RUBIX RESOURCES LIMITED — Interim / Quarterly Report 2022

Jul 28, 2022

ASX ANNOUNCEMENT 29 July 2022

June 2022 Quarterly Activities Report

Rubix Resources Limited (ASX: RB6, “ Rubix ”, or the “ Company ”) is pleased to provide a quarterly update on its activities for the June 2022 quarter.

CORPORATE

Entitlement Issue of Listed Options

On 16 May 2022, the Company announced 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 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.

POST QUARTER

Paperbark Project (Cu, Zn-Pb) – 100%

On 25 July 2022, the Company advised that drilling at the Paperbark Project in northwest Queensland is expected to commence this month. The Paperbark Project comprises EPM14309, held 100% by Rubix, and contains several prospective targets for both Zn-Pb and Cu mineralisation. Located approximately 25km to the southwest of the Century Pb-Zn deposit, the EPM encompasses the same geology which is host to the Century, Mount Isa, George Fisher and MacArthur River giant Pb-Zn deposits. This region is host to one of the world’s largest accumulations of zinc. Rubix is planning to drill a combination of reverse circulation (RC) and diamond drill holes for up to 2,000 metres, following up on prospective targets including unexplained high-grade surface copper mineralisation (Grunter North), a cryptic conductivity anomaly (Triangle) and to investigate the southern and eastern extension of the JB Zone Pb-Zn mineralisation (Figure 1).

The first hole will test an area of anomalous conductivity, a target known as Triangle. Previous drillholes in this area missed the target zone and did not intersect the causative source of the anomaly. Rubix will attempt to intersect this zone with a planned drillhole of 250m depth. Subsequent drillholes will investigate the potential for economic copper mineralisation at Grunter North (Figure 2). Previous exploration identified a zone of surface copper mineralisation (e.g., Figure 3), with 18 samples yielding > 1% Cu (oxides) over a strike length of 900m. High grade rock chips up to 42.7% Cu have been reported from Grunter North. Despite this, there has been very limited drilling at depth.

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ASX ANNOUNCEMENT 29 July 2022

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Figure 1 : Prospects and proposed drill collar locations in the Paperbark Project

The remaining drillholes are designed to investigate the continuity of the JB Zone Pb-Zn mineralisation to the south and east. Rubix will release further information as drilling progresses.

The Company has entered into a land access and use agreement with the Waanyi people, who are the recognised Native Title Holders of the land covering the Paperbark Project area. In line with the customary industry standards, Rubix and the broader of the Waanyi Community will receive significant economic, social and environmental benefits.

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ASX ANNOUNCEMENT 29 July 2022

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Figure 2: Historical rock chips at Grunter North Target over at strike length 900m

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Figure 3 : Surface copper mineralisation at Grunter North

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ASX ANNOUNCEMENT 29 July 2022

Related Party Payments

Pursuant to item 6 in the Company's Appendix 5B – Quarterly Cashflow Report for the Quarter ended 31 March 2022, the Company made payments of $35k to related parties.

Exploration

ASX Listing Rule 5.3.1: Exploration and Evaluation Expenditure during the Quarter was $56k.

ASX Listing Rule 5.3.2: There were no mining production and development activities during the Quarter.

In line with obligations under ASX Listing Rule 5.3.3, Rubix provides the following information with respect to its Mining Tenement holdings as at 30 June 2022.

Project Tenement Status % Held
Paperbark	EPM 14309	Granted	100%
Etheridge	EPM 27377	Granted	100%
Etheridge	EPM 27253	Granted	100%
Etheridge	EPM 27294	Granted	100%
Etheridge	EPM 27295	Granted	100%
Lake Johnston	E 63/2091	Granted	100%
Collurabbie North	E 38/3616	Application	-
Collurabbie North	E 38/3618	Application	-
Redbeds (Paperbark South)	EPM 28439	Application	-
Redbeds (Paperbark South)	EPM 28440	Application	-
Redbeds (Paperbark South)	EPM 28441	Application	-
Redbeds (Paperbark South)	EPM 28442	Application	-

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ASX ANNOUNCEMENT 29 July 2022

Use of Funds

In line with obligations under ASX Listing Rule 5.3.4, Rubix provides the following information with respect to its Use of Funds Statement set out in its Prospectus dated 5 November 2021 and its actual expenditure since ASX admission.

