Mr. Pierre Gagne reports

ROCKEX MINING PROVIDES CORPORATE UPDATE - POSITIONED FOR ONTARIO'S ELECTRIC ARC FURNACE TRANSITION AND DEMAND FOR HIGH-QUALITY IRON UNITS

Rockex Mining Corp. has provided a corporate update as it believes global market trends, evolving steelmaking requirements, and government priorities around domestic supply chains and economic resilience are creating a more constructive backdrop for the corporation's 100-per-cent-owned Lake St. Joseph iron project in Northwestern Ontario. With the project at the preliminary economic assessment (PEA) stage, Rockex views this period as an opportune time to re-engage potential strategic partners and stakeholders to assess interest on next-step derisking work required to advance a potential pathway to project development.

"We invite interest from strategic partners, end-users, and other stakeholders aligned with advancing domestic iron units and strengthening Canadian industrial supply chains," said Pierre Gagne, chief executive officer of Rockex. "In light of government focus on national security interests, we believe that the quality, size and location of the Lake St. Joseph iron project make it an attractive opportunity to help to address those interests."

The project

Rockex's Lake St. Joseph iron project hosts a large hematite/magnetite resource that the corporation believes could be developed into a source of high-quality iron units such as hot briquetted iron (HBI). HBI can complement scrap-based electric arc furnace (EAF) steelmaking by supporting consistent chemistry and low impurities -- an increasingly important consideration as Canadian EAF capacity expands, including at Ontario facilities such as Algoma Steel in Sault Ste. Marie.

Project PEA (preliminary economic assessment) summary

The 100-per-cent-owned Lake St. Joseph iron project includes an indicated mineral resource of 1,287 million tonnes at 28.39 per cent iron plus an inferred mineral resource of 108 million tonnes at 31.03 per cent iron at Eagle Island in Northwestern Ontario. The corporation's 2015 updated PEA was prepared by CIMA+ and evaluated the potential for production of approximately 4.3 million tonnes per year of HBI over a 30-year mine life. The 2015 PEA reported a pretax NPV (net present value) of approximately $9.42-billion at a 6-per-cent discount rate (after-tax NPV of approximately $6.85-billion at a 6-per-cent discount rate), based on an HBI price assumption of $350 (U.S.) per tonne and other assumptions applicable at that time (see the corporation's news release on Oct. 27, 2015, and related preliminary economic assessment filed at that time on the corporation's SEDAR+ profile and currently available on the corporation's profile on SEDAR+). The corporation's 2015 PEA was prepared in 2015 based on commodity prices, costs, sales, revenues and other assumptions and projections which were current at that time, many of which have changed over the intervening years and may make the analysis in some respects outdated. Readers should refer to the corporation's technical disclosure and its other filings on its SEDAR+ profile for full assumptions, sensitivities and risk factors associated with the 2015 PEA and with the corporation's continuing business and activities.

Qualified person

James G. Clark, PGeo (Ontario), a qualified person within the meaning of National Instrument 43-101, is independent of Rockex within the meaning of NI 43-101, Standards of Disclosure for Mineral Projects, of the Canadian Securities Administrators and has reviewed and approved the scientific and technical contents of this news release.

About Rockex Mining Corp.

Rockex is a Canadian exploration company focused on developing high-quality iron ore assets strategically located in areas largely underexplored and that host significant mineral potential. Its core asset is the Lake St. Joseph iron project, which includes the Eagle Island deposit as well as additional potential deposits at Wolf Island and Fish Island. It also has other properties in Northwestern Ontario, which it refers to as the East Soules Bay property and the North Spirit Lake property.

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