MINREX RESOURCES LIMITED — Capital/Financing Update 2022

Apr 10, 2022

ASX Code: MRR ASX Release

11 APRIL 2022

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OUTSTANDING LITHIUM ASSAYS AT MINREX TAMBOURAH NORTH LITHIUM PROJECT, EAST PILBARA

RC Drilling Planning Currently Underway with Rapid Progress on the Granting of Marble Bar Projects

HIGHLIGHTS

• Large pegmatites hosting visible Spodumene and Lepidolite have been identified over the Tambourah North Project area.

• Rock chip assays confirmed lithium-tantalum mineralisation:

• 2.56% Li2O, 1.59% Li, 105 ppm Cs, 80 ppm Ta, 40 ppm Nb, 100 ppm Sn, 1,293 ppm Rb.

• 1.91% Li2O, 1.19% Li, 518 ppm Cs, 370 ppm Ta, 150 ppm Nb, 2,542 ppm Rb.

• Tambourah North Project hosts large, stacked pegmatites over 1.5km length by 150m in width.

• Tambourah North pegmatites stacked at surface in goldilocks zone in the Granite-Greenstone of the Pilbara Supergroup and have visible coarse and fine grained Spodumene & Lepidolites with zoning along strike and across strike.

• The sampled Ta-Nb enriched pegmatites are considered to be part of zoned LCT pegmatite swarms with exploration ongoing to identify more extensive lithium-rich pegmatites.

• The potassic geophysical survey over Haystack Well potentially has outlined buried pegmatites which could explain the source of strongly elevated surface lithium results.

• Encouraging indicators for LCT pegmatite over Shaw River based on anomalous Rubidium (710 ppm Rb) and Tin (120 ppm Sn) assay results.

• The identification of extensive untested zones over Haystack Well Project confirmed anomalous tin-tantalum-rubidium results shows strong indicator of localised LCT pegmatites.

• Advancing Heritage Agreement and Heritage Surveys over Marble Bar Lithium Projects adjacent to the Global Lithium Resources Archer Deposit (ASX:GL1 hosting 10.1Mt @ 1.0% Li).

• Ian Shackleton (ex-Global Lithium Resources Archer Deposit founding geologist) appointed as Exploration Manager.

MinRex Resources Limited ( ASX: MRR ) (“ MinRex ” or “the Company ”) is pleased to announce the results from its recent field program the Company’s Lithium Projects in the East Pilbara of WA. In February 2022, MinRex conducted a first pass helicopter reconnaissance program over the new acquired Lithium-Tin-Tantalum Projects, which involved rock chip sampling of the identified pegmatites on the ground. Assay results received have validated previously reported lithium mineralisation from the previous project owners through the observation of spodumene and lepidolite mineralisation.

MinRex Resources Limited Managing Director Mr Karageorge commented:

“We are delighted to have confirmation of the high-grade lithium identified from the extensive spodumene hosted outcropping pegmatites over the Tambourah North Project areas. The high-grade lithium-tantalum-caesium-rubidium rock chip assay results indicates enrichment of fertile pegmatite field. These rich spodumene stacked pegmatites have extensive width, strike and zonation which have all the hallmarks of a potential Pilgangoora Lithium Deposit. MinRex is

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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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currently working on the first RC drill program to test the extensive stacked pegmatites over its project areas with a view of signing a drilling contractor to undertake drilling over the projects imminently.”

Tambourah North Lithium Project

Tambourah is located approximately 200 km south southeast of Port Hedland and 80km southwest of Marble Bar within the Pilbara Mineral Field. Access is via the Great Northern Highway or the Marble Bar – Port Hedland Road and the connecting Hillside Woodstock Road.

During the reconnaissance, a series of stacked pegmatites hosting spodumene striking 330[0] over 1 km with approximately 50m in width were located within the greenstone belt. Spodumene rich pegmatites were identified in the northern portion of the tenement within the Apex Basalt greenstone belt. In conjunction, acicular-lepidolite-albitemuscovite rich pegmatites were located on the contact zone between the Petroglyph Gneiss (granite lithology) and Apex Basalt greenstone belt in the southern area.

