ROX RESOURCES LIMITED — Capital/Financing Update 2014

Dec 14, 2014

ASX ANNOUNCEMENT 15 DECEMBER 2014

Rox Resources Limited

ASX: RXL

Address: Level 1 30 Richardson Street WEST PERTH WA 6005

PO Box 1167 West Perth WA 6872

Ph: (61 8) 9226 0044 Fax: (61 8) 9325 6254

Email: admin@roxresources.com.au

Web: www.roxresources.com.au

ABN: 53 107 202 602

Projects:

Mt Fisher: nickel-gold (100%)

Reward: zinc-lead (49%)

Bonya: copper-silver (earning up to 70%)

HIGH GRADE MASSIVE SULPHIDES AT TEENA

• High grade zones of massive zinc-lead sulphide mineralisation intersected in hole TNDD017:
  • o 25.5m @ 9.1% Zn+Pb from 795.9m, including

14.7m @ 13.3% Zn+Pb from 801.0m, and

o 3.6m @ 9.7% Zn+Pb from 828.4m

Rox Resources Limited (ASX: RXL) ("Rox" or "the Company") is pleased to report final assay results from the diamond core drilling program conducted at the Teena zinc prospect (Figure 1), which forms part of the Reward project in the Northern Territory.

The six hole program was completed for 4,822m. Four of the six holes intersected mineralisation and extended the Teena zinc-lead mineralisation, while two tested exploration targets on the margins of the prospect.

Of the four holes drilled to further test the Teena stratiform sulphide zone, three intersected high grade mineralisation (i.e. TNDD013 and TNDD014 reported previously, ASX:RXL 27 October and 10 November 2014; and TNDD017 reported herein).

Hole TNDD015, drilled 500m west of previous hole TNDD013 (Figure 2), intersected lower grade mineralisation, extending the sulphide system to the west. Full results are listed in Table 1.

Recent results were:

TNDD017: 25.5m @ 9.1% Zn+Pb from 795.9 – 821.4m, including 14.7m @ 13.3% Zn+Pb from 801.0 – 815.7m, and 6.6m @ 6.6% Zn+Pb from 828.4 – 835.0m, including 3.6m @ 9.7% Zn+Pb from 828.4 – 832.0m

TNDD015: 7.0m @ 4.3% Zn+Pb from 807.0 – 814.0m, and 3.1m @ 3.7% Zn+Pb from 825.9 – 829.0m

Managing Director Ian Mulholland commented, "The results achieved at Teena this year continue to demonstrate the excellent size and grade potential of the prospect."

"Hole TNDD017 is 300-400m from the nearest hole in either direction, and demonstrates the very good continuity of the stratiform mineralisation, especially along strike, which is typical for this type of deposit."

"Hole TNDD015 now demonstrates that mineralisation extends at least 1.9km in an east-west direction. Based on previous drilling, mineralisation also extends at least 800m in a north-south direction", Mr Mulholland said.

Holes TNDD016 and TNDD018 were drilled to test targets peripheral to the higher grade Teena stratiform mineralisation (Figure 2). Neither hole intersected any significant mineralisation.

The Reward project is subject to an option/joint venture (JV) agreement between Rox (49%) and Teck Australia Pty Ltd ("Teck") (51%), a subsidiary of Canada's largest diversified resource company Teck Resources Limited. Teck have elected to exercise the option to increase their JV interest to 70% by expending up to $15 million in total by 31 August 2018.

ENDS

For more information:

Shareholders/Investors Media Managing Director Professional Public Relations Tel: +61 8 9226 0044 Tel: + 61 8 9388 0944 admin@roxresources.com.au tony.dawe@ppr.com.au /

Ian Mulholland Tony Dawe / Belinda Newman belinda.newman@ppr.com.au

ROX RESOURCES LIMITED - ASX RELEASE 15 December 2014

Figure 1: Reward Project Tenement Plan showing prospect locations

(Myrtle Mineral Resource, ASX:RXL 15 March 2010; McArthur River Mineral Resource, Leach et. al., 2005, Economic Geology 100th Anniversary Volume, pp561-607)

ROX RESOURCES LIMITED - ASX RELEASE 15 December 2014

Figure 2: Teena Prospect Drill Plan showing location of new 2014 holes in blue. Selected drill results shown. For a full list of drilling results see Table 1.

