Announcement PDF ASX Release 30 April 2025 March 2025 Quarterly Report Engage with this announcement at the RareX investor hub. HIGHLIGHTS • • • • • • • RareX and Iluka Resources establish a consortium to apply for the Mrima Hill rare earth-niobium-phosphatemanganese project in Kenya and for the formation of a special purpose vehicle (“SPV”) for its de-risking and development High grade gallium identified at the Cummins Range Project in the Kimberleys, WA - historical drill assays suggest these are the highest-grade gallium assays reported in Australia Scandium contained within the Cummins Range deposit add to the potential of the project as a multi critical mineral project and make Cummins Range one of the largest scandium deposits in Australia Tenements granted at the Mt Mansbridge Heavy Rare Earths Project clearing the path to drilling A new heavy rare earths tenement acquired at the Mt Mansbridge Heavy Rare Earths Project – containing historical yttrium rich boulders which is a proxy element for heavy rare earths Access agreement secured at the Khaleesi Project with Deep Yellow neighbours One additional licence acquired at the Khaleesi Project, expanding the prospectivity of this alkaline intrusive complex project Cautionary Note: At present, there are no guarantees that the consortium’s application for the Mrima Hill Project will be accepted and that the consortium will be invited to negotiate with NAMICO and the State Department for Mining the terms on which the proposed Prospecting Licence will be granted. The grant of the Prospecting Licence remains subject to discretion of NAMICO and the Cabinet Secretary and therefore investors are cautioned not to place undue reliance on the grant of the Prospecting Licence. RareX Limited (ASX: REE) (RareX or the Company), is pleased to provide its activities and cash flow reports for the quarter ended 31 March 2025. Management Comment RareX’s Managing Director, James Durrant, said: “RareX made strong progress during the quarter, advancing its strategy to develop a portfolio of world-class critical minerals assets. At Cummins Range, high-grade gallium assays and confirmation of significant scandium potential further position the project as a globally significant multicommodity deposit. Progress across the broader portfolio included tenement grants and acquisitions at Mt Mansbridge and Khaleesi, expanding RareX’s exposure to heavy rare earths and a phenomenal alkaline intrusive system. Post-quarter, RareX also partnered with Iluka Resources in a consortium submission to pursue the strategic Mrima Hill project in Kenya, reinforcing the Company’s ambitions to develop primary deposits for critical minerals supply chains for the West.” RareX and Iluka in consortium for Mrima Hill On 22 April, RareX announced a consortium agreement with Iluka Resources Limited (ASX: ILU) to apply for the Mrima Hill rare earth-niobium-phosphate-manganese project licence (“the Project”, “Mrima Hill”) (“Consortium Agreement”), and that the consortium has made a formal application to the National Mining Corporation of Kenya (“NAMICO”), which has now been formally receipted by NAMICO. Subject to the application being successful, the parties agree to establish a Special Purpose Vehicle (“SPV”) to pursue the acquisition, de-risking and development of the Mrima Hill Project and to negotiate the terms of a formal shareholders agreement. The Consortium Agreement sets out that Iluka will hold a 25% equity stake in the SPV as well as the terms for rare earth offtake to potentially provide feed to Iluka’s Eneabba rare earth refinery, and heavy mineral offtake. The Consortium Agreement intends for RareX to take the lead in de-risking the Project with a strong initial focus on socio-environmental matters followed by metallurgical and value chain engineering studies including the installation of local laboratory and pilot plant capability in the short to medium term. Application and proposal for Mrima Hill The Mrima Hill Project is currently owned by the Ministry of Mining, Blue Economy and Maritime Affairs, and, under Kenyan Law, its de-risking and future development will require a joint venture with the national mining corporation, NAMICO. Figure 1: Map of Kenya with Mrima Hill Project