Rarex Limited · ASX:REE
Rarex — Investor Presentation (October 2023)
36 slides from Rarex's investor presentation, Oct 3, 2023
Slide 1: Exposure to Electric Vehicle Raw Materials
Exposure to Electric Vehicle For personal use only Raw Materials RE P 57-71 15 Magnets Batteries James Durrant ASX: REE October 2023 rarex.com.au
Slide 2: Disclaimer & Competent Persons' Statements
Disclaimer & Competent Persons’ Statements For personal use only Investor Relations This presentation contains summary information about RareX Limited (REE) and is current as of 3 October 2023 and is authorised for release by the Board. The information in this Competent Person’s Statement - Geology:
Slide 3: Why Does RareX Exist?
Why Does RareX Exist? Fundamental Belief In The Electrification Of Things And RE The Green Energy Revolution 57-71 Global net-zero ambitions Massive EV and wind “RareX focused on For personal use only turbine investments rare earths for ✓ EU Net zero by 2050 – $3.8T by 20501 The generation, storage
Slide 4: RareX Value Proposition
RareX Value Proposition 1 2 3 For personal use only Cummins Range EV raw material Team able to discover, engineer, project approve, fund and deliver Low-risk, high value development Exploration upside on and beyond Action orientated board Cummins Range Stage-1 $45M to monetise the pre-strip Cameron
Slide 5: Corporate Snapshot
Corporate Snapshot Well Suited For Value Growth For personal use only Capital Structure Shareholders ASX Code REE Share Price (29.09.2023) A$0.033 Top 50 Shareholders ~38% Shares on Issue 683M Number of Shareholders ~5,400 Market Capitalisation A$23.2M Major Shareholders Simon Lee AO (5.2%) Jeremy R
Slide 6: Cummins Range Project
Cummins Range For personal use only Project Critical Minerals For The Electric Revolution 15 57-71 P Phosphorus RE Rare Earths
Slide 7: Flagship Snapshot: Cummins Range
Flagship Snapshot Cummins Range Wyndham Port Technical Financial For personal use only Kununurra A magnet-Rare Earths and battery- NPV8 post-tax: AU$ 333M phosphate Critical Minerals Project, IRR post-tax: 27% beginning with monetised overburden Initial Capex: AU$ 45M as Direct Shipping Ore (DSO) St
Slide 8: 2023 JORC Resource
2023 JORC Resource 519.3Mt @ 4.6% P2O5, 0.32% TREO In total: Australia’s largest undeveloped rare earths project ✓ 1.6M tonnes contained TREO ✓ 24M tonnes of contained phosphate For personal use only Normalised to 1% TREO: ✓ Australia’s 3 rd largest undeveloped rare earths project Cummins Range High
Slide 9: Developing Cummins Range Into A Critical Minerals Project
Developing Cummins Range Into A Critical Minerals Project Focussing On Overburden Approval To Establish A Near Term Operating Platform YEAR* 2H 2023 1H 2024 2H 2024 1H 2025 2H 2025 2026+ For personal use only Resource definition MRE update Geotech Reserve Grade definition Grade control Pre-strip app
Slide 10: Single EV Raw Material Product
Batteries Magnets Single EV Raw Material Product Mineral Concentrate Magnet Rare Earths For personal use only Combined mineral concentrate Wind farms ✓ Single bulk product offering from ▪ 200kg NdPr per MW of turbine Wyndham port, north WA ▪ 837,000 MW of installed wind tric veh Elec icl power in 20
Slide 11: Favourable Project Metrics
Favourable Project Metrics Total LOM Production Forecasts 40 3.5% 2.9% Cummins Range comparable with peers 32 2.8% 31.7 Scoping study modelled 31.7Mt @ 0.7% TREO from Cummins Range1 Total Forecast Production, Mt For personal use only 29.5 24 2.1% ✓ TREO grades from monazite comparable to peers TREO
Slide 12: RareXploration
Enabled RAREDXPLORATION RARESSPLORATION
Slide 13: Cummins Range Near-Mine Resource Expansion
Cummins Range ‘Near-Mine” Resource Expansion The Potential To Expand The Resource At Cummins Range For A Larger Or Longer Life Flagship Project For personal use only Target anomaly Background Exploration Plan Multiple historic anomalies on Utilise existing access and facilities RareX tenements proxi
Slide 14: Growing Kimberley Portfolio For Future Project Synergies
Growing Kimberley Portfolio For Future Project Synergies Curating And Prioritising Tenements For Target Generation And A Future Hub And Spoke Model Regional Hub Browns Range For personal use only Mt Mansbridge Maude Creek1 Heavy rare earths, proximal to Browns HRE Project with Carbonatite Mt Mansbri
Slide 15: Eastern Yilgarn Projects
Eastern Yilgarn Projects Under Explored Terrain With Large Areas Of Regolith Hosted Rare Earths For personal use only Weld North Regolith hosted rare earths Red Dragon ✓ 23 air core drill holes in 2021 ✓ All holes mineralised with significant intercepts of 32m at 1179ppm TREO and 35m at 1017ppm TREO
Slide 16: Relevant Investments In Listed Companies
Relevant Investments In Listed Companies Electrification metals exposure across the globe providing investor upside and funding contingency Curating good investments For personal use only Kincora – Cu-Au Lead explorer in Macquarie Arc is Australia’s foremost, world class, copper porphyry district ✓
Slide 17: Team to Deliver
Team For personal use only to Deliver In The Right Way
Slide 18: An Evolved Board Of Company-Building Directors
