Quarterly Activities Report‐ for the period ended 31 March 2017

Date: Apr 2017

Highlights

  • As the copper price hits a near two‐year high during the March 2017 quarter...
  • With copper supply and consumption expected to rise over the next five years . . .
  • Rex Minerals (Rex or the Company) remains on track to complete and deliver to government the Program for Environment Protection and Rehabilitation (PEPR) under the current Mining Lease for its Hillside Project.
  • A Research and Development Tax Incentive of approximately A$3.2M is expected to be received in the June quarter which will increase the Company’s cash balance(for detail, please see page 2).

Rex’s Hillside Project on the Yorke Peninsula in South Australia is targeting copper and gold production.

There is strong consensus that copper demand and pricing will rise in the short‐term, with support for a medium and longer‐term trend. More detail is provided on page 3 of this report.

During the March quarter,Rex received clarification from the South Australian Government as to what needs to be done within the PEPR submission to conform with the original Mining Lease for Rex’s 100%‐owned Hillside Project. More detail on this clarification process is provided on page 2 of this report.

Rex has commenced drafting initial operational management plans as part of the PEPR process and will be seeking community feedback on aspects of these.The Company continued direct meetings with landowners and regional groups during the quarter.

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