Announcement PDF Exploring for and developing Critical minerals for secure supplychains Investor presentation · October 2026 ASX: REE · OTCQB: REEEF · rarex.com.au Disclaimer This presentation contains summary information about RareX Limited (REE) and is current as of 12 October 2026 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 earnings and estimates are provided as a general guide only and should not be relied not be relied upon as an indication or guarantee of future performance. This This presentation contains statements that are subject to risk factors associated with associated with REE and the mining exploration industry. It is believed that the that the expectations reflected in these statements are reasonable, but they may be they may be affected by a range of variables which could cause actual results or results or trends to differ materially. REE disclaims any intent or obligation to publicly to publicly update any forward-looking statements, whether as a result of new information, future events or results or otherwise. new 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. CautionarynoteandCompetentPersons’Statements Cautionary note 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. Three project areas at three stages of development Develop Explore Acquire Company Overview 04 524.3Mt Mineral Resource at 0.31% TREO and 4.6% P2O5 Mining lease granted; heritage agreement signed with Jaru native title holders Testwork: 9.5x upgrade to 25.15% TREO; 89–93% scandium recovery Khaleesi: 3,500m RC program underway across five targets Niobe: 74m copper sulphide zone from 77m in KRC012 (pXRF); assays due 4-6 weeks Piper: untested magnetic anomaly along strike from Luni and Nolan’s Bore; native title talks ongoing RareX-led consortium with Iluka Resources Advanced to Request for Proposal stage, July 2026 Binding offtake term sheet: concentrate to Iluka’s Eneabba refinery No certainty of award Sources: ASX 25 Jan 2024 (resource); 13 Jan 2026 (mining lease); June 2026 quarterly; 24 Jul, 1 Sep, 21 Sep 2026. Cummins Range, WA Khaleesi, WA & Piper, NT Mrima Hill, Kenya Governments are now funding new critical minerals supply RareX holds rare earths and gallium, across three stages of development. Sources: DISR, 12 Jan 2026; ATO; US State Department, 5 Feb 2026; US–Australia Framework, 20 Oct 2025 05 A$1.2bn Australia · Reserve A$1.2 billion Critical Minerals Strategic Reserve, legislated 1 April 2026 and now operational. Can sign offtake agreements. First focus: antimony, gallium and rare earths. 10% Australia · Tax offset 10% refundable tax offset on critical minerals processing costs, for income years from 1 July 2027 to 2040. Now law. US$12bn US · Project Vault US$12 billion stockpile launched February 2026: a US$10 billion EXIM loan plus about US$2 billion private capital. Rare earths among planned holdings. US$3.5bn US and Australia · Joint funding Committed by the US and Australia by April 2026, against an initial pledge of US$1 billion each. Projects include gallium, rare earths and scandium. Why now? Capital structure and board Capital structure Share price 5 October 2026 $0.011 Shares on issue 1.216 B Market capitalisation A$13.38 M A$4.084 M Board Jeremy Robinson Non-Executive Chairman Shaun Hardcastle Non-Executive Director Capital structure also includes 106,818,181 tradeable REEO options and 305,409,072 other options and performance rights, subject to various hurdles and expiry dates. ASX:KCC at $0.98 per CDI; ASX:EAU at $0.145 per share; CREC at CAD$0.02 per share at CAD:AUD 1:1.0114 Kincora value excludes 1% NSR royalty over Trundle, Fairholme, Jemalong, Cundumbul and Condobolin tenements. CREC investment written down to nil at 30 June 2026, as disclosed in Note 9 of the FY2026 Annual Report. 06 Oonagh Malone Company Secretary Company Overview James Durrant Managing Director & CEO Selina Hayes Non-Executive Director Investments A$6 M A$10 M Cash 30 June 2026 Cash + Investments* One resource,severalcritical minerals 524.3Mt Mineral Resource at 0.31% TREO and 4.6% P2O5 1.6Mt contained TREO 24Mt contained P2O5 38,250t contained Sc2O3, at 70g/t across the full resource 146ppm Ga over 115m in drilling. Gallium is not in the Mineral Resource. Sources: ASX 25 Jan 2024 (resource), 9 Apr 2025 (Sc), 6 Aug 2025 (Ga). Table in appendix. 