Rex Resources Corp. — Capital/Financing Update 2024

Dec 13, 2024

REX RESOURCES

228 – 1122 Mainland St.
Vancouver, BC V6B 5L1
www.rexresourcescorp.com

December 11, 2024

TSX-V: OWN

Rex Resources Completes Rock Sampling and Reconnaissance at Macktush High-Grade Gold Property and Announces Flow-Through Financing

December 11, 2024 – Vancouver, B.C. – Rex Resources Corp. (TSXV: OWN, FRANKFT: 94G) (“Rex” or the “Company”) is pleased to announce the completion of a geological reconnaissance and surface rock geochemical sampling campaign at the Company’s Macktush Property comprising eight (8) contiguous mineral claims totalling approximately 275 hectares located near Port Alberni, British Columbia (the “Property”).

During November 2024, the Company’s geological consultants, APEX Geoscience Ltd., completed an initial geological reconnaissance of the principal mineral occurrences on the Property, including the Fred, David and Zinc vein areas. Historic 1987 diamond drilling of the Fred Vein yielded high grade gold intercepts including 44.2 grams-per-tonne (g/t) gold (Au) over 3.8 metres¹.

Highlights of Initial Reconnaissance:

• 22 surface rock mineralized vein and trench float samples collected for gold fire assay and multi-element geochemical analysis;
• Fred-David-Zinc vein structure successfully traced on surface over 500 metres northeast trending strike length and 200 metres vertically;
• Multiple disseminate pyrite-chalcopyrite mineralized banded to vuggy-comb texture multi-phase quartz vein, and quartz stockwork occurrences exposed in excavated trenches, prospect pits, and short adits observed consistent with that historically reported (Image 1);
• Vein zones in outcrop and mineralized float boulders suggest composite vein zones ranging from less than 1 metres to 4 metres in true width, flanked by potassium (K)-sericite-chlorite-pyrite alteration halos within dominantly intrusive host rocks; and
• Confirmation of reliable road access along Canal Main FSR from Port Alberni direct to Fred vein with multiple spur roads in good condition accessing all other prospects at varied elevations allowing for year-round exploration.

The Company expects continued news flow over the coming months as assay results are received and plans for the combined exploration of the Macktush and Rex properties continue to take shape.

¹ True width estimated to be 70-90% of drilled interval.

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Image 1: Vuggy-Comb Textured Quartz Vein Trench Float (David Vein)

Craig Taylor, President, CEO and Director of Rex, stated:

"We are excited to have completed our initial reconnaissance of the Macktush Property. Given gold recently reached an historic all-time high of US$2,790 per ounce this past October we are evaluating the high-grade gold veins at Macktush with particular interest. Our geologic teams have confirmed the presence of a broad composite vein zone exposed over a considerable lateral and vertical extent, indicating the potential for a sizeable exploration target. We look forward to reporting the results of this first round of sampling and announcing our plans going forward soon."

Flow-Through Financing

In addition, Rex announces that the Company intends to complete a non-brokered private placement (the "Private Placement") of up to 1,000,000 flow-through common shares (each, a "FT Share") at a price of $0.10 per FT Share for gross proceeds of up to$ 100,000. The FT Shares will qualify as "flow-through shares" within the meaning of subsection 66(15) of the Income Tax Act (Canada) (the "Tax Act"). An amount equal to the gross proceeds from the issuance of the FT Shares will be used to incur eligible resource exploration expenses which will qualify as (i) "Canadian exploration expenses" (as defined in the Tax Act), and (ii) as "flow-through mining expenditures" (as defined in subsection 127(9) of the Tax Act (collectively, the "Qualifying Expenditures"). Qualifying Expenditures in an aggregate amount not less than the gross proceeds raised from the issuance of the FT Shares will be incurred (or deemed to be incurred) by the Company on or before December 31, 2025 and will be renounced by the Company to the subscribers of the FT Shares with an effective date no later than December 31, 2024.

The Private Placement is subject to the acceptance of the TSX Venture Exchange, and all securities issued in connection with the Private Placement will be subject to a hold period of four months and one day in accordance with applicable securities laws. The Company may pay finder's fees in connection with the Private Placement.

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Qualified Person

The scientific and technical information contained in this news release has been reviewed and approved by Kristopher J. Raffle, P.Geo. (B.C.), Principal and Consultant of APEX Geoscience Ltd. of Edmonton, Alberta, who is a director of the Company and a “Qualified Person” as defined in National Instrument 43-101.

About Rex Resources Corp.

Rex is a mineral exploration company focused on the acquisition, exploration, and development of mineral resource properties. Rex owns an undivided 100% interest in eight contiguous mineral claims located near Port Alberni, British Columbia, generally known as the Rex Property, and has the option to acquire an undivided 100% interest in an additional eight mineral claims in proximity thereto known as the Macktush Property.

ON BEHALF OF THE BOARD OF DIRECTORS

Michael Leahy, Director
(604) 681-8835
info@rexresourcescorp.com
www.rexresourcescorp.com

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 news release.

Forward Looking Information

This news release contains “forward-looking information or statements” within the meaning of applicable securities laws, which may include, without limitation, the potential plans for the Company’s projects, other statements relating to the technical, financial and business prospects of the Company, its projects, its goals 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 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, that general business and economic conditions will not change in a material adverse manner and 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 the risks and uncertainties relating to the interpretation of exploration results, risks related to the inherent uncertainty of exploration and cost estimates and the potential for unexpected costs and expenses and those other risks filed under the Company’s profile on SEDAR+ at www.sedarplus.ca. While such estimates and assumptions are considered reasonable by the management of the Company, they are inherently subject to significant business, economic, competitive and regulatory uncertainties and risks. 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, failure to secure personnel and equipment for work programs, adverse weather and climate conditions, risks relating to unanticipated operational difficulties (including failure of equipment or processes to operate in accordance with specifications or expectations, cost escalation, unavailability of materials and equipment, government action or delays in the receipt of government approvals, industrial disturbances or other job action, and unanticipated events related to health, safety and environmental matters), risks relating to inaccurate geological assumptions, failure to maintain or obtain all necessary government permits, approvals and authorizations, failure to obtain or maintain surface access agreements or understandings from local communities, land owners or Indigenous groups, fluctuation in exchange rates, the impact of viruses and diseases on the Company’s ability to operate, capital

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market conditions, restriction on labour and international travel and supply chains, decrease in the price of gold, copper and other metals, loss of key employees, consultants, officers or directors, failure to maintain or obtain community acceptance (including from the Indigenous communities), 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.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.