outlined in light blue in southern corner of Kenya. An application has been made by the consortium to NAMICO which is aimed at securing approval to form a strategic partnership with NAMICO via a joint venture, into which the Prospecting Licence will transfer (“JVco”). NAMICO has confirmed receipt of the application and is currently reviewing the proposal in parallel with the State Department for Mining. At present, there are no guarantees that the consortium’s application will be accepted and that the consortium will be invited to negotiate with NAMICO and the State Department for Mining the terms on which the proposed Prospecting Licence will be granted. The grant of the Prospecting Licence remains subject to discretion of NAMICO and the Cabinet Secretary and therefore investors are cautioned not to rely on the grant of the Prospecting Licence. RareX will continue to inform the market of the progress of the application in accordance with its obligations under Listing Rule 3.1. If the consortium’s proposal is accepted, the RareX-Iluka SPV will be formed and will become the counterparty to NAMICO in the JVco. This process is in accordance with the Kenya Mining Act. If successful and the project licence (“Prospecting Licence”) is granted to the JVco, RareX will lead the necessary socio-environmental, resource definition, and engineering study work. This body of work is the prerequisite for a Mining Licence under which the Project would be licenced to move into construction and operations. RareX and Iluka have signed a binding offtake term sheet (“Term Sheet”) which sets out the terms for a long-form offtake agreement. The commencement of sale and purchase of material under the Term Sheet (but not the Term Sheet itself) is subject to conditions precedent including the grant of a Mining Licence, the commencement of commercial production, Iluka board approval for the definitive agreement and regulatory and financing approvals. If the procurement process is successfully completed and the Prospecting Licence is issued to the JVco, RareX will focus on community engagement and environmental assessments as a priority. It is critical that before any activity is initiated on the Project, there is a social licence to operate. To achieve a social licence to operate, RareX intends to build local teams with support from experienced companies that specialise in community development. This includes employing, where possible, relevant teams previously established to support the Kwale Mineral Sands Operation which has entered its closure phase. Kwale Mineral Sands Operation, previously owned by Australian company, Base Resources Limited (ASX:BSE), is close to the Mrima Hill Project. RareX’s vision, as the intended future operator, is to work with Iluka to enable the rare earths to be processed at Iluka’s Eneabba facility, whilst building out local value chains for manganese, phosphate and niobium, important to Kenya’s domestic industries. In connection with the application, RareX is in preliminary discussions with GEM - Global Emerging Markets regarding a potential facility to fund the working capital requirements of the Company associated with the Project. The terms of the facility, including the quantum of the facility, are not yet in agreed form and there are no guarantees that the potential facility will become available to RareX. The Company may consider other options for funding. Key terms of the Consortium Agreement and Offtake Term Sheet are set out in the announcement dated 22 April 2025. CUMMINS RANGE PROJECT The Cummins Range Rare Earths Project in the Kimberleys, WA, is an advanced project with many of the predevelopment aspects completed and a mining lease in its final stages of approval. The metals scandium and gallium have not been included in scoping study work and may present significant upside to the underlying economics of the deposit. Gallium at Cummins Range In March, RareX announced the discovery of high-grade gallium at the Cummins Range carbonatite pipe. The rare earth deposit hosts multiple wide, high-grade intercepts above the Rare and Phos carbonatite dykes. Gallium assays have been identified in the upper 80m of the carbonatite pipe, occurring alongside high-grade rare earths, phosphate, and