Figure 3: High grade stratiform sulphide mineralisation in drill core from hole TNDD017, 802 – 815m

Table 1: Teena Diamond Drilling Results

TNDD018818126160846250NSRTNDD017818200560751157795.9821.425.57.901.239.130.4Including801.0815.714.711.531.7913.320.3And828.4835.06.65.820.806.621.5Including828.4832.03.68.321.339.651.5And975.0977.02.02.930.062.990.5TNDD0168183157608470110NSRTNDD015818169560665552807.0814.07.04.130.164.290.3And825.9829.03.13.090.623.711.4TNDD014818200060808565652.6687.034.45.420.786.200.5Including657.0661.14.19.191.2510.40.8and including665.2670.14.910.231.5511.80.8and including676.5679.02.58.681.5910.30.2And710.0717.07.03.360.233.590.4And788.0795.17.12.420.552.970.4And798.2827.028.82.780.683.460.3And838.7854.015.32.670.643.310.6And858.0860.02.02.200.642.841.5TNDD013818184260715251665.0700.035.05.380.746.120.9Including670.0673.03.08.831.2310.060.7and including678.0685.77.78.701.219.911.0And824.0845.021.02.650.733.380.4And857.2861.03.82.840.373.212.1And868.0880.012.02.790.343.131.5TNDD012818203560750075671.0705.034.06.530.987.51Including676.0690.914.99.081.3310.41Including676.0680.54.510.001.3711.37And684.9690.96.012.552.0214.58And807.1826.018.92.750.743.49And836.2848.011.82.780.563.34TNDD011818203560787779896.0898.62.63.970.444.411.5And901.0921.320.311.991.8713.861.5Including905.0921.316.314.262.2516.511.7Including907.1921.314.215.832.5318.361.7And937.3943.05.77.580.988.562.6Including937.3939.01.711.062.1313.182.8And1095.01098.03.03.010.013.02And1111.01119.88.82.750.273.02TNDD010818266160827875908.0925.117.12.550.463.011.8Including915.0917.02.04.960.965.922.2And935.0941.06.04.630.585.210.9And944.3964.420.113.002.0315.030.9Including951.5964.012.516.782.6819.461.1Including954.0959.05.021.803.6225.421.0And967.6970.12.53.690.574.260.5	Hole	North	East	RL	From	To	Interval	Zn%	Pb%	Zn+Pb%	Ag ppm
And988.8996.67.87.431.288.710.6

ROX RESOURCES LIMITED - ASX RELEASE

15 December 2014

Including			988.8	995.0	6.2	8.50	1.48	9.98	0.7
Including			988.8	992.0	3.2	10.73	2.00	12.73	1.0
	And			1116.0	1119.0	3.0	3.19	1.05	4.24	0.3
	And			1124.0	1133.7	9.7	4.04	1.61	5.65	1.1
	Including			1125.4	1128.2	2.9	7.64	2.70	10.35	1.9
	Including			1125.4	1127.0	1.7	8.76	3.04	11.80	2.6
	And			1149.0	1151.0	2.0	2.09	0.72	2.81	1.8
	And			1157.0	1166.0	9.0	2.54	0.93	3.47	1.8
	And			1169.0	1191.0	22.0	3.09	0.81	3.90	1.2
	Including			1177.0	1179.0	2.0	4.07	1.45	5.52	1.1
	And			1212.2	1232.0	19.8	2.13	0.57	2.70	0.8
	And			1244.0	1246.0	2.0	3.38	0.07	3.45	3.0
	And			1251.0	1255.0	4.0	2.81	0.07	2.88	2.2
TNDD009	8182793	608474	72	1012.0	1018.0	6.0	2.81	0.36	3.17	3.2
And		1020.6	1039.0	18.4	3.14	0.56	3.70	2.0
	Including			1022.0	1024.0	2.0	4.87	0.80	5.67	3.2
	Including			1028.0	1031.0	3.0	4.59	0.77	5.37	2.9
	And			1049.0	1056.0	7.0	4.83	0.57	5.40	0.7
	And			1060.1	1086.5	26.4	11.59	1.73	13.32	0.8
	Including			1060.1	1068.2	8.1	7.74	0.98	8.71	0.6
And including			1070.3	1086.5	16.2	14.91	2.32	17.23	1.0
Including			1071.0	1079.0	8.0	18.36	2.87	21.24	0.9
And			1089.5	1092.3	2.8	3.50	0.42	3.92	0.7
And			1121.0	1127.9	6.9	7.97	0.95	8.92	1.0
	Including			1121.0	1126.0	5.0	9.48	1.21	10.70	1.1
	And			1276.1	1281.0	4.9	2.89	0.91	3.80	2.0
	Including			1278.1	1281.0	2.9	3.77	1.22	4.99	2.9

