Announcement PDF ASX Release March 16, 2023 More Broad +400m and +200m Rare Earth and Phosphate Intercepts Ahead of Pivotal Cummins Range Resource Upgrade Rare earths present in monazite with high NdPr and HREO content, confirming the quality of the Cummins Range deposit Highlights • Assay results received for a further 22 drill-holes, with 90% reporting significant rare earth and phosphate mineralisation • Ten rare earth and phosphate drill intercepts over 200m wide and two over 400m wide, with key assay results including: o 426.9m at 0.4% TREO and 4% P2O5 in hole CDX0038; and o 406m at 0.3% TREO and 4% P2O5 in CDX0024 • High-grade rare earth intercepts of up to 11.5% TREO include: o 35m at 1.6% TREO including 16m at 2.4% TREO in hole CDX0037 o 11m at 2.2% TREO and 18% P2O5in CDX0034 o 9.6m at 1.6% TREO and 8% P2O5 including 3.2m at 3.4% TREO in CDX0040 o 9.8m at 3.3% TREO and 5% P2O5 including 2.2m at 11.5% TREO in CDX0043 o 10m at 3.6% TREO and 6% P2O5 including 3m at 9.5% TREO in CDX0050 • Four northernmost drill holes all assaying 5% P2O5 and 0.2% TREO over wide intercepts. • Monazite (not apatite) confirmed as the host of rare earths mineralisation in the Phos Dyke, containing highly valuable 44% NdPr and HREO (26% NdPr and 19% HREO) Australian sustainable rare earths company, RareX Limited (ASX: REE) (RareX or the Company), is pleased to report assay results from a further 22 drill holes completed as part of the 2022 drilling program at its 100%owned Cummins Range Rare Earths-Phosphate Project in the Kimberley region of Western Australia. Significantly, over 90% of the assays received for these holes and reported in this announcement contain significant rare earths and phosphate mineralisation. Assays for several RC pre-collars for previously announced diamond holes have been received, with several new intercepts greater than 200m in width reported, including 426.9m at 0.4% TREO and 4% P2O5 in hole CDX0038 and 406m at 0.3% TREO and 4% P2O5 in CDX0024. For more information, please contact: Investors: Jeremy Robinson, Managing Director Media: Nicholas Read, Read Corporate P +61 (0) 8 6383 6593 P +61 (0) 8 9388 1474 RareX Limited ASX:REE ABN: 65 105 578 756 RareX HQ Level 1, 338 Barker Road Subiaco WA 6008 Australia RareX Limited (ASX:REE) @rarex_asx P +61 (0) 8 6383 6593 info@rarex.com.au rarex.com.au ASX Release March 16, 2023 The new results continue to show very consistent rare earths and phosphate mineralisation in all holes and will be included in what is expected to be a significant upgrade to the current Mineral Resource of 18.8Mt at 1.15% TREO and 10% P2O5 (Indicated: 11.1Mt at 1.35% TREO and 10.9% P2O5; Inferred: 7.7Mt at 0.88% TREO and 8.4% P2O5; 0.5%TREO cut-off). The turnaround time for assay results has more than doubled in recent months. Due to the delay in receiving the final batches of assay results from the 2022 drilling program, RareX has