ROX RESOURCES LIMITED — Capital/Financing Update 2021

Oct 5, 2021

ASX ANNOUNCEMENT

06 October 2021

RRL1782D

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

Dr John Mair Non-Executive Director

Shares on Issue	157.6m
Share Price	$0.37
Market Cap.	$58.3m
Cash & Receivables	$15.0m
(incl $3.1m
receivable, cash as
at 30 June 2021)

Level 2, 87 Colin Street, West Perth WA 6005

+61 8 9226 0044

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

Follow Rox:

Youanmi Deeps Metallurgical Testwork Achieves 96% Gold Extraction

Highlights:

• September 2021 testwork delivers substantial improvement in gold extraction for Youanmi Deeps
• Historical production averaged 86.8% gold recovery, with new testwork improving extraction to 95.6%
• Testwork overseen by OMC (Orway Mineral Consultants) and draws on new methodologies not previously utilised at Youanmi
• Como Engineers engaged to complete scoping level process plant design and costing - work commenced September 2021

___________________________________________________________

West Australian focused gold exploration and development company, Rox Resources Limited ("Rox" or "the Company") (ASX: RXL), in conjunction with its joint venture partner Venus Metals Corporation Limited (ASX: VMC) is pleased to provide an update on metallurgical testwork recently conducted on the Youanmi Deeps Resource, located within the OYG JV area (Rox 70% and Manager, VMC 30%).

The work forms part of development studies currently underway into potential future production at the Youanmi Gold Project. This preliminary part of the study will establish processing pathways to optimise gold recovery prior to progressing to more extensive and detailed "feasibility study level" metallurgical testwork.

Managing Director Alex Passmore commented:

"In June 2021 (ASX release 23 June 2021) we reported a 30% increase in the Youanmi Deeps Resource, and now we are pleased to report that advances in gold extraction technology over the last 30 years (since GMA built its processing plant) have made a significant difference in gold recovery.

"Preliminary metallurgical testwork indicates a 10% increase on historical gold recoveries by utilising a pressure oxidation leach process (i.e. POX).

"Furthermore, we look forward to results of (scoping level) process plant design and costing later this year being undertaken by Como Engineers who have a long track record of success for both design and development of similar sized gold processing facilities in WA with a variety of flowsheet designs."

Comparison to Historical Data

The principal past producer at Youanmi, Gold Mines of Australia (GMA) operated the Youanmi Deeps underground mine in the 1990s. At which time GMA also operated a 600ktpa oxide ore CIL plant configured to handle 270ktpa of sulphide (i.e. Youanmi Deeps) feed through a bacterial oxidation plant (Bachtech technology). During this period the operation achieved an average of around 87% metallurgical recovery up until the plant shut down in November 1997 (Figure 1).

Figure 1: Large improvement on historical treatment recovery

Rox's September 2021 testwork results included two composite samples taken from 30 individual diamond drill core intervals of historical drilling comprising of mainly half and quarter NQ drilling core, including 14 sections from the upper part of the Hangingwall Lode domain, and 16 sections from the upper part of the Main Lode domain. The Main Lode, and Hangingwall Lode domains combined represent over 30 percent of the entire Deeps Mineral Resource. Figure 2 and Table 2 contain the drill hole locations and sample intervals of the composites used in this metallurgical analysis.

