MINREX RESOURCES LIMITED — Capital/Financing Update 2021

Nov 23, 2021

ASX Code: MRR

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24 NOVEMBER 2021

ASX Release

ACQUISITION OF FURTHER HIGHLY PROSPECTIVE LITHIUM PROJECTS IN EAST PILBARA

MinRex acquires 4 Exploration Licences and mineral rights to 3 Exploration Licences in the Pilbara region highly prospective for Lithium-Tin-Tantalum.

HIGHLIGHTS	HIGHLIGHTS
	The total project area is 176.9km2and the tenements within the area have extensive and
	outcropping pegmatites which remain untested by modern day lithium exploration.
	Tambourah North Lithium Project (E45/4953)
	Lithium mineralisation hosted in pegmatites with significant assays from0.22% to up 2.02%
	lithium oxide, 1.75% rubidiumand1,276 ppm caesium(from 3 samples).
	Tambourah Creek Project (E45/4275)
	Hosting lithium mineralisation within pegmatites withspodumene assays of 0.74% lithium
	oxide(from 1 sample).
	Shaw River Lithium Project (E45/4601)
	Historical heavy stream sediment sampling has outlined very high-grade Sn-Ta mineralised
	zones (up to42.2% tin and 3.41% tantalum,from 7 samples) within extensive pegmatite
	occurrences.
	Coondina Lithium Project (E45/4266)
	Late-stage pegmatites swarms which principally host the tin/tantalum mineralisation. No lithium
	exploration conducted over these pegmatites.
	Soanesville Projects (E45/4455, E45/3926, and E45/5071)
	Similar geological and structural features to Wodgina and Pilgangoora Lithium-Tantalum
	Deposits.
	Regional geological structure within E45/3926 is similar to Pilgangoora which hosts the Pilbara
	Minerals Limited (ASX: PLS) Mining Operations (226Mt@1.27% Li2O, 116ppm Ta2O5).
	No lithium exploration has been conducted over these tenements.

MinRex Resources Limited ( ASX: MRR ) (“ MinRex ” or “ the Company ”) is pleased to announce that it has entered into a binding term sheet for the acquisition of 4 exploration licences (E45/4953, E45/4275, E45/4601 and E45/4266) and mineral rights to battery mineral, tin and rare earth metals over 3 additional exploration licences (E45/5071, E45/4455 and E45/3926) with Abeh Pty Ltd (Abeh) and Maxwell Strindberg. A summary of the material terms of the acquisition is set out in Appendix A. Further details of the tenements the subject of the acquisition are set out in Appendix B.

MinRex Resources Limited ABN 81 151 185 867 Tel +61 (08) 9481 0389 Email info@minrex.com.au Level 11 216 St Georges Terrace Perth WA 6000 www.MinRex.com.au

ASX Code: MRR

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The acquisition represents a significant next step in MinRex’s tenement acquisition plan to become an emergent lithium explorer with high-quality assets within a 70km radius of world-class Lithium and Tantalum producers Pilbara Minerals (ASX: PLS) Pilgangoora and Mineral Resources (ASX:MRL) Wodgina. The new Tambourah North, Tambourah Creek, Shaw River, Coondina and Soanesville projects supplement and offer fantastic synergies to the Moolyella, Coondina East, Coondinia South and Haystack Well lithium projects to be acquired by MinRex, as announced on 17 November 2021, and MinRex’s existing White Springs lithium project.

MinRex Resources Limited Chief Executive Officer Mr Kastellorizos commented:

“The MinRex team, which includes Director George Karageorge, who is one of the founding geologists of the Pilbara Minerals owned Pilgangoora Lithium-Tantalum deposits, are delighted with the success of the Company’s strategy to acquire further and more highly prospective ground in the East Pilbara World Class Mineral Field. Geological evidence supports all project areas to host significant lithium bearing pegmatites based on recent rock chip assaying results and the extensive historical tin/tantalum mining over extensive pegmatites. Our highly experience team will be ready for drill testing once the detail geological mapping/sampling has been completed. Further work will commence immediately on the re-interpretation of airborne magnetic/potassic data to locate the pegmatite on the ground but also defined trends and structures which appear to control the Li-Sn-Ta mineralisation”.

