MINREX RESOURCES LIMITED — Interim / Quarterly Report 2022

Jan 26, 2022

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27 JANUARY 2022

ASX Release

Quarterly Activities and Cash Flow Reports for the Quarter ended 31 December 2021

HIGHLIGHTS

• MinRex secures highly prospective Lithium-Tin-Tantalum-Rare Earth Projects in the East Pilbara region of Western Australia, representing a significant next step in MinRex’s plan to become an emergent lithium explorer with high-quality assets surrounding world-class Lithium and Tantalum producers Pilbara Minerals (ASX:PLS) Pilgangoora, Mineral Resources (ASX:MRL) Wodgina and Global Lithium (ASX:GL1).

• MinRex completes first pass reconnaissance on new East Pilbara Projects with 18 samples collected and extensive outcropping pegmatites delineated. Samples are with Laboratories for processing, with assays expected in 6 weeks.

• Tambourah North Lithium Project (E45/4953) has outlined lithium mineralisation hosted in pegmatites within significant with values from 0.22% to up 2.02% lithium oxide, 1.75% rubidium and 1,276 ppm caesium.

• Tambourah Creek Project (E45/4275) hosting lithium mineralisation within pegmatites with assay values of 0.74% lithium oxide.

• Shaw River Lithium Project (E45/4601) 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. Up until 1975, the Shaw River tin field produced 6,585 t of tin and 548 t of tantalite concentrates (containing 20.2 t of Ta2O5).

• MinRex’s maiden first pass drill program over the Queenslander Prospect has intersected thick highgrade gold mineralisation including 23m @ 5.08g/t Au. Significant drill assays include MQRC2 – 10m @ 4.74g/t Au from 69m and MQRC7 – 23m @ 5.08g/t Au from 64m

• The Company remains well funded with $4.28 million in cash at the end of the quarter.

MinRex Resources Limited (ASX: MRR) (“ MinRex” or “ the Company ”) is pleased provide the following report on its activities during the December 2021 quarter. The Company’s primary focus was the lithium-tin-tantalum-rare earth project acquisitions in the East Pilbara of Western Australia and the completion of the RC drilling campaign over the Queenslander Gold Project within the Sofala Gold Project in New South Wales.

Western Australia

During the quarter, a project package comprising 8 exploration licences, 5 exploration licence applications and mineral rights to battery metals over an additional 3 exploration licences and 2 exploration licence applications, with a total project area of 890km[2] ,was secured by the MinRex. The projects vary in prospectivity based on known historical mining of tin and tantalum, recent high grade lithium rock chip samples, surface geochemistry and potassic linear features (potassic has the potential to delineating shallow pegmatites which might be hosting lithium-tin-tantalum-rare earth mineralisation). A notice of meeting seeking shareholder approvals for the acquisitions has been dispatched to shareholders and the meeting is to be held on Wednesday 16 February 2022.

ASX Code: MRR

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Figure 1 – Map of all of MinRex’s East Pilbara Lithium-Tin-Tantalum-Rare Earth Project tenements

Highlights of the new East Pilbara Lithium-Tin-Tantalum-Rare Earth Projects to be acquired by MinRex are set out below. Refer to MinRex’s announcements of 17 November 2021, 24 November 2021 and 14 January 2022 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 Website: www.MinRex.com.au

ASX Code: MRR

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Sisters Lithium Project Summary (E45/5871)

• Project is situated 1.75km east of Global Lithium Ltd Archer Lithium Deposit which hosts 10.5Mt @ 1.0% Li2O.

• The project hosts the same greenstone belt as the Archer Deposit (Figure 2).

• Visible tin/tantalum have been delineated within the creek systems spanning over 4.8km (Figure 2).

• Projects display similar extensive linear potassic responses as the Archer Lithium Deposit – potassic zones as per Figure 3 could be outlining pegmatite hosted lithium mineralisation.

Talga Lithium Project Summary (E45/5873)

• Project is situated 5.1km west of Global Lithium Ltd Archer Lithium Deposit which hosts 10.5Mt @ 1.0% Li2O.

