QXR Quarterly Activities Report for Period Ended 31 March 2024

HIGHLIGHTS

Liberty Lithium Brine Project, USA

• Two diamond drillholes were completed with numerous brine aquifers intersected in drillhole #2 and a similar geological sequence to Albemarle’s nearby producing Silver Peak lithium brine deposit in Clayton Valley USA.
• Detailed downhole geophysics and packer sampling are being analysed by brine specialists.
• QXR entered into a Letter of Intent with Stardust Power Inc., a development stage American manufacturer of battery-grade lithium products, to assess the Liberty Lithium brines.

Pilbara Iron Ore Project

• Encouraging Iron Ore Samples with up to 58.5% Fe in rockchip samples were returned from over 4km of a Banded Iron Formation (BIF) at Western Shaw, together with a comprehensive review of prior exploration.

Gold Projects – Queensland

• QX Resources holds gold project areas within the Drummond Basin that include two historical open pit gold mines. A detailed review is underway due to the success of a previous trenching program (Big Red and Red Dog) and significant anomalies nearby.

OPERATIONS

Liberty Lithium Brine Project, USA

The Liberty Lithium Brine Project, located in SaltFire Flat, California, covers contiguous claims over 102km2 (25,300 acres), being one of the largest single lithium brine projects in the USA (Figure 1). The Company entered an Option to Purchase Agreement and an Operating Agreement to earn a 75% interest in the large scale Liberty Lithium brine project in California, USA, from vendor IG Lithium LLC (ASX announcement 5 October 2023). An extensive lithium brine surface anomaly with elevated lithium results up to 215mg/L Li extends over 10km (ASX announcement 26 July 2023). Geophysical analysis shows a large basin over 1,000 metres deep and indicating brine aquifer targets at depth. The Project’s geological setting mirrors Albemarle’s nearby producing Silver Peak lithium brine deposit in Clayton Valley USA 1.

Two vertical diamond drill holes were completed (369m & 443 metres depth), spaced 4km apart (Figure 2,3). Holes were centred over an extensive lithium brine surface anomaly and significant MT geophysical target, interpreted as a series of conductive brine bearing aquifers at depth. Brine horizons were intersected in both holes with numerous brine aquifers intersected in drillhole #2 (ASX announcement 8 Feb 2024).

Fine grained lake sediments with sandy layers were common from the top of hole underlain by gravels, conglomerates and coarse alluvial fan material. The geology intersected is similar in profile to the producing sequences of Clayton Valley NV, where Albemarle’s producing lithium brine deposit is located.

Detailed downhole geophysics and brine sampling was conducted with specific aquifers sampled using packer sampling. The intervals were determined from the downhole geophysical and geological logs.

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