Announcement PDF ASX Release 6 August 2025 Wide High-Grade Gallium Intercepts at Cummins Range Engage with this announcement at the RareX investor hub. Highlights • A further 970 gallium re-assays have been received from 16 drill holes. • Significant gallium intercepts from re-assaying of pulps include: o 115m at 146 g/t Ga2O3, 3.4% TREO and 369 g/t Sc2O3 from 22m, including 53m at 200 g/t Ga2O3, 5.51% TREO and 588 g/t Sc2O3 o 86m at 125 g/t Ga2O3, 3.93% TREO and 283 g/t Sc2O3 from 4m, including 9m at 158 g/t Ga2O3, 2.77% TREO and 428 g/t Sc2O3 • Re-assaying continues with 26 drill holes remaining from the 2020 infill drilling. • Gallium is a highly strategic metal, supply constrained and with rapidly growing uses in high performance chips for AI and other advanced applications. It is anticipated that the gallium market will grow 10x in 10years1. RareX Limited (ASX: REE – RareX, or the Company) is pleased to announce further re-assaying results of the highgrade gallium at the Cummins Range carbonatite pipe. The gallium intercept of 115m at 146 g/t Ga2O3, including 53m at 200 g/t Ga2O3 is the widest high-grade intercept at Cummin Range so far and is an example of the extraordinary gallium and rare earth grades in the deposit. CEO and Managing Director, James Durrant, commented: “These latest assays confirm Cummins Range as one of Australia’s most advanced and highest-grade gallium deposits. The consistency of high-grade results across multiple holes and long intercepts removes any remaining doubt. Gallium is now a core value stream. We are advancing both conventional and alternative processing pathways with Gega Elements, SGS Lakefield and others to unlock the full value of the contained metals—rare earths, gallium, scandium and phosphate.” Gallium grades are generally classified as follows: low-grade (30–50 g/t), moderate-grade (50–100 g/t), and highgrade (>100 g/t). Notable intercepts from the re-assaying of pulps include: • CRX0013 - 115m at 146 g/t Ga2O3, 3.4% TREO and 369 g/t Sc2O3 from 22m. Incl. 53m at 200 g/t Ga2O3, 5.51% TREO and 588 g/t Sc 2O3 • CRX0010 - 86m at 125 g/t Ga2O3, 3.93% TREO and 283 g/t Sc2O3 from 4m, Incl. 9m at 158 g/t Ga2O3, 2.77% TREO and 428 g/t Sc 2O3 • CRX0019 - 45m at 93 g/t Ga2O3, 0.69% TREO and 175 g/t Sc2O3 from 93m, including 6m at 228 g/t Ga2O3, 1.7% TREO and 539 g/t Sc2O3 • CRX0012 - 47m at 94 g/t Ga2O3, 1.18% TREO and 194 g/t Sc2O3 from 21m, including 9m at 158 g/t Ga2O3, 2.77% TREO and 428 g/t Sc2O3 1 https://www.factmr.com/report/gallium- market#:~:text=Gallium%20Market%20Outlook%20(2024%20to%202034)&text=The%20market%20has%20been%20forecasted,element%20with%20atomic%20number%2031 Gallium at Cummins Range 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% TREO2. In March 2025, RareX identified that historical regolith RC drilling, conducted between 2007 and 2012 by Navigator Resources and Kimberley 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 Ga 2O3 and values up to 6,826g/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 done. 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 with a total of 58 drill holes for 6,146m of RC drilling completed. A total of 2,080 assays from 29 drill holes have now been received and results 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 1 shows section 307160E with gallium grades across 100m 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 2. Figure 1. Section 307160E. Showing gallium intercepts at Cummins Range deposit. Section location is shown in Figure 2 and intersection specifics are in Appendix 1. 2 ASX Announcement 25 January 2024 – Cummins Range Mineral Resource Estimate Update: Indicated 77.4Mt at 0.46% TREO, 6.7% P2O5 and 90g/t Sc2O3; Inferred 446.9Mt at 0.28% TREO, 4.2% P2O5 and 70g/t Sc2O3 Figure 2. Collar location plan showing carbonatite dykes 100m below surface. Also showing Section (Figure 1) location. The Global Gallium Market The global gallium market is dominated by China, which controls 98% of global gallium production.3 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 2034.4 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 dominance5. No other countries are significant producers of primary gallium, creating a near-monopoly situation that heightens supply risk for importing nations. 