scandium mineralisation. Deeper gallium has not yet been assayed for. Most of the world’s gallium is produced as a byproduct of aluminium and zinc refining. Gallium grades are generally classified as follows: low-grade (30–50 g/t), moderate-grade (50–100 g/t), and high-grade (>100 g/t). Initial assessments have identified a moderately mineralized area of 500m x 500m, with higher grade zones occurring within and near high grade rare earth and scandium mineralization. Notable high-grade intercepts include: • NRC016 - 99m at 106 g/t Ga2O3, 0.77% TREO and 160 g/t Sc2O3 from 1m to EOH • NRC058 - 74m at 123 g/t Ga2O3, 2.4% TREO and 186 g/t Sc2O3 from surface, including 30m at 206 g/t Ga2O3, 4.6% TREO and 310 g/t Sc2O3 • NRC037 - 56m at 114 g/t Ga2O3, 1.5% TREO and 263 g/t Sc2O3 from 44m, including 11m at 220 g/t Ga2O3, 3% TREO and 639 g/t Sc2O3 • NRC038 - 60m at 124 g/t Ga2O3, 3% TREO and 372 g/t Sc2O3 from 36m, including 12m at 242 g/t Ga2O3, 6.7% TREO and 638 g/t Sc2O3 • NRC068 - 86m at 105 g/t Ga2O3, 2.8% TREO and 200 g/t Sc2O3 from 14m, including 11m at 210 g/t Ga2O3, 6.6% TREO and 376 g/t Sc2O3 • NRC078 - 37m at 145 g/t Ga2O3, 3.2% TREO and 321 g/t Sc2O3 from 30m, including 10m at 292 g/t Ga2O3, 5% TREO and 500 g/t Sc2O3 Historical regolith RC drilling, conducted between 2007 and 2012 by Navigator Resources and Kimberly Rare Earths were mostly assayed for gallium. A total of 11,487 assays for gallium were completed with 36% of the assays containing >40 g/t Ga2O3. Table 1. Gallium Significant Intercepts statistics Number of historical drill holes with Ga2O3 assays Number of drill holes with complete Ga2O3 assays Number of drill holes containing significant intercepts Mean width of significant intercepts Weighted average of significant intercepts 173 133 111 41m 70 g/t Drill holes are concentrated within a 500m × 500m area where the carbonatite dykes have surfaced. An impressive 111 drill holes contain significant gallium intercepts, with an average width of 41m and a metal content of 70 g/t Ga2O3. Low to moderate grades (40–70 g/t Ga2O3) are dispersed throughout the regolith profile, while higher-grade and wider intersections are often, though not exclusively, associated with rare earth mineralized zones. The mineral hosting the gallium has not yet been identified; determining this will be a key objective of future mineralogical and metallurgical studies. No gallium assays have been conducted on the 30,000m of RareX drilling. However, assay pulps are stored at the RareX facility, and re-assaying selected areas can be completed within a reasonable timeframe and cost. Rare earth mineralization has been confirmed down to 700m below surface, and if shallower results warrant further investigation, the potential fresh rock gallium source will be tested at these depths. The Global Gallium Market The global gallium market is dominated by China, which controls 98% of global gallium production.1 With the growth of electronics, semi-conductors and solar panels it is anticipated the gallium market will grow significantly from US$2.45 billion in 2024 to US$21.53 billion by 2034.2 Beyond China, production alternatives are limited. Russia ranks as the second-largest producer globally, but at a mere 5 metric tons in 2022—representing just 0.81% of global production—its output is negligible compared to China's dominance2. No other countries are significant producers of primary gallium, creating a near-monopoly situation that heightens supply risk for importing nations. The demand for gallium has expanded dramatically across numerous high-tech sectors, contributing significantly to the upward pressure on prices. The global gallium market is projected to grow from $2.32 billion in 2024 to $2.91 billion in 2025, representing a compound annual growth rate CAGR of 25.4%3. More aggressive forecasts suggest the market could reach $17.0 billion by 2032, expanding at a CAGR of 24.5%4. Upward price pressure are likely to persist as demand continues to expand across the semiconductor, telecommunications, defense, and renewable energy sectors. Gallium prices have experienced remarkable volatility and overall upward trajectory in recent years, influenced by a complex interplay of supply constraints and growing demand. In December 