ROX RESOURCES LIMITED — Capital/Financing Update 2020

Jun 30, 2020

ASX ANNOUNCEMENT

01 July 2020

ROX RESOURCES LIMITED

ASX: RXL

Rox Resources Limited (ASX: RXL) is an Australian listed company with advanced gold and nickel projects in Western Australia: the Youanmi Gold Project, Mt Fisher Gold project, and the Fisher East and Collurabbie Nickel projects.

DIRECTORS

Mr Stephen Dennis Chairman

Mr Alex Passmore Managing Director

Mr Brett Dickson Finance Director

Dr John Mair Non-Executive Director

Shares on Issue	1,989m
Share Price	$0.08
Market Cap.	$159m
Cash &	$15.8m
Receivables
(pro-forma 31/03/20
+ post-Placement
and SPP, net of
$2m acquisition)

Level 1, 34 Colin Street, West Perth WA 6005

+61 8 9226 0044

admin@roxresources.com.au

www.roxresources.com.au

High gold recoveries from initial metallurgical test work at Youanmi

Highlights:

• Accelerated cyanide leach assays confirm leachable gold
• Excellent gold recoveries at Grace averaging over 95% in fresh rock
• High gold recoveries averaging 96% in oxide mineralisation throughout the project area.

Australian gold and nickel company, Rox Resources Limited ("Rox" or "the Company") (ASX: RXL), in conjunction with its joint venture partner Venus Metals Corporation (ASX: VMC) is pleased to announce that preliminary metallurgical test work has delivered high gold recoveries from the Youanmi Gold Project (OYG JV).

______________________________________________________

The Youanmi Project is host to several styles of mineralisation, to ensure adequate representation from the different mineralisation styles 81 samples were selected for metallurgical test work from 32 RC holes previously reported by Rox across the Project area. Intervals were selected to cover a range of gold grades, mineralisation styles and degree of weathering/oxidation.

Samples were analysed by the LeachWELL Accelerated Cyanide Leach technique to determine the cyanide extractable gold via this industrystandard method and provide an indication of the potential recoveries in standard gold processing circuits (i.e. CIL)

The results from the oxide, transitional and fresh zones at Grace are exceptionally encouraging with gold recoveries averaging 97%, 94% and 95% respectively (see Table 1 & Appendix 1).

These results indicate that gold mineralisation encountered in recent drilling at the Youanmi Project in general, and especially at Grace, is amenable to conventional cyanide extraction methods.

Managing Director Alex Passmore commented: "We are very pleased with these results, which are in line with our expectations. The main lode ore body at Youanmi that was mined historically was renowned as being refractory at depth. This first-pass metallurgical test work demonstrates that different primary mineralisation styles within the Youanmi project area such as the granite-hosted gold at Grace are clearly non-refractory, delivering excellent recoveries with conventional methods."

RRL1698D

Table 1 Prospect results*

Prospect	Average Recoveries
	Oxide	Transitional	Primary
Grace	97%	94%	95%
Plant Zone	94%	Not yet drilled	Not yet drilled
Youanmi South	NA	93%	Not yet drilled
Commonwealth	NA	Not Tested	88%
Main Lode	94%	80%	76%

*For a list of all individual results refer to Appendix 1

Grace

Very high-grade gold mineralisation occurs in a series of moderate west-dipping quartz hosted gold lodes in the granite footwall rocks adjacent to the historically mined Youanmi Main Lode. The rocks in this area are significantly weathered (i.e. oxide zone) down to an average 50m depth below surface. There is a transitional zone from 50 to 80m on average and then fresh rock (i.e. containing primary mineralisation) below 80m.

Gold recoveries for this area averaged an excellent 97% in the oxide material, 94% in transitional and 95% in the primary mineralisation. These results are in line with our expectations given the abundant visible gold in high-grade RC drilling samples.

Plant Zone

Gold mineralisation is associated with stockwork quartz veining within a granite host. Gold occurs as free particles within the sulphide-poor quartz veins and extends over a strike length of at least 1,400m.

Mineralisation in the Plant Zone occurs in a deeply weathered granite host with an oxide zone extending from surface to 80m depth. Deeper drilling is required in this zone to test transitional and primary ore.

Gold recoveries averaged 94% in the oxide mineralisation.

Youanmi South

Gold mineralisation is developed in a dilation zone associated with bifurcation of the greenstone succession around the steeply south plunging southern margin of the Youanmi Granite.

