A major copper project on the horizon

South Australia

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Disclaimer

The presentation (in this projected form and as verbally presented) (“Presentation”) is provided on the basis that none of the Company nor its respective officers, shareholders, related bodies corporate, partners, affiliates, employees, representatives and advisers make any representation or warranty (express or implied) as to the accuracy, reliability, relevance or completeness of the material contained in the Presentation and nothing contained in the Presentation is, or may be relied upon as a promise, representation or warranty, whether as to the past or the future. The Company herby excludes all warranties that can be excluded by law.

The Presentation contains prospective financial material which is predictive in nature and may be affected by inaccurate assumptions or by known or unknown risks and uncertainties and may differ materially from results ultimately achieved.

The Presentation contains “forward-looking statements”. All statements other than those of historical facts included in the Presentation are forward-looking statements. Where the Company expresses or implies an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. However, forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by such forward-looking statements. Such risks include, but are not limited to, copper and other metals price volatility, currency fluctuations, increased production costs and variances in ore grade or recovery rates from those assumed in mining plans, as well as political and operational risks and governmental regulation and judicial outcomes. The Company does not undertake any obligation to release publicly any revisions to any “forward-looking statement”.

The Presentation contains general background information about the Company and its activities current as at the date of this presentation, 20 February 2012. The information in this Presentation is in summary form only and does not contain all the information necessary to fully evaluate any transaction or investment. It should be read in conjunction with the Company’s other periodic and continuous disclosure announcements lodged with the ASX, which are available at www.asx.com.au and other publicly available information on the Company available at www.rexminerals.com.au.

The Presentation does not constitute an offer, invitation or recommendation to subscribe for or purchase any security and does not form the basis of any contract or commitment. The Presentation, the entitlement offer and the contracts formed on acceptance of the relevant applications are governed by the laws applicable in Victoria, Australia. Each person who applies for new shares submits to the jurisdiction of the courts of Victoria, Australia.

All persons should consider seeking appropriate professional advice in reviewing the Presentation and the Company.

The information in this presentation that relates to Exploration Results, Mineral Resources and Exploration Potential is based on information compiled by Mr Patrick Say. Mr Say is an employee of Rex Minerals Ltd, is a member of the Australian Institute of Mining and Metallurgy and is a Competent Person under the definition of the 2004 JORC Code. The Exploration Potential and Exploration Targets described in this Presentation is conceptual in nature, and there is insufficient information to establish whether further exploration will result in the determination of a Mineral Resource. Mr Say consents to the publication of this information in the form and content in which it appears.

Executive Summary 1. Company Overview

2. Assets (100% owned):

Hillside Project

o Resource Growth

o Metallurgy/Mining

o Infrastructure

o New Discoveries and

improving economics

Pine Point Regional Targets

3. Timetable

Corporate Snapshot

ASX: RXM

Shares: 153.6 Mill + 2.4m options

Mkt Cap: A$245 Mill at A$1.60 per share

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Major Shareholders

Directors & M’gement 8.7%

Grand South 7.7%

Black Rock 5.9%

JP Morgan 5.8%

Greenstone Property 5.6%

Acorn 4.6%

Northcape 3.9%

Northward 3.1%

Macquarie 2.8%

Cash at Bank:

A$56.4 million at 31 December 2011

Existing Resources (Hillside):

217Mt @ 0.7% Cu, 0.2g/t Au, 12.4% Iron (0.9% CuEq)

(1.5Mt copper, 1.4Mozs gold)

Board and Management

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Management Team

Patrick Say Geology Manager

Amber Rivamonte Company Secretary

Janet Mason CFO

Marc Twining Exploration Manager

Pam McRae Williams Community Manager

John Burgess Study Manager (Metallurgy/Environmental)

Directors

Steve Olsen Managing Director

Paul Chapman Non Executive Chairman

Richard Laufmann Non Executive Director

Alister Maitland Non Executive Director

South Australian Projects

New Movie

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Hillside Project

New Movie

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7 rigs active on

Yorke Peninsula

Over 600 holes

drilled at Hillside

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Hillside Mineral Resource – June 2011

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Resource Tonnes Copper Gold Iron Contained Contained

Zone Category (Mt) (%) (g/t) (%) Copper (t) Gold (oz)

Supergene

Oxide

Indicated 3 0.6 0.2 11** 18,000 19,290

Inferred 15 0.6 0.2 12.1 90,000 96,452

Supergene

Sulphide

Indicated 1 0.7 0.3 12.9** 7,000 9,645

Inferred 7 0.7 0.2 13.7 49,000 45,011

Primary

Sulphide

Indicated 31 0.6 0.2 13.2** 186,000 199,335

Inferred 160 0.7 0.2 12.3 1,120,000 1,028,824

Total 217 0.7 0.2 12.4 1,500,000 1,400,000

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Shallow

Open Pit

Deeper

Expanded

Open Pit

Hillside – Growth and Mining Options New high grade zones (>1.5% CuEq*) discovered in

within indicative pit design

*Copper equivalents

have been calculated

assuming the following

metal prices and metal

recoveries;

Copper price =

US$3.20/lb and

recovery of 94%, Gold

price = US$1200/oz

and 77% recovery, Iron

ore price = US$120t

and iron recovery of

52.9%.