decided to split the Mineral Resource update into a Rare Dyke Resource and a Phos Dyke Resource. The Rare Dyke Mineral Resource is scheduled to be announced in late March, with the Phos Dyke Mineral Resource to be announced in conjunction with an updated global Mineral Resource in the second half of April. RareX Managing Director, Jeremy Robinson, said “The impending resource upgrade at Cummins Range is shaping up as a pivotal development in the Company’s strategy to develop a long-life mining and processing operation at Cummins Range. “While the delays in receiving assays have been incredibly frustrating, we believe we are now on the cusp of a major resource upgrade to be delivered in the coming weeks that will provide investors with a much clearer picture of the true scale and significance of the Cummins Range Project. “The significance of the rare earths mineralisation in monazite in the Phos Dyke with high concentrations of highly valuable NdPr and HREO is also an exciting economic proposition.” CDX0037 Hole CDX0037 was drilled between holes CDX0016 (ASX announcement 14 February 2022) and CDX0038 (ASX announcement 23 January 2023) and targeted the Rare Dyke at 200m below surface (Figure 2). The hole contained two wide phosphate and rare earths intersections of 212m at 0.6% TREO and 4% P2O5 from 18m, and 185m at 0.3% TREO and 4% P2O5. Within the wider phosphate intercepts there is a cumulative total of 90m at 1.3% TREO. These intercepts are summarised in Table 2. The rare earth mineralisation is composed of coarse massive patches of bastnaesite and monazite in carbonatite and includes intercepts of 35m at 1.6% TREO and 3% P2O5, including 16m at 2.4% TREO and 4% P2O5, and 6.6m at 2.2% TREO and 3% P2O5. The hole confirms the continuity of very strong rare earths mineralisation in the hanging wall. CDX0050, which was drilled down-dip of hole CDX0016, also intersected strong mineralisation in this position, returning an intercept of 10m at 3.6% TREO and 6% P2O5 including 3m at 9.5% TREO (see Table 1). This intersection is located 80m to the south-west of the CDX0037 hanging wall intersection. RareX Limited ASX:REE ABN: 65 105 578 756 RareX HQ Level 1, 338 Barker Road Subiaco WA 6008 Australia P +61 (0) 8 6383 6593 info@rarex.com.au rarex.com.au RareX Limited (ASX:REE) @rarex_asx ASX Release March 16, 2023 Figure 1. Drill collar plan showing TREO mineralisation and drill section locations. RareX Limited ASX:REE ABN: 65 105 578 756 RareX HQ Level 1, 338 Barker Road Subiaco WA 6008 Australia P +61 (0) 8 6383 6593 info@rarex.com.au rarex.com.au RareX Limited (ASX:REE) @rarex_asx ASX Release March 16, 2023 Figure 2. CDX0037 drill section showing phosphate and rare earth mineralised intercepts. RareX Limited ASX:REE ABN: 65 105 578 756 RareX HQ Level 1, 338 Barker Road Subiaco WA 6008 Australia P +61 (0) 8 6383 6593 info@rarex.com.au rarex.com.au RareX Limited (ASX:REE) @rarex_asx