MINREX RESOURCES LIMITED — Capital/Financing Update 2021

Feb 25, 2021

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ASX AND MEDIA ANNOUNCEMENT

26 February 2021

Sofala Exploration Update and Second Farm-in & Joint Venture Agreement Signed

HIGHLIGHTS

• Historical soil sampling assays from Wattle Resources for the Wiles Prospect received, includes:

• 9.26 ppm Au & 616 ppm As

• 4.28 ppm Au & 732 ppm As

• 4.01 ppm Au & 824 ppm As

• Results of recent shallow RC drilling completed by Wattle Resources at the Wiles Prospect received, includes:

• 2m @ 2.97g/t Au from 17m (WFRC005)

• 9m @ 2.43g/t Au from 6m (WFRC004)

• Additional historical drilling assays received from Wattle Resources, includes:

• 1.5m @ 37.9g/t Au from 66.5m (Big Oakey) (CH360-6)

• 3m @ 4.2g/t Au from 73m (Big Oakey) CH360-5)

• 2m @ 8.11g/t Au from 92m (Caledonian) (CC 4)

• 2m @ 7.7g/t Au from 2m (Caledonian) (CC 5)

• 2m @ 9.81g/t Au from 38m (Surface Hill) (CSH 3)

• 16m @ 3.3g/t Au from 48m (Surface Hill) (CSH 25)

• 2m @ 9.85g/t Au from 46m (Whalans Hill) (CWH4)

• 2m @ 3.62g/t Au from 26m (Whalans Hill) (CWH1)

• Confirmed land access rights to enable drilling at Wiles and Spring Gully Prospects.

• Second formal Farm-in and Joint-Venture Agreement signed for Sofala Project area.

MinRex Resources Limited (ASX: MRR) (“ MinRex ” or “ the Company ”) is pleased to provide an update on recent exploration developments at its Sofala Project and announce the execution of a formal Farm-in and Joint Venture Agreement with Fortius Mines Pty Ltd (a wholly owned subsidiary of Australian United Mining Limited (ASX:AYM)) in relation to EL7423.

______________ MinRex Resources Limited Level 11 ABN 81 151 185 867 216 St Georges Terrace Perth WA 6000 P: +61 (08) 9481 0389 E-mail: info@minrex.com.au

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About Sofala Project

The Sofala Project Area is a historical gold mining region with workings dating back to 1851. MinRex holds farm-in over two exploration licences in (EL7974 and EL7423) to earn up to 80% of those licences. The area contains 10 historical mines and 16 artisanal workings. The project area covers 18 units (~41km2 ) across the two licences.

About Wiles Prospect

The Wiles Prospect, a new prospect discovered by joint-venture partner Wattle Resources Pty Ltd ( Wattle ), is an orogenic gold deposit situated on strike of the Big Oakey Fault. This deposit was unknown until discovered by Wattle whilst undertaking soil sampling in the area in 2018 and confirming mineralization with reconnaissance drilling in late 2020.

The Wiles Prospect is an addition to the other excellent prospects in the Sofala Project area, including Spring Gully, Surface Hill Queenslander and Surface Ridge (see Figure 1 and Figure 2 below).

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EL7974
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Figure 1 – Map of Sofala Project Area (EL7974 and EL7423)

________________ MinRex Resources Limited Level 11 ABN 81 151 185 867 216 St Georges Terrace

P: +61 (08) 9481 0389

2

Perth WA 6000

E-mail: info@minrex.com.au

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EL7974

Land Access Agreement – Drilling and Surface Rights

MinRex has confirmed land access rights to the Wiles Prospect. The land access agreement between Wattle and the private landholder provides MinRex (as manager of the EL7974 farm-in and jointventure) with the right to access the Wiles Prospect for the purpose of surface and drilling activities.

Wattle gained approval for 11 drillholes on the Wiles Prospect of which 6 were completed in late 2020 (see below for further details). These drilling approvals can be utilised by MinRex on any subsequent drilling campaign on Wiles Prospect.

Soil Sampling Results

MinRex has received and verified historical soil sampling assay results completed by Wattle on the Wiles and Little Oakey Prospects. 318 -2.4mm soils samples were collected returning highly anomalous assay results up to 9.26 ppm. Significant surface geochem anomalies were identified from the results.

