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QX Resources Ltd (ASX:QXR) Bayrock Resources - Clarification Announcement
QX Resources Limited (ASX:QXR) refers to the ASX announcement dated 16 March 2023, titled 'Strategic Investment with Battery Minerals focused Bayrock Resources Limited'.

The Company advises that it is still in confidential discussions with Bayrock Resources Limited (Bayrock) in relation to QXR underwriting a rights entitlement issue by Bayrock (Rights Issue) (Underwriting).

Additionally, the Company advises that the $585,000 in secured loans provided to Bayrock accrue interest at 15% per annum and are secured by share mortgages within the Bayrock group (Secured Loan). It is the intention that the Secured Loan will be repaid out of the proceeds of the Rights Issue.

The Company refers to it's December cashflow report and advises that the ~$397,000 in section 2.3 of the Appendix 5B consists of:

- $375,000 in secured loans to Bayrock (forming part of the $585,000); and

- $22,366 in payments made to creditors under the loan funding to Zamia Resources Limited (the 30% holder of the Queensland gold projects)

Steve Promnitz
Managing Director
T: +61-423-333-296

Maurice Feilich
Executive Chairman
T: +61-411-545-262

Sam Jacobs
Six Degrees Investor Relations
T: +61-423-755-909

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