Announcement PDF Electric Vehicle Raw Materials James Durrant November 2023 RE P 57-71 15 Magnets Batteries ASX: REE rarex.com.au Disclaimer & Competent Persons’ Statements Investor Relations James Durrant Chief Executive Officer P: +61 8 6383 6593 E: info@rarex.com.au Investor Hub ree.investorhub.com/welcome Media Enquiries Nicholas Read Read Corporate P: +61 8 9388 1474 RareX HQ L1, 338 Barker Rd, Subiaco WA 6008 E: info@rarex.com.au This presentation contains summary information about RareX Limited (REE) and is current as of 14 November 2023 and is authorised for release by the Board. The information in this presentation is of a general background and does not purport to be complete. This presentation is not investment or financial product advice (nor tax, accounting or legal advice) and is not intended to be used for the basis of making an investment decision. The information contained in this presentation has been prepared without taking into account the objectives, financial situation or needs of individuals. Investors should obtain their own advice before making any investment decision. REE has prepared this document based on information available to it at the time of preparation. No representation or warranty, express or implied, is made as to the fairness, accuracy or completeness of the information, opinions and conclusions contained in this presentation. For further information, please contact Chief Executive Officer, James Durrant. This presentation contains certain “forward-looking statements”. Forward looking statements can generally be identified by the use of forward looking words such as, “expect”, “should”, “could”, “may”, “predict”, “plan”, “will”, “believe”, “forecast”, “estimate”, “target” and other similar expressions. Indications of, and guidance on, future earnings and financial position and performance are also forward-looking statements. Forward-looking statements, opinions and estimates provided in this presentation are based on assumptions and contingencies which are subject to change without notice, as are statements about market and industry trends, which are based on interpretations of current market conditions. Forward-looking statements including projections, guidance on future earnings and estimates are provided as a general guide only and should not be relied upon as an indication or guarantee of future performance. This presentation contains statements that are subject to risk factors associated with REE and the mining exploration industry. It is believed that the expectations reflected in these statements are reasonable, but they may be affected by a range of variables which could cause actual results or trends to differ materially. REE disclaims any intent or obligation to publicly update any forward-looking statements, whether as a result of new information, future events or results or otherwise. To the maximum extent permitted by law, REE, their related bodies corporate (as that term is defined in the Corporations Act 2001 (Cth)) and the officers, directors, employees, advisers and agents of those entities do not accept any responsibility or liability including, without limitation, any liability arising from fault or negligence on the part of any person, for any loss arising from the use of the presentation or its contents or otherwise arising in connection with it. Competent Person’s Statement - Geology: The information in this presentation relating to the Mineral Resource Estimate for the Cummins Range Rare Earths Project is extracted from the Company’s ASX announcement dated 01 May 2023 which was reported in accordance with Listing Rule 5.8. REE confirms that it is not aware of any new information or data that materially affects the information included in the original announcement and that all material assumptions and technical parameters underpinning the Mineral Resource Estimate continue to apply. The Company confirms there have been no material changes to exploration results since first reported in accordance with Listing Rule 5.8. Competent Person’s Statement – Metallurgy: The information in this presentation relating to metallurgy was first reported in accordance with Listing Rule 5.7 on 