Table 2: Drill Hole Collar Coordinates

Hole	North	East	RL	Dip	Azimuth	Total Depth (m)
TNDD018	8181261	608462	50	-75	343	359.4
TNDD017	8182005	607511	57	-65	335	1322.0
TNDD016	8183157	608470	110	-70	170	317.6
TNDD015	8181695	606655	52	-70	350	852.0
TNDD014	8182000	608085	65	-75	351	961.0
TNDD013	8181842	607152	51	-72	349	1005.5
TNDD012	8182000	607500	75	-85	355	1005.8
TNDD011	8182035	607877	79	-70	340	1221.6
TNDD010	8182661	608278	75	-75	174	1383.3
TNDD009	8182793	608474	70	-80	175	1302.0

Notes:

• New results shown in bold.
• Grid coordinates GDA94: Zone 53, Collar positions & RL's variably determined by hand held GPS and/or DGPS.
• Correct projected average lateral positions of down hole intercepts are shown on the Figures.
• Hole dip and azimuth determined at collar by compass and clinometer.
• Diamond drilling by HQ and NQ diamond core, with core cut in half and sampled to either logged significant geological boundaries or even 1 metre intervals. Core recovery generally exceeded 98%.
• Duplicate core samples were quarter cut.
• Cut core samples were crushed to nominal 2mm size, then a 3kg split pulverised to nominal 85% passing 75um.
• Samples sent to Bureau Veritas, Mount Isa, with assay by oxidative fusion with XRF analysis (XF001). This method is considered to completely extract Pb and Zn and is a ISO17025 certified method.
• 3 Certified Reference Materials that range from low grade to high grade Zn (30%) were included in the dispatch at a rate of at least 1 sample in 20, with a higher frequency in mineralized intervals. Field duplicates were included in the dispatch and were sent to the laboratory blind. Blanks were included in the dispatch at a rate of 1 in 40 samples.
• All quality control data has been assessed to be within an acceptable level of accuracy and precision.
• Independent assay verification has not yet been completed.
• Weighted average grade by sample interval quoted using a cut-off grade of 2.5% Zn+Pb over a minimum width of 2m, with up to 2m of internal dilution allowed. Internal higher grade zones are selected at a 6% Zn+Pb cut-off grade or higher.
• Reported intercepts may exceed the true width; no sampling bias is believed to have been introduced however. Based on structural measurements and downhole surveys, for hole TNDD009 true thickness is believed to be about 60% of downhole thickness, for holes TNDD010 - TNDD017 true thickness is 80-90% of downhole thickness.

About Rox Resources

Rox Resources Limited is an emerging Australian minerals exploration company. The company has four key assets at various levels of development with exposure to gold, nickel, zinc, lead, copper and phosphate, including the Mt Fisher Gold Project (WA), Myrtle/Reward Zinc-Lead Project (NT), the Bonya Copper Project (NT) and the Marqua Phosphate Project (NT).

Mt Fisher Gold-Nickel Project (100% + Option to Purchase $2.5 million to pay)

The Mt Fisher gold project is located in the highly prospective North Eastern Goldfields region of Western Australia and in addition to being well endowed with gold the project hosts strong nickel potential. The total project area is 655km2 , consisting of a 485km2 area 100% owned by Rox and an Option to purchase 100% of a further 170km2 .

Recent drilling at the Camelwood and Musket nickel prospects has defined a JORC 2012 Mineral Resource (ASX:RXL 3 October 2013 and 4 September 2014) of 3.6Mt grading 2.0% nickel reported at 1.0% Ni cut-off (Indicated Mineral Resource: 1.8Mt grading 2.2% Ni, Inferred Mineral Resource: 1.9Mt grading 1.8% Ni) comprising massive and disseminated nickel sulphide mineralisation, and containing 72,100 tonnes of nickel. Higher grade mineralisation is present in both deposits (refer to ASX announcements above), and is still open at depth beneath each deposit. The nickel Mineral Resource occurs partly on tenements under Option to Purchase to Rox, with an exercise price payable as follows: $0.2 million by 31 December 2014, and $2.3 million by 30 June 2015.

