MinRex Resources : Approvals Received for Maiden Drilling Over Lithium Projects

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MINREX CALLS UP DRILL RIGS AS APPROVALS RECEIVED FOR MAIDEN DRILLING OVER LITHIUM PROJECTS IN EAST PILBARA

Operations and Exploration Update

HIGHLIGHTS

• MinRex cashed-up with approximately $11.3M in the bank and an additional $6.8M to settle on 1 June from cornerstone investment group.
• Programme of Works approved from the Department of Mines, Industry and Safety, Resource for drilling to commence over 5 Project areas.
• MinRex signs long-term12-month drilling contract with Foraco Australia Pty Ltd.
• MinRex targeting 25,000m of drilling in the next 12 months.
• RC drilling will be operating from late July - early August 2022.
• Five RC drilling programs currently being designed across all approved PoW Project areas.
• Native Title Heritage Agreement signed with Nyamal Corporation over Marble Bar Project areas.
• Nyamal Heritage Survey over Marble Bar Project areas to commence start of June 2022.
• Initially the drilling will concentrate over all identified pegmatites hosting visible Spodumene and Lepidolite mineralisation over the northern and southern section within the Tambourah North Project.
• Mapping over Shaw River Project area identifies outcropping Pegmatites for RC drilling.

MinRex Resources Limited (ASX: MRR) ("MinRex" or "the Company") is pleased to announce significant progress at fast tracking approvals for its detailed field program and maiden drilling programs over Eastern Pilbara and Marble Bar Lithium-Tin-Tantalum Project areas.

MinRex Resources Limited Managing Director Mr Karageorge commented:

"We are pleased to have the stakeholders, cash, team, projects and now approvals in place to fast-track drilling over our key lithium assets in the eastern Pilbara battery metals hot spot".

"The Department of Mines, Industry and Safety, Resource have approved MinRex's application to drill over 5 project areas which include Coondina South Coondina, Shaw River, Tambourah North and Haystack Well Project".

"The Company has also secured a highly experienced drilling Company under a long term 12-month drilling contract to test extensive stacked lithium bearing pegmatites delineated over its project areas."

"We are also delighted to have executed the Nyamal Heritage Agreement and arranged commencement of the Heritage Survey over the Marble Bar Project Areas, allowing a fast-track approval to drilling once the Heritage Survey is completed and the and tenements are granted".

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During the month of May 2022, the Department of Mines, Industry and Safety, Resource and Environmental Compliance Division has issued 5 PoW approvals over Coondina, Haystack Well, Tambourah North, Coondina South and Shaw River Lithium-Tin-Tantalum Projects. The approvals are restricted to the use of ground disturbing equipment to be undertaken across all drilling activities over each project area.

Drilling Contract and Foraco Australia

The Company is pleased to announce a long-term contract has been signed with highly experienced and accomplished drillers Foraco Australia Pty Ltd. Foraco will mobilize a KWL 700 Reverse Circulation drill rig in late June and a second KWL 700 in late July.

Foraco will assist the Company with support vehicles and caravans' fast-tracking drilling over the Tambourah North and Shaw River Pegmatites commencing in late June. The second Foraco Rig and crew will mobilize in July preparing for drilling programs at the Marble Bar tenements on the grant of tenements.

The 12-month initial term is expected to deliver 15,000 meters of drilling on first pass programs and a further 10,000 meters of drilling in the later part of 2022, with drilling recommencing in February 2023.

The Company will contract a further KWL 700 in August if required adding valuable drill meters across a wider scope of discoverable project areas.

Nyamal Heritage Agreement

The Company is pleased to have Nyamal Aboriginal Corporation RNTBC, acting on behalf of the Nyamal traditional owners over the Sisters, Moolyella North and Garden Creek Projects, sign a Heritage Agreement with MinRex subsidiary, Odette Five Pty Ltd, and current tenement owners True Fella Pty Ltd. The Heritage survey is currently booked to take place during the second week of June 2022 to progress towards signing off on ground disturbance in approved drilling areas.

The company is grateful to the Nyamal representatives and traditional owners for their willingness to assist MinRex through the negotiations and help progress the Marble Bar Lithium Project tenements to grant.

Exploration Update

The company has commenced a 3-month mapping and drill target field program over Tambourah North and Shaw River Lithium, Tin and Tantalum project areas.

Tambourah North Lithium Project

Tambourah is located approximately 200 km south southeast of Port Hedland and 80km southwest of Marble Bar within the Pilbara Mineral Field. Access is via the Great Northern Highway or the Marble Bar - Port Hedland Road and the connecting Hillside - Woodstock Road.

During the geological mapping programme, a series of stacked pegmatites were identified in the central-northern area of E45/4953. Spodumene rich pegmatites are completely hosted with the Apex Basalt greenstone belt. These pegmatites identified vary from 50m to 280m in length with some pegmatites up to 30m in width.

