Announcement PDF RareX Exploring for and Developing Rare Earth Resources ASX: REE OTCQB: REEEF rarex.com.au James Durrant Oct 2025 Disclaimer & Competent Persons’ Statements This presentation contains summary information about RareX Limited (REE) and is current as of 14 October 2025 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 Managing Director, 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. Cautionary note with respect to Mrima Hill: 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. 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 25 January 2024 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. Exploration results have been reported in accordance with Listing Rule 5.7 on the dates referenced throughout and the Company confirms there have been no material changes since the results were reported. 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. Investor Relations James Durrant Managing Director P: +61 8 6383 6593 E: info@rarex.com.au Investor Hub ree.investorhub.com/welcome RareX HQ L1, 1 Alvan Street, Subiaco WA 6008 E: info@rarex.com.au RARE DYKE Classification Tonnes (Mt) P2O5 (%) TREO + Y2O3 (ppm) HREO (ppm) Nd2O3 (ppm) Pr6O11 (ppm) Nb2O5 (ppm) Sc2O3 (ppm) ThU (ppm) Indicated 44.4 6.0 5560 280 880 260 990 90 80 Inferred 363.7 43.9 2960 160 480 140 570 70 40 Total 408.2 4.1 3240 180 520 160 610 70 40 PHOS DYKE Classification Tonnes (Mt) P2O5 (%) TREO + Y2O3 (ppm) HREO (ppm) Nd2O3 (ppm) Pr6O11 (ppm) Nb2O5 (ppm) Sc2O3 (ppm) ThU (ppm) Indicated 33.0 7.6 3430 290 670 170 500 80 100 Inferred 83.1 5.6 2390 200 460 120 450 60 60 Total 116.2 6.2 2690 230 520 140 460 70 70 COMBINED Classification Tonnes (Mt) P2O5 (%) TREO + Y2O3 (ppm) HREO (ppm) Nd2O3 (ppm) Pr6O11 (ppm) Nb2O5 (ppm) Sc2O3 (ppm) ThU (ppm) Indicated 77.4 6.7 4650 280 790 230 780 90 90 Inferred 446.9 4.2 2860 170 480 140 550 70 40 Total 524.3 4.6 3120 190 520 150 580 70 50 Vision 100 % RGB 0 • 0 • 0 HEX #000000 Mission To materially contribute to global rare earth supply Develop Cummins Range in WA  Australia’s largest undeveloped RE resource  Significant high-grade Ga intercepts  Most advanced Sc deposit  Apatite hosted clean Phosphate Acquire Mrima Hill in Kenya  In consortium with Iluka Resources  Supported by $50M in US aligned funding  Application submitted and under review Explore for Rare Earths  Khaleesi alkaline intrusive complex  Mt Mansbridge heavy rare earths in Xenotime  Piper bullseye along strike from Luni and Nolan’s Bore Timeline RareX listed 2019 Cummins Range acquired 2019 Maiden Resource 2019 Upgraded Resource 2021 Scoping Study Released 2022 Mrima Hill application 2025 Cummins Range Mining Licence Future Khaleesi acquired 2024 Environmental baselines complete 2024 RareX Always Rare Earths Mrima Hill Prospecting Licence Potential References: https://rarex.com.au/ Maiden drilling 2020 Major upgraded Resource 2023 Suppressed RE pricing 2023-24 Critical Mineral Exposure: Rare earth centred Cummins Range, Khaleesi, Mt Mansbridge, (Mrima Hill) Uses and strategic relevance:  Magnets in EVs and generators  Renewable and nuclear energy  Advanced electronics Industry:  High supply chain concentration  Gov investments: MP, ILU, LYC  Pricing floors being introduced  LYC represents strategic value in alternative supply 8.4% CAGR (2025–2035) Reference: Core Market Research Cummins Range, Khaleesi Uses and strategic