Announcement PDF ASX / MEDIA ANNOUNCEMENT 29 January 2021 December 2020 Quarterly Activities Report HIGHLIGHTS • Spectacular wide, high-grade intercepts returned from RC drilling at the Cummins Range Rare Earths Project, extending the mineralisation including at depth • Grades and widths well above the existing Resource grade, paving the way for an updated Mineral Resource due in Q1 2021 • Drilling completed at the Weld North Rare Earths Project • Drilling results, re-logging of core and a review of geophysical inversions at the Trundle JV Copper-Gold Project in NSW provides the confidence to mobilise a second drill rig • RareX well-funded to execute its growth strategy with $6.3 million in cash and listed securities at quarter-end Cummins Range Rare Earths Project In July 2020, RareX commenced a 6,000m Reverse Circulation in-fill and extensional drilling program at its 100%-owned Cummins Range Rare Earths Project in the Kimberley Region of Western Australia. The commencement of drilling marked an important milestone for the Company and the project, being the first drilling to be undertaken there since 2011. The drilling program was completed by late August, with the program comprising a total of 58 holes for 6,146m of Reverse Circulation (RC) drilling. Drilling was successful in confirming the Resource in the known areas and extending the mineralisation, primarily at depth, with the deepest hole intersecting weathered carbonatite to a depth of 150m. Logging of the drill chips also identified a NW-SE striking breccia fault zone for the first time, which represents a likely control on both the higher grade mineralisation in the weathered material and a target for primary mineralisation, as it is likely to be a conduit for mineralisation and has never been tested at depth. Figure 1 – Recently completed RC drilling at Cummins Range RareX Limited Suite 23, 513 Hay Street, Subiaco WA 6008 Ph: 08 6143 6720 ACN: 105 578 756 1 On the 30 September 2020, RareX reported the first batch of assays received from the program, with assays from the first three RC holes returning results significantly above the resource grade, including spectacular widths and grades in both CRX0002 and CRX0003. Results for the full suite of elements was subsequently reported on 13 October 2020, confirming the presence of the critical mineral, niobium, in significant concentrations. These holes intersected significant shallow zones of mineralisation including 41m at 4% TREO + 0.21% Nb2O5 from 29m and 36m at 4.6% TREO + 0.32% Nb2O5 from surface including an ultrahigh-grade zone of 3m at 25.1% TREO + 0.45% Nb2O5. Results for drill-holes CRX0010 and CRX0011 (reported on 19 October 2020) confirmed an outcropping, thick high-grade mineralised channel trending north-west with further strongly mineralised assays. Drill holes CRX0010 and CRX0011 are located 100m along strike from the high-grade results reported in drill holes CRX0002 and CRX0003. These holes also have ultra-high-grade seams within a broader high-grade intersection, with the internal zones including 3m @ 11.3% TREO, 5m @ 9% TREO and 2m @ 10.4% TREO. The results are once again a significant improvement on the previous drilling in the immediate area and support the Company’s strategy of delineating a higher-grade component within the overall Inferred Mineral Resource of 13Mt at 1.13% TREO with 22% NdPr content. On 27 October 2020, the Company released results from RC holes, CRX0012 and CRX0013, which included significant widths of high-grade rare earths and niobium mineralisation with broad zones of bonanza grade mineralisation