RareX : Exceptional high-grade intercepts of up to 10.6% TREO

More assays to come

Results validate the huge potential of the primary zone at Cummins Range and the opportunity for significant resource growth

Outstanding new results received from recent diamond drilling targeting the primary zone at the Cummins Range Rare Earths Project

Exceptional high-gradeprimary mineralization grading up to 10.6% TREO intersected in CDX0011, drilled 35m down-dipof previously reported intercept of 41m at 2.4% TREO (CRX0063):

o 21.9m at 3.1% TREO with 0.6% NdPr and 0.2% Nb2O5  Including: 3m at 10.6% TREO with 1.8% NdPr  Assays awaited for the rest of the hole

Diamond hole CDX0004, drilled into an area interpreted by previous explorers to contain mineralization upgraded by weathering processes, has returned a thick zone of primary mineralization:

o 102.97m at 1.6% TREO with 0.3% NdPr and 0.4% Nb2O5

 Including: 46.97m at 2% TREO with 0.4% NdPr and 0.5% Nb2O5  Including 9m at 2.3% TREO with 0.5% NdPr and 1% Nb2O5

Other significant results include:

o CDX0002 - 11.3m at 2.4% TREO with 0.4% NdPr and 0.2% Nb2O5  Including: 3.1m at 7% TREO with 1.1% NdPr

o CDX0003 - 23.9m at 2.5% TREO with 0.5% NdPr and 0.3% Nb2O5

 Including: 2.3m at 7.3% TREO with 1.7% NdPr and 0.6% Nb2O5

ASX Release22 November 2021

Exceptional high-grade intercepts of up to 10.6% TREO only in primary zone at Cummins Range Rare Earths Project1

Latest results include world-class intercept of 102.9m at 1.6% TREO with more assays to come

Key Points:

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For•RareX the Company

RareX Limited (ASX: REE; or) is pleased to advise that it has received further exceptional wide, high-grade results from diamond drilling targeting the primary zone at its 100%-owned Cummins Range Rare Earths Project in the Kimberley Region of Western Australia.

The results - from holes CDX0002, CDX0003, CDX0004, CDX0005 and partial results for CDX0011 - have provided clear evidence of the significant potential of the primary zone to contain wide zones of high-grade mineralization, reinforcing the 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

RareX Limited

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

RareX Managing Director, Jeremy Robinson, said: "These exceptional results are a game-changer for Cummins Range. The diamond drilling completed towards the end of the year has been geared towards onlyunlocking the potential of the primary zone and showing that we have a potentially much larger and higher-

grade project on our hands here. These results strongly vindicate that belief.

"Partial assays from CDX0011 have returned some of the highest grades ever recorded at Cummins Range, including a fantastically high-grade zone grading 10.6% TREO - rarely seen in deposits like this. Plus, we have a world-class 103 metre intercept in hole CDX0004, in an area where previous explorers believed the mineralization had been upgraded by weathering processes. Instead, we have a very large zone of primary mineralization, which is a very exciting development for the Project.

"We are looking forward to receiving the balance of the assays and planning our next phase of exploration useat this rapidly evolving and growing deposit."

Assay results for 93m to 141.9m down-hole have been received for drill hole CDX0011, with the zone returning very high-grade results of 21.9m at 3.1% TREO with 0.6% NdPr and 0.2% Nb2O5, including 3m at 10.6% TREO with 1.8% NdPr.

Importantly, this fresh rock intersection is interpreted to be true width and has been drilled 35m down-dip of the previously announced drill intercept from hole CRX0063 (41m @ 2.4% TREO with 0.5% NdPr and

personal0.5% Nb2O5 ASX Announcement 9 September 2021). The hole is shown on Figures 1, 2 and 4.

For

Figure 1. Cross-section showing drill-hole CDX0011.

RareX Limited

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

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personal	Figure 2. Cummins Range drill plan showing REE mineralization and 2021 drill holes and location of cross section and vertical longitudinal
	projection.