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Figure 1 – Tambourah North Rock Chip Sampling Assay Results Map

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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Zoned Spodumene-lepidolite-albite-muscovite rich pegmatite Dykes
Granite-
Pegmatite
Contact
Geologists
Up to 50-100m visible width Goldilocks zone stacked Pegmatite
Pegmatite visible strike up to 1km to 1.5km from ground and air
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Photo 1 – Tambourah North Prospect showing a wide 100 m wide stacked pegmatites running southerly direction hosted within the Greenstone Belt – Photo looking North

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Sample MRR028 Coarse
2.56% Li20 Spodumene
80 ppm Ta
100 ppm Sn
1,293 ppm Rb
105 ppm Cs
Muscovite
Fine grained acicular Spodumene in
albite-muscovite Pegmatite Dykes
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Photo 2 – Sample MRR028 Tambourah North assaying high grade lithium at 2.56% Li2O

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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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Haystack Well Lithium Project Area

The tenement is located 170km north of Newman, and 35km south of Nullagine, accessed via Marble Bar Rd. The project includes historic tantalum alluvial workings. Based on the limited rock chip samples collected, anomalous tintantalum-rubidium shows strong indicator of localised LCT pegmatites. The Twin Wells Alluvial Prospect showed strong extensive stacked swarms pegmatites striking within a southerly direction over 650 metres. The potassic geophysical survey over Haystack Well potentially has outlined buried pegmatites which could explain the source of strongly elevated lithium in the soil samples anomalies (soils vary from 200 ppm to 589 ppm Li).

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Figure 2 – Haystack Lithium Project Location Map highlighting the recent rock chip sample locations and untested ground targets

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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Based on the soil and most recent rock chip sampling, there is evidence of granite fractionation based on the enrichment of pathfinder elements such as 23 ppm Ta, 14 ppm Be, 45 ppm Nb and 50 ppm Cs within soils. Rock chip sample MRR029 and MRR030 yielded 40 ppm Ta, 90 -150 ppm Li, 20 ppm Sn, 1,257 - 2,355 ppm Rb with 45 - 597 ppm Cs. The trace elements analysis indicates that the granite is zoned anomalous in tin-beryllium-niobium grading to lithium and caesium in the surrounding zone - a typical zonation pattern for lithium pegmatites

The two lithium anomalies are greater than 1.5km long are situated in the pegmatitic aureole surrounding the granite and are open in all directions and follows the Goldilocks Zone perfectly. There is over 40km of Goldilocks zone untested by surface geochemistry and drilling. The soil anomalies equate to ~2.9km of contact strike-length, yet the remaining ~20km of granite aureole zone is yet to be adequately sampled.

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Sample MRR029
30 ppm Ta, 90 ppm Li, 20 ppm Sn,
1,237 ppm Rb and 45 ppm CS
>200ppm Li
High in pathfinders in soils
– zoned granite ->
pegmatite zone
High Cs
High Cs
Sn+Be+Nb (ppm)
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Figure 3 – Soil and Rock Chip highlighting trending pathfinder element anomalies (potential indicator of localised LCT pegmatites) on Haystack Lithium Project

Coondina Project

The Coondina Project (E45/4266) contains an abundant of late-stage pegmatites swarms which principally host the tin/tantalum mineralisation. Historically, 1,770.71t of tin concentrate and 84.33t of tantalite concentration was produced on site. No lithium exploration conducted over these pegmatites. The Coondina Project has a several historic non-JORC 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

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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reserve with further auger drilling. No sampling for lithium has been conducted. Recent sampling indicates LCT pegmatites within the area based on the strongly anomalous niobium, tin, rubidium and caesium.

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Figure 4 – Coondina Lithium Project Location Map highlighting the recent rock chip sample locations

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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Shaw River Project

The Shaw River Project is part of the Shaw River Tin Field. The tin field are 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. They are the source for widespread alluvial and eluvial cassiterite-tantalite concentrations

Up until 1975, the Shaw River tin field produced 6,585t of tin and 548t of tantalite concentrates (containing 20.2t of Ta2O5), with the greatest production from alluvial placer deposits. Historical heavy stream sediment sampling has outlined very high-grade Sn-Ta mineralised zones (up to 42.2% tin and 3.41% tantalum ) within extensive pegmatite occurrences (ASX Announcement 24[th] November 2021). The Pegmatites are the sole primary source of the tin and tantalum mineralisation.

The rock chip assays results highlighted very encouraging indicators for LCT pegmatite based on anomalous Lithium (up to 120 ppm), Rubidium (high of 710 ppm Rb), Caesium (up to 46 ppm) and Tin (max 120 ppm Sn) assay results. Further detailed ground geochemical surveys will be undertaken then followed up by RC drilling.

MinRex has applied for a PoW with WA Mines Department to commencing drilling over the historical workings outlined as part first phase of drilling. Potential for economic recovery of tin/tantalum by the reworking of old tin–tantalum tailings dumps within the project are a possibility with further investigations.