2024, gallium prices surged to $575 per kilogram (delivered to Rotterdam), representing a 17% increase over previous levels and reaching the highest point since 2011.5 The most significant factor driving recent price increases has been China's strategic export restrictions. Beijing implemented initial controls on gallium exports in August 2023, which immediately disrupted global supply chains and pushed prices higher. By December 2024, China had escalated these measures, announcing a comprehensive ban on gallium exports to the United States, further intensifying market pressures. Since China accounts for approximately 98% of global gallium production, these export restrictions have had outsized impacts on global availability and pricing. China's production advantage stems from its integration of gallium recovery with its massive aluminum industry, as gallium is typically extracted from the alumina processing stream6. 1 https://www.mining.com/web/gallium-price-rises-to-highest-since-2011-following-china-export-curbs/; https://www.statista.com/statistics/1441110/primary-production-of-gallium-worldwide-by- country/ 2 https://www.factmr.com/report/galliummarket#:~:text=Gallium%20Market%20Outlook%20(2024%20to%202034)&text=The%20market%20has%20been%20forecasted,element%20with%20atomic%20number%2031 3 https://blog.tbrc.info/2025/02/gallium-market-drivers-2/ 4 https://www.persistencemarketresearch.com/market-research/gallium-market.asp 5 https://www.mining.com/web/gallium-price-rises-to-highest-since-2011-following-china-export-curbs/; https://www.mining.com/web/gallium-price-has-more-than-doubled-since-china-export-curbs/ 6 https://www.fitechem.com/news/gallium-price-floor-set-to-rise-in-2021/ Figure 2. Section 307340E. Showing gallium intercepts at Cummins Range deposit. Figure 3. Collar location plan showing carbonatite dykes 100m below surface. Also showing Section (Figure 2) location. Scandium at Cummins Range In light of the recent news of critical metal restrictions from China, RareX is pleased to confirm details of its scandium content at Cummins Range. The global race to secure critical minerals like scandium has intensified in recent years due to geopolitical tensions and supply chain vulnerabilities. Developments in China, the United States, and Australia underscore the strategic value of metals such as those at Cummins Range. Scandium, with its applications in aerospace and defence is a growing market over the past decade and its dual use applications have now triggered further supply restriction out of China, following the U.S. tariff implementations on 2 April 20257. The Company’s current Mineral Resource Estimate for Cummins Range, reported in January 20248, included scandium oxide for a combined inferred and indicated resource of 38,250t of Sc2O3, with the indicated portion containing 6,970t of Sc2O3. Within the indicated resource there are wide intervals of high-grade scandium accompanied by high grade gallium, rare earths (including heavy rare earths) and phosphate. Table 2. Cummins Range Mineral Resource Estimate, P2O5 ≥ 2.5% Classification Tonnes (Mt) P2O5 (%) TREO + Y2O3 (ppm) HREO (ppm) Nd2O3 (ppm) Pr6O11 (ppm) Sc2O3 (g/t) ThU (ppm) Indicated Inferred Total 77.4 446.9 524.3 6.7 4.2 4.6 4650 2860 3120 280 170 190 790 480 520 230 140 150 90 70 70 90 40 50 Notes: 1. Due to effects of rounding, the total may not represent the sum of all components 2. TREO (ppm) includes: Light Rare Earth Oxides (LREO): La2O3, CeO2, Pr6O11, Nd2O3; and Heavy Rare Oxides (HREO): Sm2O3, Eu2O3, Gd2O3, Tb4O7, Dy2O3, Ho2O3, Er2O3, Tm2O3, Yb2O3, Lu2O3; + Y2O3 3. ThU comprises ThO2 + U3O8 (ppm) 4. Mineral Resource is reported from all blocks, classified as either Indicated or Inferred, where interpolated block grade is >2.5%P2O5 Cummins Range is emerging as a multi-commodity critical minerals project rather than just a rare earth deposit. The Resource includes 24Mt of phosphate, 1.6Mt of contained total rare earth oxide (incl. 97,600t of heavy rare earths oxides), 38,250t of scandium oxide and clear indications of gallium, yet to be quantified in a JORC compliant resource but at some of the highest grades reported in Australia9. The Cummins Range carbonatite deposit is the largest scandium deposit in the western