RareX Limited report results from a further two diamond drill-holes completed as part of the 2022 drilling program at its 100%-owned Cummins Range Rare Earths and Phosphate Project in the Kimberley region of Western Australia. The holes, CDX0023 and CDX0024, returned exceptional wide intercepts of significant rare earths and phosphate mineralisation, confirming the significant scale and potential of the mineralised system at Cummins Range. The results will contribute to a resource upgrade scheduled for First Quarter 2023.

Drilling has now stopped for the wet season, with a total of 16,000m of reverse circulation (RC) and diamond drilling completed in 2022. RC drilling focused on the shallow Phos Dyke phosphate and rare earths mineralisation, including a north- east fence line (CRX0076-CRX0079) with consistent visual apatite, confirmed by XRF. CDX0023: Multiple rare earth intercepts of greater than 0.5% TREO were returned in this hole with a cumulative total of 51.7m at 1.3% TREO and an average of less than 80ppm uranium-thorium oxide.

A majority of these mineralised intervals are hosted in the hanging wall position, including: 8m at 1.4% TREO and 3% P2O5 from 131m; 5.3m at 1.8% TREO and 3% P2O5 from 297m; 8.85m at 1% TREO and 6% P2O5 from 325.3m; and 4.45m at 1.8% TREO and 5% P2O5 from 347.8m. The hanging wall position is strongly rare earth mineralised 240m up-dip in drill holes CDX0018, CDX0010 and CDX0006. These intercepts are sitting within a larger phosphate alteration zone of 373m at 4% P2O5, 0.3% TREO and 28ppm U3O8+ThO2 from 14m.

CDX0024: Assays for the diamond portion of this drill-hole have been received with the RC portion remaining outstanding. The hole is consistently mineralised from the top of the diamond drilling at 150m down-hole to 414.3m with apatite, with 264.3m of 4% P2O5, 0.4% TREO and 61ppm U3O8+ThO2. This broad zone hosts several rare earth mineralised horizons with a cumulative total of 71m at 1.1% TREO and less than 50ppm U3O8+ ThO2including: 27.7m at 1% TREO and 3% P2O5; 5.2m at 1% TREO and 4% P2O5; and 5.85m at 2.1% TREO and 4% P2O5.

Mineralisation was widest in the Rare Dyke with the 27.7m at 1% located on the Rare Dyke Hanging wall contact. The intercept of 5.85m at 2.1% TREO was located in the footwall zone of the Rare Dyke. A majority of the assays for the 2022 drill program are still outstanding with the assay turnaround time from laboratories increasing by up to 50% due to a high volume of assaying.

RareX is expecting positive results for all the drilling around the Phos Dyke with visual estimates confirmed by XRF analysis showing that mineralisation is open in all directions. Visual estimates supported by XRF analysis for the diamond drilling is also positive and the Company looks forward to reporting these results as they become available ahead of the resource upgrade due in First Quarter 2023.