ROX RESOURCES LIMITED — Capital/Financing Update 2015

May 12, 2015

ASX ANNOUNCEMENT 13 MAY 2015

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%)

NICKEL SULPHIDE DISCOVERY CONFIRMED AT SABRE PROSPECT

• Drilling intersects massive and disseminated sulphides over widths up to 20m at Sabre with assayed grades up to 3.2% Ni
• Drilling continuing with further significant intersections of nickel sulphides now made over a 500m strike length

Rox Resources Limited (ASX: RXL) ("Rox" or "the Company") is pleased to report continued progress on the RC and diamond core drilling program being undertaken at the Sabre prospect on its 100% owned Fisher East Nickel Project located 500km north of Kalgoorlie in Western Australia.

Exciting aircore results from the Sabre prospect were reported to the ASX on 25 March 2015, including 5m @ 1.1% Ni from 74m in hole FEAC278.

Results from initial follow-up RC drilling completed at Sabre (Figures 1 - 3) are now starting to be received and include:

MFEC099: 1m @ 3.2% Ni from 97m MFEC108: 1m @ 1.1% Ni from 135m, and 3m @ 1.2% Ni from 141m MFEC110: 2m @ 1.1% Ni from 147m

Managing Director, Ian Mulholland commented, "With this latest drilling at Sabre we have now confirmed yet another nickel sulphide discovery in the Fisher East nickel province. Our exploration is continuing and we are confident of finding even more deposits along this ultramafic belt."

A further RC drilling program is now underway after a change of RC rig, and even better drill intercepts are being made as the rig moves north (Figures 2 - 3). Assays are pending, but visual results were:

• MFEC112: 8m of disseminated nickel sulphides in a 24m thick ultramafic unit.

• MFEC113: 8m of nickel sulphides, with 1m of massive nickel sulphide at the basal contact followed by 6 - 7m of disseminated nickel sulphides in ultramafic (Portable XRF analyses up to 3% Ni) .

• MFEC115: 9m of matrix and semi-massive nickel sulphides in a 12m thick ultramafic (Portable XRF analyses up to 4% Ni) .

• MFEC116: 6m of disseminated nickel sulphides.

• MFEC117: Two intervals (1m and then 2m) of semi-massive nickel sulphides (Portable XRF analyses up to 3% Ni).

• MFEC118: 20m of nickel sulphides, with 2m of semi-massive nickel sulphides (Portable XRF analyses ~ 2% Ni) at the basal contact followed by 18m of disseminated nickel sulphides.

Following the initial RC drilling program, two diamond holes were drilled, with visual results only at this stage:

MFED071: 5m of massive to semi-massive sulphide, although predominantly pyrite and pyrrhotite, with low-moderate nickel values expected. There are narrow (5-10cm) intervals of greater concentration of nickel sulphide. The rock unit is a sulphidic banded iron (BIF) unit, not an ultramafic, although there were ultramafic units intersected in the drill hole.

The geology of diamond hole MFED071 is characteristic of the edge of the ultramafic flow unit where it is in close contact with the sulphidic BIF. This is seen at both the northern and southern ends of the Camelwood deposit as well.

MFED072: 2m of semi-massive and disseminated sulphides with moderate nickel values expected within a thin ultramafic unit.

The current RC program indicates that better nickel mineralisation occurs to the north of where the initial aircore intersection was in hole FEAC278, and where the initial RC and diamond drilling was located.

The nickel sulphide mineralisation intersected in RC holes MFEC113 and 115-118 is coincident with a strong VTEM anomaly. Based on the aircore drilling and its intensity, this VTEM anomaly was thought to be represent the sulphidic BIF and was hence not an initial high priority target. However based on the RC results the VTEM anomaly appears to be the result of an ultramafic flow containing conductive nickel sulphide mineralisation.

Inspection of the VTEM anomaly locations and magnetics (Figure 3) indicates that the early drilling in the campaign (i.e. holes MFEC099, 100, 105-108, 110, and MFED071 and 072) was on the southern edge of the mineralised ultramafic flow unit. Also some holes (e.g. MFEC100, 106, 107) did not appear to reach the target horizon.

Deeper drilling is now planned for the area of the VTEM anomaly below RC holes MFEC112 to 118.

Managing Director Ian Mulholland commented, "Our initial thoughts were that the more subtle ground EM anomaly (Figure 2) may have represented nickel sulphides, while the stronger VTEM anomaly may have represented sulphidic BIF. But it is actually the other way around."

"What drilling is showing is that better mineralisation is present to the north, where the aircore results were anomalous for PGE's. We are certainly looking forward to receiving the assays from these RC holes, and are now planning deeper drilling to follow the mineralisation down into the modelled EM conductive zone."