encountered in CRX0013. The north-west trending channel of mineralisation encountered in drill holes CRX0002, CRX0003, CRX0010 and CRX0011 has been confirmed in holes CRX0012 and CRX0013, further enhancing the potential size and grade of the Resource in this area. Previous historical drilling on surrounding sections had confirmed the presence of high-grade mineralisation down to 70m below surface. The current drill program has now extended the zone of high-grade mineralisation to 130m below surface. Hole CRX0013 is especially significant in that it contains wide ultra-high grade zones including 13m at 10.7% TREO and 1.04% Nb2O5 from 76m and 8m at 9.1% TREO and 0.58% Nb2O5. Results from the next 18 holes (CRX0020 to CRX0037) (reported on 17 November 2020) demonstrate that the mineralisation is thickening towards the east in the central portion of the current Inferred Resource, while maintaining excellent widths and grades such as 62m at 2.62% TREO and 0.48% Nb2O5 including 25m at 4.36% TREO and an ultra-high grade zone of 6m at 9.44% TREO and 1.46% Nb2O5 in CRX0035. Sections 307,315 and 307,370 remain open along strike to the north and south, and section 307,315 is open at depth in the main mineralised channel, where hole CRX0025 was stopped due to ground conditions in a strongly mineralised silicified breccia. RareX Limited Suite 23, 513 Hay Street, Subiaco WA 6008 Ph: 08 6143 6720 ACN: 105 578 756 2 On 17 December 2020, the Company was pleased to release the results for the remaining 20 holes of the program. Results from this final batch, particularly for holes CRX0053 (section 307,130mE) and CRX0054 (section 307,180mE), have extended the mineralisation on those sections 40m and 65m deeper respectively. Geological modelling is ongoing and a mineralised fault breccia with associated quartz veining, silicification and carbonate alteration has been intersected in some of the drill holes and highlighted in section 307,420mE. Initial interpretation of the fault is a shallow south-dipping fault ranging from 10m to 40m wide that has not been tested in fresh rock. Testing for higher grade fault-controlled primary mineralisation will be a focus of drilling set to re-commence in March 2021. Work is progressing on the Mineral Resource upgrade and metallurgical testwork, with the updated Resource anticipated to be published this quarter and results from the initial phase of the metallurgy shortly after that. WELD NORTH RARE EARTHS PROJECT Drilling was completed before Christmas 2020 for a total of 23 air-core holes and assay results have now been received (reported on 21 January 2021). The results indicate that the circular magnetic anomaly is a late-stage granite. RareX intends to complete a review of the project before determining the best path forward. RareX continues to develop greenfields targets like Weld North with the potential for world-class discoveries. NSW COPPER-GOLD PROJECTS The Trundle Gold-Copper Project Joint Venture Project, located in the Macquarie Arc of the Lachlan Fold Belt in NSW, Australia, is a 65%/35% joint venture between RareX and Kincora Copper Ltd (Kincora) (TSXV: KCC). RareX retained 14.95m shares in Kincora at the end of the quarter. Trundle Park Prospect On 2 December 2020, Kincora reported that drilling at Trundle Park has returned further encouragement for the targeted at/near surface skarn system, with ongoing deeper drilling also testing the potential for a larger causative porphyry intrusion system. Assay results received for TRDD008 have returned two significant zones of mineralised skarn: • Surface zone: returned 