December 2022 Quarterly Report

Australian sustainable rare earths company, RareX Limited (ASX: REE) (RareX or the Company), is pleased to provide its quarterly activities and cash flow reports for the quarter ended 31 December 2022.

Highlights

• Outstanding results from 2022 growth drilling program confirm significance of Cummins Range deposit as an extensive mineral system with both rare earths and phosphate mineralisation.
  
• Mineralisation now confirmed over a strike extent of 600m with results received from the outermost holes.
• Drilling points to a significant step-up in scale from the 2022 Scoping Study, with an updated Mineral Resource Estimate (MRE) on track for later this quarter.
• Preliminary metallurgical testwork delivers a premium phosphate concentrate from Cummins Range with results highlighting the potential to produce a valuable co-product used in phosphate fertilisers:
  • Greater than 39% P2O5 phosphate mineral concentrates produced with excellent recovery.
  • Conventional phosphate flotation circuits tested, supporting a simple and proven beneficiation flowsheet for phosphate mineral recovery.
• Preliminary metallurgical testwork shows promising ore sorting performance with a high REE recovery to Ore Sort Product and good mass rejection:
  • Primary flotation testwork now underway both in Australia and with world experts, Baotou Mengrong Fine Material Co. Ltd.
• Binding MOU signed with Ord River District Co-Operative to progress commercial off-take and product development opportunities for phosphate products.
• Cash and investments of $6.7m (including recently announced R&D claim).
• Drilling recommenced at Trundle Project in NSW (35% Free carried).
• 28% shareholding in Cosmos Exploration Limited (ASX: C1X), which has established an exceptional portfolio comprising lithium (James Bay region, Canada), gold (Lachlan Fold Belt, NSW) and nickel-copper- PGE (Narryer Terrane, WA).

RareX Managing Director, Jeremy Robinson, said: “The December Quarter saw the completion of our highly successful 2022 growth drilling program, which has laid the foundations for what we expect to be a transformational period for RareX. The drilling has confirmed a substantial increase in the Project’s scale as a bulk-tonnage rare earths-phosphate deposit.

“With a major resource upgrade now on track for later this quarter, we expect this to underpin the Pre- Feasibility Study that will define the commercial parameters of a project potentially capable of producing a combined monazite-apatite (rare earths-phosphate concentrate), putting it in rarefied space as a resource development play on the ASX.”

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