ASX Release: 28 October 2015‌‌‌‌‌

Quarterly Activities Report - for the period ended 30 September 2015

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ANNUAL GENERAL MEETING

The Annual General Meeting of Shareholders of Rex Minerals will be held at 11.30am on Monday,

30 November 2015 at the offices of Baker & McKenzie, level 19, 181 William Street, Melbourne. The Notice of Meeting and Proxy Form will be mailed to shareholders. Your Board recommends that shareholders vote FOR all eight resolutions.

If you cannot attend the meeting and intend to vote by proxy, your Proxy Form should be lodged at the share registry (Computershare Investor Services) at least 48 hours before the meeting. Computershare's address is GPO Box 242 Melbourne Victoria 3001, or you can lodge via facsimile (within Australia) on 1800 783 447 or (outside Australia) on +61 3 9473 2555.

With minerals commodity prices at near-historic low levels, innovation - with an emphasis on preservation of cash - has become integral to companies continuing to operate effectively and pursuing their work programs.

It is for this reason that Rex has recommended the adoption of an Option Incentive Plan, applicable to directors and employees; one that is designed to maintain an experienced Board and Management team, yet at the same time preserve cash for project and operational purposes.

Details of this plan are contained in the Notice of Meeting and the related Explanatory Notes. Your Directors recommend that you read them carefully to ensure that you understand what is being proposed and why.

As part of this plan approval, Rex will reduce the cash component payable to Non-Executive Directors and reduce its payroll cost base while retaining or engaging high-calibre employees. In essence, the plan is designed to:

• Implement a forward-thinking, comprehensive, cost-effective and incentive-based remuneration strategy that will help preserve cash; and

• Align the interests of directors and employees with those of shareholders by linking remuneration to the long-term success of the Company.

DIRECTORS

On 4 August this year, Rex announced the appointment of Mitch Hooke as a Non-Executive Director.

Mr Hooke retired as Chief Executive Officer of the Minerals Council of Australia (MCA) at the end of 2013, a position he had held since June 2002. Before joining the MCA, Mr Hooke served as inaugural Chief Executive Officer of the Australian Food and Grocery Council and, prior to that, he was Executive Director of the Grains Council of Australia.

Mr Hooke is Chairman of Partners in Performance International and a member of the Advisory Board of Partners in Performance (North America), a global management consulting firm with specialist skills across minerals resources, agricultural, industrial manufacturing and services industries.

Mr Hooke is also a Non-Executive Director of GTL Energy Ltd, a technology company in the early stages of commercialising proprietary technology to upgrade low-rank coals.

He is an Independent Director of Grain Producers Australia, the national not-for-profit body which represents Australia's broadacre grain, pulse and oilseed producers.

In welcoming Mr Hooke to the Board, Rex's Chairman, David Carland said that Mr Hooke has an outstanding track record of achievement in global industry development and business generally, and the broad knowledge and experience that he brings to Rex Minerals is unique and of the highest order.

MANAGEMENT UPDATE

Greg Hall - Project Director

Greg Hall was, until recently, CEO of copper-gold producer Hillgrove Resources. Greg oversaw significant productivity improvements and cost reductions at the Kanmantoo Mine and the restart of brownfields exploration targeted to expand the mine's resource base. Mr Hall is a Non-Executive Director with uranium explorer Alligator Energy, and a Director of the unlisted public uranium company, Torch Energy.

Mr Hall has a wealth of experience from a career that includes operations, technical and marketing roles in copper, uranium, nickel, bauxite and alumina, gold and iron ore for WMC and Rio Tinto. In 2006, he set up the uranium company Toro Energy as its inaugural Managing Director. Toro Energy's activity and growth saw it achieve approval for WA's first uranium mine at Wiluna.

Mr Hall, a native South Australian, is passionate about the state's prospects.

Amber Rivamonte - Chief Financial Officer

Ms Amber Rivamonte has over 20 years' experience in the resources industry covering the fields of commercial, strategic and risk management, corporate governance and financial management experience. Ms Rivamonte has a background in accounting and is a certified practicing accountant (CPA) in Australia. She has previously held the roles of CFO and company secretary at Rex Minerals and Ballarat Goldfields.

Ms Rivamonte also previously held the role of company secretary at Indophil Resources and White Rock Minerals.

Ms Rivamonte's experience includes the structure, set up and listing of Rex Minerals and White Rock Minerals, including raising capital from seed through to public raisings of up to $A82 million.

Ms Rivamonte's experience covers all aspects of managing resources companies, from project acquisition, mergers, demergers, takeovers, schemes and various forms of fund raisings.

SA GOVERNMENT

On 28 August this year, Rex advised that the South Australian Government's Department of State Development (DSD) has approved a 12 month extension for the submission of the Program for Environment Protection and Rehabilitation (PEPR) and the Social Management Plan (SMP) for Rex's Hillside Project on the Yorke Peninsula.

After undertaking an extensive review of the Hillside Project due to the downturn in global commodity prices of copper, gold and iron ore, Rex announced the results of its EFS to the ASX on 25 May 2015.

Following this, the Company requested an extension of time for submission of the PEPR and the SMP. The extension was granted by DSD. Rex is currently engaged with the regional community and other stakeholders, on details of the Hillside Project, during the development of the PEPR and the components of the SMP. For more detail on this important consultation process, see 'Hillside Project - Community Engagement' section below.

HILLSIDE PROJECT

Community Engagement

Close interaction with community and government is good management practice and part of the corporate social responsibility. It will always be part of the day-to-day activity for Rex during all stages of planning, development and operations.

During the September quarter, in order to provide details of the EFS and its social environmental impact, Rex engaged with stakeholders including land owners, community and local government. As part of our dialogue with community, we explained the EFS outcomes and highlighted its advantages. For local stakeholders, this emphasised the reduced physical and existential community footprint of the new layout which sits inside the original design of the Hillside Project, and we detailed how this compares and fits within the original Mine Lease - see community presentation at 'http://www.rexminerals.com.au/community-environment'.

Tenement Schedule for the quarter ending 30 September 2015

NEXT QUARTER

Next quarter, Rex will continue with its important community and government engagement and continue with the work programs to deliver the PEPR and Social Management Plan.

Rex will also focus on delivering its Option Incentive Plan, designed to preserve cash for operational purposes while appropriately remunerating its Board and Management team.