3 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/ 4 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 5 https://www.mining.com/web/gallium-price-rises-to-highest-since-2011-following-china-export-curbs/; Expanding Demand Across Multiple Sectors 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% 6. More aggressive forecasts suggest the market could reach $17.0 billion by 2032, expanding at a CAGR of 24.5% 7. Upward price pressure are likely to persist as demand continues to expand across the semiconductor, telecommunications, defense, and renewable energy sectors. Price Increases and Market Dynamics 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 2011.8 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 stream 9. Gallium Applications Semiconductor Applications and Integrated Circuits 10 The semiconductor industry represents the largest demand driver for gallium, with approximately 74% of gallium imported into the United States during 2023 being used in integrated circuits. Gallium arsenide GaAs and gallium nitride GaN compounds have become critical semiconductor materials across multiple industries, including hightech, automotive, aerospace, healthcare, and telecommunications sectors. Gallium nitride semiconductors are particularly valuable due to their superior power density and heat resistance properties. Traditionally used primarily in military applications, GaN is now finding increased adoption in commercial applications including 5G networks, wireless infrastructure, power electronics, satellites, electric vehicles, and consumer electronics. As one manufacturer noted, “GaN offers higher power density, more reliable operation and improved efficiency over traditional silicon-only based solutions". Optoelectronic Devices11 Approximately 25% of gallium consumption goes toward optoelectronic devices such as laser diodes, light-emitting diodes LEDs , photodetectors, and solar cells. The rapid growth in popularity of electronic devices including mobile phones, laptops, televisions, and lighting applications continues to drive demand in this segment. These applications are particularly important for fiber optic communications and high-speed data transmission technologies, which represent growth areas for the future. 6 https://blog.tbrc.info/2025/02/gallium-market-drivers-2/ 7 https://www.persistencemarketresearch.com/market-research/gallium-market.asp 8 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/ 9 https://www.fitechem.com/news/gallium-price-floor-set-to-rise-in-2021/ 10 https://www.metaltechnews.com/story/2024/09/16/critical-minerals-alliances-2024/us-looks-for-domes tic-gallium-sources/1917.html 11 https://www.grandviewresearch.com/industry-analysis/gallium-market-report Renewable Energy Applications12 The renewable energy sector represents an emerging but potentially massive source of gallium demand. Thin-film solar panels rely heavily on gallium for their high efficiency, and as renewable energy adoption accelerates globally, gallium requirements are expected to grow substantially. Europe alone is projected to consume up to 26 times more gallium by 2030 compared to current levels, according to the Fraunhofer Institute. The scale of potential demand is staggering—Austria's planned renewable energy projects, despite serving a population of only 9 million, would require approximately 4.5 times the current global gallium production. This statistic underscores the looming supply-demand imbalance as gallium becomes increasingly integral to both energy independence and environmental commitments worldwide. 