CULLEN RESOURCES LIMITED — Capital/Financing Update 2022

Nov 1, 2022

ASX ANNOUNCEMENT

02 November 2022

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RRL1837D
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ROX RESOURCES LIMITED

ASX: RXL

Mt Fisher – Mt Eureka Gold Resource Increased 110% to 187koz

Highlights:

Rox Resources Limited (ASX: RXL) is an Australian listed company with advanced gold assets in Western Australia: the Youanmi Gold Project and the Mt Fisher – Mt Eureka Gold project.

• Mt Fisher – Mt Eureka Gold Resource increased by 98koz Au to 187koz Au

• Resource upgrade incorporates 6,700m of RC drilling completed over the last 12 months and delivers a 110% increase in contained gold

• All in exploration costs on a rolling average basis for this MRE update indicate an average $7 per ounce discovery cost

DIRECTORS

Mr Stephen Dennis Chairman

Next Steps:

• Follow up RC drilling planned at key prospects

Mr Robert Ryan Managing Director

Dr John Mair Non-Executive Director

Shares on Issue 168.9m Share Price $0.20 Market Cap. $33.8m Cash $1.8m (as at 30 Sep 22)

Level 2, 87 Colin Street, West Perth WA 6005

+61 8 9226 0044

admin@roxresources.com.au www.roxresources.com.au

• Regional target generation ongoing over 1,150km² of highly prospective greenstone terrane

• Options to realise value from the Mt Fisher – Mt Eureka Project are being actively pursued

West Australian gold exploration and development company, Rox Resources Limited (“Rox” or “the Company”) (ASX:RXL) is pleased to report a significant increase to the Mineral Resource Estimate (MRE) for the Mt Fisher Gold Project (Rox 100%) and the Mt Eureka Project (Cullen Resources Joint Venture). The Mt Fisher – Mt Eureka Gold Project is an early-stage project within the Company’s project pipeline that includes the advanced stage Youanmi Gold Project (3.2 million ounces gold – ASX announcement 20 April 2022).

The total Indicated and Inferred Mineral Resource for the Mt Fisher – Mt Eureka now stands at 3.5Mt @ 1.65g/t Au for 187,000 ounces of contained gold (Table 1).

Rox has used an independent consultant, Widenbar Associates, to complete the Mineral Resource Estimate (Table 1). The previous resource for Mt Fisher was published in July 2018 (ASX announcement 11 July 2018).

Follow Rox:

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Managing Director Rob Ryan commented:

“We are very pleased to announce this significant 110% increase to the Mt Fisher – Mt Eureka Gold Resource and at a discovery cost of just $7/oz, it is a testament to the hard work and quality of our exploration geology team.

“Whilst the 3.2Moz Youanmi Project sits at the forefront of the company’s future plans, the quality of our exploration asset at Mt Fisher should not be understated.

“The Mt Fisher greenstone belt has vast untapped potential, and we will continue to evaluate corporate and exploration opportunities to advance the project."

The Mt Fisher – Mt Eureka Gold Project is in the Northern Goldfields, approximately 500km northeast of Kalgoorlie (about 120km east of Wiluna) within the Mt Fisher greenstone belt. This belt is located 40km east of the prolific Yandal greenstone belt, host of significant gold deposits including Jundee, Bronzewing and Mt McClure.

Rox’s tenure covers a large area over the Mt Fisher greenstone belt (1,150km² in total, comprising: Rox 100% 500km², and Cullen Resources JV 650km²). Under the Cullen JV Rox is earning up to 75%, with Cullen Resources Limited (ASX: CUL) holding the remaining 25%.

		July	2018 Resource		Change in	November 2022 Resource
		Tonnes	Au Grade	Au Metal	Au Metal	Tonnes Au Grade		Au Metal
Area	Classification	(dmt)	(g/t)	(oz)	(%)	(dmt)	(g/t)	(oz)
Mt Fisher	Indicated	390,766	3.35	42,072	up 60%	944,100	2.22	67,3001
Mt Eureka	Indicated	NA	NA	NA	na	488,400	1.32	20,800
Sub Total	Indicated	390,766	3.35	42,072	up 109%	1,432,500	1.91	88,100
Mt Fisher	Inferred	633,997	2.31	46,987	up 21%	988,300	1.78	56,700
Mt Eureka	Inferred	NA	NA	NA	na	1,098,400	1.19	42,200
Sub Total	Inferred	633,997	2.31	46,987	up 110%	2,086,700	1.47	98,900
Mt Fisher	Ind + Inf	1,024,763	2.70	89,059	up 39%	1,932,400	2.00	124,000
Mt Eureka	Ind + Inf	NA	NA	NA	na	1,586,800	1.23	63,000
Total	Ind + Inf	1,024,763	2.70	89,059	up 110%	3,519,200	1.65	187,000

1 Includes measured resource of 6,400oz @ 3.79g/t Au

Table 1: Mt Fisher – Mt Eureka Gold Resource 2022 (including comparison to 2018)

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Comparison to Previous Mineral Resource Estimate:

Following 6,700m of infill and extensional RC completed throughout 2021 and 2022 the Mt Fisher – Mt Eureka Gold Resource Update has resulted in a 110% increase in contained metal representing 98,000 additional ounces of contained gold, which is up 110% from 89,000 ounces reported in July 2018.

The Mt Fisher – Mt Eureka Resource comprises 5 separate gold deposits: Damsel, Mt Fisher Mine and Wagtail for 124koz on Rox 100% tenements, and Taipan and Southern for 63koz on Mt Eureka JV tenements (Rox earning up to 75%).

