Rex Resources Corp. — Capital/Financing Update 2021

Aug 17, 2021

Not for distribution to United States newswire services or for dissemination in the United States

Rex Resources Corp. Announces Private Placement

News Release - Vancouver, British Columbia – August 16, 2021: Rex Resources Corp. ( TSX-V: OWN ) (the “ Company ”) announces that it intends to complete a non-brokered private placement (the “ Private Placement ”) of up to 1,500,000 units (each a “ Unit ”) at a price of $0.20 per Unit for gross proceeds of up to $300,000. Each Unit will be comprised of one common share and one common share purchase warrant (each a “ Warrant ”). Each Warrant is exercisable to purchase one common share of the Company at a price of $0.25 per share for a period of twenty-four months from the date of closing of the Private Placement.

The Private Placement is subject to TSX Venture Exchange approval and all securities issued will be subject to a four month hold period. Finder’s fees may be payable in connection with the Private Placement, all in accordance with the policies of the TSX Venture Exchange and applicable securities laws.

The proceeds from the Private Placement will be used for general working capital purposes.

The Company also announces the granting of incentive stock options (“ Options ”) to certain of its directors, officers and consultants to purchase up to an aggregate 1,075,000 common shares of the Company at a price of $0.20 per common share for a period of two (2) years. The Options vest on the date of grant.

Kalum Property Updates

The Company announces that its previously announced drill program at the Kalum property has been halted due to equipment failures and the inability to source new equipment, parts and personnel at this time. The Company will provide further updates after it has decided on its course of action with the Kalum property and the options available to the Company. Under the terms of the option agreement with Eagle Plains Resources Ltd., the Company may acquire a 60% interest in the Kalum property.

About Rex Resources Corp. : 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.

Contact Information - For more information, please contact: Anthony Zelen, Director Tel: 778-338-5258 Email: Anthonyzelen88@gmail.com

Neither 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 does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful, including any of the securities in the United States of America. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “ 1933 Act ”) or any state securities laws and may not be offered or sold within

the United States or to, or for account or benefit of, U.S. Persons (as defined in Regulation S under the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration requirements is available.

Forward-Looking Statements

This news release contains “forward‐looking information or statements” within the meaning of applicable securities laws, which may include, without limitation, the Private Placement and use of proceeds, course of action on the Kalum property, other statements relating to the technical, financial and business prospects of the Company and other matters. All statements in this news release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, including the price of metals, the ability to achieve its goals, the ability to secure equipment and personnel, that general business and economic conditions will not change in a material adverse manner, that financing will be available if and when needed and on reasonable terms. Such forward-looking information reflects the Company’s views with respect to future events and is subject to risks, uncertainties and assumptions, including those filed under the Company’s profile on SEDAR at www.sedar.com. Factors that could cause actual results to differ materially from those in forward looking statements include, but are not limited to, continued availability of capital and financing and general economic, market or business conditions, adverse weather/climate conditions, equipment failures, access to personnel and equipment, decrease in the price of gold, silver, and other metals, failure to maintain all necessary government permits, approvals and authorizations, failure to maintain community acceptance (including First Nations), increase in costs, litigation, and failure of counterparties to perform their contractual obligations. The Company does not undertake to update forward‐looking statements or forward‐looking information, except as required by law.