RareX : Outstanding High-Grade Results Extend Primary Mineralisation

ASX Release18 January 2022

only	OUTSTANDING HIGH-GRADE RESULTS FURTHER EXTEND
PRIMARY MINERALISATION AT CUMMINS RANGE

Grades of up to 6% TREO1 in latest assays from pre-Christmas diamond drilling, Silver grades of

2 to 4.5 ounces/tonne encountered in two holes

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Significant assays received from a further seven diamond drill holes targeting the primary zone at the Cummins Range Rare Earths Project in WA.

Multiple intercepts above the current resource grade, confirming the potential to upgrade and expand the current Mineral Resource of 18.8Mt at 1.15% TREO + 0.14% Nb2O52. Latest assays include:

1. 16.5m at 2% TREO with 0.4% NdPr and 0.1% Nb2O5 and 50 g/t Ag, including:

1. 3m at 6% TREO with 1% NdPr and 0.1% Nb2O5 and 25 g/t Ag (CDX0012) o 15m at 1.8% TREO with 0.4% NdPr and 0.1% Nb2O5 and 102 g/t Ag, including:
   o 11m at 2.3% TREO with 0.4% NdPr and 0.1% Nb2O5 and 138 g/t Ag (CDX0010) o 13m at 1.8% TREO with 0.3% NdPr and 0.1% Nb2O5, including:
   o 8.6m at 2.5% TREO with 0.4% NdPr and 0.1% Nb2O5 (CDX006) o 26m at 2.3% TREO with 0.5% NdPr and 0.3% Nb2O5, including:
   o 2.8m at 6.6% TREO with 1.2% NdPr and 0.8% Nb2O5 (CDX0013)

New results have extended the mineralisation in the primary zone beyond 200m down-dip.

Drill-hole CDX0013 (26m at 2.3% TREO) was drilled 50m to the west of CDX0012 and is the westernmost hole drilled at the best orientation to test the deposit. This suggests that the primary mineralisation remains open to the NW.

Two holes contain exceptional silver grades of up to 138g/t Ag.

Assays awaited for a further six diamond holes, including a number of visually strong intercepts down- dip of the recently reported results. These are expected to be received in the coming weeks.

Interpretation of results for Primary Exploration Target underway.

RareX Limited (ASX: REE; RareX or the Company) is pleased to report significant new assay results from Fordiamond drilling completed late last year targeting the primary zone at its 100%-owned Cummins Range

Rare Earths Project in Western Australia.

Further to the announcement of 22 November 2021, diamond drill core results have now been received for a further seven drill holes with multiple drill intercepts above the current resource grade, extending the mineralisation beyond 200m down-dip.

The results continue to highlight the outstanding potential of the primary zone at Cummins Range and reinforces the exciting opportunity to substantially increase the current Mineral Resource of 18.8Mt at 1.15% TREO + 0.14% Nb2O5 (Indicated Resource of 11.1Mt at 1.32% TREO + 0.17% Nb2O5; Inferred Resource of 7.7Mt at 0.88% TREO + 0.11% Nb2O5).

1. TREO = Lanthanide Oxides + Yttrium Oxide + Scandium Oxide
2. Indicated Resource of 11.1Mt at 1.32% TREO + 0.17% Nb2O5; Inferred Resource of 7.7Mt at 0.88% TREO + 0.11% Nb2O5

RareX Limited
Unit 6, 94 Rokeby Road, Subiaco WA 6008 Ph: 08 6383 6593 ACN: 105 578 756	1

Results have been received for drill holes CDX0006, the remainder of CDX0007, CDX0008, CDX0009, CDX0010, the remainder of CDX0011, CDX0012 and CDX0013. A total of 93 significantly mineralised zones

onlyabove 0.5% TREO have been drilled through ranging from 0.4m to 39m wide.