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Total Indicated
Total Inferred
187.0koz
Increase
of 110% in
Mineral
Resource
98.9koz Inferred
89.1koz
47.0koz
88.1koz Indicated
42.1koz
July 2018 November 2022
Total Resource Total Resource
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Figure 1: Increase in gold ounces for the Mt Fisher - Mt Eureka Gold Resource

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ASX CODE: RXL

ROX RESOURCES LIMITED Level 2, 87 Colin Street, West Perth WA 6005 +61 8 9226 0044

admin@roxresources.com.au www.roxresources.com.au

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Figure 2: Mt Fisher – Mt Eureka prospect location plan over bedrock geology and downhole Au grades.

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Resource Modelling Parameters Discussion:

Geology and Geological interpretation

The Mt Fisher – Mt Eureka Gold Project is located within the Mt Fisher greenstone belt, which is situated in the Eastern Goldfields Superterrane of the Archaean Yilgarn Craton in Western Australia.

The greenstone belt is about 70km long and 20km wide and straddles the Kurnalpi – Burtville Terrane boundary, with the boundary transecting the greenstone belt. This major NNW trending structure (Hootanui Shear) is potentially a deep-seated gold plumbing conduit.

The Archaean geology in the project area comprises a north to northwest striking greenstone sequence. The greenstone sequence comprises refolded tholeiitic to high magnesium basalts with numerous dolerite to gabbroic intrusives and lesser felsic volcaniclastics, intrusives, interflow sediments and talc-chlorite ultramafics.

Gold mineralisation occurs at several sites, most notably at the Dam-Damsel Gold Trend, Mt Fisher Mine, Wagtail, Taipan and Southern Prospects.

The Dam-Damsel Gold Trend is defined by strong gold and multi-element anomalism (Sb, As, Bi, Cu, and Zn) over 10km of strike within a well-defined structural corridor on the western limb of the Wonganoo Anticline. Mineralisation trends in a north-south orientation and is interpreted to be channelled along the bounding Dam and Dirks shear zones and particularly through an anastomosing network of linking structures between these major shears.

The geology of the Damsel prospect comprises a package of north-south striking, strongly foliated tholeiitic to chloritic basalts intruded by felsic porphyries and dolerite/gabbro. The regolith is well developed over the area, increasing towards the north to depths of over 100m. Higher gold grades within the regolith are located along the upper/lower saprolite interface which is likely due to supergene enrichment. Primary gold mineralisation occurs in stacked parallel lenses that dip west and plunge moderately north. Mineralisation is associated with highly sheared silica-sericite-carbonate altered basalts with pyrite and chalcopyrite.

The historic Mt Fisher Mine is located on a neighbouring structural corridor approximately 8km NE of the DamDamsel gold trend. The Mt Fisher gold deposit is hosted within a sulphide facies chert, bounded by a strongly foliated chloritic ultramafic hanging wall and a basaltic footwall. The sequence strikes north-northeast and dips to the east at approximately 50°. Gold mineralisation occurs in association with massive and disseminated sulphides, mainly pyrrhotite, with lesser pyrite. Mineralisation plunges moderately southwards beneath the southern end of the existing open pit and is open at depth.

The Wagtail prospect (also known as Moray Reef) is a quartz vein hosted gold reef system. Historic production from the deposit between 1949 and 1952 produced a reported 2,384 ounces at an average grade of 66 g/t Au. The reef strikes north, with a sub-vertical to steep easterly dip. High-grade mineralisation plunges moderately north.

The Mt Eureka gold prospects are situated along a 15km long zone of sheared and anomalous greenstone rocks. Four deposits (Taipan, Eureka North-West, Southern-Galway and Graf’s Find) are the main gold occurrences and have been the focus of drilling and exploration.

The Taipan shear zone is a large hydrothermal system in a complex structural setting. The mineralised system has a strike length of 700m and a true thickness of up to 150m and consists of sheared chlorite-quartz-biotitecarbonate schist containing moderately abundant fine disseminated pyrite.

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Mineralisation at the Southern and Galway prospects occurs within silicified shear zones developed on a northeast striking, northwest dipping contact between felsic volcaniclastic schist and ultramafic schist.

Drilling techniques

Where recorded by previous explorers, RC drilling was carried out using a face-sampling hammer. Various drilling contractors were used over the years.

RC drilling by Rox was carried out with a 140mm face sampling hammer.

Most historical diamond drilling was undertaken using an NQ diameter bit.

Diamond drilling completed by Rox was undertaken using a combination of HQ and NQ2 diameter bits. Precollars for diamond holes were drilled using 140mm face sampling RC hammer.

RC and diamond down-hole surveys were completed using north-seeking gyroscopes.

Sampling and sub-sampling techniques

Historical RC samples were collected every metre via a cyclone into a plastic bag prior to splitting with a Jones riffle splitter. A 1.5-3kg sample split was collected into a calico bag for laboratory submission.

Historical diamond drill core was cut using a diamond saw into half-core or, in the case of HQ diameter core into ¼ core and sampled on either a 1m basis or over geological intervals to a maximum of 1m. Historically, information relating to sample recovery and quality, while often noted on logs, was not always well documented.

RC drillholes were sampled on 1m intervals collected via a cyclone, dust collection system and cone splitter. Through target zones 1m samples were taken and dispatched to the lab. The remainder of the hole was sampled using 4m composite samples. For 4m composite samples that returned gold grades greater than 0.2 g/t Au the corresponding 1m calicos were sent for analysis.

Rox diamond core is dominantly NQ2 size, sampled on geological intervals, with a minimum of 0.2 m up to a maximum of 1.2 m. HQ and NQ2 holes were cut in half, with one half sent to the laboratory and one half retained.

