RareX Limited and Iluka Resources have joined forces to form a consortium for the development of the Mrima Hill rare earth-niobium-phosphate-manganese project in Kenya. The consortium has submitted a formal proposal to NAMICO, under the Kenya Mining Act, to establish a joint venture for the project. If successful, Iluka will hold a 25% ownership in the project. RareX will lead the de-risking process, focusing on community engagement and technical studies. A binding offtake agreement with Iluka for rare earth products has also been signed.

The consortium's application is subject to approval by NAMICO and the Cabinet Secretary, with no guarantees of acceptance. RareX plans to work on socio-environmental aspects and resource studies if the project progresses. The collaboration aims to integrate rare earth processing at Iluka's Eneabba facility and develop local value chains. Preliminary discussions for funding the project are underway with GEM.

Investors are cautioned not to rely solely on the grant of the Prospecting Licence. RareX's path forward includes advancing the Mrima Hill Project responsibly and sustainably, alongside Iluka's expertise. The company envisions a valuable partnership that could contribute to diplomatic relations and provide essential materials for both Australia and Kenya. Further updates will be provided in compliance with listing rules. Investors are invited to engage with the company for more information.