The highlights for the assays received are four Main Fault intercepts with two containing exceptional silver grades:

1. 16.5m at 2% TREO with 0.4% NdPr and 0.1% Nb2O5 and 50 g/t Ag, including:

1. 3m at 6% TREO with 1% NdPr and 0.1% Nb2O5 and 25 g/t Ag (CDX0012)

1. 15m at 1.8% TREO with 0.4% NdPr and 0.1% Nb2O5 and 102 g/t Ag, including:

1. 11m at 2.3% TREO with 0.4% NdPr and 0.1% Nb2O5 and 138 g/t Ag (CDX0010)

1. 13m at 1.8% TREO with 0.3% NdPr and 0.1% Nb2O5, including:

1. 8.6m at 2.5% TREO with 0.4% NdPr and 0.1% Nb2O5 (CDX006)

use	o 26m at 2.3% TREO with 0.5% NdPr and 0.3% Nb2O5, including:
	o 2.8m at 6.6% TREO with 1.2% NdPr and 0.8% Nb2O5 (CDX0013)

For personal
Figure 1. Cummins Range drill plan showing REE mineralisation and 2021 drill-holes and location of cross-sections and Vertical Long Projection
RareX Limited
Unit 6, 94 Rokeby Road, Subiaco WA 6008 Ph: 08 6383 6593 ACN: 105 578 756	2

Drill-hole CDX0012 returned a wide intersection of 16.5m at 2% TREO with 0.4% NdPr and 50g/t Ag, including 3m at 6% TREO with 1% NdPr and 25g/t Ag.

onlyAs shown in Figure 2, this hole was drilled 40m down-dip of CDX0011 (21.9m at 3.1% TREO with 0.6% NdPr and 0.2% Nb2O5, including 3m at 10.6% TREO with 1.8% NdPr, as reported in the ASX release of 22 November 2021).

The silver results are unexpected with several assays returning highly elevated results. The nature of the silver mineralisation is under investigation.

Strong visual mineralisation has been identified down-dip in hole CDX0016 with results expected in the coming weeks.

useDrill-hole CDX0013 was drilled 50m to the west of CDX0012 and is the shallowest and westernmost hole that has been drilled at 50 degrees azimuth.

CDX0013 intersected wide Main Fault mineralisation returning 26m at 2.3% TREO with 0.5% NdPr and 0.3% Nb2O5 including 2.8m at 6.6% TREO with 1.2% NdPr and 0.8% Nb2O5.

No drilling has been completed to the west of this hole at the correct azimuth of 50 degrees, with all

historical holes drilled at 180 degrees and sub-parallel to mineralisation. The Company is looking forward personalto testing for extensions to the north-west in the first half of this year.

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Figure2. Cross-section showing drill-hole CDX0012
RareX Limited
Unit 6, 94 Rokeby Road, Subiaco WA 6008 Ph: 08 6383 6593 ACN: 105 578 756	3

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personal	Figure 3. Cross-section showing drill-holes CDX0006 and CDX0010

Drill-holes CDX0006 and CDX0010 were completed on the same section and intersected multiple mineralised zones including the Main Fault. Three of the more strongly mineralised zones correlate well with high-grade intersections in the regolith where dispersion and upgrading has occurred.

Drill-hole CDX0006 was completed 70m down-dip of hole CRX0002 (41m @ 4% TREO and 0.2% Nb O ). The

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three main mineralised zones are shown on Figure3 with the two deeper zones returning wide, high-grade intervals.

The Main Fault returned 13m at 1.8% TREO with 8.6m at 2.5% TREO and 0.4% NdPr and 0.1% Nb2O5 in hole CDX0006 and 40m down-dip hole CDX0010 intersected 15m at 1.8% TREO with 11m at 2.3% TREO with 0.4% NdPr and 0.1% Nb2O5 and 138 g/t Ag.

This zone is interpreted to be the down-dip extension of the high-grade mineralisation in hole CDX0002.

The high-grade regolith mineralisation in hole NRC068 (53m @ 3.5% TREO & 0.2% Nb2O5 including 19m @ 5.1% TREO & 0.3% Nb2O5) has been extended 110m down-dip to hole CDX0006 with 10.1m at 1.3% TREO with 2.7m at 3.1% TREO and 0.5% NdPr. The mineralisation has thinned out within this structure in hole CDX0010, but is expected to increase in hole CDX0018, which intersected strong visual mineralisation.

RareX Limited
Unit 6, 94 Rokeby Road, Subiaco WA 6008 Ph: 08 6383 6593 ACN: 105 578 756	4

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Figure 4. Cummins Range Vertical Longitudinal Projection of the Main Fault, location shown on Figure 1.

RareX Limited

Unit 6, 94 Rokeby Road, Subiaco WA 6008 Ph: 08 6383 6593 ACN: 105 578 756

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