Announcement PDF Annual Report RareX Limited 2025 RareX HQ Level 1, 1 Alvan Street Subiaco WA 6008 Australia P +61 8 6383 6593 info@rarex.com.au ASX: REE rarex.com.au RareX Limited Corporate directory 30 June 2025 Directors Jeremy Robinson James Durrant Danny Goeman Shaun Hardcastle Company secretary Oonagh Malone Principal place of business & Registered Office Level 1, 1 Alvan Street Subiaco, Western Australia 6008 Telephone: (08) 6383 6593 Share register Automic Registry Services Level 5, 191 St Georges Terrace Perth Western Australia 6000 Telephone: (08) 9324 2099 Auditor Hall Chadwick WA Audit Pty Ltd 283 Rokeby Road Subiaco Western Australia 6008 Solicitors Hamilton Locke Central Park, Level 39 152-158 St Georges Terrace Perth Western Australia 6000 Stock exchange listing RareX Limited shares are listed on the Australian Securities Exchange (ASX code: REE) Website www.rarex.com.au 1 RareX Limited Directors' report 30 June 2025 The directors present their report, together with the financial statements, on the consolidated entity (referred to hereafter as the 'consolidated entity') consisting of RareX Limited (referred to hereafter as the 'company', ‘group’ or 'parent entity') and the entities it controlled at the end of, or during, the year ended 30 June 2025. Directors The following persons were directors of RareX Limited during the whole of the financial year and up to the date of this report, unless otherwise stated: Jeremy Robinson Danny Goeman James Durrant Shaun Hardcastle Cameron Henry (resigned on 14 July 2024) John Young (resigned on 14 July 2024) Company Secretary Oonagh Malone Principal activities During the financial year the principal continuing activities of the consolidated entity consisted of exploration activities at the consolidated entity’s mining tenements predominately situated in Western Australia. Dividends No dividend has been declared or paid by the Company since the end of the previous financial year and the Directors do not at present recommend a dividend. Review of operations The profit for the consolidated entity after providing for income tax amounted to $3,504,787 (30 June 2024: $3,281,702). RareX and Iluka in consortium for Mrima Hill On 22 April 2025, 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 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 socioenvironmental 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 is proposed under a joint venture with the national mining corporation, NAMICO. 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 RareXIluka 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. 2 RareX Limited Directors' report 30 June 2025 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. Figure 1: Map of Kenya with Mrima Hill Project outlined in light blue in southern corner of Kenya. RareX has entered into a formal agreement with leading global environmental and social advisory firm, WSP, to advance its foundational planning work for the proposed Mrima Hill Critical Minerals Project in Kenya. This engagement underscores RareX’s commitment to delivering a project that is grounded in leading Environmental, Social and Governance (ESG) practices while also positioning the Company to move efficiently once tenure is secured. The scope of work proposed to be undertaken by WSP includes: 1. A gap analysis of existing environmental and social data across the Mrima Hill area; 2. Early stakeholder mapping and support for engagement with local communities, leaders, and national agencies; 3. Identification and onboarding of Kenyan-based partners to support on-the-ground engagement and fieldwork; 4. Establishment of a project-specific framework for social performance—reflecting both local expectations and international leading practice; and 5. Scoping of environmental and social baseline studies in preparation for activation once tenure is secured. Leading EPCM company, Ausenco, has been appointed to lead feasibility studies, process design, construction readiness, and engineering for the proposed Mrima Hill Critical Minerals Project. Ausenco is a recognised leader in consulting, engineering, procurement, and construction management (EPCM) and is majority owned by Resource Capital Funds, a U.S.based investment group headquartered in Denver, Colorado. Ausenco brings deep experience delivering complex, highimpact projects across Africa and globally, including Kenya. 