Announcement PDF ASX / MEDIA ANNOUNCEMENT 30 April 2020 March 2020 Quarterly Activities Report HIGHLIGHTS • • • • • • • • RareX sold 65% interest in NSW Copper Gold Assets to TSXV listed Kincora Copper RareX retains 35% free carried interest and owns 9.9% of Kincora Copper’s listed equity Drilling at Trundle commenced with fully funded 3,800m drill program comprising 6 deep holes Historic drill intercepts at Trundle Project include: - 60m @ 0.54g/t Au from 1m - 56m @ 0.88g/t Au, 0.35% Cu from 34m - 51m @ 0.58 g/t Au, 0.14% Cu from 33m Passive seismic survey highlights target areas adjacent to current resource at Cummins range in multiple directions - Western Target Area – 300m N-S by 150m E-W - Eastern Target Area – 750m N-S by 250m E-W - Depth Extension – untested channels down dip of known mineralisation within resource - Northern Target Area – 150m N-S by 500m E-W Announced strategic partnership with Noble Group’s technical unit, Talaxis, to assist in developing the Cummins Range Rare Earth Project Appointed highly experienced mining executive, John Young, as Non-Executive Chairman Cash and investments of over A$3.4m Figure 1: Drilling Underway at Trundle Project RareX Limited Suite 23, 513 Hay Street, Subiaco WA 6008 Ph: 08 6143 6720 ACN: 105 578 756 NSW Copper-Gold Projects (see ASX Releases 30th January 2020, 11th March 2020 and 22nd April 2020) During the quarter, RareX Limited (Rarex) (ASX: REE) entered into a binding Memorandum of Understanding (MoU) with Kincora Copper (Kincora) whereby Kincora paid a non-refundable option payment of C$25,000 to RareX for a six week exclusive option period. Following completion of its due diligence activities, Kincora subsequently exercised the option and paid RareX an additional C$150,000 and issued RareX with 14.95 million shares in Kincora (currently valued at A$1.35m). As a result of the agreement, RareX transferred a 65% interest in its NSW tenements to Kincora with RareX retaining a 35% free carried interest until such time as a positive scoping study or preliminary economic assessment is delivered, following which industry standard JV dilution mechanisms will apply. Kincora is a well-funded TSXV listed copper gold explorer with projects in both Mongolia and the NSW Lachlan Fold Belt having raised C$6.25 in June 2019. Kincora is led by a team with a track record of world-class discoveries including the Cadia Au/Cu deposit in the Lachlan Fold Belt of NSW and the Reko Diq Copper Gold deposit in Pakistan. It is well supported by global funds LIM Advisors and New Prospect Capital. Kincora’s technical team includes Mr John Holliday and Mr Peter Leaman. Mr Holliday has over 30 years’ experience in metals exploration mostly with BHP Minerals and Newcrest Mining, including the positions of Chief Geoscientist and General Manager, Property Generation and more recently in the junior sector. Mr Holliday was a principal discoverer and site manager of the undercover Cadia and Marsden porphyry Tier 1 gold-copper deposits in NSW, and was a principal geological advisor on the acquisition of many significant projects, including Namosi and WafiGolpu. Mr Leaman has over 40 years’ experience in exploration mostly with BHP Minerals, with a particular focus on Base & Precious Metals, and PanAust Limited, where he was Regional Exploration Manager SE Asia and remains an Exploration Advisor. Subsequent to the quarter end, the first phase drilling program began at the Trundle Project for six holes for 3,800 metres. The program will test three known mineralized targets at Trundle Park, Mordialloc and Baileys seeking to discover a new cluster