87.7 metres @ 0.65g/t gold and 0.19% copper from surface, including 16.4 metres @ 1.51g/t gold and 0.19% copper from surface and 8 metres @ 1.63g/t gold and 0.57% copper from 66 metres. RareX Limited Suite 23, 513 Hay Street, Subiaco WA 6008 Ph: 08 6143 6720 ACN: 105 578 756 3 • Second zone: 27 metres @ 0.10g/t gold and 0.07% copper from 305 metres, 5 metres @ 0.18g/t gold and 0.02% copper from 379 metres and 19 metres @ 0.43g/t gold and 0.21% copper from 388 metres, including 4 metres @ 0.94g/t gold and 0.57% copper. As outlined in the 21 December 2020 release, hole TRDD011 intersected intense structurally controlled mineralization hosted within near surface skarn alteration with further positive visual indications reported from TRDD012, a step back to the south-east from TRDD011. Assay results from nearer surface intervals for TRDD011 (to 102m of 332m) and TRDD012 (to 202m of 581m) have been received and were released on 21 January 2020. Highlights include: • TRDD011: 74m @ 0.40% copper and 0.37 g/t gold from surface including: - 42m @ 0.64% copper and 0.58 g/t gold from 32m including: - 14m @ 1.69% copper and 1.39 g/t gold from 58m including: - 4m @ 4.98% copper and 3.36 g/t gold from 68m • TRDD012: 29m @ 0.10% copper and 0.18 g/t gold from 191m including: - 2m @ 0.87% copper and 0.05 g/t gold from 195m; and, - 1m @ 0.09% copper and 1.17 g/t gold from 204m. TRDD011 extended the mineralised skarn horizon to the north-west of TRDD001 (previously reported 51m @ 0.54% copper and 1.17g/t gold from 39m) and TRDD012 was a 50m step out to the south from TRDD001. TRDD012 has provided encouragement and vectors for the targeted causative porphyry intrusion system source with observations of: • Primary bornite and chalcopyrite within quartz veins occurring in an interval of volcaniclastic rocks from 160m to 210m down-hole which are the best primary bornite and chalcopyrite veining intersected to date at the Trundle project (Figure 3); • Observations of discrete monzodiorite intrusions from 275m to 340m down-hole depth, and coarse primary molybdenum within a quartz vein at 314m down-hole depth (assay results pending); and, • Four well developed and broad skarn horizons identified commencing from the surface (noting dilution in reported intervals from core loss) and extending deep down-hole (assay results pending). Recent drilling in the central Trundle Park prospect area is providing significant encouragement for the lateral and thickness potential of the skarn horizons and vectors for both the skarn mineralised system as well as towards targeting a large and potentially related porphyry intrusion system. RareX Limited Suite 23, 513 Hay Street, Subiaco WA 6008 Ph: 08 6143 6720 ACN: 105 578 756 4 The Mordialloc Prospect Assay results reported on 2 December 2020 have reinforced prior observed potential for close proximity to a potassic and higher-grade core of the targeted system, with multiple significant intervals of anomalous copper, gold and molybdenum. TRDD006 has returned the broadest anomalous zones to date at the Mordialloc target including: • 42m @ 0.07% copper, 0.04g/t gold and 7.43ppm molybdenum from 62m, hosted by intermixed volcanoclastic rocks comprising andesite lava and greywacke; • 306m @ 0.10% copper, 0.06g/t gold and 19.4ppm molybdenum from 144m, associated with a coarse plagioclase phyric diorite intrusion; • 98m @ 0.11% copper, 0.07g/t gold and 17.6ppm molybdenum from 466m, occurring in intermixed volcanoclastic rocks comprising andesite lava and greywacke; and, • 2m @ 0.98g/t gold, 0.02% copper and 2ppm molybdenum from 880m, also hosted by