Sample Preparation and Assaying

Assaying methodology and laboratories have varied over the years with several historical operators. Standard industry practice sampling, preparation and assaying best practises were used at the time. The typical analytical technique was fire assay fusion and detection by atomic absorption spectrometry.

Rox RC and diamond core samples from 2021 were sent to Intertek Genalysis in Kalgoorlie, crushed to 10mm, dried and pulverised (total prep) in LM5 units (Some samples > 3kg were split) to produce a sub-sample. Pulps were analysed by 50g Fire Assay with ICP-OES (Intertek code FA50/OE). RC and diamond core samples from drilling in 2022 were sent to ALS Kalgoorlie, crushed to 10mm, dried and pulverised (total prep) in LM5 units (Some samples > 3kg were split) to produce a sub-sample. RC and diamond pulps were analysed by 50g Fire Assay with ICP-OES (ALS code AU/AA26), and diamond pulps were selectively assayed by ME-MS61.

Estimation Methodology

The full Mt Fisher – Mt Eureka database as supplied contained 10,308 drill holes in total for a total of 579,642m; the complete assay file contained 158,677 sample intervals. The data set was split into five subsets covering the five deposits (Damsel, Mt Fisher Mine, Wagtail, Taipan and Southern) which have been modelled. The subsets of data for each area were used to generate mineralised domains, either by categorical indicator modelling of grades, the Implicit Modelling functions in Micromine 2022.5 or a combination of both methods.

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The Mineral Resources have been classified in the Measured, Indicated and Inferred categories in accordance with the JOCR Code, 2012 Edition. Classification is based on a combination of drill spacing and kriging output parameters and preliminary pit optimisations have been carried out to determine likely future ultimate pit limits. Material outside these limits has been excluded from the resource classification.

The resources at each deposit and in total have been reported at a 0.5 g/t gold cutoff, as presented in Tables 2 to 7.

Mt Fisher and Mt Eureka Resource	Mt Fisher and Mt Eureka Resource
	Au Cut-off	Volume	Tonnes	Density	Au	Au
Classification	g/t	m3	t	t/m3	g/t	ounces
Measured	0.50	20,900	52,600	2.52	3.79	6,400
Indicated	0.50	630,300	1,379,900	2.19	1.84	81,700
Inferred	0.50	896,800	2,086,700	2.33	1.47	98,900
Total	0.50	1,548,000	3,519,200	2.27	1.65	187,000

Table 2: Mt Fisher and Mt Eureka Resource October 2022

Damsel Resource
	Au Cut-off	Volume	Tonnes	Density	Au	Au
Classification	g/t	m3	t	t/m3	g/t	ounces
Measured	0.50	0	0	0.00	0.00	0
Indicated	0.50	354,300	726,200	2.05	1.87	43,700
Inferred	0.50	284,500	678,000	2.38	1.43	31,100
Total	0.50	638,900	1,404,200	2.20	1.66	74,800

Table 3: Damsel Resource October 2022 (Rox 100%)

Mt Fisher Mine Resource

	Au Cut-off	Volume	Tonnes	Density	Au	Au
Classification	g/t	m3	t	t/m3	g/t	ounces
Measured	0.50	15,900	41,300	2.60	1.94	2,600
Indicated	0.50	50,600	129,100	2.55	1.97	8,200
Inferred	0.50	108,900	294,100	2.70	2.53	23,900
Total	0.50	175,400	464,400	2.65	2.32	34,700

Table 4: Mt Fisher Mine Resource October 2022 (Rox 100%)

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Wagtail Resource
	Au Cut-off	Volume	Tonnes	Density	Au	Au
Classification	g/t	m3	t	t/m3	g/t	ounces
Measured	0.50	5,000	11,300	2.28	10.53	3,800
Indicated	0.50	14,200	36,200	2.54	7.75	9,000
Inferred	0.50	6,200	16,200	2.62	3.31	1,700
Total	0.50	25,400	63,700	2.51	7.11	14,600

Table 5: Wagtail Resource October 2022 (Rox 100%)

Taipan Resource
	Au Cut-off	Volume	Tonnes	Density	Au	Au
Classification	g/t	m3	t	t/m3	g/t	ounces
Measured	0.50
Indicated	0.50
Inferred	0.50	324,800	640,800	1.97	1.21	24,800
Total	0.50	324,800	640,800	1.97	1.21	24,800

Table 6: Taipan Resource October 2022 (Cullen JV)

Southern Resource
	Au Cut-off	Volume	Tonnes	Density	Au	Au
Classification	g/t	m3	t	t/m3	g/t	ounces
Measured	0.50
Indicated	0.50	211,200	488,400	2.31	1.32	20,800
Inferred	0.50	172,400	457,600	2.66	1.18	17,400
Total	0.50	383,500	946,100	2.47	1.25	38,200

Table 7: Southern Resource October 2022 (Cullen JV)

Probability plots and histograms were used to confirm that domaining produced consistent data sets and to generate top cuts. All assay data at each deposit was composited to 1m intervals prior to statistical analysis and resource estimation. Analysis was undertaken for composite data inside the mineralisation wireframes. High grade cuts (top cuts) were applied that ranged from 9 g/t Au to 70 g/t Au.

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Top cuts for each deposit are summarised in the table below:

Deposit	Top Cut
Mt Fisher Mine	60
Damsel	15
Wagtail	70
Taipan	9
Southern	15

Table 8: Block model interpolation, Top cuts

The modelling technique uses an Ordinary Kriging methodology, which is considered appropriate for the type of deposits being estimated.

Block sizes vary deposit and are summarised in the table below.