of porphyry deposits. The Trundle Project The Trundle Project is located 30km west of the China Molybdenum Company Limited (China Moly) operated Northparkes copper-gold project, which is Australia’s second largest porphyry mine (behind Newcrest’s Cadia, also located in the Macquarie Arc). China Moly acquired an 80% interest in Northparkes from Rio Tinto in July 2013 for US$820 million (Sumitomo retaining a 20% minority interest) and has since undertaken a material expansion of production and extension of mine life. RareX Limited Suite 23, 513 Hay Street, Subiaco WA 6008 Ph: 08 6143 6720 ACN: 105 578 756 Trundle hosts the inferred westerly rift of the Northparkes Igneous Complex with extensive evidence of porphyry and skarn-style copper-gold mineralisation across a 12.5km strike associated with Ordovician intrusive centres similar to the Northparkes and Cadia deposits and mines. The Raggatt volcanics at Trundle are the stratigraphic equivalent to the Goonumbla volcanics that host the deposits at Northparkes. Aeromagnetics illustrate key regional structures and geological features with the Trundle project located on the interpreted western rift of the Northparkes Igneous Complex within the JuneeNarromine Ordovician volcanic belt of the Macquarie arc. Figure 2: Trundle is the only brownfield porphyry project held by a listed junior in the Macquarie Arc, Australia’s foremost porphyry region At Trundle, surface geological mapping, geochemistry, magnetic, gravity and Induced Polarisation (IP) coverage, coupled with structural and basement interpretations have been positive, indicative of multiple levels and phases of large mineralised copper and gold systems. Historic drilling has been shallow in nature with inadequate use of modern exploration techniques and target depth has been inadequate. Over 92% of prior drilling has been to less than 50 metres depth with just 11 holes beyond 300 metres (0.5% of holes drilled). Existing significant drill intersections supports vectoring to very compelling targets at three existing mineralised systems that have not been drilled since industry leading Induced Polarisation survey's, including HPX’s proprietary Typhoon system, and magnetic modelling. RareX Limited Suite 23, 513 Hay Street, Subiaco WA 6008 Ph: 08 6143 6720 ACN: 105 578 756 Significant intercepts not followed up include: • 60m @ 0.54g/t Au from 1m 1 • 56m @ 0.88g/t Au, 0.35% Cu from 34m, including: - 2m @ 20g/t Au, 6.97% Cu and 81g/t Ag from 64m 2 • 39m @ 0.55 g/t Au, 0.14% Cu from surface 3 • 35m @ 0.55 g/t Au, 0.25% Cu from 12m 4 • 51m @ 0.58 g/t Au, 0.14% Cu from 33m 5 • 58m @ 0.44 g/t Au, 0.17% Cu from 22m , including: - 4m @ 1.19g/t Au and 0.41% Cu from 28m 6 Figure 3: Kincora is drilling three fences at Trundle to test three known mineralized porphyry targets analogous to the five deposits at Northparkes The Trundle Park Target Drilling has commenced at the Trundle Park Prospect (which sits within the southern portion of the Trundle Project license) where prior activities have intersected very high-grade localised zones within a large lower grade skarn magnetite skarn, similar in style to the Big Cadia skarn that is peripheral to the Cadia porphyry copper-gold deposits. 