ROX RESOURCES LIMITED — Capital/Financing Update 2022

Oct 18, 2022

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Youanmi Gold Project Scoping Study

OCT OB ER 2022

Alex Passmore | Managing Director

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Cautionary Statement

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The Scoping Study referred to in this ASX release has been undertaken to evaluate the potential development of the Youanmi Gold Project (“Project”) near Mt Magnet, approximately 480 kilometres northeast of Perth, Western Australia. Rox Resources Limited (“Rox Resources, Rox, the Company”) owns 70% and is the operator of the Project. The Scoping Study is prepared based on a 100% basis and is a preliminary technical and economic study of the potential viability of the Youanmi Gold Project. It is based on low accuracy level technical and economic assessments that are not sufficient to support estimation of Ore Reserves. Infill drilling and evaluation work and appropriate studies are required before Rox Resources will be able to estimate Ore Reserves or to provide assurance of an economic development case. The Scoping Study has been completed to a level of accuracy of +/- 40%.

Of the Mineral Resources scheduled for extraction in this Scoping Study production target plan, approximately 79% are classified as Indicated and 21% as Inferred in the first three years and 63% are classified as Indicated and 37% as Inferred over the evaluation period. There is a low level of geological confidence associated with Inferred Mineral Resources, and there is no certainty that further exploration work will result in the determination of Indicated Mineral Resources or that the production target itself will be realised.

The Youanmi Gold Project has been mined successfully over four main campaigns since discovery of the original orebody in 1894, with approximately 667koz Au produced. The Company therefore considers the Youanmi Gold Project to be a very mature project which increases the confidence of converting the current Mineral Resources into Ore Reserves.

Rox Resources confirms that the Project is financially viable when excluding Inferred Resources in the production target schedule.

The Company believes that it has a reasonable basis for providing these forward-looking statements and the forecast financial information based on material assumptions outlined in this release. One of the key assumptions is that the funding for the Project will be available when required. While the Company considers all of the material assumptions to be based on reasonable grounds, there is no certainty that they will prove to be correct or that the range of outcomes indicated by the Scoping Study will be achieved.

To achieve the range of outcomes indicated in the Scoping Study, funding in the order of approximately $134m will likely be required comprising of approximately $99m in pre-production capital expenditure and approximately $35m in working capital and assumed financing charges. There is no certainty that the Company will be able to raise that amount of funding when needed. It is also possible that such funding may only be available on terms that may be dilutive to or otherwise affect the value of Rox Resources’ shares. It is also possible that Rox Resources could pursue other value realisation strategies such as a sale, partial sale or joint venture of the Youanmi Gold Project. If it does, this could materially reduce the Company’s proportionate ownership of the Project. Given the uncertainties involved, investors should not make any investment decisions based solely on the results of the Scoping Study.

2

Disclaimers and Competent Person Statement

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Forward-Looking Statements

This presentation has been prepared by Rox Resources Limited. This document contains background information about Rox Resources Limited current at the date of this presentation. The presentation is in summary form and does not purport to be all inclusive or complete. Recipients should conduct their own investigations and perform their own analysis in order to satisfy themselves as to the accuracy and completeness of the information, statements and opinions contained in this presentation.

This presentation is for information purposes only. Neither this presentation nor the information contained in it constitutes an offer, invitation, solicitation or recommendation in relation to the purchase or sale of shares in any jurisdiction.

This presentation may not be distributed in any jurisdiction except in accordance with the legal requirements applicable in such jurisdiction. Recipients should inform themselves of the restrictions that apply in their own jurisdiction. A failure to do so may result in a violation of securities laws in such jurisdiction.

This presentation does not constitute investment advice and has been prepared without taking into account the recipient's investment objectives, financial circumstances or particular needs and the opinions and recommendations in this presentation are not intended to represent recommendations of particular investments to particular persons. Recipients should seek professional advice when deciding if an investment is appropriate. All securities transactions involve risks, which include, amongst others, the risk of adverse or unanticipated market, financial or political developments.

To the fullest extent permitted by law, Rox Resources Limited, its officers, employees, agents and advisers do not make any representation or warranty, express or implied, as to the currency, accuracy, reliability or completeness of any information, statements, opinions, estimates, forecasts or other representations contained in this presentation. No responsibility for any errors or omissions from this presentation arising out of negligence or otherwise is accepted.

This presentation may include forward-looking statements. Forward-looking statements are only predictions and are subject to risks, uncertainties and assumptions which are outside the control of Rox Resources Limited. Actual values, results or events may be materially different to those expressed or implied in this presentation. Given these uncertainties, recipients are cautioned not to place reliance on forward looking statements. Any forward-looking statements in this presentation speak only at the date of issue of this presentation. Subject to any continuing obligations under applicable law and the ASX Listing Rules, Rox Resources Limited does not undertake any obligation to update or revise any information or any of the forwardlooking statements in this presentation or any changes in events, conditions or circumstances on which any such forward looking statement is based.