		Block Size
Deposit	East	North	RL
Mt Fisher Mine	2	5	2
Damsel	5	10	5
Wagtail	2	10	5
Taipan	2	10	5
Southern	2	5	2

Table 9: Block model interpolation, deposit block sizes

Block model validation was carried out in several ways, including visual inspection on sections, long sections and plans, and in 3D, model vs composite statistics, swathe plot validation with all validation methods producing reasonable results.

The Mineral Resource was classified as Indicated or Inferred based on the level of geological understanding of the mineralisation and the drill hole spacing. Drill hole sample spacing was the primary metric. In general, Measured material typically has a drill spacing of 20m or closer; Indicated material is confined to areas where resource definition drilling is 20m to 40m or 50m spacing; Inferred material is usually in the range of 50m to 7580m.

Mining and Metallurgical Methods

Mining of all deposits as modelled is expected to be by conventional open pit mining methods and this is reflected in the choice of block sizes.

The prospects for eventual economic extraction have been evaluated by carrying out pit optimisations using appropriate mining and processing costs and gold prices. Parts of the resource models which are not included in open pit optimal shells or where drill spacing is greater than 100m are excluded from the Mineral Resource Estimate.

No assumptions have been made about metallurgical factors.

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Figure 3: Plan view of the Damsel resource block model

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Figure 4: Plan view of the Mt Fisher Mine resource block model and historic open pit

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Figure 5: Plan view of the Wagtail resource block model

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Figure 6: Plan view of the Taipan resource block model

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Figure 7: Plan view of the Southern resource block model

Next Steps:

• Follow up RC drilling planned at key prospects; and

• Given the Company’s focus on its flagship Youanmi Gold Project, Rox is advancing several options to realise value from Mt Fisher – Mt Eureka gold project.

Authorised for release to the ASX by the Board of Rox Resources Limited.

* ENDS ***

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ASX CODE: RXL

ROX RESOURCES LIMITED Level 2, 87 Colin Street, West Perth WA 6005 +61 8 9226 0044

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For more information:

Rob Ryan Managing Director Rox Resources Limited Tel: +61 8 9226 0044 admin@roxresources.com.au

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Competent Person’s Statement

Exploration Results

The information in this report that relates to Data and Exploration Results is based on information compiled and reviewed by Mr Gregor Bennett a Competent Person who is a Member of the Australian Institute Geoscientists (AIG) and Exploration Manager at Rox Resources. Mr Bennett has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which he has undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for the Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Bennett consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Where reference is made to previous releases of exploration results in this announcement, the Company confirms that it is not aware of any new information or data that materially affects the information included in those announcements and all material assumptions and technical parameters underpinning the exploration results included in those announcements continue to apply and have not materially changed.

The information in this report that relates to previous Exploration Results was prepared and first disclosed under the JORC Code 2012 and has been properly and extensively cross-referenced in the text to the date of the original announcement to the ASX.

Resource Statement

The information in this release that relates to the Mt Fisher – Mt Eureka Gold Resource is based on information compiled by Mr Lynn Widenbar, a Competent Person who is a Member of the Australasian Institute of Mining and Metallurgy. Mr Widenbar is a full time employee of Widenbar and Associates Pty Ltd. Mr Widenbar has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity that is being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Minerals Resources and Ore Reserves’. Mr Widenbar consents to the inclusion in the release of the matters based on his information in the form and context that the information appears.

Forward ‐ Looking Statements

‐ ‐ This document may include forward looking statements. Forward looking statements include, but are not limited to, statements concerning Rox Resources Limited planned exploration program(s) and other statements that are not historical facts. When used in this document, the words such as "could," "plan," "estimate," "expect," "intend," "may”, "potential," "should," and similar expressions are forward looking statements.

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JORC Code, 2012 Edition – Table 1

Section 1: Sampling Techniques and Data

Criteria	JORC Code explanation	Commentary
Sampling techniques	• Nature and quality of sampling (e.g. cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as downhole gamma sondes, or handheld XRF instruments, etc.). These examples should not be taken as limiting the broad meaning of sampling. • Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. • Aspects of the determination of mineralisation that are Material to the Public Report. In cases where ‘industry standard’ work has been done, this would be relatively simple (e.g. ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases, more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (e.g. submarine nodules) may warrant disclosure of detailed information.	RC hole diameter was 5.5" (140 mm) reverse circulation percussion (RC). Sampling of RC holes was undertaken by collecting 1m cone split samples at metre intervals. Diamond drill hole core size is NQ2 size diameter through the mineralisation. Sampling of diamond holes was by cut half core. Drill holes were generally angled at -60 towards an azimuth of 900or 2700to intersect geology as close to perpendicular as possible. Drillhole locations were picked up by differential GPS. Logging of drill samples included lithology, weathering, texture, moisture and contamination (as applicable). Sampling protocols and QAQC are as per industry best practice procedures. Rox samples from 2021 drilling were sent to Intertek Genalysis in Kalgoorlie, crushed to 10mm, dried and pulverised (total prep) in LM5 units (Some samples > 3kg were split) to produce a sub-sample. RC and diamond pulps were analysed by 50g Fire Assay with ICP-OES (Intertek code FA50/OE). Samples from drilling undertaken in 2022 were sent to ALS Kalgoorlie, crushed to 10mm, dried and pulverised (total prep) in LM5 units (Some samples > 3kg were split) to produce a sub-sample. RC and diamond pulps were analysed by 50g Fire Assay with ICP-OES (ALS code AU/AA26), and diamond pulps were selectively assayed by ME-MS61.
Drilling techniques	• Drill type (e.g. core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc.) and details (e.g. core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc.).	Historical drilling was by Air Core (3,527 holes), Diamond Drilling (215 holes), Rotary Air Blast (5,594 holes and Reverse Circulation (972 holes). In December 2021 Rox completed a 4,800m RC drilling program and a 7,000m AC program. In June 2022 Rox drilled 16 RC holes for 2,060m at Damsel and 1 RC hole for 120m at Southern-Galway.
Drill sample recovery	• Method of recording and assessing core and chip sample recoveries and results assessed. • Measures taken to maximise sample recovery and ensure representative nature of the samples. • Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.	Rox’s RC drill recoveries were high (>90%). Samples were visually checked for recovery, moisture and contamination and notes made in the logs. Historic drilling recoveries are not recorded. There is no observable relationship between recovery and grade, and therefore no sample bias.
Logging	• Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies.	Detailed geological logs have been carried out on all historic and Rox RC drill holes, but no geotechnical data have been recorded (or is possible to be recorded due to the nature of the sample).

