Announcement PDF ASX / MEDIA ANNOUNCEMENT 31 January 2022 December 2021 Quarterly Activities Report HIGHLIGHTS Outstanding new results received from recent diamond drilling targeting the primary zone at the Cummins Range Rare Earths Project including, • CDX0002 – 11.3m at 2.4% TREO with 0.4% NdPr and 0.2% Nb2O5including 3.1m at 7% TREO with 1.1% NdPr • CDX0003 – 23.9m at 2.5% TREO with 0.5% NdPr and 0.3% Nb2O5including 2.3m at 7.3% TREO with 1.7% NdPr and 0.6% Nb2O5 • CDX0004 - 102.97m at 1.6% TREO with 0.3% NdPr and 0.4% Nb2O5including 46.97m at 2% TREO with 0.4% NdPr and 0.5% Nb2O5 and including 9m at 2.3% TREO with 0.5% NdPr and 1% Nb2O5 • CDX007 - 34.6m at 1.3% TREO and 0.4% Nb2O5, including 3.6m at 2.5% TREO and 0.7% Nb2O5 within an overall zone of 61.4m at 1% TREO and 0.3% Nb2O5 • CDX0011 - 21.9m at 3.1% TREO with 0.6% NdPr and 0.2% Nb2O5including 3m at 10.6% TREO with 1.8% NdPr • Deeper hole, CDX0016, has intersected multiple stacked lenses, all with massive to disseminated rare earths as monazite • Results validate the huge potential of the primary zone at Cummins Range and the opportunity for significant resource growth • Further evidence of large, mineralised porphyry system at Trundle Project NSW being drillied by Kincora Copper Limited (REE - 35% Free Carried) • Cash and Investments of $5m. • Successful spin-out of non-core assets to Cosmos Exploration Limited (ASX: C1X) RareX Limited Unit 6, 94 Rokeby Road, Subiaco WA 6008 Ph: 08 6383 6593 ACN: 105 578 756 1 CUMMINS RANGE RARE EARTHS PROJECT During the Quarter, RareX Limited (ASX: REE; RareX or the Company) was pleased to report significant intercepts of primary mineralisation at its 100%-owned Cummins Range Rare Earths Project in the Kimberley Region of Western Australia, significantly expanding the potential scope and scale of the Project. The Project is currently host to a Mineral Resource of 18.8Mt at 1.15% TREO + 0.14% Nb2O5 (Indicated Resource of 11.1Mt at 1.34% TREO + 0.17% Nb2O5; Inferred Resource of 7.7Mt at 0.88% TREO+ 0.11% Nb2O5 (0.5% TREO cut-off)) including high-grade tonnes to 6.5Mt at 1.98% TREO (inc. 0.38% NdPr) + 0.21% Nb2O5. Hole CDX0007, shown in Figure 1, is the first assayed diamond drill-hole at Cummins Range in 40 years and was drilled into an area where a displacement fault had been interpreted. This interpretation has now been supported by the hole intersecting a 77m wide breccia zone that has assayed 61.4m at 1% TREO and 0.3% Nb2O5. The lower 34.6m of this breccia is in fresh rock with common disseminations of monazite grading at 34.6m at 1.3% TREO and 0.4% Nb2O5, including 3.6m at 2.5% TREO and 0.7% Nb2O5. RareX’s view is that this provides clear evidence that the primary zone can host significant highgrade mineralisation, opening up substantial growth opportunities for the Cummins Range Project at depth below the weathered zone. Figure 1: CDX0007 Cross Section with Assay Results and Geology RareX Limited Unit 6, 94 Rokeby Road, Subiaco WA 6008 Ph: 08 6383 6593 ACN: 105 578 756 2 All of the Reverse Circulation (RC) drill assays have also now been received, with RC drill hole CRX0066 completed 90m to the north-east of CDX0007 and intersected two wide breccia zones with significant rare earths