RareX Limited Advances into FY2027 with Expansive Critical Minerals Portfolio and Commercial Evaluation of Cummins Range

Cummins Range Project Moves into Commercial Evaluation After Successful De-Risking

RareX’s flagship Cummins Range project has reached a critical milestone, transitioning from exploration and technical development into commercial evaluation and planning. The company has methodically advanced the project through resource definition, metallurgical optimisation, engineering studies, and permitting, establishing a robust technical foundation and substantially mitigating project risks.

With these key milestones achieved, Cummins Range is now focusing on assessing technical, development, and commercial strategies to support its next stage of growth. RareX is evaluating various commercial pathways, including strategic partnerships and other value-enhancing options, aiming to maximize long-term shareholder value. This positions Cummins Range as one of Australia’s most advanced undeveloped rare earth projects, reflecting its readiness for further development.

Upcoming Khaleesi Drilling Campaign Targets Critical Minerals Across 790 Square Kilometres

The Khaleesi exploration project is a central element of RareX’s discovery and pipeline expansion strategy. Drilling is anticipated to commence shortly on five priority targets within the 790 square kilometre East Yilgarn landholding. The program targets gallium, rare earth elements, and niobium—critical minerals experiencing strong global demand. This initial drilling phase aims to test priority targets within a larger district-scale opportunity, positioning Khaleesi as a promising long-term critical minerals exploration asset.

The Khaleesi drilling campaign is expected to deliver a consistent flow of exploration results over the coming months, keeping investors informed on the project's potential. Beyond this phase, RareX will continue advancing its broader exploration portfolio and assessing follow-up opportunities at Khaleesi. Located within a recognised geological setting rich in gallium and niobium potential, Khaleesi supports RareX’s strategy of building a diversified critical minerals business with multiple exploration-stage assets complementing its advanced projects.

Piper Project and Northern Territory Exploration Pipeline Development

The Piper Project in the Northern Territory is another cornerstone of RareX’s exploration strategy and is regarded as a key asset. Positioned along the trend from the Nolans Bore and Luni niobium deposits, Piper lies within a geological setting proven to host rare earth and niobium mineralisation. RareX continues to progress the Piper Project as part of its portfolio development, recognising its strategic location within the Northern Territory’s emerging critical minerals province.

In addition to Khaleesi and Piper, RareX is actively exploring new project generation and business development opportunities in promising critical minerals jurisdictions. This approach aligns with the company’s goal of establishing secure and diversified critical minerals supply chains. The exploration portfolio, led by Khaleesi and Piper alongside the RareXploration platform, provides a sustainable pipeline of discovery and growth prospects. This multi-asset strategy reduces reliance on any single project and enhances potential for long-term value creation.

Mrima Hill Consortium Partnership with Iluka Resources Advances in Kenyan Government Tender

RareX has partnered with Iluka Resources in a consortium progressing through the Kenyan Government’s tender process for the Mrima Hill project. Success in this tender would add a second potential production-scale critical minerals asset to RareX’s portfolio, representing a major strategic growth opportunity. The development of Mrima Hill would complement the Australian-based Cummins Range project and provide geographic diversification.

The Mrima Hill tender is a significant corporate development for RareX, with a successful acquisition offering geographic and asset diversification. The partnership with Iluka Resources, a leading ASX-listed minerals company, underscores the project’s scale and strategic value. Progress through Kenya’s tender process is expected to continue throughout FY2027, with the outcome serving as a key corporate catalyst.

Global Critical Minerals Demand and Strategic Positioning Amid Supply Chain Security Focus

RareX enters FY2027 amid heightened global efforts to secure critical minerals supply chains outside China. Governments in Australia, the US, and Europe are investing heavily to enhance domestic and allied supply chains, recognising the strategic importance of rare earths and other critical minerals for defence, advanced manufacturing, semiconductors, and the energy transition. This structural shift creates significant growth opportunities for companies supplying secure, geographically diversified critical minerals.

RareX’s diversified portfolio positions it to benefit from these long-term demand trends. Its combination of advanced development at Cummins Range, exploration assets at Khaleesi and Piper, and M&A prospects like Mrima Hill provides multiple exposure points to critical minerals demand. The global emphasis on supply chain security, especially sourcing beyond China, supports RareX’s strategic business direction and portfolio growth.

Integrated Portfolio Offers Multiple Avenues for Value Creation

RareX has deliberately built an integrated critical minerals portfolio combining advanced development, exploration, project generation, and strategic partnerships. This diversified approach creates multiple complementary pathways for long-term value creation, reducing reliance on any single project or exploration result.

The portfolio balances commercial advancement through Cummins Range with exploration potential at Khaleesi and Piper, alongside M&A opportunities such as Mrima Hill. Managing Director James Durrant highlighted that the company has "systematically advanced Cummins Range while building an exploration pipeline and strategic partnerships and investments that provide multiple opportunities to create long-term value." This strategy mitigates project-specific risks while maximising value capture from the global shift toward diverse critical minerals sources.

Strategic Investments in Key Critical Minerals Companies

RareX holds significant investments in Kincora Copper (ASX:KCC), EAU Lithium (post-merger with Cosmos Exploration, ASX: C1X), and Canada Rare Earth Corporation (LL.V). These stakes broaden RareX’s exposure beyond its direct assets, encompassing copper, lithium, and North American rare earth opportunities. This investment approach aligns with RareX’s broader critical minerals supply chain strategy.

Maintaining these investments reflects RareX’s recognition of the strategic value in diversified critical minerals exposure across geographies and commodities. The EAU Lithium investment supports lithium assets critical to the energy transition, Kincora Copper provides exposure to copper demand dynamics, and Canada Rare Earth Corporation extends rare earth exposure into North America, offering potential upside beyond RareX’s operational footprint.

Company Focus on Carbonatite-Hosted Critical Minerals

RareX Limited is an ASX-listed critical minerals company specialising in rare earths, gallium, niobium, and scandium hosted in hard rock carbonatite deposits. The company’s technical expertise in carbonatite mineralisation underpins its exploration and engineering efforts. Carbonatites, though geologically rare, can contain significant concentrations of critical minerals including rare earths, gallium, and scandium.

The company’s engineering focus is centred on the Cummins Range project, a carbonatite-hosted rare earth and phosphate deposit. Cummins Range contains magnet-grade rare earths and battery-grade phosphates, alongside substantial gallium and scandium resources. This commodity diversity within a single project enhances value potential and offers multiple revenue streams. RareX’s specialised expertise in carbonatite mineralisation distinguishes its technical approach within the critical minerals sector.

Investor Relations and Upcoming Milestones

RareX has launched an investor hub at ree.investorhub.com/welcome to foster engagement with the investment community. Managing Director James Durrant is available for investor inquiries at +61 (0) 8 6383 6593. The company also maintains a social media presence at @rarex_asx, reflecting its commitment to transparent communication regarding strategy and progress.

Key milestones anticipated in FY2027 include the start of Khaleesi drilling and subsequent exploration results, advancement of Cummins Range’s commercial evaluation and potential partnering announcements, progression of the Mrima Hill tender process, and updates on Piper Project exploration. The next 12 months are expected to deliver significant value-creation catalysts across RareX’s diversified portfolio, with multiple opportunities for positive developments in both exploration and development-stage assets.