11 July 2023. REE confirms that it is not aware of any new information or data that materially affects the information included in the original announcement. Competent Person’s Statement – Production Target and Forecast Financial Information: The information in this presentation relating to production targets and forecast financial information (FFI) was first reported on 22 August 2023. REE confirms that the material assumptions underpinning the production target and FFI continue to apply and have not materially changed. The production target is based on a portion of inferred resource. There is a low level of geological confidence associated with Inferred Mineral Resources and there is no certainty that further exploration work will result in the determination of Indicated Mineral Resources or that the production target itself will be realized. Global Resource (JORC 2012) 2.5% P2O 5 Grade Cut Tonnes Mt TREO ppm P2 O 5 % NdPr ppm Nb2O 5 ppm HREO ppm Indicated 66.6 5,010 6.8 1,100 830 290 Inferred 452.7 2,900 4.2 630 550 170 Total 519.3 3,170 4.6 700 580 190 Why Does RareX Exist? Fundamental Belief In The Electrification Of Things And The Green Energy Revolution Global net-zero ambitions ✓ EU Net zero by 2050 – $3.8T by 20501 ✓ US net zero by 2050 - $30T by 20502 ✓ Australian critical minerals key to the decarbonization of supply chain3 Massive EV and wind turbine investments The generation, storage and use of clean energy are key technologies driving the critical metals boom for RE magnets and phosphate battery storage Electric Vehicles Wind turbines ✓ $1T surpassed in EV investment by automotive manufacturers ✓ $1.7T invested in clean energy generation in 2023 ✓ $4T required annually – IEA5 LFP battery investment for EVs and grid firming Renewable energy generation and electric vehicles have in common the need for rare earth magnets and battery storage. Lithium Iron Phosphate ✓ Global LFP battery market projected to grow from $10 billion in 2021 to $50 billion by 20284 RE 57-71 Rare Earths “RareX focused on rare earths for magnet motors and also found phosphate for LFP batteries – a poetic discovery” 15 Sources: 1: https://www.weforum.org/agenda/2022/04/bnefeuropean-energy-transition-2022/ 2: https://about.bnef.com/blog/report-shows-thatinflation-reduction-act-alone-wont-set-united-stateson-track-for-netzero/#:~:text=To%20get%20on%20track%20for,rapidl y%20cut%20down%20on%20emissions. 3: https://www.globalaustralia.gov.au/industries/netzero/critical-minerals 4: https://www.fortunebusinessinsights.com/lithiumion-li-ion-phosphate-batteries-market-102152 5: https://www.canarymedia.com/articles/cleanenergy/chart-clean-energy-investment-to-hit-1-7tw idening-lead-on-fossil-fuels P Phosphorus Corporate Snapshot Well Suited For Value Growth Capital Structure Shareholders ASX Code Share Price (13.11.2023) Shares on Issue Market Capitalisation REE A$0.030 683M A$20.502M Top 50 Shareholders Number of Shareholders Major Shareholders Cash (Sept Qtr) Investments (June Qtr) A$2.3M A$5.3M Share Price Information ~38% ~5,400 Simon Lee AO (5.2%) Jeremy Robinson (4.3%) ASX: REE 0.08 Key people Chairman CEO Major Assets Cummins Range Project RareXploration tenements Kincora Copper Cosmos Exploration Limited Canada Rare Earths Corp Various rare earth exploration projects Jeremy Robinson James Durrant 100% 100% 5M shares1 10M shares 25M shares 100% Note: 1: KCC shareholder approved: RareX will transition its free carry in 5 tenements into 40M new shares. Until then RareX maintains a 35% free carry Trundle, Fairholme, Jemalong, Cundumbul and Condobolin exploration licences in NSW, in addition to 5M shares. 