An Evolved Board Of Company-Building Directors Danny Goeman John Young For personal use only Non-Executive Director Non-Executive Director Offtake, Marketing, Geology, Development, Shipping Growth Ex FMG director of sales and Co-founder and executive director of marketing and advisor to the CEO, suc
Slide 19: Growing in-house capability
Growing in-house capability Discovery, development, ops James Durrant Greg Wynne For personal use only Chief Executive Officer Senior Geologist Mining and Mechanical Engineer with nearly 20 years Geologist, project manager across Tier 1 operations and and mines rescue qualified junior company projec
Slide 20: Monetising in a sustainable manner
Monetising in a sustainable manner ESG Framework What we’re currently For personal use only doing • WEF consistent designed by Top5 advisor ✓ TO negotiations towards a Mining • Aligned to stakeholders' expectations Heritage Agreement • Mapped out through exploration, ✓ Environmental Baselines +50% d
Slide 21: Catalysing RareX
Catalysing RareX Through Cummins Range And RareXploration 2023 2024 2025 For personal use only Cummins Range ▪ Updated MRE (November) ▪ Feasibility study ▪ Grade definition & control drilling ▪ Approval submissions ▪ First Ore from pre-strip ▪ Supply chain contracts ▪ FID for Bene plant ▪ Mining her
Slide 22: Board of Directors and Contact
Board of Directors Jeremy Robinson – Non-Executive Chairman John Young – Non-Executive Director Danny Goeman – Non-Executive Director For personal use only Shaun Hardcastle – Non-Executive Director Cameron Henry – Non-Executive Director Company Secretary Oonagh Malone Chief Executive Officer James D
Slide 23: Facts, Figures & Analysis
Facts, Figures & For personal use only Analysis
Slide 24: Cummins Range JORC 2012 Mineral Resource
Cummins Range For personal use only JORC 2012 Mineral Resource
Slide 25: Cummins Range Deposit
Cummins Range Deposit Deposit Location Overview Remote But Well Connected 130km SW of Halls Creek access via Tanami Road For personal use only Deposit at surface ease of exploration Jaru Traditional Owners consulted and supportive Part of the Great Sandy Desert on unused pastoral lease Connected to
Slide 26: 2023 JORC Resource
2023 JORC Resource 519.3Mt: Global Resource (JORC 2012) 4.6% P2O5; 0.32% TREO For personal use only 2.5% P 2O5 Tonnes TREO P 2O5 NdPr Nb2O5 HREO Grade Cut Mt ppm % ppm ppm ppm 1.6Mt TREO 24Mt P O 2 5 Indicated 66.6 5,010 6.8 1,100 830 290 contained contained Inferred 452.7 2,900 4.2 630 550 170 Basi
Slide 27: Cummins Range Radionuclides
Cummins Range Radionucleotides Radionuclides Comparison For personal use only 2,373 2,400 U, ppm 2,100 Th, ppm 1,800 Radionuclide Level, ppm 1,500 1,200 900 659 600 527 375 254 300 153 120 25 58 62 30 24 0 Nolans Bore Mt Weld Yangibana Dubbo Cummins Range Browns Range “Cummins Range is one of the lo
Slide 28: Detailed Project Economics
Detailed For personal use only Project Economics Cummins Range
Slide 29: Key Inputs And Assumptions
Key Inputs And Assumptions KH, JM: prettify if necessary – make stylized summary align to this. General Parameters and Assumptions For personal use only Discount Rate 8% 8% of direct and indirect capital costs for Owners Costs each stage 2% of deployed capital each operating Sustaining Capital year
Slide 30: Costs
Costs CAPEX Stage 1 [A$m] Stage 2 [A$m] Stage 3 [A$m] Mine 0.5 17 - Processing 0.25 164 63 NPI 10 4 - For personal use only New road 15 - - TSF - 12 - Port upgrades 9 - - Owners Costs (incl. 3 56 - EPCM) Subtotals 37 253 63 Contingency (20%) 7 51 - Total 45 304 63 Stage 1 Stage 2a Stage 2b Stage 3 O
Slide 31: Outcomes
Outcomes Low-Case Mid-Case High-Case Product Pricing [A$/t] [A$/t] [A$/t] Stage 1 - DSO Rock Phos 203 254 304 Stage 2a – High Phos-RE Con 515 584 652 Cumulative Cashflows before Tax [A$M] For personal use only Stage 2b – Mid Phos-RE Con 480 545 611 Stage 3 - RE-Phos Con 404 468 532 2,500,000 Stage 3
Slide 32: For personal use only
For personal use only
Slide 33: RareX tenements and prospectivity
RareX tenements and prospectivity For personal use only Tenement ID Name Jurisdiction Locality Prospectivity E80/5092 Cummins Range WA Kimberley Rare Earths and Phosphate M80/0648 Cummins Range WA Kimberley Rare Earths and Phosphate E80/5372 Cummins Range WA Kimberley Rare Earths and Phosphate E80/5
Slide 34: References
For personal use only References
Slide 35: List Of Sources For Grade And Resource Graphs
List Of Sources For Grade And Resource Graphs Resource Source of data Source of data Source of data Source of data For personal use only Measured Resource, Mt 0 https://wcsecure.weblink.com.au/pdf/REE/02660886.pdf 5 https://wcsecure.weblink.com.au/pdf/ARU/02651944.pdf 43 https://asm-au.com/dubbo-pro
Slide 36: List Of Sources For Production Forecasts And Grade, Economics And Radionuclides
List Of Sources For Production Forecasts And Grade, Economics And Radionuclides Parameter Source of data Source of data Source of data For personal use only Total LOM Production Forecast https://www.investi.com.au/api/announcements/has/befee282- Tonnage, Mt 31.7 https://investors.rarex.com.au/announ