ENDS

For more information: Shareholders/Investors Media Ian Mulholland Tony Dawe / Luke Sizer Managing Director Professional Public Relations Tel: +61 8 9226 0044 Tel: + 61 8 9388 0944 admin@roxresources.com.au tony.dawe@ppr.com.au /

luke.sizer@ppr.com.au

Figure 1: Fisher East Prospect Locations. VTEM anomalies shown as yellow ovals.

ROX RESOURCES LIMITED - ASX RELEASE

13 May 2015

Figure 2: Sabre Long Section

ROX RESOURCES LIMITED - ASX RELEASE 13 May 2015

Figure 3: Sabre Prospect drill results over magnetics

Hole	East	North	Depth(m)	Dip	Azimuth	From(m)	To(m)	Interval	Ni%	m%	Prospect
MFEC110	359434	7027785	172	-60	240	147	149	2	1.1	2.2	Sabre
MFEC108	359472	7027745	166	-60	240	135	136	1	1.1	4.8	Sabre
						141	144	3	1.2
MFEC107	359519	7027659	136	-60	240	NSR					Sabre
MFEC105	359548	7027735	256	-60	240	NSR					Sabre
MFEC104	360092	7026662	148	-65	240	NSR					Tomahawk
MFEC100	359436	7027790	133	-70	240	NSR					Sabre
MFEC099	359455	7027686	121	-70	240	97	98	1	3.2	3.2	Sabre

Table 1: RC Drilling Assay Results

Notes to Tables:

• New results shown in bold.
• Grid coordinates GDA94: Zone 51, collar positions determined by hand held GPS.
• All Musket/Cannonball holes nominal RL 542 +/- 1m AHD estimated from regional Digital Elevation Model.
• All Sabre Tomahawk holes nominal RL 563 +/- 1m AHD estimated from regional Digital Elevation Model.
• Hole azimuths generally planned as 260-270 degrees, downhole deviations result in hole paths slightly different to those intended.
• RC drilling (hole prefix MFEC) by reverse circulation face sampling hammer, then 1 metre samples cone split and bagged.
• Diamond drilling (hole prefix MFED) by HQ/NQ diamond core, with core cut in half and sampled to either significant geological boundaries or even metre intervals.
• Diamond drill samples weighed in water and air to determine bulk density, and then crushed to 6.5mm. 3-5kg sample preparation by pulp mill to nominal P80/75um.
• Ni analysis by Intertek Genalysis Perth method 4A/OE: Multi-acid digest including Hydrofluoric, Nitric, Perchloric and Hydrochloric acids in Teflon Tubes. Analysed by Inductively Coupled Plasma Optical (Atomic) Emission Spectrometry. For higher precision analyses (e.g. Ni > 1%), Intertek Genalysis Perth method 4AH/OE: Modified (for higher precision) multi-acid digest including Hydrofluoric, Nitric, Perchloric and Hydrochloric acids. Analysed by Inductively Coupled Plasma Optical (Atomic) Emission Spectrometry.
• Certified Reference Standards and field duplicate samples were inserted at regular intervals to provide assay quality checks. Review of the standards and duplicates are within acceptable limits.
• Cut-off grade for reporting of 1% Ni with up to 2m of internal dilution allowed.
• Given the angle of the drill holes and the interpreted 55-60 degree easterly dip of the host rocks, reported intercepts will be slightly more than true width.

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 $2.3 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 9 October 2013 and 4 September 2014) of 3.6Mt grading 2.0% Ni 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 the remaining exercise price of $2.3 million payable 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 Au 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 has 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 1.9km (ASX:RXL 5 August 2013, 26 August 2013, 18 September 2013, 11 October 2013, 27 October 2014, 10 November 2014, 15 December 2014). Teena is the most significant new discovery of zinc in Australia since Century in 1991.

Under the terms of the Agreement, Teck has now 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, 5 November 2014, 1 December 2014).

Under the Farm-in Agreement Rox earned a 51% interest in the copper, lead, zinc, silver, gold, bismuth and PGE mineral rights at Bonya by spending $500,000 by 10 December 2014 (ASX:RXL 16 December 2014). Rox has elected to earn a further 19% (for 70% in total) by spending a further $1 million by 10 December 2016.

Appendix

The following information is provided to comply with the JORC (2012) requirements for the reporting of the drilling results on tenements E53/1218 and E53/1802.