mineralisation, the first of which comprises 40m at 1.8% TREO and 0.3% Nb2O5, including 13m at 3.1% TREO and 0.4% Nb2O5. Below this zone was another zone of 31m at 1.4% TREO and 0.3% Nb2O5, including 3m at 3.3% TREO and 0.3% Nb2O5. These intersections are considered to be true width. The geological understanding of this area is a high priority for RareX and a further three diamond drill holes have been drilled with assays pending. Figure 2: CRX0066 Cross Section with Assay Results and Geology Fresh rock intersections into the targeted Main Fault have delivered several well-mineralised zones that have been confirmed with a portable XRF. A series of mineralised stacked lenses in the hanging wall and footwall have also been drilled on multiple sections. These zones vary in size, geology and grade. The deeper hole, CDX0016, intersected multiple zones – all with disseminated to massive monazite. The deepest zone is 12m wide and 275m down-hole and is shown in photo 1. The zone is composed of patchy massive monazite on an ultramafic carbonatite contact. Assays are pending. RareX Limited Unit 6, 94 Rokeby Road, Subiaco WA 6008 Ph: 08 6383 6593 ACN: 105 578 756 3 Photo 1: Cummins Range deepest intercept to date with patchy to massive monazite – outlines of the massive monazite in blue (note: monazite typically runs 60-70% TREO) In December 2021, RareX was pleased to announce the receipt of assay results from holes CDX0002, CDX0003, CDX0004, CDX0005 and partial results for CDX0011 which have provided clear evidence of the significant potential of the primary zone to contain wide zones of high-grade mineralisation. Assay results for 93m to 141.9m down-hole have been received for drill hole CDX0011, with the zone returning very high-grade results of 21.9m at 3.1% TREO with 0.6% NdPr and 0.2% Nb2O5, including 3m at 10.6% TREO with 1.8% NdPr. Importantly, this fresh rock intersection is interpreted to be true width and has been drilled 35m down-dip of the previously announced drill intercept from hole CRX0063 (41m @ 2.4% TREO with 0.5% NdPr and 0.5% Nb2O5 ASX: 9 September 2021). The hole is shown on Figures 3, 4 and 6. RareX Limited Unit 6, 94 Rokeby Road, Subiaco WA 6008 Ph: 08 6383 6593 ACN: 105 578 756 4 Figure 3. Cross-section illustrating stacked lodes. Figure 4. Cummins Range drill plan showing REE mineralisation and 2021 drill holes and location of cross section and vertical longitudinal projection. RareX Limited Unit 6, 94 Rokeby Road, Subiaco WA 6008 Ph: 08 6383 6593 ACN: 105 578 756 5 Drill hole CDX0004 has assayed a whopping 102.97m at 1.6% TREO with 0.3% NdPr and 0.4% Nb2O5. This hole was drilled into an area that was previously interpreted by previous explorers to be an area where rare earth minerals have been upgraded through weathering processes. Instead, the hole has passed through a wide breccia zone which sits in the hanging wall position of the Main Fault. This breccia zone has consistent wide intervals of 1% to 2% TREO and strong niobium mineralisation as shown in by other drilling into this zone – CDX0007 61.4m at 1% TREO with 0.2% NdPr and 0.3% Nb2O5 (75m to the west), and CRX0066 40m at 1.8% TREO with 0.4% NdPr and 0.3% Nb2O5 (36m to the north). The rare earths and niobium grade appear