Quarterly Activities Report for the Period Ended September 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 30 June 2023. During the quarter, the Company executed a 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 (ASX: BRX) announced significant mineralisation, classified as 'Exploration Results' per the JORC (2012) Code, reinforcing the project's potential for substantial base and precious metals.
• Significant rock chip assays from 133 samples collected by Votorantim across multiple locations at the Toro target, produced an average grade of: 0.84% Zn, 81ppm Ag, 0.11ppm Au, 0.10% Cu, & 0.58% Pb. With peak assay values of: 13.30% Zn, 1,980ppm Ag, 2.56ppm Au, 1.90% Cu, & 12.1% Pb.
• Significant intercepts from diamond drilling completed in 2013-2014 by Votorantim at the Toro target include:
  • ARRLSDD0001 - 266m @ 0.76% Zn, 14.6ppm Ag, 0.05ppm Au, 0.04% Cu & 0.09% Pb from 56m.
  • ARRLSDD0003 – 22m @ 1.25% Zn, 41.2ppm Ag, 0.31ppm Au, 0.24% Cu & 0.27% Pb from 10m.
• Significant intercepts from the Sonoma drill holes completed in 1996/1997 at the Toro target include:
  • T1-D – which included: 24m @ 2.4% Zn, 38.8ppm Ag, 0.18ppm Au & 0.07% Cu from 24m; and 60m @ 2.4% Zn, 118ppm Ag, 0.32ppm Au & 0.28% Cu from 114m.
• Three (3) out of the nine (9) recently submitted EIAs have been approved in the quarter. Activities such as initial exploration, drilling, camp refurbishment, track construction and maintenance are now permitted to commence immediately, in time for the start of the field season.

Belara Project (NSW)

• Field mapping and ground truthing undertaken during the quarter confirm the extension of the Native Bee and Ben Buckley structural trends as high-priority targets. At Native Bee, rock chip sampling yielded notable average grades, including 1.44% Cu, 71.0g/t Ag, 0.24g/t Au, 1.61% Pb, and 0.30% Zn, with peak assay values reaching 4.71% Cu, 156.0g/t Ag, 0.43g/t Au, 5.00% Pb, and 1.32% Zn. Additionally, the sampling uncovered a previously untested secondary mineralised lode, extending at least 100 metres in length. Similarly, at Ben Buckley, rock chip sampling near historical workings produced an average of 0.50% Cu, 49.1g/t Ag, 0.19g/t Au, 2.94% Pb, and 0.24% Zn, with peak assay values of 0.97% Cu, 188.0g/t Ag, 0.39g/t Au, 14.90% Pb, and 0.56% Zn.

Bullabulling Project (WA)

• At the Bullabulling project, a soil sampling programme has been successfully completed during the September quarter. The soil samples were collected on a nominal 125m x 125m grid spacing over the most prospective areas for lithium and gold mineralisation. The soil samples are currently undergoing analysis and will be announced separately in due course.

CORPORATE OVERVIEW

• Cash at the bank at the end of the quarter was $2,457,000
• On 26 July 2023 the Company, pursuant to the approval of shareholders at the Extraordinary General Meeting held on 27 April 2023, issued 3,004,000 shares (escrowed to 30 June 2024) to Condor Prospecting under a services agreement with the Company as consideration for the provision of services to a value of US$500,000. At quarter end, approximately US$104,060 of services are owing to the Company under the services agreement.
• Subsequent to quarter end, the Company has put forward to Shareholders for approval to issue a further 2,000,000 shares and 1,000,000 options (exercise price of $0.66 per share, expiring 13 July 2026) for the provision of future services to the value of US$500,000. Shareholders will vote to approve this issue at the Company’s upcoming Annual General Meeting to be held on 27 November 2023.
• Prospectus for the issue of new listed options (BRXOA) lodged with ASX on 3 July 2023.
• New listed options ( BRXOA) issued to participants and lead manager in the $2.5m placement announced to the market on 27 June 2023 (Placement)
• At an Extraordinary General Meeting held on 22 September 2023 Shareholders ratified the issue of shares and options under the placement and approved the issue of performance rights to the directors of the Company.

Managing Director, Arvind Misra, Commented: We’ve achieved significant progress and promising results in our diverse project portfolio. In Argentina’s TMT Project, we’ve identified substantial mineralisation, with high-grade rock chip assays at the Toro target. Three out of nine EIAs have been approved, enabling further activities. In the Belara Project (NSW), rock chip assays confirm high-potential targets, including previously untested mineralised lodes. Additionally, at the Bullabulling Project (WA), gridded soil sampling is complete, with results currently under analysis. Our commitment to exploring battery metals remains strong, and we anticipate continued progress.

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