Criteria	JORC Code explanation	Commentary
Sampling techniques	Nature and quality of sampling (e.g. cut channels,random chips, or specific specialised industry standard	RC hole diameter was 5.5" (140 mm) reverse circulationpercussion (RC). Sampling of RC holes was undertaken bycollecting 1m cone split samples at intervals.
	measurement tools appropriate to the minerals underinvestigation, such as down hole gamma sondes, orhandheld XRF instruments, etc). These examples shouldnot be taken as limiting the broad meaning of	Diamond drill hole core size is NQ2 size diameter through themineralisation. Sampling of diamond holes was by cut half core asdescribed further below.
	sampling.	Drill holes were generally angled at -600 towards grid west (butsee Table for individual hole dips and azimuths) to intersectgeology as close to perpendicular as possible.
	Include reference to measures taken to ensure samplerepresentivity and the appropriate calibration of anymeasurement tools or systems used	Drillhole locations were picked up by handheld GPS. Logging ofdrill samples included lithology, weathering, texture, moisture andcontamination (as applicable). Sampling protocols and QAQC areas per industry best practice procedures.
	Aspects of the determination of mineralisation that areMaterial to the Public Report. In cases where 'industrystandard' work has been done this would be relativelysimple (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	Diamond core is dominantly NQ2 size, sampled on geologicalintervals, with a minimum of 0.1 m up to a maximum of 1.5 m.NQ2 core is cut into half, or quarter for HQ holes. RC drillholeswere sampled on 1m intervals using riffle or cone splitter units.Samples were sent to Intertek Genalysis in Kalgoorlie, crushed to10mm, dried and pulverised (total prep) in LM5 units (Somesamples > 3kg were split) to produce a sub-sample. The pulpswere then sent to Perth for analysis by four acid digest with amulti-element ICP-OES finish (code: 4A/OE-multi element). Au, Ptand Pd were analysed by 25 gram fire assay with a massspectrometer finish. Internal laboratory QA uses CRM's, blanks,splits and replicates, along with 10% repeats.
Drilling techniques	Drill type (e.g. core, reverse circulation, open-holehammer, rotary air blast, auger, Bangka, sonic, etc)	Drilling techniques were Reverse Circulation (RC) and diamondcore (DD). The RC hole diameter was 140mm face samplinghammer. Hole depths range from 100m to 232m.
	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).	DD hole diameter was mostly NQ2 with 5 ¼ inch RC or mud rotarypre-collar and HQ upper hole portions. Hole depths range from319m to 475m. The core was orientated using a Camtechorientation tool. DD holes had RC or rock roller bit pre-collarsdrilled, generally to 100-150m depth.
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 >95%, and there were nosignificant core loss or recovery problems.
		RC drill recoveries were high (>90%).
	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.
		RC samples were visually checked for recovery, moisture andcontamination and notes made in the logs.
	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.

Section 1 Sampling Techniques and Data

ROX RESOURCES LIMITED - ASX RELEASE

13 May 2015

Criteria	JORC Code explanation	Commentary
Logging	Whether core and chip samples have been geologicallyand geotechnically logged to a level of detail to	Detailed geological logs have been carried out on all RC drill holes,but no geotechnical data have been recorded (or is possible to berecorded due to the nature of the sample). The geological datawould be suitable for inclusion in a Mineral Resource estimate.
	support 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 and RC chips recorded lithology,mineralogy, mineralisation, structure (DD only), weathering,colour, and other sample features. Core was photographed and isstored in plastic core trays. RC chips are stored in plastic RC chiptrays.
	The total length and percentage of the relevantintersections logged	All holes were logged in full.
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.	RC samples were collected on the drill rig using a cone splitter. Ifany mineralised samples were collected wet these were noted inthe drill logs and database.
	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 ~10mm,followed by pulverisation of the entire sample in an LM5 orequivalent pulverising mill to a grind size of 85% passing 75micron.
	Quality control procedures adopted for all subsampling stages to maximise representivity of samples.	Field QC procedures involve the use of Certified ReferenceMaterials (CRM's) as assay standards, along with duplicates andbarren waste samples. The insertion rate of these wasapproximately 1:20.
	Measures taken to ensure that the sampling isrepresentative of the in situ material collected,including for instance results for field duplicate/secondhalf sampling.	No diamond core field duplicates were taken. For RC drilling fieldduplicates were taken on a routine basis at an approximate 1:20ratio using the same sampling techniques (i.e. cone splitter) andinserted into the sample run.
	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 a four acid digest followed bymulti-element ICP/OES analysis (Intertek analysis code 4A/OE).The four acid digest involves hydrofluoric, nitric, perchloric andhydrochloric acids and is considered a "complete" digest for mostmaterial types, except certain chromite minerals.
	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 stored in the database.
	Nature of quality control procedures adopted (e.g.standards, blanks, duplicates, external laboratorychecks) and whether acceptable levels of accuracy (i.e.	Internal laboratory control procedures involve duplicate assayingof randomly selected assay pulps as well as internal laboratorystandards. All of these data are reported to the Company andanalysed for consistency and any discrepancies.
	lack of bias) and precision have been established.	Check assays were undertaken at an independent third party assaylaboratory and correlated extremely well.
Verification ofsampling and assaying	The verification of significant intersections by eitherindependent or alternative company personnel.	Senior technical personnel from the Company (Managing Directorand/or Exploration Manager) have visually inspected and verifiedthe significant drill intersections.
	The use of twinned holes.	No holes have been twinned at this stage.