intermixed volcanoclastic rocks comprising andesite lava and greywacke. BYRO EAST PROJECT During the prior quarter, RareX announced that it had identified numerous nickel-copper-PGE targets on its 100%-owned Byro East Project, located in the Western Gneiss Terrane approximately 300km north-west of Geraldton in WA. RareX applied for tenements E09/2386 and E09/2387 in January 2020 prior to the Julimar discovery in March 2020. RareX initially applied on the basis of the tenure containing some of the highest and most consistent Rare Earth Element (REE) geochemical anomalies in the state as part of the GSWA dataset. The REE anomalies are proximal to a circular feature in the state-wide magnetics interpreted to be an intrusion, possibly a carbonatite. Further review of publicly available data undertaken by the Company has identified that the tenure contains extensions of the enigmatic Milly Milly Intrusion and multiple other ultramafic intrusions contained within the Byro East ultramafic corridor and the Brockman ultramafic corridor. At least one Ni-Cu-PGE gossan is noted as being present on the tenure that requires follow-up, given that most of the exploration has been conducted on the Milly Milly intrusion because of its size and affinities to the very large Jinchuan deposit in China, meaning that much of the Eastern and Brockman corridor has been overlooked. Following the Julimar discovery by Chalice Gold Mines (ASX: CHN) in March 2020, other companies have applied for tenure in the region including Chalice, Buxton, and other private companies. Similarities have been drawn between the quartzites in the Narryer Terrane and the quartzites in the York-Toodyay area near Perth, where the Julimar discovery has been made. Geochronology investigations have found similar aged rocks and the concept of the “Western Gneiss Terrain” along the western edge of the Yilgarn Craton has led to renewed interest in the Ni-Cu-PGE exploration potential of this terrain. RareX Limited Suite 23, 513 Hay Street, Subiaco WA 6008 Ph: 08 6143 6720 ACN: 105 578 756 5 RareX is collating all previous exploration data and reprocessing historical geophysical data ahead of the ground being granted in the coming months, with ground-based exploration expected to follow on from Cummins Range and Weld North later this year. ORANGE EAST RETAINED 100% OWNERSHIP OF ORANGE EAST In the first quarter of 2020, the Company announced that it had retained 100% of the Orange East tenement (EL8442), located near the advanced McPhillamys Gold Project in NSW, from Alkane Resources Limited (Alkane). RareX is currently compiling all previous exploration data and looks forward to updating the market on its proposed exploration plan for this project. MOROCCAN COBALT PROJECTS No work was undertaken on the Moroccan projects during the quarter. LEOGANG PROJECT, AUSTRIA No work was undertaken on the Austrian projects during the quarter. CORPORATE & FINANCE The Company remains well funded with $4.3 million in cash and approximately $2.05 in listed securities (14.95m TSXV KCC shares at C$0.13 and FX 0.95) at the end of the December Quarter. In December 2020, the Company announced an agreement with Talaxis Group Holdings (Talaxis) to secure an option to acquire its entire stake in TSV-Venture Exchange listed rare earths company, Canada Rare Earth Corp. (CREC). Under the terms of the agreement, RareX will pay Talaxis A$50,000 for an option to acquire 24,779,658 shares (12.3% of issued capital) in CREC before the 18 February 2021 for C$0.04 per share, for a total amount of C$991,186.32. CREC is aiming to develop a