• E45/5873 Project hosts the Moolyella Monzogranite which historically has yielded over 8,000t of alluvial tin concentrate due south of E45/5873.

• Approximately 141 tonnes of tantalite ((Fe,Mn)Ta2O6) ore and concentrates were also recovered in these operations, confirming the presence of tantalum in the area.

• In 2011 Lithex Resources conducted the first exploration for lithium on the licence while exploring for tin. Lithex identified lithium-bearing pegmatites in outcrop at Pegmatite Gully and Eluvial Gully.

• Projects display similar extensive linear potassic responses as the Archer Lithium Deposit – potassic zones as per Figure 3 could be outlining pegmatite hosted lithium mineralisation.

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Figure 2 – Geology Location map highlighting recent high grade lithium drill holes proximal to E45/5871 and E45/5873

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 Website: www.MinRex.com.au

ASX Code: MRR

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Figure 3 – Regional Geophysical Potassic Image highlighting similar responses over the Archer Lithium mineralised trend and potential untested zones within E45/5871 and E45/5873

Tambourah North Lithium Project (E45/4953)

• Lithium mineralisation hosted in pegmatites with significant assays from 0.22% to up 2.02% lithium oxide , 1.75% rubidium and 1,276 ppm caesium as per below in Table 1.

• 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.

 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 Li Nb	Li Li Nb	Li Li Nb	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
		ppm % 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

Table 1 - Total Rock Chip Assay Results

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 Website: www.MinRex.com.au

ASX Code: MRR

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Figure 4 – Visible Pegmatite Location

Tambourah Creek Project (E45/4275)

• Pegmatite hosting spodumene and lepidolite hosted within the Shaw Granitoid Complex with significant assay results returning values of up to 0.74% lithium oxide.

• Tin bearing pegmatites are known to occur over the Tambourah Creek Alluvial Prospects 1 and 2.

Shaw River Lithium Project (E45/4601)

• 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.

• Greenbushes have delineated unmined mineralised zones – massive amount of work is required to place all the exploration results within GIS format – this will be undertaken once MinRex has obtained the time extension from the Mines Department. This work will enable rapid JORC estimation once drilling has been completed.

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 Website: www.MinRex.com.au

ASX Code: MRR

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• 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. Pegmatites are the sole primary source of the tin and tantalum mineralisation.

• 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.

• Up until 1975, the Shaw River tin field produced 6,585 t of tin and 548 t of tantalite concentrates (containing 20.2 t of Ta2O5), with the greatest production from alluvial placer deposits

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Figure 5 - Tambourah Creek/Shaw River Historical Exploration Results with Mining Production Statistics over E45/4601

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 Website: www.MinRex.com.au

ASX Code: MRR

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Shaw River Tin/Tantalum Historical Working highlighting the mine and tailing dam
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Shaw River Historic Mining and Tailing Operations
Shaw River
Approx. 2.5km in length by 400m wide
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Coondina Lithium Project (E45/4266)

• Late-stage pegmatites swarms which principally host the tin/tantalum mineralisation. No lithium exploration conducted over these pegmatites.

• The Coondina Project (E45/4266) 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 reserve with further auger drilling. No sampling for lithium has been conducted.

• Greenbushes have delineated unmined mineralised zones – massive amount of work is required to place all the exploration results within GIS format – this work will enable rapid JORC estimation once drilling has been completed. No Drilling has ever been conducted over the Project area.

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Figure Left: Non-Executive Director George Karageorge standing in front of Fortescue R66 Helicopter at the Coondina Project
Figure Right: Aerial Photo over Coondina Historic Tin/Tantalum Field
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Coondina Historic Tailing Operations in background
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Coondina Historic Mining and Tailing Operations
Approx. 6.9km in length by 500m wide
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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 Website: www.MinRex.com.au

ASX Code: MRR

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Haystack Well Project E46/1380

• The project includes historic tantalum alluvial workings (MINEDEX registration S0029250) - a strong indicator of localised LCT pegmatites). Previous exploration includes a soil survey conducted by Balx Pty Ltd.

