SUMMARY

CORPORATE

• Non renounceable Entitlement issue raises $1,590,547, representing a 98.57% take up of the offer

• Applications for Shortfall finalised completing 100% acceptance of shares offered.

• A total of 515,802 options were exercised at $0.006 and fully paid shares issued to shareholders

• Confirmation received from DMP of registration of MXR's 51% interest in gold rights on majority of Spargoville tenements.

• Negotiations and Second and Purchase Sale Agreement completed with Tychean Resources to secure TYK's remaining 10% interest in Spargoville tenements.

• Second Sale and Purchase Agreement extinguishes MXR's future earn-in commitments and eliminates the gold royalty to TYK

• Transfer documentation, recording MXR interest of 100% of TYK interest in Spargoville tenements, completed and submitted to DMP/Office of State revenue for assessment.

• Revised Deeds of Assignment and Assumption signed to reflect acquisition of 100% of TYK's interest in the Spargoville tenements.

• The Company continues to search for and evaluate prospective projects and tenements with a view to bolstering the exploration portfolio and continue to build on the prospectivity of the Company's asset base.

  WESTERN AUSTRALIA

  SPARGOVILLE PROJECT

• Lithium potential continues to advance

• High grade lithium pegmatite discovered at Target 1-2

• Preparations underway for maiden lithium drilling program

• Tribute Mining at Eagles Nest returns 18.67ozs of gold, for $31,739 at realised gold price of

  $1699/ozs, at no cost to the Company

• Tribute Mining aiding exploration with bedrock exposure of prospective geology NARNDEE PROJECT

• Ground Electromagnetic survey completed at Target MG03.

• MG24 survey delayed due to rain, with survey rescheduled for early next Quarter

  SOUTH AUSTRALIA

  MILLERS CREEK PROJECT

• Continue to seek expressions of interest for Joint Venture or sale/purchase of tenement package ADELAIDE HILLS PROJECT

• Terramin continues reported high grade gold intersection within the Bird In Hand Gold Deposit

• Anticipated submission of PEPR in 2016/17 year which triggers the first contingent $1 million payment

DEVELOPMENT AND EXPLORATION ACTIVITIES

WESTERN AUSTRALIA

SPARGOVILLE PROJECT LITHIUM PROJECT

Maximus 51% up to 100%

Figure 1:.Location of Lefroy and Landor Lithium prospects of which Maximus holds 100% interest in Li

Building on the review of Lithium Prospectivity completed in the March quarter, MXR announced the discovery of a significant Lithium bearing Pegmatite at Target 1-2 on the Lefroy Prospect. The discovery was made during the Company's first dedicated Lithium field exploration program designed to test a series of targets generated from auger drill results by previous explorers, detailed aerial photography interpretations and geophysical imaging. The discovery at Target 1-2 shows lithium bearing mica (lepidolite) over a strike length of 200m with results averaging 3.55%Li20, with a peak value of 4.97% Li20. (See Table 1)

Table 1: Rock chip sampling results from the Lefroy Lithium prospect

The lithium bearing pegmatite is hosted within a mafic-ultramafic complex, remains open in all directions and has not previously been drill tested.

Further east of Target 1-2, high Lithium values of up to1.74% Li20 have been returned from re-sampling of historical RC holes where pegmatite was intersected and logged during nickel and gold exploration. In order to determine which Li mineral was responsible for the elevated assay results, XRD analysis was conducted on a series of samples of pegmatite. The samples obtained were from representative chip trays collected during past drilling programs, which are securely stored at Wattle Dam. The pegmatite interval widths, as noted in the drill logs and the chip trays, report pegmatite thickness ranging between 4m and upto 15m.

The XRD analysis results confirm that spodumene is present in these drillholes, varying in amounts from trace, to major.

Figure 2 below shows a cross section of these results. The results indicate that the lithium bearing pegmatites are shallow dipping, stacked, and ranging in thickness from 4m to 15m. The Company continues to locate and test pegmatites at the Lefroy Prospect for lithium mineralisation.