MINREX RESOURCES LIMITED — Investor Presentation 2020

Nov 24, 2020

==> picture [960 x 263] intentionally omitted <==

==> picture [258 x 79] intentionally omitted <==

Investor Presentation November 2020

A gold and base metals explorer diversifying into two world class jurisdictions and exploration areas: Western Australia and Lachlan Fold Belt, New South Wales

==> picture [960 x 37] intentionally omitted <==

==> picture [36 x 483] intentionally omitted <==

==> picture [157 x 49] intentionally omitted <==

Disclaimer

Disclaimer

This presentation has been prepared by MinRex Resources Limited ( MinRex , MRR or the Company ). Certain information in this presentation has been derived from third parties and while MinRex has no reason to believe that it is not accurate, reliable or complete, it has not been independently verified or audited by MinRex. This presentation should not be considered as an offer or invitation to subscribe for, or purchase any, securities in the Company or as an inducement to make an offer or invitation with respect to those securities. This overview of the Company does not purport to be all inclusive or to contain all information which its recipients may require in order to make an informed assessment of MinRex’ prospects. You should conduct your own investigation and perform your own analysis in order to satisfy yourself as to the accuracy and completeness of the information, statements and opinions contained in this presentation before making any investment decision.

Forward Looking Statements

This presentation contains forecasts, projections and forward looking information. Such forecasts, projections and information are not a guarantee of future performance and involve unknown risks and uncertainties, many of which are out of MinRex’s control. Actual results and developments will almost certainly differ materially from those expressed or implied. MinRex has not audited or investigated the accuracy or completeness of the information, statements and opinions contained in this presentation. To the maximum extent permitted by applicable laws, MinRex makes no representation and can give no assurance, guarantee or warranty, express or implied, as to, and takes no responsibility and assumes no liability for (1) the authenticity, validity, accuracy, suitability or completeness of, or any errors in or omission from, any information, statement or opinion contained in this presentation and (2) without prejudice to the generality of the foregoing, the achievement or accuracy of any forecasts, projections or other forward looking information contained or referred to in this presentation.

Competent Persons Statement

The information in this report that relates to Exploration Targets and Exploration Results is based on information compiled by Mr Kieron Munro, 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 Munro 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.

All figures are quoted in A$ dollars unless otherwise stated.

2

==> picture [36 x 483] intentionally omitted <==

==> picture [157 x 49] intentionally omitted <==

Investment Highlights

MinRex to acquire highly prospective Lachlan Fold Belt position

• Binding agreements signed to acquire consolidated position in highly prospective East Lachlan Fold Belt

• East Lachlan Fold Belt is an exploration hotspot with recent high-profile discoveries (eg, Boda)

• Ground covers ~480km[2] across 4 project areas strategically located close to majors and mid-caps including Alkane Resources, Freeport McMoRan, Newcrest Mining and Regis Resources

MinRex already holds ground in world class exploration areas, Western Australia

• Deflector Extended Project lies 4km along strike from Silver Lake Resources Limited (ASX: SLR) Deflector Mine

• Geophysical work recently completed on Deflector Extended and Daltons produced numerous target areas

• Next phase on-ground geophysical at Deflector Extended due November/December 2020

• Further sampling results at East Pilbara projects due December 2020

A bright and well-funded future

• Binding commitments received for heavily oversubscribed $2.9 million placement

• MinRex to have over $3 million once placement and acquisitions completed

• MinRex expanded project portfolio across two world class exploration jurisdictions and exploration areas: Western Australia and Lachlan Fold, NSW

• Actively exploring for gold, silver, copper and other base metals

3

==> picture [36 x 483] intentionally omitted <==

East Lachlan Fold Belt

A World Class Gold-Copper-Silver Region

• 180km northwest of Sydney, NSW

• High-profile mining and exploration region containing several major gold, copper-gold and silver deposits

• Newcrest Mining’s Cadia-Ridgeway Mine

• Alkane Resources’ Tomingley Mine

• Regis Resources’ McPhillamays deposit

• Argent Minerals’ Kempfield deposit

• Majors Freeport McMoRan and Alkane Resources recently moved into the region

• Investor interest increased significantly with Alkane Resources’ Boda gold-copper porphyry discovery

