MINREX RESOURCES LIMITED — Capital/Financing Update 2022

Feb 1, 2022

Application for quotation of +securities

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Announcement Summary

Entity name

MINREX RESOURCES LIMITED

Announcement Type

New announcement

Date of this announcement

Wednesday February 02, 2022

The +securities to be quoted are:

+Securities issued, transferred or re-classified as a result of options being exercised or other +convertible securities being converted

Total number of +securities to be quoted

ASX +security		Number of +securities to
code	Security description	be quoted	Issue date
MRR	ORDINARY FULLY PAID	8,393,750	01/02/2022

Refer to next page for full details of the announcement

Application for quotation of +securities

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Application for quotation of +securities

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Part 1 - Entity and announcement details

1.1 Name of entity

MINREX RESOURCES LIMITED

We (the entity named above) apply for +quotation of the following +securities and agree to the matters set out in Appendix 2A of the ASX Listing Rules.

1.2 Registered number type

ACN

Registration number 151185867

1.3 ASX issuer code

MRR

1.4 The announcement is

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New announcement

1.5 Date of this announcement

2/2/2022

Application for quotation of +securities

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Application for quotation of +securities

Part 2 - Type of Issue

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2.1 The +securities to be quoted are:

+Securities issued, transferred or re-classified as a result of options being exercised or other +convertible securities being converted

2.2 The +securities to be quoted are:

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Additional +securities in a class that is already quoted on ASX ("existing class")

Application for quotation of +securities

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Application for quotation of +securities

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Part 3B - number and type of +securities to be quoted (existing class) where issue has not previously been notified to ASX in an Appendix 3B

Existing +securities converting into additional +securities in an existing class

FROM (Existing Class) ASX +security code and description MRRAO : OPTION EXPIRING 08-APR-2023 EX $0.04

TO (Existing Class) ASX +security code and description

MRR : ORDINARY FULLY PAID

Please state the number of options	The first date the options were	The last date the options were
that were exercised or other	exercised or other +convertible	exercised or other +convertible
+convertible securities that were	securities were converted	securities were converted
converted	1/2/2022	1/2/2022
3,381,250

Is this all of the options or other +convertible securities on issue of that type (ie have all of those options now been exercised or have all of those convertible securities now been converted)? No

The right of the holder of the options or other +convertible securities to receive the +underlying securities is being satisfied by: An issue of new +securities

The underlying securities being received by the holder are: Intended to be, but are not yet, quoted by ASX

Were the options being exercised or other +convertible securities being converted issued under an +employee incentive scheme? No

Issue date

1/2/2022

Will the +securities to be quoted rank equally in all respects from their issue date with the existing issued +securities in that class? Yes

Application for quotation of +securities

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Application for quotation of +securities

Issue details

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Number of +securities to be quoted 3,381,250 Are the +securities being issued for a cash consideration? Yes In what currency is the cash consideration being paid? What is the issue price per +security? AUD - Australian Dollar AUD 0.04000000 Any other information the entity wishes to provide about the +securities to be quoted Conversion of Unlisted Options into Fully Paid Ordinary Shares Existing +securities converting into additional +securities in an existing class

FROM (Existing Class) ASX +security code and description MRRAB : OPTION EXPIRING 30-SEP-2022 EX 4C

TO (Existing Class) ASX +security code and description MRR : ORDINARY FULLY PAID Please state the number of options The first date the options were The last date the options were that were exercised or other exercised or other +convertible exercised or other +convertible +convertible securities that were securities were converted securities were converted converted 1/2/2022 1/2/2022 5,000,000

Is this all of the options or other +convertible securities on issue of that type (ie have all of those options now been exercised or have all of those convertible securities now been converted)? No

The right of the holder of the options or other +convertible securities to receive the +underlying securities is being satisfied by: An issue of new +securities

The underlying securities being received by the holder are: Intended to be, but are not yet, quoted by ASX

Were the options being exercised or other +convertible securities being converted issued under an +employee incentive scheme? No

Application for quotation of +securities

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Application for quotation of +securities

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Issue date 1/2/2022 Will the +securities to be quoted rank equally in all respects from their issue date with the existing issued +securities in that class? Yes

Issue details

Number of +securities to be quoted 5,000,000 Are the +securities being issued for a cash consideration? Yes In what currency is the cash consideration being paid? What is the issue price per +security? AUD - Australian Dollar AUD 0.04000000 Any other information the entity wishes to provide about the +securities to be quoted Conversion of Unlisted Options into Fully Paid Ordinary Shares Existing +securities converting into additional +securities in an existing class FROM (Existing Class) ASX +security code and description MRRAM : OPTION EXPIRING 31-OCT-2022 EX 4C TO (Existing Class) ASX +security code and description MRR : ORDINARY FULLY PAID Please state the number of options The first date the options were The last date the options were that were exercised or other exercised or other +convertible exercised or other +convertible +convertible securities that were securities were converted securities were converted converted 1/2/2022 1/2/2022 12,500 Is this all of the options or other +convertible securities on issue of that type (ie have all of those options now been exercised or have all of those convertible securities now been converted)?

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Application for quotation of +securities

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Application for quotation of +securities

No

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The right of the holder of the options or other +convertible securities to receive the +underlying securities is being satisfied by: An issue of new +securities

The underlying securities being received by the holder are: Intended to be, but are not yet, quoted by ASX

Were the options being exercised or other +convertible securities being converted issued under an +employee incentive scheme? No

Issue date

1/2/2022

Will the +securities to be quoted rank equally in all respects from their issue date with the existing issued +securities in that class?

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Yes

Issue details

Number of +securities to be quoted 12,500

Are the +securities being issued for a cash consideration? Yes

In what currency is the cash consideration being paid? What is the issue price per +security? AUD - Australian Dollar AUD 0.04000000

Any other information the entity wishes to provide about the +securities to be quoted

Conversion of Unlisted Options into Fully Paid Ordinary Shares

Application for quotation of +securities

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Application for quotation of +securities

Part 4 - Issued capital following quotation

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Following the quotation of the +securities the subject of this application, the issued capital of the entity will comprise:

(A discrepancy in these figures compared to your own may be due to a matter of timing if there is more than one application for quotation/issuance currently with ASX for processing.)

4.1 Quoted +securities (total number of each +class of +securities quoted on ASX following the +quotation of the +securities subject of this application)

	Total number of
ASX +security code and description	+securities on issue
MRR : ORDINARY FULLY PAID	700,394,557
4.2 Unquoted +securities (total number of each +class of +securities issued but not quoted on ASX)
	Total number of
ASX +security code and description	+securities on issue
MRRAB : OPTION EXPIRING 30-SEP-2022 EX 4C	19,833,333
MRRAO : OPTION EXPIRING 08-APR-2023 EX $0.04	70,729,167
MRRAQ : PERFORMANCE RIGHTS	2,000,000
MRRAM : OPTION EXPIRING 31-OCT-2022 EX 4C	1,776,779
MRRAP : OPTION EXPIRING 09-APR-2023 EX $0.045	22,500,000
MRRAN : PERFORMANCE RIGHTS	20,000,000

4.2 Unquoted +securities (total number of each +class of +securities issued but not quoted on ASX)

Application for quotation of +securities

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