Change of Auditors and Officers

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REX RESOURCES CORP.

VANCOUVER, BRITISH COLUMBIA

CHANGE OF AUDITORS AND OFFICERS

Vancouver, British Columbia, -January 20, 2023- Rex Resources Corp. (the “ Company” or

“Rex”) (TSXV:OWN) is pleased to announce that it has changed its auditors from Smythe LLP

(the “Former Auditor”) to Crowe MacKay LLP (the “Successor Auditor”). The Former Auditor

resigned as the auditor of the Company effectiv e January 12, 2023, and the board of directors of

the Company appointed the Successor Auditor on January 12, 2023, until the next annual

shareholder meeting of the Company.

The Company confirms that there were no reservat ions or modified opinions in any auditor's

reports, nor any reportable events as define d in National Instrument 51-102 – Continuous

Disclosure Obligations (“NI 51-102”) in connection with the audits by the Former Auditor of the

Company's most recently completed financial y ear or any subsequent period. The Company's

board of directors and audit co mmittee each approved the resignati on of the Former Auditor and

the appointment of the Successor Auditor in place of the Former Auditor; there were no reportable

events (as defined in National Instrument 51-102) in connection with each of the Former Auditor's

audit of the Company which occurr ed prior to their re signation as auditors of the Company; and

the Notice of Change of Auditor was approved by the Company's board of directors.

In accordance with National Instrument 51-102, the Notice of Change of Auditors, together with

the required letters from the Former Auditor and the Successor Auditor, ha ve been reviewed by

the audit committee and the board of directors and have been filed on SEDAR.

The Company also announces that Meetul Patel ha s resigned as the Chief Financial Officer and

Corporate Secretary of the Comp any to pursue other opportunities. The Company would like to

thank Mr. Patel for his contributions to the Company.

The Company is pleased to announce that Anthony Zelen, a director of the Company, has been

appointed Chief Financial Officer and Corporate Secretary of the Company to fill the vacancies.

About Rex

Rex Resources Corp. is a mineral exploration co mpany focused on the acqui sition, exploration and

development of mineral resource properties. The Co mpany has an option to acquire a 60% interest

and title to the Kalum Property located in the Terrace area, British Columbia.

On behalf of Rex Resources Corp.

“Anthony Zelen”

Director

For further information please contact:

LEGAL_40546389.1

Anthony Zelen

Director

Tel:778-338-5258

Email: [email protected]

Cautionary Note Regarding Forward-Looking Statements

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in

the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of

this release. This news release may contain forward-looking statements including but not limited to

comments regarding the timing and content of upcoming work programs, geological interpretations,

receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements

address future events and conditions and therefore, involve inherent risks and uncertainties. Actual

results may differ materially from those currently anticipated in such statements.