Quarterly Activities Report For the Period Ended March 2023

Belararox Ltd (ASX: BRX) (Belararox or the Company), an advanced mineral explorer focused on high value clean energy metals, is pleased to report on its quarterly activities for the period ending 31 March 2023. During the quarter, the Company executed binding agreement to acquire TMT project in Argentina, commenced Phase 2 drilling at Belara project and exploration work at Bullabulling project.

Operational Highlights

TMT Project (Argentina)

• Belararox executed its acquisition agreement for the Argentinian Toro-Malambo-Tambo (“TMT”) Project, located in San Juan province.
• Belararox executed an agreement with Condor Prospecting Australia to manage TMT’s exploration.
  • Under the agreement, Condor Prospecting Australia will cover the TMT Project’s exploration expenses in exchange for up to USD $1 million in BRX shares.

Belara Project (NSW)

• Belararox commenced Phase 2 drilling at Belara and Native Bee during the quarter.
  
• Belararox’ NSW landholding increased by 300% during the quarter.

Bullabulling Project (WA)

• Exploration was commenced on the companies Western Australian Bullabulling project to test for the potential of Lithium-Caesium-Tantalum (“LCT”) pegmatites.

Corporate

• Cash at bank at the end of the quarter was $2.7 million.
  
• Binding agreement executed to acquire the TMT Project in Argentina subject to conditions being met – refer to ASX release dated 23 March 2023.
• General Meeting of BRX shareholders to be held on 27 April 2023 to approve the issue of securities to the vendors of Fomo and to Condor under the Transaction.

Our team successfully executed on a challenging and potentially game changing quarter for Belararox.

During the March quarter we commenced exploration at Bullabulling, representing an opportunity in a highly prospective LCT pegmatite district in WA, Australia. We expect to update the market as activities progress.

During the quarter our team successfully progressed the TMT Project acquisition in an exciting expansion in our development pipeline. Adding further credence to our belief that this asset may be a game changer for Belararox, our due diligence has identified historic core drill results undertaken at the southern end of the TMT project.

With a successful first quarter under our belt, I am optimistic 2023 will continue to be a pivotal year for Belararox.

Projects and Assets

Belararox has a 100% interest in the 643 sq.km Belara Project located in the Lachlan Fold Belt of New South Wales, where drilling to date has already delivered a JORC compliant Mineral Resource Estimate in H2 CY22 (Refer to BRX ASX announcement, dated 3 November 2022). The Project includes the historic Belara and Native Bee mines that have been drilled to a depth of around 400m and 150m vertical metres respectively and have massive sulphide mineralisation showing excellent continuity and containing significant intersections of zinc, copper, lead, silver, and gold.

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