The first pass RC drill programme will target an area of 300m in strike by 310m in width - this will test the newly identified lithium rich stacked pegmatites along strike and at depth.

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Photo 1 - Tambourah North (Central-North Zone) highlighting stacked series of pegmatites striking over 820m in

length hosted with the Apex Basalt (deep brown foliated rock within foreground/background)

Shaw River Lithium-Tin-Tantalum Project

The Shaw River Project is part of the Shaw River Tin Field. Up until 1975, the Shaw River tin field produced 6,585t of tin and 548t of tantalite concentrates (containing 20.2t of Ta2O5), with the greatest production from alluvial placer deposits. Historical heavy stream sediment sampling has outlined very high-gradeSn-Ta mineralised zones (up to 42.2% tin and 3.41% tantalum) within extensive pegmatite occurrences (ASX Announcement 24th November 2021). The Pegmatites are the sole primary source of the tin and tantalum mineralisation.

In May 2022, the first field mapping reconnaissance programme outlined extensive pegmatites dykes in the northeastern portion of current tenure area proximal to the Old Shaw/Shaw River Tin and Crown Lands and Sundry Claims Tin mines. These pegmatites vary from 40m to 210m in length striking north-western direction. These stacked pegmatites are striking within a zone approximately of 1,000m in length.

Most of the pegmatites in the field are concealed by alluvial material with numerous pegmatites identified in the drainage and creek cuttings. Further announcements over both Project areas will be released to the market once all the technical data has been collected from the field and interpreted by MinRex Geologists.

Capital Raise Tranche 1- Placement Completed

The Placement was heavily oversubscribed and strongly supported by investors with $13.5 million raised over 2 tranches, with tranche 1 completed on 28 April 2022.

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Photo 2 - Tambourah North (Southern Zone) highlighting stacked series of pegmatites hosting lithium rich pegmatites

hosted within the Greenstone-Granite contact zone

Alluvial Material

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This ASX announcement has been authorised for release by the Board of MinRex Resources Limited.

-ENDS-

For further information, please contact:

George Karageorge

Managing Director

MinRex Resources Limited

1. +61 8 9481 0389

1. 0419 944 484George.Karageorge@minrex.com.au info@minrex.com.au

About MinRex Resources Ltd

MinRex Resources Limited (ASX: MRR) is an Australian based ASX-listed emergent battery metals explorer with Lithium-Tin-Tantalum Projects in the Pilbara (WA) in close proximity to world-class Lithium and Tantalum producers Pilbara Minerals, Mineral Resources, and Global Lithium. MinRex also has a highly prospective portfolio of Gold-Copper projects in the Mercherson and Pilbara Regions (WA) and Gold-Silver-Copper and other metals projects in the Lachlan Fold Belt (NSW). The Company's tenements package cover 1,000km2 of highly prospective ground targeting multi-commodities type deposits. The Company also currently has JORC 2012 Resources totalling 352,213 oz gold at its Sofala Project (NSW).

Competent Persons Statement

The information in this report that relates to Exploration Targets and Exploration Results is based on information compiled by Pedro Kastellorizos. Mr. Kastellorizos is the Non-Executive of MinRex Resources Limited and is a Member of the AusIMM of whom have sufficient experience relevant to the styles of mineralisation under consideration and to the activity being reported to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr. Kastellorizos has verified the data disclosed in this release and consent to the inclusion in this release of the matters based on the information in the form and context in which it appears.

Forward Statement

This release includes forward-looking statements. Forward-looking statements include, but are not limited to, statements concerning MinRex's planned exploration programs and other statements that are not historical facts. When used in this release, the words such as "could", "plan", "estimate", "expect", "anticipate", "intend", "may", "potential", "should", "might" and similar expressions are forward-looking statements. Although MinRex believes that its expectations reflected in these forward-looking statements are reasonable, such statements involve known and unknown risks and uncertainties and are subject to factors outside of MinRex's control. Accordingly, no assurance can be given that actual results will be consistent with these forward-looking statements.

References

2924-02509212-6A1086202 (markitdigital.com)

Characteristics of Sn-Ta-Be-Li Industrial Mineral Deposits of the Archaean Pilbara Craton, Western Australia-Marcus T Sweetapple, AGSO Record 2000/44 2.

The Geology and Mineralogy of the Pilgangoora Li-Ta Pegmatite Deposit-Marcus T Sweetapply, John Holmes, John Young, Mike W Grigson, Lauritz Barnes & Stuart Till-Centre of Exploration Targeting, UWA, Western Australia 2017

A Preliminary Deposit Model for Li-Ce-Ta (LCT) Pegmatites, Dwigght Bradley and Andrew McCauley, USGS Open File 2013-1008REE-Enriched Granitic Pegmatites-T Scott Ercit, Canadian Museum of Nature, 2014. 5. DMIRS WAMEX Report.