RareX : Investor Presentation

ersonal use only

Growing Cummins

Range Rare Earths

Project

Company Update

December 2021

ASX | REE

rarex.com.au

Disclaimer & Competent Person Statement

onlyThis presentation contains summary information about RareX Limited (REE) and is current as of 6 December 2021 and authorised for release by the Board. The information in this presentation is of a general background and does not purport to be complete. This presentation is not investment or financial product advice (nor tax, accounting or legal advice) and is not intended to be used for the basis of making an investment decision. The information contained in this presentation has been prepared without taking into account the objectives, financial situation or needs of individuals. Investors should obtain their own advice before making any investment decision. REE has prepared this document based on information available to it at the time of preparation. No representation or warranty, express or implied, is made as to the fairness, accuracy or c mpleteness of the information, opinions and conclusions contained in this presentation.

This presentation contains certain "forward-looking statements". Forward looking statements can generally be identified by the use of forward looking words such as, "expect", "should", "could", "may", "predict", "plan", "will", "believe", "forecast", "estimate", "target" and other similar expressions. Indications of, and guidance on, future usearnings and financial position and performance are also forward-looking statements. Forward-looking statements, opinions and estimates provided in this presentation are bas d on assumptions and contingencies which are subject to change without notice, as are statements about market and industry trends, which are based on interpretations

of current market conditions.

Forward-looking statements including projections, guidance on future earnings and estimates are provided as a general guide only and should not be relied upon as an indication or guarantee of future performance. This presentation contains statements that are subject to risk factors associated with REE and the mining exploration industry. It is believed that the expectations reflected in these statements are reasonable, but they may be affected by a range of variables which could cause actual results or trends to

differ materially. REE disclaim any intent or obligation to publicly update any forward-looking statements, whether as a result of new information, future events or results or ersonalotherwise. To the maximum extent permitted by law, REE, their related bodies corporate (as that term is defined in the Corporations Act 2001 (Cth)) and the officers, directors, employees, advisers and agents of those entities do not accept any responsibility or liability including, without limitation, any liability arising from fault or

negligence on the part of any person, for any loss arising from the use of the presentation or its contents or otherwise arising in connection with it.

Competent Person Statement: The information in this presentation relating to the Mineral Resource estimate for the Cummins Range Rare Earths Project is extracted from the Company's ASX announcement dated 19 July 2021. REE confirms that 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 Mineral Resource estimate in the previous announcements continue to apply and have not materially changed. The Company confirms there have been no material changes to exploration results since first reported in accordance with Li ting Rule 5.7.

Corporate Snapshot

Capital Structure

ASX Code	REE
OTCQB Code	REEEF
Share Price (3rd December 2021)	$0.10
Shares on Issue	452m
onlyMarket Capitalisation	$45.2m
Cash and Investments	$5.5m
use	$39.7m
Enterprise Value
Board and Management
Chairman	John Young
ersonal	Jeremy Robinson
Managing Director
Non-Executive Director	Shaun Hardcastle
Non-Executive Director	Cameron Henry
Exploration Manager	Guy Moulang
General Manager Projects	James Durrant
Company Secretary	Oonagh Malone

Shareholders

Top 40 Shareholders	~40%
Number of Shareholders	~5,200
Substantial Shareholder	Simon Lee AO (6.5%)

Investment Overview

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use• ersonal•

Strategically located asset: 100% owned Cummins Range Rare Earths Project in Western Australia - Tier-1 mining jurisdiction

Substantial resource:18.8mt at 1.15% TREO + 0.14% Nb2O5, including 6.5mt at 1.98% TREO + 0.21% Nb2O5

Outstanding recent results :Exploration has recently confirmed high grade extensions at depth and along strike

Rare Earths prices increased strongly this year due to strong demand growth in green-energy industry, global trade tensions

Well funded with cash and investments

Highly leveraged to the booming global rare earths sector, with a quality asset in a Tier-1 location, Tier-1 partners and a clear growth strategy

Rare Earths and Niobium - a massive growth opportunity

Niobium and Rare Earth Elements share common end uses undergoing massive growth through the technology revolution, with Niobium backed up by the ever increasing growth in steel alloys

only			30
End Market Applications	Global End Market Growth
	Electric	commercial. Electric	Forecast Passenger EV Sales (m)
		Passenger,
	Vehicle	trains and other	40
	motors	Approx. 1kg NdPr
		transportation.
use		per EV1
Consumer	Smart speakers,	20
	electronics	computer speakers,
	and	headphones, fridges,	10
	air conditioners.
	appliances
			0	2020	2021	2022	2023	2024	2025	2026	2027	2028	2029	2030
ersonal	Automotive	Micromotors,	Forecast Wind Power Installation (GM)
parts and	sensors,	100
	sensors	speakers
			50
	Wind	Electric motors
	generation	At least 150kg per
		MWs	0										2029	2030
			2020	2021	2022	2023	2024	2025	2026	2027	2028