Mr. Anthony Zelen reports

REX RESOURCES CORP. COMPLETES ACQUISITION OF B.C. COMPANY WITH A PROSPECTIVE MINERAL PROPERTY NEAR PORT ALBERNI"

Further to the news release dated May 18, 2023, Rex Resources Corp. has completed the acquisition of 100 per cent of the issued and outstanding shares of 1414447 B.C. Ltd. (BCCO), pursuant to the terms of a securities exchange agreement dated effective May 18, 2023, among the company, BCCO and the sole shareholder of BCCO, Broadstone Resources Inc.

BCCO holds a 100-per-cent interest in eight contiguous mineral claims totalling approximately 1,562 hectares located near Port Alberni, B.C., generally known as the Rex property. For additional details regarding the Rex property, see the company's news release dated May 18, 2023, available under the company's SEDAR profile.

In connection with the acquisition, the company issued Broadstone one million common shares in the capital of the company at a deemed price of five cents per payment share. As additional consideration, the company paid Broadstone a cash payment of $60,000. Pursuant to the terms of the definitive agreement, the company also agreed to pay Broadstone an additional cash payment of $115,000, which shall be payable on or before the earlier of: (a) the date that is six months following the closing date of the acquisition; and (b) three business days following the date on which the company completes an equity financing for gross proceeds of at least $400,000. The acquisition is subject to final approval from the exchange.

About Rex Resources Corp.

Rex Resources is a mineral exploration company focused on the acquisition, exploration and development of mineral resource properties. Rex has an option to acquire a 60-per-cent interest and title to the Kalum property located in the Terrace area of British Columbia.

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