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

ASX CODE: RXL

350 mRL									TEST WORK CORE SAMPLE	LOCATIONS - JULY 2021		YOUANMI DEEPS METALLURGICAL
150 mRL	Upper Main		NORTHERN MAIN, ANDNORTHERN HANGINGWALLTo				e cΘ	SOUTHERN HANGINGWALL	SOUTHERN MAIN, AND(POLLARD)
	Composite	From		Len	WeightedAverage Au	CENTRAL MAIN, AND	$\frac{1}{\sigma}$	Θ
					Grade	CENTRAL HANGINGWALL	89	Upper Hangingwall	From	To	Len	Weighted
	(Hole Reference)	(m)	(m)	(m)	(g/t)		Θ	Composite				Average Au
	93YDD094	230.8	233.7	2.9	2.0		UPPER MAIN, AND					Grade
	93YDD095	265.7	267.7	2.0	2.6		ΘUPPER HANGINGWALL	(Hole Reference)	(m)	(m)	(m)	(g/t)
	93YDD096	269.3	272.6	3.3	7.9			93YDD094	127.1	131.1	3.9	4.0
	93YDD097	320.3	324.3	4.0	3.3		O	93YDD094W1	129.5	131.8	2.4	4.0
$-50$ mRL	93YDD099	321.4	323.9	2.5	11.0			93YDD096	236.8	242.0	5.2	4.4
	93YDD100	203.4	205.2	1.8	4.1			93YDD100	131.7	134.3	2.6	22.7
	93YDD101	373.0	374.3	1.3	3.0			93YDD101	353.6	356.3	2.7	22.7
	93YDD103	355.4	356.8	1.4	3.4			93YDD103	330.3	333.5	3.3	7.4
	93YDD105	397.6	411.2	13.6	10.0			93YDD106	400.8	402.3	1.5	1.9
	93YDD106	416.1	418.5	2.4	11.3			93YDD107	399.0	407.0	7.9	5.3
	93YDD108	404.9	408.9	3.9	8.2		LOWER MAIN, AND	93YDD108	302.0	302.9	0.9	2.8
	93YDD109	381.1	385.7	4.6	10.3		LOWER HANGINGWALL	YD0063	442.6	445.3	2.7	3.0
$-250$ mRL	YD0062	402.2	405.6	3.3	14.4			YD0070	391.2	395.0	3.8	2.7
	YD0063	492.3	496.0	3.7	40.6			YD0071	395.4	398.8	3.4	5.6
	YD0064	564.0	568.0	4.0	7.1			YD0078	508.1	510.2	2.0	2.8
	YD0069	369.6	372.2	2.6	11.0			YD0092	336.0	340.0	3.9	10.6
	TOTAL AVERAGE GRADE			57.2	13.1			TOTAL AVERAGE GRADE			46.3	7.7

Figure 2: The locations of the two core sample composites used in the preliminary testwork

Testwork Results

Table 1 shows gold recovery results of direct leach only (grind to 75 micron), ultra fine grind (to 15 micron), and finally the very high overall gold recovery results from the pressure oxide leach process.

ROX RESOURCES LIMITED 3 Level 2, 87 Colin Street, West Perth WA 6005 +61 8 9226 0044

ASX CODE: RXL

Table 1: Results of preliminary testwork

			Upper Hanging Wall			Upper Main
Treatment Route	Unit	DirectLeach	UFG	POX	DirectLeach	UFG	POX
Flotation
Feed Mass	(g)		12,000	12,000		12,000	12,000
Mass Pull	(%)		13.9	13.9		12.7	12.7
Mass Loss	(%)			22.7			16.8
Concentrate and Float Combined Tail Leach
Gold Extracted	(g/t)	3.14	3.67	4.87	5.03	5.1	8.53
Gold in Tail	(g/t)	1.97	1.36	0.23	4.00	3.27	0.40
Gold Extraction	(%)	61.4	73.0	95.6	55.7	60.9	95.5
Calc. Head	(Au g/t)	5.11	5.03	5.10	9.03	8.37	8.93
NaCN	(kg/t)	0.60	2.24	7.68	0.53	2.16	2.10
Lime	(kg/t)	0.41	0.97	2.60	0.40	0.81	1.38