• Soil sampling indicates two lithium in soil anomalies >200ppm Li (with assays up to 589ppm Li in soil) situated in the pegmatitic aureole surrounding the granite. Trace elements analysis indicates that the granite is zoned anomalous in tinberyllium-niobium grading to lithium and caesium in the surrounding zone - a typical zonation pattern for lithium pegmatites

• 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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Figure 7 – Haystack Well highlighting Historical Results and Untested 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 Website: www.MinRex.com.au

ASX Code: MRR

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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).

• 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.

New South Wales

MinRex completed its first pass RC drilling campaign over the Queenslander Gold Prospect, within the Company’s Sofala Project. 7 RC holes for 686m were completed designed to test the historical high-grade targets within a broad gold mineralisation structural corridor defined by coincident historical gold workings.

The Mine was first discovered in 1888 and worked until 1935 on a small scale. Total tonnage mined was in excises of 7,011t producing 3,696 oz Au averaging 6 g/t Gold. The Queenslander Mine occurs within an imbricated thrust zone at the point where the Big Oakey fault intersects the line of the Wiagdon Thrust and the thrust veers to 205[o ] along an 025[o ] trending lineament. The Wiagdon Thrust separates the Silurian Tanwarra Shale from the Sofala Volcanics. Free gold and gold incorporated within the sulphide lattices is associated with carbonate and sulphide stockwork veinlets. Gold also occurs disseminated within the altered diorite Gold also occurs disseminated within the altered diorite.

The thick high-grade gold lodes show significant strike and down dip with strong gold mineralisation delineated at depth. Within the gold lodes, there are strong magnetic susceptibility recordings which are associated with pyrite alteration. This can used as a targeting tool to delineate undiscovered gold mineralisation through magnetic surveys

Table 2 - Significant Gold Intersection from 2021 RC Drilling Program (cut-ff grade > 0.5 g/t Au)

Hole Id	From (m)	To (m)	Interval (m)	Gold Grade (g/t)
MQRC 1	32	33	1	1.83
MQRC 2 including including	27 69 72 73	28 79 79 76	1 10 7 3	0.50 4.74 6.59 11.86
MQRC 3	65 68 89	69 73 91	4 5 2	1.23 1.39 3.08
MQRC 5	53 76	55 77	2 1	0.66 1.41
MQRC 6	64	68	4	3.51
MQRC 7 including including including	53 57 64 71 76 83	59 59 87 74 87 87	6 2 23 3 11 4	2.21 6.66 5.08 9.11 5.61 9.28

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 Website: www.MinRex.com.au

ASX Code: MRR

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Figure 8 – Drillhole Assay Results Location Map with Interpreted Potassic Image

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 Website: www.MinRex.com.au

ASX Code: MRR

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Figure 9 – Cross Section (eastern section) highlighting west dipping low/ high grade gold zones

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Figure 10 – Cross section (western section) highlighting thick high grade gold mineralised lodes

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 Website: www.MinRex.com.au

ASX Code: MRR

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Figure 11 - Queenslander Mine Location Map with Sofala Gold Project Area[1]

• 1 Historical production figures are extrapolated from Stevens, B.P.J. 1972. Mine Data Sheets to accompany Metallogenic Map Bathurst 1:250,000 Sheet. New South Wales Geological Survey. 513 pp.

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 Website: www.MinRex.com.au

ASX Code: MRR

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CORPORATE

East Pilbara Project Acquisitions

During the Quarter and subsequent to the Quarter end, MinRex signed various acquisition agreements in relation to the acquisition of the new East Pilbara Lithium-Tin-Tantalum-Rare Earth Projects set out above. The key terms of the acquisitions are set out below.

Odette

• MinRex will acquire 100% of the issued capital of Odette Five Pty Ltd (Odette Five) from shareholders of Odette Five.

• The consideration payable to the Odette Five vendors comprises 86,437,470 shares and the assumption of existing loans of Odette Five up to $150,000, re-payable at completion of the acquisition.