to be increasing to the east with a higher grade zone of 46.97m at 2% TREO with 0.4% NdPr and 0.5% Nb2O5 in hole CDX0004. The lower half of the breccia is more strongly mineralised, leading into the interpreted position of the Main Fault, as shown in Figure 3. Niobium results immediately above the Main Fault are also very elevated with an exceptional intercept of 9m at 1% Nb2O5 and 2.3% TREO. Figure 5. Cross Section showing drill hole CDX0004. RareX Limited Unit 6, 94 Rokeby Road, Subiaco WA 6008 Ph: 08 6383 6593 ACN: 105 578 756 6 Figure 6. Cummins Range vertical longitudinal projection of the Main Fault. Holes CDX0002 (lost before drilling through the Main Fault target area) and CDX0005 have drilled through several newly discovered mineralised zones in the hanging wall and footwall position. These new zones vary in width and grade as shown in the significant intercept table. The most notable is a shallow intercept in hole CDX0002 – 11.3m at 2.4% TREO with 0.4% NdPr and 0.2% Nb2O5 including a very high-grade interval of 3.1m at 7% TREO with 1.8% NdPr. Once all assays are received, these new zones will be mapped across the deposit. Hole CDX0003 produced high-grade results in the Main Fault position with 23.9m at 2.5% TREO with 0.5% NdPr and 0.3% Nb2O5, including 2.3m at 7.3% TREO with 1.7% NdPr and 0.6% Nb2O5. This hole was drilled as an in-fill and metallurgical drill hole for the oxide portion of the resource. The high-grade mineralisation starts 20m below surface and is interpreted to be >80% true width. This hole, along with CDX0004, will be used for numerous metallurgical test work studies by local expertise in Western Australia. Diamond core drilling has significantly advanced the geological understanding of the Cummins Range deposit and continues to deliver high grade rare earths and niobium mineralisation. The drilling of multiple new zones in the hanging wall and footwall to depths beyond expectations is very exciting and shallow wide rare earths and niobium intercepts in the breccia zone is even better. The 2021 drill program was suspended during the quarter due to the early arrival of the wet season in the Kimberley. A total of 5,272m of drilling was completed comprising 3,001m of diamond core drilling and 2,271m of RC drilling. RareX Limited Unit 6, 94 Rokeby Road, Subiaco WA 6008 Ph: 08 6383 6593 ACN: 105 578 756 7 Scoping Study Underway Given the exciting results from Resource drilling during the Quarter, with deeper diamond drilling significantly expanding the mineralisation at depth, RareX is now targeting to release the Scoping Study for the Cummins Range Project in Q1 2022 to provide sufficient time to continue to develop the Resource and integrate this with metallurgy and processing design. Project strategy The Scoping Study has been refined in scope to focus on the following key objectives in order to test the financial sensitivity and scale of a proposed facility: 1. 2. 3. 4. 