3 RareX Limited Directors' report 30 June 2025 Ausenco will undertake early-stage work to support the responsible and well-informed development of Mrima Hill, including: 1. Desktop engineering studies to assess infrastructure corridors, processing options, and site layout using available data; 2. Review of regional context, leveraging Ausenco’s prior work in Kwale County to inform early project framing; 3. Identification of community-facing infrastructure needs—such as roads, power, and water—to support sustainable development; 4. Integration of engineering insight into early stakeholder engagement, social impact thinking, and prefeasibility planning; and 5. Assessment of energy requirements for early and long-term development, including evaluation of grid capacity and identification of alternative energy options such as local geothermal sources. This appointment strengthens RareX’s preparedness as the lead developer of Mrima Hill. Key implications include: • Early de-risking of project infrastructure and layout, enabling faster project advancement post-licensing; • Use of existing data to build commercial and technical frameworks without delay; • Strong alignment with Kenya’s infrastructure development priorities, especially in Kwale County; and • U.S. strategic exposure through Ausenco’s ownership by Resource Capital Funds (RCF), a respected American critical minerals investor. A five-year sponsorship agreement with Curtin University to support the education of Kenyan students in areas relevant to the responsible development of critical mineral projects has been signed by the Company. Under the agreement, RareX will fund the tuition and academic costs for selected Kenyan students to undertake study at Curtin, one of Australia’s leading research institutions in mining, engineering, and environmental sciences. RareX’s Mrima Hill proposal, submitted via Kenya’s Specially Permitted Procurement Method (SPPM), outlines a phased, sovereign-partnered development of one of the world’s most significant rare earths, niobium, phosphate and manganese deposits. This work with WSP, Ausenco and Curtin University ensures the Company remains on the front foot as ESG, social, and technical workstreams continue to progress in parallel. Subsequent to the end of the financial year, RareX has appointed AWEMAC (11 August 2025) to prepare for local community engagement programmes and has secured a $50M Share Subscription Facility with GEM (24 September 2025), contingent upon the successful procurement of Mrima Hill. Cummins Range Project The Cummins Range Rare Earths Project in the Kimberley, WA, is an advanced project with many of the pre-development aspects completed and a mining lease in its final stages of approval. Previously, the Company has not focussed on the metals scandium and gallium at Cummins Range which may now present significant upside to the underlying economics of the deposit. Gallium at Cummins Range In March 2025, and subsequently in June, 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 fresh rock gallium has not yet been assayed for. A re-assay of pulps from 58 holes is underway and results for the first 15 holes have been received 1. 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 moderate-grade area of 500m x 500m, with significant higher-grade zones occurring within and near high grade rare earth and scandium mineralisation. Notable intercepts from the re-assaying of pulps include: 1 • CRX0002 - 60m at 99 g/t Ga2O3, 3% TREO and 195 g/t Sc2O3 from 29m, including 33m at 115 g/t Ga2O3, 4.72% TREO and 258 g/t Sc2O3 • CRX0025 - 50m at 68 g/t Ga2O3, 2% TREO and 227 g/t Sc2O3 from 47m, including 5m at 113 g/t Ga2O3, 10.2% TREO and 420 g/t Sc2O3 ASX announcement 24 June 2025 – High Grade Gallium Re-assay Results at Cummins Range 4 RareX Limited Directors' report 30 June 2025 • CRX0032 - 27m at 75 g/t Ga2O3, 1.4% TREO and 166 g/t Sc2O3 from 28m, including 3m at 108 g/t Ga2O3, 2.3% TREO and 205 g/t Sc2O3 Notable high-grade intercepts from Cummins Range include 2: • 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 Ga 2O3, 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 Cummins Range carbonatite has a resource of 524Mt at 0.31% TREO, 4.6% P2O5 and 70 g/t Sc2O3, including a higher-grade resource of 44Mt at 1% TREO3. In March, RareX identified that most of the historical regolith RC drilling, conducted between 2007 and 2012 by Navigator Resources and Kimberley Rare Earths included assays for gallium. A total of 11,487 assays for gallium were completed with 36% of the assays containing >40 g/t Ga 2O3 and values up to 6826 g/t (0.68%). Details on the 2007-2012 drilling, including numerous high-grade intercepts are described in the 25 March 2025 ASX release “RareX Discovers High grade Gallium at Cummins Range”. Since RareX acquired the Project in 2019, 30,000m of drilling has been completed with