Sampling locations are displayed in Figure 2 (below) and significant assay results are displayed in Figure 3 (see Appendices).

Historical RC Drill Results

MinRex has received and verified assay results from Wattle for historical drilling completed by Compass Resources NL. Compass drilled a total of 45 RC drill holes at Surface Ridge, Surface Hill, Whalans Hill and Caledonian Prospects from 1991 to 1994. Prior to this, 23 vertical percussion drill holes were completed on the Big Oakey prospect by G. Abignano Pty Ltd Drilling during the 1980’s, limited information is available for this period of exploration activity.

Drilling locations are displayed in Figure 2 (below) and significant assay results are shown in Table 1 (see Appendices).

Wattle Resources RC Drilling Results

MinRex has received and verified assay results for historical drilling completed by Wattle. 6 shallow RC drillholes were completed by Wattle in late 2020 on the Wiles Prospect to test the previously identified soil geochem anomaly from 2018.

Drilling locations are displayed in Figure 2 (below) and significant assay results are listed in Table 1 (see Appendices).

On the above geochemistry results, MinRex Chief Operating Officer Stuart Till said:

“First pass shallow reconnaissance RC drill data at the Wiles prospect has identified significant gold mineralisation open in all directions. Drilling has validated the anomalous surface soil geochemistry completed in 2018 at the prospect which will now be the focus of additional infill RC drilling by MinRex moving forward.”

P: +61 (08) 9481 0389

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________________ MinRex Resources Limited Level 11 ABN 81 151 185 867 216 St Georges Terrace Perth WA 6000

E-mail: info@minrex.com.au

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EL7974
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Figure 2 – Map of EL7974 Historical Drilling and Soil Sampling locations

EL7423

Fortius Farm-in and Joint Venture Agreement

MinRex has executed a formal Farm-in and Joint Venture Agreement with Fortius Mines Pty Ltd (a wholly owned subsidiary of Australian United Mining (ASX:AUM) in relation to EL7423. This is the second (and last) formal Farm-in and Joint Venture Agreement for the Sofala Project area further to the acquisitions announced by MinRex on 22 October 2020 (and approved by Shareholders on 27 November 2020).

________________ MinRex Resources Limited Level 11 ABN 81 151 185 867 216 St Georges Terrace Perth WA 6000 P: +61 (08) 9481 0389 E-mail: info@minrex.com.au

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Under the terms of the Farm-in and Joint Venture Agreement, MinRex has 3 years to earn a 51% interest in EL7423 by spending $750K and an additional 29% interest (80% total) by spending an additional $1.55 million. Standard dilution clauses apply once MinRex completes the first stage of the farm-in (should MinRex elect not to continue the farm-in) or on completion of the second stage of the farm-in, except that Fortius’ interest will be free carried once it falls to 10%. Fortius also has a 1% net smelter royalty over MinRex’s interest in minerals mined from EL7423.

As approved by shareholders on 27 November 2020, MinRex will today issue Fortius 50,000,000 shares and made cash payments totalling $50,000. MinRex looks forward to working with Fortius to help realize the full potential of EL7423 as part of its broader Lachlan Fold Belt strategy.

Spring Gully Land Access Agreement - MinRex secures Drilling and Surface Rights

MinRex has confirmed land access rights to the area known as Spring Gully. A land access agreement has been entered into between joint venture partner Fortius and a private landholder. This land access agreement provides MinRex (as manager of the EL7423 farm-in and joint-venture) with the right to access the private landholder’s property for the purpose of surface and drilling exploration.

About Spring Gully

Spring Gully is an orogenic gold deposit located along strike of the Spring Gully fault. The prospect has been the subject of extensive historical RC and diamond drilling with significant intercepts of 48m@1.52g/t Au and 52m@0.88g/t Au (see ASX Announcement “Investor Presentation” dated 25 November 2020 for further details).

