RareX : MULTIPLE HIGH-GRADE ZONES INTERSECTED AT CUMMINS RANGE

ASX Release14 February 2022

MULTIPLE HIGH-GRADE ZONES INTERSECTED IN BEST-

EVER DIAMOND HOLE AT CUMMINS RANGE

• Primary mineralisation now extended to 240m below surface.

• Result gives RareX the geological confidence to establish an Exploration Target for the primary zone.

• Preliminary mineralogy on primary ore confirms relatively coarse massive monazite as the rare earths host.

RareX Limited (ASX: REE; RareX or the Company) is pleased to report assay results from the best primary diamond hole drilled at its 100%-ownedCummins Range Rare Earths Project in Western Australia.

Assay results for the diamond portion of holes CDX0015 and CDX0016 have been received. CDX0015 was drilled into the northern zone and intersected wide low-grade rare earths within a phoscorite unit. The impressive results for CDX0015 are discussed in a separate announcement released to market today ("Significant high-grade primary phosphate discovery at Cummins Range").

CDX0016 was designed to target the north-western extension of the primary zone and has intersected multiple zones of high-grade rare earths in monazite mineralisation.

ForThe cumulative total of all the significant intercepts is 51m at 2.5% TREO, comprising four high-grade zones of 21.3m at 1.8% TREO including 13m @ 2.6% TREO, 7.3m at 3.5% TREO, 2.2m at 6.8% TREO and 13.8m at 2.7% TREO. These drill intercepts are shown in Figure 1.

The deepest zone in hole CDX0016, 13.8m at 2.7% TREO from 273m down-hole, is 230m below surface, and the visual monazite estimates from CDX0018 (assays not received), located 200m along strike, are particularly impressive.

These deepest intercepts show that rare earths mineralisation continues to persist at depth and produce high grades over large widths. This represents RareX's best diamond drill hole to date and, coupled with the results that have previously been reported from the primary zone, shows that Cummins Range is truly large system capable of delivering significant tonnes at very good grade.

These results give RareX confidence in the robustness of the mineralisation and will allow it to calculate an Exploration Target for the primary zone in the coming weeks.

This Exploration Target will be in addition to 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).

RareX Managing Director, Jeremy Robinson, said: "This is without doubt a breakthrough result for RareX and the Cummins Range Project. In addition to being our best-ever hole on a value basis, this hole is strategically important as it confirms that the high-grade primary zone continues to a significant depth.

"In conjunction with the visual estimates from hole CDX0018, located 200m along strike from CDX0016, we now have sufficient data to calculate an Exploration Target for the primary zone, which we hope to publish in the near future.

"This Exploration Target will be in addition to the already substantial JORC Mineral Resource announced Forlast year and will provide investors with some real insights into the significant upside that we see at this Project. If we are able to convert a significant proportion of this Exploration Target into JORC resources, it will rapidly elevate Cummins Range as one of the largest carbonatite-hosted rare earth deposits in Australia.

We are looking forward to unlocking this potential with our planned exploration programs this year." RareX is now preparing to re-commenceexploration next month or early April.