ASX Release March 16, 2023 Figure 3. Cummins Range schematic cross section at Rare Dyke. CRX0076-79 RC results have also been received for the four northernmost drill holes, CDX0076 to CDX0079, that were drilled as a fence line to test for extensions to the Phos Dyke mineralisation. All of these holes were consistently mineralised to the end-of-hole with only the upper few metres having no grade as shown in Figure 4. • CRX0076 111m at 0.2% TREO and 5% P2O5 • CRX0077 97m at 0.2% TREO and 5% P2O5 • CRX0078 94m at 0.2% TREO and 5% P2O5 • CRX0079 85m at 0.2% TREO and 5% P2O5 The consistently disseminated apatite occurs in unaltered pyroxenite and microXRF results have shown that the rare earths around the Phos Dyke are deporting to monazite within the igneous protolith. RareX Limited ASX:REE ABN: 65 105 578 756 RareX HQ Level 1, 338 Barker Road Subiaco WA 6008 Australia P +61 (0) 8 6383 6593 info@rarex.com.au rarex.com.au RareX Limited (ASX:REE) @rarex_asx ASX Release March 16, 2023 The igneous rare earth mineralisation has significantly higher proportions of NdPr and heavy rare earths (HRE) in comparison to the later high-grade rare earth mineralising event on the Rare Dyke. The TREO mineralisation in CDX0076 to CDX0079 is composed of 26% NdPr and 19% HREO, with a combined value of 44% NdPr and HREO. The higher NdPr and HRE percentages are characteristic of the Phos Dyke igneous mineralisation. This style of mineralisation remains open in all directions and, in all likelihood, across the entire 3km by 3km intrusive complex that makes up the Cummins Range deposit. Figure 4. Section showing drill intercepts for CRX0076 to CRX0079. This announcement has been authorised for release by the Board of RareX Limited. RareX Limited ASX:REE ABN: 65 105 578 756 RareX HQ Level 1, 338 Barker Road Subiaco WA 6008 Australia P +61 (0) 8 6383 6593 info@rarex.com.au rarex.com.au RareX Limited (ASX:REE) @rarex_asx ASX Release March 16, 2023 Competent Person’s Statements The information in this announcement that relates to exploration results 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. About RareX Limited – ASX: REE RareX Limited (ASX: REE) is a Perth-based rare earths company committed to becoming a near-term producer of neodymium and praseodymium (NdPr). RareX’s focus is on developing rare earths deposits in Australia, including the flag-ship Cummins Range Rare Earths – Phosphate Project. NdPr is a core enabler of decarbonisation of our society and enables low carbon technologies, especially in the electric mobility sector, robotics solutions and renewable energy, e.g. the wind energy sector. NdPr is the key raw material for manufacturing rare earth powered permanent magnet NdFeB electric motors, the heart of the next industrial revolution the Electrification of our Society. RareX’s focus is on developing rare earths deposits in Australia, including the Cummins Range Rare