relevance:  AI chips – semi conductors  Advanced electronics  Aerospace alloys Industry:  One of the highest supply chain concentrations of all critical metals  Bifurcated market in place  Japan-Alcoa R&D deal 7.1% CAGR (2025–2033) Reference: Grand View Research Cummins Range, Khaleesi, (Mrima Hill) Uses and strategic relevance:  Advanced super alloys  Super conductors  Micro electronics Industry:  Very high supply chain concentration  WA1 represents strategic value in alternative potential supply 6.8% CAGR (2026–2035) - Nb Reference: Research Nester 6.1% CAGR (2025–2033) Sc Reference: IMARC Group Cummins Range, (Mrima Hill) Uses and strategic relevance:  Batteries  Fertiliser Industry:  Supply concentration in north Africa and middle east  +50% EV batteries now LFP  Growing phosphate soil depletion  Clean, igneous phosphate is a valuable rarity 5.1% CAGR (2025–2035) Reference: Future Market Insights Sc Scandium 21 Nb Niobium 41 Ga Gallium 31 P Phosphorus 15 RE Rare Earths 57-71 Cummins Range Cummins Range RareX Project 50 km 95 km 390 km Halls Creek Wyndham Tanami Intersection to Wyndham Great Northern Hwy. Tanami Rd. Western Australia Northern Territory 100 km Hydro Power Kununurra Lake Argyle Hydro Plant Ord River N A 1 4 Key attributes  JORC resource defined  Mining Licence pending Jaru sign-off in 2025, in- principle agreement in place  Road to port nearly fully sealed: Haulage agreement signed  Port now designated FPOE: Infrastructure sharing agreement signed for ship loader; 4Ha land under option  Local market in Kununurra for potential phosphate offtake: MoU with OrdCo 3 2 5 3 4 5 2 Strategic relevance  1.6Mt rare earth content  Multi-critical minerals allows for potential production credits, lowering costs  Rare earths (RE)  Gallium (Ga)  Scandium (Sc)  Phosphate (P) startup potential with local domestic market and near-shore SE Asian markets  Located in WA in a region in need of mining and sympathetic to development Cummins Range Project Summary 1 References: https://rarex.com.au/ Cummins Range RE – Ga - Sc Australia’s largest undeveloped rare earths project  Total of 524.3Mt @ 4.6% P2O5, 0.31% TREO  1.6M tonnes contained TREO; 24Mt contained phosphate ASX Announcement: Cummins Range Mineral Resource Estimate Update. 24 January 2024 Rare Earths 0 20 40 60 80 100 120 140 160 0 50 100 150 200 250 300 350 Ga Grade, ppm Intercepts, m Gallium Significant Intercepts vs. Peers RareX G50 NIM AXL Gallium Substantial potential gallium endowment  Best Ga intercepts on the ASX – 115m @ 146ppm ASX Announcement: Wide High-Grade Gallium Intercepts at Cummins Range, 06 August 2025 RareX Discovers High Grade Gallium at Cummins Range, 25 March 2025  Highest grade Scandium on the ASX at 2,330g/t Sc2O3 ASX Announcement: Scandium adds a multi-critical metal aspect to Cummins Range, 9 April 2025 $185M $822M $28M $213M $118M $359M 0 100 200 300 400 500 600 700 800 900 0 10 20 30 40 50 60 70 80 Dubbo 0.9% TREO Nolans Bore 2.6% TREO Cummins Range 1.0% TREO Yin & C3 1.0% TREO Yangibana 0.9% TREO Browns Range 0.8% TREO Market Cap, AUD M Tonnes Contained, Mt Cummins Range High Grade Resource vs. Peers Tonnes, Mt Market Cap, AUD M (10.10.2024) BFS BFS PFS BFS Exploration BFS Cummins Range Development Focus Metallurgy  Finish metallurgy works  Make competitive product  Complete the techno-economical studies Metallurgy considers historical 