Announcement PDF ASX Release 19 November 2025 For more information, Investors: James Durrant , Managing Director P +61 (0) 8 6383 6593 please contact: Engage and Contribute: Investor Hub W ree.investorhub.com/welcome RareX Limited RareX HQ P +61 (0) 8 6383 6593 RareX Limited ASX:REE , REEO Level 1, 1 Alvan Street E info@rarex.com.au @rarex_asx ABN: 65 105 578 756 Subiaco WA 6008 ree.investorhub.com/welcome Australia rarex.com.au Historical Review Reveals Extensive Deposits of Gallium Rich Clays at Niobe Engage with this announcement at the RareX investor hub. Highlights • Shallow gallium mineralisation identified over a cumulative strike length of 9km, with grades as high as 87g/t Ga₂O₃ and highlight clay hosted intersections of: • 20m at 70g/t Ga₂O₃ in clay • 32m at 67g/t Ga₂O₃ in clay • 28m at 64g/t Ga₂O₃ in clay • 20m at 67g/t Ga₂O₃ in clay • Heritage clearance completed in November, clearing path for drilling campaign • 3,000m drill program planned for first quarter CY2026 to test four geophysical targets • Only flora survey remains to be completed pre-drilling following extensive preparations including: consolidation of land holding; completion of access agreements with Narnoo (x2) and Tropicana (x1); and heritage and archeological surveys. • The drill program has been award EIS funding of $175,0001 . RareX Limited (ASX: REE, REEO – RareX, or the Company) is pleased to announce that the heritage clearance for the first Khaleesi drill campaign is complete. This clears the path to test priority carbonatite and gallium targets, specifically a 5km x 3km gallium enriched clay profile, within the Khaleesi Alkaline Intrusive Complex. All historical drilling at the Niobe Prospect has intersecting gallium mineralised zones (Figures 1 and 2) and the planned drill program will test along strike from the high grade clay zones, over an area of 1.6 km × 1.2 km (outlined in yellow in Figure 4). The Niobe prospect contains two historical northern and southern drill lines (Figures 1 and 2) spaced 2km apart, where the geological profile contains alluvial sands overlaying a clay cap that sits above an altered syenite granite. Figure 1. Historical northern drill line at Niobe showing gallium enrichment in hydrothermally altered syenite granite and clay cap over 4km. Section location is shown in Figure 4. Section has been drawn with a 15 x vertical exaggeration. Assay results and geology are shown in Appendix 1. RareX Limited RareX HQ P +61 (0) 8 6383 6593 RareX Limited ASX:REE , REEO Level 1, 1 Alvan Street E info@rarex.com.au @rarex_asx ABN: 65 105 578 756 Subiaco WA 6008 ree.investorhub.com/welcome Australia rarex.com.au Figure 2. Historical southern drill line showing gallium enrichment in hydrothermally altered syenite granite and clay cap over 5km. Section location is shown in Figure 4 and is 2km south of the northern drill line. Section has been drawn with a 15 x vertical exaggeration. Assay results and geology are shown in Appendix 1. The syenite is highly fractionated and contains an average of 54g/t Ga₂O₃ from 35 samples. The clay cap varies in thickness, locally exceeding 30m, and averages 56g/t Ga₂O₃ from 77 samples. The topography of the granite forms peaks and troughs, with thicker, higher-grade clay zones developed within the troughs. Notable intersections include: • 20m at 70g/t Ga₂O₃ in clay, hole RDA204, Figure 3 • 32m at 67g/t Ga₂O₃ in clay, hole RDA205, Figure 3 • 28m at 64g/t Ga₂O₃ in clay, hole RDA231, Figure 4 • 20m at 67g/t Ga₂O₃ in clay, hole RDA203, Figure 3 Khaleesi Project The Khaleesi Project is located 260km northeast of Kalgoorlie on the contact between the Yilgarn Craton and the Albany Fraser Orogen (Figure 3). Most of the project lies within the Northern Foreland Unit and includes the 20 km Khaleesi Alkaline Intrusion Complex, which has been partly down-faulted into the Canning Basin beneath the Mulga Rocks uranium deposits. Magmatic units within the complex have been dated at 2030 