth of the hole RareX Limited Unit 6, 94 Rokeby Road, Subiaco WA 6008 Ph: 08 6383 6593 ACN: 105 578 756 • down hole length and interception depth • hole length. If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case. Data aggregation methods In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated. • Significant intercepts were calculated using weighted averagin g • A lower cut off of 0.5% TREO was used with a maximum of 5m dilution. This cut off grade and dilution is thought to be appropriate due to likely open cut mining methods that would be used on the outcropping ore body. • No metal equivalent values have been used Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail. The assumptions used for any reporting of metal equivalent values should be clearly stated. Relationship between mineralisation widths and intercept lengths These relationships are particularly important in the reporting of Exploration Results • The angled drill holes were directed as best as possible across the known geology. • The true width of the intercepts in this announcement are >80% of the down hole lengths and the intercepts in hole CDX0011 are judged to be true widths If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg ‘down hole length, true width not known’). Diagrams Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views. • Sections, a drill hole plan and a vertical longitudinal projection are with in the announcement. Balanced reporting Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results. • Reporting is considered balanced RareX Limited Unit 6, 94 Rokeby Road, Subiaco WA 6008 Ph: 08 6383 6593 ACN: 105 578 756 Other substantive exploration data Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances. • This announcement describes the initial geological interpretations of the first diamond drill holes at Cummins Range since the early 1980s. RareX have recently completed a JORC compliant resource upgrade of 18.8Mt at 1.15% TREO + 0.14% Nb2O3. Metallurgical studies are currently being conducted. Mining study drill holes have been drilled in recent weeks. Further work The nature and scale of planned further work (eg tests for lateral extensions or large scale step out drilling. • Awaiting assays to completed geological interpretation • Metallurgical tests are being conducted • Scoping studies are being conducted Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.

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