20x TREO con success, Ga and Sc deportation, Phosphate stand-alone enabler  SGS Lakefield conventional  Gega un-conventional (Ga)  BioInputs Phosphate bio leach Staged development opportunity via phosphate  Start modest (P)  Become significant (RE, Ga, Sc) Mining Lease  Sign the heritage agreement  Section 31 Deed  Secure the Mining Lease Mining heritage agreement is the pre- requisite for a mining lease and all parties are aligned  Jaru heritage agreement aligned  Socialisation underway  Environmental baselines collected The Mining Lease will contribute materially to key factors influencing monetisation  Permitting  Access to port  Aligned stakeholders ASX Announcement: Rare Earths beneficiation work delivers strong TREO upgrades. 18 October 2023 ASX Announcement: Metallurgical Update for Cummins Range Project 09 October 2025 Potential Acquisition Key attributes  Globally significant RE project  Potential for:  Rare earths  Niobium  Phosphate  Manganese  Close to Indian Ocean coast and Mombasa port  Potential access to geothermal power  Previously explored by Pacific Wildcat Proposal Summary  RareX-led consortium with Iluka Resources  Kenyan government partnership proposed  US strategic alignment  Consortium includes binding conditional offtake terms with Iluka’s Eneabba rare earth refinery  Local value chain development potential for co-products  Curtin university scholarship arrangement and MoU  $A50M US aligned funding 1 2 5 3 4 This proposal(Submitted April ‘25) is under consideration by the Kenyan Government Mrima Hill Acquisition Initiative References: ASX Announcement: RareX and Iluka in consortium for Mrima Hill. 02 April 25 RE Rare Earths 57-71 Nb Niobium 41 Exploration Pipeline Acquired 2024 Field survey 2024 Native title agreement 2024 Alkaline Intrusive Complex identified 2024 EL Granted 2025 Gallium targets identified 2025 Carbonatite targets identified 2025 Key attributes  20km diameter Alkaline Intrusive Complex  Same age to Mt Weld and Cundeelee  900Km2 tenements  No RE or Nb exploration but significant data available  Niobium grades up to 0.1%, RE grades up to 0.4%  Broad gallium zones to 80g/t  5 carbonatite targets A newly identified Alkaline Intrusive Complex EIS grant 2025 Alkaline Intrusive Complex: Home of carbonatites Environmental & heritage survey Future Khaleesi Explore for Re – Nb - Ga Drilling Future ASX Announcement: RareX awarded EIS funding for gallium drilling at Khaleesi, 01 May 2025 ASX Announcement: RareX acquires district-scale niobium project - East Yilgarn 23 May 2024 Tenements pegged 2023 Heritage Agreement 2024 Tenements granted 2025 Heritage clearance 2025 First Mineralised Veins Discovered in 40 Years 2025 Geochemical Sampling 2025 Key attributes  45km from Browns Range surrounded by Iluka tenements  Comparable setting to Browns Range heavy rare earths  200Km2 granted  Multiple new veins discovered  Rock chips to 2.7% TREO, 94% HREO and 13% DyTb  Multiple untested HRE geochemical targets Drilling Future Mt Mansbridge Explore for heavy rare earths New Xenotime veins identified Target definition Future References: ASX release, High Grade Heavy Rare Earths Identified at Mt Mansbridge, 10 September 2025 Piper Bullseye Explore for Carbonatite Earn-in acquisition 2024 Exploration proposal submitted 2024 Native title agreement Future EL granted Future Geophysics Future Drilling Future Key attributes  Untested strong geophysical bullseye anomaly in highly fertile belt  Carbonatite Pipe?  2.5km diameter  Along strike from Luni and Nolan’s Bore in the NT  330Km2 of Tenement  WA1 have pegged entire belt around Piper Project  3 deep drill holes totaling >1000m for 80% of project’s interest A massive bullseye anomaly ASX Announcement: RareX gains access to bull‘s-eye magnetic anomaly in the NT Aileron Province prospective for Rare Earths and Niobium. 