Ma, consistent with other alkaline intrusions on the eastern margin of the Yilgarn Craton, including Mt Weld (106Mt at 4.12% TREO2 ) and the Cundeelee Carbonatite. The project is also located 45 km along strike from the Ponton Dyke, a zone of hydrothermal rare earth veining in granite, which includes intercepts up to 28 m at 10% TREO. CEO and Managing Director, James Durrant, commented: “We are excited to progress the Khaleesi Project and we would like to thank the Upurli Upurli Nguratja Aboriginal Corporation for their heritage surveying of proposed drill areas. The Alkaline Intrusive Complex is a great address to find a rare earth or niobium enriched carbonatite but also geological interpretation of the historical drilling at Niobe has outlined a very large gallium system with clay hosted RareX Limited RareX HQ P +61 (0) 8 6383 6593 RareX Limited ASX:REE , REEO Level 1, 1 Alvan Street E info@rarex.com.au @rarex_asx ABN: 65 105 578 756 Subiaco WA 6008 ree.investorhub.com/welcome Australia rarex.com.au gallium grades that are well above typical regolith hosted systems and we look forward to testing the gallium potential of the Niobe prospect” Figure 3. Khaleesi Project location with basement geology on regional TMI magnetics Planned Exploration Drill Program Drill targets for potential carbonatites and gallium mineralisation have been identified using geochemical results from historical aircore drilling combined with geophysical datasets. A 3,000m drill program will test four geophysical targets with potential to host rare earth and niobium mineralised carbonatites, as well as two geochemical targets that display elevated indicator elements associated with alkaline hosted mineral systems, including rock chips at Niobe up to 0.4% TREO and 81g/t Ga2O3 1 and end of hole assay of 1.1% Zr, 311ppm Hf, 895ppm Nb and 348ppm Y in hole MHAC0096 at Nb Target area. The Niobe prospect represents a compelling gallium target with dimensions of 5 km × 3 km, showing consistent gallium mineralisation in both the basement syenite and the overlying clay cap. The initial drill program will be RareX Limited RareX HQ P +61 (0) 8 6383 6593 RareX Limited ASX:REE , REEO Level 1, 1 Alvan Street E info@rarex.com.au @rarex_asx ABN: 65 105 578 756 Subiaco WA 6008 ree.investorhub.com/welcome Australia rarex.com.au drilled on a 400 m × 400 m grid over an area of 1.6 km × 1.2 km immediately south of drill holes RDA203, RDA204, and RDA205 on the northern drill line. The carbonatite targets are shown in Figure 4 below, along with a broader area outlined for gallium assessment. Cross sections for the two below northern and southern drill lines are shown and referenced in Figures 1 and 2 and show extensive gallium enrichment over many kilometres in the basement rocks and weathering profile. Figure 4. Khaleesi drill target map, showing carbonatite drill targets and gallium targets. Also showing location of cross sections for northern drill line (Figure 1) and southern drill line (Figure 2). Getting to this drill ready stage at the Khaleesi Project has been a drawn out process due to prolonged time to grant tenements, with E39/2415 still not granted and in the Wardens Court, a protracted process for access agreements with neighbours and challenging logistics for heritage surveys. RareX are pleased to finally have a line of sight for a drill program. 1 This announcement has been authorised for release by the Board of RareX. About RareX Limited – ASX: REE RareX is a critical minerals company specialising in rare earths and gallium, niobium as well as scandium in hard rock carbonatites. The exploration focus of the business is on the Mt Mansbridge xenotime heavy rare earths project near Browns Range, the Khaleesi Project in the East Yilgarn which is a district-scale, elevated gallium & niobium, alkaline intrusive complex, and the Cummins Range near-mine anomalies. The Company’s engineering and commercial focus is on the mid-study-level, Cummins