The Youanmi South area is deeply weathered with the oxide zone extending to 80m below surface. Transitional material is present beyond this with the deepest drilling to 120m yet to intersect fresh rock (primary).

Youanmi South gold recoveries averaged 93% in the transitional mineralisation.

Commonwealth

Gold mineralisation is associated with finely disseminated pyrite hosted by a zone of quartz veins in highly altered mafic volcanics and banded iron formation. The weathered profile is relatively shallow at Commonwealth with oxide zone extending to 35m below surface, transitional zone to 50m and fresh rock (primary) beyond this.

Gold recoveries averaged 88% in the sampled primary mineralisation.

Main Lode

Gold mineralisation is developed along the Main Lode Shear Zone over a strike length of 2,300m. The gold lodes are associated with a high pyrite and arsenopyrite content and the primary ore (+100m depth) is partially refractory. In this test work, gold recoveries averaged 94% in the oxide mineralisation, 80% in the transitional mineralisation and 76% in the primary mineralisation.

ASX CODE: RXL

Summary

This first-pass metallurgical test work demonstrates that the different styles of mineralisation at Youanmi have a range of gold recoveries. Importantly, the focus areas of recent exploration, most notably the Grace discovery, yield excellent gold recoveries with conventional methods. These outcomes will feed into our ongoing exploration approach and broader understanding of the Youanmi Project area.

In conjunction with the promising exploration results that have been delivered within the Project area over the last 12 months and the new styles of mineralisation identified, the results presented herein serve to reshape perspectives on Youanmi to a highly prospective area with non-refractory mineralisation outside the historic mine area. Metallurgical performance appears strongly related to the style and setting of gold mineralisation.

Further metallurgical test-work is ongoing, meanwhile Rox is continuing to drill the high Grace prospect with two RC drill rigs on site.

Figure 1 – Youanmi Pits Overlain on Geology with RC Drill Collars

ASX CODE: RXL

			From	To	Host Lithology	LeachWell Au	LeachWell Residue	Recovery
Prospect	Mineralisation	Hole ID	(m)	(m)		(ppm)	Au (ppm)	%
Grace	Oxide	MLRC20	2.5	3	Upper Saprolite	40.86	1.88	95.60%
Grace	Oxide	MLRC20	3	3.5	Upper Saprolite	978.66	9.09	99.08%
Grace	Oxide	MLRC20	3.5	4	Upper Saprolite	117.64	0.84	99.29%
Grace	Oxide	MLRC20	4	4.5	Upper Saprolite	12.79	0.35	97.34%
Grace	Oxide	RXRC107	26	27	Upper Saprolite	35.04	0.83	97.69%
Grace	Oxide	RXRC111	7	8	Upper Saprolite	83.94	3.63	95.85%
Grace	Oxide	RXRC111	8	9	Upper Saprolite	20.85	0.71	96.71%
Grace	Oxide	RXRC112	9	10	Upper Saprolite	29.55	0.88	97.11%
Grace	Oxide	RXRC114	2	3	Upper Saprolite	285.36	9.72	96.71%
Grace	Oxide	RXRC114	3	4	Upper Saprolite	49.63	2.21	95.74%
Grace	Oxide	RXRC114	4	5	Upper Saprolite	18.21	0.69	96.35%
Grace	Oxide	RXRC114	12	13	Upper Saprolite	21.09	0.64	97.05%
Grace	Oxide	RXRC132	48	52	Upper Saprolite	11.17	0.23	97.98%
Grace	Oxide	RXRC133	16	20	Upper Saprolite	18.47	0.35	98.14%
Grace	Oxide	RXRC153	27	28	Upper Saprolite	16	0.8	95.24%
Grace	Oxide	RXRC158	29	30	Upper Saprolite	145.6	9.95	93.60%
Grace	Oxide	RXRC158	30	31	Upper Saprolite	147.95	12	92.50%
					Average Recovery - Grace Oxide			96.59%
Main Lode	Oxide	RXRC012	44	45	Upper Saprolite	6.66	0.63	91.36%
Main Lode	Oxide	RXRC014	45	46	Upper Saprolite	6.89	0.39	94.64%
Main Lode	Oxide	RXRC014	46	47	Upper Saprolite	6.98	0.28	96.14%
Main Lode	Oxide	RXRC014	59	60	Upper Saprolite	10.8	0.58	94.90%
Main Lode	Oxide	RXRC014	60	61	Upper Saprolite	2.3	0.19	92.37%
Main Lode	Oxide	RXRC014	61	62	Upper Saprolite	5.2	0.26	95.24%
Main Lode	Oxide	RXRC014	62	63	Upper Saprolite	3.3	0.07	97.92%
Main Lode	Oxide	RXRC014	63	64	Upper Saprolite	5.39	0.12	97.82%
Main Lode	Oxide	RXRC014	64	65	Upper Saprolite	1.89	0.25	88.32%
Main Lode	Oxide	RXRC017	54	55	Upper Saprolite	9.15	0.65	93.37%
Main Lode	Oxide	RXRC017	55	56	Upper Saprolite	2.85	0.16	94.68%
Main Lode	Oxide	RXRC017	57	58	Upper Saprolite	1.22	0.03	97.60%
Main Lode	Oxide	RXRC017	58	59	Upper Saprolite	9.5	0.59	94.15%
Main Lode	Oxide	RXRC063	56	57	Upper Saprolite	2.55	0.17	93.75%
					Average Recovery - Main Lode Oxide			94.45%
Plant Zone	Oxide	RXRC030	56	57	Upper Saprolite	8.41	0.41	95.35%
Plant Zone	Oxide	RXRC031	33	34	Upper Saprolite	6.31	0.26	96.04%
Plant Zone	Oxide	RXRC035	10	11	Upper Saprolite	5.71	0.36	94.07%
Plant Zone	Oxide	RXRC038	25	26	Upper Saprolite	15.72	0.64	96.09%
Plant Zone	Oxide	RXRC046	70	71	Upper Saprolite	5.14	0.61	89.39%
					Average Recovery - Plant Zone Oxide			94.19%
Grace	Transitional	RXRC135	48	52	Lower Saprolite	67.04	0.85	98.75%
Grace	Transitional	RXRC154	53	54	Lower Saprolite	8.93	0.51	94.60%
Grace	Transitional	RXRC154	54	55	Lower Saprolite	6.77	0.52	92.87%
Grace	Transitional	RXRC154	55	56	Lower Saprolite	2.46	0.19	92.83%
Grace	Transitional	RXRC154	58	59	Lower Saprolite	1.51	0.13	92.07%

