RareX Secures Mining Lease and Board Boost as $5M Placement Fuels Rare Earths Push

Cummins Range Mining Lease Unlocks Development Pathway

RareX Limited (ASX:REE) crossed a critical regulatory threshold this quarter with the granting of the mining lease for its Cummins Range Rare Earths Project in Western Australia's Kimberley region. This approval, often the most complex hurdle in WA's mining regulatory framework, confirms the State's in-principle acceptance of the project and grants RareX the statutory right to mine, subject only to standard operational and environmental permits.

Crucially, the mining lease follows the signing of a historic Mining Heritage Protection Agreement with the Jaru Native Title holders, marking the first mining agreement since their 2018 determination. This milestone significantly reduces project risk by addressing heritage and environmental concerns, paving a clearer path toward development.

With Cummins Range hosting a rare combination of rare earth elements, gallium, scandium, and clean apatite-hosted phosphate, RareX is now focusing on metallurgical optimisation and process flowsheet development to maximise value across these multiple mineral streams. The inclusion of gallium and scandium, previously excluded from scoping studies, hints at potential upside to the project's economics.

The mining lease grant and heritage agreement build on RareX's earlier regulatory wins, reinforcing the project's de-risked status and supporting the company's strategic shift toward operational readiness and value maximisation. This regulatory progress was foreshadowed in the company's recent mining lease secured for Cummins Range and regulatory milestone with mining lease announcements.

Board and Executive Strengthening Aligns with US and African Strategies

RareX has bolstered its leadership with the appointment of Ms Selina Hayes to the board, effective January 2026. A dual US-Australian citizen based in Washington, D.C., Hayes brings deep experience in rare earths, US government strategic initiatives, and African mining policy. Her role is expected to enhance RareX's alignment with US strategic interests, especially given the company's memorandum of understanding with US Strategic Metals for critical minerals processing and supply chain collaboration.

Complementing this, Glen Edwards joins the executive team, bringing business development expertise with a focus on RareX's East African initiatives, including the consortium bid for Kenya's Mrima Hill project alongside Iluka Resources. This consortium recently submitted an Expression of Interest following the Kenyan Government's public tender notice, although the grant of the prospecting licence remains uncertain and subject to government discretion.

Khaleesi Drilling Plans Target Extensive Gallium and Rare Earths Mineralisation

RareX is preparing a 3,000-metre drilling campaign at its Khaleesi Project in Western Australia, targeting four geophysical and two geochemical targets indicative of rare earth and niobium mineralisation. The project area includes the Niobe prospect, where historical drilling revealed extensive gallium enrichment in hydrothermally altered syenite granite and clay caps, with assays showing intervals up to 32 metres at 67 g/t Ga₂O₃.

The drill program aims to test potential carbonatite bodies and gallium-rich clays, with timing contingent on receipt of permits and infrastructure agreements. This initiative follows heritage clearances and builds on earlier exploration work revealing a 9 km strike of gallium mineralisation, as detailed in RareX's Khaleesi drilling plans announcement.

Exploration Momentum Maintained at Mt Mansbridge and Piper Projects

Exploration at the Mt Mansbridge Heavy Rare Earths Project yielded promising results last year, with mineralised veins grading up to 2.7% total rare earth oxides (TREO) including significant dysprosium and terbium content. Although no further work was reported this quarter, the project remains a key asset in RareX's portfolio.

Meanwhile, the Piper Project in the Northern Territory, an 80% earn-in carbonatite target with geological similarities to Cummins Range, is advancing native title engagement processes. The company anticipates commencing discussions with the Central Land Council in May 2026, aiming to clear the way for future drilling and exploration.

Financial Position Supports Ongoing Development and Exploration

RareX closed the quarter with approximately A$4.8 million in cash and an additional A$5.6 million in listed equity investments, including stakes in Cosmos Exploration and Kincora Copper. The company raised $5 million in February via a placement priced at A$0.0275 per share, with shareholder approval pending for free-attaching options exercisable at $0.045.

Exploration expenditure for the quarter was approximately $292,000, focused primarily on consulting, fieldwork, and metallurgical testing. Operating costs included $262,000 in staff expenses and $580,000 in corporate administration, with net cash used in operating activities totaling $1.13 million. These figures reflect a disciplined approach to funding ongoing project advancement.