Earths Phosphate Project in the East Kimberley region of Western Australia. RareX is committed to developing a sustainable, ethical, transparent and secure low carbon rare earth supply chain solution for the global electric mobility market and NdFeB permanent motor downstream ecosystem. For further information on the Company and its projects visit www.rarex.com.au RareX Limited ASX:REE ABN: 65 105 578 756 RareX HQ Level 1, 338 Barker Road Subiaco WA 6008 Australia P +61 (0) 863 836 593 info@rarex.com.au rarex.com.au RareX Limited (ASX:REE) @rarex_asx ASX Release March 16, 2023 APPENDIX A Table 1: TREO Significant Intercepts TREO SIGNIFICANT INTERCEPTS (0.5% Cut) Mineralised Zone Hole ID From (m) To (m) Interval (m) TREO % % NdPr of TREO NdPr % HREO % Nb2O5 % P205 % Rare Dyke CDX0034 14 17 3 3.01 0.52 17 4 0.54 17 Rare Dyke CDX0034 21 21.8 0.8 0.93 0.18 19 7 0.16 12 Rare Dyke CDX0034 32 32.5 0.5 0.74 0.14 18 8 0.09 5 Rare Dyke CDX0034 33.8 35.4 1.6 0.81 0.15 19 8 0.4 10 Rare Dyke CDX0034 47 58 11 2.15 0.43 20 6 0.44 18 Rare Dyke CDX0034 60.75 61.2 0.45 0.59 0.12 20 9 0.05 5 Rare Dyke CDX0034 64.2 64.8 0.6 0.91 0.19 20 9 0.04 9 Rare Dyke CDX0034 66.2 66.6 0.4 0.77 0.13 17 5 0.08 3 Rare Dyke CDX0034 84.55 86.25 1.7 1.89 0.32 17 2 0.08 2 Footwall CDX0034 127.9 128.4 0.5 0.89 0.19 21 8 0.08 13 Footwall CDX0034 179 179.6 0.6 0.57 0.12 22 8 0.06 10 Footwall CDX0034 185 186 1 0.51 0.12 23 9 0.08 12 Footwall CDX0034 190.8 191.1 0.3 2.59 0.42 16 1 0.01 0 Footwall CDX0034 193 193.45 0.45 10.88 1.93 18 2 0.25 3 Hanging Wall CDX0037 36 53 17 0.95 0.18 19 6 0.15 6 Hanging Wall CDX0037 69 70 1 0.52 0.1 19 6 0.06 4 Hanging Wall CDX0037 72 73 1 0.94 0.16 17 4 0.05 4 Hanging Wall CDX0037 78 79 1 1.22 0.2 17 3 0.01 3 Hanging Wall CDX0037 104 110 6 0.54 0.1 19 7 0.06 4 Hanging Wall CDX0037 116 151 35 1.55 0.26 17 3 0.04 4 Hanging Wall Incl. 117 133 16 2.43 0.4 17 3 0.03 4 Hanging Wall Incl. 117 122 5 4.17 0.69 17 3 0.02 4 Rare Dyke CDX0037 170 181 11 0.82 0.14 17 5 0.07 3 Rare Dyke Incl. 171 174 3 1.64 0.26 16 2 0.04 1 Rare Dyke CDX0037 186 187 1 0.84 0.15 18 5 0.04 2 Rare Dyke CDX0037 225 233 8 1.53 0.24 16 3 0.14 5 Rare Dyke CDX0037 315.8 322.4 6.6 2.21 0.35 16 2 0.04 3 Rare Dyke Incl. 319.9 321.3 1.4 7.27 1.11 15 1 0.01 0 Rare Dyke CDX0037 328.8 329.4 0.6 1.67 0.3 18 5 0 7 Rare Dyke CDX0037 333.5 334.5 1 0.6 0.12 20 5 0.02 3 RareX Limited ASX:REE ABN: 65 105 578 756 RareX HQ Level 1, 338 Barker Road Subiaco WA 6008 Australia P +61 (0) 8 6383 6593 info@rarex.com.au rarex.com.au RareX Limited (ASX:REE) @rarex_asx ASX Release March 16, 2023 TREO SIGNIFICANT INTERCEPTS (0.5% Cut) Mineralised Zone Hole ID From (m) To (m) Interval (m) TREO % % NdPr of TREO NdPr % HREO % Nb2O5 % P205 % Footwall CDX0037 337.35 338.5 1.15 0.8 0.12 15 3 0.03 1 Rare Dyke CDX0038 310 311 1 0.96 0.17 18 4 0.1 5 Rare Dyke CDX0038 313 314 1 0.79 0.14 17 4 0.11 4 Rare Dyke CDX0038 327.95 328.95 1 1.24 0.2 16 3 