Expenditure Item	Use of	Actual	Variance
	Funds	Expenditure	$'000
	$'000	(23.12.2021 –
		30.06.2022)
		$'000
Existing cash reserves	240	145	(95)
Proceeds from Public Offer	4,500	4,500	-
Total Funds	4,740	4,645	(95)
Exploration Expenditure	(2,450)	(146)	2,304
General administration fees and working capital	(1,820)	(190)	1,630
Estimated expenses of the Public Offer	(470)	(502)	(32)
Total Funds Year 1 & 2	(4,740)	(838)	3,902
Remaining cash balance	-		**3,807 **

Note: The variance is due to timing difference of the Prospectus forecast over 2 years vs. 6 months actual spend.

This announcement has been approved for release by the Board.

FOR FURTHER INFORMATION: Eddie King +61 8 9481 0389 contact@rubixresources.com.au

Competent Person Statement

The information in this announcement that relates to exploration results was first reported by the Company in its IPO prospectus dated 5 November 2021. The Company confirms that it is not aware of any new information or data that materially affects the information included in the Prospectus.

Forward Looking Statements

Forward-looking statements are statements that are not historical facts. Words such as "expect(s)", "feel(s)", "believe(s)", "will", "may", "anticipate(s)" and similar expressions are intended to identify forward-looking statements. These statements include, but are not limited to statements regarding future production, resources or reserves and exploration results. All of such statements are subject to certain risks and uncertainties, many of which are difficult to predict and generally beyond the control of the Company, that could cause actual results to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. Our audience is cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof, and we do not undertake any obligation to revise and disseminate forwardlooking statements to reflect events or circumstances after the date hereof, or to reflect the occurrence of or non-occurrence of any events.

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Rule 5.5

Appendix 5B

Mining exploration entity or oil and gas exploration entity quarterly cash flow report

Name of entity Rubix Resources Limited ABN Quarter ended (“current quarter”) 70 649 096 917 30 June 2022

Consolidated statement of cash flows	Current quarter $A’000	Year to date (12 months) $A’000
1. Cash flows from operating activities 1.1 Receipts from customers 1.2 Payments for (a) exploration & evaluation (b) development (c) production (d) staff costs (e) administration and corporate costs 1.3 Dividends received (see note 3) 1.4 Interest received 1.5 Interest and other costs of finance paid 1.6 Income taxes paid 1.7 Government grants and tax incentives 1.8 Other (provide details if material) 1.9 Net cash from / (used in) operating activities	(56) (84)	(188) (210)
	(140)	(398)
2. Cash flows from investing activities 2.1 Payments to acquire or for: (a) entities (b) tenements (c) property, plant and equipment (d) exploration & evaluation (e) investments (f) other non-current assets	(5)	(105)

ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

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Appendix 5B

Mining exploration entity or oil and gas exploration entity quarterly cash flow report

Consolidated statement of cash flows	Current quarter $A’000	Year to date (12 months) $A’000
2.2 Proceeds from the disposal of: (a) entities (b) tenements (c) property, plant and equipment (d) investments (e) other non-current assets 2.3 Cash flows from loans to other entities 2.4 Dividends received (see note 3) 2.5 Other (provide details if material) 2.6 Net cash from / (used in) investing activities	(2)	(2)
	(7)	(107)
3. Cash flows from financing activities 3.1 Proceeds from issues of equity securities (excluding convertible debt securities) 3.2 Proceeds from issue of convertible debt securities 3.3 Proceeds from exercise of options 3.4 Transaction costs related to issues of equity securities or convertible debt securities 3.5 Proceeds from borrowings 3.6 Repayment of borrowings 3.7 Transaction costs related to loans and borrowings 3.8 Dividends paid 3.9 Other (provide details if material) 3.10 Net cash from / (used in) financing activities	15 (15)	4,515 (602)
	-	3,913
4. Net increase / (decrease) in cash and cash equivalents for the period
4.1 Cash and cash equivalents at beginning of period 4.2 Net cash from / (used in) operating activities (item 1.9 above) 4.3 Net cash from / (used in) investing activities (item 2.6 above) 4.4 Net cash from / (used in) financing activities (item 3.10 above)	3,954 (140) (7) -	399 (398) (107) 3,913

ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

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Appendix 5B

Mining exploration entity or oil and gas exploration entity quarterly cash flow report