1 RareX Limited (then Clancy Exploration) ASX Release dated 20th December 2010 RareX Limited (then Clancy Exploration) ASX Release dated 28th February 2011 3 RareX Limited (then Clancy Exploration) ASX Release dated 20th December 2010 4 RareX Limited (then Clancy Exploration) ASX Release dated 20th December 2010 5 RareX Limited (then Clancy Exploration) ASX Release dated 20th December 2010 6 RareX Limited (then Clancy Exploration) ASX Release dated 28th February 2011 2 RareX Limited Suite 23, 513 Hay Street, Subiaco WA 6008 Ph: 08 6143 6720 ACN: 105 578 756 No drilling has tested below these mineralised holes where geophysics and relogging of historic drilling has indicated proximity to a porphyry source. Encouragingly the prior drilling provides vectors and supports subsequently defined underlying geophysical at shallow to moderate depth targets. Figure 4: Geological concept for the Trundle Park target: Shallow drilling has intersected higher-grade material at the top of an interpreted preserved porphyry The Mordialloc Target Metal grades at the Mordialloc target are comparable to the peripheral parts of the Northparkes deposits with improving grades down hole and open. Prior drilling has returned porphyry quartzsulfide veins overprinted by phyllic alteration adjacent to porphyrtic monzonite stock in a region with informal small-scale mining from the early 1900’s when shafts were developed on quartz chalcopyrite vein breccias. One deeper diamond drill hole (CTD006, drilled in 2008) on the periphery of the subsequently defined chargeability high outer shell intersected 48 metres @ 0.15% copper, 0.12g/t gold and 41ppm molybdenum from 478 metres in a quartz monzonite porphyry. CTD006 ended in mineralisation with the grade profile improving as the hole approached the IP shell. Similar to Alkane Resource’s discovery at Boda, Kincora is diamond core drilling below previous holes with improving grades and open, but with the benefit of the subsequent to prior drilling industry leading IP and magnetic modelling. RareX Limited Suite 23, 513 Hay Street, Subiaco WA 6008 Ph: 08 6143 6720 ACN: 105 578 756 Figure 5: Geological concept for the Mordialloc target: Improving grade at end of hole coincident with deeper geophysical target Cummins Range Rare Earth Project During the quarter the Company released the results of the Passive Seismic Survey (see ASX Release dated 30 January 2020) undertaken in the December quarter demonstrating exciting potential for further discovery. Background In December 2019, RareX undertook a passive seismic survey at its Cummins Range Project to search for both extensions along strike and at depth of the known resource. Areas of higher rare earth element (REE) grades at Cummins Range are often a result of up grading due to weathering. The mineral monazite contains the rare earth elements and is resistive to weathering. As the surrounding mafics and carbonates are weathered over time the monazite remains and is concentrated. Producing weathering profiles with high monazite concentrations and REE intersections up to 41m @ 3.85% in hole KRC112 (ASX release 15th October 2019). The passive seismic survey was used to identify deeper weathering in the carbonatite complex which will help to target future drilling. A total of 992 stations were surveyed in December 2019 on 100m spaced north south lines at 25m intervals. RareX Limited Suite 23, 513 Hay Street, Subiaco WA 6008 Ph: 08 6143 6720 ACN: 105 578 756 Results The survey has identified deep weathering profiles continuing to the east, west and north of the current defined resource area. These areas have been named Eastern, Western and Northern Target areas. An area south of the current resources has also be identified and is call the Southern Target. These areas are show in Figure 6. Figure 6: Passive Seismic Survey depth to fresh rock contour map, Back ground image Airborne Magnetics TMI 1VD PSC, MGA Zone 52 The Western and Eastern targets are considered to have the greatest chance of further resource