Quarterly Activities/Appendix 5B Cash Flow Report

Dear Investors,

RareX has made significant progress in the December 2024 quarter. Highlights include further de-risking of the Khaleesi Niobium Project, identification of heavy rare earth mineralization at Mt Mansbridge Project, and acquisition of the Piper Project in the NT. The Company has released its ESG and Sustainability Report for the 2024 financial year and is actively seeking complementary project acquisition opportunities.

In terms of financials, RareX reported a net increase in cash and cash equivalents for the period, with positive cash flows from operating activities. The Company received a refundable tax offset for eligible research and development activities.

Looking ahead, RareX is well-positioned with estimated funding available for future operating activities and continued progress in its exploration and development projects.

For more information, please refer to the detailed quarterly report released by the Company. We welcome any questions or inquiries from our investors.

Sincerely,

Your RareX Management Team

(Disclaimer: The above summary is based on the text provided and does not capture all details of the original document. Investors are encouraged to review the full report for comprehensive information.)