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Figure 1 - Location map of Abeh Pty Ltd Projects in the Pilbara

MinRex Resources Limited ABN 81 151 185 867 Tel +61 (08) 9481 0389 Email info@minrex.com.au Level 11 216 St Georges Terrace Perth WA 6000 www.MinRex.com.au

ASX Code: MRR

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Figure 2 - Location map of OD5 Pty Ltd & Abeh Pty Ltd Projects in the Pilbara

MinRex Resources Limited ABN 81 151 185 867 Tel +61 (08) 9481 0389 Email info@minrex.com.au Level 11 216 St Georges Terrace Perth WA 6000 www.MinRex.com.au

ASX Code: MRR

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Tambourah North Project (E45/4953)

In 2013 Altura Mining Limited identified outcropping lithium mineralisation hosted within pegmatites. Initial investigation of the licence for rare metal mineralisation suggests that lithium is present as lepidolite in pegmatites located along the granite-greenstone margin. Three (3) rock chip samples were collected over the outcropping pegmatites. All samples display high lithium content recording up to 1.38% Li2O (lies just outside the eastern boundary of E45/4953) and the remaining samples containing 0.22% and 0.25% Li2O lie within E45/4953.

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Figure 3 - Tambourah North Project highlighting Historical and Current Exploration Results

Table 1 - Total Rock Chip Assay Results

Sample Id Easting GDA94 Zone 50 Northing GDA94 Zone 50 Be ppm Cs ppm	Sample Id Easting GDA94 Zone 50 Northing GDA94 Zone 50 Be ppm Cs ppm	Li ppm Li % Nb ppm	Li ppm Li % Nb ppm	Li ppm Li % Nb ppm	Rb ppm Ta ppm Th ppm U ppm W ppm	Rb ppm Ta ppm Th ppm U ppm W ppm	Rb ppm Ta ppm Th ppm U ppm W ppm
RCP1 725875 7596823 7 55.9		1010	0.22	187	904	22.7 1.21 2.32 3.2
RCP2 725897 7596809 7.3 46.8		1180	0.25	231	856	25.5 1.94 1.17 4.5
RCP3 725941 7596746 105	300	6410	1.38	69.6	1890	274	5.04 6.94 4.9

MinRex Resources Limited ABN 81 151 185 867 Tel +61 (08) 9481 0389 Email info@minrex.com.au Level 11 216 St Georges Terrace Perth WA 6000 www.MinRex.com.au

ASX Code: MRR

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MinRex’s review of historical exploration indicates the tenement is prospective for pegmatite-hosted mineralisation close to the granite-greenstone contact. Limited evaluation of exposed and outcropping pegmatitic strongly suggests additional field work is warranted to identify the continuity or presence of lithium mineralisation.

In 2019 Abeh conducted a brief reconnaissance program over Tambourah North Project area with one rock chip sample collected. The assay results were significant as the pegmatite hosting spodumene and lepidolite hosted within the greenstone belt, returned values of up to 2.02% lithium oxide (LiO2) 1.75% rubidium (Rb) and 1,276 ppm caesium (Cs). The sample was collected on the northern margin of the current exploration licence area.

Table 2 – Abeh Rock Chip Assay Result

Sample Id Easting GDA94 Zone 50 Northing GDA94 Zone 50 Description Cs ppm Li ppm LiO2 % Rb ppm Sn ppm Ta ppm	Sample Id Easting GDA94 Zone 50 Northing GDA94 Zone 50 Description Cs ppm Li ppm LiO2 % Rb ppm Sn ppm Ta ppm	Sample Id Easting GDA94 Zone 50 Northing GDA94 Zone 50 Description Cs ppm Li ppm LiO2 % Rb ppm Sn ppm Ta ppm	Sample Id Easting GDA94 Zone 50 Northing GDA94 Zone 50 Description Cs ppm Li ppm LiO2 % Rb ppm Sn ppm Ta ppm	Sample Id Easting GDA94 Zone 50 Northing GDA94 Zone 50 Description Cs ppm Li ppm LiO2 % Rb ppm Sn ppm Ta ppm	Sample Id Easting GDA94 Zone 50 Northing GDA94 Zone 50 Description Cs ppm Li ppm LiO2 % Rb ppm Sn ppm Ta ppm
94909 725947 7600330 Pegmatite with spodumene and lepidolite	1276	1.02%	2.02%	1.75%	3.04 2.44

Tambourah Creek Project (E45/4275)

The Tambourah Creek Project (E45/4275) tenement overlays the Shaw batholith, an Archaean granitoid complex which has been intruded by younger, tin-bearing plutons. Late-stage pegmatite swarms are the principal host for the tin/tantalum mineralisation. Shallow alluvial tin workings in the vicinity of outcropping tin-bearing pegmatites. No lithium exploration has been conducted within the Project area. Refer to Figure 3 for sample locations.

