Announcement PDF ASX Release: 5 October 2022 OUTSTANDING NEW DRILL INTERCEPTS AT CUMMINS RANGE: 455m at 0.5% TREO and 5% P2O5 & 326m at 0.4% TREO and 4% P2O5 Latest diamond holes further expand the rare earths and phosphate mineralisation at depth, demonstrating strong potential to expand the current 18.8Mt Resource HIGHLIGHTS • • • • Assays for next two diamond holes set new records at the Cummins Range Rare Earths and Phosphate deposit: o 455.6m at 0.5% TREO and 5% P2O5 returned in CDX0027, with multiple high-grade rare earths intersections above 0.5% TREO cumulatively 100.4m at 1.9% TREO including 17m at 2.4% TREO from CDX0027 o 326.4m at 0.4% TREO and 4% P2O5 returned in CDX0022 with multiple high-grade rare earths intersections above 0.5% TREO cumulatively 60.5m at 1.8% TREO including 6.2m at 4.2% TREO Results follow the previous record intercept of 384.4m at 4% P2O5 and 0.4% TREO in CDX0020, reported on 20 September Rare Dyke is strongly mineralised to 500m down-dip with a >450m wide rare earths and phosphate mineralised alteration halo Drilling continues at Cummins Range with over 15,000m completed Further to its announcement of 20 September 2022, RareX Limited (RareX, the Company) (ASX: REE) advises that assays have been received for a further two diamond drill-holes, CDX0022 and CDX0027, at its 100%-owned Cummins Range Rare Earths and Phosphate Project in the Kimberley region of Western Australia (the Project, Cummins Range). Both holes returned very wide rare earths and phosphate intersections, building on the record intercept reported on 20 September 2022 and continuing to demonstrate the scale and potential of the Cummins Range Project. The latest results include: 455.6m at 5% P2O5 and 0.5% TREO and multiple high-grade rare earths intersections cumulatively 100.4m at 1.9% TREO including 17m at 2.4% TREO from CDX0027; and 326.4m at 4% P2O5 and 0.4% TREO with multiple high-grade rare earths intersections cumulatively 60.5m at 1.8% TREO including of 6.2m at 4.2% TREO from CDX0022. These two drill holes have been drilled on the same drill section down-dip from the JORC 2012 Indicated and Inferred Mineral Resource Estimate (at a 0.5% TREO cut-off) of 18.8 million tonnes at 1.15% TREO and 10% P2O5, highlighting the strong potential to expand and upgrade the current MRE. For more information, please contact: Investors: Jeremy Robinson, Managing Director Media: Nicholas Read, Read Corporate RareX - ASX:REE ABN: 65 105 578 756 Unit 6, 94 Rokeby Road Subiaco, WA 6008, Australia Ph: +61 8 6383 6593 Ph: +61 8 9388 1474 info@rarex.com.au +61 (0) 8 6383 6593 RareX limited www.rarex.com.au @rarex_asx CDX0027 and CDX0022 are located 100m to the south-east of CDX0020, which intersected 384.4m at 4% P2O5 and 0.3% TREO (ASX: 20 September 2022). RareX Managing Director, Jeremy Robinson, said: “Our 2022 drilling program is continuing to provide overwhelming evidence that Cummins Range is a world-class mineral system, hosting both rare earth oxides and top-quality rock phosphate. The potential to extract both valuable minerals was confirmed by the encouraging metallurgical testwork results we announced yesterday, which confirmed the potential to produce a high-quality phosphate concentrate. “The latest drilling is now adding significant volume and scale to the deposit, with these latest intersections occurring well beyond the current Mineral Resource envelope. They will be incorporated in our next MRE update, which will in turn underpin a Pre-Feasibility Study to determine the optimum scale of this exciting and globally significant project.” Figure 1. Drill hole locations of 2022 drill program. Showing TREO % mineralisation and location of drill Section ‘C’ – “C”. RareX - ASX:REE ABN: 65 105 578 756 Unit 6, 94 Rokeby Road Subiaco, WA 6008, Australia info@rarex.com.au +61 (0) 8 6383 6593 RareX limited www.rarex.com.au @rarex_asx CDX0027 Assay results have been received for the diamond portion of CDX0027. The assays for the upper 198m of RC are still outstanding. The drill hole passed through the Pendant Dyke, Rare Dyke and was