Drilling by Rox has also defined numerous high-grade gold targets and a JORC 2004 Measured, Indicated and Inferred Mineral Resource (ASX:RXL 10 February 2012) of 973,000 tonnes grading 2.75 g/t gold reported at a 0.8 g/tAu cut-off exists for 86,000 ounces of gold (Measured: 171,900 tonnes grading 4.11 g/t Au, Indicated: 204,900 tonnes grading 2.82 g/t Au, Inferred: 596,200 tonnes grading 2.34 g/t Au) aggregated over the Damsel, Moray Reef and Mt Fisher deposits.

Reward Zinc-Lead Project (49% + Farm-out Agreement)

Rox has signed an Earn-In and Joint Venture Agreement with Teck Australia Pty Ltd. ("Teck") to explore its highly prospective 670km2 Myrtle/Reward zinc-lead tenements, located 700km south-east of Darwin, Northern Territory, adjacent to the McArthur River zinc-lead mine.

The Myrtle zinc-lead deposit has a current JORC 2004 Mineral Resource (ASX:RXL 15 March 2010) of 43.6 Mt @ 5.04% Zn+Pb reported at a 3.0% Zn+Pb cut-off (Indicated: 5.8 Mt @ 3.56% Zn, 0.90% Pb; Inferred: 37.8 Mt @ 4.17% Zn, 0.95% Pb).

Drilling at the Teena zinc-lead prospect in 2013 intersected 26.4m @ 13.3% Zn+Pb including 16.2m @ 17.2% Zn+Pb, and 20.1m @ 15.0% Zn+Pb including 12.5m @19.5% Zn+Pb, and together with historic drilling has defined significant high grade zinc-lead mineralisation over a strike length of at least 1.5km (ASX:RXL 5 August 2013, 26 August 2013, 18 September 2013, 11 October 2013).

Under the terms of the Agreement, Teck has met the expenditure requirement for a 51% interest, with Rox holding the remaining 49%. Teck has elected to increase its interest in the project to 70% by spending an additional A$10m (A$15m in total) by 31 August 2018 (ASX:RXL 21 August 2013).

Bonya Copper Project (Farm-in Agreement to earn up to 70%)

In October 2012 Rox signed a Farm-in Agreement with Arafura Resources Limited (ASX:ARU) to explore the Bonya Copper Project located 350km east of Alice Springs, Northern Territory. Outcrops of visible copper grading up to 34% Cu and 27 g/t Ag are present, with the style of mineralisation similar to the adjacent Jervois copper deposits (see ASX:KGL). EM surveys defined a number of anomalies that could represent sulphide mineralisation at depth (ASX:RXL 5 August 2014). Drill testing has intersected visible copper mineralisation at three prospects, with massive copper sulphides intersected at the Bonya Mine prospect, including 38m @ 4.4% Cu and 11m @ 4.4% Cu (ASX:RXL 20 October 2014).

Under the Farm-in Agreement Rox can earn a 51% interest in the copper, lead, zinc, silver, gold, bismuth and PGE mineral rights at Bonya by spending $500,000 by December 2014. Rox can then elect to earn a further 19% (for 70% in total) by spending a further $1 million by December 2016. Once Rox has earned either a 51% or 70% interest it can form a joint venture with Arafura to further explore and develop the area.

Competent Person Statements:

The information in this report that relates to new Exploration Results for the Reward Zinc Project is based on information compiled by Mr Ian Mulholland BSc (Hons), MSc, FAusIMM, FAIG, FSEG, MAICD, who is a Fellow of The Australasian Institute of Mining and Metallurgy and a Fellow of the Australian Institute of Geoscientists. Mr Mulholland has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration, and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Mr Mulholland is a full time employee and Managing Director of the Company and consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

The information in this report that relates to nickel Mineral Resources for the Mt Fisher project was reported to the ASX on 3 October 2013 and 4 September 2014. Rox confirms that it is not aware of any new information or data that materially affects the information included in the announcements of 3 October 2013 and 4 September 2014, and that all material assumptions and technical parameters underpinning the estimates in the announcements of 3 October 2013 and 4 September 2014 continue to apply and have not materially changed.