growth due to the presence of high-grade drill results at the edges of the adjoining delineated resources. Western Target The Western Target abuts the western boundary of the resource and is approximately 300m N-S by 150m E-W, with variable weathering between 35 to 70 metres below surface and is essentially untested to the base of weathering along strike from mineralised drill holes: • • KRC167 5m at 1.2% TREO from 95m to EOH (still in weathered material and open at depth) (ASX release 15th October 2019) KRC169 8m at 1.7% TREO from 17m (ASX release 15th October 2019) RareX Limited Suite 23, 513 Hay Street, Subiaco WA 6008 Ph: 08 6143 6720 ACN: 105 578 756 An image of seismic survey line 3 is shown below to highlight untested potential of the deeply weathered channel in the western extension zone. Figure 7: Passive Seismic Survey Line 3, 306950mE Eastern Target The Eastern Target sits on the eastern boundary of the resource and is approximately 750m N-S by 250m E-W, with variable weathering between 35 to 70 metres below surface. The RareX 2019 Inferred Resource of 13Mt @ 1.13% TREO (ASX release 15th October 2019) was closed off to the east due to lack of drilling, with drill holes on the eastern resource boundary reaching to grades of: • • KRC147 46m at 1.6% TREO from 18m - Including 15m at 3.13% TREO from 36m (ASX release 15th October 2019) NRC047 5m at 6.7% TREO from 37m - Including 2m at 15.5% TREO from 37m (ASX release 15th October 2019) The Eastern Target area has been poorly tested with seven 1983 CRA aircore drill holes which are all less than 30m deep. One of the drill holes CR040 finished in gossanous rock grading 1.6% REE. An image of the seismic survey line 11 is shown below to illustrate the untested potential of the eastern zone beneath previous shallow reconnaissance drilling. RareX Limited Suite 23, 513 Hay Street, Subiaco WA 6008 Ph: 08 6143 6720 ACN: 105 578 756 Figure 8: Passive Seismic Survey Line 11, 307750mE Depth Extensions At multiple locations there is good scope to grow the known resource in existing channels at depth. The below image is showing approximately 200m of an untested portion of a mineralised channel on Line 10. Figure 9: Passive Seismic Survey Line 10, 307650mE RareX Limited Suite 23, 513 Hay Street, Subiaco WA 6008 Ph: 08 6143 6720 ACN: 105 578 756 Northern Target The Northern Target represents a prospective zone approximately 150m N-S by 350m E-W although while still prospective, it is considered a lesser target then the Eastern, Western and Depth Targets. This target area has eight drill holes with seven having weak to strong mineralisation. The most significant intersection in this target area is 4m @ 1.24% TREO in hole KRC117 (ASX release 15th October 2019). Southern Target The Southern Target represents an enticing target separated from the known resource and is essentially untested to the depth of weathering and largely overlain by aeolian sands. This area requires further investigation and reconnaissance drilling. Further Work Interpretation of the results in combination with the current drill database and resource model is ongoing to try and define controls on higher grade material within the resource ahead of upcoming field season. RareX is highly encouraged by the results of this passive seismic survey and believes it has provided highly useful information is targeting extensions to the known resource and possible areas of new mineralisation. Weld North Project (see ASX Release 12th December 2019) The project is located north of Laverton in Western Australia covering a large, circular magnetic anomaly prospective for