Appendix 1: Accelerated Cyanide Leach LeachWELL results.

ROX RESOURCES LIMITED 4

Level 1, 34 Colin Street, West Perth WA 6005 +61 8 9226 0044

ASX CODE: RXL

Grace	Transitional	RXRC154	59	60	Lower Saprolite	1.53	0.08	95.03%
Grace	Transitional	RXRC154	60	61	Lower Saprolite	1.56	0.11	93.41%
					Average Recovery - Grace Transitional			94.22%
Main Lode	Transitional	RXRC028	59	60	Lower Saprolite	5.31	0.37	93.49%
Main Lode	Transitional	RXRC028	60	61	Lower Saprolite	4.43	0.13	97.15%
Main Lode	Transitional	RXRC009	36	37	Lower Saprolite	15.65	2.5	86.23%
Main Lode	Transitional	RXRC013	81	82	MassiveSulphide ore	6.84	11.48	37.34%
Main Lode	Transitional	RXRC018	76	77	Lower Saprolite	6.69	0.62	91.52%
Main Lode	Transitional	RXRC018	77	78	MassiveSulphide ore	3.89	1.46	72.71%
					Average Recovery - Main Lode Transitional			79.74%
Youanmi South	Transitional	RXRC017	89	90	Lower Saprolite	0.6	0.04	93.75%
Youanmi South	Transitional	RXRC024	97	98	Lower Saprolite	21.52	0.48	97.82%
Youanmi South	Transitional	RXRC024	98	99	Lower Saprolite	4.74	0.8	85.56%
Youanmi South	Transitional	RXRC024	108	109	Lower Saprolite	10.51	0.55	95.03%
Youanmi South	Transitional	RXRC053	110	111	Lower Saprolite	15.9	0.77	95.38%
Youanmi South	Transitional	RXRC053	111	112	Lower Saprolite	4.77	0.73	86.73%
Youanmi South	Transitional	RXRC053	112	113	Lower Saprolite	24.48	1.25	95.14%
Youanmi South	Transitional	RXRC063	80	81	Lower Saprolite	3.23	0.35	90.22%
Youanmi South	Transitional	RXRC063	81	82	Lower Saprolite	11.08	0.57	95.11%
Youanmi South	Transitional	RXRC063	82	83	Lower Saprolite	15.43	1.78	89.66%
Youanmi South	Transitional	RXRC063	83	84	Lower Saprolite	1.19	0.12	90.84%
Youanmi South	Transitional	RXRC063	85	86	Lower Saprolite	15.15	0.72	95.46%
Youanmi South	Transitional	RXRC063	86	87	Lower Saprolite	41.17	2.8	93.63%
Youanmi South	Transitional	RXRC063	87	88	Lower Saprolite	4.37	0.3	93.58%
Youanmi South	Transitional	RXRC063	88	89	Lower Saprolite	4.51	0.26	94.55%
Youanmi South	Transitional	RXRC063	90	91	Lower Saprolite	40.87	3.08	92.99%
Youanmi South	Transitional	RXRC063	91	92	Lower Saprolite	2.14	0.14	93.86%
					Average Recovery - Youanmi South Transitional			92.90%
Grace	Fresh	RXRC133	105	106	Granite	32.67	3.09	91.36%
Grace	Fresh	RXRC219	110	111	Granite	13.06	0.8	94.23%
Grace	Fresh	RXRC219	111	112	Granite	5.41	0.27	95.25%
Grace	Fresh	RXRC287	150	151	Granite	318.36	11.27	96.58%
Grace	Fresh	RXRC287	151	152	Granite	407.09	18.32	95.69%