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

-ENDS-

For further information, please contact:

James Bahen Non-Executive Director MinRex Resources Limited T: +61 8 9481 0389 info@minrex.com.au

Competent Persons Statement:

The information in this report that relates to Exploration Targets and Exploration Results is based on information compiled by Mr Stuart Till, a Competent Person who is a Member of the Australian Institute of Geoscientists and has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken 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 Till is employed as an independent geological consultant by MinRex and consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

________________ MinRex Resources Limited Level 11 ABN 81 151 185 867 216 St Georges Terrace Perth WA 6000

P: +61 (08) 9481 0389

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E-mail: info@minrex.com.au

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APPENDICIES

Table 1 - Significant Drill Intercepts

PROSPECT	COMPANY	HOLE ID	E_ GDA94	N_ GDA94	DIP	AZI_ MAG	EOH_ m	FROM **_m **	TO _m	INTER **VAL_m **	Au g/t
WILES	WATTLE RESOURCES PTY LTD	WFRC001	751828	6332845	-55	64	40				NSI
WILES	WATTLE RESOURCES PTY LTD	WFRC002	751812	6332845	-55	64	35	2	3	1	1.08
WILES	WATTLE RESOURCES PTY LTD	WFRC003	751857	6332783	-55	82	45	8	10	2	2.18
WILES	WATTLE RESOURCES PTY LTD	WFRC004	751831	6332754	-55	60	35	6	15	9	2.43
WILES	WATTLE RESOURCES PTY LTD	WFRC005	751810	6332730	-55	90	30	5	6	1	1.85
WILES	WATTLE RESOURCES PTY LTD	WFRC005						17	19	2	2.97
WILES	WATTLE RESOURCES PTY LTD	WFRC005						24	25	1	2.07
WILES	WATTLE RESOURCES PTY LTD	WFRC006	751840	6332700	-55	90	35	1	10	9	1.75
SURFACE HILL	COMPASS RESOURCES NL	CSH 1	752643	6332634	-60	212	32	8	10	2	2.19
SURFACE HILL	COMPASS RESOURCES NL	CSH 1						12	14	2	1.26
SURFACE HILL	COMPASS RESOURCES NL	CSH 1						24	26	2	1.32
SURFACE HILL	COMPASS RESOURCES NL	CSH 2	752631	6332624	-60	218	24	8	14	6	4.45
SURFACE HILL	COMPASS RESOURCES NL	CSH 3	752612	6332617	-60	237	54	8	14	6	2.59
SURFACE HILL	COMPASS RESOURCES NL	CSH 3						38	40	2	9.81
SURFACE HILL	COMPASS RESOURCES NL	CSH 3						44	46	2	5.92
SURFACE HILL	COMPASS RESOURCES NL	CSH 5	752575	6332592	-60	55	18	10	12	2	1.87
SURFACE HILL	COMPASS RESOURCES NL	CSH 6	752551	6332722	-60	56	76	38	40	2	2.09
SURFACE HILL	COMPASS RESOURCES NL	CSH 6						56	58	2	4.55
SURFACE HILL	COMPASS RESOURCES NL	CSH 7	752538	6332764	-60	50	50	0	4	4	1.37
SURFACE HILL	COMPASS RESOURCES NL	CSH 9	752575	6332824	-60	232	60	34	40	6	1.38
SURFACE HILL	COMPASS RESOURCES NL	CSH 9						56	60	4	2.34
SURFACE HILL	COMPASS RESOURCES NL	CSH 10	752561	6332674	-60	236	54	8	10	2	4.06
SURFACE HILL	COMPASS RESOURCES NL	CSH 11	752581	6332744	-60	232	30	10	14	4	1.45

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________________ MinRex Resources Limited Level 11

