Rex Minerals Ltd. announced updated capital and operating cost estimates for its 100% owned Hillside Copper-Gold Project on the Yorke Peninsula, South Australia, following approval of the Hillside Program for Environment Protection and Rehabilitation (PEPR) by the SA Government. Key outcomes from the Hillside Study include: C1 cash cost of USUSD 1.38/lb copper and All-In Sustaining Cost (AISC) of USD 1.60/lb; IRR 16.2% and NPV5% of AUD 501 million (post tax); Pre-production capital cost of USD 410 Million; EBITDA (annualised) of AUD 152.7 Million. Operational: Over the first 12 years of production: Average annual processing rate of 6Mtpa; Annual average production of 35,000t copper and 24,000ozs gold; At a head grade of 0.66% copper and 0.17g/t gold. Community: Employing approximately 500-550 during construction and 430 during operations; Royalties to the State of AUD 170 Million; Payroll exceeding AUD 500 Million. With the SA Government's approval of the PEPR for the Hillside Project, Rex now has a pathway to development. Rex plans to pursue all available financing options, and has engaged Grant Samuel to head a formal process, seeking expressions of interest. Study comparison 2020 versus 2015 assumptions: Long term gold price has increased from USD 1,250/oz to USD 1,550/oz. Mine opex has reduced by at least AUD 190 million, comprising: Reduction in diesel price; Reduction of diesel burn rates (haulage trucks) adjusted from 240 to 201 litres/hour and Reduction of maintenance opex based on refinement of estimation and rebuild strategies. Plant opex has increased by AUD 106 Million, primarily due to increased power and consumable costs. Pre-production capex exchange rate reduced from USD 0.75 to USD 0.70; All mining fleet capex is purchased upfront, previously 50% was lease financed; Processing plant capex increased by AUD 20 Million including EPCM of AUD 2.4 Million (cost and exchange rate escalation) This is offset by a reduction in excavator size from 800t to 550t class (truck numbers and sizes remain the same). TC/RC market rate assumptions decreased from USD 93 to USD 60 per dry tonne of concentrate. Construction Period and Workforce: The development allows for a 20-month construction period, including a 12-month pre-strip. During construction, a workforce of approximately 500-550 will be required. This will reduce to approximately 430 during the operational phase. Life of Mine (LOM) - Stage 1: An initial life of 13+ years, based on the production of a copper-gold concentrate and processing ore at a rate of 6Mtpa. Mining: The open pit is value optimised and is designed in five phases. Rock movement is scheduled to ensure adequate operating area and access to ore. After an initial pre-strip of 54Mt, the strip ratio for the operating life is 6.7:1 (waste:ore). Peak total rock haulage is 60Mtpa. Almost 90% of all material (ore and waste) will be mined with 550t hydraulic backhoe excavators, coupled with a fleet of ultra-class (296t) trucks, using the double- benching method. Narrower ore zones will be mined with 250t backhoe excavators to minimise dilution and improve ore recovery. Peak material movement is achieved with a manageable maximum of 16 trucks. The Project has a typical support fleet which includes drills, mid-sized graders, tracked and wheel dozers, front-end loaders and water and service trucks. The processing plant has a designed throughput capacity of 6Mpta per the design flowsheet. It includes initial crushing and grinding before a first stage (rougher) flotation. This is followed by a fine grind and second stage (cleaner) flotation, before preparation for transport as a copper-gold concentrate. The average copper grade of the copper concentrate is over 27% and the average annual copper concentrate produced over the first 12 years of operations is approximately 129,000t. The layout for the processing plant allows for natural expansion capacity to a nominal 12Mtpa and the inclusion of an iron ore recovery circuit (if warranted), as per the conditions of the Mineral Lease.