Grace	Fresh	RXRC287	152	156	Granite	12.48	0.68	94.83%
					Average Recovery - Grace Primary			94.66%
Commonwealth	Fresh	RXRC049	66	67	Basalt	4.21	0.69	85.92%
Commonwealth	Fresh	RXRC049	67	68	Basalt	7.75	1.24	86.21%
Commonwealth	Fresh	RXRC050	76	77	Basalt	41.17	1.01	97.61%
Commonwealth	Fresh	RXRC050	77	78	Basalt	3.21	0.65	83.16%
					Average Recovery - Commonwealth Primary			88.22%
Main Lode	Fresh	RXRC007	86	87	Basalt	5.21	0.29	94.73%
Main Lode	Fresh	RXRC007	127	128	Basalt	1.16	0.42	73.42%
Main Lode	Fresh	RXRC008	109	110	Basalt +Sulphide ore	3.32	3.63	47.77%
Main Lode	Fresh	RXRC015	121	122	Basalt	0.99	0.11	90.00%
Average Recovery - Main Lode Primary76.48%

ROX RESOURCES LIMITED 5 Level 1, 34 Colin Street,

West Perth WA 6005 +61 8 9226 0044

ASX CODE: RXL

A 400g sample was subjected to an Accelerated Cyanide LeachWELL test, with the LeachWELL residues further analysed by 25g Fire Assay to determine total gold values. Cyanide Recovery percentage is calculated as LeachWell Au ppm / (LeachWell Au ppm + Residue Au ppm). Total gold values compare well with original Fire Assays.

Hole ID	Drill Type	East	North	RL	Depth	Dip	Azi
RXRC007	RC	679380	6834611	466	200	-60	50
RXRC008	RC	679396	6834590	467	170	-60	65
RXRC009	RC	679437	6834539	468	120	-60	65
RXRC012	RC	679542	6834518	472	80	-50	65
RXRC013	RC	679192	6834882	468	110	-50	65
RXRC014	RC	679435	6834567	467	114	-60	65
RXRC015	RC	679452	6834373	472	190	-60	65
RXRC017	RC	679655	6834476	474	150	-60	65
RXRC018	RC	679644	6834383	478	150	-60	65
RXRC024	RC	680296	6833138	457	160	-60	65
RXRC028	RC	680139	6833624	459	120	-50	245
RXRC030	RC	680203	6834630	464	120	-60	60
RXRC031	RC	680253	6834663	463	60	-60	60
RXRC035	RC	680208	6834822	463	80	-60	60
RXRC038	RC	680156	6834996	464	120	-60	60
RXRC046	RC	679922	6835000	465	120	-60	65
RXRC049	RC	677775	6836081	478	120	-60	65
RXRC050	RC	677773	6836049	478	120	-60	65
RXRC053	RC	680274	6833105	457	160	-60	65
RXRC063	RC	680196	6833444	458	130	-60	65
RXRC107	RC	680145	6833669	460	60	-60	65
RXRC111	RC	680145	6833691	460	15	-60	65
RXRC112	RC	680142	6833697	460	15	-60	65
RXRC114	RC	680155	6833703	460	15	-60	245
RXRC132	RC	680130	6833754	461	80	-60	65
RXRC133	RC	680093	6833732	461	80	-60	65
RXRC135	RC	680108	6833674	460	90	-60	65
MLRC20	RC	680151	6833694	460	5	-90	-90
RXRC153	RC	680108	6833696	460	102	-80	65
RXRC154	RC	680138	6833731	461	84	-60	65
RXRC158	RC	680148	6833757	462	80	-60	65
RXRC219	RC	680091	6833731	461	160	-60	65
RXRC287	RC	680073	6833788	459	180	-88	245