Consolidated statement of cash flows	Current quarter $A’000	Year to date (12 months) $A’000
4.5 Effect of movement in exchange rates on cash held 4.6 Cash and cash equivalents at end of period	-	-
	3,807	3,807
5. Reconciliation of cash and cash equivalents at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts	Current quarter $A’000	Previous quarter $A’000
5.1 Bank balances 5.2 Call deposits 5.3 Bank overdrafts 5.4 Other (provide details) 5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above)	3,807	3,954
	3,807	3,954

6. Payments to related parties of the entity and their associates	Current quarter $A'000
6.1 Aggregate amount of payments to related parties and their associates included in item 1 35 6.2 Aggregate amount of payments to related parties and their associates included in item 2 Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must include a description of, and an explanation for, such payments.	35

7. 7.1 7.2 7.3 7.4 7.5 7.6	Financing facilities Note: the term “facility’ includes all forms of financing arrangements available to the entity. Add notes as necessary for an understanding of the sources of finance available to the entity. Total facility amount at quarter end $A’000 Amount drawn at quarter end $A’000 Loan facilities Credit standby arrangements Other (please specify) Total financing facilities Unused financing facilities available at quarter end Include in the box below a description of each facility above, including the lender, interest rate, maturity date and whether it is secured or unsecured. If any additional financing facilities have been entered into or are proposed to be entered into after quarter end, include a note providing details of those facilities as well.	Total facility amount at quarter end $A’000	Amount drawn at quarter end $A’000

ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

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Appendix 5B

Mining exploration entity or oil and gas exploration entity quarterly cash flow report

8.	Estimated cash available for future operating activities	$A’000
8.1 8.2 8.3 8.4 8.5 8.6 8.7 8.8	Net cash from / (used in) operating activities (item 1.9) (140) (Payments for exploration & evaluation classified as investing activities) (item 2.1(d)) - Total relevant outgoings (item 8.1 + item 8.2) (140) Cash and cash equivalents at quarter end (item 4.6) 3,807 Unused finance facilities available at quarter end (item 7.5) - Total available funding (item 8.4 + item 8.5) 3,807 Estimated quarters of funding available (item 8.6 divided by item 8.3) 27.19 Note: if the entity has reported positive relevant outgoings (ie a net cash inflow) in item 8.3, answer item 8.7 as “N/A”. Otherwise, a figure for the estimated quarters of funding available must be included in item 8.7. If item 8.7 is less than 2 quarters, please provide answers to the following questions: 8.8.1 Does the entity expect that it will continue to have the current level of net operating cash flows for the time being and, if not, why not?	(140) - (140) 3,807 -
		3,807
	Answer: N/A
	8.8.2 Has the entity taken any steps, or does it propose to take any steps, to raise further cash to fund its operations and, if so, what are those steps and how likely does it believe that they will be successful?
	Answer: N/A
	8.8.3 Does the entity expect to be able to continue its operations and to meet its business objectives and, if so, on what basis?
	Answer: N/A
	Note: where item 8.7 is less than 2 quarters, all of questions 8.8.1, 8.8.2 and 8.8.3 above must be answered.

Compliance statement

• 1 This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A.

• 2 This statement gives a true and fair view of the matters disclosed.

Date: 29 July 2022

Authorised by: By the Board

(Name of body or officer authorising release – see note 4)

ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

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Appendix 5B

Mining exploration entity or oil and gas exploration entity quarterly cash flow report

Notes

1. This quarterly cash flow report and the accompanying activity report provide a basis for informing the market about the entity’s activities for the past quarter, how they have been financed and the effect this has had on its cash position. An entity that wishes to disclose additional information over and above the minimum required under the Listing Rules is encouraged to do so.

2. If this quarterly cash flow report has been prepared in accordance with Australian Accounting Standards, the definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report. If this quarterly cash flow report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standards apply to this report.

3. Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity.

4. If this report has been authorised for release to the market by your board of directors, you can insert here: “By the board”. If it has been authorised for release to the market by a committee of your board of directors, you can insert here: “By the [ name of board committee – eg Audit and Risk Committee ]”. If it has been authorised for release to the market by a disclosure committee, you can insert here: “By the Disclosure Committee”.

5. If this report has been authorised for release to the market by your board of directors and you wish to hold yourself out as complying with recommendation 4.2 of the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations , the board should have received a declaration from its CEO and CFO that, in their opinion, the financial records of the entity have been properly maintained, that this report complies with the appropriate accounting standards and gives a true and fair view of the cash flows of the entity, and that their opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively.

ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

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