stopped short of the Phos Dyke. Figure 2. Section showing drill results for CDX0027 and CDX0022. Location of section shown on Figure 1. A total of 24 rare earths mineralised zones (Table 1) were intersected with a cumulative width and grade of 100.4m at 1.9% TREO. Zones ranged in width from 0.5m to 17m and in grade from 0.6% to 5.8% TREO. The uranium and thorium oxide content is ultra-low with an average of 39ppm for the 24 mineralised zones. A majority of the mineralised zones are located in the hanging wall position proximal to, or on contact zones with the Rare Dyke, including 17m at 2.4% TREO from 492.2m. Mineralisation within the Rare Dyke is also strong with intercepts of 3.6m at 4.5% TREO and 12m at 2.4% TREO. RareX - ASX:REE ABN: 65 105 578 756 Unit 6, 94 Rokeby Road Subiaco, WA 6008, Australia info@rarex.com.au +61 (0) 8 6383 6593 RareX limited www.rarex.com.au @rarex_asx The phosphate alteration around the Rare Dyke is extensive with a significant intercept of 455.6m @ 5% P2O5 and 0.5% TREO from 197.8m (Table 2). This phosphate intercept is likely to expand up-hole once RC assays are received for the top 197.8m. The hole was stopped in strong phosphate mineralisation with the last 87.9m assaying at 9% P2O5 and 0.4% TREO. The combined uranium and thorium oxide for the 455.6m intersection was very low at 69 ppm. The phosphate occurs as disseminated apatite in the carbonatite and altered pyroxenite. Higher grade phosphate of >7%, for example hole CDX0015 in Figure 2, occurs in phoscorite, which is an ultramafic rock composed of coarse apatite-magnetite-phlogopite and diopside. The footwall position of CDX0027 is mostly phoscorite with the same geochemical composition as the Phos Dyke phoscorite. CDX0022 All assays have been received for CDX0022, which was drilled through the Pendant Dyke and Rare Dyke and stopped in the footwall at 439.4m. 20 rare earths mineralised zones were intersected with a cumulative width of 60.5m at 1.8% TREO. The zones are hosted in the hanging wall position and within the Rare Dyke. The most mineralised zone in the hanging wall position is 27.7m at 1% TREO including 5.2m at 3.1% TREO and within the Rare Dyke is 6.15m at 4.2% TREO. Negligible uranium and thorium oxide was seen with an average combined total of 37ppm over the 20 mineralised zones. Consistent phosphate mineralisation was seen in most of CDX0022, with a large intersection starting at the Pendant dyke and finishing at the end-of-hole with 326.4m at 4% P2O5 and 0.4% TREO. The disseminated coarse apatite is low in uranium and thorium with a combined average of 52ppm. A scissor hole, CDX0033, was drilled to confirm the geological model and strike and dip of structures, rock fabrics and mineralised zones. CDX0033 is shown in Figure 2 and is drilled down the hanging wall position. A low-angle rock fabric dipping to the south-west is seen in most of the drill hole which supports the geological model. Assays are expected in coming weeks. This announcement has been authorised for release by the Board of RareX Limited. RareX - ASX:REE ABN: 65 105 578 756 Unit 6, 94 Rokeby Road Subiaco, WA 6008, Australia info@rarex.com.au +61 (0) 8 6383 6593 RareX limited www.rarex.com.au @rarex_asx Competent Person’s Statements The information in this announcement that relates to the geological model is based on and fairly represents information compiled by Mr Guy Moulang, an experienced geologist who is an employee of RareX Limited. Mr Moulang 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 to which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr Moulang consents to the inclusion in this announcement of the matters based on this information in the form and context in which it appears. Prior exploration results were reported in accordance with Listing Rule 5.7 and the Company confirms there have been no material changes since the information was first reported. The mineral resource estimate in this announcement was reported by the Company in accordance with Listing Rule 5.8 on 19 July 2021. The Company confirms it is not aware of any new