10 October 2024 Investments  Project generator model for porphyry projects  Six deals = >A$110M in asset level funding Kincora Copper ASX:KCC www.kincoracopper.com 5M shares $4.0M value (01OCT25) Cosmos Exploration ASX:C1X www.cosmosx.com.au 10M shares $0.7M value (01OCT25) Canadian Rare Earth Corporation LL.V (CREC) www.canadarareearth.com 24M shares $0.5M value (01OCT25) $5.2M Combined value (October 2025) Investment portfolio Growing value  Lithium explorer  Partnership with EAU Lithium • Bolivian lithium brine focussed • In partnership with Vulcan Energy Resources (VUL)  Laos rare earth mine and refinery acquisition pending  Rare earth product trading Thank you Board of Directors Jeremy Robinson Non-Executive Chairman Danny Goeman Non-Executive Director Shaun Hardcastle Non-Executive Director James Durrant Managing Director Company Secretary Oonagh Malone Chief Executive Officer James Durrant RareX HQ L1, 1 Alvan Street, Subiaco WA 6008 ABN 65 105 578 756 T: (08) 6383 6593 E: info@rarex.com.au Follow us Investor Hub: https://investors.rarex.com.au/welcome LinkedIn: https://www.linkedin.com/company/rarex-limited X Twitter: https://twitter.com/rarex_asx rarex.com.au ASX: REE Appendices James Durrant CEO & MD Mining and Mechanical Engineer with nearly 20 years across Tier 1 operations and junior company project development in Africa and Australia. GAICD. Ex BHP Guy Moulang Exploration Manager Geologist and AIG Member with 20 years' experience in technology metals, base metals and gold exploration. 5 years with RareX on Cummins Range Kay Hofmann Study & Approvals Manager Ex Mineral Resources Limited and BHP. Leader of engineering and operational teams across mine planning, production, drill & blast, A&I, hydrogeology and environmental baselines. Ex BHP. Ex MinRes Strong Core Team Technical, Operations, Financing Danny Goeman Non-Executive Director Negotiations, Offtake, Marketing, Shipping. Ex FMG, Ex Rio Tinto Jeremy Robinson Non-Executive Chairman Fund raising, Strategy, Corporate Development. Founder and rare earth expert Shaun Hardcastle Non-Executive Director Corporate Law, Finance Law, Governance. Partner at Hamilton Locke Gavin Beer Consulting Metallurgist Globally renowned rare earth metallurgical engineer. Expert in carbonatites Lu Zhang Consulting Process Engineer Metallurgist by training. Experienced process engineer. Rare earth expert Consultants and advisors  Ausenco  WSP  AWEMAC  KMPG  Hunter&Co  Evolution Capital Partners  Canaccord Genuity  Gega  AMC  SGS Lakefield  ALS  Nagrom  Curtin University Corporate Overview REE A$0.038 1,010M A$38M A$7.45M A$1.79M A$2.25M1 A$5.20M ASX Code Share Price (13 Oct 2025) Shares on Issue Market Capitalisation (13 Oct 2025) Cash and Investments Cash (Jun Qtr) Total Cash (01 Oct 2025) Investments (10 Oct 2025)2 Chairman: Non-Executive Managing Director & CEO Director: Non-Executive Director: Non-Executive Company Secretary Capital Structure Key people Top 50 Shareholders Number of Shareholders Major Shareholders ~39% ~5,355 Simon Lee AO (~3.19%) Jeremy Robinson (~3.55%) Shareholders Jeremy Robinson James Durrant Danny Goeman Shaun Hardcastle Oonagh Malone Notes: 1 - Includes A$2M placement announced 21 July 2025. 