Ann: Half Yearly Report and Accounts, page-2

Ok, not to be too critical - the PEPR got submitted. Other than that it was just drawing a wage and admin eating the cash ?

Principal activities
The principal activity of the Group during the period was minerals exploration, evaluation and development in Australia. Rex intends to make the best use of, and fully exploit, the Hillside Resource, and remains committed to the development of the Hillside Project. There were no significant changes in the nature of the Group’s principal activities during the period.
The Group’s principal objective is to create value through the discovery and development of mineral resources. Our strategy to deliver on this objective, following submission of the Program for Environment Protection and Rehabilitation (PEPR) to the South Australian Government for review and approval, is to focus on:

• updating the Hillside Extended Feasibility Study;
• financing the Initial Project; and
• the next stage in the ongoing review of the Company’s exploration tenements.

The Operating results were as expected - just burning cash.

1. Operating results
   The consolidated interim statement of profit or loss and other comprehensive income shows a loss after tax of $3.0 million for the half-year ended 31 December 2017

Dont get me wrong - I am in the money on this stock - I was shy to start off with and only picked up beer money worth of shares - followed it sth with everyone and picked up a small parcel sub 10 cents as a copper play. I have many stocks that are much better on paper and yet I have made more money with RXM ?? go figure. Yes they have good ground \ resource - location etc but they have blown an incredible amount of cash. I believe that the cash will continue to burn, so I could take a profit now - or hope for a takeover \ financing etc.

Still feel sorry for those who are under water with the stock - I would assume that the vast majority of shareholders are still sitting on massive paper losses ( which may never be recovered from here).

Good Luck to all as it will require that and a higher copper price from here.

Andy