0.06 4 Footwall CDX0038 356 357 1 0.67 0.17 25 12 0.21 22 Footwall CDX0038 367.55 368.55 1 1.68 0.27 16 3 0.06 7 Footwall CDX0038 372.05 373 0.95 0.76 0.13 18 5 0.11 4 Footwall CDX0038 376.45 377.35 0.9 3.1 0.5 16 2 0.13 5 Footwall CDX0038 421.55 422.35 0.8 0.63 0.13 21 9 0.05 12 Hanging Wall CDX0040 73 74 1 0.59 0.11 18 6 0.15 4 Hanging Wall CDX0040 99 101 2 0.64 0.11 17 4 0.05 2 Pendant Dyke CDX0040 139 140 1 0.51 0.1 19 6 0.05 3 Pendant Dyke CDX0040 196 204 8 0.57 0.11 19 5 0.08 3 Hanging Wall CDX0040 224 225 1 1.82 0.3 16 3 0.02 3 Rare Dyke CDX0040 263 265 2 1 0.17 17 3 0.04 2 Rare Dyke CDX0040 269 288.08 19.08 0.67 0.13 19 6 0.04 4 Rare Dyke Incl. 281 286 5 1.86 0.31 17 2 0.03 6 Rare Dyke Incl. 281 284 3 2.61 0.43 16 2 0.02 6 Rare Dyke CDX0040 291.9 293 1.1 1.14 0.18 16 2 0.07 2 Rare Dyke CDX0040 322.5 323.3 0.8 1.12 0.18 16 2 0.08 3 Rare Dyke CDX0040 334.1 335.2 1.1 0.91 0.14 15 2 0.03 1 Rare Dyke CDX0040 361 370.57 9.57 1.56 0.27 17 3 0.22 8 Rare Dyke Incl. 367.4 370.57 3.17 3.43 0.54 16 1 0.02 4 Rare Dyke CDX0040 375.86 388 12.14 0.62 0.11 18 5 0.03 6 Footwall CDX0040 411 411.33 0.33 2.16 0.36 17 2 0.02 2 Footwall CDX0040 419.65 429.58 9.93 1.36 0.22 16 3 0.05 3 Hanging Wall CDX0041 37 39 2 0.5 0.12 24 10 0.09 5 Hanging Wall CDX0041 54 56 2 1.37 0.29 21 6 0.11 12 Hanging Wall CDX0041 72 75 3 1.42 0.23 16 2 0.04 1 Hanging Wall CDX0041 83 84 1 1.49 0.25 17 3 0.22 11 Hanging Wall CDX0041 92 93 1 0.69 0.12 17 3 0.04 1 Hanging Wall CDX0041 95 96 1 1.79 0.34 19 3 0.09 7 Hanging Wall CDX0041 104 106 2 0.57 0.1 18 5 0.06 2 RareX Limited ASX:REE ABN: 65 105 578 756 RareX HQ Level 1, 338 Barker Road Subiaco WA 6008 Australia P +61 (0) 8 6383 6593 info@rarex.com.au rarex.com.au RareX Limited (ASX:REE) @rarex_asx ASX Release March 16, 2023 TREO SIGNIFICANT INTERCEPTS (0.5% Cut) Mineralised Zone Hole ID From (m) To (m) Interval (m) TREO % % NdPr of TREO NdPr % HREO % Nb2O5 % P205 % Hanging Wall CDX0041 123 125 2 0.78 0.14 18 3 0.02 3 Hanging Wall CDX0041 179 180 1 0.52 0.09 18 7 0.04 4 Rare Dyke CDX0041 186 188 2 0.74 0.14 18 3 0.01 3 Footwall CDX0041 290 292.22 2.22 1.28 0.21 16 2 0.19 1 Footwall CDX0041 309.25 309.5 0.25 1.37 0.21 16 2 0.03 1 Footwall CDX0041 399 400 1 2.33 0.4 17 3 0.08 3 Pendant Dyke CDX0042 189 191 2 4.11 0.07 18 6 0.05 2 Hanging Wall CDX0043 217 220 3 2.4 0.45 19 2 0.08 4 Hanging Wall CDX0043 246 248 2 0.64 0.06 20 5 0.03 2 Hanging Wall CDX0043 252 253 1 0.72 0.13 18 3 0.09 3 Hanging Wall CDX0043 290.2 292.45 2.25 0.77 0.08 17 3 0.02 1 Rare Dyke CDX0043 337 338.1 1.1 1.28 0.23 18 3 0.02 6 Rare Dyke CDX0043 345.62 346.8 1.18 0.73 0.13 18 4 0.01 6 Rare Dyke CDX0043 348.9 350 1.1 1.36 0.22 16 3 0.04 3 Rare Dyke CDX0043 369.75 374.7 4.95 2.77 0.46 16 2 0.03 4 Rare Dyke Incl. 369.75 370.75 1 10.28 1.64 16 1 0 8 Rare Dyke CDX0043 411 412 1 0.92 0.16 17 3 0.07 4 Rare Dyke CDX0043 418 418.7 0.7 0.54 0.09 17 3 0.04 4 Rare Dyke CDX0043 468.9 469.25 0.35 3.52 