being caused by a carbonatite intrusive complex similar to those that host the majority of the World's existing rare earth element production, including the world class Mt Weld mine owned by Lynas Corporation Limited and RareX’s Cummins Range Rare Earth Project both of which are located in Western Australia. The Weld North Project is defined by a circular magnetic anomaly target located entirely within RareX’s exploration license application E38/3455 and its location 84 kilometers directly north of the Mt Weld carbonatite-hosted rare earth element deposit held by Lynas Corporation Limited (ASX: LYC, Mkt Cap A$1.5bn). RareX is currently awaiting grant of tenement before commencing on ground exploration. Morocco Cobalt Projects No further work was undertaken on the Moroccan projects during the December quarter. Leogang Project, Austria No further work was undertaken on the Moroccan projects during the December quarter. RareX Limited Suite 23, 513 Hay Street, Subiaco WA 6008 Ph: 08 6143 6720 ACN: 105 578 756 Corporate Appointment of Strategic Partner During the quarter RareX announced it had secured a landmark strategic partnership with Talaxis Limited (Talaxis) a wholly-owned subsidiary of Noble Group Holdings Limited (Noble). Talaxis will leverage its extensive experience and relationships to assist RareX with securing offtake, financial partners and strategic investors to develop RareX's 100% owned Cummins Range Rare Earths Project located in Western Australia. As part of the Partnership Agreement, Talaxis will be responsible for (on a non-exclusive basis) providing market intelligence, global roadshows, capital introduction services, and assisting in contract procurement and negotiation. Appointment of Chairman (See ASX Release 17th February 2020) On 17 February 2020, the Company announced it has made a key appointment with the appointment of Mr John Young to its Board in the role of Non-Executive Chairman in order to accelerate the development of the Cummins Range Rare Earths Project in Western Australia. Mr Young is a highly experienced geologist and was co-founder and executive director of successful ASX200 lithium producer Pilbara Minerals Limited (ASX: PLS). Mr Young played a critical role in growing Pilbara from a junior ASX-listed company to a globally significant $2 billion lithium producer in the Pilbara region of Western Australia. Mr Young currently serves as a nonexecutive director of ASX-listed Bardoc Gold Limited and Trek Metals Ltd. Cash and Equivalents The Company retains approximately $3.4m in cash and shares. The Company retains approximately A$1.8m in cash and holds approximately A$1.6m 7 worth of Kincora Copper stock and is well funded for its proposed exploration activities. See cashflow report. This quarterly report has been approved for release by the Board of RareX Limited. For further information, please contact: Jeremy Robinson Executive Director 7 14.95m TSXV: KCC shares at C$0.10 on the 29th April 2020 exchange rate of 0.91 RareX Limited Suite 23, 513 Hay Street, Subiaco WA 6008 Ph: 08 6143 6720 ACN: 105 578 756 Competent person’s statement The information in this announcement that relates to Inferred Mineral Resources and Exploration Results for the Cummins Range Project was first reported by the Company on 15 October 2019 and 30 January 2020. The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements, and in the case of estimates of Mineral Resources or Ore Reserves, that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from the original market announcement. The Exploration Results in this announcement in relation to the Trundle