vertically and horizontally integrated business within the global rare earth industry focused on building a supply chain connecting mining operations to rare earth concentration processes to rare earth separation and refining facilities and to major international customers. CREC’s partners have a proven track record of designing, building and operating rare earth refineries with annual product output ranging from 2,500 to 12,000 metric tons per year, including strategically located refineries in Thailand and Laos. RareX Limited Suite 23, 513 Hay Street, Subiaco WA 6008 Ph: 08 6143 6720 ACN: 105 578 756 6 The refineries are designed, built and operated to environmental and sustainability standards which meet or exceed the requirements in the leading countries of the world. RareX is attracted to a potential investment in CREC due to: 1. Its deep knowledge of the global rare earths sector; 2. Its access to ex-China rare earth refining capacity; 3. Its ability to construct, own and operate rare earth refineries; and 4. Its active involvement in the trade of rare earth concentrates, particularly monazite. RareX intends to work with CREC both to develop the CREC business and to explore refining options for concentrates produced from the Company’s flagship Cummins Range Rare Earths Project in WA as RareX looks to advance the project in 2021. This quarterly report has been approved for release by the Board of RareX Limited. For further information, please contact: Jeremy Robinson Managing Director Competent Person’s Statement Information in this release that relates to current Exploration Results is based on and fairly represents information and supporting documentation prepared and compiled by Mr Guy Moulang, an experienced geologist consulting for 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 Company confirms the information has not materially changed since first being report to the ASX. Cummins Range Rare Earths Project Cummins Range is located approximately 130km south west of Halls Creek township and airstrip in Western Australia and is 120km from the Great Northern Highway which runs from Port Hedland to Wyndham. Cummins Range is recognised as one of only two known rare earth bearing carbonatites in Australia with the other being Mt Weld owned by Lynas Corporation Ltd. Cummins Range has potential for high Neodymium and Praseodymium enrichment. No drilling has occurred at Cummins Range since 2011 with indications that the mineralisation remains open at depth and along strike. The Trundle Project The Trundle Project is located 30km west of the China Molybdenum Company Limited (China Moly) operated Northparkes copper-gold project, which is Australia’s second largest porphyry mine (behind Newcrest’s Cadia, also located in the Macquarie Arc). RareX Limited Suite 23, 513 Hay Street, Subiaco WA 6008 Ph: 08 6143 6720 ACN: 105 578 756 7 China Moly acquired an 80% interest in Northparkes from Rio Tinto in July 2013 for US$820 million (Sumitomo retaining a 20% minority interest) and has since undertaken a material expansion of production and extension of mine life. Trundle hosts the inferred westerly rift of the Northparkes Igneous Complex with extensive evidence of porphyry and skarn-style copper-gold mineralisation across a 12.5km strike associated with Ordovician intrusive centres similar to the Northparkes and Cadia deposits and mines. RareX Limited Suite 23, 513 Hay Street, Subiaco WA 6008 Ph: 08 6143 6720 ACN: 105 578 756 8 Appendix 1: RareX Limited Interests in Mining Tenements The following information is provided pursuant to Listing Rule 5.3.3 