December 2021 Quarterly Activities Report

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.

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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)

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.

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