5. Resource optimisation and geo-metallurgical modelling Balanced metallurgical understanding Product definition Environmental approvals and impacts Stakeholder engagement and social impacts To support the Scoping Study, RareX has assembled a team of appropriately experienced consultants as shown in the table below. This team is capable of delivering the study, future and further defined studies and supporting project execution. Consultant Scope Gavin Beer Rare Earth Element, metallurgical and general technical counsel Primero Lead consultant; process design and cost estimation METS Group Metallurgical program lead Mining Plus Pit design, pit optimisation mining method AMC Geo-metallurgical modelling Animal Plant Resources ESG integration, stakeholder engagement, approvals and permitting Advisian Hydrogeology PWC ESG integration NSW COPPER-GOLD PROJECTS The Trundle Gold-Copper Project Joint Venture Project, located in the Macquarie Arc of the Lachlan Fold Belt in NSW, Australia, is a 65%/35% joint venture between RareX and Kincora Copper Ltd (Kincora) (TSXV: KCC). Assay results for TRDD014W1, a wedge drilling off previous hole TRDD014, returned significant higher gold grade skarn intervals and broad intervals of porphyry style intrusions at the Trundle Park prospect: RareX Limited Unit 6, 94 Rokeby Road, Subiaco WA 6008 Ph: 08 6383 6593 ACN: 105 578 756 8 • 42m at 0.42 g/t gold and 0.12% copper from 358m, including: o 10m at 1.13 g/t gold and 0.32% copper from 382m; • 48m at 0.19 g/t gold and 0.03% copper from 458m; • 122m at 0.16g/t gold and 0.03% copper from 596m; • 10m at 0.21g/t gold and 0.06% copper from 750m; and • 16m at 0.11g/t gold and 0.07% copper from 860m. For the first time at the Trundle Park prospect, hole TRDD028 has intersected broad porphyry style intrusions from near surface (to 467m), with the targeted deeper intrusive body also intersected (assay results pending). Assay results for TRDD022 (162m at 0.24 g/t gold and 0.04% copper, including 18m at 0.75 g/t gold and 0.09% copper), TRDD014/W1 and TRDD028 have provided further confidence of proximity to the core of a large porphyry intrusive system, vectors for follow up drilling and support the working model of a vertically extensive mineralised intrusive system that has both open pit and underground target potential. Subsequent to the quarter end, Kincora reported that ongoing drilling have identified three zones of mineralised skarns in most recent hole TRDD029. The cumulative mineralised interval amongst the three units totals some 213m. Assay results are only available for the upper skarn which has returned 36m at 1.17 g/t gold equivalent. Notable mineralised skarn intervals encountered in TRDD029 are: • Upper skarn: 36m at 0.68 g/t gold and 0.29% copper from 732m, including 4m at 1.19 g/t gold and 0.59% copper from 732m • Middle skarn: 139.3m intersected between 826.7-966m interpreted to host multiple zones with abundant visual chalcopyrite (assay results pending) • Lower skarn: 37.7m intersected between 981.3-1,019m (assay results pending) Gold-copper mineralisation has now been confirmed over approximately 1.3 km strike and open. Follow up hole TRDD030 is ongoing, testing the up and down dip extent of the Upper skarn zone in TRDD029 and for a causative porphyry intrusion. COSMOS EXPLORATION IPO (CX1) During the quarter, RareX completed the spin-out and IPO of its non-core Byro East NickelCopper-PGE Project (Byro East) and Orange East Gold Project (Orange East) into a new ASX-listed company, Cosmos