Table 2: Drill hole location information

Weathering	HoleID	Depth	Depth	Downhole	Collar	Collar	Collar	Dip	Azimuth	Hole	Met Composite
Domain		From	To	Width	North	East	RL			Depth	Sample
		(m)	(m)	(m)	(GDA94)	(GDA94) (GDA94) (deg)			(deg)	(m)
Fresh	93YDD094	127.1	131.1	3.9	6,833,693	679,715	460	-57	69	243	Upper Hangingwall
Fresh	93YDD094W1	129.5	131.8	2.4	6,833,693	679,715	460	-54	62	215	Upper Hangingwall
Fresh	93YDD096	236.8	242.0	5.2	6,833,707	679,675	461	-57	77	294	Upper Hangingwall
Fresh	93YDD100	131.7	134.3	2.6	6,833,712	679,707	462	-58	62	240	Upper Hangingwall
Fresh	93YDD101	353.6	356.3	2.7	6,833,636	679,575	463	-54	64	435	Upper Hangingwall
Fresh	93YDD103	330.3	333.5	3.3	6,833,782	679,554	463	-55	81	387	Upper Hangingwall
Fresh	93YDD106	400.8	402.3	1.5	6,833,752	679,494	460	-54	64	452	Upper Hangingwall
Fresh	93YDD107	399.0	407.0	7.9	6,833,787	679,467	461	-52	67	447	Upper Hangingwall
Fresh	93YDD108	302.0	302.9	0.9	6,833,845	679,455	462	-58	74	441	Upper Hangingwall
Fresh	YD0063	442.6	445.3	2.7	6,833,601	679,455	460	-57	62	558	Upper Hangingwall
Fresh	YD0070	391.2	395.0	3.8	6,833,764	679,427	460	-64	67	511	Upper Hangingwall
Fresh	YD0071	395.4	398.8	3.4	6,833,841	679,402	460	-66	58	491	Upper Hangingwall
Fresh	YD0078	508.1	510.2	2.0	6,833,524	679,300	460	-60	64	746	Upper Hangingwall
Fresh	YD0092	336.0	340.0	3.9	6,833,371	679,532	460	-45	88	685	Upper Hangingwall
Fresh	93YDD094	230.8	233.7	2.9	6,833,693	679,715	460	-57	69	243	Upper Main
Fresh	93YDD095	265.7	267.7	2.0	6,833,678	679,685	460	-55	73	281	Upper Main
Fresh	93YDD096	269.3	272.6	3.3	6,833,707	679,675	461	-57	77	294	Upper Main
Fresh	93YDD097	320.3	324.3	4.0	6,833,656	679,650	460	-56	68	339	Upper Main
Fresh	93YDD099	321.4	323.9	2.5	6,833,690	679,593	461	-55	80	387	Upper Main
Fresh	93YDD100	203.4	205.2	1.8	6,833,712	679,707	462	-58	62	240	Upper Main
Fresh	93YDD101	373.0	374.3	1.3	6,833,636	679,575	463	-54	64	435	Upper Main
Fresh	93YDD103	355.4	356.8	1.4	6,833,782	679,554	463	-55	81	387	Upper Main
Fresh	93YDD105	397.6	411.2	13.6	6,833,676	679,520	460	-55	81	474	Upper Main
Fresh	93YDD106	416.1	418.5	2.4	6,833,752	679,494	460	-54	64	452	Upper Main
Fresh	93YDD108	404.9	408.9	3.9	6,833,845	679,455	462	-58	74	441	Upper Main
Fresh	93YDD109	381.1	385.7	4.6	6,833,941	679,515	481	-71	78	414	Upper Main
Fresh	YD0062	402.2	405.6	3.3	6,833,635	679,526	460	-54	63	484	Upper Main
Fresh	YD0063	492.3	496.0	3.7	6,833,601	679,455	460	-57	62	558	Upper Main
Fresh	YD0064	564.0	568.0	4.0	6,833,562	679,376	460	-55	58	623	Upper Main
Fresh	YD0069	369.6	372.2	2.6	6,833,812	679,524	463	-62	60	422	Upper Main

ROX RESOURCES LIMITED 4 Level 2, 87 Colin Street, West Perth WA 6005 +61 8 9226 0044

ASX CODE: RXL

Processing Plant Scoping Level Study

Como Engineers have been engaged to conduct scoping level design and costing including capital cost estimate and operating cost for a processing plant solution which will include utilising parts of the existing 1990s circuit where appropriate into a new build located away from the recently discovered Grace mineralisation.

The flowsheet design is based on utilising a standard crushing and grinding circuit to 75 microns, before performing conventional flotation to extract the high gold grade sulphides, after which float concentrates are reground to 15 microns before undergoing a pressure oxidation leach process to liberate gold at very high recovery rates. Float tails will also be leached to ensure highest possible gold recoveries overall.

The scoping level design work is based on a small processing plant of just 300 ktpa capacity incorporating a relatively small Pressure Oxidation Leach (POX) circuit as the base case option being considered. The size of the POX circuit is small comparable to other low grade high tonnage operations for two main reasons. Firstly, very low mass pulls achieved of under 15%, and secondly, the low tonnage nature of the plant required to treat very high head grade material from the Deeps Resource (noting resource grade is over 7.5 g/t Au).

Other oxidation process technologies are still under consideration to establish the most economically feasible solution going forward.

Relevance of Testwork to Youanmi Resource

It is noted that this early stage testwork is relevant to the Youanmi Deeps Resource (ASX release 23 June 2021) which comprises just over half the total resource of 1.7 mil ounces (refer Table 3 below).