Project was prepared and first disclosed under the JORC Code 2004. This information has not been updated since to comply with the JORC Code 2012 on the basis that the information has not materially changed since it was last reported. RareX Limited Suite 23, 513 Hay Street, Subiaco WA 6008 Ph: 08 6143 6720 ACN: 105 578 756 Appendix 1: RareX Limited Interests in Mining Tenements The following information is provided pursuant to Listing Rule 5.3.3 for the quarter ended 31 March 2020. During the quarter, the Company applied for the Cummins Range Extension (E80/5092), Weld North (E80/3455) and Mt Mansbridge (E80/5430) tenements and was granted the Payne’s Find (E59/2395) tenement. The Company advises that 65% of the NSW tenements marked with * below were disposed of during the quarter following exercise of an option by Kincora Copper. Australian Tenement Schedule State Project WA Cummins Range WA Cummins Range Extension WA Payne’s Find WA Weld North WA Mt Mansbridge WA Hong Kong NSW Condobolin* NSW Cundumbul* NSW Fairholme* NSW Fairholme* NSW Trundle* NSW Jemalong* NSW Orange East Lease No E 80/5092 E80/5092 E59/2395 E38/3455 E80/5430 EL 47/3566 EL 7748 EL 6661 EL 6552 EL 6915 EL 8222 EL 8502 EL 8442 RareX interest 100% 100% 100% 100% 100% 30% 35% 35% 35% 35% 35% 35% 100% Note Application Application Application Alkane earning 60% Austrian Tenement Schedule – Leogang - RareX First Priority Designation Reference Cadastral Municipalities Meridian Centre in the Cadastral Municipality Other Cadastral Municipality Concerned 51/17/S (CLY-LEOG-003) M 31 Schwarzleo 56/17/S (CLY-LEOG-008) M 31 Schwarzleo Sonnberg, Pirzbichl 57/17/S (CLY-LEOG-009) M 31 Schwarzleo Grießen 58/17/S (CLY-LEOG-010) M 31 Schwarzleo Grießen 64/17/S (CLY-LEOG-016) M 31 Schwarzleo Grießen 68/17/S (CLY-LEOG-020) M 31 Grießen 71/17/S (CLY-LEOG-023) M 31 Grießen 74/17/S (CLY-LEOG-026) M 31 Grießen Hoch filzen 78/17/S (CLY-LEOG-030) M 31 Schwarzleo 79/17/S (CLY-LEOG-031) M 31 Schwarzleo Saalbach 80/17/S (CLY-LEOG-032) M 31 Schwarzleo Saalbach 81/17/S (CLY-LEOG-033) M 31 Schwarzleo Grießen, Hoch filzen, Fieberbrunn 82/17/S (CLY-LEOG-034) M 31 Schwarzleo Saalbach 83/17/S (CLY-LEOG-035) M 31 Schwarzleo Fieberbrunn 84/17/S (CLY-LEOG-036) M 31 Schwarzleo Fieberbrunn, Saalbach 85/17/S (CLY-LEOG-037) M 31 Fieberbrunn 86/17/S (CLY-LEOG-038) M 31 Fieberbrunn Hoch filzen 87/17/S (CLY-LEOG-039) M 31 Fieberbrunn 88/17/S (CLY-LEOG-040) M 31 Fieberbrunn 89/17/S (CLY-LEOG-041) M 31 Fieberbrunn 90/17/S (CLY-LEOG-042) M 31 Fieberbrunn Saalbach 91/17/S (CLY-LEOG-043) M 31 Fieberbrunn 92/17/S (CLY-LEOG-044) M 31 Fieberbrunn 93/17/S (CLY-LEOG-045) M 31 Fieberbrunn 94/17/S (CLY-LEOG-046) M 31 Fieberbrunn 95/17/S (CLY-LEOG-047) M 31 Fieberbrunn Saalbach 96/17/S (CLY-LEOG-048) M 31 Fieberbrunn RareX Limited Suite 23, 513 Hay Street, Subiaco WA 6008 Ph: 08 6143 6720 ACN: 105 578 756 98/17/S (CLY-LEOG-050) 99/17/S (CLY-LEOG-051) 101/17/S (CLY-LEOG-053) 103/17/S (CLY-LEOG-055) 104/17/S (CLY-LEOG-056) 105/17/S (CLY-LEOG-057) 106/17/S (CLY-LEOG-058) 107/17/S (CLY-LEOG-059) 108/17/S (CLY-LEOG-060) 109/17/S (CLY-LEOG-061) 110/17/S (CLY-LEOG-062) 111/17/S (CLY-LEOG-063) 112/17/S (CLY-LEOG-064) 114/17/S (CLY-LEOG-066) 115/17/S (CLY-LEOG-067) 116/17/S (CLY-LEOG-068) 117/17/S (CLY-LEOG-069) 118/17/S (CLY-LEOG-070) 119/17/S (CLY-LEOG-071) 120/17/S (CLY-LEOG-072) 121/17/S (CLY-LEOG-073) 122/17/S (CLY-LEOG-074) 123/17/S (CLY-LEOG-075) 124/17/S (CLY-LEOG-076) 125/17/S (CLY-LEOG-077) 126/17/S (CLY-LEOG-078) 127/17/S (CLY-LEOG-079) 128/17/S (CLY-LEOG-080) 129/17/S (CLY-LEOG-081) 130/17/S (CLY-LEOG-082) 131/17/S (CLY-LEOG-083) 132/17/S (CLY-LEOG-084) 