P: +61 (08) 9481 0389

ABN 81 151 185 867 216 St Georges Terrace Perth WA 6000

E-mail: info@minrex.com.au

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PROSPECT	COMPANY	HOLE ID	E_ GDA94	N_ GDA94	DIP	AZI_ MAG	EOH_ m	FROM **_m **	TO _m	INTER **VAL_m **	Au g/t
SURFACE HILL	COMPASS RESOURCES NL	CSH 11						24	28	4	1.2
SURFACE HILL	COMPASS RESOURCES NL	CSH 12	752611	6332700	-60	56	48	18	20	2	4.78
SURFACE HILL	COMPASS RESOURCES NL	CSH 12						26	30	4	2.45
SURFACE HILL	COMPASS RESOURCES NL	CSH 13	752515	6332756	-60	228	54	8	10	2	2.5
SURFACE HILL	COMPASS RESOURCES NL	CSH 13						30	34	4	1.78
SURFACE HILL	COMPASS RESOURCES NL	CSH 14	752565	6332942	-60	300	36	16	20	4	2.98
SURFACE HILL	COMPASS RESOURCES NL	CSH 15	752553	6332866	-60	265	48	16	20	4	3.76
SURFACE HILL	COMPASS RESOURCES NL	CSH 21	752595	6332982	-60	305	62	10	12	2	2.29
SURFACE HILL	COMPASS RESOURCES NL	CSH 21			-60			40	42	2	1.06
SURFACE HILL	COMPASS RESOURCES NL	CSH 22	752509	6332780	-60	278	62	22	24	2	1
SURFACE HILL	COMPASS RESOURCES NL	CSH 23	752533	6332820	-60	291	50	12	14	2	2.83
SURFACE HILL	COMPASS RESOURCES NL	CSH 24	752607	6332754	-60	60	66	12	14	2	1.01
SURFACE HILL	COMPASS RESOURCES NL	CSH 25	752225	6333330	-60	60	66	48	64	16	3.3
SURFACE HILL	COMPASS RESOURCES NL	CSH 28	752553	6332728	-60	60	96	24	28	4	2.03
SURFACE HILL	COMPASS RESOURCES NL	CSH 29	752583	6332818	-60	240	90	62	66	4	1.63
SURFACE HILL	COMPASS RESOURCES NL	CSH 30	752613	6332664	-60	233	96	6	9	3	1.34
SURFACE HILL	COMPASS RESOURCES NL	CSH 30						36	44	8	2.23
SURFACE HILL	COMPASS RESOURCES NL	CSH 31	752203	6333250	-60	61	100	30	36	6	1.45
SURFACE HILL	COMPASS RESOURCES NL	CSH 32	752171	6333309	-60	60	96	42	50	8	1.37
SURFACE HILL	COMPASS RESOURCES NL	CSH 33	752209	6333406	-60	245	102	54	56	2	2.72
CALE- DONIAN	COMPASS RESOURCES NL	CC 2	752735	6332166	- 59.5	347	37	0	4	4	1.72
CALE- DONIAN	COMPASS RESOURCES NL	CC 2						14	16	2	3.04
CALE- DONIAN	COMPASS RESOURCES NL	CC 2A	752735	6332165	-75	347	35	4	6	2	1.45
CALE- DONIAN	COMPASS RESOURCES NL	CC 2A						30	32	2	1.17
CALE- DONIAN	COMPASS RESOURCES NL	CC 2A						34	36	2	1.08
CALE- DONIAN	COMPASS RESOURCES NL	CC 3	752665	6332119	-60	346	102	14	16	2	1.71
CALE- DONIAN	COMPASS RESOURCES NL	CC 3						46	48	2	1.27
CALE- DONIAN	COMPASS RESOURCES NL	CC 4	752418	6332166	-60	343	108	92	94	2	8.11
CALE- DONIAN	COMPASS RESOURCES NL	CC 5	752366	6332172	-60	357	108	2	4	2	7.7

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________________ MinRex Resources Limited Level 11

P: +61 (08) 9481 0389

ABN 81 151 185 867 216 St Georges Terrace Perth WA 6000

E-mail: info@minrex.com.au

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PROSPECT	COMPANY	HOLE ID	E_ GDA94	N_ GDA94	DIP	AZI_ MAG	EOH_ m	FROM **_m **	TO _m	INTER **VAL_m **	Au g/t
WHALANS HILL	COMPASS RESOURCES NL	CWH1	751474	6333047	-60	62	108	4	8	4	1.71
WHALANS HILL	COMPASS RESOURCES NL	CWH1						26	28	2	3.62
WHALANS HILL	COMPASS RESOURCES NL	CWH2	751554	6333062	-60	355	102	2	12	10	1.63
WHALANS HILL	COMPASS RESOURCES NL	CWH3	751567	6333033	-55	53	90	4	12	8	1.23
WHALANS HILL	COMPASS RESOURCES NL	CWH4	751526	6333015	-55	54	96	46	48	2	9.85
BIG OAKEY	G ABIGNANO PTY LTD	CH360-5	752235	6331373	-90	0	?	99	100.5	1.5	17.7
BIG OAKEY	G ABIGNANO PTY LTD	CH360-6	752277	6331378	-90	0	111.5	39.6	41.1	1.5	3.4
BIG OAKEY	G ABIGNANO PTY LTD	CH360-6						58.4	59.9	1.5	8.9
BIG OAKEY	G ABIGNANO PTY LTD	CH360-6						65	66.5	1.5	37.9
BIG OAKEY	G ABIGNANO PTY LTD	CH360-6						73	76	3	4.2

