MinRex Resources : Quarterly Activities & Cashflow Reports

28 APRIL 2022

ASX Release

Quarterly Activities and Cash Flow Reports

for the Quarter ended 31 March 2022

HIGHLIGHTS

•  MinRex adds to the current position ~890 km2 of granted exploration licenses across 14 projects within the highly prospective region of Pilbara, Western Australia (Figure 1).

•  The new Garden Well Lithium Project (EL 45/5869) has been acquired and is strategic addition to MinRex's Sisters and Moolyella North Lithium Projects, which lie immediately adjacent to ASX listed Global Lithium Limited (ASX: GL1) Archer Lithium Deposit (10.5Mt @ 1.0% Li2O). Garden Well is located approximately 5.5km to the north in the same lithium mineralised greenstone belt hosting the Archer Deposit (Figure 2).

•  All 3 MinRex Marble Bar Projects display similar extensive linear potassic responses as the Archer Lithium Deposit - potassic zones outlining pegmatite hosted lithium mineralisation (Figure 3).

•  Reconnaissance program over the Tambourah North Lithium Project, Haystack Well Lithium Project, and the Coondina South Lithium Projects was completed.

•  Spodumene discovered over 3 Marble Bar Projects with planning for RC drilling underway.

•  Tambourah pegmatites stacked at surface in goldilocks zone in the Granite-Greenstone Pilbara Craton Super Suite-Soanville Group Formation and have visible coarse and fine grained Spodumene & Lepidolites with zoning along strike and across strike.

•  Tambourah North Project hosts large, stacked pegmatites over 1.5km length by 150m in width.

•  Tambourah pegmatites housed in the Soansville Group Formation hosting Pilbara Minerals (ASX: PLS) Pilgangoora Lithium Deposit 226Mt @ 1.29% Li2O & Mineral Resources (ASX: MRL) Wodgina Lithium Deposit 236Mt @ 1.2% Li2O.

•  MinRex advancing Heritage Agreement and Native Title Surveys over Marble Bar Lithium Projects.

•  The Company remains well funded with $5.6 million in cash at the end of the quarter. Subsequent to the quarter end, MinRex raised a further $13.5 million led by a cornerstone investment from a strategic group of investors who are executives of Chinese and Australia mining groups involved in exploration, development, refining and processing of precious and battery metals.

•  Subsequent to quarter end, MinRex finalised its accelerated exploration program over its Pilbara Lithium- Tin-Tantalum Projects for up to 25,000m of drilling within the next 12 months.

MinRex Resources Limited (ASX: MRR) ("MinRex" or "the Company") is pleased provide the following report on its activities during the March 2022 quarter, together with material updates subsequent to the quarter. During the period, MinRex focused on reconnaissance program over the Tambourah North Lithium Project, Haystack Well Lithium Project, and the Coondina South

ASX Code: MRR

Lithium Projects and the Company also secured mineral rights to battery metals over an exploration licence application known as the Garden Well Lithium Project (E45/5869) from existing holder True Fella Pty Ltd.

The Garden Well Lithium Project is a strategic addition to MinRex' Sisters Project (E45/5871) and Moolyella North Lithium Project (E45/5873), which are all in close proximity to the Archer Lithium Deposit 100% owned by Global Lithium (ASX: GL1) (Figure 1). A summary of the material terms of the acquisition is set out in corporate section of this report.

Historic data and open file geophysical data was reviewed and evaluated in desktop studies to generate exploration targets. From the open file review, MinRex has acquired from 89 rock chip and 744 soil sampling which has been added to a master database. The high-resolution airborne magnetic and radiometric survey flown in 2019, supports the targeting of Li-Sn-Ta pegmatite exploration.

Garden Creek Lithium Project

Garden Creek Lithium Project

Sisters Lithium Project

Moolyella North Lithium Project

Figure 1 - Regional Geophysical Potassic Image highlighting similar responses over the Archer Lithium mineralised trend and potential untested zones within E45/5869, E45/5871 and E45/5873

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 Woodstock - Hillside Road.

In 2013 Altura Mining Limited identified outcropping lithium mineralisation hosted within pegmatites. Initial investigation of the licence for rare metal mineralisation suggests that lithium is present as lepidolite in pegmatites located along the granite-

________________________________________________________________________________

MinRex Resources Limited ABN 81 151 185 867

Tel +61 (08) 9481 0389 Emailinfo@minrex.com.au

Level 11 216 St Georges Terrace Perth WA 6000

www.MinRex.com.au

ASX Code: MRR

greenstone margin. The dykes are up to 1 km in strike and 100 meters width and trend east-west across the dominant structural trend at Tambourah.