133/17/S (CLY-LEOG-085) 134/17/S (CLY-LEOG-086) 135/17/S (CLY-LEOG-087) 136/17/S (CLY-LEOG-088) 137/17/S (CLY-LEOG-089) 138/17/S (CLY-LEOG-090) 139/17/S (CLY-LEOG-091) 140/17/S (CLY-LEOG-092) 141/17/S (CLY-LEOG-093) 142/17/S (CLY-LEOG-094) 143/17/S (CLY-LEOG-095) 144/17/S (CLY-LEOG-096) 145/17/S (CLY-LEOG-097) 146/17/S (CLY-LEOG-098) 147/17/S (CLY-LEOG-099) 148/17/S (CLY-LEOG-1OO) M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 Fieberbrunn Fieberbrunn Fieberbrunn Fieberbrunn Fieberbrunn Fieberbrunn Fieberbrunn Fieberbrunn Fieberbrunn Fieberbrunn Fieberbrunn Fieberbrunn Fieberbrunn Fieberbrunn Fieberbrunn Fieberbrunn Fieberbrunn Fieberbrunn Fieberbrunn Fieberbrunn Fieberbrunn Fieberbrunn Fieberbrunn Fieberbrunn Fieberbrunn Fieberbrunn Fieberbrunn Fieberbrunn Fieberbrunn Fieberbrunn Fieberbrunn Fieberbrunn Fieberbrunn Fieberbrunn Fieberbrunn Fieberbrunn Fieberbrunn Fieberbrunn Fieberbrunn Fieberbrunn Fieberbrunn Fieberbrunn Hochfilzen Hochfilzen Fieberbrunn Fieberbrunn Fieberbrunn Fieberbrunn Saalbach Aurach Aurach Saalbach Grießen Grießen Saalbach Austrian Tenement Schedule – Kitzbuhel - RareX First Priority Designation Reference Cadastral Municipalities Meridian Centre in the Cadastral Municipality Other Cadastral Municipality Concerned 38/17/T (CLY- KITZ-001) M 31 Fieberbrunn 39/17/T (CLY- KITZ -002) M 31 Fieberbrunn 40/17/T (CLY- KITZ -003) M 31 Fieberbrunn 41/17/T (CLY- KITZ -004) M 31 Fieberbrunn 42/17/T (CLY- KITZ-005) M 31 Fieberbrunn 43/17/T (CLY- KITZ-006) M 31 Fieberbrunn 44/17/T (CLY- KITZ -007) M 31 Fieberbrunn RareX Limited Suite 23, 513 Hay Street, Subiaco WA 6008 Ph: 08 6143 6720 ACN: 105 578 756 45/17/T (CLY- KITZ -008) 46/17/T (CLY- KITZ -009) 47/17/T (CLY- KITZ-010) 48/17/T (CLY- KITZ -011) 49/17/T (CLY- KITZ-012) 50/17/T (CLY- KITZ-013) 51/17/T (CLY- KITZ-014) 52/17/T (CLY- KITZ -015) 53/17/T (CLY- KITZ -016) 54/17/T (CLY- KITZ -017) 55/17/T (CLY- KITZ -018) 56/17/T (CLY- KITZ-019) 57/17/T (CLY- KITZ-020) 58/17/T (CLY- KITZ-021) 59/17/T (CLY- KITZ-022) 60/17/T (CLY- KZTZ-023) 61/17/T (CLY- KITZ-024) 62/17/T (CLY-KITZ-025) 63/17/T (CLY-KITZ-026) 64/17/T (CLY-KITZ-027) 65/17/T (CLY-KITZ-028) 66/17/T (CLY-KITZ-029) 67/17/T (CLY-KITZ-030) 68/17/T (CLY-KITZ-031) 69/17/T (CLY-KITZ-032) 70/17/T (CLY-KITZ-033) 71/17/T (CLY-KITZ-034) 72/17/T (CLY-KITZ-035) 73/17/T (CLY-KITZ-036) 74/17/T (CLY-KITZ-037) 75/17/T (CLY-KITZ-038) 76/17/T (CLY-KITZ-039) 77/17/T (CLY-KITZ-040) 78/17/T (CLY-KITZ-041) 79/17/T (CLY-KITZ-042) 80/17/T (CLY-KITZ-043) 81/17/T (CLY-KITZ-044) 82/17/T (CLY-KITZ-045) 83/17/T (CLY-KITZ-046) 84/17/T (CLY-KITZ-047) 85/17/T (CLY-KITZ-048) 86/17/T (CLY-KITZ-049) 87/17/T (CLY-KITZ-050) 88/17/T (CLY-KITZ-051) 89/17/T (CLY-KITZ-052) 90/17/T (CLY-KITZ-053) 91/17/T (CLY-KITZ-054) 92/17/T (CLY-KITZ-055) 93/17/T (CLY-KITZ-056) 94/17/T (CLY-KITZ-057) 95/17/T (CLY-KITZ-058) 96/17/T (CLY-KITZ-059) 97/17/T (CLY-KITZ-060) 98/17/T (CLY-KITZ-061) 99/17/T (CLY-KITZ-062) 100/17/T (CLY-KITZ-063) 101/17/T (CLY-KITZ-064) 102/17/T (CLY-KITZ-065) 103/17/T (CLY-KITZ-066) 104/17/T (CLY-KITZ-067) M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 Fieberbrunn Fieberbrunn Fieberbrunn Fieberbrunn Fieberbrunn Fieberbrunn Fieberbrunn Fieberbrunn Fieberbrunn Fieberbrunn Fieberbrunn Fieberbrunn Fieberbrunn Fieberbrunn Fieberbrunn Fieberbrunn Fieberbrunn Fieberbrunn Fieberbrunn Fieberbrunn Fieberbrunn Fieberbrunn Fieberbrunn Fieberbrunn Fieberbrunn Aurach Fieberbrunn Fieberbrunn Fieberbrunn Fieberbrunn Fieberbrunn Fieberbrunn Fieberbrunn Kitzbühel Land Kitzbühel Land Fieberbrunn Fieberbrunn Fieberbrunn Kitzbühel Land Kitzbühel Land Kitzbühel Land Kitzbühel Land