• US Geological Service estimates another 4-10 porphyry systems to be found

• Potential for porphyry-style mineralisation and orogenic gold deposits

• Majority freehold land and minimal environmental reserves

• Excellent road and infrastructure access

==> picture [157 x 49] intentionally omitted <==

==> picture [503 x 380] intentionally omitted <==

----- Start of picture text -----

Boda
(Alkane Resources)
Mt Pleasant
(MRR) Sofala Sofala
(Freeport McMoran) Region
Sofala & First
Find
(MRR)
Sunny Corner
Sofala
(MRR)
(Alkane Resources)
McPhillamays
(Regis Resources)
2.3M Oz Au deposit
Cadia
(Newcrest Mining)
43.4M Oz Au deposit
Kempfield
(Argent Minerals) Legend
100M Oz Au/Ag deposit
Silurian Au Projects
Hume/Cullarin
(Sky Metals) Ordovician Cu/Au and Au
Projects
Lachlan Fold Belt
Projects
50km
----- End of picture text -----

Sofala Region Overview

4

==> picture [36 x 483] intentionally omitted <==

==> picture [157 x 49] intentionally omitted <==

Lachlan Fold Belt – New Acquisitions

4 Strategically Located Project Areas

• MinRex has signed binding agreements to acquire:

==> picture [244 x 282] intentionally omitted <==

----- Start of picture text -----

Mt Pleasant
(EL5954)
Sofala
(EL7974, EL7423)
First Find
(ELA5986, EL823)
1 0 km
----- End of picture text -----

• Mt Pleasant Project (EL5954) – 100% acquisition

• First Find Project (ELA5986) – 100% acquisition

• Sofala (EL7423 & EL7974) – Farm-ins (2) up to 80% (first stage to 51% by spending $1.5 million in total)

• Sunny Corner (EL5964, ELA5986, ELA6142) – 100% acquisitions (2) and farm-in up to 90% (one stage to 90% by spending $1.5 million)

==> picture [232 x 96] intentionally omitted <==

----- Start of picture text -----

Sunny Corner
(EL5964, ELA6142, ELA5986)
Legend
MinRex Resources
Freeport McMoRan
Alkane Resources
----- End of picture text -----

• Ground covers ~480km[2] surrounded by Freeport McMoRan and Alkane Resources

• Highly prospective for both gold-rich, alkali, goldcopper porphyry (Cadia-style) mineralisation and paleo-placer gold mineralisation

==> picture [143 x 9] intentionally omitted <==

----- Start of picture text -----

Location of Lachlan Fold Projects
----- End of picture text -----

• MinRex is building a consolidated portfolio of strategic available land on the East Lachlan Fold Belt

5

==> picture [36 x 483] intentionally omitted <==

Sunny Corner

A Rare Gold, Silver, Copper Story

• Ground covers first direct shipping mine (DSO) in Australia

• Identified as major graben in rift valley between 2+ stable continental plates formed during Silurian to Middle Devonian period

• Various historical production mines producing gold, silver and copper:

• Nevada Copper Mine

• Big Hill

• Bobs Creek

• Explored in 2005 by Golden Cross Resources:

• 1,860 meters of drilling

• 36 RC drillholes an average of 60 meters in depth over various prospects including Bob’s Creek and and Big Hill

• Key target areas outside of SRP Rehabilitation Area (refer Argent Minerals (ASX:ARD) Announcement of 14.10.20)

