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2410 - RareX_Stakeholder Newsletter.pdf

Our asset portfolio was enhanced this month with the Piper Project deal to earn into a wonderful exploration project in the NT Aileron Province that was identified and staked ahead of the curve by the team that were instrumental in the discovery of the Luni deposit. The geology of that region is fascinating and the prospectivity is material as it sits on an intersection of geological structures which host both the Nolans bore and the Luni carbonatites. The feature of the target suggests it’s a large intrusive, we hope a carbonatite, and the tenement is now surrounded by the extensions of WA1’s ground. This month we further de-risked our exciting exploration project at Khaleesi with another access agreement with a neighbour, leaving only our Deep Yellow agreement remaining. Re-assay work to inform the drill targeting will be released shortly. Engineering at Cummins Range is now mid testing on the new metallurgical process targeting a minimum-viable phosphate startup. We’re anticipating results this side of Christmas. Expanding into KSA took a step this month with the successful application submission for a project on the public tender round. We have also made progress with establishing our local entity. In a similar vein we entered into a project facilitation agreement with Hunter&Co for project generation in their favoured African countries. This now begins a process of screening and multi-layer due diligence so may take some time to generate results but it is a systematic way of running the ruler over projects where we have a material advantage through technical capability, consulting support and relationships. Hunter&Co have been working with us for some months now on a different project which we think will be a very complimentary fit for RareX. Rare earth metals prices have remained reasonably steady at slightly elevated levels to their recent lows, so we are all fingers crossed for a sustained recovery.

Stakeholder Newsletter - October 2024