RareX Limited announce the following key changes to its management and board structure, aimed at enhancing market reach and driving the development of the Company's flagship 100%-owned Cummins Range Rare Earths and Phosphate Project in Western Australia. Effective April 3, 2023, experienced mining executive Mr. James Durrant will assume the role of Chief Executive Officer (CEO), leveraging his extensive experience in rare earths, bulk commodities and fertilizers to lead the Company through its next phase of growth. In conjunction with Mr. Durrant's appointment, RareX founder and current Managing Director, Mr. Jeremy Robinson, will transition to the role of Non-Executive Chairman, while current Chairman, Mr. John Young, will become a Non-Executive Director.

Mr. Durrant holds degrees in mechanical engineering and mining engineering from the Camborne School of Mines in England, a Quarry Manager's Certificate of Competency, and is a graduate of the Australian Institute of Company Directors. He is an elected board member of AAMEG, which supports responsible mine development in Africa. Mr. Durrant joined RareX as General Manager ­ Projects in 2021 and has been Chief Operating Officer since January this year.

He was previously Director of Projects with Canyon Resources and, before that, held project development and marketing leadership roles at Danakali Limited. Prior to that, he spent seven years with BHP Billiton Iron ore. RareX has also appointed experienced mining operations manager, Kay Hofmann, as Cummins Range Study Manager.

Mr. Hofmann was most recently Manager ­ Ground Control and Water at Mineral Resources Limited and, prior to that, held a number of production roles at BHP and BHP Billiton Iron Ore. The Company is also confirm that RareX's long-serving Exploration Manager, Mr. Guy Moulang, will continue to serve as Exploration Manager, a long-term employee currently preparing for the 2023 exploration season. The Board of RareX believes that this is a logical time to make these changes to its senior leadership team as the Cummins Range Project advances from exploration to the study and development stage.

Recent exploration and drilling efforts have positioned Cummins Range as the third largest undeveloped rare-earth resource in Australia, with a clear path for development now taking shape. Mr. Jeremy Robinson will continue to provide valuable insights and support in his new role as Non-Executive Chairman and will be available for consulting in Business and Corporate Development roles as needed.