Exploraton. RareX has transferred 100% of its legal and beneficial interest in the Byro East tenements and 75% of its legal and beneficial interest in the Orange East tenements (Sale Assets), with RareX retaining a 25% interest to be free-carried until completion of a Bankable Feasibility Study. RareX Limited Unit 6, 94 Rokeby Road, Subiaco WA 6008 Ph: 08 6383 6593 ACN: 105 578 756 9 In consideration for the Sale Assets, Cosmos has issued 10 million fully-paid ordinary shares and has paid $80,000 in cash to RareX (as reimbursement of expenditure incurred by RareX). Following completion of a $5 million via an Initial Public Offering of 25 million shares at an issue price of $0.20, Cosmos was admitted to the Official List of the ASX on 29 November 2021 and commenced trading on 1 December under the code ASX: C1X. RareX is pleased to retain exposure to the upside potential of the Sale Assets through its direct equity holding, allowing it to focus on the development and exploration of its flagship Cummins Range Project. Figure 7 – Cosmos project locations, Australia MOROCCAN COBALT PROJECTS No work was undertaken on the Moroccan projects during the Quarter. LEOGANG PROJECT, AUSTRIA No work was undertaken on the Austrian projects during the Quarter. BUSINESS DEVELOPMENT RareX continues to assess complementary projects for its portfolio in the critical minerals space. RareX Limited Unit 6, 94 Rokeby Road, Subiaco WA 6008 Ph: 08 6383 6593 ACN: 105 578 756 10 CORPORATE & FINANCE The Company remains funded to meet its commitments with $5m in cash and listed investments at the end of the Quarter including its investments in Cosmos Exploration Limited, Kincora Copper Limited and Canada Rare Earths Company valued at $3.9m. This Quarterly Report has been approved for release by the Board of RareX Limited. For further information, please contact: Jeremy Robinson Managing Director Competent Person’s Statement The exploration results in this announcement were reported by the Company in accordance with listing rule 5.7. The Company confirms it is not aware of any new information or data that materially affects the information included in the previous announcements. The mineral resource estimates in this announcement were 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 announcements and that all material assumptions and technical parameters underpinning the estimates in the previous announcement continue to apply and have not materially changed. RareX Limited Unit 6, 94 Rokeby Road, Subiaco WA 6008 Ph: 08 6383 6593 ACN: 105 578 756 11 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 December 2021. There were no acquisitions during the quarter. In connection with the spin-out of Cosmos Exploration Limited, the Company divested 100% of the Byro East tenements and 75% of the Orange East tenement. Australian Tenement Schedule State Project WA Cummins Range WA Cummins Range Extension WA Byro WA Byro WA Byro WA Byro WA Byro WA Byro WA Byro WA Weld North WA Weld North 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 E80/5092 E80/5372 E09/2386 E09/2387 E09/2408 E09/2409 E09/2443 E09/2525 E09/2527 E38/3455 E38/3530 E38/3531 E80/5430 EL 47/3566 EL 7748 EL 6661 EL 6552 EL 6915 EL 8222 EL 8502 EL 8442 RareX Interest 