Rex Minerals Ltd (Rex or the Company) 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 One1 2 3

Net Present Value (NPV) A$1,252M (pre-tax), NPV of A$847M (post-tax)

Internal Rate of Return (IRR) of 19% (nominal IRR 23%) (spot IRR 21%)

C1 of US$1.52/lb copper (spot C1 US$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 One4

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 deficit6

Estimated pre-production capital cost of A$854M (US$598M) 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 $600M in payroll) and contributing over A$200M in state royalties

Regulatory Approvals - Key approvals are in place to allow commencement of development and operations7

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.

Rex's CEO and MD, Richard Laufmann, said: 'Rex remains on track to become a significant Australian copper producer. Despite the current global headwinds, the economics remain robust, and Hillside is planned to be in production at a time when the world will require a significant amount of copper to drive the global electrification initiatives. 'We have received strong interest from a range of external financiers, traditional and nontraditional lenders, equipment suppliers and the major copper smelters and metal trading companies. 'This is an exciting time for copper developers, for Rex Minerals, for shareholders, and for the South Australian (SA) and local communities which are poised to reap regional economic benefit from Hillside.'

Background

The 100%-owned Rex Minerals' Hillside Copper-Gold Project on the Yorke Peninsula in SA is one of the most significant copper-gold development projects in Australia, and one of the biggest Ore Reserves8 in Australia, after Olympic Dam and Carrapateena - both also located in South Australia. Hillside is fully permitted with key approvals in place. It has State Government and regional support, and in development will become a long-term major regional employer in SA while delivering significant regional economic benefit. South Australia is a politically stable location with well-developed infrastructure. This infrastructure includes an existing electricity grid, roads, water and a skilled labour pool. The Hillside Project will be well serviced by this current infrastructure. Further, the Hillside Project offers a high probability of future Mineral Resource growth and Mineral Resource to Ore Reserve conversion.

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, copper, 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.

Competent Persons' Statements - Hillside

The information in this report that relates to Ore Reserves is based on information compiled by Mr Charles McHugh who is a Fellow of the Australasian Institute of Mining and Metallurgy and is an employee of Rex Minerals Ltd. Mr McHugh 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 McHugh consents to the inclusion in the report of the matters based on their information in the form and context in which it appears. The information in this report that relates to Exploration Results or Mineral Resources is based on information compiled by Mr Steven Olsen who is a Member of the Australasian Institute of Mining and Metallurgy and is 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. The information in this report that relates to metallurgy is based on, and fairly reflects, information compiled by Mr John Burgess who is a Fellow of the Australasian Institute of Mining and Metallurgy and a consultant to Rex Minerals Ltd. Mr Burgess 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 Burgess consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Contact:

Investors

T: +61 3 9415 4000

1300 850 505

Registered Office Mailing Address

68 St Vincent Highway PO Box 3435, Rundle Mall

Pine Point, South Australia 5571 Adelaide

South Australia 5000

T: 1300 822 161

E: rex@rexminerals.com.au

W: www.rexminerals.com.au

Kay Donehue

Company Secretary

T: 1300 822 161

T: +61 3 9068 3077

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