RareX Limited report assay results from a further 22 drill holes completed as part of the 2022 drilling program at its 100% - owned Cummins Range Rare Earths-Phosphate Project in the Kimberley region of Western Australia. Significantly, over 90% of the assays received for these holes and reported in this announcement contain significant rare earths and phosphate mineralisation. Assays for several RC pre-collars for previously announced diamond holes have been received, with several new intercepts greater than 200m in width reported, including 426.9m at 0.4% TREO and 4% P2O5 in hole CDX0038 and 406m at 0.3% TREO and 4% P2O5 in CDX0024.

The new results continue to show very consistent rare earths and phosphate mineralisation in all holes and will be included in what is expected to be a significant upgrade to the current Mineral Resource of 18.8Mt at 1.15% TREO and 10% P2O5 (Indicated: 11.1Mt at 1.35% TREO and 10.9% P2O5; Inferred: 7.7Mt at 0.88% TREO and 8.4% P2O5; 0.5% TREO cut-off). The turnaround time for assay results has more than doubled in recent months. Due to the delay in receiving the final batches of assay results from the 2022 drilling program, RareX has decided to split the Mineral Resource update into a Rare Dyke Resource and a Phos Dyke Resource.

The Rare Dyke Mineral Resource is scheduled to be announced in late March, with the Phos Dyke Mineral Resource to be announced in conjunction with an updated global Mineral Resource in the second half of April. Within the wider phosphate intercepts there is a cumulative total of 90m at 1.3% TREO. The rare earth mineralisation is composed of coarse massive patches of bastnaesite and monazite in carbonatite and includes intercepts of 35m at 1.6% TREO and 3% P2O5, including 16m at 2.4% TREO and 4% P2O5, and 6.6m at 2.2% TREO and 3% P2O5.

The hole confirms the continuity of very strong rare earths mineralisation in the hanging wall. CDX0050, which was drilled down-dip of hole CDX0016, also intersected strong mineralisation in this position, returning an intercept of 10m at 3.6% TREO and 6% P2O5 including 3m at 9.5% TREO. This intersection is located 80m to the south-west of the CDX0037 hanging wall intersection.

RC results have also been received for the four northernmost drill holes, CDX0076 to CDX0079, that were drilled as a fence line to test for extensions to the Phos Dyke mineralisation. All of these holes were consistently mineralised to the end-of-hole with only the upper few metres having no grade. CRX0076 111m at 0.2% TREO and 5% P2O5 · CRX0077 97m at 0.2% TREO and 5% P2O5 · CRX0078 94m at 0.2% TREO and 5% P2O5 · CRX0079 85m at 0.2% TREO and 5% P2O5 The consistently disseminated apatite occurs in unaltered pyroxenite and microXRF results have shown that the rare earths around the Phos Dyke are deporting to monazite within the igneous protolith.

The igneous rare earth mineralisation has significantly higher proportions of NdPr and heavy rare earths (HRE) in comparison to the later high-grade rare earth mineralising event on the Rare Dyke. The TREO mineralisation in CDX0076 to CDX0079 is composed of 26% NdPr and 19% HREO, with a combined value of 44% NdPr and HREO. The higher NdPr and HRE percentages are characteristic of the Phos Dyke igneous mineralisation.

This style of mineralisation remains open in all directions and, in all likelihood, across the entire 3km by 3km intrusive complex that makes up the Cummins Range deposit.