Range Project (+$330M NPV8 post-tax*) - a carbonatite hosted rare earths and phosphate project, containing magnet grade rare earths and battery grade phosphates, and substantial gallium and scandium. It is technically Australia’s largest undeveloped rare earths project. RareX have been curating a portfolio of carbonatite related projects including the newly acquired bulls-eye Piper Project along trend from both Nolans Bore and the Luni niobium deposit. RareX will continue to develop and optimise its portfolio. RareX maintains material investments in Kincora Copper (ASX:KCC), Cosmos Exploration (ASX:C1X) and Canada Rare Earth Corporation (LL.V). For further information on the Company and its projects visit www.rarex.com.au * The forecast financial information was released on 22 August 2023. The Company confirms that the material assumptions underpinning the production target and forecast financial information continue to apply and have not materially changed RareX Limited RareX HQ P +61 (0) 8 6383 6593 RareX Limited (ASX:REE) ASX:REE Level 1, 338 Barker Road E info@rarex.com.au @rarex_asx ABN: 65 105 578 756 Subiaco WA 6008 ree.investorhub.com/welcome Australia rarex.com.au Competent Person’s Statement The information in this report that relates to exploration results has been compiled and reviewed by Mr Guy Moulang. Mr Guy Moulang is a full-time employee of RareX Limited and is a Member of the Australian Institute of Geoscientists and has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as Competent Person as defined in the 2012 Edition of the Australasian Code for the Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code). Mr Guy Moulang consents to the disclosure of the information in this report in the form and context in which it appears. Reference List 1 REE ASX announcement – RareX awarded EIS funding for gallium drilling, 1 April 2025 2 LYC ASX announcement – 2024 Mineral Resource and Reserve Update, 5 August 2024 RareX Limited RareX HQ P +61 (0) 8 6383 6593 RareX Limited ASX:REE , REEO Level 1, 1 Alvan Street E info@rarex.com.au @rarex_asx ABN: 65 105 578 756 Subiaco WA 6008 ree.investorhub.com/welcome Australia rarex.com.au Appendix 1: Drill Intercepts and Drill Collar Details Hole ID Easting Northing Azimuth Dip From To Length Ga2O3 g/t Geology RDA200 583105 6673325 0 90 0 4 4 51 Sand RDA200 4 8 4 24 Sand RDA200 8 12 4 39 Sand RDA200 12 16 4 43 Clay RDA200 16 20 4 18 Clay RDA200 20 24 4 50 Clay RDA200 24 28 4 51 Clay RDA200 28 32 4 43 Clay RDA200 32 36 4 39 Clay RDA200 36 40 4 31 Clay RDA200 40 44 4 32 Clay RDA200 44 48 4 31 Clay RDA200 48 50 2 31 Granite RDA200 50 51 1 31 Granite RDA202 583685 6672855 0 90 0 4 4 6 Sand RDA202 4 8 4 29 Sand RDA202 8 12 4 11 Sand RDA202 12 16 4 3 Sand RDA202 16 20 4 39 Sand RDA202 20 24 4 74 Clay RDA202 24 28 4 66 Clay RDA202 28 32 4 61 Clay RDA202 32 36 4 63 Clay RDA202 36 40 4 61 Clay RDA202 40 41 1 63 Clay RDA202 41 42 1 60 Granite RDA203 583685 6672740 0 90 0 4 4 51 Sand RDA203 4 8 4 34 Sand RDA203 8 12 4 23 Sand RDA203 12 16 4 63 Clay RDA203 16 20 4 75 Clay RDA203 20 24 4 73 Clay RDA203 24 28 4 65 Clay RareX Limited RareX HQ P +61 (0) 8 6383 6593 RareX Limited ASX:REE , REEO Level 1, 1 Alvan Street E info@rarex.com.au @rarex_asx ABN: 65 105 578 756 Subiaco WA 6008 ree.investorhub.com/welcome Australia rarex.com.au Hole ID Easting Northing Azimuth Dip From To Length Ga2O3 g/t Geology RDA203 28 32 4 61 Clay RDA203 32 36 4 56 Granite RDA203 36 37 1 59 Granite RDA204 584175 6672550 0 90 0 4 4 22 Sand RDA204 4 8 4 46 Clay RDA204 8 12 4 78 Clay RDA204 12 16 4 74 Clay RDA204 16 20 4 73 Clay RDA204 20 24 4 67 Clay RDA204 24 28 4 57 Clay RDA204 28 32 4 54 Granite RDA204 32 35 3 56 Granite RDA204 35 36 1 56 Granite RDA205 584605 6672295 0 90 0 4 4 23 Sand RDA205 4 8 4 21 Sand RDA205 8 12 4 55 Sand RDA205 12 16 4 68 Clay RDA205 16 20 4 72 Clay RDA205 20 24 4 69 Clay RDA205 24 28 4 66 Clay RDA205 28 32 4 67 Clay RDA205 32 36 4 66 Clay RDA205 36 40 4 68 Clay RDA205 