2 - Kincora Copper: 5M shares plus project royalty Cosmos Exploration Limited: 10M shares Canada Rare Earths Corp: 25M shares  Strong geopolitical and demand tail winds  Leveraged to significant market recovery – High Beta stock  Additional gallium exposure > thematically aligned 20 40 60 80 100 120 140 0 0.01 0.02 0.03 0.04 0.05 0.06 0.07 Jan 2024 Jun 2024 Nov 2024 May 2025 Oct 2025 Share Price Information ASX: REE (AUD/share) REE Share Price NdPr Oxide Price NdPr Oxide Pricing Asian Metals, EXW China (USD/kg) Adamas 2027 Price Forecast U$120/kg Gallium announced 25 April 2025 13 October 2025 U$74.7/kg 13 October 2025 Prev Close: 0.038 List Of Sources For Grade And Resource Graphs Resource RareX Source of data Arafura Source of data ASM Source of data Resource , Million Tonnage 44 https://investors.rarex.com.au/announcements/61739 95 56 https://wcsecure.weblink.com.au/pdf/ARU/02651944.p df 75 https://asm-au.com/dubbo-project/resources-and- reserves/ TREO Grade, % 1.02% https://investors.rarex.com.au/announcements/61739 95 2.59% https://wcsecure.weblink.com.au/pdf/ARU/02651944.p df 0.88% https://asm-au.com/dubbo-project/resources-and- reserves/ Market Capitalisation, AUD Million (10.10.2025) 28 https://www2.asx.com.au/markets/company/ree 822 https://www2.asx.com.au/markets/company/aru 185 https://www2.asx.com.au/markets/company/asm Resource Hastings Source of data Dreadnaught Source of data Northern Minerals Source of data Resource , Million Tonnage 30 https://www.investi.com.au/api/announcements/has/b efee282-f7d.pdf 41 https://webservices.weblink.com.au/article.aspx?article ID=nKKbPP9PtUXO6BDF6bSJiUk/yZN1iwVqxc19p9XA PJU= 12 https://wcsecure.weblink.com.au/pdf/NTU/02649250.p df TREO Grade, % 0.92 Calculation 1.03 Calculation 0.78 Calculation Market Capitalisation, AUD Million (10.10.2025) 118 https://www2.asx.com.au/markets/company/has 213 https://www2.asx.com.au/markets/company/dre 359 https://www2.asx.com.au/markets/company/ntu List Of Sources For Gallium Significant Intercepts Company Notable Intercepts Source of Data Intercept, m Grade, ppm RareX (REE) 27 75 https://webservices.weblink.com.au/article.aspx?articleID=yPTpwlx5Cwy8LIdFSQmwQuV+rWc ssr3MeA58TWPn0bU= 50 68 45 93 47 94 37 145 60 99 56 114 https://webservices.weblink.com.au/article.aspx?articleID=NtA8Y5KilwRk2Ht54WohxTSvtqTX1 TP5w7lE2xSI7os= 60 124 86 105 74 123 99 106 86 125 https://webservices.weblink.com.au/article.aspx?articleID=57F8jMJxVtzMiXKki0e8Tcs2/LS/Suz OrAmoZGZnnkc= 115 146 G50 83 22.6 https://wcsecure.weblink.com.au/pdf/G50/02975567.pdf 109 40.5 https://wcsecure.weblink.com.au/pdf/G50/02783316.pdf 204 21.7 241 20 271 23.8 308 28.6 https://wcsecure.weblink.com.au/pdf/G50/02975567.pdf Nimy (NIM) 32 102 High-Grade Gallium Discovery at Block 3 | Nimy Resources 52 105 72 117 240 36 240 42 240 50 240 68 Axel Ree Ltd (AXL) 8 82 https://discoveryalert.com.au/news/gallium-results-mineralisation-caladao-project-axel- ree/#:~:text=What%20makes%20Axel's%20discovery%20particularly,higher%20than%20typica l%20recovery%20sources. 8 88 12 70 16 75 16 74