==> picture [157 x 49] intentionally omitted <==

==> picture [493 x 402] intentionally omitted <==

----- Start of picture text -----

ELA5986
St George
Rock chip results EL5964 Bulldog
8.9g/ t Au Rock chip results
20% Cu, 8.2% Zn, 37%Pb/ Ag
Nevada
Drill results
16m@46.98g/ t Ag, 4.31% Zn, 0.67% Cu from 51.36m
including 0.7m@1.35% Cu, 9.7% Zn, 8oz Ag from 67m.
Bobs Creek
Historic Gold Mine 28m@124g/ t Ag, 3.9%Zn from 25m
including 0.45m@850g/ t Ag, 21.7%Zn from 49.9m.
1,400 Oz Au produced
Rock chip results
71g/ t Au, 82g/ t Ag
Powerline Legend
Rock chip results Historic Mine
ELA6142 2.40g/ t Au Mineral Occurrence
Environmental
2 km reclamation area
Sunny Corner Tenements
----- End of picture text -----

6

==> picture [36 x 483] intentionally omitted <==

Sofala

10 Historical Mines and 16 Mineral Occurrences

• Tenement located on the northern end of the Ordovician Rockley-Capertee volcanic belt

• Majority of prospects are situated along the Big Oakley Fault structure

• Three main Prospects:

 Spring Gully

• Diamond and RC Drilling completed by Renison Gold Corporation in the 1990s (6 Diamond and 63 RC drillholes)

 Queenslander Mine

• Located at an intersection with Big Oakley Fault structure, metalorganic environment

• Diamond and RC Drilling completed by Renison Gold Corporation in the 1990s (3 Diamond and 7 RC drillholes)

 Surface Hill

• Diamond Drilling completed by Noranda Australia Limited in 1984 (3 Diamond Drillholes)

==> picture [157 x 49] intentionally omitted <==

==> picture [473 x 376] intentionally omitted <==

----- Start of picture text -----

EL7423
Surface Ridge
EL7974 Surface Hill
Drill results
Queenslander 2m@7.90g/ t Au from 78m (FA repeat for 19g/ t Au)
Drill results 1.4m@1.35g/ t Au from 26m
15.1m@3.39g/ t Au from 214.9m
8.84m@4.7g/ t Au from 75m
1.34m@52.2g/ t Au from 86.16m
Caledonian
Big Oakley Mine
Historical Mine
6,700 Oz produced Spring Gully
Drill results
52m@0.88g/ t Au from 14m
48m@1.52g/ t Au from 60m
40m@0.83g/ t Au from 23m
Swedes Hill
Legend
Historic Mine
Mineral Occurrence
2 km
----- End of picture text -----

Sofala Tenements

7

==> picture [36 x 483] intentionally omitted <==

Mt Pleasant

Three Key Targets

• Located in the eastern margin of the Silurian-Devonian Hill End Trough – East Lachlan Fold Belt

• Strongly altered porphyritic granitic stock intrudes the Silurian sequence near the centre of the Mt Pleasant prospect

• Three key prospects:

• Mt Pleasant

• Crown Gold Mine

• Bombardi

• Exploration work by CSR, Pacminex, Neo Resource since 1974

• Detailed aeromagnetic Survey Completed in 2012

• High magnetitic anomaly occurring at Mt Pleasant Prospect travelling NNW that connects with the Bombardi Prospect to the South-East

• Mt Pleasant and Bombandi can be quickly advanced with modern geophysics and drilling

==> picture [157 x 49] intentionally omitted <==

==> picture [467 x 375] intentionally omitted <==

----- Start of picture text -----

ELA5954
Mt Pleasant
Drill Results
The Two Crown Mine
0.5@2.7% Cu from 196.3m
Historic Gold Mine
Au Production –705 Oz
Au Grade -5.3g/t
Bombardi
Drill Results
0.5@5.25%Zn 23g/t Ag from 267.6m
Legend
Historic Mine
Mineral Occurrence
5km
----- End of picture text -----

Mt Pleasant Aeromagnetic Survey Results

8

==> picture [36 x 483] intentionally omitted <==

First Find

A Strategic Infrastructure Tenement With Targets

• First Day Find Prospect

• Historical underground mine

• Located on the back of fault line

• Geology of Prospect:

• Structurally controlled low sulphide Au

• NSW Deposit Type Classification: Hydrothermal metamorphic Au

• Organic Au: Broken Hill or Other Classification

• Vein: General geological model hydrothermal

• Defining mineralisation would depend on close contact with EL7423 (Sofala)

