Acquisition of Units of Orex Minerals Inc. by Robert L. Gipson

NEW YORK, July 17, 2020 - This press release is being issued pursuant to National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues in connection with the filing of an Early Warning Report regarding the acquisition of units ("Units") of Orex Minerals Inc. (the "Corporation"), a British Columbia corporation with its securities trading on the TSX Venture Exchange under the symbol "REX" and having a head office located at 1055 West Hasting Street, Vancouver, British Columbia, V6E 2E0. Each Unit consists of one common share in the capital of the Corporation (a "Common Share"), and one-half warrant, each whole warrant (a "New Warrant") being exercisable into one Common Share at an exercise price of $0.20 per New Warrant and expiring in 24 months.

On July 17, 2020, Robert L. Gipson (the "Acquiror"), c/o Ingalls & Snyder LLC, 1325 Avenue of the Americas, New York, New York, 10019, USA, acquired 5,000,000 Units at a price of $0.08 per Unit (or $400,000 in the aggregate). The acquisition was completed pursuant to a non-brokered private placement (the "Private Placement").

Prior to the completion of the Private Placement, the Acquiror beneficially owned 15,000,000 Common Shares, representing approximately 11.16% of the then issued and outstanding Common Shares. The Acquiror also owed 1,500,000 warrants expiring on November 19, 2021 (the "Existing Warrants"). If the Acquiror were to have exercised all of the Existing Warrants, the Acquiror would have owned 16,500,000 Common Shares, representing approximately 12.14% of the then issued and outstanding Common Shares. Following the completion of the Private Placement, the Acquiror now beneficially owns 20,000,000 Common Shares, representing approximately 13.49% of the issued and outstanding Common Shares. The Acquiror also now owns 1,500,000 Existing Warrants and 2,500,000 New Warrants. If the Acquiror were to exercise all of the Existing Warrants and all of the New Warrants, the Acquiror would then own 24,000,000 Common Shares, representing approximately 15.76% of the issued and outstanding Common Shares.

The Acquiror acquired the securities for passive investment purposes. The Acquiror may acquire or dispose of additional securities of the Issuer in the future through the market, privately, or otherwise, as circumstances or market conditions warrant.

A copy of the Early Warning Report disclosing the transaction can be obtained on the Corporation's SEDAR profile at www.sedar.com.

SOURCE Robert L. Gipson, c/o Ingalls & Snyder LLC