Shaw River Historic Mining and Tailing

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Shaw River
Mine Workings are 6.9km in length
by 500m wide
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Photo 3 – Aerial Photo showing the extensive historical alluvial mining conducted over Shaw River Tin Field

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 5 – MinRex Lithium Project Location Map

______________ 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 Strategy

The Company has following upcoming work programs and results:

• Three work programs have been applied for with the Department of Mines, Industry, Regulation and Safety for the purposes of drilling over the Tambourah North Projects, South Coondina, Haystack Well and targeting all the areas mentioned with the ASX Release

• The Company anticipates drilling will commence in the second quarter of 2022.

• The Marble Bar Lithium Projects have Heritage Agreement and Heritage Surveys currently in progress.

Corporate Update

Ian Shackleton appointed as Exploration Manager

MinRex is pleased to announce the appointment of Ian Shackleton (ex-Global Lithium Resources Archer Deposit founding geologist) appointed as Exploration Manager. Mr Shackleton brings extensive experience managing exploration and mining projects encompassing roles throughout the asset life-cycle including: grass roots exploration, resource delineation, mining and closure. Mr Shackleton has extensive experience in battery metals exploration in the East Pilbara, including recently with Global Lithium Resources (ASX: GL1), and experience spanning a variety of other commodities including: iron ore; manganese; mineral sands, industrial minerals; gold; and diamonds in Australia, Africa and Asia.

Mr Shackleton was recently Principal Consulting Geologist at Resource Potentials Pty Ltd and was fundamental in the discovery of the Global Lithium Resources Archer Deposit (hosting 10.1Mt @ 1.0% Li), which lies immediately adjacent to MinRex’s Sisters and Moolyella North Lithium Projects. MinRex’s Garden Greek Lithium Project is also located approximately 5.5km to the north in the same lithium mineralised greenstone belt hosting the Archer Deposit (see Figure 5).

NSW Supreme Court Proceedings Settled

MinRex received notice on 28 March 2022 that winding up proceedings had been commenced in the NSW Supreme Court against MinRex by a creditor (BG Drilling Pty Ltd) in relation to an outstanding debt of approximately $67K (plus claimed costs and interest) from a drilling campaign completed by MinRex in NSW in June 2021. MinRex entered into confidential and without prejudice discussions with the creditor and has now settled the proceedings, resulting in the proceedings being dismissed by consent (with leave of the Court and no order as to costs) and the parties being excused from any attendances. MinRex currently has over $5 million in cash and cash equivalents.

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

-ENDS-

For further information, please contact:

George Karageorge Managing Director MinRex Resources Limited T: +61 8 9481 0389 M: 0419 944 484 George.Karageorge@minrex.com.au info@minrex.com.au

About MinRex Resources Ltd

MinRex Resources Limited (ASX: MRR) is an Australian based ASX-listed emergent battery metals explorer with Lithium-Tin-Tantalum Projects in the Pilbara (WA) in close proximity to world-class Lithium and Tantalum producers Pilbara Minerals, Mineral Resources, and Global Lithium. MinRex also has a highly prospective portfolio of Gold-Copper projects in the Mercherson and Pilbara Regions (WA) and Gold-Silver-Copper and other metals projects in the Lachlan Fold Belt (NSW). The Company’s tenements package cover 1,000km[2] of highly prospective ground targeting multi-commodities type deposits. The Company also currently has JORC 2012 Resources totalling 352,213 oz gold at its Sofala Project (NSW).

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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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 Non-Executive 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.

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

Characteristics of Sn-Ta-Be-Li Industrial Mineral Deposits of the Archaean Pilbara Craton, Western Australia-Marcus T Sweetapple, AGSO Record 2000/44 2.

The Geology and Mineralogy of the Pilgangoora Li-Ta Pegmatite Deposit-Marcus T Sweetapply, John Holmes, John Young, Mike W Grigson, Lauritz Barnes & Stuart Till-Centre of Exploration Targeting, UWA, Western Australia 2017

A Preliminary Deposit Model for Li-Ce-Ta (LCT) Pegmatites, Dwigght Bradley and Andrew McCauley, USGS Open File 2013-1008 REE-Enriched Granitic Pegmatites-T Scott Ercit, Canadian Museum of Nature, 2014. 5. DMIRS WAMEX Report.