Appendix 2: Collar Locations and Drilling Details of samples selected for LeachWELL.

ASX CODE: RXL

*** ENDS ***

Authorised for release by Alex Passmore, Managing Director.

For more information:

Alex Passmore Managing Director Rox Resources Limited Tel: +61 8 9226 0044 admin@roxresources.com.au Matt Hogan Managing Director Venus Metals Corporation Limited Tel: +61 8 9321 7541

Competent Person Statements

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 Senior Geologist 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 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 to the date of original announcement to ASX. 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

Resource Statements

The information in this report that relates to gold Mineral Resources for the Youanmi Project was reported to the ASX on 17 April 2019 (JORC 2012). Rox confirms that it is not aware of any new information or data that materially affects the information included in the announcement of 17 April 2019, and that all material assumptions and technical parameters underpinning the estimates in the announcement of 17 April 2019 continue to apply and have not materially changed.

The information in this report that relates to gold Mineral Resources for the Mt Fisher project was reported to the ASX on 11 July 2018 (JORC 2012). Rox confirms that it is not aware of any new information or data that materially affects the information included in the announcement of 11 July 2018, and that all material assumptions and technical parameters underpinning the estimates in the announcement of 11 July 2018 continue to apply and have not materially changed.

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.

About Rox Resources

Rox Resources Limited is an emerging Australian minerals exploration company. The company has a number of key assets at various levels of development with exposure to gold, nickel, copper and platinum group elements (PGE's). The 1.2Moz Youanmi Gold Project and the Fisher East Nickel Project (78kt Ni) being the most advanced projects with exploration ongoing at the Mt Fisher Gold Project and the Collurabbie Nickel-Copper-PGE Project.

_______________________________________________________________________________________

Youanmi Gold Project (Youanmi Gold Mine 70%, Regional JV's 50% earn-in)

The Youanmi Gold Mine is located 480 km to the northeast of Perth, Western Australia. The Youanmi Mining Centre has produced an estimated 667,000 oz of gold (at 5.47 g/t Au) since discovery in 1901 during three main periods: 1908 to 1921, 1937 to 1942, and 1987 to 1997.

The project is situated in the Youanmi Greenstone Belt, within the Southern Cross Province of the Archaean Yilgarn Craton in Western Australia. The structure of the Youanmi Project is dominated by the north-trending Youanmi Fault Zone. Most of the gold mineralisation seen at the project is hosted within north-northwest splays off the north-northeast trending Youanmi Fault.

Fisher East Nickel Project (100%)

The Fisher East nickel project is located in the North Eastern Goldfields region of Western Australia and hosts several nickel sulphide deposits. The total project area is ~350km2.

Discovery of, and drilling at the Camelwood, Cannonball and Musket nickel prospects has defined a JORC 2012 Mineral Resource (ASX:RXL 5 February 2016) of 4.2Mt grading 1.9% Ni reported at 1.0% Ni cut-off (Indicated Mineral Resource: 3.7Mt grading 1.9% Ni, Inferred Mineral Resource: 0.5Mt grading 1.5% Ni) comprising massive and disseminated nickel sulphide mineralisation, and containing 78,000 tonnes of nickel. Higher grade mineralisation is present in all deposits (refer to ASX announcement above) and is still open at depth beneath each deposit. Additional nickel sulphide deposits continue to be discovered (e.g. Sabre) and these will add to the resource base. Exploration is continuing to define further zones of potential nickel sulphide mineralisation.