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Shallow

Open Pit

Deeper

Expanded

Open Pit

Hillside – Growth and Mining Options Reduced strip ratio due to more copper discovered

within indicative pit design

Mining – Improving strip ratio

(~4:1) reducing costs (~A$13.5/t)

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Shallow

Open Pit

Deeper

Expanded

Open Pit

Processing costs ~$10/t

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Copper recovery: 90 to 94%

Gold recovery :75 to 77% Iron Ore: 65+% iron concentrate

Pine Point Copper Belt – Infrastructure - Good access to power, water, port and people

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Close to Adelaide (150km, 2hr drive):

- contractors, suppliers, etc

Access to land (Rex owned),

Linked to major highway

Pine Point Copper Belt - Infrastructure

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Close to major infrastructure including;

state power grid and water grid

Proximity to ports

Closest port 10km north of Hillside

Copper (Cu)

70,000 tpa

Gold (Au)

50,000ozpa

Magnetite

1.3 Mtpa

Shallow orebody,

conventional

floatation to

recover Cu-Au

concentrate.

Slurry pipeline to

port.

Key Features Advantage

Good recovery, low

impurities making for

easily saleable

product

Recoverable from tailings

of Cu/Au circuit (eg:

Ernest Henry). Slurry

pipeline to port.

Refined product with >65%Fe

and low impurities. Very low

cost delivered to port. (<$35/t).

105kt pa

CuEq

Integrated

modular plant

Economies of scales,

3 revenue streams

Products

Hillside – Project Revenue: Production • 105,000t copper equivalent (CuEq) per annum*

*Copper

equivalents have

been calculated

assuming the

following metal

prices and metal

recoveries;

Copper price =

US$3.20/lb and

recovery of 94%,

Gold price =

US$1200/oz and

77% recovery, Iron

ore price =

US$120t and iron

recovery of 52.9%.

Hillside – Improving project margins

Admin

Processing

Mining

$13.5/t $10.0/t

$1.5/t

Estimated Cost Breakdown*

Gold

Iron Ore

Copper

65%

11%

24%

Revenue Breakdown*

*Cost and revenue estimates based on Hillside concept study results announced July

2011 and indicative open pit optimisation completed in January 2012.

$-

$1,000

$2,000

$3,000

$4,000

$5,000

$6,000

$7,000

$8,000

$9,000

$10,000

2006 2007 2008 2009 2010 2011

$US Copper Prices over past 5 years

$US/t

5year average US$3.18/lb

17 Feb 2012

US$8,300/t or

US3.77/lb

Hillside – Project Revenue: Cu Prices

Lower Case

(-25%) A$6,000/t Cu

A$255M

pa

Open Pit, Moderate Strip, Logistic Advantages

Economies of Scale on 105ktpa CuEq

= A$375Mpa

Cost B

ase*

Gro

ss

Pro

fit*

A$465M

pa

A$675M

pa

Today ~A$8000/t Cu

Upside

(+25%) A$10,000/t Cu

If copper

fell 25%

margins

remain

high

Upside shows

exposure of

Hillside Project

to higher

copper prices

Hillside – Estimated annual project

margins improving ($A)

*Cost and revenue

estimates based on Hillside

concept study results

announced July 2011 and

indicative open pit

optimisation completed in

January 2012.

Pine Point Copper Belt

- Regional Potential

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Pine Point Copper Belt

- Regional Potential

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Ranking Target Name Modelled Magnetic Size and Intensity

Modelled Gravity Size and Intensity

1 Equis Central High High

2 Ethel High High

3 Target 13 High Med/High

4 Ranald East High Low

5 Parara North Med/High Med

6 Hillside Med/High Med

7 Parara Central Med/High Low

8 Parara South Med Med/High

9 Ranald 16 Med Med

10 Equis South Med Med

11 Port Julia Med Med

12 Hillside West Med Med/Low

Rex Vision – Hillside plus Regional Exploration

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Path to Development Pine Point Copper Belt (SA)

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Pre-Feasibility Study

Hillside

Regional Targeting

i.e: Equis, Port Julia

Feasibility Study/Approvals

Hillside

Regional Drilling Construction

2012 2013

Conclusion

Hillside - Robust project with good margins at low copper prices

- Leveraged to high copper prices

Regional - Potential for new discoveries with multiple large scale targets

defined underneath a hidden (but shallow) landscape.

Strategic Significance – Large scale resources located close to

infrastructure are very rare. Rex has 100% ownership of this unique

asset.

Well Funded - $56M to take the Hillside Project through to a full-feasibility

study and reveal large scale regional potential on the Pine Point Copper

Belt.

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