The information in this report that relates to previous Exploration Results and Mineral Resources for the Reward Zinc-Lead, and Bonya Copper projects and for the gold Mineral Resource defined at Mt Fisher, was either prepared and first disclosed under the JORC Code 2004 or under the JORC Code 2012, and has been properly and extensively cross-referenced in the text. In the case of the 2004 JORC Code Exploration Results and Mineral Resources, they have not been updated to comply with the JORC Code 2012 on the basis that the information has not materially changed since it was last reported.

All reports are based on information compiled by Mr Ian Mulholland BSc (Hons), MSc, FAusIMM, FAIG, FSEG, MAICD, who is a Fellow of The Australasian Institute of Mining and Metallurgy and a Fellow of the Australian Institute of Geoscientists. Mr Mulholland has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration, and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 and 2012 Editions of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Mr Mulholland is a full time employee of the Company and consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. Mr Mulholland may have a conflict of interest since under his employment contract a component of his remuneration is linked to Key Performance Indicators that include achieving successful exploration results.

Appendix

The following information is provided to comply with the JORC (2012) requirements for the reporting of the Teena drilling results on tenement EL30042.

Criteria	JORC Code explanation	Commentary
Sampling techniques	Nature and quality of sampling (e.g. cut channels,random chips, or specific specialised industry standardmeasurement tools appropriate to the minerals underinvestigation, such as down hole gamma sondes, or	Diamond drill hole core size is initially HQ size but is NQ2 sizediameter through the mineralisation. Sampling of diamond holeswas by cut half core as described further below.
	handheld XRF instruments, etc). These examples shouldnot be taken as limiting the broad meaning ofsampling.	Drill holes were generally angled at minus 70-800 towards northto intersect geology and mineralisation as required (but see Tablefor individual hole dips and azimuths).
	Include reference to measures taken to ensure samplerepresentivity and the appropriate calibration of anymeasurement tools or systems used	Drillhole locations were either determined by hand held GPS(TNDD009-012, 014-018), or DGPS (TNDD013). Logging of drillsamples included lithology, weathering, alteration, mineralisation,colour, texture, moisture and contamination (as applicable).Sampling protocols and QAQC are as per industry best practiceprocedures.
	Aspects of the determination of mineralisation that areMaterial to the Public Report. In cases where 'industrystandard' work has been done this would be relatively	Diamond core is dominantly NQ2 size, sampled on geologicalintervals, with a minimum of 0.3m up to a maximum of 1.3m.NQ2 core is cut into half, or quarter for HQ holes.
	simple (e.g. 'reverse circulation drilling was used toobtain 1 m samples from which 3 kg was pulverised toproduce a 30 g charge for fire assay'). In other casesmore explanation may be required, such as wherethere is coarse gold that has inherent samplingproblems. Unusual commodities or mineralisationtypes (e.g. submarine nodules) may warrant disclosureof detailed information	Samples were sent to Bureau Veritas, Mount Isa, where they aredried, crushed to 2mm, split in a rotary splitter to 2kg, andpulverised in LM5 units, to 90% passing 75um. Samples were thensent to Bureau Veritas, Perth for analysis. The pulps were thenanalysed by oxidative fusion with XRF analysis (XF001). Thismethod is considered to completely extract Pb and Zn and is aISO17025 certified method. Trace elements were determined byLA-ICPMS of the fused beads.
Drilling techniques	Drill type (e.g. core, reverse circulation, open-holehammer, 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).	Drilling technique was diamond core (DD). Hole depths range from1,005m to 1,383m. DD hole diameter was mostly NQ2 with 5 ¼inch mud rotary pre-collar and HQ upper hole portions. The corewas orientated using a Reflex orientation tool.
Drill sample recovery	Method of recording and assessing core and chipsample recoveries and results assessed	Diamond drill core recoveries were logged and recorded in thedatabase. Overall recoveries were generally >98%, and there wereno significant core loss or recovery problems.
	Measures taken to maximise sample recovery andensure representative nature of the samples	Diamond core was reconstructed into continuous sample runs onan angle iron used for orientation marking. Depths are measuredand checked against marked depths on the core blocks.
	Whether a relationship exists between sample recoveryand grade and whether sample bias may have occurreddue to preferential loss/gain of fine/coarse material.	There is no observable relationship between recovery and grade,and therefore no sample bias.
Logging	Whether core and chip samples have been geologicallyand geotechnically logged to a level of detail tosupport appropriate Mineral Resource estimation,mining studies and metallurgical studies.	Detailed geological and geotechnical logs were carried out on alldiamond drill holes for recovery, RQD, structures etc. whichincluded structure type, dip, dip direction, alpha angle, beta angle,texture, shape, roughness, fill material, and this data is stored inthe database.
	Whether logging is qualitative or quantitative innature. Core (or costean, channel, etc) photography.	Logging of diamond core recorded lithology, mineralogy,mineralisation, structure (DD only), weathering, colour, and othersample features. Core was photographed and is stored in plasticcore trays.
	The total length and percentage of the relevantintersections logged	All holes were logged in full except for the rock roller bit diamondhole pre-collars (0-120m in most cases).