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 1: Total Rock Chip Assay Results	Appendix 1: Total Rock Chip Assay Results	Appendix 1: Total Rock Chip Assay Results	Appendix 1: Total Rock Chip Assay Results	Appendix 1: Total Rock Chip Assay Results	Appendix 1: Total Rock Chip Assay Results
Project	Sample No	Easting (GDA94)	Northing (GDA94)	Zone (GDA)	Li	Li20	SiO2		Fe2O3	Ta	Nb	Sn	P2O5	SO3	CaO	K2O	BaO	TiO2	Al2O3	LOI1000	Rb	Cs
					ICP004		XRF102		XRF102				XRF102	XRF102	XRF102	XRF102	XRF102	XRF102	XRF102	TGA002	ICP004	ICP004
					ppm	%	%		%	(ppm)	(ppm)	(ppm)	%	%	%	%	%	%	%	%	**ppm **	**ppm **
Tambourah North Tambourah North Tambourah North	MR006 MR007 MR008	725794 725779 726167	7599139 7599166 7598805	50 50 50	130 40		73.97 67.94 73.6		0.94 0.63 1.04	30 10 40	50 20 20	20 10 30	0.01 0.01 0.03	0.004 0.002 0.002	0.22 0.17 0.5	4.526 11.42 5.873	0.022 0.02 0.032	0.016 0.018 0.03	14.5 16.8 14.23	0.53 0.28 0.98	1000	27 60
																					3248
					1360	0.29															1824	116
Shaw River	MR009	754481	7598575	50	30		81.31		1.45	30	<0.01	120	<0.01	0.001	0.22	2.245	0.009	0.15	10.38	0.25	463	15
Coondina Coondina	MR010 MR011	748498 746499	7577696 7575652	50 50	40 50		63.11 38.41		0.71 0.79	<0.001 <0.001	<0.001 <0.001	290	<0.01 10	0.073 0.044	5.28 17.1	5.57 0.23	0.033 0.017	0.059 0.155	11.5 6.91	8.24 25.72	743	16 1
												<0.001									8
Coondina South Coondina South	MR012 MR013	734802 743249	7553793 7555513	50 50	<10 20		70.56 74.79		0.9 0.74	<0.001 <0.001	<0.001 <0.001	<0.001 <0.001	0.04 <0.01	0.007 0.001	2.72 0.37	6.142 5.909	0.045 0.009	0.024 0.011	13.92 13.89	2.21 0.29	304 355	9 13
Haystack	MR014	199836	7542465	51	330		58.74		1.45		<0.001	30	0.01	0.012	3.64	3.139	0.206	0.045	22.67	1.47	270	39
Tambourah North	MRR028	725857	7599227	50	11910	2.56	74.54		0.87	80	<0.001	100	0.07	<0.001	0.18	1.362	<0.001	0.007	16.64	0.3	1293	105
Haystack Well Haystack Well Haystack Well	MRR029 MRR030 MRR031	196312 199848 199853	7541394 7542488 7542434	51 51 51	90 150 20		72.65 69.87 77.47		0.91 0.49 1.98	30 40 <0.001	<0.001 <0.001 <0.001	20 20 20	0.06 0.05 <0.01	0.003 0.002 0.018	0.14 0.14 0.05	6.113 7.845 0.028	0.003 0.004 0.027	0.017 0.01 0.044	15.32 16.54 2.03	0.65 0.28 4.15	1257	45
																					2355	597
																					10	14
Shaw River Shaw River Shaw River Shaw River Shaw River Shaw River	MRR032 MRR033 MRR034 MRR035 MRR036 MRR037	757590 757667 757667 755601 755604 749910	7599712 7599850 7599832 7601879 7601883 7603165	50 50 50 50 50 50	30 60 120 <10 10 20		76.59 75.16 46.29 77.62 77.06 73.78		0.64 1.59 19.14 1.13 0.91 1.62	<0.001 <0.001 <0.001 20 20 <0.001	<0.001 <0.001 <0.001 50 <0.001 <0.001	<0.001 30 30 20 30 10	<0.01 0.03 0.39 <0.01 <0.01 <0.01	0.002 0.005 0.024 0.005 0.005 0.004	0.09 0.63 5.52 0.44 0.36 0.23	8.008 3.478 0.835 3.323 2.813 7.362	0.058 0.059 0.031 0.01 <0.001 0.032	0.02 0.124 2.265 0.028 0.022 0.041	12.37 13.64 13.49 12.34 12.56 13.62	0.25 0.77 4.24 0.31 0.27 0.54	710	35 28 46 15 9 16
																					550
																					205
																					437
																					461
																					668
Tambourah North Tambourah North Tambourah North	MRR038 MRR039 MRR040	725981 725848 725823	7596918 7597433 7597113	50 50 50	120 50		80.98 76.97 65.71		0.99 0.82 0.3	10 <0.001 370	<0.001 <0.001 150	40 <0.001 10	<0.01 <0.01 0.01	<0.001 <0.001 <0.001	0.18 0.29 0.05	2.111 6.151 7.225	0.017 0.007 0.006	0.045 0.018 0.03	11.78 12.29 20.52	1.14 0.29 2.46	271	9 48
																					546
					8850	1.91															2542	518
Coondina Coondina	MRR041 MRR042	746359 746372	757162 7577190	50 50	160 250		73.88 75.51		2.42 2.06	<0.001 <0.001	20	70	0.03 0.03	0.014 <0.001	0.95 0.25	3.599 2.489	0.017 0.009	0.07 0.023	13.69 14.77	4.47 4.38	635	25 16
											70	140									549
Coondina South Coondina South Coondina South	MRR043 MRR044 MRR045	734665 734808 753341	7553859 7553791 7551073	50 50 50	10 <10 <10		72.87 74.23 73.85		0.62 0.93 0.47	<0.001 <0.001 <0.001	<0.001 <0.001 <0.001	<0.001 10 <0.001	0.02 0.04 <0.01	<0.001 <0.001 <0.001	0.67 0.34 0.08	8.273 6.506 9.279	0.126 0.069 0.008	0.019 0.02 0.009	14.18 14.1 14	0.52 0.39 0.07	424 294	12 11 18
																					498