• A strategic infrastructure tenement with good road access connecting the Sofala tenements to major roadways

==> picture [157 x 49] intentionally omitted <==

==> picture [467 x 366] intentionally omitted <==

----- Start of picture text -----

EL7423 EL8953
(Freeport McMoRan)
Sofala
(EL7423, EL7974)
EL8953
(Freeport McMoRan)
EL8976 First Day Find
Limekins Fault
ELA5986
ELA6045
(Alkane Resources)
EL8940
(Alkane Resources) Legend
MinRex Resources
Freeport McMoRan
Alkane Resources
2 .5 km
----- End of picture text -----

First Find Tenement and Neighbouring Tenements

9

==> picture [36 x 483] intentionally omitted <==

Western Australia Portfolio

Highly Prospective Ground in WA for Gold Exploration

• 100% owned Deflector Extended Project

• 70% owned East Pilbara Projects:

• Daltons Gold Project

• Bamboo Creek Gold Project

• Marble Bar North Gold Project

• Marble Bar South Gold Project

• MinRex actively exploring:

• Desktop geophysics completed September 2020 (appraisal / reprocessing / interpretation at Deflector Extended and Daltons)

• Assays from further field work on Pilbara projects expected December 2020

• Further on-ground geophysics to be completed at Deflector Extended in November/December 2020 (GMAG, & IP)

==> picture [157 x 49] intentionally omitted <==

==> picture [495 x 391] intentionally omitted <==

Location of Western Australian Projects

10

==> picture [36 x 483] intentionally omitted <==

Deflector Extended

Along Strike from High Grade Copper-Gold Mine

• 4km, along strike, to the northeast of the Silver Lake Resources (ASX:SLR) Deflector Mine where coppergold occurs as high-grade lode mineralisation, associated with abundant disseminated to massive sulphide mineral bearing veins, in shear zones of meta-basalt

• Multiple north-south to north north-east trending structures and magnetic responses that correlate to anomalous geochemistry along strike to the Golden Stream trend and at the Corner Creek and Eastern Dolerite prospects

• Several strike extensive conductors, likely to represent shear zones and sediment/shale horizons

• High quality targets identified:

• Corner Creek - surface samples up to 4.04g/t Au

• Eastern Dolerite - surface samples up to 4.89g/t Au)

• Northern UM1

• Further on-ground geophysical work due November/December 2020

==> picture [157 x 49] intentionally omitted <==

==> picture [470 x 384] intentionally omitted <==

Defined Anomalous Areas From September 2020 Geophysics Work

11

==> picture [36 x 483] intentionally omitted <==

Daltons

30+ Gold-Copper Targets

• Detailed litho-structural interpretation shows structural elements within the prospective mafic/ultramafic rocks of the Kelly Group, prospective for Gold-Copper mineralisation

• Recent targeting exercise found strong links between structures and known mineralization

• 30 potential target areas prospective for gold and copper

• Historical Gold and copper assays up to 163g/t Au and 8.17% Cu

• Assays from recent field work due November/December 2020

Lithological Boundaries and Structural Elements

==> picture [157 x 49] intentionally omitted <==

==> picture [225 x 388] intentionally omitted <==

Location of Principal Interpreted Target Zones

12

==> picture [36 x 483] intentionally omitted <==

Corporate Snapshot

Capital structure	Capital structure	Capital structure	Capital structure
	Shares		Options
Current	233,637,055		57,023,170
Post Acquisitions and Placement*	614,137,055		154,523,170
Cash
Current		~$0.6 million
Post Acquisitions and Placement*		~$3 million
Current Market Cap (@2.5c)		~$5.8 million

• New board

• Experienced technical team

• New technical and corporate resources to be added

• Binding commitments to be well funded ($3 million+) after placement and acquisitions

• MinRex expanded project portfolio to span across two world class exploration regions: Western Australia and Lachlan Fold Belt, NSW

• Actively exploring for gold, silver, copper and other base metals

*Proposed to be completed in early December following MRR shareholder approval

==> picture [157 x 49] intentionally omitted <==

==> picture [466 x 21] intentionally omitted <==

----- Start of picture text -----

Lachlan Fold Belt acquisition and $2.9m placement 21/10/20
----- End of picture text -----