Table 3 – Stream Sediment Assay Results

Sample Id Easting GDA94 Zone 50 Northing GDA94 Zone 50 Sample Type Sn ppm Ta ppm Nb ppm Y ppm	Sample Id Easting GDA94 Zone 50 Northing GDA94 Zone 50 Sample Type Sn ppm Ta ppm Nb ppm Y ppm	Sample Id Easting GDA94 Zone 50 Northing GDA94 Zone 50 Sample Type Sn ppm Ta ppm Nb ppm Y ppm
H5 740137.1 7604555.1 Stream Sediment 388 -10 -10 3.3
H6 738912.2 7602989.8 Stream Sediment	3138	24 30 2.5

In 2019 Abeh conducted a brief reconnaissance program over the Project area. Pegmatite hosting spodumene and lepidolite hosted within the Shaw Granitoid Complex with significant assay results returning values of up to 0.74% lithium oxide. The sample was collected on the northern portion of the current exploration licence area as per Figure 2.

MinRex Resources Limited ABN 81 151 185 867 Tel +61 (08) 9481 0389 Email info@minrex.com.au Level 11 216 St Georges Terrace Perth WA 6000 www.MinRex.com.au

ASX Code: MRR

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Figure 4 – Tambourah Creek/Shaw River Historical Exploration Results with Mining Production Statistics over E45/4601

Table 4 – Abeh Rock Chip Assay Result

Sample Id	Easting GDA94 Zone 50	Northing GDA94 Zone 50	Description	Cs ppm	Li ppm	LiO2 %	Rb ppm	Sn ppm	Ta ppm
			Pegmatite with
4824	739825	7605727	spodumene and	NS	0.35%	0.74%	NS	192	5.7
			lepidolite

Shaw River Project (E45/4601)

The Shaw River Project (E45/4601) is part of the Shaw River Tin Field located within the Shaw Batholith, a complex structural dome comprising multiple granitoid intrusions. Associated with the younger granitoids are swarms of fractionated pegmatite and pegmatite-aplite sills. The pegmatites are quartz-K-feldspar rich, with albite, muscovite/biotite, and accessory spessartine, cassiterite, zinnwaldite, lepidolite, fluorite, tantalite, green muscovite and magnetite. The source for widespread alluvial and eluvial cassiterite-tantalite concentrations.

A feasibility study completed by Greenbushes Ltd in 1987 over the current tenure of Shaw River and the surrounding other historical tin/tantalum areas. In 1994, Mt Edon Gold Mines (Australia) Ltd conducted an extensive exploration activity including bulk stream sediment sampling program over the Cooglegoong, Elsey and the Five Mile areas (Five Mile area is held within the current Shaw River Project). The assays highlight high-grade Tin and Tantalum mineralisation (see Table 5).

No lithium exploration was conducted. Further work is required over the pegmatite stockworks and rich migmatites to determine the likelihood economic resources of lithium, tantalum, tin, and the yttrium group minerals.

MinRex Resources Limited ABN 81 151 185 867 Tel +61 (08) 9481 0389 Email info@minrex.com.au Level 11 216 St Georges Terrace Perth WA 6000 www.MinRex.com.au

ASX Code: MRR

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Table 5 - Total Stream Sediment/Heavy Stream Sediment Assay Results

Sample Id Easting GDA94 Zone 50 Northing GDA94 Zone 50 Sample Type	Sn ppm Ta ppm Nb ppm Y ppm	Sn ppm Ta ppm Nb ppm Y ppm	Sn ppm Ta ppm Nb ppm Y ppm	Sn ppm Ta ppm Nb ppm Y ppm	Cassiterite kg/m3 Tantalum kg/m3	Cassiterite kg/m3 Tantalum kg/m3	Ta %	Sn % Y ppm	Sn % Y ppm	Vol Sn %
H11 750513.8 7597120.7 Stream Sediment	244 12 34 10.7
H21 753221.4 7598799.6 Stream Sediment	2213	84 33 63.2
H22 754540.5 7599467.3 Stream Sediment	3.99%	1816	594 350
H23 754031.3 7599819.7 Stream Sediment	1.45%	2866	1481	1500
H25 749871.5 7601331.1 Stream Sediment	32 25 -10 14.9
HS71 756706.8 7601676.3 Heavy Stream Sediment					1.67	0.182	0.98	26.1	1.44%
HS72 756727.8 7601062.0 Heavy Stream Sediment					0.9	0.046	0.75	42.2	2200	41.3
HS73 756727.5 7600941.4 Heavy Stream Sediment					0.65 0.510		1.07	40	5100	39.8
HS74 756737.9 7600590.3 Heavy Stream Sediment					0.74 0.030		0.51	36.5	2700
HS75 757354.1 7600128.9 Heavy Stream Sediment					0.68 0.023		0.43	35.7	1900
HS76 757606.9 7599766.7 Heavy Stream Sediment					6.34	2.332	3.41	26.9	1.62%
HS77 757902.6 7598790.1 Heavy Stream Sediment					0.3 0.033		1.18	30.5	9600