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Criteria	JORC Code explanation	Commentary
	• Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc.) photography.	Detailed geological and geotechnical logs were carried out on all diamond drill holes for recovery, RQD, structures etc. which included structure type, dip, dip direction, alpha angle, beta angle, texture, shape, roughness, fill material, and this data is stored in the database.
	• The total length and percentage of the relevant intersections logged.	Logging of diamond core and RC chips recorded lithology, mineralogy, mineralisation, weathering, colour, and other sample features. RC chips are stored in plastic RC chip trays.
Subsampling techniques and sample preparation	• If core, whether cut or sawn and whether quarter, half or all core taken. • If non-core, whether riffled, tube sampled, rotary split, etc. and whether sampled wet or dry. • For all sample types, the nature, quality and appropriateness of the sample preparation technique.	Drill core was cut in half on site using a core saw. All samples were collected from the same side of the core, preserving the orientation mark in the kept core half. RC samples were collected on the drill rig via a cyclone, dust collection system and cone splitter. If any mineralised samples were collected wet these were noted in the drill logs and database. The sample preparation followed industry best practice. Fire Assay samples were dried, coarse crushing to ~10mm, followed by pulverisation of the entire sample in an LM5 or equivalent pulverising mill to a grind size of 85% passing 75 micron.
	• Quality control procedures adopted for all subsampling stages to maximise representivity of samples. • Measures taken to ensure that the sampling is representative of the in-situ material collected, including for instance results for field duplicate/second-half sampling. • Whether sample sizes are appropriate to the grain size of the material being sampled.	Field QC procedures involve the use of Certified Reference Materials (CRM’s) as assay standards, along with duplicates and blank samples. The insertion rate of these was approximately 1:20 For RC drilling field duplicates were taken on a routine basis at an approximate 1:20 ratio using the same sampling techniques (i.e. cone splitter) and inserted into the sample run. No diamond core field duplicates were taken. The sample sizes are considered more than adequate to ensure that there are no particle size effects relating to the grain size of the mineralisation which lies in the percentage range.
Quality of assay data and laboratory tests	• The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. • For geophysical tools, spectrometers, handheld XRF instruments, etc., the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. • Nature of quality control procedures adopted (e.g. standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established.	The analytical technique involved Fire Assay 50g No geophysical or portable analysis tools were used to determine assay values stored in the database. Internal laboratory control procedures involve duplicate assaying of randomly selected assay pulps as well as internal laboratory standards. All of these data are reported to the Company and analysed for consistency and any discrepancies.
Verification of sampling and assaying	• The verification of significant intersections by either independent or alternative company personnel. • The use of twinned holes. • Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. • Discuss any adjustment to assay data.	Senior Rox personnel have visually inspected mineralisation within significant intersections. Rox has not drilled twin holes at this stage. Primary data was collected using a standard set of Excel templates on Toughbook laptop computers in the field. These data are transferred to Geobase Pty Ltd for data verification and loading into the database. No adjustments have been made to assay data.

ASX CODE: RXL

ROX RESOURCES LIMITED Level 2, 87 Colin Street, West Perth WA 6005

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+61 8 9226 0044

Criteria	JORC Code explanation	Commentary
Location of data points	• Accuracy and quality of surveys used to locate drillholes (collar and downhole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.	Rox drill hole locations have been established using a field GPS unit. Historical holes were generally located by surveyors.
	• Specification of the grid system used. • Quality and adequacy of topographic control.	The grid system is MGA_GDA94, zone 51 for easting, northing and RL. The topography of the mined Mt Fisher open pit is well defined by historic monthly survey pickups. Other topography is well defined.
Data spacing and distribution	• Data spacing for reporting of Exploration Results. • Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. • Whether sample compositing has been applied.	Exploration results are not being reported. Drill spacing varies across the deposits from 20m to 100m section line spacing, and in the case of the deposits being reported is sufficient for classification into Measured, Indicated and Inferred Mineral Resources. No sample compositing has occurred for diamond core drilling. Sample intervals are based on geological boundaries with even one metre samples between. For RC samples, 1m samples through target zones were sent to the laboratory for analysis. The remainder of the hole was sampled using 4m composite samples. For 4m composite samples >0.2g/t Au, 1m samples were collected and sent to the laboratoryfor analysis.
Orientation of data in relation to geological structure	• Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. • If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.	RC and diamond drilling is believed to be generally perpendicular to strike. No sampling bias is believed to have been introduced.
Sample security	• The measures taken to ensure sample security.	Sample security for Rox drilling programs is managed by the Company. After preparation in the field samples are packed into polyweave bags and despatched to the laboratory. For a large number of samples these bags were transported by the Company directly to the assay laboratory. In some cases the sample were delivered by a transport contractor the assay laboratory. The assay laboratory audits the samples on arrival and reports any discrepancies back to the Company. No such discrepancies occurred.
Audits or reviews	• The results of any audits or reviews of sampling techniques and data.	No audits have yet been completed.