12 https://strategicmetalsinvest.com/gallium-prices/ Competent Person’s Statement The information in this report that related 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. The Mineral Resource Estimate for the Cummins Range Project was reported in accordance with Listing Rule 5.8 on 25 January 2024 and the Company confirms that it is not aware of any new information or data that materially affects the mineral resources estimate included in the previous announcement and that all material assumptions and technical parameters underpinning the mineral resource estimate in the previous announcement continue to apply and have not materially changed. The historical exploration results referred to in this announcement were reported in accordance with Listing Rule 5.7 on 25 March 2025 and 24 June 2025. The Company confirms it is not aware of any new information that materially affects these results. Reference List • 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 • https://www.mining.com/web/gallium-price-rises-to-highest-since-2011-following-china-export-curbs/ • https://strategicmetalsinvest.com/gallium-prices/ • https://www.statista.com/statistics/1445285/gallium-share-of-production-worldwide-by-country/ • https://www.fitechem.com/news/gallium-price-floor-set-to-rise-in-2021/ • https://blog.tbrc.info/2025/02/gallium-market-drivers-2/ • https://www.persistencemarketresearch.com/market-research/gallium-market.asp • https://www.metaltechnews.com/story/2024/09/16/critical-minerals-alliances-2024/us-looks-for-domes ticgallium-sources/1917.html • https://www.grandviewresearch.com/industry-analysis/gallium-market-report • https://www.statista.com/statistics/1441110/primary-production-of-gallium-worldwide-by-country/ • https://www.mining.com/web/gallium-price-has-more-than-doubled-since-china-export-curbs/ 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 NPV 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 underpi nning the production target and forecast financial information continue to apply and have not materially changed Appendix 1: Significant Intercepts Hole From (m) To (m) Interval (m) Ga2O3 g/t TREO % Sc2O3 g/t Nb2O5 % P2O5 % CRX0007 43 49 6 48 0.25 77 0.07 6 Peak Ga2O3 Value 55 CRX0008 21 29 8 43 0.1 48 0.07 2 46 CRX0008 75 84 9 46 0.22 42 0.04 4 50 CRX0009 10 18 8 48 0.23 74 0.06 7 48 CRX0009 44 63 19 61 0.62 86 0.09 14 85 CRX0009 83 94 11 49 0.99 69 0.06 9 54 CRX0010 4 90 86 125 3.93 283 0.3 12 351 Incl. 25 46 21 160 4.21 291 0.32 8 351 Incl. 73 82 9 192 5.8 391 0.44 27 303 CRX0011 6 28 22 54 0.41 128 0.18 10 76 CRX0012 21 68 47 94 1.18 194 0.18 6 187 Incl. 21 57 36 109 1.45 238 0.21 6 187 Incl. 33 42 9 158 2.77 428 0.32 5 187 CRX0012 92 96 4 62 4.24 60 0.06 8 67 CRX0013 22 137 115 146 3.4 369 0.42 8 372 Incl. 57 110 53 200 5.51 588 0.7 10 372 CRX0015 14 58 44 68 0.47 116 0.16 4 145 Incl. 47 53 6 127 1.6 461 0.55 5 145 CRX0016 78 85 7 54 0.75 202 0.39 8 81 CRX0017 NSI CRX0018 13 31 18 47 0.22 29 0.05 1 94 CRX0019 6 32 26 62 0.62 161 0.1 3 130 Incl. 15 25 10 86 0.89 226 0.14 3 130 CRX0019 93 138 45 93 0.69 175 0.19 8 287 Incl. 110 124 14 172 1.25 372 0.34 6 287 Incl. 114 120 6 228 1.7 539 0.36 5 287 CRX0027 6 108 102 55 0.5 93 0.02 18 90 Incl. 12 44 32 70 0.67 119 0.01 22 90 CRX0028 8 18 10 48 0.36 71 0.02 13 52 CRX0028 21 84 63 46 0.35 80 0.04 12 60 CRX0032 1 15 14 57 0.65 314 0.21 11 68 CRX0032 28 55 27 75 1.39 166 0.11 18 115 Incl. 39 42 3 108 2.25 205 0.19 17 115 CRX0032 63 73 10 85 3.56 295 0.22 15 154 Incl. 68 72 4 125 6.5 415 0.27 18 154 Drill Collar Details Hole East MGA CRX0007 307217 CRX0008 307215 CRX0009 307209 CRX0010 307208 CRX0011 307210 CRX0012 307154 CRX0013 307156 CRX0015 307080 CRX0016 307079 CRX0017 307031 CRX0018 307031 CRX0019 307155 CRX0027 307400 CRX0028 307400 CRX0032 307313 North MGA RL End Depth (m) Azimuth Dip 7866568 7866615 7866692 7866731 7866770 7866729 7866773 7866770 7866809 7866750 7866831 7866813 7866863 7866820 7866740 391 391 392 391 391 391 391 391 391 391 391 391 391 391 391 102 96 114 126 102 120 138 96 126 84 84 162 108 114 96 180 180 180 180 180 180 180 180 180 180 180 180 180 180 180 60 60 60 60 60 60 60 60 60 60 60 60 60 60 60 Appendix 2: JORC Tables Section 1: Sampling Techniques and Data Criteria JORC Code explanation Commentary Sampling techniques • • Navigator Resources (2007), 148 AC holes (4,510 m), 93 reverse circulation holes (RC) (9,293 m). Holes drilled 60° towards south, 40 m spacing. • Kimberley Rare Earths (2012), 77 RC holes (4,229 m). • Navigator (NAV) Drilling NRC001-NRC0093 (drilled in 2007); 4 m composite spear samples were taken and assayed. Assay intervals that returned results <1000 ppm Ce were then resampled. The 10% cone splits from the drill rig were then used for the 1m re-assays. • Kimberly Rare Earths (KRE) Drilling KRC094-KRC0170 (2012) – All drill meters were assayed on 1 m intervals using a 10% cone split from the drill rig. • RareX Limited (2020), 58 RC holes (6,146 m). 