no gallium assays included. RareX have begun to re-assay the pulps from recent drilling starting with the 2020 infill drilling. In 2020, RareX completed an infill drilling program designed to upgrade the inferred rare earths resource to an indicated resource. A total of 58 drill holes for 6,146m of RC drilling was completed. During the year, results from 15 holes have confirmed high grade gallium over wide intervals. The most elevated results are coincident with high grade rare earth and scandium content that have been upgraded due to a combination of residual, or eluvial and chemical weathering. The exceptional gallium, rare earths, and scandium results are continuing to elevate the critical metals significance of the Cummins Range deposit. Figure 2 shows section 307315E with gallium grades across 250m of the Rare Carbonatite Dyke. The mineralisation is contained in the weathered saprolite zone. The location of the section and 2020 infill drill holes are shown on Figure 3. Figure 2. Section 307315E. Showing gallium intercepts at Cummins Range deposit. Section location is shown in Figure 3. 2 ASX Announcement: 25 March 2025 - RareX Discovers High Grade Gallium at Cummins Range ASX Announcement: 25 January 2024 - Cummins Range Mineral Resource Estimate Update: Indicated 77.4Mt at 0.46% TREO, 6.7% P 2O5 and 90g/t Sc2O3; Inferred 446.9Mt at 0.28% TREO, 4.2% P2O5 and 70g/t Sc2O3 3 5 RareX Limited Directors' report 30 June 2025 Figure 3. Collar location plan showing carbonatite dykes 100m below surface. Also showing Section (Figure 2) location. Scandium at Cummins Range In light of critical metal restrictions from China, RareX confirmed details of its scandium content at Cummins Range on 9 April 2025. 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 20254. The Company’s current Mineral Resource Estimate for Cummins Range, reported in January 2024 5, included scandium oxide for a combined inferred and indicated resource of 38,250t of Sc 2O3, 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. 4 5 https://www.reuters.com/world/china-hits-back-us-tariffs-with-rare-earth-export-controls-2025-04-04/ REE ASX Announcement 25 January 2024: Cummins Range Mineral Resource Estimate Update 6 RareX Limited Directors' report 30 June 2025 Table 1. Cummins Range Mineral Resource Estimate, P2O5 ≥ 2.5% Classificati on Tonnes (Mt) P2 O5 (%) 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 Australia6. The Cummins Range carbonatite deposit is the largest scandium deposit in the western world with 38,250t of contain Sc 2O3. This includes an Indicated Resource of 77.4Mt at 90g/t for 6,970t of Sc 2O3. 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 Sc2O3 and are shown in Table 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 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. Mt Mansbridge Project Exploration activities on Mt Mansbridge commenced in the last quarter of the financial year as part of a two-part, pre-drilling field programme to ensure future drilling is accurately targeted. Mt Mansbridge is one of only a few hard rock xenotime exploration projects in Australia. It is located within the Paleoproterozoic basement rocks of the Kimberley region, Western Australia. The Project lies 45km from Northern Minerals’ Browns Range Project, which hosts 11.7 Mt at 0.77% TREO (86% HREE) 7 within Paleoproterozoic basement rocks and at unconformity contacts. Mt Mansbridge shares a similar geological setting to Browns Range. The HREE fertility of the basement rocks at Mt Mansbridge was first confirmed in the 1980s through the discovery of a xenotime-bearing quartz vein at Sigma within the basement Killi Killi Formation. 6 7 REE ASX Announcement 25 March 2025: RareX Discovers High Grade Gallium at Cummins Range NTU ASX Announcement dated 16 January 2025: 2025 Wolverine Mineral Resource Estimate 7 RareX Limited Directors' report 30 June 2025 Figure 4. Mt Mansbridge Project showing soil sampling locations and Mt Mansbridge South location. Subsequent explorers conducted rock chipping, soil sampling, and spectrometer surveys, though with limited exploration success. In 2022, Red Mountain Mining drilled six holes at the Sigma Prospect, 8 returning a best intersection of 16 m at 0.28% TREO, including a higher-grade portion of 4 m at 0.48% TREO, with 1 m at 1.06% TREO. The average MREO content was 28% and is composed of 10% DyTb and 18% NdPr. RareXploration secured 217km2 of tenure over Mt Mansbridge in 2020–24, based on the belief that the Sigma Prospect demonstrates that HREE enriched fluids have circulated through the Paleoproterozoic basement rocks in the project area. It