MINREX RESOURCES LIMITED — Capital/Financing Update 2021

Sep 16, 2021

ASX Code: MRR

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17[th] September 2021

ASX RELEASE

- SUNNY CORNER FARM IN COMMENCES

Formal farm-in and joint venture agreements signed with project owners

• MinRex to commence farm-in to earn up to a 90% interest in exploration area of EL5964, part of the Sunny Corner Project.

• Farm-in rights add significant polymetallic mineralisation potential to MinRex’s Sofala project portfolio.

• The Sunny Corner Project has a rich history of numerous prospect/mines yielding mined resources and exploration significant results with potential for further expansion and delineation of new undiscovered polymetallic mineralisation.

• MinRex has defined walk-up drill targets within extensive ground IP and structural zones.

MinRex Resources Limited (ASX: MRR) (“ MinRex ” or “ the Company ”) is pleased to announce that it has signed formal farm-in and joint venture agreements with Sunny Silver Pty Ltd and Sunshine Reclamation Pty Ltd confirming MinRex’s right to earn a 90% interest in the exploration area of EL 5964 by spending $1.5 million on exploration expenditure within 3 years.

El 5964 forms part of the Sunny Corner Project, along with EL9133 and EL9504 which are 100% owned by MinRex. Refer to Figure 1 overleaf for further details.

The Sunny Corner Project is hosted within the world class gold-copper mining province of the Lachlan Fold Belt which comprises projects such as Cadia (Newcrest Mining), Cowal (Evolution Mining) and North Parkes (CMOC). The Project is situated approximately 30km east from Bathurst NSW.

MinRex Resources Limited Chief Executive Officer Mr Kastellorizos commented:

“The Sunny Corner JV opportunity represents another major footprint in the further acquisition of highly prospective ground within the Lachlan Fold Belt. Based on the number of prospects/mines with recorded significant historic production, the company is in strong position to add shareholder value through follow-up exploration over these highly prospective mineral areas”.

“The initial data review has outlined outstanding ground IP geophysics and structural targets which remains untested and represents walk-up drill targets for MinRex moving forward”.

Sunny Corner Project

EL5964, with an area of 19 units (~54 km[2] ), is part of MinRex’s Sunny Corner Project. The Sunny Corner Project also comprises EL9133, with an area of 54 units (~154 km[2] ), and EL9504, with an area of 12 units (~34 km[2] ) (see Figure 1 overleaf).

The project area was identified as a major graben in a rift valley between two or more stable continental plates formed during the Silurian to Middle Devonian period, and includes the first direct shipping mine (DSO) in Australia (silver ore shipped to London in 1877) and historical production mines producing gold,

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

ASX Code: MRR

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silver and copper including the Nevada Copper Mine (produced Ag-Pb-Cu with 1,000t of ore producing 50t of Cu), Big Hill and Bobs Creek Gold Mines.

Golden Cross Resources Limited last explored within EL5964 in 2005 with exploration activities including 1,860m of drilling (36 RC drillholes an average of 60 meters in depth). There are various prospects of interest including Nevada, Bob’s Creek and Big Hill. Within EL9133, the Mitchells Creek alluvial workings have produced about 12,000 oz Au with the surrounding areas considered to be prospective for gold and base metal mineralisation. The Paddy Lackey mine at Dark Corner recorded production of 11,740 oz of Au from 1885 to 1906.

Several prospects have been reported to have gold occurrences with quartz veins and shears in sediments (Big Hill) and as occurring in quartz along the contact of sediments with porphyritic intrusives (Bobs Creek). Other prospects were reported as being spatially associated with felsic-intermediate volcaniclastics, as at the Paddy Lackey and St George prospects, exhibiting localised zones of hydrothermal alteration and quartz veining which are thought to be primarily structure controlled.

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EL9133 ELA5986
St George
Rock chip results EL5964 EL5964 Bulldog
8.9g/ t Au Rock chip results
20% Cu, 8.2% Zn, 37%Pb/ Ag
Nevada
Drill results
16m@46.98g/ t Ag, 4.31% Zn, 0.67% Cu from 51.36m
including 0.7m@1.35% Cu, 9.7% Zn, 8oz Ag from 67m.
Bobs Creek
Historic Gold Mine 28m@124g/ t Ag, 3.9%Zn from 25m
including 0.45m@850g/ t Ag, 21.7%Zn from 49.9m.
1,400 Oz Au produced
Rock chip results
71g/ t Au, 82g/ t Ag
Powerline Legend
Rock chip results Historic Mine
EL9054 ELA6142 2.40g/ t Au Mineral Occurrence
Environmental
2 km reclamation area
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Figure 1 – Sunny Corner Project (EL5964, EL9133 & EL9504) and location of prospects[1]

• 1 Refer to MinRex Announcements of 25 November 2020 for further details.

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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Sunny Corner Consideration Payments

The following payments will be made by MinRex following singing of the formal farm-in and joint venture agreements:

• the issue of 25,000,000 MinRex shares to Argent Minerals Ltd (ASX: ARD) as approved by shareholders on 27 November 2020 (and subject to a waiver obtained by MinRex under Listing Rule 7.3.4 to permit such shares to be issued by 14 October 2021); and

• reimbursement to Sunny Silver Pty Ltd of amounts spent to keep EL5964 in good standing (approximately $50,000).

MinRex now has 3 years to earn a 90% working interest in the exploration area of EL5964 by spending $1.5m on exploration expenditure. Refer to MinRex’s Announcement 22 October 2020 for details on the further consideration payments due in relation to the Sunny Corner Project.

Forward Strategy

The focus moving forward will be concentrated around forming a detailed GIS database incorporating all detailed historic data including surface geochemical results, historic drilling assay results and regional geophysics to commence in defining ground exploration targets.

The company has flagged significant areas of interest in which further work will be conducted in the upcoming months with a view of potentially test drilling these areas before the end of the year.

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 info@minrex.com.au

About MinRex Resources Limited

MinRex Resources Limited (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 multicommodities 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 who has 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 has verified the data disclosed in this release and consents to the inclusion in this release of the matters based on the information in the form and context in which it appears.

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.

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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References

Scheibner, E., 1973: A Plate Tectonic Model of the Paleozoic Tectonic History of New South Wales. Journal of the Geological Society of Australia , 20 : 405-426.

Seccombe, P. K. et al , 1984: Geology and Ore Genesis of Silver-Lead-Zinc-Copper Sulphide Deposits, Sunny Corner , New South Wales. Aust. Inst. Min. Met. Proc., 289: 51-57.

Singer, D. A., 1986a. Descriptive model of Cyprus massive sulphide, In Cox, D.P. and Singer D.A., eds., Mineral Deposit models: U. S. Geological Survey Bulletin 1963 , p.131.

Singer, D. A., 1986b. Descriptive model of Kuroko massive sulphide, In Cox, D.P. and Singer D.A., eds., Mineral Deposit models: U. S. Geological Survey Bulletin 1963 , 189-190.

White, P. 2003. Sunny Corner, Exploration licence 5964, Annul report to 12th July 2003, GCO307.

www.MinRex.com.au

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