ASX Code: MRR

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Appendix 2

– 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.	27 Rock Chip samples collected varied in weight from 1kg up to 3 kg with sampling selected based on visual mineralisation or host rock potential within the indicative target mineralogy. All samples will be submitted to Nagrom Labs Pty Ltd in Perth using standard industry assay methods for pegmatite analysis. All sample information, including lithological descriptions and GPS coordinates were recorded during the sample location. Individual samples were bagged in calcio bags and sent to Nagrom, Perth for aqua regia XRF102 and ICP_MS.
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).	N/A – No drilling was undertaken
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.	N/A – No drilling was undertaken
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.	N/A – No drilling was undertaken. The Project areas is currently classified as early stage of exploration and no Mineral Resource estimation is appliable Some sample photos have been included along with outcropping pegmatites.

ASX Code: MRR

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Sub-sampling techniques and sample preparation	If core, whether cut or sawn and whether quarter, half or all core taken. 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 thegrain size of the material being sampled.	The rock chip samples were collected from outcrop in the field.
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.	Nagrom used internal 2 duplicates, 4 repeats and 4 standards as part of the quality control. The entire samples were dried, crushed and pulverised to 85% passing <75 um. The rocks were analysed for the full suite of elements including XRF102 (%) SiO2, Fe2O3, SO3, CaO, K2O, BaO, TiO2, with Li, Ta, Nb, Sn, Pb and Cs completed ICPMS (ICP004 method). Acceptable levels of accuracy from these rock chips have been established.
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.	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.	All rock chip locations were recorded with a handheld GPS with +/- 5m accuracy GDA94, Zone 50 and 51 was used
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.	Data spacing and distribution was dependant on the identification of pegmatite dykes. The locations of the samples are provided in Appendix 1. There is insufficient data to determine any economic parameters or mineral resources.
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.	Not Applicable

	ASX Code: MRR	ASX Code: MRR
	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 security	The measures taken to ensure sample security.	MinRex staff delivered all the samples from the field directlyto Nagrom Labs for analysis.
Audits or reviews	The results of any audits or reviews of sampling techniques and data.	No audits or reviews have been undertaken

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.	All Project areas are 100% held by MinRex Resources Ltd. Heritage agreements will be executed with the Native Title party during the course of the year.
Exploration done by other parties	Acknowledgment and appraisal of exploration by other parties.	Very little lithium exploration has been undertaken over these project areas. No ground geophysics and very little geological mapping has been historically completed.
Geology	Deposit type, geological setting, and style of mineralisation.	The deposit types been explored includes the Archer Lithium Deposit which includes LCT Pegmatites.
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: 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 detractfrom the understanding of the report, the Competent Person should clearly explain why this is the case.	N/A no drilling undertaken
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.	No high-grade cuts have been applied or any aggregation methods have been applied No usage of metal equivalent has been used

ASX Code: MRR

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Criteria	JORC Code explanation	Commentary
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’). _	Samples are rock chips taken from surface and are not representative of the entire thickness of the pegmatite units
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.	All maps have been inserted within the announcement.
Balanced reporting	Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should bepracticed to avoid misleading reporting of Exploration Results.	Not applicable
Other substantive exploration data	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 treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.	Not applicable
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.	Refer to the main body of announcement