MinRex Resources : Quarterly Activities & Cashflow Reports

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for the Quarter ended 30 June 2022

HIGHLIGHTS

• New mapping defines additional pegmatites hosting visible Spodumene and Lepidolite identified over the Tambourah North Project area.
• Central-NorthernZone Pegmatite lithium-spodumene rock chip assay at Tambourah.
  (MRR028 2.56% Lithium oxide, (1.19% Lithium) covers an area of 300m in length by 310m in width and comprises series of stacked pegmatites hosted with the Greenstone Belt - untested drill target zone.
• Southern Zone Pegmatite Lithium-Spodumene and Lepidolite rock chip assay at Tambourah
  (MRR040 1.91% Lithium oxide, 0.89% Li) covers an area of 870m in length by 170m in width and comprises stacked Pegmatites hosted with the Granite-Greenstone Belt - untested drill target zone.
• MinRex signed a long-term drilling contract with Foraco Australia Pty Ltd for a 12-month period. 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 and into 2023.
• RC drilling to commence late July 2022.
• WA Government - Department of Mines issued 5 Programs of Work approvals over Lithium- Tin-Tantalum Projects.
• Native Title Heritage Survey with Nyamal Aboriginal Corporation completed over the Sister's, Moolyella North and Garden Creek Projects surrounding Global Lithium (ASX:GL1) 10.1MT @ 1.0% Archer Lithium Deposit in Marble Bar.
• Geological mapping continues with ground mapping identifying extensions untested zones of anomalous Tin-Tantalum-Rubidium confirming strong indicator of localised LCT Pegmatites at Haystack Well and Shaw River.
• Soil and stream re assay for Rare Earth Elements at Coondina and Shaw River. Recent sampling indicates LCT Pegmatites within the area based on the strongly anomalous Niobium, Tin, Rubidium and Caesium.
• The Company remains well funded with $14.2 million in cash at the end of the quarter.

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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.

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

Zoned Lithium (spodumene rich) Pegmatite

Apex Basalt

Photo 1 - Tambourah North (Central-North Zone) highlighting stacked series of pegmatites striking over 280m in length hosted with the Apex Basalt (deep brown foliated rock within background).

Geological mapping has further identified a stacked series of lepidolite-albite-muscovite rich pegmatites southern zone area of E45/4953 on the contact zone between the Petroglyph Gneiss (granite lithology) and Apex Basalt, which is part of the greenstone belt.

These pegmatites follow the same orientation of the granite-greenstone for approximately 830m in length with individual pegmatites ranging from 40m to 250m in length. Some of the pegmatites range from 0.5m to 15m in width with some lepidolite pegmatite veins cross cutting the main pegmatites.

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Level 11 216 St Georges Terrace Perth WA 6000

www.MinRex.com.au

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ASX Code: MRR

Photo 2 - Tambourah North (Southern Zone) highlighting stacked series of pegmatites hosting lithium rich over 820m in length (lepidolite purple colour hosted within the Greenstone-Granite Contact zone)

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. 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.

The rock chip assays results highlighted very encouraging indicators for LCT pegmatite based on anomalous Lithium (up to 120 ppm), Rubidium (high of 710 ppm Rb), Caesium (up to 46 ppm) and Tin (max 120 ppm Sn) assay results. Further detailed ground geochemical surveys will be undertaken then followed up by RC drilling.

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.

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ASX Code: MRR

Photo 3 - Aerial Photo showing the extensive historical alluvial mining conducted over Shaw River Tin Field

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. Based on the limited rock chip samples collected, anomalous tin- tantalum-rubidium shows strong indicator of localised LCT pegmatites.

The Twin Wells Alluvial Prospect showed strong extensive stacked swarms pegmatites striking within a southerly direction over 650 metres. The potassic geophysical survey over Haystack Well potentially has outlined buried pegmatites, which could explain the source of strongly elevated lithium in the soil samples anomalies (soils vary from 200 ppm to 589 ppm Li).

Based on the soil and most recent rock chip sampling, there is evidence of granite fractionation based on the enrichment of pathfinder elements such as 23 ppm Ta, 14 ppm Be, 45 ppm Nb and 50 ppm Cs within soils. Rock chip sample MRR029 and MRR030 yielded 40 ppm Ta, 90 -150 ppm Li, 20 ppm Sn, 1,257 - 2,355 ppm Rb with 45 - 597 ppm Cs. The trace elements analysis indicates that the granite is zoned anomalous in tin-beryllium-niobium grading to lithium and caesium in the surrounding zone - a typical zonation pattern for lithium pegmatites.

The two lithium anomalies are greater than 1.5km long are situated in the pegmatitic aureole surrounding the granite and are open in all directions and follows the Goldilocks Zone perfectly.