Table 3: Summary of Youanmi Resources Remaining June 2021

Youanmi Resources Remaining June 2021
Area	Classification Cut-Off		Tonnes		Au Grade Au Metal
			(dmt)	(g/t)	(oz)
Near Surface	Indicated	$0.5 g/t*$	7,470,000	1.81	434,000
Deeps	Indicated	4.0 g/t	1,097,000	8.23	290,200
SubTotal	Indicated		8,567,000	2.63	724,200
Near Surface	Inferred	$0.5$ g/t*	7,240,000	1.57	366,000
Deeps	Inferred	$4.0$ g/t	2,279,000	7.73	566,200
SubTotal	Inferred		9,519,000	3.05	932,200
Near Surface	$Ind + Inf$	$0.5 \frac{g}{t^*}$	14,710,000	1.69	800,000
Deeps	$Ind + Inf$	$4.0$ g/t	3,377,000	7.89	856,300
Near Surface + Deeps	$Ind + Inf$		18,087,000	2.85	1,656,300
$20 - 40 - 40$

ROX RESOURCES LIMITED 5 Level 2, 87 Colin Street, West Perth WA 6005 +61 8 9226 0044

ASX CODE: RXL

Figure 4: View of Youanmi resource highlighting the Deeps component (856,000 ounces Au)

Next Steps

The testwork has demonstrated a well understood pathway to very high gold recoveries, something which was not achieved in the 1990s, and further testwork in combination with the costing studies will determine the optimal and most economical feasible process solution, exploring various other suitable processes.

Further testwork in combination with the costing studies will determine the optimal and most economical feasible process solution. The additional testwork is not only recovery related.

Incremental capital cost versus gold recovery analysis outcomes are being continuously examined with current flow sheet scenarios.

Future work is planned to include a wider range of underground resource domains for which the OYG JV has abundant samples in the form of diamond drill core, including the recently discovered Link area to the north of the current deeps resource, which after geological modelling has been completed will be included in the next resource update.

ROX RESOURCES LIMITED 6 Level 2, 87 Colin Street, West Perth WA 6005 +61 8 9226 0044

ASX CODE: RXL

Background on Testwork Management - Orway Mineral Consultants

The consultancy is recognised as the world leader in SAG sizing and comminution circuit design, providing modelling services using in-house and commercially available software. OMC's expertise has expanded to include comminution, beneficiation and hydrometallurgy services to large and small companies across the globe.

Appendix 1 - Petrographic Analysis

Rox is undertaking gold deportment studies to determine the gold speciation, grain size and mode of occurrence as well as to generally characterise the mineralogical composition of the ore across the deposit. As part of this work petrographic analysis was completed on 11 sulphide rich diamond core samples across the Youanmi deposit with the aim of determining the mode of occurrence of gold within various ore zones. Appendix 1 contains details on the Petrographic analysis completed to date.

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

*** ENDS ***

For more information:

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

ROX RESOURCES LIMITED 7 Level 2, 87 Colin Street, West Perth WA 6005 +61 8 9226 0044

ASX CODE: RXL

Competent Person Statements

Results

The information in this report that relates to metallurgical results is based on information compiled and reviewed by Mr Fred Kock a Competent Person who is a Fellow of the Australasian Institute of Mining and Metallurgy ("AusIMM") and Principal Metallurgist at Orway Mineral Consultants ("OMC"). Mr Kock 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 Kock 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 the original announcement to the 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 23 June 2021 (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 23 June 2021, and that all material assumptions and technical parameters underpinning the estimates in the announcement of 23 June 2021 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 (ASX:RXL) is a West Australian focused gold exploration and development company. It is 70 per cent owner and operator of the historic Youanmi Gold Project near Mt Magnet, approximately 480 kilometres northeast of Perth, and wholly-owns the Mt Fisher Gold project approximately 140 kilometres southeast of Wiluna. Youanmi has a Total Mineral Resource of 1,656 koz of contained gold, with potential for further expansion with the integration of existing prospects into the Resource and further drilling. Youanmi was a high-grade gold mine and produced 667,000ozof gold (at 5.47 g/t Au) before it closed in 1997. Youanmi is classified as a disturbed site and is on existing mining leases which has significant existing infrastructure to support a return to mining operations.

Appendix 1

Petrographic Analysis

Introduction

Petrographic analysis was completed on 11 sulphide rich diamond core samples across the Youanmi deposit with the aim of determining the mode of occurrence of gold within various ore zones. Preparation of 11 polished thin sections and petrographic descriptions were completed by Diamantina Laboratories in Perth.

