From the Portal - https://investors.rarex.com.au/ - just...

From the Portal - https://investors.rarex.com.au/ - just recently:

Stakeholder update – Cummins Range Project

Dear Shareholders,

As a key stakeholder, I would like to take this opportunity to provide with you with a brief update on recent progress at our Cummins Range Rare Earths Project.

While the rare earths sector specifically – and capital markets more broadly – have been through a challenging time of late and are currently at cyclical lows, the RareX team has been extremely focused on advancing the Project in an efficient, judicious and cost-effective manner.

Our key focus at the moment is to secure off-take for the Project, which represents a significant validation milestone. Good long-term off-take contracts can take some time and, for speciality products like ours, this is even more the case. However, we’ve begun well and we’re currently running material through our labs to generate products at the right specification to use in off-take discussions for regional existing and emerging value chains with whom we are already engaged.

We are also continuing to work closely with the Jaru Native Title Owners to establish a mutually beneficial Mining Heritage Agreement and look forward to hopefully closing this out in the relatively near future. The Jaru Agreement is a key prerequisite for project approvals along with environmental baseline surveys which have now been underway for over a year, creating a solid backdrop of understanding for this project's development.

At a macro level, the strategic importance of new rare earth development projects in the Western World continues to be highlighted by geopolitical developments. Against this backdrop, we’ve recently seen significant government financial contributions to projects similar to ours, though more advanced in their development. This shows the attention our sector has attracted because of its strategic nature, which overtime should play out favourably for us.

We remain active in highlighting our Project and the region to both State and Federal Governments. We continue to propose the road link which we believe is a significant opportunity for government support whilst the Tanami upgrade is underway, due to the community, pastoral and minerals opportunities it unlocks.

We have also highlighted the strategic nature of Wyndham Port which sits at the end of a primary industry supply chain corridor with critical agricultural and mineral projects extending to central Australia. This is clearly shown in the attached map.

Our current focus on off-take and permitting at Cummins Range has freed up our team to pursue other growth and diversification opportunities outside of our flagship asset. This includes near-mine exploration of recently identified geological anomalies at Cummins Range, which could indicate a cluster swarm of rare earth and niobium carbonatites within the complex that have the potential to expand the resource.

Further afield, our business development team, RareXploration, is evaluating growth opportunities elsewhere in Australia and abroad, looking to take advantage of the current depressed market for strategic metals.

In conclusion, we remain steadfast in our commitment to bring Australia’s largest undeveloped rare earths deposit, Cummins Range, to life as a major new long-life critical minerals project for the Kimberley region.

The RareX team and I look forward keeping you abreast of the progress with our project.