• The acquisition is conditional on shareholder approval, which is being sought at a general meeting to be held on 16 February 2022 (Meeting). If this condition is not satisfied the acquisition agreement may be terminated by either MinRex or the Odette Five vendors.

• Odette Five also secured the rights to acquire certain mineral rights in exploration licence applications E45/5871, E45/5873 and E45/5869 from True Fella Pty Ltd (being the holder of such applications). 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). Odette Five agreed to procure, subject to Shareholders approving the Odette Acquisition, that the Company will assume the obligations to pay the following consideration to True Fella for the acquisition of such mineral rights: $50,000 in cash, 10,000,000 shares and a 1% gross overriding royalty payable on any minerals extracted from E45/5871, E45/5873 and E45/5869.

Abeh

• MinRex will acquire 100% of exploration licences E45/4953, E45/4275, E45/4601 and E45/4266 and mineral rights in exploration licences E45/5071, E45/4455 and E45/3926 from the Abeh Pty Ltd )and Maxwell Peter Strindberg (Abeh Vendors). 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).

• The Consideration payable to the Abeh Vendors comprises a non-refundable deposit of $5,000, 40,000,000 shares and 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 the Company’s mineral rights on E45/5071, E45/4455 and E45/3926.

• The acquisition is conditional on shareholder approval, which is being sought at the Meeting. If this condition is not satisfied the acquisition agreement may be terminated by either MinRex or the Abeh Vendors.

Placement

MinRex successfully completed an oversubscribed placement to raise $3 million before cost. Funds raised have or will be applied to exploration on the new East Pilbara projects to be acquired by MinRex, subject to Shareholder approval, continuation of exploration on the Company’s existing WA and NSW gold-silver-base metal projects and for general working capital requirements.

MinRex completed the issue of 91,562,500 shares at $0.032 under the placement pursuant to its Listing Rule 7.1 and 7.1A capacity on 22 December 2021. An additional 2,187,500 shares (at $0.032) are proposed to be issued under the placement to related parties, subject to shareholder approval (which is being sought at the Meeting).

Securities

As at the date of this report MinRex has 692,000,807 shares, 123,233,029 options and 22,000,000 performance rights on issue. If all resolutions at the Meeting are passed, MinRex will have 835,821,819 shares, 123,233,029 options and 38,000,000 performance rights on issue.

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 Website: www.MinRex.com.au

ASX Code: MRR

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Cashflows for the Quarter

Attached to this report is the Appendix 5B containing Company’s cash flow statement for the quarter. The significant cashflows relating to the quarter included $302K spent on exploration and evaluation expenditure (September ’21 Quarter $349k) and $129K administration and corporate cost (September ’21 Quarter $112k), of which $115K related to the payments made to related parties, also noted under section 6.1 of Appendix 5B, for directors’ fees, chief executive officer’s fees and consulting fees paid during the quarter.

As of 30 December 2021, the Company had available cash of $4.28 million.

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 Ltd

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.

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.

DECEMBER 2021 QUARTER – ASX ANNOUNCEMENTS

This Quarterly Activities Report contains information extracted from ASX market announcements reported in accordance with the 2012 edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” (2012 JORC Code). Further details (including 2012 JORC Code reporting tables where applicable) of exploration results referred to in this Quarterly Activities Report can be found in the following announcements lodged on the ASX:

This Report also contains information extracted from the following ASX market announcements, which includes further details (including 2012 JORC Code reporting tables where applicable) of exploration results and minerals resources referred to in this 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 Website: www.MinRex.com.au

ASX Code: MRR

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MinRex Expands Lithium Portfolio in Highly Prospective Pilbara	17 Nov 2021
Acquisition of Further Highly Prospective Lithium Projects	24 Nov 2021
Lithium and Gold Exploration Projects Update	14 Jan 2022
High-Grade Gold Drilling Results Intersected at Queenslander	24 Jan 2022

These announcements are available for viewing on the Company’s website www.minrex.com.au under the Investor Relations tab. MinRex confirms that it is not aware of any new information or data that materially affects the information included in any original ASX announcement.