13 May 2015

Criteria	JORC Code explanation	Commentary
	Documentationofprimarydata,dataentryprocedures, data verification, data storage (physicaland electronic) protocols.	Primary data was collected using a standard set of Excel templateson Toughbook laptop computers in the field. These data aretransferred to Geobase Pty Ltd for data verification and loadinginto 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. A hand held GPS has been used to determine collarlocations at this stage, however DGPS collar surveys will beundertaken by a licensed surveyor shortly.
	Specification of the grid system used.	The grid system is MGA_GDA94, zone 51 for easting, northing andRL.
	Quality and adequacy of topographic control.	The 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 40-200 metres between drill sections,with some areas at 40 metre drill section spacing. Some sections(but not all) have had more than one hole drilled. Down dip stepout distance varies 20-100 metres.
	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 will be sufficient to support the definition of aMineral Resource or Ore Reserve and the classifications containedin the JORC Code (2012 Edition) in due 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.
		For RC samples, sample compositing occurred over 4 metreintervals for non-mineralised material, but all mineralised intervalswere sampled at a one metre interval.
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 mineralisation strikes at between about 320-340 degrees anddip to the east at between -50 to -70 degrees. The drill orientationwas planned to be between 240-250 degrees, however, some RCdrill holes have swung slightly south (to up to 230 degrees).Drilling is essentially perpendicular to strike. This is confirmed instructural 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 the Company. After preparation inthe field samples are packed into polyweave bags and despatchedto the laboratory. 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 review of previous sampling techniques and data was carriedout by Optiro Pty Ltd ("Optiro") as part of the Camelwood MineralResource estimate (ASX:RXL 3 October 2013). The database isconsidered by Optiro to be of sufficient quality to support aMineral Resource estimate. In addition, from time to time, theCompany carries out its own internal data audits.

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 reported is located within Exploration LicensesE53/1218 and E53/1802. Rox owns E53/1218 100%, and holds arecently negotiated option to purchase of E53/1802 from GerardVictor Brewer with a yearly payment of $100,000 payable by 30June each year for the next three years and an exercise price ofeither $600,000 or $700,000 depending on when the option isexercised.
	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/s is/are in good standing and no knownimpediments exist.
Exploration done byother parties	Acknowledgment and appraisal of exploration by otherparties.	No previous detailed exploration for nickel sulphides had beenundertaken on the tenements before Rox's involvement, exceptfor one RC hole drilled by an Independence Group/CullenResources JV in 2006 into an EM conductor near the Sabreprospect. That single hole did not intersect any nickel sulphides.
Geology	Deposittype,geologicalsettingandstyleofmineralisation.	The geological setting is of Archaean aged komatiite system,bounded by hangingwallbasaltic rocks and footwall felsicmetasediments. Mineralisation is mostly situated at the (eastern)basal ultramafic - felsic contact. The rocks are strongly talccarbonate altered. Metamorphism is mid-upper Greenschist. Thedeposit is analogous to Kambalda style nickel sulphide deposits.
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 1% is applied with up to2m 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 massive or semi-massive sulphide intervals internal tobroader zones of mineralisation 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 arereported, there should be a clear statement to thiseffect (e.g. 'down hole length, true width not known').	The mineralisation is moderately east dipping throughout thedeposit. Drillhole azimuths were generally planned at 2400-2700and holes generally inclined at -600 west (but see Table 1). Giventhe angle of the drill holes and the interpreted dip of the hostrocks and mineralisation (see Figures 3-4), reported intercepts willbe more than true width.
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 likely mineralised intervals have been analysed.Full assays are underway and will be reported in due course.

13 May 2015

Criteria	JORC Code explanation	Commentary
Other substantiveexploration 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	All core samples are measured for bulk density using the waterdisplacement method. Multi element assaying on all samples wascarried out for a suite of potentially deleterious elements such asArsenic and Magnesium.
	method 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).
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 (RC and diamond drilling) is justified to locateextensions to mineralisation both at depth and along strike.

Competent Person Statements:

The information in this report that relates to nickel Exploration Results for the Mt Fisher 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.