Rex Minerals Ltd. announced moving ahead with project financing and operational readiness plans following completion of the Optimised Feasibility and Definition Phase Engineering Study (OFS). The 100%-owned Hillside Project (Hillside) is one of the most significant copper-gold projects in the country and is located less than two hours' drive from Adelaide, South Australia. High level key points: Project Value for Stage One, Net Present Value (NPV) A$1,252M (pre-tax), NPV of AUD 847 Million (post-tax), Internal Rate of Return (IRR) of 19% (nominal IRR 23%) (spot IRR 21%), C1 of $1.52/lb copper (spot C1 $1.39/lb), 4.3-year payback period; Scale and Opportunity - Stage One (11 years) lays the foundation for a 20 plus year operation and extracts around half of the current Ore Reserve.

Substantial potential exists for Resource and Or Reserves growth, leading to mine life extension and higher processing rates beyond Stage One; First Production - Annual payable metal of circa 42kt copper (Cu) and 30koz gold (Au) to follow ramp-up. First concentrate delivery timing Q4CY20255, to align with the beginning of the forecast global copper market deficit; Estimated pre-production capital cost of AUD 854 Million (USD 598 Million) all-inclusive of full fleet, pre-strip and contingency; Team - Board and Management have significant experience in delivering similar projects in Australia and internationally; Contribution - Hillside to provide employment for over 500 people during construction and over 400 during operations (over $600 Million in payroll) and contributing over AUD 200 Million in state royalties; Regulatory Approvals - Key approvals are in place to allow commencement of development and operations; Next Steps - Rex is actively seeking suitable 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.