0.07 0.06 0.05 0.04 13 Nov 2023 Prev Close: 0.030 0.03 0.02 Nov 2022 May 2023 Nov 2023 RareX Value Proposition 1 2 Team able to discover, engineer, approve, fund and deliver Cummins Range EV raw material project Low-risk, high value, fast tracking Stage-1 Stage-2 $45M to monetise the pre-strip $304M at Y3 for 15 years of Bene production: ✓ rare-earth for magnets ✓ phosphate for batteries IRR – 39% pre-tax, 27% post-tax NPV– $549M pre-tax, $333M post-tax Exploration upside on and beyond Cummins Range Cummins Range “near-mine” anomalies Kimberley projects ▪ Mt Mansbridge ▪ Maude Creek ▪ +Others Supply-chain bulk ready - under contract Offtake - MOU for initial products East Yilgarn ▪ Weld North ▪ Red Dragon Underpinned by Australia’s largest undeveloped rare earths project Investments in strategic listed companies ✓ 24Mt – Contained P 2O5 ✓ 1.6Mt – Contained rare earths 3 ▪ ▪ ▪ Kincora – 5M shares Cosmos – 10M shares CREC – 25M shares Action orientated board Cameron Henry – Process plant construction Danny Goeman – Marketing, sales & shipping Jeremy Robinson – Corporate finance John Young – Mine developer Shaun Hardcastle – Corporate Lawyer Core team with Tier 1 exploration, development and ops experience James Durrant – Mining ops & projects Kay Hofmann – Mining ops & approvals Guy Moulang – Exploration & Discovery Greg Wynne– Mine geology Lu Zhang – Metallurgy & Process Damien Krebs, Gavin Beer – Metallurgy BHP, Rio Tinto, FMG, MinRes, Pilbara Lithium, Primero, Mets Engineering Cummins Range Project Critical Minerals For The Electric Revolution 15 P Phosphorus 57-71 RE Rare Earths Bulk Loading Facility Infrastructure sharing Term Sheet Wyndham Port Offtake MOU For phosphate products 4 Ha strategic industrial land In final negotiation Kununurra Bulk Haulage JV Agreement In final negotiation Ord River Hydro Plant Mineral Corridor 535km Halls Creek Flagship Snapshot Cummins Range Technical Financial A magnet-Rare Earths and batteryphosphate Critical Minerals Project, beginning with monetised overburden as Direct Shipping Ore (DSO) NPV8 post-tax: IRR post-tax: Initial Capex: Stage 2 Capex: EBITDA: Stage 1: Monetised DSO pre-strip Stage 2: P-RE mineral con - Bene Stage 3: Fresh rock processing (from 2039) Scoping Study released for an 18-year mine life at 500ktpa Local training agreement with EKJP In final negotiation Supply chain agreements: ✓ Offtake – partially complete (MOU) ✓ Mineral loading - complete ✓ Stockpiling land option – complete ▪ Trucking contract and JV - pending Jaru heritage agreement closing RareX Project Cummins Range Jaru Mining Heritage Agreement In final negotiation Regulatory submissions planned in early-mid 2024. AU$ 333M 27% AU$ 45M AU$ 304M AU$ 1.5B Conservative cost inputs ▪ 20% capital contingency ▪ 5% pa deployed capital sus-cap ▪ Government taxes and royalties ▪ Native title contributions and royalties ▪ Mine closure $41M Conservative pricing considering US $110/kg NdPr oxide US $250/t 32% P 2O5 Discounted for incentivisation and value chain position: REO: 80% basket discount P2O5: 10% discount Sources: ASX Announcement 22 August 2023. The information in this presentation relating to production targets and forecast financial information (FFI) was first reported on 22 August 2023. REE confirms that the material assumptions underpinning the production target and FFI continue to apply and have not materially changed. The production target is based on a portion of inferred resource. There is a low level of geological confidence associated with Inferred Mineral Resources and there is no certainty that further exploration work will result in the determination of Indicated Mineral Resources or that the production target itself will be realised. 2023 JORC Resource 519.3Mt @ 4.6% P2O5, 0.32% TREO In total: Australia’s largest undeveloped rare earths project ✓ 1.6M tonnes contained TREO ✓ 24M tonnes of contained phosphate Normalised to 1% TREO: ✓ Australia’s 3 rd largest undeveloped rare earths project Cummins Range High Grade Resource vs. Peers BFS $507M Tonnes Contained, Mt 70 600 Tonnes, Mt Market Cap, AUD (29.09.2023) 60 BFS PFS 400 50 40 500 300 $249M Exploration $175M 30 20 BFS $86M 10 $160M 200 BFS 100 Market Cap, AUD 80 $23M 0 0 Dubbo 0.9% TREO Nolans Bore 2.6% TREO Cummins Range 1.0% TREO Sources: See slide: List Of Sources For Grade And Resource Graphs ASX Announcement 01 May 2023 Yin & C3 1.0% TREO Yangibana 0.9% TREO Browns Range 0.8% TREO “An impressive 24Mt of contained P2O5 and 1.6Mt of contained TREO” Developing Cummins Range Into A Critical Minerals Project Focussing On Overburden Approval To Establish A Near Term Operating Platform YEAR* 2H 2023 1H 2024 Resource definition MRE update Geotech Pre-strip approvals Heritage & enviro pre-requisites Pre-strip