100% 100% 0% 0% 0% 0% 0% 0% 0% 100% 100% 100% 100% 100% 35% 35% 35% 35% 35% 35% 25% Note Application Cosmos Spin-Out Cosmos Spin-Out Cosmos Spin-Out Cosmos Spin-Out Cosmos Spin-Out Cosmos Spin-Out Cosmos Spin-Out Cosmos Spin-Out 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 RareX Limited Unit 6, 94 Rokeby Road, Subiaco WA 6008 Ph: 08 6383 6593 ACN: 105 578 756 12 Austrian Tenement Schedule – Leogang - RareX First Priority Designation Reference Cadastral Municipalities Meridian Centre in the Cadastral Municipality Other Cadastral Municipality Concerned 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 98/17/S (CLY-LEOG-050) M 31 Fieberbrunn 99/17/S (CLY-LEOG-051) M 31 Fieberbrunn Saalbach 101/17/S (CLY-LEOG-053) M 31 Fieberbrunn 103/17/S (CLY-LEOG-055) M 31 Fieberbrunn 104/17/S (CLY-LEOG-056) M 31 Fieberbrunn 105/17/S (CLY-LEOG-057) M 31 Fieberbrunn 106/17/S (CLY-LEOG-058) M 31 Fieberbrunn 107/17/S (CLY-LEOG-059) M 31 Fieberbrunn 108/17/S (CLY-LEOG-060) M 31 Fieberbrunn 109/17/S (CLY-LEOG-061) M 31 Fieberbrunn 110/17/S (CLY-LEOG-062) M 31 Fieberbrunn 111/17/S (CLY-LEOG-063) M 31 Fieberbrunn 112/17/S (CLY-LEOG-064) M 31 Fieberbrunn 114/17/S (CLY-LEOG-066) M 31 Fieberbrunn 115/17/S (CLY-LEOG-067) M 31 Fieberbrunn 116/17/S (CLY-LEOG-068) M 31 Fieberbrunn 117/17/S (CLY-LEOG-069) M 31 Fieberbrunn 118/17/S (CLY-LEOG-070) M 31 Fieberbrunn 119/17/S (CLY-LEOG-071) M 31 Fieberbrunn 120/17/S (CLY-LEOG-072) M 31 Fieberbrunn 121/17/S (CLY-LEOG-073) M 31 Fieberbrunn 122/17/S (CLY-LEOG-074) M 31 Fieberbrunn 123/17/S (CLY-LEOG-075) M 31 Fieberbrunn 124/17/S (CLY-LEOG-076) M 31 Fieberbrunn 125/17/S (CLY-LEOG-077) M 31 Fieberbrunn 126/17/S (CLY-LEOG-078) M 31 Fieberbrunn 127/17/S (CLY-LEOG-079) M 31 Fieberbrunn 128/17/S (CLY-LEOG-080) M 31 Fieberbrunn 129/17/S (CLY-LEOG-081) M 31 Fieberbrunn 130/17/S (CLY-LEOG-082) M 31 Fieberbrunn 131/17/S (CLY-LEOG-083) M 31 Fieberbrunn 132/17/S (CLY-LEOG-084) M 31 Fieberbrunn 133/17/S (CLY-LEOG-085) M 31 Fieberbrunn 134/17/S (CLY-LEOG-086) M 31 Fieberbrunn 135/17/S (CLY-LEOG-087) M 31 Fieberbrunn 136/17/S (CLY-LEOG-088) M 31 Fieberbrunn 137/17/S (CLY-LEOG-089) M 31 Fieberbrunn Aurach 138/17/S (CLY-LEOG-090) M 31 Fieberbrunn Aurach 139/17/S (CLY-LEOG-091) M 31 Fieberbrunn 140/17/S (CLY-LEOG-092) M 31 Fieberbrunn 141/17/S (CLY-LEOG-093) M 31 Fieberbrunn Saalbach 142/17/S (CLY-LEOG-094) M 31 Fieberbrunn 143/17/S (CLY-LEOG-095) M 31 Hochfilzen Grießen 144/17/S (CLY-LEOG-096) M 31 Hochfilzen Grießen 145/17/S (CLY-LEOG-097) M 31 Fieberbrunn Saalbach 146/17/S (CLY-LEOG-098) M 31 Fieberbrunn 147/17/S (CLY-LEOG-099) M 31 Fieberbrunn 148/17/S (CLY-LEOG-1OO) M 31 Fieberbrunn RareX Limited Unit 6, 94 Rokeby Road, Subiaco WA 6008 Ph: 08 6383 6593 ACN: 105 578 756 13 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 45/17/T (CLY- KITZ -008) M 31 Fieberbrunn 46/17/T (CLY- KITZ -009) M 31 Fieberbrunn 47/17/T (CLY- KITZ-010) M 31 Fieberbrunn 48/17/T (CLY- KITZ -011) M 31 Fieberbrunn 49/17/T (CLY- KITZ-012) M 31 Fieberbrunn 50/17/T (CLY- KITZ-013) M 31 Fieberbrunn 51/17/T (CLY- KITZ-014) M 31 Fieberbrunn 52/17/T (CLY- KITZ -015) M 31 Fieberbrunn 53/17/T (CLY- KITZ -016) M 31 Fieberbrunn 54/17/T (CLY- KITZ -017) M 31 Fieberbrunn 55/17/T (CLY- KITZ -018) M 31 Fieberbrunn 