Coondina Project (E45/4266)

The Coondina Project (E45/4266) has a historic Tin/Tantalum mineral resource located on the tenement. A feasibility study of the historic resource was completed by Greenbushes Tin Ltd in 1987 over the current tenure of Coondina and the surrounding other historical tin/tantalum areas. The area was determined to be tin rich with considerable scope for increasing the historic mineral reserve with further auger drilling. No sampling for lithium has been conducted.

Soanesville West Project (E45/5071), Soanesville South Project (E45/4455) & Soanesville Central Project (E45/3926)

Very little historical exploration work has been conducted over Soanesville West Project (E45/5071), Soanesville South Project (E45/4455) & Soanesville Central Project (E45/3926) project areas with only minor exploration conducted by PacMinex Pty Ltd in 1975.

The limited exploration work included sampling around the Magnifique Gold Mine with high grade gold assays returning from the old tailings site and one rock chip sample near the Magnifique shaft. The gold assays vary from 3.9g/t to 16g/t Au with silver values ranging from 4g/t Ag to 10g/t Ag. Anomalous lead values range from 0.14% to 0.53% Pb.

The 16g/t Au rock chip was collected from a fresh basic volcanic rock from dump surface around the shaft. It was noted the sulphides were located from the pre-crushed dump site with visible galena (lead), arsenopyrite, pyrite and stibnite with no further work was conducted.

MinRex Resources Limited ABN 81 151 185 867 Tel +61 (08) 9481 0389 Email info@minrex.com.au Level 11 216 St Georges Terrace Perth WA 6000 www.MinRex.com.au

ASX Code: MRR

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Table 6 - Rock Chip/Tailing Assay Results from Magnifique Gold Mine hosted with E45/4455

Sample Id Easting GDA94 Zone 50 Northing GDA94 Zone 50 Sample Type	Au ppm Ag ppm Cu ppm	Au ppm Ag ppm Cu ppm	Au ppm Ag ppm Cu ppm	Pb ppm Zn ppm Co ppm	Pb ppm Zn ppm Co ppm	Pb ppm Zn ppm Co ppm
21201 714992 7617956 Tailing Samples	5.4	8.5	95	1450	310 NA
21202 714994 7617949 Tailing Samples	4.2	8	60	1850	120 NA
21203 714992 7617938 Tailing Samples	3.9	5.5	45	1700	165	NA
21204 714997 7617958 Tailing Samples	4.1	4.5	30	1500	235 NA
21205 714995 7617955 Tailing Samples	3.9	4	40	1500	220 NA
21206 714997 7617954 Tailing Samples	6.5	10	285	2450	360 NA
21225 715000 7617959 Rock Chip	16	32	25	5350	50 15

Forward Strategy

• Field mapping and surface soil/rock chip sampling will commence to evaluate the lithium potential of the numerous pegmatites in all the areas.

• Geological reconnaissance and detail mapping of all the historical known and mapped pegmatites along with the historic evaluation of the tin and tantalum mines within the project areas by detail auger sampling.

• Detail high resolution airborne re-interpretation of geophysics will be also undertaken as part of generating lithium targets for ground evaluation and sampling.

This ASX announcement has been authorised for release by the Board of MinRex Resources Limited.

-ENDS-

For further information, please contact:

Pedro Kastellorizos Chief Executive Officer MinRex Resources Limited T: +61 8 9481 0389 M: 0427 482787 Pedro@minrex.com.au info@minrex.com.au

About MinRex Resources Limited

MinRex Resources (ASX: MRR) is an Australian based ASX listed resources company with projects in the Lachlan Fold Belt (LFB) of NSW, a world-class gold-copper province and over the Marble Bar and Murchison Regions of WA. Currently the Company’s tenements package cover 619km[2] of highly prospective ground targeting multi-commodities type deposits. Currently the company has JORC 2012 Resources totalling 352,213 oz gold.