Section 1 Sampling Techniques and Data

Criteria	JORC Code explanation	Commentary
Sub-samplingtechniques and samplepreparation	If core, whether cut or sawn and whether quarter, halfor all core taken.	Drill core was cut in half on site using a core saw. All samples werecollected from the same side of the core, preserving theorientation mark in the kept core half.
	If non-core, whether riffled, tube sampled, rotary split,etc and whether sampled wet or dry.	All holes were cored.
	For all sample types, the nature, quality andappropriateness of the sample preparation technique.	The sample preparation followed industry best practice. Thisinvolved oven drying, coarse crushing of diamond core to ~2mm,followed by pulverisation of a representative split of sample in anLM5 to a grind size of 90% passing 75 micron.
	Quality control procedures adopted for all subsampling stages to maximise representivity of samples.	Subsampling was controlled by the insertion of duplicates ofmaterial created both after the crushing stage and after thepulverization stage. These quality control measures are inserted atthe company's request and not a component of the laboratory'sinternal quality system. Both these stages of sub-sampling were fitfor purpose.
	Measures taken to ensure that the sampling isrepresentative of the in situ material collected,including for instance results for field duplicate/secondhalf sampling.	Field QC procedures involve the use of 3 different CertifiedReference Materials (CRM's) to monitor accuracy, along withduplicates to monitor precision and blank samples to monitorcontamination. Routine samples were cut as half core and one halfwas sent for analysis. The other half was retained as a geologicalrecord. However, 1 sample in 50 was a core duplicate. In this case,both halves were submitted blind to the laboratory to monitorgeological representivity. This showed that the geological samplingwas fit for purpose.
	Whether sample sizes are appropriate to the grain sizeof the material being sampled.	The sample sizes are considered more than adequate to ensurethat there are no particle size effects relating to the grain size ofthe mineralisation which lies in the percentage range.
Quality of assay dataand laboratory tests	The nature, quality and appropriateness of theassaying and laboratory procedures used and whetherthe technique is considered partial or total.	The analytical technique involved an oxidative fusion with XRFanalysis (XF001). This method is considered to completely quantifyPb and Zn and is a ISO17025 certified method.
	For geophysical tools, spectrometers, handheld XRFinstruments, etc, the parameters used in determiningthe analysis including instrument make and model,reading times, calibrations factors applied and theirderivation, etc.	No geophysical or portable analysis tools were used to determineassay values.
	Nature of quality control procedures adopted (e.g.standards, blanks, duplicates, external laboratorychecks) and whether acceptable levels of accuracy (i.e.lack of bias) and precision have been established.	Samples submitted to the laboratory are split into batches of 50samples. Each batch contains 3 CRM's appropriate to the projectto monitor bias, a coarse blank and a fine blank to monitorcontamination in sample preparation and the laboratory and acore duplicate, crush duplicate and a pulp duplicate to monitorsampling and sub sampling. The results of this system have beenacceptable in line with industry best practice.No check assays have yet been undertaken an independent thirdparty assay laboratory. This will be completed at the end of the
Verification ofsampling and assaying	The verification of significant intersections by eitherindependent or alternative company personnel.	current field season for all holes drilled in 2014.Senior technical personnel (Exploration Manager and SeniorGeologist) from Teck Australia Pty Ltd ("Teck"), the operatingCompany, have visually inspected and verified the significant drillintersections.
	The use of twinned holes.	No holes have been twinned at this stage.
	Documentationofprimarydata,dataentryprocedures, data verification, data storage (physicaland electronic) protocols.	Primary data is logged using an Acquire logging interface that hasbeen setup with appropriate codes for the Teena drilling program.The data are transferred to Teck's Perth Office for data verificationand loading into the database.
	Discuss any adjustment to assay data.	No adjustments or calibrations have been made to any assay data.
Location of datapoints	Accuracy and quality of surveys used to locatedrillholes (collar and down-hole surveys), trenches,mine workings and other locations used in MineralResource estimation.	Not applicable. No Mineral Resource estimate has yet been made.Drillhole locations were either determined by hand held GPS(TNDD009-012, 014-018), or DGPS (TNDD013). A Reflex downholecamera was used to recorddownhole survey data atapproximately 30m intervals.