Tenement information as required by the Listing Rule 5.3.2

Region	Project	Tenement	Area	Grant	Expiry	Change in	Current
			approx.	Date	Date	Holding	Interest
East Pilbara East Pilbara East Pilbara East Pilbara East Pilbara East Pilbara East Pilbara East Pilbara East Pilbara East Pilbara East Pilbara East Pilbara East Pilbara East Pilbara East Pilbara East Pilbara East Pilbara East Pilbara East Pilbara East Pilbara East Pilbara East Pilbara	Dalton Bamboo Creek Bamboo Creek Marble Bar South Marble Bar North White Springs Project Coondina East Coondina South (East) Coondina South (West) Haystack Well Twenty Five Mile Rocks Wingarnie East Moolyella (Sisters) Moolyella (Takga) Moolyella (Garden Well) Soanesville West Soanesville South Soanesville Central Tambourah North Tambourah Creek Shaw River Coondina	E45/4681 E45/4560 E45/4853 P45/3039 P45/3040 E45/5852 E 45/5851 E 46/1381 E 45/5850 E 46/1380 E 63/2109 E 15/1823 E 45/5871 E45/5873 E45/5869 E 45/5071 E 45/4455 E 45/3926 E 45/4953 E 45/4275 E 45/4601 E 45/4266	9 km2 69km2 6 km2 8.26 ha 3.03 ha 108.4km2 133.8km2 108.1km2 184.5km2 57.1km2 11.65km2 14.59km2 19.23km2 32.05km2 19.24km2 16.72km2 24.41km2 6.39km2 1.77km2 22.35km2 86.17km2 19.12km2	13-07-17 27-10-17 11-10-17 02-07-18 02-07-18 Applied for 29/01/2021 18/08/2021 17/08/2021 18/08/2021 17/08/2021 Applied for 26/05/2021 Applied for 26/05/2021 Applied for 8/03/2021 Applied for 8/03/2021 Applied for 8/03/2021 1/11/2017 8/12/2015 30/03/2012 18/04/2018 25/09/2013 16/07/2015 13/07/2014	12-07-22 26-10-22 10-10-22 01-07-22 01-07-22 N/A 17/08/2026 16/08/2026 16/08/2026 17/08/2026 N/A N/A N/A N/A N/A 28/01/2025 11/08/2025 29/03/2022 17/04/2023 20/07/2024 29/12/2021* 17/07/2024	- - - - - - - - - - - - - - - - - - - - - -	70% 70% 70% 70% 70% 100% 0%6 0%6 0%6 0%6 0%6 0%6 0%6 0%6 0%6 0%7 0%7 0%7 0%7 0%7 0%7 0%7
Murchison	Deflector Extended	E59/16575	15 km2	12-07-11	11-07-21	-	100%
East Lachlan Fold East Lachlan Fold East Lachlan Fold East Lachlan Fold East Lachlan Fold East Lachlan Fold East Lachlan Fold	Mt Pleasant Sofala Sofala First Find Sunny Corner North Sunny Corner North Sunny Corner South	EL9266 EL74231 EL79742 EL8976 EL59643,4 EL9133 EL9504	58 units 14 units 4 units 7 units 19 units 54 units 12 units	19-08-21 30-11-09 11-10-12 14-04-20 12-07-02 13-04-21 17-02-21	-19-08-24 30-11-215 11-10-234 14-04-23 12-07-217 13-04-24 17-02-24	- - - - - - -	100% - - 100% - 100% 100%

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 Website: www.MinRex.com.au

ASX Code: MRR

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Notes:

1. Subject to Farm-In and Joint Venture with Fortius Mines Pty Ltd to earn up to an 80% interest in EL7423.

2. Subject to Farm-In and Joint Venture with Wattle Resources Pty Ltd to earn up to an 80% interest in EL7974.

3. Subject to Farm-in with Sunny Sunny Silver Pty Ltd and Sunshine Reclamation Pty Ltd to earn up to 90% interest in the exploration area of EL5964.

