Rex Minerals Limited announced that it has commenced a partnering process, seeking direct participation via a minority interest in its 100%-owned Hillside Project (Hillside or the Project). Hillside is a shovel-ready, fully-permitted, long-life copper development project located in South Australia, a Tier 1 jurisdiction. The partnering process follows Rex's recently completed Optimised Feasibility and Definition Phase Engineering Study (OFS) which highlighted Hillside's robust economics and long-term growth pathway.

The commencement of the partnering process follows strong inbound interest from a range of industry participants. Rex will consider various potential transaction structures, with the preference being a minority third party participation at the Hillside asset level. Rex intends to engage with credible parties who show a strong interest in the future of copper and in partnering at Hillside, and who can meaningfully enhance the value of the Project for Rex shareholders through additional financing support, technical capability and/or marketing support.

The partnering process will form part of the overall funding package that Rex is actively pursuing via a structured process to align with detailed engineering, construction and operational readiness plans. The partnering process will run in parallel to the ongoing senior debt process, which has received strong interest to date from a range of highly-credentialed potential financiers and banking institutions.