ROX RESOURCES LIMITED - ASX RELEASE

15 December 2014

Criteria	JORC Code explanation	Commentary
	Specification of the grid system used.	The grid system is MGA_GDA94, zone 53 for easting, northing andRL.
	Quality and adequacy of topographic control.	A topographic surface was generated from digital terrain modelsgenerated from low level airborne geophysical surveys.
Data spacing anddistribution	Data spacing for reporting of Exploration Results.	The drill hole spacing varies 250-500 metres between and alongdrill sections.
	Whether the data spacing and distribution is sufficientto establish the degree of geological and gradecontinuity appropriate for the Mineral Resource andOre Reserve estimation procedure(s) and classificationsapplied.	The mineralisation and geology shows very good continuity fromhole to hole and given sufficient in-fill drilling will be suitable tosupport the definition of a Mineral Resource or Ore Reserve andthe classifications contained in the JORC Code (2012 Edition) indue course.
	Whether sample compositing has been applied.	No sample compositing has occurred for diamond core drilling.Sample intervals are based on geological boundaries with evenone metre samples between.
Orientation of data inrelation to geologicalstructure	Whether the orientation of sampling achieves unbiasedsampling of possible structures and the extent to whichthis is known, considering the deposit type.	The deposit strikes at about 080 degrees and takes a synclinalform plunging to the east. The drill orientation was planned tointersect the mineralised system at specific targeted positions. Nobias is believed to have been introduced because of this, but downhole intersections will have varying true widths. This is confirmedin structural logging of mineralised zones.
	If the relationship between the drilling orientation andthe orientation of key mineralised structures isconsidered to have introduced a sampling bias, thisshould be assessed and reported if material.	No sampling bias is believed to have been introduced.
Sample security	The measures taken to ensure sample security.	Sample security is managed by Teck. After preparation in the fieldsamples are packed into polyweave bags and despatched to thelaboratory. For a large number of samples these bags weretransported by the Company directly to the assay laboratory. Insome cases the sample were delivered to a transport contractorwho then delivered the samples to the assay laboratory. The assaylaboratory audits the samples on arrival and reports anydiscrepancies back to the Company. No such discrepanciesoccurred.
Audits or reviews	The results of any audits or reviews of samplingtechniques and data.	A regular review of sampling techniques and data is carried out byTeck personnel experienced in this field. The database isconsidered to be of sufficient quality to support a MineralResource estimate as and when appropriate.

Section 2 Reporting of Exploration Results

Criteria	JORC Code explanation	Commentary
Mineral tenement andland tenure status	Type, reference name/number, location and ownershipincluding agreements or material issues with thirdparties such as joint ventures, partnerships, overridingroyalties,nativetitleinterests,historicalsites,wilderness or national park and environmentalsettings.	The mineralisation is located within Exploration License EL30042 inthe Northern Territory. Teck (51% interest) is operating the projectunder an Earn-in and Joint Venture Agreement with Rox ResourcesLimited ("Rox") (49% interest). Under the Agreement Teck canincrease its interest in the project by expending a total of $15million by 31 August 2018.
	The security of the tenure held at the time of reportingalong with any known impediments to obtaining alicence to operate in the area.	The tenement is in good standing and no known impedimentsexist.
Exploration done byother parties	Acknowledgment and appraisal of exploration by otherparties.	7 of the 8 holes previously drilled at the Teena prospect (Teena 1-8 inclusive) were drilled from 1976 to 1978 by MIM ExplorationPty Ltd. Teena 1 was drilled in 1961.
Geology	Deposittype,geologicalsettingandstyleofmineralisation.	The geological setting is of Proterozoic aged sedimentary hostedzinc-lead system, bounded by growth faults in synclinal subaqueous basins. Mineralisation is mostly situated in the HYC Shale(or equivalent) within the Barney Creek Formation. The rocks arenot significantly metamorphosed or altered, although there ispervasive carbonate addition. The deposit is analogous to theMcArthur River and Mt Isa style zinc-lead sulphide deposits.

