Resources & Reserves

Mineral Resource & Ore Reserve

The Mineral Resource for the Hillside Project remains one of Australia’s largest open pit copper Mineral Resources and is reported in accordance with the 2012 JORC Code.

The Project Ore Reserve is exploiting only 50% of the total Mineral Resource. Future expansion of the open pit could be possible in the right economic conditions.

Hillside Mineral Resource Estimate Summary

The Mineral Resource Estimate (MRE) for the Hillside Project as of December 2022 is 337Mt @ 0.56% copper (Cu) and 0.14g/t gold (Au), containing 1,897kt of copper and 1,528koz of gold (Table 1). This MRE supersedes the previously reported MRE for the Hillside deposit which was reported by Rex on 25th May 2015.

The 2022 Hillside MRE is reported at a cut-off grade of 0.2% copper.

Rex's 2022 Mineral Resource Statement for Hillside can be found here.

Hillside Ore Reserves Summary

The Ore Reserves estimate for the Hillside Project as of December 2022 is 186Mt @ 0.53% copper and 0.14g/t gold, containing 989kt of copper and 834kozs of gold. The new Ore Reserves summary is presented in Table 2. Rex's 2022 Ore Reserve Statement for Hillside can be found here.

The updated Ore Reserves are based on the July 2021 Stage Two Pre-Feasibility Study transition plan.

The Stage Two transition plan is a series of phased pushbacks that begin during the Stage One Mine Plan. Stage One is approved under the current Program for Environment Protection and Rehabilitation (PEPR). A decision to transition to the Stage Two Mine Plan could occur by year five (Figure 1). Under this transition plan, the Stage One open pit can transition to Stage Two and continue for more than 20 years of an updated open pit mine schedule.

The December 2022 MRE was used as the basis for the December 2022 Ore Reserves estimate. Measured and Indicated Resources have been converted to Proved and Probable Ore Reserves respectively, subject to mine design physicals and an economic evaluation. Ore Reserves by Rex were calculated from a mine design completed by AMC Consultants and mineral processing work completed by Ausenco.

Competent Persons’ Statement

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.

Forward-Looking Statements

The above information may contain “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.