Report Summary

Visible gold was observed in all samples. Gold particles sizes range from 2-150μm. At least three gold species occur in order of abundance:

• Low-silver gold, is most prevalent, primarily on pyrite grain boundaries and with silicates and occasionally in micro-fractures and cavities; grain sizes from 10-150μm
• Argentian gold (silver-rich); within pyrite grains that lie in and/or along fractures and cavities; finegrained (<10-20μm)
• Aurostibnite (Sb-rich), quite rare, very-fine grained (<10μm) in silicate matrix

The majority of gold particles observed occur on pyrite grain boundaries, with silicates and in both cavities, on grain boundaries and micro-fractures. This is important as gold particles not included within sulphide grains are more likely to be free milling. Only two examples of gold with arsenopyrite were observed. The gangue mineralogy is predominantly quartz, sericite and dolomite. The sulphides are dominated by pyrite and lesser arsenopyrite, with uncommon stibnite.

Petrographic Descriptions and Microphotographs

MET061: (Upper) Youanmi Deeps

Classified as a pyrite quartz muscovite schist.

Eight gold occurrences were seen, all low-silver gold. Four as fine grains (6 - 15μm) in pyrite and four as grains in silicate matrix. Sulphides are pyrite and trace arsenopyrite or chalcopyrite; pyrite varies from coarse sub-mm clusters to <0.1mm euhedral disseminated grains. Rutile is sporadic, sometimes in contact with or host to fine grained pyrite. Figures 1-3.

ROX RESOURCES LIMITED 11 Level 2, 87 Colin Street, West Perth WA 6005 +61 8 9226 0044

ASX CODE: RXL

MET033: Youanmi Deeps

Classified as a dolomitized muscovite schist with mineralised dolomite veins.

Mica schist extensively altered and crosscut by dolomite veins; fuchsite (Cr-rich mica) and rare biotite in matrix. Subhedral pyrite & Asp with minor stibnite and rare tetrahedrite associated with pyrite. Secondary rutile weakly disseminated throughout, up to 0.5mm grains; sometimes attached to sulphides or as inclusions in pyrite.

ROX RESOURCES LIMITED 12 Level 2, 87 Colin Street, West Perth WA 6005 +61 8 9226 0044

ASX CODE: RXL

MET020/023: Youanmi Deeps

Classified as an pyrite arsenopyrite quartz muscovite schist.

Subhedral pyrite grains (0.2-0.5mm) with euhedral orthorhombic arsenopyrite often enclosed in coarse pyrite. Clusters of coarse euhedral arsenopyrite are common. Leucoxene replacing rutile occurs as disseminated single particles, separate from sulphides.

ROX RESOURCES LIMITED 13 Level 2, 87 Colin Street, West Perth WA 6005 +61 8 9226 0044

ASX CODE: RXL

MET001: Youanmi Deeps

Classified as a brecciated pyrite arsenopyrite muscovite quartzite heavily veined by dolomite with a coarse fragment of mineralised quartzite.

Abundance of coarse ferroan dolomite veins (Fe, Ca)MgCO3). Unaltered pyrite is dominant sulphide, occurring both as: (i) <1cm semi-massive aggregates and (ii) fine, subhedral disseminations. Tetrahedrite is rare and mostly in the quartz/carbonate and mica groundmass and fines in quartzite clast. Rarely stibnite occurs in both silicate matrix and in pyrite.

ROX RESOURCES LIMITED 14 Level 2, 87 Colin Street, West Perth WA 6005 +61 8 9226 0044

ASX CODE: RXL

MET032: Youanmi Deeps

Classified as a quartz muscovite schist with pyrite quartz vein.

Opaque minerals are pyrite and arsenopyrite with rare stibnite. Pyrite occurs as medium to fine grained concentrations associated with fine arsenopyrite. Pyrite also forms as semi-massive 5mm wide halo flanking a 1cm wide quartz vein. Quartz vein has coarse sub-rounded grains of apatite (Ca5(PO4)3) on its margin. Quartz vein is crosscut by stibnite and euhedral pyrite containing minor, low-Fe sphalerite. Eight occurrences of gold were observed, mainly low-Ag gold in coarse pyrite.

ROX RESOURCES LIMITED 15 Level 2, 87 Colin Street, West Perth WA 6005 +61 8 9226 0044

ASX CODE: RXL

MET026 – (Lower) Youanmi Deeps

Classified as an pyrite arsenopyrite quartz muscovite schist.