1m samples through mineralised zones and up to 4m composites in unmineralized areas 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 RareX, Kimberley Rare Earth and rare earth mineralised samples from Navigator were taken using the cone splitter on the drill rig or a riffle splitter. • It is not documented how Navigator and Kimberly identified mineralisation. Kimberly Rare Earths blanket assayed 1m intervals and analysed for Gallium. Navigator blanket assayed with 4m composites and did not include gallium. Samples with >1000ppm Ce were re-assayed at 1m intervals and did analyse for gallium. 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.). • The drilling technique used was reverse circulation (RC) drilling 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. The 2007-2012 samples (Navigator Resources and Kimberley Rare Earths Ltd) were collected as both 4m composites for initial assaying and 1m samples for follow up assaying of anomalous zones. Most holes had good sample recovery although a limited number of holes encountered high ground water inflow and karst type weathering in void formations at depth exceeding 40m. Difficult drilling conditions including binding clays, voids and water flow in several holes. • The 2020 infill drill program (RareX) involved drilling between historic drillholes to test continuity of grade. The program used a larger and more capable rig which resulted Criteria JORC Code explanation Commentary in good recoveries in most of the drilling with an averaged of greater than 90% sample recovery. Logging Sub-sampling techniques and sample preparation • 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. • 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. • No measures were described in the historical reports regarding maximising sample recovery. • RareX ensured the cyclone was cleaned after every 3 m drill run and where sticky clays were intersected, the driller would lift the hammer off the bottom and clean the cyclone after each metre. Wet samples were left open for water to evaporate. • There doesn’t appear to be a relationship between sample recovery/grade and sample bias. Although you can’t calculate this from the data captured by KRE and NAV • All but three drill holes (NRC090-NRC093 for a total of 300 m) have had a geological log completed. • All of the above logs are quantitative with the exception of geological logs in the regolith which can be qualitative. • The detail of logging is considered by the Competent Person to be appropriate for Mineral Resource estimation. • Navigator Drilling NRC001-NRC0093 – 4m composite spear samples were taken using a PVC spear. Assay intervals that returned results <1000 ppm Ce were then resampled. The 10% cone splits from the drill rig were then used for the 1 m re-assays. This sampling procedure and size is considered appropriate for the grain size of the material being sampled. • Kimberly Rare Earths (KRE) Drilling KRC094-KRC0170 - Drill core were assayed on 1 m intervals using a 10% cone split from the drill rig. This sampling procedure and size is considered appropriate for the grain size of the material being sampled. Quality control procedures have not been documented by NAV or KRE, other than what is described above. • 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. • RareX: CRX0001-CRX0058 – entire Bulk samples were split down into 1-4 m composites using a 50/50 or 75/25 riffle splitter. All samples were dry before splitting. • This technique is industry standard practice. • Field duplicates were taken at an average of 1 in 30 for the RC drilling. • 2020 Lab duplicates were also re-assayed. Criteria JORC