for the quarter ended 31 December 2020. Australian Tenement Schedule State Project WA Cummins Range WA Cummins Range Extension WA Byro WA Byro WA Byro WA Byro WA Byro WA Weld North WA Weld North WA Weld North WA Mt Mansbridge WA Hong Kong NSW Condobolin NSW Cundumbul NSW Fairholme NSW Fairholme NSW Trundle NSW Jemalong NSW Orange East Lease No E80/5092 E80/5372 E09/2386 E09/2387 E09/2408 E09/2409 E09/2443 E38/3455 E38/3530 E38/3531 E80/5430 EL 47/3566 EL 7748 EL 6661 EL 6552 EL 6915 EL 8222 EL 8502 EL 8442 RareX interest 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 30% 35% 35% 35% 35% 35% 35% 100% Note Application Application Application Application Application Application Application Application Application Austrian Tenement Schedule – Leogang - RareX First Priority Designation Reference Cadastral Municipalities Meridian Centre in the Cadastral Municipality Other Cadastral Municipality Concerned 51/17/S (CLY-LEOG-003) M 31 Schwarzleo 56/17/S (CLY-LEOG-008) M 31 Schwarzleo Sonnberg, Pirzbichl 57/17/S (CLY-LEOG-009) M 31 Schwarzleo Grießen 58/17/S (CLY-LEOG-010) M 31 Schwarzleo Grießen 64/17/S (CLY-LEOG-016) M 31 Schwarzleo Grießen 68/17/S (CLY-LEOG-020) M 31 Grießen 71/17/S (CLY-LEOG-023) M 31 Grießen 74/17/S (CLY-LEOG-026) M 31 Grießen Hoch filzen 78/17/S (CLY-LEOG-030) M 31 Schwarzleo 79/17/S (CLY-LEOG-031) M 31 Schwarzleo Saalbach 80/17/S (CLY-LEOG-032) M 31 Schwarzleo Saalbach 81/17/S (CLY-LEOG-033) M 31 Schwarzleo Grießen, Hoch filzen, Fieberbrunn 82/17/S (CLY-LEOG-034) M 31 Schwarzleo Saalbach 83/17/S (CLY-LEOG-035) M 31 Schwarzleo Fieberbrunn 84/17/S (CLY-LEOG-036) M 31 Schwarzleo Fieberbrunn, Saalbach 85/17/S (CLY-LEOG-037) M 31 Fieberbrunn 86/17/S (CLY-LEOG-038) M 31 Fieberbrunn Hoch filzen 87/17/S (CLY-LEOG-039) M 31 Fieberbrunn 88/17/S (CLY-LEOG-040) M 31 Fieberbrunn 89/17/S (CLY-LEOG-041) M 31 Fieberbrunn 90/17/S (CLY-LEOG-042) M 31 Fieberbrunn Saalbach 91/17/S (CLY-LEOG-043) M 31 Fieberbrunn 92/17/S (CLY-LEOG-044) M 31 Fieberbrunn 93/17/S (CLY-LEOG-045) M 31 Fieberbrunn 94/17/S (CLY-LEOG-046) M 31 Fieberbrunn 95/17/S (CLY-LEOG-047) M 31 Fieberbrunn Saalbach 96/17/S (CLY-LEOG-048) M 31 Fieberbrunn RareX Limited Suite 23, 513 Hay Street, Subiaco WA 6008 Ph: 08 6143 6720 ACN: 105 578 756 9 98/17/S (CLY-LEOG-050) 99/17/S (CLY-LEOG-051) 101/17/S (CLY-LEOG-053) 103/17/S (CLY-LEOG-055) 104/17/S (CLY-LEOG-056) 105/17/S (CLY-LEOG-057) 106/17/S (CLY-LEOG-058) 107/17/S (CLY-LEOG-059) 108/17/S (CLY-LEOG-060) 109/17/S (CLY-LEOG-061) 110/17/S (CLY-LEOG-062) 111/17/S (CLY-LEOG-063) 112/17/S (CLY-LEOG-064) 114/17/S (CLY-LEOG-066) 115/17/S (CLY-LEOG-067) 116/17/S (CLY-LEOG-068) 117/17/S (CLY-LEOG-069) 118/17/S (CLY-LEOG-070) 119/17/S (CLY-LEOG-071) 120/17/S (CLY-LEOG-072) 121/17/S (CLY-LEOG-073) 122/17/S (CLY-LEOG-074) 123/17/S (CLY-LEOG-075) 124/17/S (CLY-LEOG-076) 125/17/S (CLY-LEOG-077) 126/17/S (CLY-LEOG-078) 127/17/S (CLY-LEOG-079) 128/17/S (CLY-LEOG-080) 129/17/S (CLY-LEOG-081) 130/17/S (CLY-LEOG-082) 131/17/S (CLY-LEOG-083) 132/17/S (CLY-LEOG-084) 133/17/S (CLY-LEOG-085) 134/17/S (CLY-LEOG-086) 135/17/S (CLY-LEOG-087) 136/17/S (CLY-LEOG-088) 137/17/S (CLY-LEOG-089) 138/17/S (CLY-LEOG-090) 139/17/S (CLY-LEOG-091) 140/17/S (CLY-LEOG-092) 141/17/S (CLY-LEOG-093) 142/17/S (CLY-LEOG-094) 143/17/S (CLY-LEOG-095) 144/17/S (CLY-LEOG-096) 145/17/S (CLY-LEOG-097) 146/17/S (CLY-LEOG-098) 147/17/S (CLY-LEOG-099) 148/17/S (CLY-LEOG-1OO) M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 Fieberbrunn Fieberbrunn Fieberbrunn Fieberbrunn Fieberbrunn Fieberbrunn Fieberbrunn Fieberbrunn Fieberbrunn Fieberbrunn Fieberbrunn Fieberbrunn Fieberbrunn