BBX Minerals : Assay Results - Amended

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ASX ANNOUNCEMENT

01 June 2022

Assay Results - TERC 002, TERC 003, TERC 004 and TERC 005 Amended

BBX Minerals Limited (ASX:BBX) ("BBX" or the "Company") advises that it has come to its attention that one of the significant results in the announcement "Assay Results - TERC 002, TERC 003, TERC 004 and TERC 005" released earlier today contains an error. The significant result of 9.38 g/t Pd should read 9.38 g/t Pt. There are no changes to Appendix 1 - Assay results.

The amended announcement is attached.

This announcement has been authorised for release by the Board of Directors.

For more information:

André Douchane Chief Executive Officer [e-mail]

BBX Minerals Ltd (ABN: 82 089 221 634)

AUS: Brookfield Place, Level 11, 125 St Georges Terrace, Perth WA 6000 T [phone]

BRA: Av Jornalista Riccardo Marinho, 360, Sala 113, Barra da Tijuca, Rio de Janeiro T [phone]

www.bbxminerals.com

For personal use only

Assay Results - TERC 002, TERC 003, TERC 004 and TERC 005

BBX Minerals Limited (ASX:BBX) ("BBX" or the "Company") is pleased to announce that assaying of the first completed RC drill holes in its 2017 programme at Três Estados (Figure 2), TERC 002, TERC 003, TERC 004 and TERC 005 (Figure 1) is now complete. Assays were conducted for gold, platinum, palladium, iridium and rhodium. Precious metal mineralisation was encountered in all holes, including a higher grade multi- element zone immediately below the base of weathering in TERC 005.

Significant results include: TERC-003

• 2m @ 1.26g/t Pt, 0.46 g/t Ir and 0.03 g/t Rh from 0m
• 6m @ 1.36 g/t Pt and 0.04 g/t Rh from 20m
• 2m @ 2.34 g/t Pt, 0.31 g/t Ir and 0.02 g/t Rh from 30m
• 12m @ 1.71 g/t Pt and 0.03 g/t Rh from 38m (open at depth)

TERC-005

• 6m @ 4.28 g/t Pt from 12m

incl. 2m @ 1.02 g/t Au, 0.23 g/t Pd, 9.38 g/t Pt, 0.11 g/t Ir and 0.06 g/t Rh

• 2m @ 1.39 g/t Au from 32m

Figure 1: Adelar target drilling collar summary

BBX Minerals Ltd (ABN: 82 089 221 634)

AUS: Brookfield Place, Level 11, 125 St Georges Terrace, Perth WA 6000 T [phone]

BRA: Av Jornalista Riccardo Marinho, 360, Sala 113, Barra da Tijuca, Rio de Janeiro T [phone]

www.bbxminerals.com

For personal use only

Andre J Douchane, CEO commented: "It is BBX's intention that beginning with TERC 002, the oldest drill hole, to assay the next 15 or so drill holes in the order that they were drilled. The actual first drill hole attempted, TERC 001 could not be completed and thus was abandoned. The geological anomaly that the first 5 drill holes are in is quite large and I'm pleased to see continuity between the holes assayed to date, especially with TED 001 and TED 015 being about 3.5 kilometres apart at opposite ends of the anomaly. BBX has just started and there are many more holes to assay and I'm excited to see the result for all of them"

Figure 2: Três Estados project

BBX Minerals Ltd (ABN: 82 089 221 634)

AUS: Brookfield Place, Level 11, 125 St Georges Terrace, Perth WA 6000 T [phone]

BRA: Av Jornalista Riccardo Marinho, 360, Sala 113, Barra da Tijuca, Rio de Janeiro T [phone]

www.bbxminerals.com

For personal use only

Figure 3: A-B cross section with TERC 002-TERC 003.

Figure 4: C-D cross section with TERC 004.

BBX Minerals Ltd (ABN: 82 089 221 634)

AUS: Brookfield Place, Level 11, 125 St Georges Terrace, Perth WA 6000 T [phone]

BRA: Av Jornalista Riccardo Marinho, 360, Sala 113, Barra da Tijuca, Rio de Janeiro T [phone]

www.bbxminerals.com

For personal use only

Figure 5: E-F cross section with TERC-005.

Drillhole Locations

	Hole ID			East			North			RL			Azimuth			DIP			Depth (m)			Tenement			Method
	TERC-002	224798.00		9198224.00		172.00		0		-90		50.00		880.080/2008			RC
	TERC-003	224892.00		9198272.00		170.00		0		-90		50.00		880.080/2008			RC
	TERC-004	224983.00		9198179.00		186.00		0		-90		50.00		880.080/2008			RC
	TERC-005	225106.00		9198111.00		209.00		0		-90		36.00		880.080/2008			RC

This announcement has been authorised for release by the Board of Directors.

For more information:

André Douchane Chief Executive Officer [e-mail]

BBX Minerals Ltd (ABN: 82 089 221 634)

AUS: Brookfield Place, Level 11, 125 St Georges Terrace, Perth WA 6000 T [phone]

BRA: Av Jornalista Riccardo Marinho, 360, Sala 113, Barra da Tijuca, Rio de Janeiro T [phone]

www.bbxminerals.com