56/17/T (CLY- KITZ-019) M 31 Fieberbrunn 57/17/T (CLY- KITZ-020) M 31 Fieberbrunn 58/17/T (CLY- KITZ-021) M 31 Fieberbrunn 59/17/T (CLY- KITZ-022) M 31 Fieberbrunn 60/17/T (CLY- KZTZ-023) M 31 Fieberbrunn Aurach 61/17/T (CLY- KITZ-024) M 31 Fieberbrunn Aurach 62/17/T (CLY-KITZ-025) M 31 Fieberbrunn Aurach 63/17/T (CLY-KITZ-026) M 31 Fieberbrunn Aurach 64/17/T (CLY-KITZ-027) M 31 Fieberbrunn Aurach 65/17/T (CLY-KITZ-028) M 31 Fieberbrunn 66/17/T (CLY-KITZ-029) M 31 Fieberbrunn 67/17/T (CLY-KITZ-030) M 31 Fieberbrunn 68/17/T (CLY-KITZ-031) M 31 Fieberbrunn Aurach 69/17/T (CLY-KITZ-032) M 31 Fieberbrunn Aurach 70/17/T (CLY-KITZ-033) M 31 Aurach 71/17/T (CLY-KITZ-034) M 31 Fieberbrunn 72/17/T (CLY-KITZ-035) M 31 Fieberbrunn 73/17/T (CLY-KITZ-036) M 31 Fieberbrunn 74/17/T (CLY-KITZ-037) M 31 Fieberbrunn 75/17/T (CLY-KITZ-038) M 31 Fieberbrunn 76/17/T (CLY-KITZ-039) M 31 Fieberbrunn 77/17/T (CLY-KITZ-040) M 31 Fieberbrunn 78/17/T (CLY-KITZ-041) M 31 Kitzbühel Land Fieberbrunn 79/17/T (CLY-KITZ-042) M 31 Kitzbühel Land Fieberbrunn 80/17/T (CLY-KITZ-043) M 31 Fieberbrunn 81/17/T (CLY-KITZ-044) M 31 Fieberbrunn 82/17/T (CLY-KITZ-045) M 31 Fieberbrunn 83/17/T (CLY-KITZ-046) M 31 Kitzbühel Land Fieberbrunn 84/17/T (CLY-KITZ-047) M 31 Kitzbühel Land 85/17/T (CLY-KITZ-048) M 31 Kitzbühel Land Fieberbrunn 86/17/T (CLY-KITZ-049) M 31 Kitzbühel Land Fieberbrunn 87/17/T (CLY-KITZ-050) M 31 Fieberbrunn 88/17/T (CLY-KITZ-051) M 31 Kitzbühel Land Fieberbrunn, Aurach 89/17/T (CLY-KITZ-052) M 31 Aurach 90/17/T (CLY-KITZ-053) M 31 Aurach 91/17/T (CLY-KITZ-054) M 31 Kitzbühel Land Aurach 92/17/T (CLY-KITZ-055) M 31 Aurach 93/17/T (CLY-KITZ-056) M 31 Aurach RareX Limited Unit 6, 94 Rokeby Road, Subiaco WA 6008 Ph: 08 6383 6593 ACN: 105 578 756 14 Austrian Tenement Schedule – Kitzbuhel - RareX First Priority Designation Reference Cadastral Municipalities Meridian Centre in the Cadastral Municipality Other Cadastral Municipality Concerned 94/17/T (CLY-KITZ-057) M 31 Kitzbühel Land Aurach 95/17/T (CLY-KITZ-058) M 31 Aurach 96/17/T (CLY-KITZ-059) M 31 Kitzbühel Land Aurach 97/17/T (CLY-KITZ-060) M 31 Kitzbühel Land Aurach 98/17/T (CLY-KITZ-061) M 31 Kitzbühel Land Aurach 99/17/T (CLY-KITZ-062) M 31 Kitzbühel Land 100/17/T (CLY-KITZ-063) M 31 Kitzbühel Land 101/17/T (CLY-KITZ-064) M 31 Kitzbühel Land Aurach 102/17/T (CLY-KITZ-065) M 31 Aurach 103/17/T (CLY-KITZ-066) M 31 Kitzbühel Land Aurach 104/17/T (CLY-KITZ-067) M 31 Kitzbühel Land 105/17/T (CLY-KITZ-068) M 31 Kitzbühel Land Aurach 106/17/T (CLY-KITZ-069) M 31 Kitzbühel Land Aurach 107/17/T (CLY-KITZ-070) M 31 Kitzbühel Land 108/17/T (CLY-KITZ-071) M 31 Kitzbühel Land 109/17/T (CLY-KITZ-072) M 31 Kitzbühel Land 110/17/T (CLY-KITZ-073) M 31 Kitzbühel Land 111/17/T (CLY-KITZ-074) M 31 Kitzbühel Land 112/17/T (CLY-KITZ-075) M 31 Kitzbühel Land 113/17/T (CLY-KITZ-076) M 31 Kitzbühel Land 114/17/T (CLY-KITZ-077) M 31 Kitzbühel Land 115/17/T (CLY-KITZ-078) M 31 Kitzbühel Land 116/17/T (CLY-KITZ-079) M 31 Kitzbühel Land 117/17/T (CLY-KITZ-080) M 31 Kitzbühel Land 118/17/T (CLY-KITZ-081) M 31 Kitzbühel Land 119/17/T (CLY-KITZ-082) M 31 St. Johann in Tirol Kitzbühel Land 121/17/T (CLY-KITZ-084) M 31 Kitzbühel Land Fieberbrunn 122/17/T (CLY-KITZ-085) M 31 St. Johann in Tirol