is considered likely that additional mineralised horizons remain undiscovered within the Mt Mansbridge Project. In June 2025, exploration commenced with an infill soil and prospecting program around the Sigma Prospect and along strike on the western edge of the Mt Mansbridge unconformity. The aim of the infill soils program is to verify and enhance the interpretation of historical geochemical results. The terrain around the Sigma Prospect is rugged and undulating, with good outcrop exposure. Prospecting at Sigma identified the mineralised horizon as hematitic-rare earth bearing quartz veins within a 150 m structural corridor that crosscuts steeply dipping fabrics in the basement rocks. While no mineralisation was observed in outcrop along strike from this vein, historical soil data suggest the potential for additional veins. The current soil program will help confirm this. Other areas on the tenement were also prospected, including Mt Mansbridge South, where a 0.5m silicified siltstone outcrop historically returned assays of 1552 ppm Yttrium 9. The RareXploration team located the outcrop and, through further prospecting, identified a 70 m hematitic quartz vein bearing HREEs. The vein crops out intermittently along strike and ranges in width from 0.2 to 1 m. 8 9 REE ASX Announcement dated 18 September 2024: RareX review of Mt Mansbridge Project shows highly promising heavy rare earth potential NTU Annual Report for Gardiner Range 2011 A92909 (DEMIRS) 8 RareX Limited Directors' report 30 June 2025 Figure 5. Newly discovered HRE bearing hematite quartz breccia vein with geologist Macgregor Vidler from Dingo Prospecting. The quartz vein is crackle-brecciated and contains a hematitic assemblage with HREE mineralisation. Portable XRF (pXRF) spot analyses of the vein returned values exceeding 1% yttrium. It is important to note that pXRF spot readings are not assay results, but rather rapid, indicative analyses of small sample areas. While pXRF readings provide a useful indication of mineral content and approximate grades, they are not a substitute for laboratory-derived assay grades and will not be used in any resource estimation. Nonetheless, the pXRF results suggest the vein is mineralised, and rock chip samples have been collected. Laboratory assay results are expected in approximately 4-6 weeks. This is the first vein discovery at Mt Mansbridge in 50 years and supports RareXploration’s belief that the project has the geological ingredients to host a significant HREE deposit. Over the coming months, the RareXploration team will continue systematic prospecting and apply geochemical vectors to assess the basement rocks for further HREE mineralisation, with the aim of drill testing targets later in the year. Khaleesi Project The Khaleesi Alkaline Intrusion Complex (KAIC) Project, located approximately 260 km northwest of Kalgoorlie within the Northern Foreland Unit (NFU) of the Albany-Fraser Belt, represents a portion of the Yilgarn Craton that was intruded by Paleoproterozoic magmatic rocks and reworked during the Mesoproterozoic Albany–Fraser Orogeny. It also lies adjacent to the eastern margin of the Canning Basin, with the Mulga Rocks East Uranium and Rare Earth Elements (REE) deposits directly abutting the tenement boundary, as shown in Figure 6. The eastern margin of the Yilgarn Craton hosts significant alkaline intrusions, particularly within the Queen Victoria Spring Nature Reserve, located 5 km south of the KAIC. This reserve hosts Australia’s largest known carbonatite pipe — the 10 km diameter Cundeelee Carbonatite — described by BHP in 1998 as the “largest, effectively untested carbonatite in the world.” The nature reserve also contains the Ponton Dyke, a strongly REE-mineralised body with historical intersections of up to 28m at 10% TREO, including 6 m at 20.57% TREO. Although mining activities are restricted within the reserve, these mineralised systems demonstrate the exceptional metallogenic potential of alkaline intrusions in the region. 