Drill hole CDX0004 has assayed a whopping 102.97m at 1.6% TREO with 0.3% NdPr and 0.4% Nb2O5. This hole was drilled into an area that was previously interpreted by previous explorers to be an area where rare earth minerals have been upgraded through weathering processes. Instead, the hole has passed through a wide breccia zone which sits in the hanging wall position of the Main Fault.

This breccia zone has consistent wide intervals of 1% to 2% TREO and strong niobium mineralization as Forshown in previously announced drill-holes that were also drilled into this zone - CDX0007 61.4m at 1% TREO with 0.2% NdPr and 0.3% Nb2O5 (75m to the west), and CRX0066 40m at 1.8% TREO with 0.4% NdPr

and 0.3% Nb2O5 (36m to the north) (ASX Announcement 10 November 2021).

The rare earths and niobium grade appear to be increasing to the east with a higher grade zone of 46.97m at 2% TREO with 0.4% NdPr and 0.5% Nb2O5 in hole CDX0004. The lower half of the breccia is more strongly mineralized, leading into the interpreted position of the Main Fault, as shown in Figure 3.

Niobium results immediately above the Main Fault are also very elevated with an exceptional intercept of 9m at 1% Nb2O5 and 2.3% TREO.

RareX Limited

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

For personal use only

Figure 3. Cross Section showing drill hole CDX0004.

Figure 4. Cummins Range vertical longitudinal projection of the Main Fault, location shown on Figure 2.

Holes CDX0002 (lost before drilling through the Main Fault target area) and CDX0005 have drilled through several newly discovered mineralized zones in the hanging wall and footwall position. These new zones vary in width and grade as shown in the significant intercept table.

RareX Limited

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

The most notable is a shallow intercept in hole CDX0002 - 11.3m at 2.4% TREO with 0.4% NdPr and 0.2% Nb2O5 including a very high-grade interval of 3.1m at 7% TREO with 1.8% NdPr. Once all assays are received,

onlythese new zones will be mapped across the deposit.

Hole CDX0003 produced high-grade results in the Main Fault position with 23.9m at 2.5% TREO with 0.5% NdPr and 0.3% Nb2O5, including 2.3m at 7.3% TREO with 1.7% NdPr and 0.6% Nb2O5. This hole was drilled as an in-fill and metallurgical drill hole for the oxide portion of the resource.

The high-grade mineralization starts 20m below surface and is interpreted to be >80% true width. This hole, along with CDX0004, will be used for numerous metallurgical test work studies by local expertise in Western Australia.

useDiamond core drilling has significantly advanced the geological understanding of the Cummins Range deposit and continues to deliver high grade rare earths and niobium mineralization.

The drilling of multiple new zones in the hanging wall and footwall to depths beyond expectations is very exciting and shallow wide rare earths and niobium intercepts in the breccia zone is even better.

personalThis announcement has been authorized for release by the Board of RareX Limited. For further information, please contact:

Jeremy Robinson

Managing Director

Ph: [phone]

Competent Person's Statements

Information in this release that relates to Exploration Results is based on and fairly represents information and supporting documentation reviewed or compiled by Mr Guy Moulang, an experienced geologist engaged by RareX Limited. Mr Moulang is a Member of the Australian Institute of Geoscientist and has sufficient experience which is relevant to the styles of mineralisation and types of deposits under consideration and to the activities being undertaken to qualify as a Competent Person as defined in the

For2012 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Mr Moulang consents to the inclusion in this release of the matters based on his information in the form and context in which it appears.

The mineral resource estimate in this announcement were reported by the Company in accordance with listing rule 5.8 on 19 July 2021. The Company confirms it is not aware of any new information or data that materially affects the information included in the previous announcement and that all material assumptions and technical parameters underpinning the estimates in the previous announcement continue to apply and have not materially changed.

RareX Limited

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