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________________ MinRex Resources Limited Level 11 ABN 81 151 185 867 216 St Georges Terrace Perth WA 6000

P: +61 (08) 9481 0389 E-mail: info@minrex.com.au

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- Figure 3 Significant Assay Results (Soil Sampling at Wiles and Little Oakey prospects)

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________________ MinRex Resources Limited Level 11 ABN 81 151 185 867 216 St Georges Terrace Perth WA 6000 P: +61 (08) 9481 0389 E-mail: info@minrex.com.au

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JORC Code, 2012 Edition – Table 1 report template

Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)

Criteria	JORC Code explanation	Commentary	Commentary
Sampling	 Nature and quality of sampling (eg		RC percussion samples were
techniques	cut channels, random chips, or specific specialised industry		collected at 1m intervals for Wiles prospect WFRC001-006. With the
	standard measurement tools		addition of DGPS collar co-ordinates
	appropriate to the minerals under		the Sep 2020 RC drilling sampling
	investigation, such as down hole		techniques & assays will be JORC
	gamma sondes, or handheld XRF		(2012) compliant.
	instruments, etc). These examples		RC drilling completed by Compass
	should not be taken as limiting the		Resources NL (1991-1994) on
	broad meaning of sampling.		numerous prospects including
	 Include reference to measures		Surface Hill, Whalans Hill, Surface
	taken to ensure sample		Ridge, Caledonian & Big Oakey.
	representivity and the appropriate		Details not recorded. Drill data from
	calibration of any measurement		this period is not JORC (2012)
	tools or systems used.		compliant
	 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.
Drilling	 Drill type (eg core, reverse		Reverse circulation drilling completed
techniques	circulation, open-hole hammer, rotary air blast, auger, Bangka,		by a Landcruiser mounted RC drill rig, Sep 2020 WFRC001-006.
	sonic, etc) and details (eg core		RC drilling completed by Compass
	diameter, triple or standard tube,		Resources NL, some recorded as
	depth of diamond tails, face-		completed by Cherlor Air Drillers.
	sampling bit or other type, whether
	core is oriented and if so, by what
	_method, etc). _
Drill sample	 Method of recording and assessing		RC retention bags were collected at
recovery	core and chip sample recoveries and results assessed.		1m intervals & consistently averaged 26 to 30kg in weight. Recoveries
	 Measures taken to maximise		were deemed to be acceptable for
	sample recovery and ensure		the type of drilling equipment used.
	representative nature of the		Not recorded for Compass
	samples.		Resources NL data (1991-1994).

________________ MinRex Resources Limited Level 11

P: +61 (08) 9481 0389

10

ABN 81 151 185 867 216 St Georges Terrace Perth WA 6000

E-mail: info@minrex.com.au

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Criteria	JORC Code explanation	Commentary
	 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.
Logging	 Whether core and chip samples	Geological logs of all RC chip
	have been geologically and	samples drilled were completed at
	geotechnically logged to a level of	1m intervals and are qualitative in
	detail to support appropriate	nature for WFRC001-006, Sep 2020.
	Mineral Resource estimation,	Geological logs were completed at
	mining studies and metallurgical	2m intervals and are qualitative in
	studies.	nature for Compass Resources NL
	 Whether logging is qualitative or	data (1991-1994).
	quantitative in nature. Core (or
	costean, channel, etc)
	photography.
	 The total length and percentage of
	the relevant intersections logged.
Sub-	 If core, whether cut or sawn and	WFRC001-006 RC retention bags
sampling techniques and sample preparation	whether quarter, half or all core taken.  If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry.	were collected at 1m intervals & consistently averaged 26 to 30kg in weight. Samples were dry, spear sampled & approximately 2kg were collected in calico sample bags for
	 For all sample types, the nature,	assay.
	quality and appropriateness of the	The samples are regarded as
	sample preparation technique.	representative of the in-situ material
	 Quality control procedures adopted	and of sufficient size for the grain
	for all sub-sampling stages to	size and nature of mineralisation.
	maximise representivity of	Compass Resources NL drilling
	samples.	(1991-1994) samples were collected
	 Measures taken to ensure that the	at 2m intervals. Other information not
	sampling is representative of the in	recorded.
	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.
Quality of	 The nature, quality and	WFRC001-006 samples were
assay data and laboratory	appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total.	assayed for Au by 50g fire assay with AAS finish by ALS laboratories in Orange, NSW. The results could be regarded as near as practicable to
tests	 For geophysical tools,	total extraction for the elements in
	spectrometers, handheld XRF	question.
	instruments, etc, the parameters	Compass Resources NL drilling
	used in determining the analysis	(1991-1994) samples were assayed
	including instrument make and	by aqua regia digest for Au & checks
	model, reading times, calibrations	of significant assays were completed
	factors applied and their derivation,	by screen fire assay. Lab unknown.
	etc.	CRM Standards were used for each
	 Nature of quality control	RC hole of the program & returned
	procedures adopted (eg standards,	assays within acceptable variance in
	blanks, duplicates, external	allcases. Laboratoryrepeats of