Competent Persons Statement

The information in this report that relates to Exploration Targets and Exploration Results is based on information compiled by Pedro Kastellorizos. Mr. Kastellorizos is the Chief Executive Officer of MinRex Resources Limited and is a Member of the AusIMM of whom have sufficient experience relevant to the styles of mineralisation under consideration and to the activity being reported to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr. Kastellorizos have verified the data disclosed in this release and consent to the inclusion in this release of the matters based on the information in the form and context in which it appears.

MinRex Resources Limited ABN 81 151 185 867 Tel +61 (08) 9481 0389 Email info@minrex.com.au Level 11 216 St Georges Terrace Perth WA 6000 www.MinRex.com.au

ASX Code: MRR

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Forward Statement

This release includes forward-looking statements. Forward-looking statements include, but are not limited to, statements concerning MinRex’s planned exploration programs and other statements that are not historical facts. When used in this release, the words such as “could”, “plan”, “estimate”, “expect”, “anticipate”, “intend”, “may”, “potential”, “should”, “might” and similar expressions are forward-looking statements. Although MinRex believes that its expectations reflected in these forward-looking statements are reasonable, such statements involve known and unknown risks and uncertainties and are subject to factors outside of MinRex’s control. Accordingly, no assurance can be given that actual results will be consistent with these forward-looking statements.

References

Blockley J.G., 1978. The Tin deposits of Western Australia. Geological Survey of Western Australia Mineral Resources Bulletin 12.

Bourke, B.G., 2014. Exploration Licence 45/2244 Annual Report 2014 23rd April 2013 to 22nd April 2014. Altura Exploration Ltd, Open File Western Australia Report No. A104112.

Greenbushes Ltd, 1988., Annual Report over Tin-Tantalum-Rare Earth Project, Open File Western Australia Report No. A22310

Kimber, P.B, 1988. Pre-Feasibility Study over Tin-Tantalum-Rare Earth Project Shaw River Tin Field, Open File Western Australia Report No. A24569

Kimber, P.B, 1989. Feasibility Study over Tin-Tantalum-Rare Earth Project Shaw River Tin Field, Open File Western Australia Report No. A28385

Kimber, P.B, 1988. Annual Report over Prospecting Licences 45/618, 45/621, 45/622, 45/623,45/624, 45/625, 45/626, Shaw River Tin Field, Open File Western Australia Report No. A15930

Horsely, M, R, 1975. Final Report on the “Magnifique” Gold Lease GML 45/1322, PacMinex Pty Ltd, Open File Western Australia Report No. A5848

Len, S, 1994. Annual Report on the Exploration of the Shaw River Tenements EL’s 45/1219-1221, Mt Edon Gold Mines (Aust) Ltd Open File Western Australia Report No. A99843

Trautman, R, L, 2013. Annual Report 2013, Exploration Licence 45/2346 from 25[th] Oct 2012 to 24[th] Oct 2013Altura Mining Ltd Open File Western Australia Report No. A40371

Van Kranendonk, M. J., 2003. Geology of the Tambourah 1:100 O00 sheet: Western Australia Geological Survey, 1:100 000 Geological Series Explanatory Notes, 57p.

MinRex Resources Limited ABN 81 151 185 867 Tel +61 (08) 9481 0389 Email info@minrex.com.au Level 11 216 St Georges Terrace Perth WA 6000 www.MinRex.com.au

ASX Code: MRR

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Appendix A

Key Acquisition Terms

MinRex has entered into a binding acquisition agreement with Abeh Pty Ltd and Maxwell Strindberg to acquire exploration licences E45/4953, E45/4275, E45/4601 and E45/4266 and mineral rights in exploration licences E45/5071, E45/4455 and E45/3926. The mineral rights extend all battery metals, tin and rare earth metals (including lithium (Li), Caesium (Cs), Rubidium (Rb), Tantalum (Ta), Niobium (Nb), beryllium (Be) and lanthanide series elements 57 to 71) on E45/5071, E45/4455 and E45/3926.

The acquisition is subject to MinRex shareholder approval, which will be sought at a general meeting of shareholder to be held before 23 February 2022.

The consideration payable by MinRex for the acquisition comprises:

1. a non-refundable deposit of $5,000;

2. the issue of 40,000,000 fully paid ordinary shares in MinRex (at an issue price of $0.018); and

3. the grant of a 1% NSR royalty payable on any minerals extracted from the acquired licences (E45/4953, E45/4275, E45/4601 and E45/4266) and pursuant to MinRex’s mineral rights on E45/5071, E45/4455 and E45/3926.

The acquisition agreement otherwise contains representations, warranties and undertakings which are customary for an agreement of its nature.