information or data that materially affects the information included in the previous announcement and that all material assumptions and technical parameters underpinning the estimates in the previous announcement continue to apply and have not materially changed. RareX - ASX:REE ABN: 65 105 578 756 Unit 6, 94 Rokeby Road Subiaco, WA 6008, Australia info@rarex.com.au +61 (0) 8 6383 6593 RareX limited www.rarex.com.au @rarex_asx Appendix 1: Significant Intercepts and Drill Collars Table 1. TREO Significant Intercepts for Drill Holes CDX0022 and CDX0027 at 0.5% cut-off TREO = Lanthanide Oxides + Yttrium Oxide + Scandium Oxide Mineralised Zone Hole ID From (m) To (m) Interval (m) TREO % NdPr % NdPr % of TREO Nb2O5 % P205 % Rare Dyke Hanging wall CDX0022 153.9 154.55 0.65 0.75 0.14 19 0.06 4 Rare Dyke Hanging wall CDX0022 163.65 191.3 27.65 0.95 0.16 17 0.05 5 Rare Dyke Hanging wall CDX0022 186.1 191.3 5.2 3.06 0.47 15 0.02 6 Rare Dyke Hanging wall CDX0022 245 246.1 1.1 0.94 0.17 18 0.02 3 Rare Dyke Hanging wall CDX0022 255 255.6 0.6 0.5 0.11 23 0.1 6 Rare Dyke Hanging wall CDX0022 259.1 259.7 0.6 0.67 0.13 19 0.05 3 Rare Dyke Hanging wall CDX0022 269.7 270 0.3 2.73 0.45 16 0.03 4 Rare Dyke Hanging wall CDX0022 299.2 300 0.8 1.26 0.21 17 0.14 2 Rare Dyke Rare Dyke Rare Dyke Rare Dyke Rare Dyke Rare Dyke Rare Dyke Rare Dyke Rare Dyke Rare Dyke Rare Dyke CDX0022 CDX0022 CDX0022 CDX0022 CDX0022 CDX0022 CDX0022 CDX0022 CDX0022 CDX0022 CDX0022 303 311.5 313.8 322.4 322.4 333 353.1 354.95 368.6 369.75 373.15 303.3 314.9 314.9 333.3 325.15 333.3 354 355.25 374.75 370.8 374.15 0.3 3.4 1.1 10.9 2.75 0.3 0.9 0.3 6.15 1.05 1 1.52 0.71 1.29 0.89 1.66 6.24 0.9 1.15 4.16 12.63 8.1 0.27 0.12 0.19 0.14 0.26 0.9 0.16 0.18 0.65 2.01 1.18 18 18 15 16 16 14 18 16 16 16 15 0.03 0.15 0.11 0.08 0.06 0.07 0.09 0.07 0.02 0 0.01 5 4 1 2 3 1 5 4 4 0 8 Rare Dyke Footwall CDX0022 459.4 459.85 0.45 0.75 0.12 16 0.16 1 Pendant Dyke Hanging wall CDX0027 208.95 209.95 1 1.26 0.24 19 0.04 3 Pendant Dyke Hanging wall CDX0027 232.5 233.5 1 0.59 0.11 18 0.12 4 RareX - ASX:REE ABN: 65 105 578 756 Unit 6, 94 Rokeby Road Subiaco, WA 6008, Australia info@rarex.com.au +61 (0) 8 6383 6593 RareX limited www.rarex.com.au @rarex_asx Hole ID From (m) To (m) Interval (m) TREO % NdPr % NdPr % of TREO Nb2O5 % P205 % Pendant Dyke CDX0027 241.35 242.35 1 1.73 0.3 18 0.07 1 Rare Dyke Hanging wall CDX0027 263.2 264.5 1.3 0.57 0.1 18 0.02 1 Rare Dyke Hanging wall CDX0027 301.33 304.8 3.47 1.37 0.21 16 0 2 Rare Dyke Hanging wall CDX0027 301.33 301.7 0.37 5.65 0.87 15 0.01 6 Rare Dyke Hanging wall CDX0027 308.8 313.15 4.35 0.97 0.16 17 0.02 3 Rare Dyke Hanging wall CDX0027 308.8 309.25 0.45 5.78 0.87 15 0 1 Rare Dyke Hanging wall CDX0027 325.9 338.65 12.75 0.87 0.15 17 0.05 4 Rare Dyke Hanging wall CDX0027 325.9 326.95 1.05 4.22 0.68 16 0.05 3 Rare Dyke Hanging wall CDX0027 331.2 331.8 0.6 3.99 0.62 16 0.05 3 Rare Dyke Hanging wall CDX0027 350.6 352.52 1.92 1.18 0.2 17 0.08 4 Rare Dyke Hanging wall CDX0027 372.5 374.95 2.45 1.4 0.25 18 0.1 4 Rare Dyke Hanging wall CDX0027 378.97 380.2 1.23 0.52 0.09 18 0.12 5 Rare Dyke Hanging wall CDX0027 389.95 401.7 11.75 1.25 0.21 17 0.06 4 Rare Dyke Hanging wall CDX0027 399.4 401.7 2.3 3.32 0.52 16 0.03 1 Rare Dyke Hanging wall CDX0027 417.6 419.4 1.8 0.88 0.14 15 0.1 1 Rare Dyke Hanging wall CDX0027 430.1 443.95 13.85 0.99 0.17 17 0.08 4 Rare Dyke Hanging wall CDX0027 431 431.85 0.85 3.49 0.57 16 0.12 4 Rare Dyke Hanging wall CDX0027 438.5 439.59 1.09 3.92 0.61 16 0.04 3 Rare Dyke Rare Dyke Rare Dyke CDX0027 CDX0027 CDX0027 492.16 493.55 505 509.2 496.8 508.55 17.04 3.25 3.55 2.36 5.39 4.47 0.37 0.81 0.7 16 15 16 0.02 0.01 0 2 2 3 Mineralised Zone RareX - ASX:REE ABN: 65 105 578 756 Unit 6, 94 Rokeby Road Subiaco, WA 6008, Australia info@rarex.com.au +61 (0) 8 6383 6593 RareX limited www.rarex.com.au @rarex_asx Mineralised Zone Rare Dyke Hole ID From (m) To (m) Interval (m) TREO % NdPr % NdPr % of TREO Nb2O5 % P205 % CDX0027 520 532 12 2.38 0.36 15 0.04 3 Table 2. Phosphate Significant Intercepts for Drill Holes CDX0022 and CDX0027 at 