4. Renewal for EL5964 lodged on 9 July 2021 and is pending.

5. Renewal for E59/1657 lodged on 7 July 2021 and is pending.

6. 100% interest in tenements to be acquired via the acquisition of Odette Five, except in relation to E 45/5871, E45,5873 and E45/1657 in which the Company will secure mineral rights to all battery metals.

7. 100% interest in tenements to be acquired from current holders Abeh Pty Ltd and Maxwell Maxwell Peter Strindberg, except in relation to E45/5071, E45/4455 and E45/3926 in which the Company will secure mineral rights to all battery metals.

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 Website: www.MinRex.com.au

Rule 5.5

Appendix 5B

Mining exploration entity or oil and gas exploration entity quarterly cash flow report

Name of entity

MINREX RESOURCES LIMITED and its Controlled Entities

ABN 81 151 185 867	Quarter ended (“current quarter”)
81 151 185 867	31 December 2021

Consolidated statement of cash flows	Current quarter $A’000	Year to date ( 6 months) $A’000
1. Cash flows from operating activities 1.1 Receipts from customers 1.2 Payments for (a) exploration & evaluation (if expensed) (b) development (c) production (d) staff costs (e) administration and corporate costs 1.3 Dividends received (see note 3) 1.4 Interest received 1.5 Interest and other costs of finance paid 1.6 Income taxes paid 1.7 Government grants and tax incentives 1.8 Other (provide details if material) 1.9 Net cash from / (used in) operating activities	- (302) - - - (129) - - - - - -	- (651) - - - (241) - - - - - -
	(431)	(892)
2. Cash flows from investing activities 2.1 Payments to acquire: (a) entities (b) tenements (c) property, plant and equipment (d) exploration & evaluation (if capitalised) (e) investments (f) other non-current assets	- - - (15) - -	- - - (25) - -

ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

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Appendix 5B

Mining exploration entity or oil and gas exploration entity quarterly cash flow report

Consolidated statement of cash flows	Current quarter $A’000	Year to date ( 6 months) $A’000
2.2 Proceeds from the disposal of: (a) entities (b) tenements (c) property, plant and equipment (d) investments (e) other non-current assets 2.3 Cash flows from loans to other entities 2.4 Dividends received (see note 3) 2.5 Other (provide details if material) 2.6 Net cash from / (used in) investing activities	- - - - - - - -	- - - - - - - -
	(15)	(25)
3. Cash flows from financing activities 3.1 Proceeds from issues of equity securities (excluding convertible debt securities) 3.2 Proceeds from issue of convertible debt securities 3.3 Proceeds from exercise of options 3.4 Transaction costs related to issues of equity securities or convertible debt securities 3.5 Proceeds from borrowings 3.6 Repayment of borrowings 3.7 Transaction costs related to loans and borrowings 3.8 Dividends paid 3.9 Other – Repayment of lease liability 3.9 Other – Share capital received in advance 3.10 Net cash from / (used in) financing activities	2,930 - 10 (198) - - - - (6) 20	2,930 - 10 (200) - - - - (12) 20
	2,756	2,748
4. Net increase / (decrease) in cash and cash equivalents for the period
4.1 Cash and cash equivalents at beginning of period 4.2 Net cash from / (used in) operating activities (item 1.9 above) 4.3 Net cash from / (used in) investing activities (item 2.6 above) 4.4 Net cash from / (used in) financing activities (item 3.10 above)	1,971 (431) (15) 2,756	2,450 (892) (25) 2,748

ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

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Appendix 5B

Mining exploration entity or oil and gas exploration entity quarterly cash flow report

Consolidated statement of cash flows	Current quarter $A’000	Year to date ( 6 months) $A’000
4.5 Effect of movement in exchange rates on cash held 4.6 Cash and cash equivalents at end of period	-	-
	4,281	4,281
5. Reconciliation of cash and cash equivalents at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts	Current quarter $A’000	Previous quarter $A’000
5.1 Bank balances 5.2 Call deposits 5.3 Bank overdrafts 5.4 Other (provide details) 5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above)	4,281 - - -	1,971 - - -
	4,281	1,971
6. Payments to related parties of the entity and their associates 6.1 Aggregate amount of payments to related parties and their associates included in item 1 6.2 Aggregate amount of payments to related parties and their associates included in item 2 Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must and an explanation for, such payments
		Current quarter $A'000
		115
		-
		include a description of,

The amounts reported in item 6.1 relate to payments to directors and chief executive officer, including non-executive fees and consulting fees during the quarter.

ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

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Appendix 5B

Mining exploration entity or oil and gas exploration entity quarterly cash flow report

7. Financing facilities Note: the term “facility’ includes all forms of financing arrangements available to the entity. Add notes as necessary for an understanding of the sources of finance available to the entity. Total facility amount at quarter end $A’000 Amount drawn at quarter end $A’000 7.1 Loan facilities - - 7.2 Credit standby arrangements - - 7.3 Other (please specify) - - 7.4 Total financing facilities - - 7.5 Unused financing facilities available at quarter end - 7.6 Include in the box below a description of each facility above, including the lender, interest rate, maturity date and whether it is secured or unsecured. If any additional financing facilities have been entered into or are proposed to be entered into after quarter end, include a note providing details of those facilities as well.	Total facility amount at quarter end $A’000	Amount drawn at quarter end $A’000
	-	-
	-	-
	-	-
	-	-

8.	Estimated cash available for future operating activities	$A’000
8.1 8.2 8.3 8.4 8.5 8.6 8.7	Net cash from / (used in) operating activities (Item 1.9) Capitalised exploration & evaluation (Item 2.1(d)) Total relevant outgoings (Item 8.1 + Item 8.2) Cash and cash equivalents at quarter end (Item 4.6) Unused finance facilities available at quarter end (Item 7.5) Total available funding (Item 8.4 + Item 8.5) Estimated quarters of funding available (Item 8.6 divided by Item 8.3)	(431) (15) (446) 4,281 - 4,281
		9.6
8.8	If Item 8.7 is less than 2 quarters, please provide answers to the following questions: 1. Does the entity expect that it will continue to have the current level of net operating cash flows for the time being and, if not, why not?
	Answer: N/A
	2. Has the entity taken any steps, or does it propose to take any steps, to raise further cash to fund its operations and, if so, what are those steps and how likely does it believe that they will be successful?
	Answer: N/A

Answer: N/A

1. Does the entity expect to be able to continue its operations and to meet its business objectives and, if so, on what basis?

Answer: N/A

ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

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Appendix 5B

Mining exploration entity or oil and gas exploration entity quarterly cash flow report

Compliance statement

• 1 This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A.

• 2 This statement gives a true and fair view of the matters disclosed.

Date: 27 January 2022

Authorised by: By the Board of MinRex Resources Limited (Name of body or officer authorising release – see note 4)

Notes

1. This quarterly cash flow report and the accompanying activity report provide a basis for informing the market about the entity’s activities for the past quarter, how they have been financed and the effect this has had on its cash position. An entity that wishes to disclose additional information over and above the minimum required under the Listing Rules is encouraged to do so.

2. If this quarterly cash flow report has been prepared in accordance with Australian Accounting Standards, the definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report. If this quarterly cash flow report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standards apply to this report.

3. Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity.

4. If this report has been authorised for release to the market by your board of directors, you can insert here: “By the board”. If it has been authorised for release to the market by a committee of your board of directors, you can insert here: “By the [ name of board committee – eg Audit and Risk Committee ]”. If it has been authorised for release to the market by a disclosure committee, you can insert here: “By the Disclosure Committee”.

5. If this report has been authorised for release to the market by your board of directors and you wish to hold yourself out as complying with recommendation 4.2 of the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations , the board should have received a declaration from its CEO and CFO that, in their opinion, the financial records of the entity have been properly maintained, that this report complies with the appropriate accounting standards and gives a true and fair view of the cash flows of the entity, and that their opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively.

ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

Page 5