Rex Minerals
Company Profile (100 Words)

Rex Minerals Ltd is a copper and gold development company. It is listed on the Australian Securities Exchange (ASX:RXM) and on the US OTC Markets Group exchange (OTCQB:RXRLP). The Company has two key assets, both company-defining opportunities in their own right – the Hillside Copper-Gold Project in South Australia and the Hog Ranch Gold Property in Nevada USA. Both assets are 100% owned by Rex.

Brief overview of your project (150 Words Max)

Hillside is one of the most significant copper-gold projects in Australia. It is located less than two hours’ drive from Adelaide. Hillside is fully permitted, with key approvals in place. At nearly one million tonnes, it has one of the biggest copper Ore Reserves in Australia and nearly double that amount of copper in Mineral Resource.

In December 2022, the Company announced that it is moving ahead with Hillside project financing and operational readiness plans, following completion of a major study that estimates annual payable metal of circa 42kt copper (Cu) and 30koz gold (Au) following ramp-up, with first concentrate delivery timed for Q4CY2025. The estimated pre-production capital cost is A$854M (US$598M).

Hog Ranch has a JORC-compliant Mineral Resource of 2.2Moz gold. Hog Ranch offers significant scope to grow inventory as current defined mineralisation on a number of projects remains unconstrained.

What is unique about your project (150 - Words Max)

Hillside is shovel ready. Recent study (Stage One) highlights include:

• NPV A$1,252M (pre-tax) and A$847M (post-tax)
• IRR of 19% (nominal IRR 23%) (spot IRR 21%)
• C1 of US$1.52/lb copper (spot C1 US$1.39/lb) and
• 4.3-year payback period.

Stage One (11 years) lays the foundation for a 20-plus year operation, extracting around half the current Ore Reserve. Substantial potential exists for Mineral Resource and Ore Reserve growth, leading to mine life extension and higher processing rates beyond Stage One.

What highlights or announcements are you planning in the next 12 months? (150 - Words Max): Hillside to provide employment for over 500 people during construction and over 400 during operations (over $600M in payroll) and contributing over A$200M in state royalties. Key approvals are in place to allow commencement of development and operations. Rex is now actively seeking funding via a structured process, to align with the detailed engineering, construction and operational readiness plans. Potential strategic partnerships via a minority interest are being discussed. Subject to a more detailed Scoping Study, it is envisaged that Hog Ranch may well support a material gold heap leach mining operation with multi-year life.