world with 38,250t of contain Sc2O3. This includes an Indicated Resource of 77.4Mt at 90g/t for 6,970t of Sc2O3. Within the Indicated Resource, which is largely concentrated in the upper 100m, there are areas of higher concentrations of the metal. Significant intercepts have been calculated with 248 intercepts greater than 200g/t Sc 2O3 and are shown in Appendix 1. Some outstanding results include: • • • • CRX0035 – 60m at 320g/t Sc2O3 and 2.65% TREO from 53m (no gallium assays), including 8m at 824g/t Sc2O3 and 3m at 1131g/t Sc2O3 CRX0063 – 53m at 482g/t Sc2O3 and 1.89% TREO from 45m (no gallium assays), including 30m at 744g/t Sc2O3 and 3m at 1021g/t Sc2O3 NRC040 – 87m at 294g/t Sc2O3, 81g/t Ga2O3 and 1.06% TREO from 1m, including 3m at 960g/t Sc2O3 and 11m at 519g/t Sc2O3 NRC037 – 32m at 433g/t Sc2O3, 132g/t Ga2O3 and 2.58% TREO from 45m, including 12m at 711g/t Sc2O3 and 2m at 1058g/t Sc2O3 9 REE ASX Announcement 25 March 2025: RareX Discovers High Grade Gallium at Cummins Range In the regolith portion of the deposit, upgrading of various of metals, including scandium, gallium, niobium, rare earth elements and phosphate, has resulted in one of Australia’s most significant concentrations of critical metals. The metals are often occurring together and beneficiation of rare earths or phosphate will likely upgrade the scandium and gallium as well. Recent Geopolitical Developments affecting Scandium Supply China recently responded to increasing U.S. tariffs with significant export controls targeting critical minerals, implemented April 4, 2025, as part of broader retaliatory measures against U.S. tariffs 10. These controls focus on medium and heavy rare earth elements essential for advanced technologies and defence applications. Export licenses are now required for: • • • Scandium and scandium alloys/compounds; Yttrium and related materials; and Samarium, gadolinium, terbium, dysprosium, and lutetium. This expands China's previous restrictions on gallium and germanium11 as well as other critical minerals. Unlike earlier policies with grace periods, these controls took effect immediately on April 4, 2025, disrupting global supply chains and exporters must now submit license applications through Ministry of Commerce (MOFCOM) or face shipment holds for non-compliance12. The Global Scandium Market Scandium has emerged as a strategic critical mineral with growing importance across multiple industries. It is generally recovered from cobalt, nickel, titanium and zirconium processing streams, with China being the leading producer globally. Scandium lacks affinity for the common ore-forming anions; therefore, it is widely dispersed in the lithosphere and forms solid solutions with low concentrations in more than 100 minerals and, similar to gallium, occurs in comparatively low concentrations where it is recovered from the aforementioned processing streams. Global consumption has increased considerably driven by its use in aluminium-scandium alloys and SOFCs13. In financial terms, the global scandium market reached US$548.9 million in 2022 and is forecast to expand to US$859 million by 2028, representing a compound annual growth rate (CAGR) of 7.75%, with more optimistic forecasts suggesting the market could reach US$1.53 billion by 2030, with a CAGR of 14.7% from 2025 to 203014. In terms of physical volume, global supply and consumption has shown remarkable growth, doubling from approximately 15-25 metric tons in 2021 to 30-40 metric tons in 2023, according to the US Geological Survey 8. Recent price points in China show scandium oxide (99.99% purity) trading at approximately US$650/kg EXW and, over the past decade, prices of up to US$2,000/kg have been reached. Meanwhile, high-purity scandium metal (99.999%) commands pricing around US$5,000/kg15. Due to the small, fragmented and opaque market dynamics it is unclear how scandium prices vary by jurisdiction. With China being essentially the sole supplier, the provided price range is likely limited to the Chinese market where trade restrictions do not apply and as such likely provide a floor price indication. 