During the reconnaissance, a series of stacked pegmatites hosting spodumene striking 3300 over 1 km with approximately 50m in width were located within the greenstone belt. Acicular-lepidolite-albite-muscovite rich pegmatites were located on the contact zone between the Petroglyph Gneiss and Apex Basalt greenstone belt.

Zoned Spodumene-lepidolite-albite-muscovite rich pegmatite Dykes

Granite-

Pegmatite Contact

Geologists

Up to 50-100m visible width Goldilocks zone stacked Pegmatite

Pegmatite visible strike up to 1km to 1.5km from ground and air

Photo 1 - Tambourah North Prospect showing a wide 100 m wide stacked pegmatites running southerly direction hosted within the Greenstone Belt - Photo looking North

________________________________________________________________________________

MinRex Resources Limited ABN 81 151 185 867

Tel +61 (08) 9481 0389 Emailinfo@minrex.com.au

Level 11 216 St Georges Terrace Perth WA 6000

www.MinRex.com.au

ASX Code: MRR

Photo 2 -Zoned 50m wide pegmatite with coarse and acicular fine grained Spodumene from Tambourah North

Haystack Well Lithium Project Area

The tenement is located 170km north of Newman, and 35km south of Nullagine, accessed via Marble Bar Rd. The project includes historic tantalum alluvial workings (MINEDEX registration S0029250) - a strong indicator of localised LCT pegmatites. Within the central portion of the tenement, pegmatite hosting microcline-muscovite-altered green micas was located within a granite greisen.

The Twin Wells Alluvial Prospect showed strong extensive stacked swarms pegmatites striking within a southerly direction over 650 metres. Several rock chip samples were collected from the pegmatites for assaying. Samples over the historic Twin Wells alluvial tailings have also been sampled for assaying.

Microcline-Muscovite Pegmatite Dykes

Twin Wells Historic Mine (beryl-corundum-tin-tantalum)

Photo 3 - Twin Wells Alluvial Tantalum Prospect showing 3 stacked pegmatites running southerly direction hosted within the

Bonny Downs Granite Formation

________________________________________________________________________________

MinRex Resources Limited ABN 81 151 185 867

Tel +61 (08) 9481 0389 Emailinfo@minrex.com.au

Level 11 216 St Georges Terrace Perth WA 6000

www.MinRex.com.au

ASX Code: MRR

Coondina South Lithium Project

The Coondina South Project is located approximately 20km south of the historic Coondina Tin Field, and 18km north of the East Pilbara Iron Project/Cloud Break Mine owned by Fortescue Metals Group (FMG). The reconnaissance concentrated mainly over the Leavers Well South Prospect were extensive tourmaline rich spodumene pegmatites were located along the low-lying areas through the upper ridges of the Hamersley Basin Sediments. These pegmatites are located with the goldilocks zone where the geological settings are favourable for lithium mineralisation.

Spodumene-Albite-Tourmaline-Quartz Pegmatite Dykes

Photo 4 - Levers Well South Prospect (Coondina South Project) showing series of stacked pegmatites approx. 300m in width striking east-west direction over 1 km

CORPORATE

Mr. George Karageorge was appointed Managing Director and Chief Executive Officer of MinRex effective 16 March 2022. Chief Executive Office, Mr. Pedro Kastellorizos stepped down effective 16 March 2022 and was appointed as Non-Executive Director of the Company effective from his resignation as CEO.

During the quarter, Mr. Glen Whiddon resigned as a Non-Executive of MinRex. Mr Whiddon was a member of the Board since 5 June 2020 and had overseen the Company's transition and growth to becoming an emergent battery and precious metals explorer.

Key Acquisition Terms for Garden Well Project (E45/5869)

Odette Five Pty Ltd (acquired by MinRex) entered into a binding term sheet with True Fella Pty Ltd to acquire mineral rights to battery metals on E45/5869.

The mineral rights extend all battery metals, tin and rare earth metals (including lithium (Li), Caesium (Cs), Rubidium (Rb), Tantalum (Ta), Niobium (Nb), beryllium (Be) and lanthanide series elements 57 to 71 on E45/5869.

Consideration to True Fella for the acquisition of such mineral rights was $15,000 in cash, 3,333,334 shares and a 1% gross overriding royalty payable on any minerals extracted from E45/5869. Such consideration is in addition to the consideration payable to True Fella for the acquisition of the Sisters Project (E45/5871) and the Moolyella North Lithium Project (E45/5873).

________________________________________________________________________________

MinRex Resources Limited ABN 81 151 185 867

Tel +61 (08) 9481 0389 Emailinfo@minrex.com.au

Level 11 216 St Georges Terrace Perth WA 6000

www.MinRex.com.au

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