Rex Resources Corp. — Audit Report / Information 2023

Jan 21, 2023

REX RESOURCES CORP. VANCOUVER, BRITISH COLUMBIA

CHANGE OF AUDITORS AND OFFICERS

Vancouver, British Columbia, -January 20, 2023- Rex Resources Corp. (the “ Company ” or “ Rex ”) (TSXV:OWN) is pleased to announce that it has changed its auditors from Smythe LLP (the “ Former Auditor ”) to Crowe MacKay LLP (the “ Successor Auditor ”). The Former Auditor resigned as the auditor of the Company effective January 12, 2023, and the board of directors of the Company appointed the Successor Auditor on January 12, 2023, until the next annual shareholder meeting of the Company.

The Company confirms that there were no reservations or modified opinions in any auditor's reports, nor any reportable events as defined in National Instrument 51-102 – Continuous Disclosure Obligations (“ NI 51-102 ”) in connection with the audits by the Former Auditor of the Company's most recently completed financial year or any subsequent period. The Company's board of directors and audit committee each approved the resignation of the Former Auditor and the appointment of the Successor Auditor in place of the Former Auditor; there were no reportable events (as defined in National Instrument 51-102) in connection with each of the Former Auditor's audit of the Company which occurred prior to their resignation as auditors of the Company; and the Notice of Change of Auditor was approved by the Company's board of directors.

In accordance with National Instrument 51-102, the Notice of Change of Auditors, together with the required letters from the Former Auditor and the Successor Auditor, have been reviewed by the audit committee and the board of directors and have been filed on SEDAR.

The Company also announces that Meetul Patel has resigned as the Chief Financial Officer and Corporate Secretary of the Company to pursue other opportunities. The Company would like to thank Mr. Patel for his contributions to the Company.

The Company is pleased to announce that Anthony Zelen, a director of the Company, has been appointed Chief Financial Officer and Corporate Secretary of the Company to fill the vacancies.

About Rex

Rex Resources Corp. is a mineral exploration company focused on the acquisition, exploration and development of mineral resource properties. The Company has an option to acquire a 60% interest and title to the Kalum Property located in the Terrace area, British Columbia.

On behalf of Rex Resources Corp.

“Anthony Zelen” Director

For further information please contact:

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Anthony Zelen Director Tel:778-338-5258 Email: Anthonyzelen88@gmail.com

Cautionary Note Regarding Forward-Looking Statements

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.

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