Appendix B

Tenement Details

Tenement	Project Name	Holder	Status	Date of Grant	Date of Expiry	Blocks No.	Area (sqkm)
E 45/5071	Soanesville West	Abeh PtyLtd	Granted	1/11/2017	28/01/2025	6	16.72
E 45/4455	Soanesville South	Maxwell Peter Strindberg	Granted	8/12/2015	11/08/2025	9	24.41
E 45/3926	Soanesville Central	Abeh PtyLtd	Granted	30/03/2012	29/03/2022	2	6.39
E 45/4953	Tambourah North	Abeh PtyLtd	Granted	18/04/2018	17/04/2023	4	1.77
E 45/4275	Tambourah Creek	Abeh PtyLtd	Granted	25/09/2013	20/07/2024	7	22.35
E 45/4601	Shaw River	Abeh PtyLtd	Granted	16/07/2015	29/12/2021	27	86.17
E 45/4266	Coondina	Abeh PtyLtd	Granted	13/07/2014	17/07/2024	6	19.12
						61	176.93

MinRex Resources Limited ABN 81 151 185 867 Tel +61 (08) 9481 0389 Email info@minrex.com.au Level 11 216 St Georges Terrace Perth WA 6000 www.MinRex.com.au

ASX Code: MRR

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Appendix C

– JORC Code, 2012 Edition Table 1 report

Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections)

Criteria	JORC Code explanation	Commentary
Sampling techniques	 Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling.  Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used.  Aspects of the determination of mineralisation that are Material to the Public Report.  In cases where ‘industry standard’ work has been done this would be relatively simple (eg ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information.	Rock Chip Samples: 5 Stream Sediment Samples: 7 Heavy Stream Sediment Samples: 7 Tailing Samples: 6 Rock Chip Samples were taken from random point based on outcropping pegmatites or based on drainage system and creek. Bulk Heavy Stream Sediment sampled were taken at 18 kg per sample weight, then passed through sluice to produce a concentrate for assaying Rock Chip weight approx. 3 kilograms. Tailing samples were taken at random point within the historic gold tailing dam near the old shaft area In 1994, Heavy Bulk Stream Sediment samples were assayed by Australian Assay Laboratories (Balcatta) for Sn, Ta, Y, Nb and W were assayed by partial digest ICP-OES In 2013, Labwest Minerals Analysis Pty Ltd completed the rock chip samples over E45/4953. In 2019, Intertek Genalysis Labs (Perth) completed all Abeh Pty Ltd rock chip samples Gold was analysed by AAS method. Elements Be, Cs, Li, Nb, Rb, Ta, Sn, Th, Ta, U and W were analysed by method ICP_OES: Major Oxides and multi-element

MinRex Resources Limited ABN 81 151 185 867 Tel +61 (08) 9481 0389 Email info@minrex.com.au Level 11 216 St Georges Terrace Perth WA 6000 www.MinRex.com.au

ASX Code: MRR

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Criteria	JORC Code explanation	Commentary
		short suite by ICPOES/ICPMS and through sodium peroxide fusion and Hydrochloric acid to dissolve the melt. Analysed by ICP (Atomic) Emission Spectrometry. Elements Cu, Pb, Fe, Mg, Mn, Ni, V and Zn were analysed by method ICP OES: using a similar multi-acid digest but analysed by Inductively Coupled
Drilling techniques	 Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc).	NA
Drill sample recovery	 Method of recording and assessing core and chip sample recoveries and results assessed.  Measures taken to maximise sample recovery and ensure representative nature of the samples.  Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.	NA
Logging	 Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies.  Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography.  The total length and percentage of the relevant intersections logged.	NA
Sub- sampling	 If core, whether cut or sawn and whether quarter, half or all core taken.	Elements Be, Cs, Li, Nb, Rb, Ta, Sn, Th, Ta, U and W were analysed by method ICP_OES: Major Oxides and multi-element

MinRex Resources Limited ABN 81 151 185 867 Tel +61 (08) 9481 0389 Email info@minrex.com.au

