Rex Minerals : Hog Ranch Drilling Update

only	Hog Ranch Gold Property
					ASX Release: 19 July 2022
		Drilling Update		Assay results from Krista Area
					 Rex Minerals Ltd (Rex or the Company) has received the
use			assay results from one (HR22-018) out of seven RC drill holes
		recently completed at the Krista Project, from within the
	R x Minerals Limited
	ASX: RXM | OTCQB: RXRLF		Company's 100% owned Hog Ranch Gold Property in
	ABN 12 124 960 523		Nevada, USA.
	Directors		 Highlights from RC drill hole HR22-018 include:
	Ian Smith, Non-executive Chairman	 147.83m @ 0.62g/t gold (Au) from surface (est true
	Richard Laufmann, CEO & MD
	Amber Rivamonte, CFO & Executive Director	width ~104m) including:
personal
	Gregory Robinson, Non-Executive Director	o 45.72m @ 1.06g/t gold from 44.2m (est true width
	Andrew Seaton, Non-Executive Director
	K y Donehue, Company Secretary	~32m) and
					o 4.57m @ 2.42g/t gold from 137.16m (est true width
	Ordinary Shares on Issue	592,654,254	~3.2m).
	Unquoted Options	20,246,667	 The RC drill rig has since moved on to the Cameco and
	H g Ranch Consideration Rights 15,000,000	Airport Project area.
	Share Price Activity - June 2022 Quarter	 All samples from the Krista drilling program are at the lab
	with results anticipated over the following 6-8 weeks.
	Low	12.5c
	High	28.5c
	Last	13.5c
	Cash & cash equivalent
	$49.97M at 31 March 2022		"It's evident we are in a big system, as most of our recent
For			drilling has confirmed.
		"Delays in sample turnaround times continue to hamper our
					progress."
	T 1300 822 161 (Australia)
	T [phone] (International)	- Richard Laufmann, CEO and MD.
	PO Box 3435 Rundle Mall,
	South Australia 5000

• [e-mail]

• www.rexminerals.com.au

For personal use only

RC drilling at Hog Ranch has been completed over a broad number of target locations at the Krista Project area. This include tests for down dip extensions of historical drilling data and previously untested structures and breccias that are interpreted to be higher grade feeders for the extensive shallow gold mineralisation.

Drill hole HR22-018 was designed to confirm the broad gold mineralisation underneath the historical Krista Open Pit. The historical drilling is vertical and often ended in gold mineralisation.

Hole HR22-018 confirmed further extensions at depth to the known gold mineralisation in addition to a deeper higher grade gold position. This position is interpreted to be related to a feeder structure.

Gillam

Figure 1: Location of Hog Ranch Property in north-west Nevada.

RXM Drilling Results from Krista Project

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For personal use only

Krista Drilling Program

A total of seven drill holes for just over 1,600m have been completed at Krista. The drill holes were planned to achieve multiple objectives, including confirmation to the continuity of the gold mineralisation around the historical open pits and to test for potential extensions to the gold mineralisation. This includes possible higher grade feeder structures at depth.

Hole HR22-018 (Figure 2) was completed at a relatively shallow 45-degree average dip to test for the possible vertically orientated feeder structures. This drill hole went through open pit back fill material (historical low-grade ore) which contained an average grade of 0.49g/t gold. This was followed by a section of relatively high-grade gold mineralisation from the base of the historical open pit which intersected 45.72m @ 1.06g/t gold.

Drill hole HR22-018 achieved all of its key objectives. The results confirmed better than anticipated gold grades from within the back fill material in addition to the primary host rock underneath the historical Open Pit. This was further followed up by a new section of higher-grade mineralisation of 4.57m @ 2.42g/t from 137.16m down hole (Figure 3). The estimated true width of both the horizontal and vertical gold mineralisation is approximately 70% of the reported down hole width.

Figure 2: Krista plan view RC drill hole relative to the historical Krista and Geib Open Pit mines. Drill Hole HR22- 018 was completed underneath the Krista Open Pit.

RXM Drilling Results from Krista Project

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For personal use only

Regional Soil Sampling Program

In addition to the RC drilling campaign, a large-scale soil sampling campaign is ongoing over the broader Krista Project area. Soil sampling has been completed over the central Hog Ranch Mining Claims including coverage of the broader Airport and Cameco Project locations. Results and analysis for the soil sampling completed to date is anticipated in August.

Figure 3: Cross Section of HR22-018 shown relative to the shallow and mostly vertical historical RC drilling information. See Figure 2 for the location of this cross section.

	Drill Hole		From		To	Down-hole		True Width		Average Gold
	Number		(m)		(m)	Length (m)		(m)		Assay (g/t)
	HR22-018		0.0		147.83	147.83		~104		0.62
	including		44.20		89.92	45.72		~32		1.06
	including		137.16		141.73	4.57		~3.2		2.42

Table 1: Composited gold intersections from drill hole HR22-018. See Figures 2 and 3 for the interpretation of the relative geometry of the gold mineralisation relative to the reported drill hole results. Broader intercepts are reported at either a geological contact close to a lower cut-off grade of 0.2g/t and with internal higher-grade intercepts reported at an approximate lower cut-off grade of 0.5g/t.

RXM Drilling Results from Krista Project

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For personal use only

This announcement has been authorised for release by the Company's Chief Executive Officer.

For more information about the Company and its projects, please visit our website https://www.rexminerals.com.au/or contact:

Peter Bird	Media Enquiries:
EGM Investor Relations & Business Development	Gavan Collery
T	[phone] or [phone]	T	[phone]
E	'[e-mail]'	E	'[e-mail]'

COMPETENT PERSON'S STATEMENT

The information in this announcement for the Hog Ranch Property that relates to Exploration Results, Exploration Targets or Mineral Resources is based on, and fairly reflects, information compiled by Mr Steven Olsen who is a Member of the Australasian Institute of Mining and Metallurgy and an employee of Rex Minerals Ltd. Mr Olsen has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking 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 Olsen consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Forward-Looking Statements

This announcement contains "forward-looking statements". All statements other than those of historical facts included in this announcement are forward-looking statements. Where the Company expresses or implies an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. However, forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by such forward-looking statements. Such risks include, but are not limited to, gold and other metals price volatility, currency fluctuations, increased production costs and variances in ore grade or recovery rates from those assumed in mining plans, as well as political and operational risks and governmental regulation and judicial outcomes. The Company does not undertake any obligation to release publicly any revisions to any "forward-looking statement".

RXM Drilling Results from Krista Project

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