Collurabbie Gold-Nickel Project (100%)

The Collurabbie project is located in the highly prospective North Eastern Goldfields region of Western Australia and is prospective for gold and nickel. The project area of ~123km2 hosts the Olympia nickel sulphide deposit and a number of other prospects for nickel sulphide mineralisation. A JORC 2012 Inferred Mineral Resource of 573,000t grading 1.63% Ni, 1.19% Cu, 0.082% Co, 1.49g/t Pd, 0.85g/t Pt has been defined at Olympia (ASX: RXL 18 August 2017). The style of nickel sulphide mineralisation is different to that at Fisher East, with a significant copper and PGE component at Collurabbie, and has been compared to the Raglan nickel deposits in Canada (>1Mt contained nickel). In addition, there is potential for gold mineralisation, with several strong drilling intersections including 2m @ 2.4g/t Au from the Naxos prospect.

Mt Fisher Gold Project (100%)

The Mt Fisher gold project is located in the North Eastern Goldfields region of Western Australia, adjacent to the Fisher East nickel project, and hosts several gold deposits. The total project area is ~220km2.

Drilling by Rox has defined numerous high-grade gold targets and a JORC 2012 Measured, Indicated and Inferred Mineral Resource (ASX:RXL 11 July 2018) of 1.0 million tonnes grading 2.7 g/t Au reported at a 0.8 g/t Au cut-off exists for 89,000 ounces of gold (Measured: 170,000 tonnes grading 4.1 g/t Au, Indicated: 220,000 tonnes grading 2.7 g/t Au, Inferred: 630,000 tonnes grading 2.3 g/t Au) aggregated over the Damsel, Moray Reef and Mt Fisher deposits.

ASX CODE: RXL

Criteria	JORC Code explanation	Commentary
Samplingtechniques	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	RC hole diameter was 5.5" (140 mm) reverse circulationpercussion (RC). Sampling of RC holes was undertaken bycollecting 1m cone split samples at intervals.
	handheld XRF instruments, etc). These examplesshould not be taken as limiting the broad meaning ofsampling.	Drill holes were generally angled at -600 towards gridnortheast (but see Table for individual hole dips andazimuths) to intersect geology as close to perpendicular aspossible.
	Include reference to measures taken to ensure samplerepresentivity and the appropriate calibration of anymeasurement tools or systems used	Drillhole locations were surveyed with DGPS by a licensedsurveyor. Logging of drill samples included lithology,weathering, texture, moisture and contamination (asapplicable). Sampling protocols and QAQC are as perindustry 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 relatively	RC drillholes were sampled on 1m intervals using riffle orcone splitter units.
	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 Intertek Genalysis in Perth, crushedto 10mm, dried and pulverised (total prep) in LM5 units(Some samples > 3kg were split) to produce a sub-sample.The pulps were analysed by 50g Fire Assay with ICP-OES.A 400g sub-sample was subjected to an AcceleratedCyanide Leach LeachWELL test, with the LeachWELLresidues further analysed by 25g Fire Assay with ICP-OES.
Drillingtechniques	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 Reverse Circulation (RC). The RChole diameter was 140mm face sampling hammer. Holedepths reported range from 5m to 200m.
Drill samplerecovery	Method of recording and assessing core and chipsample recoveries and results assessed	RC drill recoveries were high (>90%).
	Measures taken to maximise sample recovery andensure representative nature of the samples	RC samples were visually checked for recovery, moistureand contamination and notes made in the logs.
	Whether a relationship exists between samplerecovery and grade and whether sample bias mayhave occurred due to preferential loss/gain offine/coarse material.	There is no observable relationship between recovery andgrade, and therefore no sample bias.
Logging	Whether core and chip samples have been geologicallyand geotechnically logged to a level of detail to supportappropriate Mineral Resource estimation, miningstudies and metallurgical studies.	Detailed geological logs have been carried out on all RC drillholes, but no geotechnical data have been recorded (or ispossible to be recorded due to the nature of the sample).The geological data would be suitable for inclusion in aMineral Resource estimate.
	Whether logging is qualitative or quantitative in nature.Core (or costean, channel, etc) photography.	Logging of RC chips recorded lithology, mineralogy,mineralisation, weathering, colour, and other samplefeatures. RC chips are stored in plastic RC chip trays.
	The total length and percentage of the relevantintersections logged	All holes were logged in full.