readiness Supply chain contracts Pre-strip offtake 2H 2024 Referral Assessment Funding Bene approvals Enviro pre-requisites Bene readiness Studies & engineering Bene offtake MOUs *The timetable is indicative and subject to change ✓ License Road design & build Term sheets 2026+ Grade control 2nd and 3rd level approvals Operational contracts Mine design 2H 2025 Grade definition Reserve MOUs Resource definition ▪ Focus on first 2-5 years on mining ▪ Multi purpose drilling: definition, Geotech, metallurgy ▪ Aiming for 1-2 years of Measured 1H 2025 Installation & ops Take or pay Referral Commercial contracts Term sheet EBITDA Assessment Funding ✓ Licence Construction Strategic offtake partner $1,450M $695M title contributions Pre-Strip (Stage-1)Tax, Government and native Beneficiation (Stage-2) Mine closure ▪ Monetised overburden ▪ Mineral concentrate product $41M ▪ Direct shipping ore rock phosphate ▪ Magnet rare earths.$549M Battery/ $333M NPV 8 (pre / post-tax) ▪ >250ktpa FOB Wyndham phosphate IRR (pre / post-tax) 39% / 27% ▪ c. 500ktpa FOB Wyndham Batteries Magnets Single EV Raw Material Product Mineral Concentrate Magnet Rare Earths ✓ Single bulk product offering from Wyndham port, north WA ▪ 200kg NdPr per MW of turbine ▪ 837,000 MW of installed wind power in 20221 ▪ Net-zero requires the 75 GW installed in 2022 to reach 350 GW in 2030 4 Combined mineral concentrate High NdPr grading monazite ✓ Low UTh, not affected by leach process Clean apatite phosphate mineral 15 57-71 P RE Phosphorus Rare Earths ✓ Low contamination, simple phosphoric acid leach and purification to LFP grade ✓ Nitron offtake 250ktpa MOU Electric Vehicles ▪ 1kg NdPr per vehicle ▪ 2.3M EVs sold in 1Q2023 c. 35% YoY increase3 Battery phosphates Pre-strip ✓ Organic Rock Phosphate ✓ 23% P2O5, 5x bioavailability ✓ c. 1Mt from surface ✓ Organic ✓ Nitron offtake 250ktpa MOU Sources 1: https://gwec.net/global-w ind-repo rt-2022/ 2: https://www.iea.org/e nerg y-system /electricity/grid-scale- sto rage 3: https://www.iea.org/energy-system/transport/electricvehiclesUnited Nations 4: https://www.iea.org/energy-system/rene wable s/wind 5: https://www.nature.com/articles/s43246-022- 00236- 4 6: https://www.crugroup.com /lf p-growth-may-require-the-globa lpurified-phosphoric-acid-industry-to-double-in-size/ Wind farms MOU 2nd largest global fert trader ▪ 250ktpa Pre-strip DSO ▪ 250ktpa Phosphate mineral con. Huge Growth ✓ 25.5 kg phosphate in each LFP vehicle5 ✓ 35x installed grid-scale battery storage capacity required between 2022 and 2030 for net zero2 Supply diversification needed ▪ 30% of all EV batteries (2022) are LFP, In 2020 only 6% were LFP! ▪ >90% made in China 6. Favourable Project Metrics Total LOM Production Forecasts 40 3.5% 2.9% 31.7 29.5 24 2.1% 20.9 16 8 18.9 0.9% 0.7% 1.4% 0.9% 0.7% 3.3 0 Cummins Range Nolans Bore Cummins Range comparable with peers 2.8% Yangibana Tonnage, Mt Dubbo 0.7% Scoping study modelled 31.7Mt @ 0.7% TREO from Cummins Range1 TREO Grade, % Total Forecast Production, Mt 32 Note: 1: ASX 22 August 2023: The Scoping Study referred to in this release is based on low-level technical and economic assessments and is insufficient to support an estimation of Ore Reserves or to provide assurance of an economic development case at this stage, or to provide certainty that the conclusions of the Scoping Study will be realised. Further evaluation work and appropriate studies are required before RareX will be in a position to estimate any Ore Reserves or to provide any assurance of an economic development case 0.0% Browns Range Sources: See slide: List Of Sources For Production Forecasts and Grade, Economics And Radionuclides TREO Grade, % Annual TREO Output vs. Development CAPEX 16 1.08B 1.20 0.90 8 0.60 0.42B 0.29B 0.22B 0.30 0 0.00 Cummins R ange Yangiba na Nolans Bore Dubbo “simpler, faster, staged” TREO Output, ktpa CAPEX, USD Billion Browns Range CAPEX, USD TREO Output, ktpa 12 4 Low capital intensity 1.50 1.14B ✓ TREO grades from monazite comparable to peers ✓ Additional benefit of low contaminate phosphate in apatite ✓ 18-year mine life and potentially more to come Efficiency of capex deployment - AU$ 350M capex for: ▪ 12 ktpa of TREO2 ▪ Plus 169 ktpa