9 RareX Limited Directors' report 30 June 2025 Figure 6. Khaleesi Project Regional Geology. The KAIC Project was identified by RareX’s exploration team in March 2024 following a review of historical data. The geological setting, together with its proximity to Ponton Dyke and the Cundeelee Carbonatite, highlighted the project’s potential as a large, highly prospective alkaline intrusion complex. Recent geochronological work by Tucker et al. (2023) 10 dated A-type magmatism within the KAIC at 2030–2010 Ma, correlating closely with the age of known carbonatite systems such as Cundeelee and Mt Weld along the Yilgarn Craton’s eastern margin (Figure 6). Structurally, the western half of the KAIC is interpreted to have been downthrown during early Ordovician intracratonic extension associated with the development of the Canning Basin. As a result, the KAIC likely forms the basement underlying the Mulga Rocks sediment-hosted uranium deposits. Exploration to date has been primarily conducted by AngloGold Ashanti, Fortescue Metals Group, and IGO Limited, with a historical focus on Au-Ni-Cu targets. The KAIC is variably covered by sediments, ranging from outcrop to depths of up to 150m. Due to this cover, surface geochemical sampling has been limited, and historical exploration involved aircore and RC drilling. Importantly, post-2012 drilling programs incorporated multi-element, four-acid digest assays, providing coverage for key pathfinder elements including Nb, Ga, Y, and Eu — significantly enhancing RareX’s ability to target metalliferous zones. Notably, IGO Limited and AngloGold Ashanti concentrated their efforts on the Luchini Au prospect and the gabbro-hosted NiCu Rising Dragon prospect. The base-metal mineralisation observed at Rising Dragon confirms the presence of fractionated, metal-rich magmatic systems within the KAIC, supporting its potential to host significant REE and critical metal mineralisation. RareX has been awarded an EIS co-funded drilling grant for RC drilling across six target areas. As shown in Figure 7, each target area will receive between 300m and 1,300m of drilling, with an average hole depth of 100m. 10 Naomi M. Ticker. 2023. A newly discovered 2030-2010 Ma magmatic suite records the dawn of Proterozoic extension on the southern margin of the Yilgarn Craton 10 RareX Limited Directors' report 30 June 2025 The drilling program is focused on rare earth elements (REEs), gallium, and high field strength elements (HFSEs) such as niobium, tantalum, zirconium, and hafnium. A brief summary of the drill targets is provided in Table 2. Table 2 – EIS Co-Funded Drill Target Summary Niobe T1 Niobe T2 Niobe T3 Rim Target MHAC096 RD2 Strong magnetic anomaly located between two significant structures. No detailed gravity survey completed. Carbonatite candidate. 1 km coincident magnetic and gravity anomaly situated between aircore drill lines with anomalous REEs, niobium, and moderate Ga₂O₃ mineralisation. Proximal to a significant structure. Testing gallium concentrations in basement rocks between two aircore drill lines, spaced 1.5 km apart. Broad zones of moderate gallium grades identified across significant widths in regolith and basement rocks. 2 km undrilled magnetic target located on the southern rim of the KAIC. Outer rims of alkaline intrusion complexes (AICs) often host fractionated portions of the source melt and evolved mineralogy. Toongi-style zirconium-niobium-REE target. Follow up on a bottom of hole geochemical anomaly identified from previous air core drilling. REE anomalism associated with magnetic features along a major north-south structure, adjacent to the Rising Dragon Ni-Cu prospect within a large gabbro body. Figure 7. Location of EIS Co-Funded Drill Targets on Gravity Niobe Prospect The Niobe Prospect consists of three targets as outlined in Table 2. The prospect was originally identified due to elevated niobium and rare earth concentrations within the regolith and basement felsic intrusions, based on historical gold exploration aircore drilling. 11 RareX Limited Directors' report 30 June 2025 Niobe is considered highly prospective for concealed carbonatites or magmatic-hydrothermal deposits, similar to the highgrade Ponton Dyke located to the south. Targets T1 and T2 are designed to test this exploration model. The Khaleesi Project has been systematically reviewed for critical mineral potential. While the broader intrusion complex exhibits background levels of gallium, the Niobe Prospect shows significant gallium enrichment within the regolith and basement rocks across a broad 5 km × 2 km area. This mineralisation has been further confirmed by two rock chip samples from an outcropping quartz-feldspar-biotite granite, returning assays of 81g/t Ga₂O₃ and 60g/t Ga₂O₃, respectively. Historical aircore drilling was conducted along two 5km lines spaced up to 2.3km apart, with drilling completed to refusal. Gallium mineralisation is present throughout the regolith profile and continues into the basement rocks, with most drill holes terminating within mineralised granite. Notably, peak values of 87g/t Ga₂O₃ were recorded in hole RDA211. Examples of significant intersections include: • • • 39m at 65 g/t Ga2O3 from 8m in RDA205, EOH 47m at 60 g/t Ga2O3 from 4m