RUBIX RESOURCES LIMITED — Capital/Financing Update 2022

May 15, 2022

ASX ANNOUNCEMENT 16 May 2022

Entitlement Issue of Listed Options

Rubix Resources Limited (ASX: RB6) ("Rubix" or the "Company") is pleased to announce a non-renounceable entitlement issue of options to eligible shareholders on the basis one (1) option (“Listed Option”) for every two (2) ordinary shares held by eligible shareholders at 5pm (WST) on the Record Date of 20 May 2022 (“Record Date”) at an issue price of A$0.001 (0.1 cents) per Loyalty Option (“Entitlement Offer”).

Each Listed Option will be exercisable for one fully paid ordinary share, at the exercise price of $0.20 (20 cents) per option on or before 16 June 2025.

The primary purpose of the Entitlement Offer is to recognise the support and loyalty the Company has received from its shareholders to date.

Under the Entitlement Offer, the Company will also be raising capital of up to $17,475 before costs, which will be used to fund the costs of the Entitlement Offer.

Details of the Entitlement Offer

The Entitlement Offer will be only made to Shareholders who hold shares in the Company at 5pm (WST) on the Record Date and have a registered address in Australia or New Zealand (“Eligible Shareholders”). Shareholders who are not Eligible Shareholders will not be eligible to participate in the Entitlement Offer.

Holders of existing Options issued in the capital of the Company will need to exercise their Options and be Eligible Shareholders as recorded in the Company’s register of members as at 5pm (WST) on the Record Date if they wish to participate in the Entitlement Offer.

The entitlements to Listed Options under the Entitlement Offer (“Entitlements”) are non-renounceable and will not be tradable on the ASX. The Entitlement Offer will not be underwritten.

Eligible Shareholders cannot apply for additional Listed Options via the Entitlement and Acceptance Form. However, the Rubix Board retains the right to place any Shortfall to any person at their absolute discretion within 3 months after the closing date of the Entitlement Offer, at the same issue price of $0.001 (0.1 cents) per option.

The Company will apply to the ASX for the quotation of the Listed Options issued under the Entitlement Offer, subject to compliance with the requirements under the ASX Listing Rules. Full details of the Entitlement Offer will be set out in the Prospectus, which will be lodged by the Company with ASX today and will be despatched to the Eligible Shareholders on 24 May 2022.

The anticipated timetable for the Entitlement Offer is as follows:

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----- Start of picture text ----- Level 11 London House 216 St Georges Terrace, Perth Western Australia 6000GPO Box 2517, Perth Western Austrlaia 6831 ASX: RB6 1Phone +61 (08) 9481 0389 ABN 70 649 096 917----- End of picture text -----

ASX ANNOUNCEMENT 16 May 2022

Event	Date
Company lodges Prospectus with ASX and announces the	Monday, 16 May 2022
Entitlement Offer to the market
Ex-date	Thursday, 19 May 2022
Record Date	Friday, 20 May 2022
Intended date to dispatch Prospectus and personalised	Tuesday, 24 May 2022
Entitlement and Acceptance Form
Offers open	Tuesday, 24 May 2022
Last day to extend the closing date of the Entitlement Offer	Thursday, 2 June 2022
Closing Date of Entitlement Offer (5pm WST)*	Tuesday, 7 June 2022
Quoted Options quoted on a deferred settlement basis	Wednesday, 8 June 2022
Intended date for Company to announce the results of the	Tuesday, 14 June 2022
Entitlement Offer and notification of shortfall
Anticipated date for issue of the Quoted Options	Tuesday, 14 June 2022
Deferred settlement trading ends (provided 2A released by noon	Tuesday, 14 June 2022
AEST)

• The Directors may extend the Closing Dates by giving at least three (3) Business Days' notice to ASX prior to the relevant Closing Date. As such the date the Quoted Options issued under the Offers are expected to commence trading on ASX may vary.

This announcement has been approved for release by the Board.

FOR FURTHER INFORMATION:

Eddie King Executive Chairman +61 409 366 642 eddie@kingcorporate.com.au

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----- Start of picture text ----- Level 11 London House 216 St Georges Terrace, Perth Western Australia 6000GPO Box 2517, Perth Western Austrlaia 6831 ASX: RB6 2Phone +61 (08) 9481 0389 ABN 70 649 096 917----- End of picture text -----