ASX CODE: RXL

ROX RESOURCES LIMITED Level 2, 87 Colin Street, West Perth WA 6005 +61 8 9226 0044

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Section 2: Reporting of Exploration Results

Criteria	JORC Code explanation	Commentary
Mineral tenement and land tenure status	• Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. • The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.	Rox owns 100% of the Mt Fisher gold project tenements: M53/127, M53/9, E53/1061, E53/1106, E53/1218, E53/1788, E53/1836, E53/1106, E53/1788 and E53/2102. Rox and Cannon Resources entered into a split commodity agreement in respect of E53/1218 where Rox retains gold rights and Cannon retains rights to all other minerals. Rox Resources in a Joint Venture Agreement with Cullen Resources. Rox may earn a 51% interest by spending $1m on exploration expenditure within a three-year period from satisfaction of certain Conditions Precedent (Stage 1 Earn In). If Rox earns the 51% interest, it can elect to earn a further 24% interest by expending a further $1m on exploration expenditure over a three-year period, commencing at the end of the Stage 1 Earn In. The tenements in the Cullen JV consist of the following leases: E53/1209, E53/1299, E53/1637, E53/1893, E53/1957, E53/1958, E53/1959, E53/1961, E53/2052, E53/2101 (Pending), E53/2002, E53/2062 and E53/2075. The tenements are in good standing and no known impediments exist.
Exploration done by other parties	• Acknowledgment and appraisal of exploration by other parties.	A number of companies have completed exploration for base metals and gold within the regional Mt Fisher area. These companies include Minops Pty Ltd (1968 to 1971), Tenneco Australia (1971 to 1973), Sundowner (1985 to 1989), ACM Gold Ltd (1988 to 1992), Aztec Mining Company Ltd (1993 to 1994) and Pegasus Gold Australia Pty Ltd (1994 to 1996). Work conducted included aeromagnetic surveys, ground magnetic surveys, regional mapping, rock chip sampling, soil geochemistry (including BLEG and stream sediment sampling) and rotary air blast (RAB) drilling. The Mt Fisher deposit was first discovered in 1936 and mining between 1937 and 1949 produced approximately 4,500 tonnes of ore at 28 g/t gold (Powell, 1990). In 1980, a small deposit was defined by percussion drilling around the historical workings. Further drilling from 1984 to 1986 defined a larger deposit to the south of the old workings with Sundowner acquiring a 100% interest in the project in January 1986. Sundowner completed a historic estimate of 252,000 tonnes at 5.4 g/t gold to a pit depth of 100 m. Following a period of study, a 250,000 tpa carbon-in-pulp treatment plant was built with completion in September 1987. Open pit mining commenced in April 1987 and continued through to September 1988, and processing finished in late November 1988. Total production from the Mt Fisher open pit was reportedly 218,000 tonnes at 4.3 g/t gold. Following completion of treatment, the plant was dismantled and moved to Sundowner’s Darlot mine 140 km to the south (Leandri P.S., 1989. Mt Fisher Mt Fisher Mine Eod of Operations Report. March 1989. Sundowner Minerals NL). (Bright, D.V., 1990. Mt Fisher ML53/127. Annual Technical Report. July 1989 – June 1990. Sundowner Minerals NL). Norgold Ltd and BHP Ltd (BHP) conducted gold exploration in the same area in the 1980s and exploration including rock chip sampling and mapping. BHP followed up with RAB and RC drilling reporting a number of gold anomalies in what was later named the Dam prospect. From 1993 to 1997, CRAE completed extensive exploration with work largely focussing on the Dam prospect where gold anomalism was identified over a 7 km by 1 km area. Work

ASX CODE: RXL

ROX RESOURCES LIMITED Level 2, 87 Colin Street, West Perth WA 6005 +61 8 9226 0044

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Criteria	JORC Code explanation	Commentary
		completed included RAB and aircore (AC) drilling with a small amount of RC and diamond drilling follow-up. Delta acquired the Project in 1998 and explored until 2001. They completed additional RAB, AC, RC and diamond drilling. CRAE and Delta defined extensive regolith gold anomalies but were unable to identify any substantial bedrock sources to gold mineralisation. From 1996, Cullen Resources NL (Cullen) in joint venture with Newmont Mining Corporation (Newmont) conducted exploration in the Mt Eureka area for gold and were also involved in a nickel joint venture with BHP. Avoca Resources Ltd (Avoca) acquired the Mt Fisher Gold Project in 2004 and completed geological mapping and soil and rock chip sampling over much of the tenement area. Drilling was focused on defining further mineralisation along the Dam- Damsel-Dirk gold corridor and extending known mineralisation at Moray Reef, with the internal reporting of Mineral Resources for the both the Dam and Moray Reef prospects. From 2004 to 2011, Avoca completed a total of 158 RAB/AC drill holes for 9,111 m and 64 shallow RC drill holes for 5,188 m.
Geology	• Deposit type, geological setting and style of mineralisation.	The geological setting is of Archean aged with common host rocks and structures related to mesothermal orogenic gold mineralisation as found throughout the Yilgarn Craton of Western Australia.
Drillhole information	• A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drillholes: o easting and northing of the drillhole collar o elevation or RL (Reduced Level – elevation above sea level in metres) of the drillhole collar o dip and azimuth of the hole o downhole length and interception depth o hole length. • If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case.	Exploration results are not being reported.
Data aggregation methods	• In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (e.g. cutting of high grades) and cut-off grades are usually Material and should be stated. • Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail. • The assumptions used for any reporting of metal equivalent values should be clearly stated.	Exploration results are not being reported.
Relationship between mineralisation widths and intercept lengths	• These relationships are particularly important in the reporting of Exploration Results. • If the geometry of the mineralisation with respect to the drillhole angle is known, its nature should be reported.	Exploration results are not being reported.