Fieberbrunn Kitzbühel Land Aurach Aurach Kitzbühel Land Aurach Aurach Kitzbühel Land Aurach Kitzbühel Land Kitzbühel Land Kitzbühel Land Kitzbühel Land Kitzbühel Land Kitzbühel Land Aurach Kitzbühel Land Kitzbühel Land RareX Limited Suite 23, 513 Hay Street, Subiaco WA 6008 Ph: 08 6143 6720 ACN: 105 578 756 Aurach Aurach Aurach Aurach Aurach Aurach Aurach Fieberbrunn Fieberbrunn Fieberbrunn Fieberbrunn Fieberbrunn Fieberbrunn, Aurach Aurach Aurach Aurach Aurach Aurach Aurach Aurach 105/17/T (CLY-KITZ-068) 106/17/T (CLY-KITZ-069) 107/17/T (CLY-KITZ-070) 108/17/T (CLY-KITZ-071) 109/17/T (CLY-KITZ-072) 110/17/T (CLY-KITZ-073) 111/17/T (CLY-KITZ-074) 112/17/T (CLY-KITZ-075) 113/17/T (CLY-KITZ-076) 114/17/T (CLY-KITZ-077) 115/17/T (CLY-KITZ-078) 116/17/T (CLY-KITZ-079) 117/17/T (CLY-KITZ-080) 118/17/T (CLY-KITZ-081) 119/17/T (CLY-KITZ-082) 121/17/T (CLY-KITZ-084) 122/17/T (CLY-KITZ-085) 123/17/T (CLY-KITZ-086) 124/17/T (CLY-KITZ-087) 125/17/T (CLY-KITZ-088) 126/17/T (CLY-KITZ-089) 127/17/T (CLY-KITZ-090) 128/17/T (CLY-KITZ-091) 129/17/T (CLY-KITZ-092) 130/17/T (CLY-KITZ-093) 131/17/T (CLY-KITZ-094) 132/17/T (CLY-KITZ-095) 133/17/T (CLY-KITZ-096) 135/17/T (CLY-KITZ-098) 137/17/T (CLY-KITZ-100) M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 M 31 Kitzbühel Land Kitzbühel Land Kitzbühel Land Kitzbühel Land Kitzbühel Land Kitzbühel Land Kitzbühel Land Kitzbühel Land Kitzbühel Land Kitzbühel Land Kitzbühel Land Kitzbühel Land Kitzbühel Land Kitzbühel Land St. Johann in Tirol Kitzbühel Land St. Johann in Tirol St. Johann in Tirol St. Johann in Tirol St. Johann in Tirol St. Johann in Tirol St. Johann in Tirol St. Johann in Tirol St. Johann in Tirol St. Johann in Tirol St. Johann in Tirol St. Johann in Tirol St. Johann in Tirol Kitzbühel Land Aurach Aurach Aurach Kitzbühel Land Fieberbrunn Kitzbühel Land Kitzbühel Land Kitzbühel Land, Fieberbrunn Kitzbühel Land Austrian Tenement Schedule – Leogang - RareX Second Priority in at least 50% of the licence area Designation Reference Cadastral Municipalities Meridian Centre in the Cadastral Municipality Other Cadastral Municipality Concerned 49/17/S (CLY-LEOG-001) M 31 Schwarzleo Sonnberg 50/17/S (CLY-LEOG-002) M 31 Schwarzleo 52/17/S (CLY-LEOG-004) M 31 Schwarzleo 53/17/S (CLY-LEOG-005) M 31 Schwarzleo 54/17/S (CLY-LEOG-006) M 31 Schwarzleo 55/17/S (CLY-LEOG-007) M 31 Schwarzleo 59/17/S (CLY-LEOG-011) M 31 Schwarzleo 60/17/S (CLY-LEOG-012) M 31 Schwarzleo 61/17/S (CLY-LEOG-013) M 31 Schwarzleo Grießen 62/17/S (CLY-LEOG-014) M 31 Schwarzleo 63/17/S (CLY-LEOG-015) M 31 Schwarzleo 65/17/S (CLY-LEOG-017) M 31 Schwarzleo Grießen 66/17/S (CLY-LEOG-018) M 31 Schwarzleo 67/17/S (CLY-LEOG-019) M 31 Schwarzleo 69/17/S (CLY-LEOG-021) M 31 Schwarzleo 70/17/S (CLY-LEOG-022) M 31 Schwarzleo Grießen 72/17/S (CLY-LEOG-024) M 31 Schwarzleo 73/17/S (CLY-LEOG-025) M 31 Schwarzleo Grießen 75/17/S (CLY-LEOG-027) M 31 Schwarzleo 76/17/S (CLY-LEOG-028) M 31 Schwarzleo 77/17/S (CLY-LEOG-029) M 31 Schwarzleo 97/17/S (CLY-LEOG-049) M 31 Fieberbrunn 100/17/S (CLY-LEOG-052) M 31 Fieberbrunn 102/17/S (CLY-LEOG-054) M 31 Fieberbrunn 113/17/S (CLY-LEOG-065) M 31 Fieberbrunn RareX Limited Suite 23, 513 Hay Street, Subiaco WA 6008 Ph: 08 6143 6720 ACN: 105 578 756 Austrian Tenement Schedule – Kitzbuhel - RareX Second Priority in at least 50% of licence area Designation Reference Cadastral Municipalities Meridian Centre in the Cadastral Municipality Other Cadastral Municipality Concerned 120/17/T (CLY-KITZ-083) M 31 Kitzbühel Land 134/17/T (CLY-KITZ-097) M 31 St. Johann in Tirol Kitzbühel Land 136/17/T (CLY-KITZ-099) M 31 Kitzbühel Land Moroccan Tenement Sche