Code explanation Commentary • Sample sizes are regarded as being appropriate for this style of mineralization. Quality of assay data and laboratory tests Verification of sampling and assaying Location of data points • 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. • Navigator – 4 m composites were taken at the drill rig and sent to Intertek where a 4-acid digest, with ICP-OES and ICP-MS finish (detection limit for gallium was 0.1ppm). Where 4 m composites returned cerium assays >1000 ppm, 1 m re-assays were conducted on each of the metres in the composites. The 1 m reassays were a peroxided fusion digest with ICP-OES and ICP-MS finish. This technique is considered as a total analysis for elements in consideration for this resource. 40 elements were assayed for and detection limit for gallium was 10ppm. Laboratory QA/QC was completed with regular standards, blanks and repeats. • Kimberly Rare Earths used Intertek for the 1m assays using peroxided fusion digest with ICP-OES and ICP-MS finish. This technique is considered as a total analysis for elements in consideration for this resource. 30 elements were assayed for. Laboratory QA/QC was completed with regular standards, blanks and repeats. • The results in this release were assayed using a 4 Acid Digest with a ICP-MS finish. Regular assaying of standards, duplicates and repeats were completed by the laboratory. An alternate assaying method of peroxide fusion with ICP finish was also completed on 26 check samples. • The quality of control procedures adopted by the laboratories are in line with industry standards and acceptable levels of accuracy and precision have been established throughout the generations of assaying. • The verification of significant intersections by either independent or alternative company personnel. • Reported results have not been verified by either an independent or alternative company personnel. • • Twinned holes have been drilled 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. Data in the announcement has been captured from historical database from NAV and KRE. Geological data is of high quality, and it is assumed these companies followed industry standard procedures and protocols when collecting and storing data. • The assay results have been converted into oxides using the below stochiometric conversion factors: Ga2O3 1.3442, 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 • Drill hole collars have been surveyed with a DGPS and have and accuracy of 100 mm. • Collar coordinates are in MGA Zone 52H 2020 and have been converted from MGA94 and AMG84 grids. • Accuracy and quality of surveys used to locate drillholes (collar and downhole surveys), trenches, mine workings and other locations used in Mineral Resource Criteria JORC Code explanation estimation. Data spacing and distribution • Specification of the grid system used. • Quality and adequacy of topographic control. • 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. 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. Sample security • The measures taken to ensure sample security. Audits or reviews • The results of any audits or reviews of sampling techniques and data. Commentary • Topographic control has been established from surveyed drill collars and are within 100 mm. The Cummins Range deposit is located on flat terrain. • Drill hole spacing is considered appropriate to gain a robust understanding of the mineralisation. The RareX exploration team are seeing the same geological positions for mineralisation in each drilling campaign, suggesting RareX have a solid geological model. Drill spacing is considered appropriate to support an Inferred and Indicated Mineral Resource estimate. • 4m drill composites were used by NAV. Where 4 m composites returned cerium assays >1000 ppm, 1 m reassays were conducted on each of the metres in the composites. • Navigator (NRC0001-NRC0093), Kimberley Rare Earths (KRC0094-KRC0170) and RareX 2020 drill holes (CRX0001CRX0048, CRX0050-CRX0058) were drilled at an acute angle to the dominant orientation of the fresh rock rare earths mineralisation. These drill holes are