Unofficial April RareX Update - Not Official. Fan Fiction.

Unofficial April RareX Update - Not Offical. Fan Fiction.

Hello RareX Shareholders,

The ongoing rain in much of the state is causing havoc with our plans for our Cummins Range Drilling 2.0. Unfortunately, this is impacting a lot of our WA exploration colleagues as well.

Our drilling program is really looking to get some depth at the most exciting parts of last years drilling and also expands into some work for early mining research - our recent annoucement has all details. While all the roads leading towards the drilling site are all bogged, our team and equipment are ready, really ready to go as soon as we can physically get there.

The weather is being a lot more drilling friendly for our colleagues on the other side of the country. Kincora have just returned with two rigs to Mordialloc to test out early signs of porphyrys. They released an update recently and we look forward to continue to follow their progress.

The development of our global rare earth alliance with Shenghe continues. We can't publicly say much at all, but we are in various meetings and negotiations most days of the week. There are lot of moving pieces, so we are doing our best to juggle all the stakeholders. I hope to be able to have another brief update for you all soon.

We also made the decision this month to spin off our non-rare earth exploration programs, specifically Byro and Orange. The Board feels we are not able to give these two exciting prospects the clear attention that they deserve, so we are looking to spin them off into their own company. Our intention at this time is that RareX will maintain a holding in the new company. Relatedly, we are continuing to actively seek further rare earth exploration targets and opportunites and hope to be able to share more news on these front in the coming months.

Thanks for your ongoing support of RareX during the weather, negotiations and future planning and we will continue to update you as developments progress.

With regards,

Not JR.