Belararox Ltd. announced its maiden Mineral Resources Estimate of 5.0Mt. Phase 2 drill planning is well underway and aims to build upon this initial Inferred Resources and determine the potential of the Project to host significant zinc and copper mineralisation. Key Highlights: A maiden Mineral Resource Estimate (MRE) has been completed for Belara and Native Bee prospects with Inferred Resources of 5.0 million tonnes (Mt) at 3.41% Zinc equivalent (ZnEq); The MRE includes: 1.82% Zinc; 0.33% Copper; 0.63% Lead; 17.5 g/t Silver and 0.21g/t Gold at a 0.85% ZnEq cut-off; The ZnEq calculation used for the MRE is based on preliminary metallurgical test results from early Phase 1 drilling.

The metallurgical recoveries are expected to improve based on higher grade composites, which are more reflective of the average metal grades contained in the MRE; Significant exploration potential with extensions to mineralisation include: At Belara, mineralisation is open to the north and down-dip, with the prospect of identifying additional Resources during planned Phase 2 drilling, At Native Bee, a broader mineralised trend is identified in a coincident Gradient Array Induced Polarisation (GAIP) - airborne magnetics first derivative (1VD) - Fixed Loop Electro Magnetic (FLEM) anomaly, which extends from the area of the MRE southwards over some 1,500m, Phase 2 drilling aims to target the extent of this 1,500m trend and will aim to identify additional Resources in the vicinity of the old Native Bee mine and assess for the potential of mineralisation extending further south, 20km of structural corridor south of Belara and Native Bee where no exploration work has been carried out, this trend includes the old Ben Buckley base metal deposit; and the Mineral Resource Estimate was completed by highly regarded consultancy group SRK Australasia. Next Steps: Phase 2 drill program planning is well underway. It is expected to commence later this year or early next year dependent on potential delays related to ongoing wet weather, access, and contractor availability; Drilling as part of the Phase 2 program will target both Belara and Native Bee zones and assess the mineralised trend south of the old Native Bee mine.

Drilling will include reverse circulation and diamond core drilling; An airborne geophysical survey is also planned to test portions of the 20km of structural corridor south of Belara and Native Bee and identify high priority targets for follow-up exploration; ELA6176 and ELA6267 are expected to be granted late 2022 or early 2023 and will allow for exploration to commence on these tenements.