40 44 4 60 Clay RDA205 44 46 2 55 Granite RDA205 46 47 1 57 Granite RDA206 585005 6672055 0 90 0 4 4 15 Sand RDA206 4 8 4 3 Sand RDA206 8 12 4 33 Sand RDA206 12 13 1 83 Granite RDA206 13 14 1 57 Granite RDA208 585780 6671865 0 90 0 4 4 28 Sand RDA208 4 8 4 40 Clay RDA208 8 9 1 48 Granite RDA210 586430 6671760 0 90 0 4 4 15 Sand RDA210 4 5 1 43 Clay RareX Limited RareX HQ P +61 (0) 8 6383 6593 RareX Limited ASX:REE , REEO Level 1, 1 Alvan Street E info@rarex.com.au @rarex_asx ABN: 65 105 578 756 Subiaco WA 6008 ree.investorhub.com/welcome Australia rarex.com.au Hole ID Easting Northing Azimuth Dip From To Length Ga2O3 g/t Geology RDA210 5 6 1 50 Granite RDA211 586730 6671730 0 90 0 4 4 12 Sand RDA211 4 8 4 37 Sand RDA211 8 12 4 37 Sand RDA211 12 16 4 52 Clay RDA211 16 20 4 87 Clay RDA211 20 21 1 81 Granite RDA212 587030 6671710 0 90 0 4 4 19 Sand RDA212 4 8 4 21 Sand RDA212 8 12 4 63 Clay RDA212 12 16 4 60 Granite RDA212 16 17 1 63 Granite RDA218 580690 6670975 0 90 0 4 4 7 Sand RDA218 4 8 4 21 Sand RDA218 8 12 4 39 Clay RDA218 12 16 4 37 Clay RDA218 16 20 4 36 Clay RDA218 20 24 4 31 Clay RDA218 24 28 4 43 Clay RDA218 28 29 1 45 Granite RDA218 29 30 1 49 Granite RDA219 580990 6671000 0 90 0 4 4 8 Sand RDA219 4 8 4 22 Sand RDA219 8 12 4 47 Sand RDA219 12 16 4 47 Clay RDA219 16 19 3 53 Granite RDA219 19 20 1 51 Granite RDA220 581295 6671040 0 90 0 4 4 13 Sand RDA220 4 8 4 12 Sand RDA220 8 12 4 70 Clay RDA220 12 16 4 67 Clay RDA220 16 20 4 65 Clay RDA220 20 24 4 59 Clay RDA220 24 26 2 52 Clay RDA220 26 27 1 53 Granite RDA221 581560 6671025 0 90 0 4 4 13 Sand RareX Limited RareX HQ P +61 (0) 8 6383 6593 RareX Limited ASX:REE , REEO Level 1, 1 Alvan Street E info@rarex.com.au @rarex_asx ABN: 65 105 578 756 Subiaco WA 6008 ree.investorhub.com/welcome Australia rarex.com.au Hole ID Easting Northing Azimuth Dip From To Length Ga2O3 g/t Geology RDA221 4 8 4 8 Sand RDA221 8 12 4 25 Sand RDA221 12 16 4 65 Clay RDA221 16 20 4 58 Clay RDA221 20 24 4 55 Clay RDA221 24 28 4 58 Clay RDA221 28 31 3 57 Granite RDA221 31 32 1 54 Granite RDA223 582185 6671080 0 90 0 4 4 8 Sand RDA223 4 8 4 17 Sand RDA223 8 12 4 38 Sand RDA223 12 16 4 40 Clay RDA223 16 19 3 53 Clay RDA223 19 20 1 49 Granite RDA225 583130 6670905 0 90 0 4 4 9 Sand RDA225 4 8 4 26 Sand RDA225 8 12 4 49 Clay RDA225 12 16 4 39 Clay RDA225 16 20 4 35 Clay RDA225 20 24 4 37 Clay RDA225 24 28 4 36 Clay RDA225 28 29 1 33 Granite RDA227 584055 6670659 0 90 0 4 4 6 Sand RDA227 4 8 4 9 Sand RDA227 8 12 4 14 Sand RDA227 12 16 4 9 Sand RDA227 16 20 4 5 Sand RDA227 20 24 4 58 Clay RDA227 24 28 4 64 Clay RDA227 28 32 4 72 Clay RDA227 32 35 3 72 Clay RDA227 35 36 1 67 Granite RDA229 584983 6670397 0 90 0 4 4 26 sand RDA229 4 6 2 29 Clay RDA229 6 7 1 32 Granite RDA231 585590 6670235 0 90 0 4 4 12 Sand RareX Limited RareX HQ P +61 (0) 8 6383 6593 RareX Limited ASX:REE , REEO Level 1, 1 Alvan Street E info@rarex.com.au @rarex_asx ABN: 65 105 578 756 Subiaco WA 6008 ree.investorhub.com/welcome Australia rarex.com.au Hole ID Easting Northing Azimuth Dip From To Length Ga2O3 g/t Geology RDA231 4 8 4 50 Clay RDA231 8 12 4 67 Clay RDA231 12 16 4 76 Clay RDA231 16 20 4 73 Clay RDA231 20 24 4 63 Clay RDA231 24 28 4 62 Clay RDA231 28 32 4 59 Clay RDA231 32 36 4 57 Granite RDA231 36 40 4 56 Granite RDA231 40 44 4 55 Granite RDA231 44 48 4 53 Granite RDA231 48 50 2 54 Granite RDA231 50 51 1 55 Granite RDA232 585888 6670163 0 90 0 4 4 6 Sand RDA232 4 8 4 28 Sand RDA232 8 12 4 55 Sand RDA232 12 16 4 71 Clay RDA232 16 20 4 41 Clay RDA232 20 24 4 50 Clay RDA232 24 26 2 49 Clay RDA232 26 27 1 51 Granite Appendix 2: MHAC0096 End of Hole Multi-element assay Hole ID Easting Northing Azimuth Dip From, m To, m Nb ppm Zr % Hf ppm Y ppm MHAC0096 595641 6677398 180 90 58 59 895 1.1 311 348 RareX Limited RareX HQ P +61 (0) 8 6383 6593 RareX Limited ASX:REE , REEO Level 1, 1 Alvan Street E info@rarex.com.au @rarex_asx ABN: 65 105 578 756 Subiaco WA 6008 ree.investorhub.com/welcome Australia rarex.com.au Appendix 3: JORC Tables Section 1: Sampling Techniques and Data Criteria JORC Code explanation Commentary Sampling techniques • Nature and quality of sampling (e.g. cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc.). These examples should not be taken as limiting the broad meaning of sampling. • Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. • Aspects of the determination of mineralisation that are Material to the Public Report. • In cases where ‘industry standard’ work has been done this would be relatively simple (e.g. ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases, more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (e.g. submarine nodules) may warrant disclosure of detailed information. • All drilling described in this announcement are vertical air- core (AC) drill holes and were completed between 2006- 2014 by Anglo Gold Ashanti (70%) and Independence Group NL (35%) • Drilling was completed by the same company to blade refusal using a truck mounted rig. Samples were collected from the drill rig in single metre intervals and laid on the ground in rows of ten for geological logging • Composite samples at intervals determined by the geologist (up to 4m), weighing approximately 3kg, were collected from the sample piles using a scoop and submitted for analysis. This is industry standard for gold exploration using AC drilling. • Before October 2013 samples were only assayed for Au. After October 2013 samples were assayed for gold and multi-element. • Where anomalous results were encountered, a return was made to the intervals on the ground and single metre samples were re-sampled using a scoop. • No reference to measures taken to ensure sample representivity were discussed in historical reports. • 1kg rock chips were representative of the outcrops Drilling techniques • Drill type (e.g. core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc.) and details (e.g. core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc.). • Drilling technique used is air-core using a truck mounted rig Drill sample recovery • Method of recording and assessing core and chip sample recoveries and results assessed. • Measures taken to maximise sample recovery and ensure representative nature of the samples. • Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material. • Sample recovery was routinely documented during sampling. The upper 4-8m often has 50% recovery and below 8m is mostly 100% recovery. • No measures were described in the historical reports regarding maximising sample recovery • There are no details in the historical reports regarding the relationship between sample recovery/grade and sample bias RareX Limited RareX HQ P +61 (0) 8 6383 6593 RareX Limited ASX:REE , REEO Level 1, 1 Alvan Street E info@rarex.com.au @rarex_asx ABN: 65 105 578 756 Subiaco WA 6008 ree.investorhub.com/welcome Australia rarex.com.au Logging • Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. • Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc.) photography. • The total length and percentage of the relevant intersections logged. • All AC samples have been geologically logged to a level of detail to support a mineral resource estimation. • Logging is qualitative • 100% of the AC holes have been geologically logged • Rock chips and source outcrops were described Sub-sampling techniques and sample preparation • If core, whether cut or sawn and whether quarter, half or all core taken. • If non-core, whether riffled, tube sampled, rotary split, etc. and whether sampled wet or dry. • For all sample types, the nature, quality and appropriateness of the sample preparation technique. • Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples. • Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling. • Whether sample sizes are appropriate to the grain size of the material being sampled. • AC samples were composited for the first pass sampling • Composite samples at intervals determined by the