ASX CODE: RXL

ROX RESOURCES LIMITED Level 2, 87 Colin Street, West Perth WA 6005 +61 8 9226 0044

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Criteria	JORC Code explanation	Commentary
	• If it is not known and only the downhole lengths are reported, there should be a clear statement to this effect (e.g. ‘downhole _length, true width not known’). _
Diagrams	• Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drillhole collar locations and appropriate sectional views.	Exploration results are not being reported. Appropriate plans and sections relevant to the Mineral resource Estimate are included.
Balanced reporting	• Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.	Exploration results are not being reported.
Other substantive exploration data	• Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.	Exploration results are not being reported.
Further work	• The nature and scale of planned further work (e.g. tests for lateral extensions or depth extensions or large-scale step-out drilling). • Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.	Further work (AC, RC and diamond drilling) is justified to locate extensions to mineralisation both at depth and along strike.

ASX CODE: RXL

ROX RESOURCES LIMITED Level 2, 87 Colin Street, West Perth WA 6005 +61 8 9226 0044

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Section 3 Estimation and Reporting of Mineral Resources

Criteria	• JORC Code explanation	Commentary
Database integrity	• Measures taken to ensure that data has not been corrupted by, for example, transcription or keying errors, between its initial collection and its use for Mineral Resource estimation purposes. • Data validation procedures used.	The Mt Fisher and Mt Eureka project database is managed by Geobase Australia Pty Ltd using the Azeva.XDB Database Management System. This supports exploration data from the planning and approval phase through surface sampling, trenching, drilling, sample dispatch, final validation and integration of finalised data with industry mining packages. The Azeva.XDB system has been designed to support the JORC 2012 recommendations for exploration data. The database is stored using the Microsoft’s SQL Server 2019 database engine on a Secure Network server running the latest SBS Administrative access to the database is restricted to Geobase Personnel only who have been trained in database management. Historical data validation and data merging is undertaken using Azeva.X software and a number of additional third-party software suites. All datasets were subject to a number of validation procedures, performed during various stages of data collation. Multiple validations have been conducted on all drill hole tables. These validations included: • Missing coordinates, height (rl) and depth (depth) in the collar file • Large deviations in both dip and azimuth in the survey file • Missing intervals in the down hole interval file • Overlapping intervals in the down hole interval file • Records in the interval file that exceeds the total depth in the collar file • Missing holes in either the collar file or down hole interval file • Missing intervals inserted and classified accordingly to knowledge base • Coordinate checks • Assignment of RLs based on existing DEM or proximal holes • Down hole survey dip and azimuth data checks; Magnetic vs. True North vs. Local • Spatial distribution of mineralization • Spatial distribution of down hole geology • Checks on duplicate holes with different hole names
Site visits	• Comment on any site visits undertaken by the Competent Person and the outcome of those visits. • If no site visits have been undertaken indicate why this is the case.	The Competent Person has not made a site visit at this stage. The project area is flat and featureless, with no outcrop. No drilling is currently taking place and old drill hole sites have been rehabilitated. The Mt Fisher Open Pit is not accessible.
Geological interpretation	• Confidence in (or conversely, the uncertainty of) the geological interpretation of the mineral deposit. • Nature of the data used and of any assumptions made. • The effect, if any, of alternative interpretations on Mineral Resource estimation. • The use of geology in guiding and controlling Mineral Resource estimation.	Geological modelling involves generating mineralised intersection downhole using specific cutoffs, minimum thickness, minimum average grade and maximum internal waste. Each deposit has its own parameters, which are described in detail in the MRE report. The orientation of mineralisation domains is controlled by the know geological continuity of each deposit. Continuity of grade is modelled using variography.

ASX CODE: RXL

ROX RESOURCES LIMITED Level 2, 87 Colin Street, West Perth WA 6005 +61 8 9226 0044

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Criteria	• JORC Code explanation	Commentary
	• The factors affecting continuity both of _grade andgeology. _
Dimensions	• The extent and variability of the Mineral Resource expressed as length (along strike or otherwise), plan width, and depth below surface to the upper and lower limits of the Mineral Resource.	The dimensions of each deposit are summarised in the table below.
Estimation and modelling techniques	• The nature and appropriateness of the estimation technique(s) applied and key assumptions, including treatment of extreme grade values, domaining, interpolation parameters and maximum distance of extrapolation from data points. If a computer assisted estimation method was chosen include a description of computer software and parameters used. • The availability of check estimates, previous estimates and/or mine production records and whether the Mineral Resource estimate takes appropriate account of such data. • The assumptions made regarding recovery of by-products. • Estimation of deleterious elements or other non-grade variables of economic significance (eg sulphur for acid mine drainage characterisation). • In the case of block model interpolation, the block size in relation to the average sample spacing and the search employed. • Any assumptions behind modelling of selective mining units. • Any assumptions about correlation between variables. • Description of how the geological interpretation was used to control the resource estimates. • Discussion of basis for using or not using grade cutting or capping. • The process of validation, the checking process used, the comparison of model data to drill hole data, and use of reconciliation data if available.	The modelling technique uses an Ordinary Kriging methodology, which is considered appropriate for the type of deposits being estimated. High gold values are analysed statistically for each mineralisation domain and appropriate top cuts (caps) are determined and applied. The software used for estimation is Micromine 2022 SP3. An inverse distance check estimate has been carried out to confirm the results of the Kriging estimate. Previous estimates have been produced by Rox in 2011-2012 and had similar results, though there has been additional drilling since then. No assumptions have been made regarding by-products or deleterious elements. Block sizes vary deposit and are summarised in the table below. A multi-pass interpolation process was used. Search ellipses vary by deposit.

