Rex Minerals Ltd (Rex or the Company) has completed an update to both the Mineral Resources and Ore Reserves for the Hillside Copper-Gold Project (Hillside) on the Yorke Peninsula, South Australia.

Hillside Mineral Resource Estimate Summary The Mineral Resource Estimate (MRE) for the Hillside Project as of December 2022 is 337Mt @ 0.56% copper (Cu) and 0.14g/t gold (Au), containing 1,897kt of copper and 1,528koz of gold (Table 1). This MRE supersedes the previously reported MRE for the Hillside deposit which was reported by Rex on 25th May 2015. The 2022 Hillside MRE is reported at a cut-off grade of 0.2% copper.

Changes to the Previous 2015 Mineral Resource

Work undertaken as part of the 2022 MRE saw minor changes, due to a modification of the block size in consideration of the natural geometry and distribution of the copper mineralisation at Hillside. The smaller block size provides for a higher level of definition between higher grade and lower grade blocks or waste blocks which match the equipment selection for the proposed Hillside mine. All other variables including drillhole data, geological interpretation and grade interpolation methods are un-changed since the previous MRE. Comparisons between the 2015 and 2022 Hillside MRE (Table 3) resulted in a reduction of approximately 3% to the copper metal content for the total MRE.

Changes to the Previous 2021 Ore Reserve

The Ore Reserves represent an update to the previous Ore Reserves announced to market on 20 July 2021. A comparison of this Ore Reserves estimate to the 2021 estimate is presented in Table 4. There has been no mining or depletion of the 2021 Ore Reserves since their calculation. Work undertaken as part of the 2022 Hillside Ore Reserves saw no material change to the Ore Reserves from the 2021 Hillside Ore Reserves as a result of the updated Hillside MRE.

Contact:

Peter Bird Media

EGM Investor Relations & Business Development

Gavan Collery

T: +1300 822 161

T: +61 3 9068 3077

T: +61 419 372 210

E: rex@rexminerals.com.au

E: gcollery@rexminerals.com.au

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