of P2O5 ▪ Preceded by monetised pre-strip ✓ One of the highest proposed TREO output projects ✓ One of the lowest development capital requirements ✓ High efficiency, lower risk Note: 2: Cummins Range is projected to deliver a mineral concentrate. Peer group have various value chain positions. “A lower risk, lower cost project, for a higher critical mineral output” Cummins Range ‘Near-Mine” Resource Expansion The Potential To Expand The Resource At Cummins Range For A Larger Or Longer Life Flagship Project Justification Exploration Plan ✓ Detailed gravity and magnetic surveys indicate 2 large ultramafic bodies to the north including a pipe like body ▪ 3D Modelling of select geophysics anomalies to aid drill targeting Multiple anomalies on RareX tenements proximate to the Cummins Range deposit ✓ Irregular Geophysical responses are similar to Cummins Range carbonatite pipe ✓ Positive 3 rd party review by Nigel Brand highlighted significant target potential Utilise existing access and facilities to efficiently create exploration targets ▪ Review and integrate geophysics with historical drilling and surface geochemistry ▪ Use the Geophysics to target surface geochemical programs ▪ Exploration drilling in Q2/Q3 2024 “Geophysics surveys show potential to expand the regional resource base” Growing Kimberley Portfolio For Future Project Synergies Curating And Prioritising Tenements For Target Generation And A Future Hub And Spoke Model Regional Hub Mt Mansbridge Maude Creek1 ✓ Recently pegged all of the Killy Killy formation at Mt Mansbridge HRE project ✓ Numerous HRE geochemical anomalies on unconformities and vein systems ✓ Brown Range look alike (which is 60km to the NE) ✓ RareX completed soils program over magnetic feature under unconformity. o Encouraging results have been received. o Exploration team needs to ground check before announcing. ✓ Xenotime in Kimberlite occurrence, no HRE assays ✓ Proximal to deep crustal structures ✓ Speewah carbonatite 20km north along the same structural trend ✓ Untested mag feature on a lineament - Crosscutting host stratigraphy Heavy rare earths, proximal to Browns Range HRE Project with Carbonatite Potential “Projects with regional, technical and operational synergies” Note: 1: Pending formal grant E80/5430 Mt Mansbridge 2km Maude Creek Eastern Yilgarn Projects Under Explored Terrain With Large Areas Of Regolith Hosted Rare Earths Weld North Regolith hosted rare earths ✓ 23 air core drill holes over 10-line kilometers in 2021 ✓ All holes contained elevated rare earths, intercepts include 32m at 1179ppm TREO and 35m at 1017ppm TREO ✓ Light rare earths with 20% NdPr Red Dragon Red Dragon Regolith hosted rare earths ✓ Located 150km south-west of Laverton ✓ Contains highly elevated soils up to 0.4% TREO ✓ large untested strong magnetic target undercover. Not stratigraphic. ✓ Funding supported though EIS “Kimberley ‘offseason’ exploration projects” Weld North E80/5430 Relevant Investments In Listed Companies Electrification metals exposure across the globe providing investor upside and funding contingency Curating good investments Kincora – Cu-Au Lead explorer in Macquarie Arc is Australia’s foremost, world class, copper porphyry district ✓ Board seat ✓ 45 million shares* ✓ 1% NSR on 5 projects Cosmos (ASX:C1X) – Li-RE-Cu Emerging lead explorer in the corvette east district of Ontario Canada, proximate to Patriot Battery Minerals ✓ Board seat ✓ 10 million shares (c. 18%) ✓ 25% free carry to BFS on Orange East, NSW project. CREC – Rare Earth trading Developing a vertically integrated rare earth industry by connecting exploration to mining to refining to customer ✓ No current board seat ✓ 25 million shares * Note: KCC shareholder approved: RareX will transition its free carry in 5 ✓ Canadian based tenements into 40M new shares totalling 45M shares post transaction. Until then RareX maintains a 35% free carry Trundle, Fairholme, Jemalong, Cundumbul and Condobolin exploration licences in NSW, in addition to 5M shares. Team to Deliver In The Right Way An Evolved Board Of Company-Building Directors Danny Goeman John Young Ex FMG director of sales and marketing and advisor to the CEO, following 20 years with Rio Tinto