QXR Quarterly Activities Report for Period Ended 30 September 2023

QX Resources Limited (ASX: QXR, ‘QXR’) is pleased to present its Quarterly Report and Cash Flow Report.

HIGHLIGHTS

Operations

Pilbara Lithium Projects

• Pegmatites identified at Split Rock and Western Shaw as part of a month-long surface rockchip sampling and mapping program undertaken across the four Pilbara Lithium Projects.

Liberty Lithium Brine Project

• Option to Purchase agreement signed to earn 75% of the Liberty Lithium Brine Project, one of the largest single lithium brine projects in the USA with contiguous claims over 102km2.
• QXR to undertake drilling over an extensive 10km long lithium brine surface anomaly with elevated lithium results up to 215mg/L Lithium. Geophysics indicates brine aquifer targets at depth.
• QXR and the vendors have an indicative development plan and timeline considered achievable in discussions with regulators due to the support for battery minerals production.

Bayrock Resources

• High grade nickel-copper-cobalt diamond drill results were returned from the Lainejaur project in Sweden of Bayrock Resources Limited in which QXR has a 39% holding. Assays included 4.7m at 2.0% Ni, 1.6% Cu and 0.1% Co from 283m downhole.
• Encouraging nickel-copper assays were returned from 8 diamond drillholes at a second Bayrock asset in Sweden, the Vuostok project, a near surface nickel-copper project within trucking distance of Lainejaur. Assays included 6.9m @ 1.2% Ni and, 2.2% Cu from near surface (5m).

Queensland Copper-Gold-Moly Projects

• QXR intends to commence a Mining Lease application over the advanced-stage ‘Anthony’ Molybdenum deposit in central Queensland which has been previously upgraded to a JORC-2012 compliant Indicated and Inferred Mineral Resource estimate of 24,700 tonnes (53.7 million pounds) of contained molybdenum in sulphide, transition (partial oxide) and oxide zones.

Corporate

• Cash balance of ~$0.7 million plus liquid investments of ~$145,000 at 30 September 2023. Completion of ~$3.5m placement post quarter-end

OPERATIONS

Pilbara hard rock lithium projects - Western Australia

QXR holds four 100% owned hard-rock lithium projects, covering 355km2, strategically centred around Western Australia’s prolific Pilbara province, hosting some of Australia’s largest lithium deposits (Figure 1). QXR projects are Turner River (E45/6042 & E45/6065), Western Shaw (E45/4960 & E45/6107), Split Rock (E46/1367) and Yule River (E45/6159).

Pegmatites were identified outcropping at Western Shaw and Split Rock during the September quarter, as part of a month-long program of surface rockchip sampling and further geological mapping across all four hard rock lithium projects. This program focused on the key target of the contact zone between greenstones and granitoids known to be permissive for lithium mineralisation of the Split Rock Supersuite with which the Wodgina, Pilgangoora and Global Lithium deposits are associated.

Detailed high-resolution airborne geophysics was also undertaken at the Turner River Project, including detailed spectral image analysis around areas of pegmatites.

Once assays have been received, the Company plans to follow up the sampling program with extensive trenching and sampling across new areas of interest prior to follow-up drilling.

Previously, at the Turner River hard rock lithium project (E45/6065, E45/6042), located 15km to south-east of Mineral Resources’ Wodgina lithium mine, an initial drilling program confirmed a lithium mineralisation halo, around high surface lithium grades recovered from 5-15 kg sample blocks of lithium rich micas together with pegmatites. -up drilling. Sampling will be extended near the recently drilled area.

Figure 1: Location map of QXR’s Pilbara Lithium Projects

Liberty Lithium Brine Project

Post quarter-end, the Company entered an Option to Purchase Agreement and an Operating Agreement (Agreements) to earn a 75% interest of the 102km2 Liberty Lithium brine project in California, USA (Project), from vendor IG Lithium LLC (IGL) (ASX announcement 5 October 2023).

The first stage of the Agreements involves QXR conducting drilling, sampling, and testwork, starting with two permitted drillholes in the main part of the surface lithium anomaly, scheduled for November-December this year. Large volumes of lithium brines, if encountered, will be submitted for testwork with various direct lithium extraction (DLE) providers. IGL is able to provide an experienced team to assist in the field work, rather than requiring QXR to assemble a team.

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