ASX CODE: RXL

ROX RESOURCES LIMITED Level 2, 87 Colin Street, West Perth WA 6005 +61 8 9226 0044

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Criteria	• JORC Code explanation	Commentary
		No assumptions have been made regarding selective mining units. Validation was carried out on each deposit using the following methods: Visual comparison of drill hole and block grades in section, plan and three-D. Comparison of declustered mean drill holes against block model grades. Generation of swathe plots. All validation methods produced acceptable results.
Moisture	• Whether the tonnages are estimated on a dry basis or with natural moisture, and the method of determination of the moisture content.	Tonnages are estimated on a dry basis.
Cut-off parameters	• The basis of the adopted cut-off grade(s) or quality parameters applied.	A cutoff of 0.5 g/t Au has been used to report resources. It is based on typical Goldfields processing costs and mill recoveries and the currentgoldprice.

ASX CODE: RXL

ROX RESOURCES LIMITED Level 2, 87 Colin Street, West Perth WA 6005 +61 8 9226 0044

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Criteria	• JORC Code explanation	Commentary
Mining factors or assumptions	• Assumptions made regarding possible mining methods, minimum mining dimensions and internal (or, if applicable, external) mining dilution. It is always necessary as part of the process of determining reasonable prospects for eventual economic extraction to consider potential mining methods, but the assumptions made regarding mining methods and parameters when estimating Mineral Resources may not always be rigorous. Where this is the case, this should be reported with an explanation of the basis of the mining assumptions made.	Mining of all deposits as modelled is expected to be by conventional open pit mining methods and this is reflected in the choice of block sizes. The prospects for eventual economic extraction have been evaluated by carrying out pit optimisations using appropriate mining and processing costs and gold prices. Parts of the resource models which are not included in open pit optimal shells or where drill spacing is greater than 100m are excluded from the Mineral Resource Estimate.
Metallurgical factors or assumptions	• The basis for assumptions or predictions regarding metallurgical amenability. It is always necessary as part of the process of determining reasonable prospects for eventual economic extraction to consider potential metallurgical methods, but the assumptions regarding metallurgical treatment processes and parameters made when reporting Mineral Resources may not always be rigorous. Where this is the case, this should be reported with an explanation of the basis of the metallurgical assumptions made.	No assumptions have been made regarding metallurgical amenability other than the use of typical recoveries from similar deposits when calculating cutoff grades.
Environment al factors or assumptions	• Assumptions made regarding possible waste and process residue disposal options. It is always necessary as part of the process of determining reasonable prospects for eventual economic extraction to consider the potential environmental impacts of the mining and processing operation. While at this stage the determination of potential environmental impacts, particularly for a greenfields project, may not always be well advanced, the status of early consideration of these potential environmental impacts should be reported. Where these aspects have not been considered this should be reported with an explanation of the environmental assumptions made.	No assumptions have been made regarding environmental considerations. The Mt Fisher area has seen active open pit mining in the past and is unlikely to present major issues.
Bulk density	• Whether assumed or determined. If assumed, the basis for the assumptions. If determined, the method used, whether wet or dry, the frequency of the measurements, the nature, size and representativeness of the samples. • The bulk density for bulk material must have been measured by methods that adequately account for void spaces (vugs, porosity, etc), moisture and differences between rock and alteration zones within the deposit. • Discuss assumptions for bulk density estimates used in the evaluation process of the different materials.	Bulk density has been assumed from other similar deposits in the area and has been assigned on the basis of weathering state. Oxide 1.8 t/m3 Transition 2.2 t/m3 Fresh 2.7 t/m3
Classification	• The basis for the classification of the Mineral Resources into varying confidence categories.	Classification is based on a combination of drill hole spacing and parameters output from the interpolation process (including kriging variance, numbers of samples and average distance to samples).

ASX CODE: RXL

ROX RESOURCES LIMITED Level 2, 87 Colin Street, West Perth WA 6005

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+61 8 9226 0044

Criteria	• JORC Code explanation	Commentary
	• Whether appropriate account has been taken of all relevant factors (ie relative confidence in tonnage/grade estimations, reliability of input data, confidence in continuity of geology and metal values, quality, quantity and distribution of the data). • Whether the result appropriately reflects the Competent Person’s view of the deposit.	In addition, assay sampling and data management, QAQC and geological and grade continuity have all been reviewed in arriving at final classifications The final classification reflects the view of the Competent Person.
Audits or reviews	• The results of any audits or reviews of Mineral Resource estimates.	No independent audits of the MRE have been carried out. Resource models have been reviewed internallybyRox staff.
Discussion of relative accuracy/ confidence	• Where appropriate a statement of the relative accuracy and confidence level in the Mineral Resource estimate using an approach or procedure deemed appropriate by the Competent Person. For example, the application of statistical or geostatistical procedures to quantify the relative accuracy of the resource within stated confidence limits, or, if such an approach is not deemed appropriate, a qualitative discussion of the factors that could affect the relative accuracy and confidence of the estimate. • The statement should specify whether it relates to global or local estimates, and, if local, state the relevant tonnages, which should be relevant to technical and economic evaluation. Documentation should include assumptions made and the procedures used. • These statements of relative accuracy and confidence of the estimate should be compared with production data, where available.	The relative accuracy of the various resource estimates is reflected in the JORC resource categories. At the Measured and Indicated resource classification levels, the resources represent local estimates that can be used in further mining studies. Inferred resources are considered global in nature.

ASX CODE: RXL

ROX RESOURCES LIMITED Level 2, 87 Colin Street, West Perth WA 6005 +61 8 9226 0044

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