RareX (ASX:REE) Announcement Overview

RareX Limited (ASX:REE) has announced an agreement with True Fella Pty Ltd for the Piper Project in the Aileron Province, Northern Territory. The project contains an untested 2.5km wide bullseye magnetic anomaly forming a large carbonatite target under sedimentary cover. RareX will earn-in over a five-year period by drilling at least 3x 300m deep drill holes for a total of at least 1,000m for 80% of the project's interest. The company will solely fund project development up to the decision-to-mine. The vendor can elect to be diluted from 20% to 5% of ownership following the decision-to-mine if JV spending is not matched after that point.

Executive Commentary

Managing Director, James Durrant, stated, 'We are very pleased to establish a deal with True Fella Pty Ltd to explore the Piper Project. We believe this project has high potential to be a niobium-rare earths carbonatite pipe. The deal is structured to make sure the exploration dollars go into the ground and RareX is looking forward to testing True Fella's geophysical carbonatite target model. We see this project as complementary to our existing niobium and REE exploration portfolio and a robust medium-term proposition.'

Summary of RareX (ASX:REE) Announcement

RareX Limited (ASX:REE) has gained access to the Piper Project in the Aileron Province, Northern Territory, through an agreement with True Fella Pty Ltd. The project presents a significant opportunity with its untested 2.5km wide bullseye magnetic anomaly forming a large carbonatite target. RareX will earn-in over a five-year period by drilling at least 3x 300m deep drill holes for a total of at least 1,000m for 80% of the project's interest. The company will solely fund project development up to the decision-to-mine. The project is seen as complementary to RareX's existing niobium and REE exploration portfolio and a robust medium-term proposition. RareX will negotiate a land access agreement with the Central Land Council on tenement EL33674 in the coming months and will aim for a drilling program in 2025.