Fieberbrunn Fieberbrunn Fieberbrunn Fieberbrunn Fieberbrunn Fieberbrunn Fieberbrunn Fieberbrunn Fieberbrunn Fieberbrunn Fieberbrunn Fieberbrunn Fieberbrunn Fieberbrunn Fieberbrunn Fieberbrunn Fieberbrunn Fieberbrunn Fieberbrunn Fieberbrunn Fieberbrunn Fieberbrunn Fieberbrunn Fieberbrunn Fieberbrunn Fieberbrunn Fieberbrunn Fieberbrunn Fieberbrunn Hochfilzen Hochfilzen Fieberbrunn Fieberbrunn Fieberbrunn Fieberbrunn Saalbach Aurach Aurach Saalbach Grießen Grießen Saalbach Austrian Tenement Schedule – Kitzbuhel - RareX First Priority Designation Reference Cadastral Municipalities Meridian Centre in the Cadastral Municipality Other Cadastral Municipality Concerned 38/17/T (CLY- KITZ-001) M 31 Fieberbrunn 39/17/T (CLY- KITZ -002) M 31 Fieberbrunn 40/17/T (CLY- KITZ -003) M 31 Fieberbrunn 41/17/T (CLY- KITZ -004) M 31 Fieberbrunn 42/17/T (CLY- KITZ-005) M 31 Fieberbrunn 43/17/T (CLY- KITZ-006) M 31 Fieberbrunn 44/17/T (CLY- KITZ -007) M 31 Fieberbrunn RareX Limited Suite 23, 513 Hay Street, Subiaco WA 6008 Ph: 08 6143 6720 ACN: 105 578 756 10 45/17/T (CLY- KITZ -008) 46/17/T (CLY- KITZ -009) 47/17/T (CLY- KITZ-010) 48/17/T (CLY- KITZ -011) 49/17/T (CLY- KITZ-012) 50/17/T (CLY- KITZ-013) 51/17/T (CLY- KITZ-014) 52/17/T (CLY- KITZ -015) 53/17/T (CLY- KITZ -016) 54/17/T (CLY- KITZ -017) 55/17/T (CLY- KITZ -018) 56/17/T (CLY- KITZ-019) 57/17/T (CLY- KITZ-020) 58/17/T (CLY- KITZ-021) 59/17/T (CLY- KITZ-022) 60/17/T (CLY- KZTZ-023) 61/17/T (CLY- KITZ-024) 62/17/T (CLY-KITZ-025) 63/17/T (CLY-KITZ-026) 64/17/T (CLY-KITZ-027) 65/17/T (CLY-KITZ-028) 66/17/T (CLY-KITZ-029) 67/17/T (CLY-KITZ-030) 68/17/T (CLY-KITZ-031) 69/17/T (CLY-KITZ-032) 70/17/T (CLY-KITZ-033) 71/17/T (CLY-KITZ-034) 72/17/T (CLY-KITZ-035) 73/17/T (CLY-KITZ-036) 74/17/T (CLY-KITZ-037) 75/17/T (CLY-KITZ-038) 76/17/T (CLY-KITZ-039) 77/17/T (CLY-KITZ-040) 78/17/T (CLY-KITZ-041) 79/17/T (CLY-KITZ-042) 80/17/T (CLY-KITZ-043) 81/17/T (CLY-KITZ-044) 82/17/T (CLY-KITZ-045) 83/17/T (CLY-KITZ-046) 84/17/T (CLY-KITZ-047) 85/17/T (CLY-KITZ-048) 86/17/T (CLY-KITZ-049) 87/17/T (CLY-KITZ-050) 88/17/T (CLY-KITZ-051) 89/17/T (CLY-KITZ-052) 90/17/T (CLY-KITZ-053) 91/17/T (CLY-KITZ-054) 92/17/T (CLY-KITZ-055) 93/17/T (CLY-KITZ-056) 94/17/T (CLY-KITZ-057) 95/17/T (CLY-KITZ-058) 96/17/T (CLY-KITZ-059) 97/17/T (CLY-KITZ-060) 98/17/T (CLY-KITZ-061) 99/17/T (CLY-KITZ-062) 100/17/T (CLY-KITZ-063) 101/17/T (CLY-KITZ-064) 102/17/T (CLY-KITZ-065) 103/17/T (CLY-KITZ-066) 104/17/T (CLY-KITZ-067) M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 Fieberbrunn Fieberbrunn Fieberbrunn Fieberbrunn Fieberbrunn Fieberbrunn Fieberbrunn Fieberbrunn Fieberbrunn Fieberbrunn Fieberbrunn Fieberbrunn Fieberbrunn Fieberbrunn Fieberbrunn Fieberbrunn Fieberbrunn Fieberbrunn Fieberbrunn Fieberbrunn Fieberbrunn Fieberbrunn Fieberbrunn Fieberbrunn Fieberbrunn Aurach Fieberbrunn Fieberbrunn Fieberbrunn Fieberbrunn Fieberbrunn Fieberbrunn Fieberbrunn Kitzbühel Land Kitzbühel Land Fieberbrunn Fieberbrunn Fieberbrunn Kitzbühel Land Kitzbühel Land Kitzbühel Land Kitzbühel Land Fieberbrunn Kitzbühel Land Aurach Aurach Kitzbühel Land Aurach Aurach Kitzbühel Land Aurach Kitzbühel Land Kitzbühel Land Kitzbühel Land Kitzbühel Land Kitzbühel Land Kitzbühel Land Aurach Kitzbühel Land Kitzbühel Land RareX Limited Suite 23, 513 Hay Street, Subiaco WA 6008 Ph: 08 6143 6720 ACN: 105 578 756 Aurach Aurach Aurach Aurach Aurach Aurach Aurach Fieberbrunn Fieberbrunn Fieberbrunn Fieberbrunn Fieberbrunn Fieberbrunn, Aurach Aurach Aurach Aurach Aurach Aurach Aurach Aurach 11 105/17/T (CLY-KITZ-068) 106/17/T (CLY-KITZ-069) 107/17/T (CLY-KITZ-070) 108/17/T (CLY-KITZ-071) 