Annual Report to shareholders

FY2023 has been a productive year for RareX, with the delivery of a significantly increased Mineral Resource Estimate for our flagship Cummins Range Rare Earths & Phosphate Project and an evolution in our planned development pathway for this unique critical minerals project towards a staged, three-phase development approach. We’ve expanded our management and governance team to build a senior leadership team that is highly relevant to the business and its transition towards operations, and we’ve established RareXploration to curate a portfolio of synergistic assets with exciting exploration potential. Our regional presence in the Kimberley is becoming more established as we work with local businesses, community members and government in the region, and our positive relationship with the Jaru Traditional Owners has continued to strengthen.

“Whilst these efforts are not yet reflected in our share price performance – in a large part due to macroeconomic factors that are impacting many companies across the junior resources sector – I am confident we have the fundamentals in place for robust growth: We hold the largest undeveloped rare earths deposit in Australia and we’ve developed a low risk, low capital intensity strategy for its development. Our metallurgical pathway is well defined, with first product samples now becoming available for customer feedback, and we’re seeing positive signs of a recovery in rare earth pricing alongside continued strong phosphate prices. The supply of phosphate and rare earths from reliable supply chains is becoming increasingly sought-after, particularly by automotive manufactures where rare earths feed the magnet motors and high-purity phosphate (such as ours) is fed into Lithium-Iron-Phosphate (LFP) battery technology. These exceptional foundations, coupled with exciting upcoming work programs within our RareXploration initiative, should see improved sentiment in the near term.

“I would like to acknowledge the hard work and commitment of the small, but highly skilled RareX team for their efforts over the year and would also like to thank all our shareholders for their continued support