JORC Table 1 - Section 1 Data and Sampling Techniques

ASX CODE: RXL

Criteria	JORC Code explanation	Commentary
Sub-samplingtechniques andsamplepreparation	If core, whether cut or sawn and whether quarter, halfor all core taken.	N/A
	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 conesplitter. If any mineralised samples were collected wet thesewere noted in the drill logs and database.
	For all sample types, the nature, quality andappropriateness of the sample preparation technique.	The sample preparation followed industry best practice.Samples were dried, coarse crushing to ~10mm, followedby pulverisation of the entire sample in an LM5 or equivalentpulverising mill to a grind size of 85% passing 75 micron.
	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 withduplicates and blank samples. The insertion rate of thesewas approximately 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.	For RC drilling field duplicates were taken on a routine basisat an approximate 1:20 ratio using the same samplingtechniques (i.e. cone splitter) and inserted into the samplerun.
	Whether sample sizes are appropriate to the grain sizeof the material being sampled.	The sample sizes are considered more than adequate toensure that there are no particle size effects relating to thegrain size of the mineralisation which lies in the percentagerange.
Quality of assaydata andlaboratory tests	The nature, quality and appropriateness of theassaying and laboratory procedures used and whetherthe technique is considered partial or total.	The analytical technique involved Fire Assay 50g,LeachWELL 400g and Fire Assay 25g on residues.
	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 todetermine assay 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.lack of bias) and precision have been established.	Internal laboratory control procedures involve duplicateassaying of randomly selected assay pulps as well asinternal laboratory standards. All of these data are reportedto the Company and analysed for consistency and anydiscrepancies.
		Check assays were undertaken at an independent thirdparty assay laboratory and correlated extremely well.
Verification ofsampling andassaying	The verification of significant intersections by eitherindependent or alternative company personnel.	Senior personnel from the Company (Managing DirectorandSeniorGeologist)havevisuallyinspectedmineralisation within significant intersections.
	The use of twinned holes.	Twin drilling by Rox in shallower areas has verified the drillresults of previous explorers.
	Documentation of primary data, data entry procedures,data verification, data storage (physical and electronic)protocols.	Primary data was collected using a standard set of Exceltemplates on Toughbook laptop computers in the field.These data are transferred to Geobase Pty Ltd for dataverification and loading into the database.

ASX CODE: RXL

Criteria	JORC Code explanation	Commentary
	Discuss any adjustment to assay data.	No adjustments or calibrations have been made to anyassay 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. DGPS collars were surveyed by a licensedsurveyor.
	Specification of the grid system used.	The grid system is MGA_GDA94, zone 50 for easting,northing and RL.
	Quality and adequacy of topographic control.	The topography of the mined open pits is well defined byhistoric monthly survey pickups
Data spacing anddistribution	Data spacing for reporting of Exploration Results.	The drill hole spacing is approximately 40-100 metresbetween drill sections.
	Whether the data spacing and distribution is sufficientto establish the degree of geological and gradecontinuity appropriate for the Mineral Resource andOreReserveestimationprocedure(s)andclassifications applied.	Data spacing and distribution are sufficient to establish thedegree of geological and grade continuity appropriate forJORC(2012) classifications applied.
	Whether sample compositing has been applied.	For RC samples, sample compositing occurred over 4 metreintervals.
Orientation ofdata in relationto 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 generally north-south and dips tothe west at between -50 to -70 degrees. The drill orientationwas 065 degrees and -60 dip. Drilling is believed to begenerally perpendicular to strike.
	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. Afterpreparation in the field samples are packed into polyweavebags and despatched to the laboratory. For a large numberof samples these bags were transported by the Companydirectly to the assay laboratory. In some cases the samplewere delivered bya transport contractor the assaylaboratory. The assay laboratory audits the samples onarrival and reports any discrepancies back to the Company.No such discrepancies occurred.
Audits orreviews	The results of any audits or reviews of samplingtechniques and data.	No audits have yet been completed.

JORC Table 1 - Section 2 Reporting of Exploration Results

Criteria	JORC Code explanation	Commentary
Mineral tenementand land tenurestatus	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 environmental settings.	Rox Resources Ltd has entered into a Joint VentureAgreement with Venus Metals Corporation Ltd to to acquirean initial 50% interest in the Youanmi Gold Mine JointVenture (OYG Joint Venture).Tenements in the JV consist of the following mining leases:M 57s /10, 51,76,97,109, 135, 160A, 164, 165, 166 and 167.
	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 isin good standing and no knownimpediments exist.
Exploration doneby other parties	Acknowledgment and appraisal of exploration by otherparties.	Significant previous exploration has been carried outthroughout the project by various companies, includingAC/RAB, RC drilling and diamond drilling1971-1973 WMC: RAB, RC and surface diamond drilling1976Newmont:10surfacediamonddrillholes(predominantly targeting base metals).1980-1986 BHP: RAB, RC and surface diamond drilling(predominantly targeting base metals).1986-1993 Eastmet: RAB, RC and surface diamond drilling.1993-1997 Goldmines of Australia: RAB, RC and surfacediamond drilling. Underground mining and associatedunderground diamond drilling.2000-2003 Aquila Resources Ltd: Shallow RAB and RCdrilling2004-2005 Goldcrest Resources Ltd: Shallow RAB and RCdrilling; data validation.2007- 2013 Apex Minerals NL: 9 diamond holes targetingextensions to the Youanmi deeps resource.