Low-Ag gold (~5-7% Ag / SEM analysis) predominantly associated with pyrite. Subhedral pyrite clusters (0.1- 0.2 mm) aligned along foliation. Arsenopyrite occurs as medium-grained euhedral grains enclosed in and/or attached to pyrite. Numerous free gold grains (~5μm) in silicate groundmass. Leucoxene, after rutile, is aligned along mica foliation; rarely attached to or included in pyrite. SEM detected fine grained scheelite in quartz.

ROX RESOURCES LIMITED 16 Level 2, 87 Colin Street, West Perth WA 6005 +61 8 9226 0044

ASX CODE: RXL

MET004: Hill End Deeps

Classified as an pyrite arsenopyrite quartz muscovite schist.

Coarse pyrite grains are at times crosscut by either arsenopyrite or stibnite. Stibnite is commonly coarse (mm) and in contact with pyrite and arsenopyrite and as rims around pyrite. Stibnite can also occur as fine veins <1μm thick. Finely disseminated rutile grains occur aligned parallel to foliation. Trace coarse rutile crystals contain fine grains of pyrite or stibnite.

MET043: Hill End Deeps

Classified as a pyrite chlorite quartzite / quartz vein.

Seven grains of argentian gold ranging in sizes from 2-50μm with a single 15μm grain attached to sphalerite, with coarse chalcopyrite in pyrite. Subhedral magnetite clusters common with <0.1mm diameter grains, also ilmenite with sulphide rims. Arsenopyrite, chalcopyrite and pyrrhotite are also inclusions usually rounded and under 0.1mm.

ROX RESOURCES LIMITED 18 Level 2, 87 Colin Street, West Perth WA 6005 +61 8 9226 0044

ASX CODE: RXL

MET040: Kathleen

Classified a sulphide quartz muscovite schist hosting several sulphide bearing sericite quartz veins. Seven occurrences of gold were detected optically in the area scanned and one by SEM. Rutile (leucoxene) is prominent and exceeding 0.2mm diameter grains. Ores are fresh pyrite and arsenopyrite. Quartz vein contains zincian tetrahedrite, chalcopyrite and rare molybdenite.

ROX RESOURCES LIMITED 19 Level 2, 87 Colin Street, West Perth WA 6005 +61 8 9226 0044

ASX CODE: RXL

MET017: Junction

Classified as an arsenopyrite pyrite quartz muscovite schist.

Pyrite grains contain traces of tetrahedrite ((Cu,Fe)12Sb4S13 – antimony sulfosalt). Traces of rutile (FeTiO2) occur intergrown with pyrite. Arsenopyrite occurs as composite grains attached to coarse pyrite crystals.

ROX RESOURCES LIMITED 20 Level 2, 87 Colin Street, West Perth WA 6005 +61 8 9226 0044

ASX CODE: RXL

Sample					Collar	Collar	Collar			Hole
ID	Hole Id	From	To	Location	East	North	RL	Dip	Azimuth	Depth	Au_ppm
MET001	AYMD0002W4	462.5	463.1	Youanmi Deeps	679295.7	6833661.3	459.7	-86.1	49.7	766.2	15.56
MET004	YD0033	171.7	172.7	Hill End Deeps	679331.6	6834364.9	466.8	-70	60	274.5	16.7
MET017	RXRC353	94	95	Junction	679966.6	6833301.5	456.2	-56.5	71.2	252	4.64
MET020	YD0078	688.78	689.69	Youanmi Deeps	679300.1	6833523.9	460.3	-70.6	66	745.5	5.06
MET023	YUG061	70.9	72.2	Youanmi Deeps	679644	6833869.8	90.4	-55	270	76.2	14.35
				(Lower) Youanmi
MET026	YD0084	714.6	715.2	Deeps	679253	6833677.9	460.7	-79	63.5	766.15	69.05
MET032	YUG036	12.8	13.8	Youanmi Deeps	679671.6	6833763.2	58.9	-59	268	43.3	200
MET033	YUG061	45.2	46.2	Youanmi Deeps	679644	6833869.8	90.4	-55	270	76.2	36.69
MET040	94KRCD0355	102.9	104	Kathleen	679167.5	6834883.9	469.3	-70	64	109.8	28.22
MET043	YUG149	11.05	11.65	Hill End Deeps	679458.4	6834434.1	268.5	40	260	29.1	4.9
				(Upper) Youanmi
MET061	YUG015	37.15	37.71	Deeps	679750.1	6833810.9	207.8	2	59	47.3	7.5

Table 1. Sample and drill hole location information.