0.54 15 2 0.04 4 Rare Dyke CDX0043 474 475 1 1.09 0.18 16 2 0.02 2 Rare Dyke CDX0043 478 481.22 3.22 0.88 0.15 17 2 0.03 4 Rare Dyke CDX0043 494.7 495.1 0.4 1.82 0.32 17 2 0.01 3 Rare Dyke CDX0043 500.7 501.2 0.5 6.83 1.08 16 1 0.01 7 Rare Dyke CDX0043 507.73 517.52 9.79 3.31 0.55 16 2 0.04 5 Rare Dyke Incl. 515.3 517.52 2.22 11.52 1.87 16 1 0.01 9 Rare Dyke CDX0044 91 94 3 0.75 0.14 18 5 0.11 6 Rare Dyke CDX0044 107 108 1 0.52 0.09 18 6 0.06 3 Rare Dyke CDX0044 144 146 2 2.61 0.44 17 2 0.01 3 Rare Dyke CDX0044 193 199 6 1.15 0.2 18 3 0.07 6 Rare Dyke CDX0044 234 235 1 0.84 0.14 17 3 0.05 2 Rare Dyke CDX0044 250 252 2 0.88 0.14 16 2 0 1 Rare Dyke CDX0044 259 261 2 0.89 0.15 17 2 0.02 0 Hanging Wall CDX0050 162 166 4 0.79 0.15 19 6 0.07 4 RareX Limited ASX:REE ABN: 65 105 578 756 RareX HQ Level 1, 338 Barker Road Subiaco WA 6008 Australia P +61 (0) 8 6383 6593 info@rarex.com.au rarex.com.au RareX Limited (ASX:REE) @rarex_asx ASX Release March 16, 2023 TREO SIGNIFICANT INTERCEPTS (0.5% Cut) Mineralised Zone Hole ID From (m) To (m) Interval (m) TREO % % NdPr of TREO NdPr % HREO % Nb2O5 % P205 % Hanging Wall CDX0050 170 172 2 0.56 0.11 19 6 0.01 3 Hanging Wall CDX0050 185 195 10 3.57 0.57 16 2 0.05 6 Hanging Wall Incl. 188 191 3 9.51 1.49 16 2 0.02 11 Hanging Wall CDX0050 200 201 1 0.76 0.12 15 3 0.07 2 Hanging Wall CDX0050 204 205 1 0.51 0.1 19 7 0.06 4 Hanging Wall CDX0050 210 211 1 6.46 1.07 17 2 0.06 9 Hanging Wall CDX0050 232 233 1 0.62 0.1 17 4 0.08 3 Hanging Wall CDX0050 235 236 1 0.5 0.09 18 5 0.06 3 Hanging Wall CDX0050 247 248 1 1.46 0.23 15 4 0.22 4 Rare Dyke CDX0050 293.1 294 0.9 1.28 0.19 15 2 0.09 1 Phos Dyke CRX0082 17 60 43 0.93 0.19 20 8 0.1 10 Phos Dyke CRX0082 17 26 9 2.22 0.37 17 3 0.18 9 Phos Dyke CRX0083 3 4 1 3.74 0.67 18 3 0.07 20 Phos Dyke CRX0083 61 63 2 0.51 0.13 25 13 0.13 11 Phos Dyke CRX0083 83 85 2 1.04 0.21 20 5 0.05 7 TREO = Lanthanide Oxides + Yttrium Oxide + Scandium Oxide RareX Limited ASX:REE ABN: 65 105 578 756 RareX HQ Level 1, 338 Barker Road Subiaco WA 6008 Australia P +61 (0) 8 6383 6593 info@rarex.com.au rarex.com.au RareX Limited (ASX:REE) @rarex_asx ASX Release March 16, 2023 APPENDIX B Table 2: Phosphate Significant Intercepts PHOSPHATE SIGNIFICANT INTERCEPTS (3% Cut) Mineralised Zone Hole ID From (m) To (m) Interval (m) TREO % NdPr % HREO % of TREO NdPr % of TREO Nb2O5 % P205 % Rare Dyke CDX0024 8 414.3 406.3 0.33 0.07 21 10 0.07 4 Hanging Wall CDX0026 20 172.7 152.7 0.23 0.05 21 13 0.07 4 Hanging Wall CDX0029 8 303.3 295.3 0.23 0.05 21 13 0.06 4 Hanging Wall CDX0030 10 288.9 278.9 0.23 0.05 22 13 0.07 4 Hanging Wall CDX0031 11 150 139 0.15 0.04 23 18 0.05 4 Hanging Wall CDX0032 20 186 166 0.11 0.02 22 24 0.03 3 Rare Dyke, Footwall CDX0034 5.7 259.1 253.4 0.35 0.08 22 11 0.08 6 Rare Dyke Incl. 7.5 51 43.5 0.69 0.14 20 8 0.18 10 Phos Dyke CDX0034 270.8 293.7 22.9 0.2 0.05 27 18 0.04 5 Hanging Wall CDX0036 24 80 56 0.29 0.06 