ASX CODE: RXL

Criteria	JORC Code explanation	Commentary
Geology	Deposittype,geologicalsettingandstyleofmineralisation.	The Youanmi Project straddles a 40km strike length of theYouanmi Greenstone Belt, lying within the Southern CrossProvince of the Archaean Yilgarn Craton in WesternAustralia. The greenstone belt is approximately 80km longand 25km wide, and incorporates an arcuate, north-trendingmajor crustal structure termed the Youanmi Fault Zone. Thisstructure separates two discordant greenstone terrains, withthe stratigraphy to the west characterised by a series ofweakly deformed, layered mafic complexes (Windimurra,Black Range, Youanmi and Barrambie) enveloped bystrongly deformed, north-northeast trending greenstones.Gold mineralisation is developed semi-continuously in shearzones over a strike length of 2,300m along the westernmargin of the Youanmi granite.The Youanmi gold lodes are invariably associated with a highpyrite and arsenopyrite content and the primary ore ispartially to totally refractory.There are a series of major fault systems cutting through theYouanmi trend mineralisation that have generated somesignificant off-sets.The Youanmi Deeps project area is subdivided into threemain areas or fault blocks by cross-cutting steep south-easttrending faults; and these are named Pollard, Main, and HillEnd from south to north respectively.Granite hosted gold mineralisation occurs at several sites,most notably the Plant Zone Prospect, located immediatelynorth-northeast of the Main Pit and processing plant. Goldmineralization occurs as free particles within the sulphidepoor stockwork quartz veining, controlled by shallow westdipping shear zones, within a deeply weathered granite host.Mineralised envelopes extend over a strike length of at least1,200m.The Commonwealth-Connemarra mineralised trend iscentred 4km northwest of the Youanmi plant. The geologycomprises a sequence of folded mafic and felsic volcanicrocks intercalated with BIF and intruded by granite along theeastern margin. Gold mineralisation is developed over a600m strike length, associated with a north trending andsteeply west dipping shear zone that traverses the northwesttrending succession.
Drill holeInformation	A summary of all information material to theunderstanding of the exploration results including atabulation of the following information for all Material drillholes:•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. Notop cuts have been applied. A lower cut-off of 0.5g/t Au wasapplied. See Notes to Table/s.

ASX CODE: RXL

Criteria	JORC Code explanation	Commentary
	Where aggregate intercepts incorporate short lengths ofhigh grade results and longer lengths of low graderesults, the procedure used for such aggregation shouldbe stated and some typical examples of suchaggregations should be shown in detail.	Highgradeintervalsinternaltobroaderzonesofmineralisation are reported as included intervals. SeeTable/s.
	The assumptions used for any reporting of metalequivalent values should be clearly stated.	No metal equivalent values have been used or reported.
Relationshipbetweenmineralisation	These relationships are particularly important in thereporting of Exploration Results.
widths andintercept lengths	If the geometry of the mineralisation with respect to thedrill hole angle is known, its nature should be reported.	No definite relationships between mineralisation widths andintercept lengths are known from this drilling due to the highlyweathered nature of the material sampled.
	If it is not known and only the down hole lengths arereported, there should be a clear statement to this effect(e.g. 'down hole length, true width not known').
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.
Balancedreporting	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.	Representative reporting of both low and high grades andwidths is practiced.
Othersubstantiveexploration 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 andmethod of treatment; metallurgical test results; bulkdensity,groundwater,geotechnicalandrockcharacteristics; potential deleterious or contaminatingsubstances.	All meaningful and material information has been included inthe body of the announcement.
Further work	The nature and scale of planned further work (e.g. testsfor lateral extensions or depth extensions or large-scalestep-out drilling).Diagrams clearly highlighting the areas of possibleextensions, including the main geological interpretationsand future drilling areas, provided this information is notcommercially sensitive	Further work (RC and diamond drilling) is justified to locateextensions to mineralisation both at depth and along strike.