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2412 - RareX_Stakeholder Newsletter.pdf

It’s surprising the amount of work that has to go into the business on necessary but banal and platitudinous activities in order to de-risk the current portfolio in readiness for an improved and action packed 2025, and to keep active on significant options in the business development space. On the latter we are not at liberty to disclose targets or progress towards targets at this stage, but we are cautiously optimistic our efforts will result in an additional and complimentary angle to our business. De-risking seems to be continuously the theme across our portfolio in recent months. This includes technical deep dives into the asset suite to validate (and where necessary adjust) priorities, aligning service providers to coming work plans, collaborating with neighbours, working on, and within, legal frameworks with our traditional owner stakeholders and their supporting councils and lawyers, being proactive on specific environmental management matters prioritised by DEMIRS, and getting permits to work readied for action. Whilst all of this has limited external impact, it does mean that our planned programmes are consistent with the ever increasing legal and heritage obligations and expectations. It was on this theme of facing risks and solving for them in a challenging environment that we prepared the recent investor presentation. The takeaway I hope was appreciated is that, to use sailing analogies, we have prepared the mainsail and the rigging for favourable winds to return, cleaned the hull of barnacles and have been working in growing the spinnaker for strong tail winds. All whilst ensuring we are light, and buoyant and manned-up to be agile.

I offer my thanks to shareholders who have placed trust in us and assure everyone that significant effort is being committed across the business to improve and grow our assets for better valuations ahead.

Stakeholder Newsletter - December 2024