==> picture [415 x 26] intentionally omitted <==

----- Start of picture text -----

Further desktop geophysics work at Deflector &
Daltons completed 21/9/20
----- End of picture text -----

==> picture [493 x 130] intentionally omitted <==

----- Start of picture text -----

Further desktop geophysics work at Deflector &
Daltons completed 21/9/20
Director placement at premium to
rights issue shortfall price 17/7/20 Further on-
ground
Board transition complete geophysics
1/7/20 work at
Deflector and
Daltons
19/10/20
----- End of picture text -----

13

==> picture [36 x 483] intentionally omitted <==

Investment Highlights

• Acquisition of Lachlan Fold Belt position brings new exciting opportunity for MinRex shareholders and investors

• New ground is complementary to MinRex’s existing highly prospective WA ground

• Diversified portfolio with exposure to two world class jurisdictions and exploration areas – Western Australia and Lachlan Fold Belt, NSW

• Actively exploring for gold, silver, copper and other base metals

• Tightly held (top 10 represent >51%)

• Cash in bank post completion of acquisitions and placement of $3 million

• Strong gold and silver prices and growing demand for copper

==> picture [157 x 49] intentionally omitted <==

5 Year Gold & Silver Spot Prices

==> picture [490 x 310] intentionally omitted <==

------ Gold ------ Silver

14

==> picture [36 x 483] intentionally omitted <==

==> picture [157 x 49] intentionally omitted <==

References

Slide 4

All mineral resources are illustrated as in-situ contained metals. For further details refer to:

Newcrest Mining Limited, Newcrest Briefing Book, September 2019, p24.

Regis Resources, McPhillamys Project Overview, September 2020. Argent Minerals, 2020 Annual Report, 30 September 2020 p67.

Slide 6

Refer to Appendices in MRR ASX Announcement dated 12 November 2020 for further information on reported assay and drilling results.

Bobs Creek, Big Hill Mine, Nevada Mine – Production Figures: GS1982/427 - Watanabe, Teck Explorations Limited, Exploration Licence 1842 Sunny Corner First Six Monthly Progress Report, October 1982, p14.

Slide 7

Refer to Appendices in MRR ASX Announcement dated 12 November 2020 for further information on reported drilling results.

Big Oakley Mine – Production Figures: MR064 - NSW Department of Mines and Chief Inspector of Mine, Big Oakley Gold Mine Syndicate – Application for Financial Assistance, 3 April 1947, p1.

Slide 8

Refer to Appendices in MRR ASX Announcement dated 12 November 2020 for further information on reported assay and drilling results.

Two Crown Mine – Production Figures: GS2007/002 - Augur Resources Ltd, Exploration Licence 6310 Second Annual Report for 27 September 2005 to 26 September 2006, dated23 October 2006, p8.

15

==> picture [36 x 483] intentionally omitted <==

References

Slide 11

MRR ASX Announcement dated 28 April 2020.

Slide 12

MRR ASX Announcement dated 21 June 2018.

Slide 14

5 Year Gold Price - https://goldprice.org/gold-price.html as at 4 November 2020.

5 Year Silver Price - https://silverprice.org/spot-silver.html as at 4 November 2020.

==> picture [157 x 49] intentionally omitted <==

16

==> picture [960 x 263] intentionally omitted <==

==> picture [174 x 54] intentionally omitted <==

Directors

James Bahen - Non-Executive Director Glenn Whiddon - Non-Executive Director James Pearse - Non-Executive Director

Company Secretary

Share Registry Automic Pty Ltd Telephone: 1300 288 664

Website www.minrex.com.au

Registered Office

Level 11, 216 St Georges Terrace Perth WA 6000 Telephone: (08) 9481 0389

For further information, please contact: James Bahen Non-Executive Director MinRex Resources Limited T: (08) 9481 0389 E: info@minrex.com.au

Aida Tabakovic

==> picture [960 x 37] intentionally omitted <==