3% cut-off. TREO = Lanthanide Oxides + Yttrium Oxide + Scandium Oxide Mineralised Zone Pendant Dyke Rare Dyke Rare Dyke Rare Dyke Footwall Hole ID From (m) To (m) Interval (m) TREO % NdPr % NdPr % of TREO Nb2O5 % P2O5 % CDX0022 CDX0022 CDX0022 CDX0027 7 112 144 197.8 81 132 470.4 653.4 74 20 326.4 455.6 0.14 0.22 0.39 0.48 0.03 0.05 0.08 0.09 23 22 20 20 0.04 0.22 0.06 0.06 4 3 4 5 CDX0027 565.55 653.4 87.85 0.35 0.09 27 0.05 9 Azimuth Dip Type Status 50 60 Diamond Assays Received Table 3. Drill Collars Hole ID East MGA North MGA RLUTM CDX0020 306871 7866529 392 End Depth (m) 666 CDX0021 306890 7866641 392 345.2 50 60 Diamond Awaiting Assays CDX0022 307007 7866511 391 470.6 50 60 Diamond Assays Received CDX0023 307009 7866383 392 569.9 50 60 Diamond Awaiting Assays CDX0024 307123 7866367 391 545.8 50 60 Diamond Awaiting Assays CDX0025 307113 7866260 391 198 50 60 RC Awaiting Assays CDX0026 307222 7866252 391 578.8 50 60 Diamond Awaiting Assays CDX0027 306891 7866411 392 653.8 50 60 Diamond Assays Received CDX0028 307005 7866263 392 695.8 50 60 Diamond Awaiting Assays CDX0029 307115 7866262 391 578.8 50 60 Diamond Awaiting Assays CDX0030 307220 7866139 391 515.9 50 60 Diamond Awaiting Assays CDX0031 307324 7866122 391 150 50 60 RC Awaiting Assays CDX0032 307101 7866148 391 198 50 60 RC Awaiting Assays CDX0033 307154 7866673 391 701 217 60 Diamond Awaiting Assays CDX0034 307296 7866700 392 293.8 50 60 Diamond Being processed CDX0035 307267 7866608 390 476.7 50 60 Diamond Being processed CDX0036 307046 7866596 392 84 50 60 RC Being processed RareX - ASX:REE ABN: 65 105 578 756 Unit 6, 94 Rokeby Road Subiaco, WA 6008, Australia info@rarex.com.au +61 (0) 8 6383 6593 RareX limited www.rarex.com.au @rarex_asx Hole ID East MGA North MGA RLUTM Azimuth Dip Type Status 392 End Depth (m) 428.9 CDX0037 307040 7866590 50 60 Diamond Being processed CDX0038 307076 CDX0039 306946 7866551 392 464.9 50 60 Diamond Being processed 7866457 392 324 50 60 RC Being processed CDX0040 307071 7866436 392 476.9 50 60 Diamond Being processed CDX0041 307202 7866431 391 446.9 50 60 Diamond Being processed CRX0071 307080 7866743 393 144 50 60 RC Assays Received CRX0072 307113 7866776 393 96 50 60 RC Assays Received CRX0073 307023 7866747 393 138 50 60 RC Assays Received CRX0074 307528 7866794 391 120 50 60 RC Assays Received CRX0075 307561 7866824 391 114 50 60 RC Assays Received CRX0076 307602 7866854 391 114 50 60 RC Awaiting Assays CRX0077 307638 7866884 391 102 50 60 RC Awaiting Assays CRX0078 307672 7866914 391 102 50 60 RC Awaiting Assays CRX0079 307708 7866938 391 102 50 60 RC Awaiting Assays CRX0080 307349 7866802 392 126 50 60 RC Awaiting Assays CRX0081 307479 7866747 391 156 50 60 RC Assays Received CRX0082 307564 7866558 392 96 50 60 RC Awaiting Assays CRX0083 307666 7866694 391 96 50 60 RC Awaiting Assays CRX0084 307601 7866701 391 157 50 60 RC Awaiting Assays CRX0085 307578 7866733 391 120 50 60 RC Awaiting Assays CRX0086 307624 7866671 391 126 50 60 RC Awaiting Assays CRX0087 307621 7866710 391 132 50 60 RC Awaiting Assays CRX0088 307549 7866763 391 126 50 60 RC Being processed CRX0089 307593 7866649 391 114 50 60 RC Being processed CRX0090 307568 7866676 391 114 50 60 RC Being processed CRX0091 307586 7866791 391 96 50 60 RC Being processed CRX0092 307613 7866762 391 96 50 60 RC Being processed CRX0093 307565 7866624 391 150 50 60 RC Being processed CRX0094 307502 7866829 391 120 50 60 RC Being processed CRX0095 307479 7866857 391 120 50 60 RC Being processed CRX0096 307445 7866625 391 132 50 60 RC Being processed CRX0097 307415 7866591 391 150 50 60 RC Being processed CRX0098 307421 7866647 391 132 50 60 RC Being processed CRX0099 307389 7866622 391 174 50 60 RC Being processed RareX - ASX:REE ABN: 65 105 578 756 Unit 6, 94 Rokeby Road Subiaco, WA 6008, Australia info@rarex.com.au +61 (0) 8 6383 6593 RareX limited www.rarex.com.au @rarex_asx Appendix 2: JORC Code, 2012 Edition – Table 1 Cummins Range Section 1 Sampling Techniques and Data Criteria Sampling techniques Drilling Techniques Drill Sample Recovery JORC Code Explanation Commentary