11

________________ MinRex Resources Limited Level 11

ABN 81 151 185 867 216 St Georges Terrace Perth WA 6000

P: +61 (08) 9481 0389 E-mail: info@minrex.com.au

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Criteria	JORC Code explanation	Commentary
	laboratory checks) and whether	selected samples also returned
	acceptable levels of accuracy (ie	assays with acceptable variance.
	lack of bias) and precision have	QA/QC procedures not recorded for
	been established.	Compass Resources NL drilling
		(1991-1994).
Verification	 The verification of significant	The sampling & assay data has been
of sampling and assaying	intersections by either independent or alternative company personnel.  The use of twinned holes.  Documentation of primary data,	verified by a consultant geologist as part of the MinRex Resources due diligence review of all available data. Assay data has not been modified.
	data entry procedures, data	Sampling & assay data cannot be
	verification, data storage (physical	verified for the Compass Resources
	and electronic) protocols.	NL drilling (1991-1994). Significant
	 Discuss any adjustment to assay	intersections as reported in historical
	data.	reports.
Location of	 Accuracy and quality of surveys	WFRC001-006 RC percussion drill
data points	used to locate drill holes (collar and down-hole surveys), trenches,	hole collars were located using a handheld GPS, GDA94 datum, Zone
	mine workings and other locations	55. Drill hole collars will be located
	used in Mineral Resource	with a DGPS for more accurate
	estimation.	control in March 2021.
	 Specification of the grid system	Not recorded for Compass
	used.	Resources NL drilling (1991-1994).
	 Quality and adequacy of	Drill holes located originally using a
	topographic control.	local prospect scale grid.
Data	 Data spacing for reporting of	Not applicable, shallow first pass
spacing and distribution	Exploration Results.  Whether the data spacing and distribution is sufficient to establish	reconnaissance RC drilling only to confirm soil geochemistry. No sample compositing was applied to the
	the degree of geological and grade	samples for WFRC001-06.
	continuity appropriate for the	Not applicable for Compass
	Mineral Resource and Ore	Resources NL drill data (1991-1994).
	Reserve estimation procedure(s)	Reconnaissance drilling only.
	and classifications applied.
	 Whether sample compositing has
	been applied.
Orientation	 Whether the orientation of	Orientation of reconnaissance drill
of data in relation to geological	sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit	holes, as recorded in historical data provided, appears to have achieved an unbiased representation of mineralisation/geological structures
structure	type.	in most cases.
	 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.
Sample	 The measures taken to ensure	Unknown, not recorded in historical
security	sample security.	reports.
Audits or	 The results of any audits or	All available data reviewed as part of
reviews	reviews of sampling techniques	MinRex Resources due diligence.
	and data.

________________ MinRex Resources Limited Level 11

12

ABN 81 151 185 867 216 St Georges Terrace Perth WA 6000

P: +61 (08) 9481 0389 E-mail: info@minrex.com.au

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Section 2 Reporting of Exploration Results