JORC Code, 2012 Edition – Table 1

Section 1 Data and Sampling Techniques

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	Diamond drill hole core size is comprising of predominantlyhalf and quarter NQ drilling core size diameter through themineralisation. Sampling of diamond holes was by cut halfcore as described further below.
	handheld XRF instruments, etc). These examplesshould not be taken as limiting the broad meaning ofsampling.	Drill holes were generally angled at -570 towards gridnortheast (but see Table 2 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	30 drillhole location sections were selected including 14sections from the upper part of the Hangingwall Lodedomain, and 16 sections from the upper part of the MainLode domain. The selection was based on providing arepresentative diamond drill holes that each represent atleast 20% of the proposed mining and mill feed inventory.
	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 was cut according to lithological intervals anddispatched to the laboratories. Sampling protocols andQAQC are as per industry best practice procedures.
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 diamond core (DD). The DD holediameter was predominantly half and quarter NQ drillingcore size diameter. Hole depths reported range from 50m to215m to 745m for diamond.
Drill samplerecovery	Method of recording and assessing core and chipsample recoveries and results assessed	Limited records relating to diamond core sample recoverieshave been identified. The sections selected from the MainLode, and Hangingwall Lode domains combined representover 30 percent of the entire Deeps Mineral Resource. Thisis above the target threshold for this analysis.
	Measures taken to maximise sample recovery andensure representative nature of the samples	Diamond Drilling sampling documentation where availabledescribed, sampling and recovery procedures consistentwith standard Australian industry standards (Yeates, R.J.2003).
	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.

ASX CODE: RXL

Criteria	JORC Code explanation	Commentary
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 and geotechnical logs were carried outon all diamond drill holes for recovery, RQD, structures etc.which included structure type, dip, dip direction, alphaangle, beta angle, texture, shape, roughness, fill material,and this data is stored in the database.
		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 diamond core chips recorded lithology,mineralogy, mineralisation, weathering, colour, and othersample features.
	The total length and percentage of the relevantintersections logged	Detailed geological logs were carried out for the entirelength of the selected sections
Sub-samplingtechniques andsamplepreparation	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. Allsamples were collected from the same side of the core,preserving the orientation mark in the kept core half.
	If non-core, whether riffled, tube sampled, rotary split,etc and whether sampled wet or dry.	All selected sections were sourced from historical drill corefrom on site core storage
	For all sample types, the nature, qualityandappropriateness of the sample preparation technique.	The sample preparation followed industry best practice.•SMC, BWi and Ai comminution testwork to beconducted•Comprehensive head assay of each of thesamples•Standard bottle roll cyanidation tests at two grindsizes (75 and 125μm) to establish a baseline•Mineralogy on each sample (QEMSCAN)•Scouting flotation tests to screen a few commonreagents at the two grind sizes•Bulk flotation to produce concentrate for furthertestwork•Mineralogy on both the concentrate (QEMSCAN+ gold search) and tail (XRD) sample•Comprehensive head assay on each concentrate•UFG testwork on each flotation concentrate to arange of sizes (15 micron)•Standard bottle roll test on each UFG sample aswell as flotation tail•2 stage roast and POX testwork
	Quality control procedures adopted for all subsampling stages to maximise representivity of samples.	QC procedures involvedthe calibration of testworkequipment with the use of Certified Reference Materials(CRM's), along with duplicates and blank samples.
	Measures taken to ensure that the sampling isrepresentative of the in situ material collected,including for instance results for field duplicate/secondhalf sampling.	Current metallurgical results for the selected sections wevalidated against historical analysis. No significant variationwas observed in the validation.

