Additional High-Grade Primary Mineralised Zones Discovered at Cummins Range as RareX Gears Up for Major New Drilling Push

Latest assays return the deepest intercept to date of 21.9m at 1.7% TREO1 including 6.4m at 3.5% TREO

HIGHLIGHTS

• Further significant assay results received from 2021 drilling program at the Cummins Range Rare Earths Project in the Kimberley region of WA
• Another deep high-grade zone discovered in hole CDX0018, which intersected: - 21.9m at 1.7% TREO, including 6.4m at 3.5% TREO
• Further strong silver assays returned in hole CDX0017 - 5.9m at 1.5% TREO and 222g/t Ag
• CDX0019 assayed 27m at 1.81% TREO including 5.6m at 4.81% TREO
• Results support the recently announced Exploration Target for the primary zone
• Major new resource expansion drilling program set to commence in 2-3 weeks

The latest results provide further confidence in the recently announced Exploration Target for the Project and highlight the outstanding potential to expand the existing JORC Indicated and Inferred Mineral Resource2 of 18.8Mt at 1.15% TREO + 0.14% Nb2O5.

Assays have been received for the diamond portion of holes CDX0017, CDX0018 and CDX0019.

CDX0018 intersected multiple mineralised zones, including a newly discovered deeper zone from 275m down-hole with an intercept of 21.9m at 1.7% TREO including 6.4m at 3.5% TREO, as shown in Figure 2. This zone is open in all directions including up-dip.

The assays returned for this intersection have a low phosphate content likely indicating the presence of bastnasite (rare earth carbonate) which is an easily processed form of rare earths around the world such as Mountain Pass in California. Micro XRF work is currently being undertaken to confirm this at Portable Analytical Solutions in Perth.

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