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

Criteria	JORC Code explanation	Commentary
Mineral	 Type, reference name/number,	Tenements relating to this release
tenement	location and ownership including	are all in good standing. A farm in JV
and land tenure	agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties,	exists between MinRex Resources Limited & Wattle Resources Pty Ltd as per the attached tenement
status	native title interests, historical sites,	summary.
	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.
Exploration	 Acknowledgment and appraisal of	All exploration results quoted are
done by other parties	exploration by other parties.	derived from data provided to MinRex Resources Limited by Rangott Mineral Exploration Pty Ltd under instruction from Wattle
		Resources Pty Ltd.
		Compass Resources NL data
		previously not available to the public.
		Data released to Wattle Resources
		Pty Ltd/Rangott Mineral Exploration
		& forwarded to MinRex Resources.
Geology	 Deposit type, geological setting and	Mineralisation is structurally
	style of mineralisation.	controlled base metals, vein hosted
		Au & Porphyry Cu-Au-Mo in the
		Eastern portion of the Lachlan Fold
		Belt, Hill End Trough, NSW.
		Mineralisation primarily relates
		orogenic vein hosted Au, wall rock
		alteration & diorite intrusives in this
		release.
Drill hole	 A summary of all information material	As per significant results table.
Information	to the understanding of the exploration results including a
	tabulation of the following information
	for all Material drill holes:
	o easting and northing of the drill
	hole collar
	o elevation or RL (Reduced Level –
	elevation above sea level in
	metres) of the drill hole collar
	o dip and azimuth of the hole
	o down hole length and interception
	depth
	o hole length.
	 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

________________ MinRex Resources Limited Level 11

13

ABN 81 151 185 867 216 St Georges Terrace

Perth WA 6000

P: +61 (08) 9481 0389

E-mail: info@minrex.com.au

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Criteria	JORC Code explanation	Commentary
	Competent Person should clearly
	explain why this is the case.
Data	 In reporting Exploration Results,	No data aggregation methods have
aggregation methods	weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high	been used. Results provided as per historical reports.
	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.
Relationshi	 These relationships are particularly	RC drilling was reconnaissance in
p between mineralisati on widths and	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.	nature. The relationship between mineralisation widths & intercept lengths is uncertain at this early stage of exploration development. Only down hole lengths have been
intercept	 If it is not known and only the down	reported as per historical reports.
lengths	hole lengths are reported, there should be a clear statement to this
	effect (eg ‘down hole length, true
	_width not known’). _
Diagrams	 Appropriate maps and sections (with	Diagrams/Maps in historical reports
	scales) and tabulations of intercepts	have been referred to in results table.
	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.
Balanced	 Where comprehensive reporting of all	Significant intercepts have been
reporting	Exploration Results is not practicable, representative reporting	reported from all available historical reconnaissance drilling results other
	of both low and high grades and/or	than those already reported in late
	widths should be practiced avoiding	2020.
	misleading reporting of Exploration
	Results.
Other	 Other exploration data, if meaningful	Significant soil sampling results were
substantive	and material, should be reported	returned from -2.4mm soils collected
exploration data	including (but not limited to): geological observations; geophysical survey results; geochemical survey	at the Wiles prospect on EL7974. Magnetic susceptibility readings were also collected from all RC samples
	results; bulk samples – size and	WFRC001-006.
	method of treatment; metallurgical	Surface geochemistry,
	test results; bulk density,	reconnaissance rock chip sampling &
	groundwater, geotechnical and rock	underground adit sampling was
	characteristics; potential deleterious	completed by Compass Resources
	or contaminating substances.	NL (1991-1996)

________________ MinRex Resources Limited Level 11

P: +61 (08) 9481 0389

14

ABN 81 151 185 867 216 St Georges Terrace Perth WA 6000

E-mail: info@minrex.com.au

==> picture [72 x 24] intentionally omitted <==

Criteria	JORC Code explanation	Commentary
Further	 The nature and scale of planned	Additional reconnaissance RC drilling
work	further work (eg tests for lateral	is planned, mineralisation is open in
	extensions or depth extensions or	all directions at the Wiles Prospect,
	large-scale step-out drilling).	EL7974.
	 Diagrams clearly highlighting the	Additional reconnaissance RC drilling
	areas of possible extensions,	is planned, mineralisation is open in
	including the main geological	all directions at the Surface Hill,
	interpretations and future drilling	Whalans Hill, Surface Ridge,
	areas, provided this information is not	Caledonian & Big Oakey prospects.
	commercially sensitive.

15

________________ MinRex Resources Limited Level 11 ABN 81 151 185 867 216 St Georges Terrace Perth WA 6000

P: +61 (08) 9481 0389 E-mail: info@minrex.com.au