ASX CODE: RXL

Criteria	JORC Code explanation	Commentary
	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 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.
	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 field equipment was used in the metallurgical analysis.All testwork was conducted at OMC laboratory facilities.
	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.
Verification ofsampling andassaying	The verification of significant intersections by eitherindependent or alternative company personnel.	Results have been checked by the supervising Metallurgist.Senior personnel from the Company have visuallyinspected mineralisation within significant intersections
	The use of twinned holes.
	Documentation of primary data, data entry procedures,data verification, data storage (physical and electronic)protocols.	Grades and recoveries undertaken on themetallurgical samples were provided in aspecialised report covering the testwork undertaken.
	Discuss any adjustment to assay data.	No adjustments have been made to the 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.	Historical data was surveyed in a mixture of local andAMG84 coordinates.
	Specification of the grid system used.	All location and topographic data has subsequently beenconverted to the GDA94 Zone 50 Datum.
	Quality and adequacy of topographic control.	The topography of the mined open pits is well defined bymonthly survey pickups.
Data spacing anddistribution	Data spacing for reporting of Exploration Results.	RC and diamond drill hole spacing varies 40-200 metresbetween drill sections, with some areas at 40 metre drillsection spacing. Down dip step-out distance varies 20-100metres.

ASX CODE: RXL

Criteria	JORC Code explanation	Commentary
	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.	No sample compositing has occurred for diamond coredrilling. Sample intervals are based on geologicalboundaries with even one metre samples between.
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 NNW-SSE and dips tothe west at approximately -50 degrees. The drill orientationwas 065 and 245 degrees and -60 to -90 dip. Drilling isbelieved to be generally 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.	The chain of custody for historical samples is not welldocumented, but was reviewed by RSG (Yeates, 2003) andfound to be consistent with the standard practice for thetime.A large number of samples these bags were transported bythe Company directly to the assay laboratory. In somecases the sample were delivered by a transport contractorthe assay laboratory. The assay laboratory audits thesamples on arrival and reports any discrepancies back tothe Company. No such discrepancies occurred.
Audits orreviews	The results of any audits or reviews of samplingtechniques and data.	Goldcrest conducted a thorough review of historicalsampling and assay techniques and data in September,2004.No other sampling audits have been carried out to date

JORC Code, 2012 Edition – 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 is in a Joint Venture Agreement withVenus Metals Corporation Ltd under which it has a 70%interest in the Youanmi Gold Mine Joint Venture (OYG JointVenture). Tenements in the JV consist of the following miningleases: M 57s /10, 51,76,97,109, 135, 160A, 164, 165, 166and 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 drilling•1971-1973 WMC: RAB, RC and surface diamonddrilling•1976 Newmont: 10 surface diamond drillholes(predominantly targeting base metals).•1980-1986 BHP: RAB, RC and surface diamonddrilling (predominantly targeting base metals).•1986-1993 Eastmet: RAB, RC and surfacediamond drilling.•1993-1997 Goldmines of Australia: RAB, RC andsurface diamond drilling. Underground mining andassociated underground diamond drilling.•2000-2003 Aquila Resources Ltd: Shallow RABand RC drilling•2004-2005 Goldcrest Resources Ltd: ShallowRAB and RC drilling; data validation.•2007- 2013 Apex Minerals NL: 9 diamond holestargeting extensions to the Youanmi deepsresource.

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 long and 25kmwide, and incorporates an arcuate, north-trending majorcrustal structure termed the Youanmi Fault Zone.This structure separates two discordant greenstone terrains,with the 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 Grace and the Plant Zone Prospects.Gold mineralization occurs as free particles within quartzsericite altered granite shear zones.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 details of drilling in table 2 in the body of this report.

ASX CODE: RXL

Criteria	JORC Code explanation	Commentary
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.	Only selected sections were assayed in this set ofmetallurgical testwork
	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.	Mineralisation over 0.5g/t Au has been included in theselected sections of diamond core.
	The assumptions used for any reporting of metalequivalent values should be clearly stated.	No metal equivalent values have been used or reported.
Relationshipbetweenmineralisationwidths andintercept lengths	These relationships are particularly important in thereporting of Exploration Results.If the geometry of the mineralisation with respect to thedrill hole angle is known, its nature should be reported.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').	The mineralisation strikes generally NNW-SSE and dips tothe west at approximately -50 degrees. The drill orientationwas 065 and 245 degrees and -60 to -90 dip. Drilling isbelieved to be generally perpendicular to strike. Given theangle of the drill holes and the interpreted dip of the hostrocks and mineralisation (see Figures in the text), reportedintercepts approximate 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.	Appropriate maps and sections are available in the body ofthe report.
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.	The report is considered balanced and provided incontext.
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	Furtherwork is planned to include a wider range ofunderground resource domains using sections of of diamonddrill core, including the recently discovered Link area to thenorth of the current deeps resource, which after geologicalmodelling has been completed will be included in the nextresource update.

ASX CODE: RXL