21 12 0.07 3 Hanging Wall CDX0037 18 230 212 0.56 0.1 19 7 0.07 4 Rare Dyke CDX0037 244 428.9 184.9 0.27 0.06 22 12 0.06 4 Hanging Wall CDX0038 8 434.9 426.9 0.38 0.08 20 9 0.06 4 Hanging Wall CDX0040 35 248 213 0.23 0.05 23 12 0.06 4 Rare Dyke CDX0040 311 476.9 165.9 0.39 0.08 20 8 0.06 4 Hanging Wall CDX0041 7 216 209 0.29 0.06 22 12 0.07 5 Footwall CDX0041 278.5 445 166.5 0.23 0.05 24 15 0.04 4 Hanging Wall CDX0042 10 204 194 0.19 0.04 21 15 0.05 4 Hanging Wall CDX0043 10 357 347 0.2 0.04 22 16 0.06 4 Rare Dyke CDX0043 478 555 77 0.69 0.13 19 5 0.04 4 Hanging Wall CDX0044 4 199 195 0.27 0.06 22 11 0.08 5 Hanging Wall CDX0050 12 307.55 295.55 0.34 0.07 20 9 0.06 3 Phos Dyke CRX0076 3 114 111 0.18 0.05 25 19 0.05 5 Phos Dyke CRX0077 5 102 97 0.19 0.05 25 17 0.06 5 Phos Dyke CRX0078 8 102 94 0.16 0.04 26 20 0.06 5 Phos Dyke CRX0079 17 102 85 0.19 0.05 26 18 0.05 5 Phos Dyke CRX0082 1 96 95 0.52 0.11 21 10 0.07 6 Phos Dyke CRX0083 0 96 96 0.34 0.09 25 14 0.06 8 TREO = Lanthanide Oxides + Yttrium Oxide + Scandium Oxide RareX Limited ASX:REE ABN: 65 105 578 756 RareX HQ Level 1, 338 Barker Road Subiaco WA 6008 Australia P +61 (0) 8 6383 6593 info@rarex.com.au rarex.com.au RareX Limited (ASX:REE) @rarex_asx ASX Release March 16, 2023 APPENDIX C Drill Collar Information Hole ID East MGA North MGA RLUTM End Depth Azimuth Dip Type Status CDX0020 306871 7866529 392 666 50 60 Diamond Assays Received CDX0021 306890 7866641 392 345.2 50 60 Diamond Assays Received CDX0022 307007 7866511 391 470.6 50 60 Diamond Assays Received CDX0023 307009 7866383 392 569.9 50 60 Diamond Assays Received CDX0024 307123 7866367 391 545.8 50 60 Diamond Assays Received CDX0025 307113 7866260 391 198 50 60 RC Not Assayed CDX0026 307222 7866252 391 578.8 50 60 Diamond Assays Received CDX0027 306891 7866411 392 653.8 50 60 Diamond Partly Received CDX0028 307005 7866263 392 695.8 50 60 Diamond Awaiting Assays CDX0029 307115 7866262 391 578.8 50 60 Diamond Assays Received CDX0030 307220 7866139 391 515.9 50 60 Diamond Assays Received CDX0031 307324 7866122 391 150 50 60 RC Assays Received CDX0032 307101 7866148 391 198 50 60 RC Assays Received CDX0033 307154 7866673 391 701 217 60 Diamond Assays Received CDX0034 307296 7866700 392 293.8 50 60 Diamond Assays Received CDX0035 307267 7866608 390 476.7 50 60 Diamond Awaiting Assays CDX0036 307046 7866596 392 84 50 60 RC Assays Received CDX0037 307040 7866590 392 428.9 50 60 Diamond Assays Received CDX0038 307076 7866551 392 464.9 50 60 Diamond Assays Received CDX0039 306946 7866457 392 324 50 60 RC Assays Received CDX0040 307071 7866436 392 476.9 50 60 Diamond Assays Received CDX0041 307202 7866431 391 446.9 50 60 Diamond Assays Received CDX0042 307067 7866320 392 204 50 60 RC Assays Received CDX0043 307063 7866317 392 560.5 50 60 Diamond Assays Received CDX0044 307246 7866367 392 447.36 50 60 Diamond Assays Received CDX0045 307608 7866594 391 78.9 50 60 