Nature and quality of sampling (eg 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 (eg ‘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 (eg submarine nodules) may warrant disclosure of detailed information. • Drill type (eg core, reverse circulation, open- hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg 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). • 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. RareX - ASX:REE ABN: 65 105 578 756 Unit 6, 94 Rokeby Road Subiaco, WA 6008, Australia info@rarex.com.au +61 (0) 8 6383 6593 The Cummins Range Rare Earth deposit is being drilled tested with RC drilling and diamond drilling. The RC drill rig used a 5 ½ inch diameter hammer. Each 1m bulk sample was collected in a plastic bag. Diamond drill sizes used are PQ, HQ and NQ2 Each metre was analysed with a portable XRF, and recovery and geology logs were completed. Sample interval selection was based on geological controls and mineralisation Each 1m RC sample has a 4% cone split from the drill rig. Samples submitted to the laboratory vary in length from 1m to 4m. Each core sample was cut in half with an automatic core saw. The half core sample was sent to the laboratory with intervals ranging from 0.3m to 1.3m. Samples are assayed for 35 elements using peroxide fusion with a ICP-OES and ICP-MS finish Prefix CRX drill holes are reverse circulation (RC) drilling Prefix CDX are diamond drilling. Recoveries for all drill holes were recorded for each metre. Recoveries for the RC drilling in this announcement are >98% Recoveries for the Diamond drilling in this announcement are 100% RareX limited www.rarex.com.au @rarex_asx 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. All metres drilled had a geology log completed. Geology logs were aided using geochemical analysis from a portable XRF. The detail of logging is appropriated for Mineral Resource estimation. The total length and percentage of the relevant intersections logged. 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 subsampling 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. A 4% split from the cone splitter on the drill rig is used for the laboratory assay. Samples are often composited and samples can range from 1-4m. This RC sampling technique meets the industry standards and is appropriate for this style of mineralisation and for resource estimation. Diamond core was cut in half with an automatic core saw and half the core was sent to the laboratory. This is an appropriate method for this style of mineralization and for resource estimation. Whether sample sizes are appropriate to the grain size of the material being sampled. 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. The reported assays were analysed by Nagrom. The following techniques were used: • • Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established. RareX - ASX:REE ABN: 65 105 578 756 Unit 6, 94 Rokeby Road Subiaco, WA 6008, Australia info@rarex.com.au +61 (0) 8 6383 6593 35 elements were assayed for using peroxide fusion with a ICP-OES and ICPMS finish In addition to internal checks by Nagrom, RareX incorporates a QA/QC sample protocol utilizing prepared standards, blanks and duplicates for 8% of all assayed samples. RareX limited www.rarex.com.au @rarex_asx Verification of sampling and assaying The verification of significant intersections by either independent or alternative company personnel. • The use of twinned holes. The verification of significant intersections by either independent or alternative company personnel. • • Discuss any adjustment to assay data. Location of data points • Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. • • • Specification of the grid system used. Data spacing and distribution 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. • Significant intercepts were calculated by RareX geological staff. The intercepts have not been verified by independent persons There are numerous drill holes with in the Cummins Range resource of comparable tenure All assay results are reported to RareX in parts per million (ppm). RareX geological staff then convert the parts per million to ppm oxides using the below element to stoichiometric oxide 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 Drill hole collars were located by handheld GPS and DGPS All coordinates are in MGA Zone 52H 2020 Topographic control is maintained by the use of previously surveyed drill holes. The Cummins Range deposit is located on flat terrain. Down hole surveys were taken every 10m using an Axis Gyro tool Drill hole spacing is considered appropriate to gain a robust understanding of the mineralisation. The exploration team are seeing the same geological positions mineralised along strike, suggesting RareX have a solid geological model. Drill spacing is considered appropriate to gain an inferred mineral resource from. 2m to 4m RC composites were completed in areas where higher grades were not expected The angled drill holes were directed as best as possible across the known geology. If the relationship between the drilling orientation and the orientation of key mineralised structures is RareX - ASX:REE ABN: 65 105 578 756 Unit 6, 94 Rokeby Road Subiaco, WA 6008, Australia info@rarex.com.au +61 (0) 8 6383 6593 RareX limited www.rarex.com.au @rarex_asx considered to have introduced a sampling bias, this should be assessed and reported if material. Sample security The measures taken to ensure sample security • Drill samples are delivered to Halls Creek by RareX staff. Then the samples are transported from Halls Creek to Perth via a reputable transport company. Cummins Range 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 Cummins Range REO deposit is located on tenement E80/5092 and is 100% owned by Cummins Range Pty Ltd which is a wholly owned subsidiary of RareX Ltd. Cummins Range Pty Ltd has purchased the tenement from Element 25 with a potential capped royalty payment of $1m should a positive PFS be completed within 36 months of purchase finalisation. CRA Exploration defined REO mineralisation at Cummins Range in 1978 using predominantly aircore drilling. Navigator Resources progressed this discovery with additional drilling after purchasing the tenement in 2006. Navigator announced a resource estimate in 2008. Kimberley Rare Earths drilled additional holes and upgraded the resource estimate in 2012. The Cummins Range REO deposit occurs within the Cummins Range carbonatite complex which is a 2.0 km diameter nearvertical diatreme pipe that has been deeply weathered but essentially outcropping with only thin aeolian sand cover in places. The diatreme pipe consists of various mafic to ultramafic rocks with later carbonatite intrusions. The primary ultramafic and carbonatite rocks host low to high grade rare earth elements with back ground levels of 1000-2000ppm TREO and high grade zones up to 17% TREO. The current 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. Exploration done by other parties Acknowledgment and appraisal of exploration by other parties. • Geology Deposit type, geological setting and style of mineralisation. • RareX - ASX:REE ABN: 65 105 578 756 Unit 6, 94 Rokeby Road Subiaco, WA 6008, Australia info@rarex.com.au +61 (0) 8 6383 6593 RareX limited www.rarex.com.au @rarex_asx Drill hole information A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: • resource sits primarily within the oxidised/weathered zone which extends to 120m below the surface. Metallurgical studies by previous explorers and by RareX show the rare earth elements are hosted by monazite and bastnasite which are a common and favourable hosts for rare earth elements. All drill hole locations are shown on the drill plan and collar details are tabled within the announcement easting and northing of the drill hole collar elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar dip and azimuth of the hole down hole length and interception depth hole length. If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case. Data aggregation methods In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated. Where aggregate intercepts incorporate short lengths of hi