in management, sales and marketing, strategy development and high level commercial negotiations Co-founder and executive director of successful A SX200 lithium producer Pilbara Minerals Limited (ASX: PLS) Non-Executive Director Geology, Development, Growth Non-Executive Director Offtake, Marketing, Shipping Jeremy Robinson Chairman Fund raising, Strategy, Corporate Development As Head of Marketing, then CEO; responsible for the 2018, 10-year binding take-or-pay offtake deal for junior SOP developer Danakali (ASX: DNK) Founder of RareX and Managing Director for 5 years leading the Company through massive resource expansion Holds a Masters in Business Administration and Postgraduate Diploma in leadership & Management from Curtin University 18 years in corporate finance both in investment firms and in-house Bachelor of Commerce from the University of Western Australia majoring in Corporate Finance, Investment Finance and Marketing Cameron Henry Non-Executive Director Engineering, Construction, Operations Founding managing director of EPCM engineering firm, Primero Group Limited Over 20 years' experience in development and delivery of global minerals processing, energy and NPI projects Holds a Masters in Project Management from Curtin University and is a Member of the Australian Institute of Company Directors (MAICD) L ed the growth of Pilbara from a ju n ior ASX-listed company to a globally significant $2 billion lithium producer in the Pilbara region of Western Australia Holds a Bachelor of Geology from Curtin University and is a director on a number of ASX listed companies Shaun Hardcastle Non-Executive Director Corporate Law, Finance Law, Governance Partner at Hamilton Locke law firm covering corporate and finance law, corporate governance, risk management and compliance Involved in a broad range of crossborder and domestic transactions including joint ventures, corporate restructuring, project finance, resources and asset/equity sales and acquisitions Bachelor of Law from UWA and currently a non-executive director of a number of ASX listed companies Growing in-house capability Discovery, development, ops James Durrant Chief Executive Officer Mining and Mechanical Engineer with nearly 20 years across Tier 1 operations and junior company project development in Africa and Australia Guy Moulang Head of Geology Greg Wynne Senior Geologist Geologist, project manager and mines rescue qualified Lu Zhang Process & Product Engineer Geologist and AIG Member with 20 years experience in technology metals, base metals and gold exploration. 5 years with RareX on Cummins Range Metallurgist and process engineer. Ex Mets Group Kay Hofmann Rare Earth and Phosphate metallurgist Study & Approvals Manager Ex Mineral Resources Limited and BHP. Lead engineering and operational teams across mine planning, production, drill & blast, A&I, hydrogeology and environmental baselines Damien Krebs Lead Metallurgist Gavin Beer Consultant Metallurgist Rare Earth process designer and metallurgist Monetising In A Sustainable Manner ESG Framework • WEF consistent designed by Top5 advisor What we’re currently doing • Aligned to stakeholders' expectations ✓ TO negotiations towards a Mining Heritage Agreement • Mapped out through exploration, development and into operations ✓ Environmental Baselines +70% complete Social Performance Framework • Designed to International standards UN and IFC • Maximises potential for positive indigenous relations • Provides for progressive development of social performance for all project stages ✓ Aboriginal impact assessment defined for execution ✓ Recruitment process to remove barriers for aboriginals and minority groups ✓ Agreement pending with EKJP for local and regional TO training ✓ Jaru contracting agreement with locally known TO owned mining contracting company pending ✓ Jaru Ranger programme being investigated in conjunction with KLC “Doing the right things, the right way and holding ourselves accountable” Investor Milestones Cummins Range - Project Delivery 2024 ▪ 2024 H1 Mining heritage agreement 2025 H2 ▪ Maiden ore reserve ▪ ▪ ▪ ▪ ▪ ▪ Ops-readiness (Stage 1) Mining approvals Construction contracts Operational contracts FID Financing