Quarterly Activities Report For The Period Ended June 2023

Belararox Limited (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 30 June 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)

• Satellite imagery confirms hydrothermal alteration at the Toro, Malambo, and Tambo project, revealing 11 prospective targets identified by Dr. Steve Garwin.
• The targets are interpreted to be associated with high sulphidation epithermal and/or porphyry mineralisation showing similar characteristics to Filo del Sol and/or Veladero Projects.
• Nine Environmental Impact Assessment (EIA) applications for the upcoming 2023-2024 field season have been submitted to the San Juan Mines Department and are expected to be approved soon.

Belara Project (NSW)

• Phase 2 drilling at Native Bee confirms and extends massive sulphide mineralisation, with mineralisation continuing over 100 meters south and remaining open at depth, indicating significant potential for further mineralisation.
• Highlights include:
  • 6.0m at 4.00% Zn, 0.27% Cu, 1.15% Pb, 33.70g/t Ag and 0.37g/t Au from 151.0m in NBDD007, including 3.0m at 7.57% Zn, 0.06% Cu, 2.11% Pb, 58.27g/t Ag and 0.70g/t Au.
  • 8.0m at 2.17% Zn, 1.08% Cu, 0.14% Pb, 15.55g/t Ag and 0.16g/t Au from 175.0m in NBDD009.

Bullabulling Project (WA)

• Anomalous rock chip assays collected during geological mapping of Belararox's Bullabulling project indicated potential Lithium-Caesium-Tantalum (LCT) pegmatites, with fractionated pegmatite assays showing 2,444 ppm Li2O, anomalous Cs at 196 ppm, and Rb at 982 ppm.
• Historical workings also exhibited high-grade gold assays of up to 11.95 g/t Au in vuggy gossanous quartz material associated with mafic basalts and amphibolites, similar to the adjacent Bullabulling goldfield.

Corporate

• Cash at bank at the end of the quarter was $3.15 million.
• In May 2023 Belararox settled the acquisition of the TMT Project in Argentina.
• Belararox completed a strategic capital raise of $2.5 million through a placement of shares at $0.33 and free attaching options.
• Belararox announced the appointment of Jason Ward as a non executive director with effect from 1 June 2023; and the resignation of Michelle Stokes with effect from 1 July 2023.

The TMT Project in Argentina confirmed hydrothermal alteration and identified 11 prospective targets, with EIA applications submitted for approval, showcasing our commitment to field work. The Belara Project in NSW made notable progress, extending massive sulphide mineralization through Phase 2 drilling at Native Bee. Additionally, the Bullabulling Project in WA expanded its potential with Lithium- Caesium-Tantalum pegmatites and high-grade gold assays. On the corporate front, we successfully raised $2.5 million, strengthening our financial position, and have up to USD $1m of services at the TMT Project that can be settled through shared issuance per the agreement with Condor Prospecting Pty Ltd(1). We are also pleased that Jason Ward has joined us as a non-executive director, with his extensive knowledge and experience working in Argentina, as we strive for continued success in achieving our strategic goals. I take this opportunity to thank founding director Michelle Stokes for her dedication to the Company and wish her well for the future.

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