109/17/T (CLY-KITZ-072) 110/17/T (CLY-KITZ-073) 111/17/T (CLY-KITZ-074) 112/17/T (CLY-KITZ-075) 113/17/T (CLY-KITZ-076) 114/17/T (CLY-KITZ-077) 115/17/T (CLY-KITZ-078) 116/17/T (CLY-KITZ-079) 117/17/T (CLY-KITZ-080) 118/17/T (CLY-KITZ-081) 119/17/T (CLY-KITZ-082) 121/17/T (CLY-KITZ-084) 122/17/T (CLY-KITZ-085) 123/17/T (CLY-KITZ-086) 124/17/T (CLY-KITZ-087) 125/17/T (CLY-KITZ-088) 126/17/T (CLY-KITZ-089) 127/17/T (CLY-KITZ-090) 128/17/T (CLY-KITZ-091) 129/17/T (CLY-KITZ-092) 130/17/T (CLY-KITZ-093) 131/17/T (CLY-KITZ-094) 132/17/T (CLY-KITZ-095) 133/17/T (CLY-KITZ-096) 135/17/T (CLY-KITZ-098) 137/17/T (CLY-KITZ-100) M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 Kitzbühel Land Kitzbühel Land Kitzbühel Land Kitzbühel Land Kitzbühel Land Kitzbühel Land Kitzbühel Land Kitzbühel Land Kitzbühel Land Kitzbühel Land Kitzbühel Land Kitzbühel Land Kitzbühel Land Kitzbühel Land St. Johann in Tirol Kitzbühel Land St. Johann in Tirol St. Johann in Tirol St. Johann in Tirol St. Johann in Tirol St. Johann in Tirol St. Johann in Tirol St. Johann in Tirol St. Johann in Tirol St. Johann in Tirol St. Johann in Tirol St. Johann in Tirol St. Johann in Tirol Kitzbühel Land Aurach Aurach Aurach Kitzbühel Land Fieberbrunn Kitzbühel Land Kitzbühel Land Kitzbühel Land, Fieberbrunn Kitzbühel Land Austrian Tenement Schedule – Leogang - RareX Second Priority in at least 50% of the licence area Designation Reference Cadastral Municipalities Meridian Centre in the Cadastral Municipality Other Cadastral Municipality Concerned 49/17/S (CLY-LEOG-001) M 31 Schwarzleo Sonnberg 50/17/S (CLY-LEOG-002) M 31 Schwarzleo 52/17/S (CLY-LEOG-004) M 31 Schwarzleo 53/17/S (CLY-LEOG-005) M 31 Schwarzleo 54/17/S (CLY-LEOG-006) M 31 Schwarzleo 55/17/S (CLY-LEOG-007) M 31 Schwarzleo 59/17/S (CLY-LEOG-011) M 31 Schwarzleo 60/17/S (CLY-LEOG-012) M 31 Schwarzleo 61/17/S (CLY-LEOG-013) M 31 Schwarzleo Grießen 62/17/S (CLY-LEOG-014) M 31 Schwarzleo 63/17/S (CLY-LEOG-015) M 31 Schwarzleo 65/17/S (CLY-LEOG-017) M 31 Schwarzleo Grießen 66/17/S (CLY-LEOG-018) M 31 Schwarzleo 67/17/S (CLY-LEOG-019) M 31 Schwarzleo 69/17/S (CLY-LEOG-021) M 31 Schwarzleo 70/17/S (CLY-LEOG-022) M 31 Schwarzleo Grießen 72/17/S (CLY-LEOG-024) M 31 Schwarzleo 73/17/S (CLY-LEOG-025) M 31 Schwarzleo Grießen 75/17/S (CLY-LEOG-027) M 31 Schwarzleo 76/17/S (CLY-LEOG-028) M 31 Schwarzleo 77/17/S (CLY-LEOG-029) M 31 Schwarzleo 97/17/S (CLY-LEOG-049) M 31 Fieberbrunn 100/17/S (CLY-LEOG-052) M 31 Fieberbrunn 102/17/S (CLY-LEOG-054) M 31 Fieberbrunn 113/17/S (CLY-LEOG-065) M 31 Fieberbrunn RareX Limited Suite 23, 513 Hay Street, Subiaco WA 6008 Ph: 08 6143 6720 ACN: 105 578 756 12 Austrian Tenement Schedule – Kitzbuhel - RareX Second Priority in at least 50% of licence area Designation Reference Cadastral Municipalities Meridian Centre in the Cadastral Municipality Other Cadastral Municipality Concerned 120/17/T (CLY-KITZ-083) M 31 Kitzbühel Land 134/17/T (CLY-KITZ-097) M 31 St. Johann in Tirol Kitzbühel Land 136/17/T (CLY-KITZ-099) M 31 Kitzbühel Land Moroccan Tenement Schedule Licence Name Tizi Belhaj Bou Amzil Imdere Bou Amzil Extension Licence No 234 08 79 233 88 04 233 94 05 PR 384 22 26 RareX interest 20% 20% 20% - Note Earning up to 100% Earning up to 100% Earning up to 100% 100% on completion Appendix 2: Related Party Payments In line with its obligations under ASX Listing Rule 5.3.5, RareX Limited notes that the only payments to related parties of the Company, as advised in the Appendix 5B for the period ended 31 December 2020, pertain to payments to an executive director for salary and superannuation and non-executi