07 24Mt contained P2O5 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 Cummins Range Approvals and logistics Sources: ASX announcements 18 Oct 2023, 9 Oct 2025 (metallurgy) 08 Mining Lease Granted. Secures long-term tenure. Heritage Mining Heritage Protection Agreement finalised with Jaru native title holders. Environmental baselines complete. Road Haulage agreement signed for the route to Wyndham. Port Wyndham designated a first point of entry. Ship loader sharing agreement signed; 4ha of land under option. Phosphate MoU with OrdCo for potential local offtake in Kununurra. Metallurgy 9.5x upgrade to 25.15% TREO (rougher recovery up to 74.6%); 89– 93% scandium recovery; near-complete gallium extraction. SGS Lakefield, Gega Elements, BioInputs. Commercial Evaluating commercial pathways including potential strategic partnering opportunities. Sources: ASX 18 Oct 2023 (logistics); 13 Jan 2026 (mining lease); June 2026 quarterly, 31 Jul 2026 RareXploration’s first priority project A 20km alkaline intrusivecomplex in the East Yilgarn Geology Same age as Mt Weld and Cundeelee. History Niobium up to 0.1%, rare earths up to 0.4%, broad gallium zones to 80g/t. Tenure Acquired May 2024. About 900km² Phase 1 About 3,500m of RC drilling across four targets: Niobe, Rim, Nb and Mag. Sources: ASX 23 May 2024 (acquisition), 1 May 2025 (EIS funding) 09 Khaleesi Project Copper intersectedoutsidethe originalexplorationmodel ~77–151m Sig nificant anom alous copper sulphide m ineralisation has been the N iobe Prospect. Indicative pX RF reading s returned a peak of 5,724ppm Cu (0.57% ), with num erous intervals exceeding 1,500ppm Cu and elevated reading s sustained across m uch of the zone. Done Maiden RC program at Niobe complete. Rim, Nb and Mag: Next Assays for the KRC012 copper zone Extended drilling at Niobe to test the copper Cautionary Statement: The XRF results reported in this announcement are preliminary field values only. They are not equivalent to certified laboratory assays and should not be considered a proxy for quantitative analysis. Certified laboratory assays are required to determine the actual grades and widths of the mineralisation. Laboratory assays are currently expected to be received in 4-6 weeks and will be reported as soon as they become available. Source: ASX announcement September 2026 10 Khaleesi Project An untestedmagneticanomalyin the Aileron Province Earn 80% by drilling 3 deep holes totalling more than 1,000m 2.5km-diameter magnetic bullseye, not yet drill tested Along strike from Luni and Nolan’s Bore in the NT 330km² of tenement WA1 has pegged the belt around Piper 2024 Earn-in acquisition 2024 Exploration proposal submitted In Progress Native title agreement EL granted 2027 Geophysics 2027 Drilling Source: ASX announcement 10 Oct 2024 11 Piper Project, NT In Progress Strateg ic optionality A rare earth and niobium opportunityin Kenya Structure RareX-led consortium with Iluka Resources Process Progressed to RFP Stage Offtake Right of first refusal for Iluka’s Eneabba refinery Potential Rare earths, niobium, phosphate, manganese Location Near the coast and Mombasa port. Potential access to geothermal power. No certainty of award. See cautionary note, slide 3. 12 Mrima Hill Listedinvestments Holding Shares Value at 30 Sept 20261 Kincora Copper (ASX: KCC) 4M, plus project royalty2 A$3.9M EAU Lithium (ASX: EAU) 11.25M A$1.6M Canadian Rare Earth Corporation 24M A$0.5M Total A$6M 1 ASX:KCC at $0.98 per CDI; ASX:EAU at $0.145 per share; CREC at CAD$0.02 per share at CAD:AUD 1:1.0114 2 Kincora value excludes 1% NSR royalty over Trundle, Fairholme, Jemalong, Cundumbul and Condobolin tenements 13 What comes next 01 Khaleesi Assays from the KRC012 copper zone. Extended drilling at Niobe. Results from Rim, Nb and Mag pending 02 Mrima Hill RareX shortlisted; RFP process underway; decision due Q4 2026 03 Cummins Range Evaluating commercial pathways including potential strategic partnering opportunities. RareX Limited · ASX: REE 14 Investor Relations JamesDurrant Managing Director & CEO +61 8 6383 6593 info@rarex.com.au Investor Hub: rarex.com.au L1, 1 Alvan Street, Subiaco WA 6008 ASX: REE · OTCQB: REEEF Cummins Range Mineral Resource Dyke Class Tonnes (Mt) P2O5 (% ) TREO+ Y2O3 H REO N d2O3 Pr6O11 N b2O5 Sc2O3 ThU Rare Indicated 44.4 6.0 5560 280 880 260 990 90 80 Inferred 363.7 3.9 2960 160 480 140 570 70 40 Total 408.2 4.1 3240 180 520 160 610 70 40 Phos 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 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 Oxide grades in ppm unless stated. Source: ASX announcement 25 Jan 2024. 16