Kitzbühel Land 123/17/T (CLY-KITZ-086) M 31 St. Johann in Tirol Kitzbühel Land 124/17/T (CLY-KITZ-087) M 31 St. Johann in Tirol Kitzbühel Land, Fieberbrunn 125/17/T (CLY-KITZ-088) M 31 St. Johann in Tirol 126/17/T (CLY-KITZ-089) M 31 St. Johann in Tirol 127/17/T (CLY-KITZ-090) M 31 St. Johann in Tirol 128/17/T (CLY-KITZ-091) M 31 St. Johann in Tirol 129/17/T (CLY-KITZ-092) M 31 St. Johann in Tirol 130/17/T (CLY-KITZ-093) M 31 St. Johann in Tirol Kitzbühel Land 131/17/T (CLY-KITZ-094) M 31 St. Johann in Tirol 132/17/T (CLY-KITZ-095) M 31 St. Johann in Tirol 133/17/T (CLY-KITZ-096) M 31 St. Johann in Tirol 135/17/T (CLY-KITZ-098) M 31 Kitzbühel Land 137/17/T (CLY-KITZ-100) M 31 Aurach 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 RareX Limited Unit 6, 94 Rokeby Road, Subiaco WA 6008 Ph: 08 6383 6593 ACN: 105 578 756 15 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 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 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 Schedule Licence Name Tizi Belhaj Bou Amzil Imdere Bou Amzil Extension Licence No 234 08 79 233 88 04 233 94 05 PR 384 22 26 RareX interest 20% 20% 20% - Note Earning up to 100% Earning up to 100% Earning up to 100% 100% on completion Appendix 2: Disclosures in relation to Quarterly Cashflow Report In line with its obligations under ASX Listing Rule 5.3.5, RareX Limited notes that the only payments to related parties of the Company, as advised in the Appendix 5B for the period ended 31 December 2021, pertain to payments to the managing director for salary and superannuation and non-executive director fees. During the quarter ended 31 December 2021, the Company spent approximately $1,576,000 on project and exploration activities. The exploration expenditure relates primarily to RC and diamond drilling activities at the Cummins Range, assaying of core from the ongoing drilling program and metallurgical test work. RareX Limited Unit 6, 94 Rokeby Road, Subiaco WA 6008 Ph: 08 6383 6593 ACN: 105 578 756 16 Rule 5.5 Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report Name of entity RareX Limited ABN Quarter ended (“current quarter”) 65 105 578 756 31 December 2021 Consolidated statement of cash flows Current quarter $A’000 1. Cash flows from operating activities 1.1 Receipts from customers 1.2 Payments for Year to date (6 months) $A’000 - - *(1,576) (2,398) (b) development - - (c) production - - (d) staff costs (317) (603) (e) administration and corporate costs *(163) (563) (a) exploration & evaluation 1.3 Dividends received (see note 3) - - 1.4 Interest received - 1 1.5 Interest and other costs of finance paid (6) (12) 1.6 Income taxes paid - - 1.7 Government grants and tax incentives - - 1.8 Other (provide details if material) - - 1.9 Net cash from / (used in) operating activities (2,062) (3,575) * Net of reimbursements from Cosmos Exploration Ltd in accordance with the prospectus from its initial public offering. 2. Cash flows from investing activities 2.1 Payments to acquire or for: (a) entities - - (b) tenements - (171) (2) (2) (d) exploration & evaluation - - (e) investments - - (f) - - (c) property, plant and equipment other non-current assets ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined