MINREX RESOURCES LIMITED — AGM Information 2012

Nov 29, 2012

Minrex Resources NL LinQ House 17 Ord Street WEST PERTH WA 6005

==> picture [93 x 60] intentionally omitted <==

==> picture [108 x 28] intentionally omitted <==

Minrex Resources NL ANNUAL GENERAL MEETING - 30 NOVEMBER 2012 CHAIRMAN’S ADDRESS

Welcome to the Annual General Meeting for Minrex Resources NL for the period from incorporation to 30 June 2012.

Your company has been listed now for just over a year and in that time we have undertaken preliminary work on both our project areas, namely Deflector Extended in Western Australia and Heemskirk in Tasmania. Deflector Extended was of particular interest due to its locality to Mutiny Gold Limited’s recently commissioned gold mining operation, whilst Heemskirk has interesting historical workings associated with tin.

The principal objective for the company in assessing these project areas was to ensure that we understand their likely potential to provide a mineral resource of economic interest (mainly in gold, copper and tin) whilst using shareholder funds carefully in the process. We have maintained our discipline in keeping with this model - as a consequence the work undertaken on both project areas has been carefully focussed and cost effective.

Initial exploration activity at the Deflector Extended tenement near Yalgoo in Western Australia saw early success in a surface exploration geochemical program. From almost 200 soil and lag samples collected over 400 metre survey grid, gold up to 17 ppb was detected along northeast-southwest structures, mimicking lode bearing zones at Mutiny’s Deflector deposit. Overlapping copper and arsenic anomalies have also helped to outline prospective drill targets which Minrex plans to investigate in greater detail early next year.

In Tasmania, Southern Mineral Exploration Geophysics undertook a detailed assessment of existing airborne magnetic and radiometric data across the Heemskirk tenement. From its analysis, Minrex has re-focussed its tin-tungsten exploration work, concentrating on subtle variations in magnetic signature within local granites and larger enhanced magnetic anomalies near historic mines. These trends and supporting radiometric vectors to mineralisation have been used to prioritise a series of four local drainages, over which stream sediment survey work has commenced.

Whilst the Company continues to cautiously prioritise expenditure on its two principal projects, it is also continuing to assess other prospects – both

1

geographically and in terms of commodity type. However, the focus is very much on ‘high value’ opportunities – meaning commodities with strong longer-term demand fundamentals (e.g. copper and tin) as well as precious metals (primarily gold).

The Company as yet has no executive management as it still benefits more from sourcing ad hoc specialist expertise to support us to assess the most value enhancing opportunity for shareholders. This situation will change in due course, as our explorative investigations progress and investment opportunities are defined, evaluated and as appropriate exploited.

In the interim, the responsibility of overseeing the day-to-day operations and the strategic management of the Company currently depends substantially on the non-executive directors – but who are well supported by various industry professionals as required.

Junior companies have, and continue to bear, the brunt of the volatile market conditions – often irrespective of their actual valuation (prospective or otherwise). Your board does not like to see the share price at its current level – regardless of share price, we remain well positioned and committed to deliver on our strategy.

With over $2.83 million cash in the bank as at end of September of this financial year, and our judicious approach to opportunity assessment, we firmly believe that this year will see your Company justify its strategy of seeking high value opportunities at discounted prices. It is this leverage that we believe will deliver shareholders the uplift in valuation we all want.

That concludes the chairman’s address and we now move to the formal part of the meeting.

Richard Procter Non-executive Chairman

2