Level 11 216 St Georges Terrace Perth WA 6000 www.MinRex.com.au

ASX Code: MRR

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Criteria	JORC Code explanation	Commentary
techniques and sample preparation	 If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry.  For all sample types, the nature, quality and appropriateness of the sample preparation technique.  Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples.  Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling.  Whether sample sizes are appropriate to the grain size of the material being sampled.	short suite by ICPOES/ICPMS and through sodium peroxide fusion and Hydrochloric acid to dissolve the melt. Analysed by ICP (Atomic) Emission Spectrometry. Elements Cu, Pb, Fe, Mg, Mn, Ni, V and Zn were analysed by method ICP OES: using a similar multi-acid digest but analysed by Inductively Coupled All surface sampling collected are appropriate reconnaissance exploration techniques and are not to be considered as constituting a mineral deposit discovery. Stream sediment sampling collects a sample that is representative of the catchment of the stream. transported cover were not observed.
Quality of assay data and laboratory tests	 The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total.  For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.  Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established.	All assay information has been digitized form historic open file reports. There are no records regarding the use of standards or blanks and data relating to these (if carried out) have been recorded over the Heavy Stream Sediment Sampling Program (Report A40371), Tailing and Rock Chip sampling (Report A5848). Abeh Pty Ltd exploration work included the analyses for Elements Be, Cs, Li, Nb, Rb, Ta, Sn, Th, Ta, U and W were analysed by method ICP_OES: Major Oxides and multi-element short suite by ICPOES/ICPMS and through sodium peroxide fusion and Hydrochloric acid to dissolve the melt. Analysed by ICP (Atomic) Emission Spectrometry. 2 checks ,5 standards and 2 blanks were used. No geophysical tools were used

MinRex Resources Limited ABN 81 151 185 867 Tel +61 (08) 9481 0389 Email info@minrex.com.au Level 11 216 St Georges Terrace Perth WA 6000 www.MinRex.com.au

ASX Code: MRR

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Criteria	JORC Code explanation	Commentary
Verification of sampling and assaying	 The verification of significant intersections by either independent or alternative company personnel.  The use of twinned holes.  Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.  Discuss any adjustment to assay data.	All surface sampling were reviewed by previous company geologist and current MinRex geologist Significant intercepts were verified by geologists. No twinned holes were used. The verification of significant intersections has been reviewed by independent consultant from Odessa Resources Pty Ltd No adjustment to assay data
Location of data points	 Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.  Specification of the grid system used.  Quality and adequacy of topographic control.	Recorded as Handheld GPS with accuracy of 5m. All data points in GDA94 MGAZ50
Data spacing and distribution	 Data spacing for reporting of Exploration Results.  Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied.  Whether sample compositing has been applied.	The data spacing and distribution are considered sufficient for the current level of exploration. Samples were not composited in the sampling phase. See maps for sample distribution. Data distribution was on an outcrop basis so is random in nature. No sample compositing has been applied.
Orientation of data in relation to geological structure	 Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type.  If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.	No geological structure taken into consideration.

MinRex Resources Limited ABN 81 151 185 867 Tel +61 (08) 9481 0389 Email info@minrex.com.au

Level 11 216 St Georges Terrace Perth WA 6000 www.MinRex.com.au

ASX Code: MRR

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Criteria	JORC Code explanation	Commentary
Sample security	 The measures taken to ensure sample security.	Not documented.
Audits or reviews	 The results of any audits or reviews of sampling techniques and data.	There have been no documented previous audits of sampling techniques and data.

Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

Criteria	JORC Code explanation	Commentary
Mineral tenement and land tenure status	Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.	As reported in Appendix B and the body of this report. All granted tenements are in good standing.
Exploration done by other parties	Acknowledgment and appraisal of exploration by other parties.	Open File Western Australia Report No. A104112Earlier exploration activities at Tambourah have been unable to identify significant gold and base metal mineralisation, however, evidence of outcropping lithium mineralisation was identified. Ongoing exploration will need to employ a combination of geological, geochemical and geophysical studies to aid in the identification of deep or buried orebodies. Open File Western Australia Report No. A22310 and A24569he pegmatites are quartz-Kfeldspar- rich, with albite, muscovite or biotite, and accessory spessartine, cassiterite, zinnwaldite, lepidolite, fluorite, tantalite, green muscovite and magnetite. They are the source for widespread alluvial and eluvial cassiterite-tantalite concentrations. A major feature of the area is the post-granitoid Black Range dolerite dyke which forms a razor-backed NNE- trending ridge which has controlled creek development, especially in the Hillside area. The surficial deposits are developed in an area of flat to

MinRex Resources Limited ABN 81 151 185 867 Tel +61 (08) 9481 0389 Email info@minrex.com.au Level 11 216 St Georges Terrace Perth WA 6000 www.MinRex.com.au

