File: Attachment NR - Director Changes, IR Engagement & Stock Option Grants - 2024.07.03 - Clean.pdf

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REX RESOURCES CORP. Suite 1570, 505 Burrard Street

Vancouver, BC V7X 1M5

July 3, 2024 TSX-V: OWN

Rex Resources Announces Director Changes and Investor Relations Engagement

Vancouver, B.C. Rex Resources Corp. (TSX-V: OWN) ("Rex" or the "Company") is pleased to announce the appointment of Michael Leahy as a director of the Company.

With over 12 years of entrepreneurial experience, Mr. Leahy is a seasoned business professional with expertise in business development, corporate development and operations. He previously held the positions of Vice President of Business Development and later Chief Operating Officer at a private technology company renowned for its proprietary satellite radar technology utilized in mineral exploration, subsurface 3D modeling, and infrastructure monitoring. Additionally, Mr. Leahy served as the Executive Chair of the private technology company's U.S. subsidiary. His involvement extends across diverse sectors, including natural resources, technology, and tourism resort development, showcasing his versatile background in both public and private companies.

Mr. Leahy currently serves as the Chief Executive Officer and a director of GOAT Industries Ltd. (CSE: GOAT), as well as a director of Panther Minerals Inc. (CSE: PURR).

In addition to his role as a director of Rex, Mr. Leahy will serve as a member of the Company's audit committee.

Mr. Leahy replaces Isidro Flores Vasquez, who has stepped down as a director in order to pursue other opportunities. The Company would like to thank Mr. Flores Vasquez for his contributions and wish him well in his future endeavours.

Separately, Rex announces that the Company has entered into an investor relations consulting agreement dated July 2, 2024 (the "Consulting Agreement") with Earl Hope of Coquitlam, British Columbia (the "Consultant"), pursuant to which the Consultant has agreed to provide the services customarily rendered by investor relations consultants in the capital markets and public relations industry to the Company for a term of one (1) year in exchange for a monthly fee of $3,000 plus GST. The Consulting Agreement is subject to extension by mutual agreement of the parties.

Rex engaged the Consultant in order to heighten market awareness of the Company, broaden the Company's reach within the investment community, and create and develop interest regarding the benefits of owning the Company's stock.

The Consultant is at arm's length to the Company, and does not have any interest, directly or indirectly, in Rex or its securities, or any right to acquire such an interest, except as otherwise stated in this news release. The Consulting Agreement is subject to the approval of the TSX Venture Exchange (the "Exchange").

In connection with the foregoing events, the Company granted an aggregate of 400,000 stock options to Mr. Leahy (as to 200,000) and the Consultant (as to 200,000). Each option is exercisable into one common share of the Company at a price of $0.08 per share for a period of five years, and is subject to the terms and conditions of the Company's 10% rolling share option plan. Mr. Leahy's options vested immediately, while - 2 -

the Consultant's options will vest in 25% increments each quarter over a 12-month period in accordance with the policies of the Exchange.

Finally, Rex is pleased to announce that the previously-disclosed mineral property option agreement between the Company and two private, arm's length British Columbia corporations dated May 20, 2024 (the "Option Agreement"), has been accepted for filing by the Exchange. Pursuant to the Option Agreement, Rex acquired the exclusive right and option (the "Option") to purchase a 100% undivided interest in and to eight (8) mineral claims over approximately 275 hectares located near Port Alberni, British Columbia and generally known as the "Mactush Property". For further information regarding the Option Agreement and the terms of the Option, please refer to the Company's news release dated May 24, 2024.

About Rex Resources Corp.

Rex is a mineral exploration company focused on the acquisition, exploration and development of mineral resource properties. Rex owns an undivided 100% interest in eight contiguous mineral claims located near Port Alberni, British Columbia, generally known as the Rex Property, and has the option to acquire an undivided 100% interest in an additional eight mineral claims in close proximity thereto known as the Mactush Property.

ON BEHALF OF THE BOARD OF DIRECTORS

Anthony Zelen, Director (778) 338-5258 anthonyzelen88@gmail.com

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward Looking Information

This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward- looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations (including negative and grammatical variations) of such words and phrases or state that certain acts, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved".

Forward-looking information in this news release may include, without limitation, statements relating to the potential of the Rex Property and/or Mactush Property, regulatory approvals, and future news releases and disclosure.

These statements are based upon assumptions that are subject to significant risks and uncertainties, including risks regarding the mining industry, commodity prices, market conditions, general economic factors, management's ability to manage and to operate the business, and explore and develop the projects of Rex, and the equity markets generally. Because of these risks and uncertainties and as a result of a variety of factors, the actual results, expectations, achievements or performance of Rex may differ materially from those anticipated and indicated by these forward-looking statements. Any number of factors could cause actual results to differ materially from these forward-looking statements as well as future results. Although Rex believes that the expectations reflected in forward looking statements are reasonable, the Company can give no assurances that the expectations of any forward-looking statements will prove to be correct. Except as required by law, Rex disclaims any intention and assume no obligation to update or revise any forward- - 3 -

looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements or otherwise.