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ASX Release : 30 April 2021 REX Minerals Ltd ABN 12 124 960 523 Quarterly Activities Report for the period ended 31 March 2021 T 1300 822 161 ( Australia ) T +61 3 9068 3077 ( International ) P PO Box 3435 Rundle Mall South Australia 5000 E rex@rexminerals.com.au W www.rexminerals.com.au The pivot to a global commodity super cycle , for electrification assets ( Copper ) and protective assets ( Gold ) , is now becoming clear . Commentators globally are glimpsing the " Hinge of History " at which we are poised . At today's spot copper price , our Hillside Project has an implied Net Present Value approaching A $ 2 billion , and that is for Stage 1 alone . Viewed another way , our corporate valuation is easily justified on Hillside Copper . However , Rex offers more than just leverage to Copper and we are now most definitely a 2 - for - 1 investment . Shareholders also own the free option of Hog Ranch , our fast - growing , company - making Gold project in Nevada . Today , much of our news flow and work on the ground is focused in Nevada and funded by money raised for that purpose in September 2020. This month , to add to our A $ 7.3 million cash balance , we placed an additional A $ 9.5 million to a handful of supportive institutions . This gives us capacity to retire our A $ 4 million debt and resource our focus on Hillside . Whilst our leverage to Copper and Gold offers so much upside , we cannot stress enough how disruptive COVID - 19 has been and continues to be globally , to Australia and to Rex . Despite these headwinds , we all have to succeed . Now , more than ever Australia needs to stand united and stand behind and champion investment in our people and our assets to future - proof this great nation . Significantly , during the quarter , Rex Minerals : • • • Continued to advance financing discussions on Hillside , still 100 % owned . We have not prematurely diluted shareholders ' upside . Significantly increased the Mineral Resource at Hog Ranch to 2.2Moz . Based on our regional geophysics programs , targeted new opportunities to test the upside of the trend at Hog Ranch . Our drill rig is back on site . Presented at the international Mines and Money Online Connect Conference , 23-25 March 2021 . The next six months - and beyond – will be an exciting time for Rex Minerals and its shareholders .