Diamond Awaiting Assays CDX0046 307446 7866456 391 6.9 180 60 Diamond Not assayed CDX0050 306949 7866595 392 533.8 50 60 Diamond Partly Received 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 RareX Limited ASX:REE ABN: 65 105 578 756 RareX HQ Level 1, 338 Barker Road Subiaco WA 6008 Australia P +61 (0) 8 6383 6593 info@rarex.com.au rarex.com.au RareX Limited (ASX:REE) @rarex_asx ASX Release March 16, 2023 Hole ID East MGA North MGA RLUTM End Depth Azimuth Dip Type Status CRX0075 307561 7866824 391 114 50 60 RC Assays Received CRX0076 307602 7866854 391 114 50 60 RC Assays Received CRX0077 307638 7866884 391 102 50 60 RC Assays Received CRX0078 307672 7866914 391 102 50 60 RC Assays Received CRX0079 307708 7866938 391 102 50 60 RC Assays Received 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 Assays Received CRX0083 307666 7866694 391 96 50 60 RC Assays Received 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 Awaiting Assays CRX0089 307593 7866649 391 114 50 60 RC Awaiting Assays CRX0090 307568 7866676 391 114 50 60 RC Awaiting Assays CRX0091 307586 7866791 391 96 50 60 RC Awaiting Assays CRX0092 307613 7866762 391 96 50 60 RC Awaiting Assays CRX0093 307565 7866624 391 150 50 60 RC Awaiting Assays CRX0094 307502 7866829 391 120 50 60 RC Awaiting Assays CRX0095 307479 7866857 391 120 50 60 RC Awaiting Assays CRX0096 307445 7866625 391 132 50 60 RC Awaiting Assays CRX0097 307415 7866591 391 150 50 60 RC Awaiting Assays CRX0098 307421 7866647 391 132 50 60 RC Awaiting Assays CRX0099 307389 7866622 391 174 50 60 RC Awaiting Assays CRX0100 307424 7866682 391 150 50 60 RC Awaiting Assays CRX0101 307391 7866680 391 144 50 60 RC Awaiting Assays CRX0102 307399 7866707 391 138 50 60 RC Awaiting Assays CRX0103 307472 7866589 391 156 50 60 RC Awaiting Assays CRX0104 307442 7866564 391 168 50 60 RC Awaiting Assays RareX Limited ASX:REE ABN: 65 105 578 756 RareX HQ Level 1, 338 Barker Road Subiaco WA 6008 Australia P +61 (0) 8 6383 6593 info@rarex.com.au rarex.com.au RareX Limited (ASX:REE) @rarex_asx APPENDIX D 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 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. RareX Limited ASX:REE ABN: 65 105 578 756 RareX HQ Level 1, 338 Barker Road Subiaco WA 6008 Australia • • • • • • • • 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 an ICP-OES and ICPMS 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 Diamond drilling in this announcement are >99% P +61 (0) 8 6383 6593 info@rarex.com.au rarex.com.au RareX Limited (ASX:REE) @rarex_asx Logging Subsampling techniques and sample preparation Quality of assay data and laboratory tests 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. Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography. The total length and percentage of the relevant intersections logged. If core, whether cut or sawn and whether quarter, half or all core taken. If non-core, whet