10 https://www.reuters.com/world/china-hits-back-us-tariffs-with-rare-earth-export-controls-2025-04-04/ 11 https://www.fastmarkets.com/insights/chinas-tighter-gallium-germanium-export-controls-more-of-the-same-or-a-shift-in-approach/ 12 https://www.hklaw.com/en/insights/publications/2025/04/china-imposes-export-controls-on-medium-and-heavy-rare-earth-materials 13 https://pubs.usgs.gov/periodicals/mcs2024/mcs2024-scandium.pdf 14 https://www.globenewswire.com/news-release/2023/12/19/2798775/28124/en/Global-Scandium-Market-Industry-Trends-Share-Size-Growth-Opportunity-and-Forecast-2023-2028-Demand-in- Aerospace-and-Solid-Oxide-Fuel-Cells-Rises.html 15 https://www.asianmetal.com/ Key Applications Driving Scandium Demand Aluminium-Scandium Alloys: The integration of scandium into aluminium alloys represents one of the most promising growth segments. Even at small concentrations (approximately 0.2%), scandium dramatically improves aluminium’s properties by enabling welded rather than riveted construction and reducing weight by 10-15%, which is particularly relevant for space applications 9. Solid Oxide Fuel Cells (SOFCs): The SOFC segment dominates the current scandium market, accounting for approximately 36% of global demand. Scandium oxide serves as a critical component in SOFCs by stabilizing zirconium in oxide-conductive electrolytes and enabling operation at lower temperatures compared to traditional materials16. Beyond these major applications, scandium finds use in diverse sectors including: 1. 2. 3. 4. 5. 6. Electronics 3D printing materials for advanced manufacturing Sports equipment (baseball bats, bicycle frames, lacrosse sticks) Military and defence components Medical applications (PET imaging, catalysts) Thin film deposition for semiconductor manufacturing Global production remains limited to: • • By-product recovery from other metal processing (nickel, cobalt, uranium, titanium) Small-scale operations primarily in China, Russia, Kazakhstan, and (before 2022) Ukraine China maintains a near-monopoly on scandium feedstock production and refining, creating supply chain vulnerabilities for Western nations and industries relying on this critical material. Whilst there are some notable western deposits in the US, Europe, Australia and Quebec, Canada, there is no notable scandium extraction in the West outside a small Rio Tinto operation in Quebec. MT MANSBRIDGE PROJECT During the quarter, RareX was granted the tenements E80/5942 and E80/5973, which are part of the Mt Mansbridge Heavy Rare Earths project in the Kimberley region of Western Australia. The project is located 40km from the Northern Minerals (ASX: NTU) Browns Range HRE project, which is one of the most significant HRE districts in the world, with 7 xenotime deposits hosting 11.7Mt at 0.77% TREO (with DyTb contributing to 10% of the TREO)17. Iluka has recently pegged most of the ground between the Mt Mansbridge project and Browns Range project (see Figure 4) and are substantial shareholders of NTU, with a pathway to acquire 19.9% of the company. The geology at Mt Mansbridge project is very similar to the Browns Range project, with 217km 2 of exposed fertile Paleoproterozoic basement rocks with the outer rim of the tenement area containing an unconformity contact with the overlying Birrindudu group. This is the same unconformity contact that hosts the high-grade Browns Range unconformity heavy rare earth (HRE) deposits. 16 https://www.mordorintelligence.com/industry-reports/scandium-market 17 NTU ASX Announcement dated 16 January 2025: 2025 Wolverine Mineral Resource Estimate The project is highly prospective for HRE xenotime mineralisation and the exploration upside is summarized below, with further details in RareX’s announcement dated 18 September 2024: • • • Historical pit samples at the Sigma prospect have shown up to 6.0% yttrium, a proxy element for heavy rare earths Drilling has confirmed hydrothermal xenotime mineralization in basement rocks, which is open in all directions. Drill hole MMRC007 intersected 16m at 0.28% TREO from 77m, including a higher-grade portion of 4m at 0.48% TREO from 87m, with 1m at 1.06% TREO. Mineralisation is 58% HRE and 10% DyTb. The DyTb percentage is the same as the Browns Range deposits There are several untested HRE soil anomalies in basement rocks and a 2km long untested soil anomaly along the Mt Mansbridge unconformity Heritage agreements have been established with the Tjurabalan native title holders, ensuring responsible exploration and development practices. Heritage clearance on high priority exploration areas will begin once the Northern Australian wet season has finished. RareX has also pegged a fourth tenement (E80/6118) at the HRE Mt Mansbridge project. The tenement is 40 blocks in size and is located 8km to the south (Figure 1). The geology is very similar to the main project area and, in 1982, Sigma Resources located altered basement rocks and conglomerate samples from exploration pits. Samples were very strongly HRE mineralised with assays up to 2.7% Yttrium (Table 1). Yttrium in xenotime may be accompanied with high value dysprosium and terbium (DyTb). A sample at Browns Range project (50km to the north east) with 2.7% yttrium may hold up to 0.35% DyTb. Sigma Resources were exploring for uranium not HRE and a deep dive into the historical exploration results suggests these results have never been followed up. This tenement is expected to be granted by the end of the year. Figure 4. Mt Mansbridge geology and tenement map Table 3. High grade Yttrium samples from tenement E80/6118. Samples were taken from two small pits at 454070E, 7872270N Sample D75 D76 Yttrium (%) 2.0 2.7 D77 2.5 D78 2.4 Description Pit 1 0.4m depth, random fragments of altered grit Pit 1 0.4m depth, selected fragments of altered grit. 20% 1-2mm quartz grains in altered kaolinitic groundmass Pit 2 0.3m depth, 0.3m x 0.25 x 0.15m conglomerate boulder, highly altered with partly bleached and partly maroon coloured ground mass. 15% >2cm quartz pebbles Pit 2 0.3m depth, 0.3m x 0.25 x 0.15m conglomerate boulder, highly altered with partly bleached and partly maroon coloured ground mass. 15% >2cm quartz pebbles Figure 5. Conceptual geological model for Mt Mansbridge project. Mineralisation styles are based on the Wolverine hydrothermal xenotime-quartz vein deposit and the Dazzler unconformity related HRE deposit at Browns Range. KHALEESI NIOBIUM PROJECT During the quarter, RareX confirmed execution of an agreement with Narnoo Mining Pty Limited, a wholly-owned subsidiary of Deep Yellow Limited, which owns and develops the Mulga Rocks Uranium Project north of the Khaleesi tenement package. RareX and Narnoo agreed on ways of operating around Narnoo’s Miscellaneous Licenses which are overlapping with E39/2410 and E39/2415, removing the last hurdle towards granting these licenses. Additionally, licenses E39/2495 and E39/2496 have been granted, following the required notification period by the Department. RareX had already closed out the agreements required under the Native Title act in July 2024 18, but mandatory notification and assessment periods, despite having executed Heritage Protection Agreements in place, led to the grant of this tenure on 30 January 2025. RareX is now in the final stages of preparing for a high-impact, fully optimised, drilling programme, with access to the full Khaleesi Project including the recently identified alkaline intrusive complex ahead of mobilisation mid-year. E39/2494 was recently staked by RareXploration, RareX’s exploration subsidiary, and is subject to a separate access agreement with Narnoo. The key principles of that site access agreement are covered by the agreement related to E39/2410 and E39/2415 in relation to the fundamental terms around bore field infrastructure. The access agreement to E39/2494 is expected to be resolved in the coming weeks. The exploration team have recently conducted reconnaissance regarding access requirements for heritage and flora survey programmes, planned to be executed in late February 2025 and March respectively, before submitting a final Program of Work (POW) to DEMIRS for assessment and approval of our planned exploration activities. Figure 6. Typical looking terrain on the Khaleesi Project 18 ASX Release dated: 30 July 2024: Land and Heritage Agreement for Key Khaleesi Project Licences The Khaleesi Rare Earth and Niobium Project contains a large 20km diameter alkaline intrusive complex, the same scale and style to the Caldeira project of Meteoric (ASX:MEI) in Brazil. RareX have reinterpreted extensive gravity and magnetics data (see ASX announcement of 11 June 2024) and are finalising new dri