geologist (up to 4m), weighing approximately 3kg, were collected from the sample piles using a scoop and submitted for analysis. This is industry standard for gold exploration using AC drilling. • Before October 2013 samples were only assayed for Au. After October 2013 samples were assayed for gold and multi-element. • Where anomalous results were encountered, a return was made to the intervals on the ground and single metre samples were re-sampled using a scoop. • This technique is industry standard for AC gold exploration • No quality control procedures were discussed in historical reports • Measures taken to ensure that the sampling is representative has not been discussed in historical reports • The sample sizes are appropriate to the grain size of the material sampled • Rock chips were representative of the source outcrops Quality of assay data and laboratory tests • The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. • For geophysical tools, spectrometers, handheld XRF instruments, etc., the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. • Nature of quality control procedures adopted (e.g. standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established. • Muli-element assay on MHAC0096 was fused bead Laser Ablation ICP-MS • 2024 re-assaying of AC drilling pulps assayed via peroxide fusion digest with ICP OES & MS finish. This is an appropriate analysis for rare earth elements. • For every 100 assays there were 5 repeats and 15 standards. • Rock chips were assayed in a small batch via peroxide fusion digest and 4 acid digest with ICP OES & MS finish. The laboratory completed standards, repeats and duplicates RareX Limited RareX HQ P +61 (0) 8 6383 6593 RareX Limited ASX:REE , REEO Level 1, 1 Alvan Street E info@rarex.com.au @rarex_asx ABN: 65 105 578 756 Subiaco WA 6008 ree.investorhub.com/welcome Australia rarex.com.au Verification of sampling and assaying • The verification of significant intersections by either independent or alternative company personnel. • The use of twinned holes. • Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. • Discuss any adjustment to assay data. • Reported results have not been verified by either an independent or alternative company personnel. • Twinned holes have not been drilled • Rare earth elements, gallium and niobium have been reported as ppm. The assays are then converted to oxides via the following stochiometric conversion factors: La2O3 1.1728, CeO2 1.2284, Pr6O11 1.2082, Nd2O3 1.1664, Sm2O3 1.1596, Eu2O3 1.1579, Gd2O3 1.1526, Dy2O3 1.1477, Ho2O3 1.1455, Er2O3 1.1435, Tm2O3 1.1421, Yb2O3 1.1387, Lu2O3 1.1371, Sc2O3 1.5338, Y2O3 1.2699, Nb2O5 1.4305, P2O5 2.2916, Ga2O3 1.3442 Location of data points • Accuracy and quality of surveys used to locate drillholes (collar and downhole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. • Specification of the grid system used. • Quality and adequacy of topographic control. • Drill hole collars have been surveyed with a handheld GPS2000 and have an accuracy of 4m • All coordinates are in GDA94 MGA Zone 51 • Accurate topographic control is poor. The terrain is flat and for mineral exploration the public topographic maps and DTM from aerial magnetic surveys are sufficient. Data spacing and distribution • Data spacing for reporting of Exploration Results. • Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. • Whether sample compositing has been applied. • Drill hole spacing is considered appropriate for establishing the presence of elevated niobium, gallium and rare earths within the Khaleesi alkaline intrusion complex. • Geological and grade continuity has not been established and is not appropriate for a mineral resource estimate • Composite samples at intervals determined by the geologist (up to 4m), weighing approximately 3kg, were collected from the sample piles using a scoop and submitted for analysis. Orientation of data in relation to geological structure • Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. • If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material. • Ore grade Nb, Ga or rare earths mineralisation has not been established as yet and relationship with possible structures is unknown. • No sampling bias has been identified from historical drill results Sample security • The measures taken to ensure sample security. • Rock chips were transported from site to the laboratory by RareX personal Audits or reviews • The results of any audits or reviews of sampling techniques and data. • No audits or reviews have been commissioned by RareX. It is unknown whether Anglo Gold Ashanti has had audit or reviews done. RareX Limited RareX HQ P +61 (0) 8 6383 6593 RareX Limited ASX:REE , REEO Level 1, 1 Alvan Street E info@rarex.com.au @rarex_asx ABN: 65 105 578 756 Subiaco WA 6008 ree.investorhub.com/welcome Australia rarex.com.au Section 2: Reporting of Exploration Results Criteria JORC Code explanation Commentary Mineral tenement and land tenure status • Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. • The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area. • E39/2409 granted tenement. Purchased from Beau Resources LTD on the 21st May 2024. Has a royalty of 2%. • E39/2410 pending tenement. Purchased from Beau Resources LTD on the 21st May 2024. Has a royalty of 2%. • E39/2415 pending tenement. Purchased from Beau Resources LTD on the 21st May 2024. Has a royalty of 2%. Access agreements with Narnoo Mining Pty Ltd to be signed prier to grant of tenement. • E39/2496 granted tenement. Purchased from Sustainable Minerals Ltd on the 21st May 2024. No royalty. • E39/2494 pending tenement. No royalty • E39/2495 granted tenement. No royalty • Exploration done by other parties • Acknowledgment and appraisal of exploration by other parties. • Little exploration of note was completed on the project area prior to the discovery of Tropicana Gold deposit in 2005 which is located 100km to the north east along strike. After the discovery of Tropicana, Anglo Gold Ashanti pegged large portions of the Northern Foreland unit and completed systematic surface geochemistry, geophysics, and AC drilling over hundreds of square kilometres and is still active in the area. During this period Luchini gold prospect was discovered in 2012 on the northern quadrant of the Khaleesi alkaline intrusion complex (KAIC) with best intersection of 10m @ 1.83g/t Au. Anglo formed a joint venture with IGO in 2015 over the eastern half of the Khaleesi project exploring for magmatic Ni-Cu deposits similar to Nova-Bollinger 200km to the south west in the Albany Fraser Belt. In 2016 400m x 400m gravity was completed over most of the KAIC, several square kilometres of moving loop EM, and 2000m of AC drilling led to the discovery of Red Dragon Ni-Cu-Co prospect within the KAIC. Red dragon was drilled with EIS funded RC (7 holes) and diamond (3 holes) drilling in 2016. A weakly mineralised magmatic Ni-Cu sulphide intrusion was drilled down to 400m. In 2018- 2022 Fortescue Metals explored the project for Au and conducted magnetics, surface sampling and AC drilling. An age date was also completed by UWA on the KAIC with a likely magmatic crystallisation of ca 2000 Ma which is the same age as Mt Weld and Ponton. Geology • Deposit type, geological setting and style of mineralisation. • The Khaleesi alkaline intrusive complex (KAIC) is located on the western edge of the Albany Fraser Belt in the Northern Foreland metagranite unit. The Northern Forland unit is interpreted to be reworked Yilgarn Craton granites. The project is located adjacent to the Mulga Rocks uranium-rare earths-base metals deposits in the Canning Basin. Reprocessing of the magnetics data by Resource Potentials has identified a 20km intrusion complex with ring features evident on the northern boundary and internal features which may represent sub-intrusions. Geochemical characteristics of the fresh diamond drill core from Red Dragon also offer furthe