15 December 2014

Criteria	JORC Code explanation	Commentary
Drill hole Information	A summary of all information material to theunderstanding of the exploration results including atabulation of the following information for all Materialdrill holes:•easting and northing of the drill hole collar•elevation or RL (Reduced Level – elevationabove sea level in metres) of the drill holecollar•dip and azimuth of the hole•down hole length and interception depth•hole length.	Refer to drill results Table/s and the Notes attached thereto.
Data aggregationmethods	In reporting Exploration Results, weighting averagingtechniques,maximumand/orminimumgradetruncations (e.g. cutting of high grades) and cut-offgrades are usually Material and should be stated.	All reported assay intervals have been length weighted. No topcuts have been applied. A lower cut-off of 2.5% Zn+Pb is appliedwith up to 2m of internal dilution allowed. See Notes to Table/s.
	Where aggregate intercepts incorporate short lengthsof high grade results and longer lengths of low graderesults, the procedure used for such aggregationshould be stated and some typical examples of suchaggregations should be shown in detail.	High grade sulphide intervals internal to broader zones ofmineralisation are reported as included intervals. See Table/s.
	The assumptions used for any reporting of metalequivalent values should be clearly stated.	No metal equivalent values have been used or reported.
Relationship betweenmineralisation widthsand intercept lengths	These relationships are particularly important in thereporting of Exploration Results.If the geometry of the mineralisation with respect tothe drill hole angle is known, its nature should bereported.If it is not known and only the down hole lengths are	The deposit strikes at about 080 degrees and takes a synclinalform plunging to the east. The drill orientation was planned tointersect the mineralised system at specific targeted positions.Drillhole azimuths were planned at approximately 3500 and holesgenerally inclined at minus 700 – 800 (but see Table 1 for individualhole details).
	reported, there should be a clear statement to thiseffect (e.g. 'down hole length, true width not known').	Given the angle of the drill holes and the interpreted dip of thehost rocks and mineralisation (see Figures), reported interceptswill be more than true width (see notes to Table).
Diagrams	Appropriate maps and sections (with scales) andtabulations of intercepts should be included for anysignificant discovery being reported These shouldinclude, but not be limited to a plan view of drill holecollar locations and appropriate sectional views.	Refer to Figures and Table in the text.
Balanced reporting	Where comprehensive reporting of all ExplorationResults is not practicable, representative reporting ofboth low and high grades and/or widths should bepracticed to avoid misleading reporting of ExplorationResults.	At this stage only visually mineralised intervals have been fullyanalysed. Selected samples outside of mineralised intervals havebeen sampled and analysed for geochemical data purposes.
Other substantiveexploration data	Other exploration data, if meaningful and material,should be reported including (but not limited to):geological observations; geophysical survey results;	All core samples are measured for bulk density in the field by Teckusing the water-air displacement method. Multi element assayingon all samples was carried out, including potentially deleteriouselements.
	geochemical survey results; bulk samples – size andmethod of treatment; metallurgical test results; bulkdensity,groundwater,geotechnicalandrockcharacteristics; potential deleterious or contaminatingsubstances.	Geotechnical data was collected from all diamond drillholesincluding recovery and RQD. Structural information was recorded;structure type, thickness, lithology, and alpha/beta angles (dip anddip direction).
		Geophysical data: specific gravity (SG), gamma and magneticsusceptibility were collected.
Further work	The nature and scale of planned further work (e.g.tests for lateral extensions or depth extensions orlarge-scale step-out drilling).Diagrams clearly highlighting the areas of possibleextensions,includingthemaingeologicalinterpretations and future drilling areas, provided thisinformation is not commercially sensitive	Further work (diamond drilling) is justified to fully determine thesize of the mineralised system both across and along strike and atdepth.