ASX Code: MRR

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undulating relief with broad shallow drainage systems. Ridges and divides
may typically have 0.5m thickness of colluvium and eluvium. Most past
production in the area, however, has come from alluvium, both from small
shallow creeks and major, deeply incised braided streams. Potential also
exists for alluvial deposits in perched palaeochannels and terraces.
Open File Western Australia Report No. A24569Swarms of pegmatites with
individual widths usually less than 10 cm wide but ranging up to 3 m wide
consitute up to 5% of the total batholith. Pegmatite veins cut across the
banding of the gneissic granite host.
Conclusions: The project has a life of 4 years at a treatment rate of 660,000
tonnes per annum based on proven mineable ore reserves.
Economic feasibility is assessed by producing approximately 300 metric
tonnes of tin metal and 40,000 lbs of Ta,0, contained in mixed
cassiterite/tantalite concentrates
Open File Western Australia Report No. A15930A major feature of the area
is the post-granitoid Black Range dolerite dyke which forms a razor-backed
NNE-trending ridge which has controlled creek development, especially in the
Hillside area. The surficial deposits are developed in an area of flat to
undulating relief with broad shallow drainage systems. Ridges and divides
may typically have 0.5m thickness of colluvium and eluvium. Most past
production in the area, however, has come from alluvium, both from small
shallow creeks and major, deeply incised braided streams. Potential also
exists for alluvial deposits in perched palaeochannels and terraces.
Exploration and reserve estimation has been by systematic pitting, channel
sampling, visual ranking and analysis. Traverses, however, are widespread,
and infill sampling would be required prior to or during any future mining
operation
Open File Western Australia Report No. A5848Magnifique gold exploration
A Numbers in Group: 5294, 5848, 5867, 6394 Examination of an auriferous
quartz vein hosted bysheared Archaean rocks concluded "Despite the

MinRex Resources Limited ABN 81 151 185 867 Tel +61 (08) 9481 0389 Email info@minrex.com.au Level 11 216 St Georges Terrace Perth WA 6000 www.MinRex.com.au

ASX Code: MRR

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		presence of encouraging amounts of gold...in quartz samples from the pre- crusher dump Open File Western Australia Report No. A99843: The Tambourah area is host to small hard rock gold deposits hosted by quartz veins and shear deposits and derived alluvial accumulations. Field observations suggest these deposit styles do not demonstrate immediate potential for gold mineralisation on E45/2346. Current exploration focussed on rare metal mineralisation associated with pegmatite outcrops. Several rock chip samples of exposed lithium mineralisation were collected and evaluated for their rare metal content. Conclusions & Recommendations: Earlier exploration activities at Tambourah have been unable to identify significant gold and base metal mineralisation, however, evidence of outcropping lithium mineralisation was identified. Ongoing exploration will need to employ a combination of geological, geochemical and geophysical studies to aid in the identification of deep or buried orebodies
Geology	Deposit type, geological setting and style of mineralisation.	Exploration is targeting lithium bearing pegmatites in the aureoles of granites. This part of the Pilbara contains multiple Archean granites intruding mafic volcanics and sediments. Pegmatites are emplaced from extrusion of the granites into the surrounding country rock. This work is looking for comparable targets to the Pilgangoora and Wodgina styles of mineralization.
Drill hole Information	A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: easting and northing of the drill hole collar elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar dip and azimuth of the hole down hole length and interception depth hole length.	NA

MinRex Resources Limited ABN 81 151 185 867 Tel +61 (08) 9481 0389 Email info@minrex.com.au

Level 11 216 St Georges Terrace Perth WA 6000 www.MinRex.com.au

ASX Code: MRR

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	If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case.
Data aggregation methods	In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated. Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail. The assumptions used for any reporting of metal equivalent values should be clearly stated.	NA
Relationship between mineralisation widths and intercept lengths	These relationships are particularly important in the reporting of Exploration Results. If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg ‘down hole length, true width not known’).	NA
Diagrams	Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.	As per the body of the report
Balanced reporting	Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.	All results are presented in the Figures and Tables in the body of report.
Other substantive	Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of	There are no other results to report that are considered material.

MinRex Resources Limited ABN 81 151 185 867 Tel +61 (08) 9481 0389 Email info@minrex.com.au

Level 11 216 St Georges Terrace Perth WA 6000 www.MinRex.com.au

ASX Code: MRR

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exploration data	treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.
Further work	The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or large-scale step-out drilling). Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.	Further surface reconnaissance & rock chip sampling is planned with future drill targeting following this program.

MinRex Resources Limited ABN 81 151 185 867 Tel +61 (08) 9481 0389 Email info@minrex.com.au

Level 11 216 St Georges Terrace Perth WA 6000 www.MinRex.com.au