CY ▪ First Ore (pre-strip) ▪ ▪ ▪ ▪ Grade definition & control drilling Pre-Strip ops-readiness (Stage 1) Construction readiness & Early Works First Ore from pre-strip ▪ ▪ ▪ ▪ ▪ ▪ Final engineering Ops-readiness (Stage 2) Mining approvals Construction contracts FID for bene plant Financing Pre-Strip DSO quarry (Stage 1) ▪ ▪ ▪ ▪ ▪ ▪ Finalised plant trials Binding Offtake Mining contractor selection Finalised supply chain contracts DFS study and economics Pre-Strip (Stage 1) enviro submissions RE-Phos bene plant (Stage 2) ▪ ▪ ▪ Product samples and derivatives Mineral concentrate offtake MOUs PFS study and economics Notes Some milestones dependent upon prior milestones ▪ ▪ ▪ ▪ Metallurgical optimisation Binding offtake DFS study and economics Enviro submissions Investor Milestones 2023 Q4 2024 Q1 2024 Q2 Cummins Range ‘Near-Mine” ✓ Geophysics ▪ Cummins Range “Near-Mine” target generation Kimberley projects ▪ Mt Mansbridge data re-interp ▪ Maude Creek data re-interp ▪ Portfolio growth ▪ ▪ “Near-Mine” geochem surveys Cummins Range “Near Mine” tenement growth ▪ ▪ “Near-Mine” target drilling “Near-Mine” growth tenements: Target generation ▪ ▪ Mt Mansbridge: Geophysics Maude Creek: tenement finalisation and heritage agreement ▪ ▪ ▪ Mt Mansbridge: target generation Maude Creek: Soils programme Maude Creek: target generation ▪ East Yilgarn: Geophysics & geochemistry EIS application ▪ Red Dragon mag drilling East Yilgarn” ▪ Field programme planning for Red Dragon ▪ Notes Some milestones dependent upon prior milestones Board of Directors Jeremy Robinson – Non-Executive Chairman John Young – Non-Executive Director Danny Goeman – Non-Executive Director Shaun Hardcastle – Non-Executive Director Cameron Henry – Non-Executive Director Company Secretary Oonagh Malone Chief Executive Officer James Durrant RareX HQ L1, 338 Barker Rd, Subiaco WA 6008 ABN 65 105 578 756 T: (08) 6383 6593 E: info@rarex.com.au Follow us Investor Hub: LinkedIn: Twitter: https://investors.rarex.com.au/welcome https://www.linkedin.com/company/rarex-limited https://twitter.com/rarex_asx rarex.com.au ASX: REE Thank you Facts, Figures & Analysis Cummins Range JORC 2012 Mineral Resource Cummins Range Deposit Remote But Well Connected Deposit Location Overview 130km SW of Halls Creek access via Tanami Road Deposit at surface ease of exploration Jaru Traditional Owners consulted and supportive Part of the Great Sandy Desert on unused pastoral lease Connected to Wyndham Port via established mineral corridor 1 1 Port Wyndham 2 Lake Argyle, Ord River Hydro Plant 2 Cummins Range Western Australia 2023 JORC Resource 519.3Mt: 4.6% P2O5; 0.32% TREO 1.6Mt TREO contained 24Mt P O 2 contained Highlights Estimated by industry experts at CSA Global ✓ Large igneous, low deleterious, Phosphate deposit discovered from surface c. 70Mt of Indicated resource located within the regolith, top 100m Sources: ASX Announcement 01 May 2023 2.5% P 2O5 Grade Cut Tonnes Mt TREO ppm P 2O5 % NdPr ppm Nb2O5 ppm HREO ppm Indicated 66.6 5,010 6.8 1,100 830 290 Inferred 452.7 2,900 4.2 630 550 170 Total 519.3 3,170 4.6 700 580 190 5 Basis of Resource Phosphate CoG used to capture the extensive Phosphate mineralisation and low to highgrade rare-earths Global Resource (JORC 2012) ✓ High grade Rare Earth core still remains: concentrated around the Dykes: +50Mt at >1% TREO ✓ Underlying fresh rock resource with higher-grade Rare Earths and favourable mineralogy “This new resource reframes the project as one of Australia’s most significant rare earth projects” Cummins Range Radionucleotides Radionuclides Comparison 2,373 2,400 U, ppm 2,100 Th, ppm Radionuclide Level, ppm 1,800 1,500 1,200 900 659 527 600 375 300 254 153 120 25 58 62 30 24 0 Nolans Bore Mt Weld Yangibana Dubbo Cummins Range Browns Range “Cummins Range is one of the lowest radionuclides containing Sources: See slide: List Of Sources For Production Forecasts and Grade, Economics And Radionuclides deposit” Detailed Project Economics Cummins Range Key Inputs And Assumptions General Parameters and Assumptions Discount Rate Owners Costs Sustaining Capital Product Price Product Payability 8% 8% of direct and indirect capital costs for each stage 2% of deployed capit