Refer to Rox Resources Limited ASX release 19 October 2022, for the Youanmi Gold Project Scoping Study details. Rox Resources Limited confirms that it is not aware of any new information or data that materially affects the information included in that release. All material assumptions and technical parameters underpinning that release continue to apply and have not materially changed.

Competent Person Statements

Exploration Results

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

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

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

Resource Statements

The Statement of Estimates of Mineral Resources for the Youanmi Near Surface Resource was reported by Rox in accordance with ASX Listing Rule 5.8 in the announcement released to the ASX on 20th April 2022. Rox confirms it is not aware of any new information or data that materially affects the information included in the previous announcements and that all material assumptions and technical parameters underpinning the estimates in the previous announcements continue to apply and have not materially changed.

The Statement of Estimates of Mineral Resources for the Youanmi Underground Resource was reported by Rox in accordance with ASX Listing Rule 5.8 in the announcement released to the ASX on 20th January 2022. Rox confirms it is not aware of any new information or data that materially affects the information included in the previous announcements and that all material assumptions and technical parameters underpinning the estimates in the previous announcements continue to apply and have not materially changed.

The Statement of Estimates of Mineral Resources that relates to gold Mineral Resources for the Mt Fisher project was reported by Rox in accordance with ASX Listing Rule 5.8 in the announcement released to the ASX on 11th July 2018. Rox confirms it is not aware of any new information or data that materially affects the information included in the previous announcements and that all material assumptions and technical parameters underpinning the estimates in the previous announcements continue to apply and have not materially changed.

International Financial Reporting Standards

This announcement contains certain financial measures relating to the Scoping Study that are not recognised under International Financial Reporting Standards (IFRS). Although the Company believes these measures provide useful information about the financial forecasts derived from the Scoping Study, they should not be considered in isolation or as a substitute for measures of performance or cash flow prepared in accordance with IFRS. As these measures are not based on IFRS, they do not have standardised definitions and the way the Company calculates these measures may not be comparable to similarly titled measures used by other companies. Consequently, undue reliance should not be placed on these measures.

Other

All financial results are provided in Australian dollars unless stated otherwise.

3

PROJECT OVERVIEW

Youanmi Gold Project

• Rox holds a 70% interest in the Youanmi Gold Mine (OYG Joint Venture) and is Manager of the JV

• Scoping Study outlines a production target of 569koz Au at an average AISC of $1,538/oz over 8 years

• Pre-production capital cost of $99m

• Leverages off existing infrastructure

• • Gold and gold-in-concentrate production

• NPV of $303m, IRR of 45% at a gold price of $2,450/oz

• Further upside available with future expansions

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Annual Payable Metal and AISC (100% basis)[1]

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Payable Metal (koz) AISC ($/oz)
120 Annual Payable Metal AISC $2,500
100 $2,000
80
$1,500
60
$1,000
40
20 $500
56 60 60 66 84 98 78 67
0 $0
Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8
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Notes:

1. Payable metal is recovered gold after payability and presented on 100% basis. Rox owns 70% of the OYG joint venture.

4

The Project Generates High Quality Outcomes at a Low Capital Cost

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Mining Physicals

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Total Material LOM Payable Metal Processed 569koz over 8 years 3.9Mt @ 5.0g/t Au from 3.2Moz resource Annual Payable Metal C1 Cash Cost[1] 71koz pa $1,358/oz

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Plant Throughput 480ktpa AISC[2] $1,538/oz

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Pre-Production Capex LOM Sustaining Capex Capital Requirement $99m $59m NPV IRR 5% Payback Period[4] (unleveraged and pre-tax) (unleveraged and pre-tax) (unleveraged and pre-tax) $303m 45% 3.0 years Financial Outcomes[3] Capital Intensity[5] NPV (unleveraged and pre-tax) / Pre-production Capital $1,386/oz 3.1

Notes:

1. C1 cash cost includes mining, processing, administration, concentrate charges and accounting adjustments for stockpile movements, and is calculated based on payable metal.

2. All-In Sustaining Cost (AISC) per ounce payable includes C1 cash cost, royalties and sustaining capital calculated based on payable metal. It does not include corporate cost, exploration cost and non-sustaining capital.

3. Financial results are unleveraged and pre-tax numbers calculated based on a 100% basis and in Australian dollars unless stated otherwise. Rox owns 70% of the OYG joint venture.

4. Payback period is calculated from the first month of the gold production target.

5. Capital intensity is calculated by dividing pre-production capital by annual payable metal.

5

Production Target and AISC

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Total payable metal produced is approximately 569koz with a low AISC of $1,538/oz over the life-of-mine

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Annual Payable Metal and All-In Sustaining Cost (AISC) (100% basis) [1]
Payable Metal (koz) AISC ($/oz)
120 Indicated Inferred AISC 2,500
98
100
2,000
84
78
80
66 67 1,500
60 60
56
60
1,000
40
500
20
0 0
Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8
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Notes:

6

1. Payable metal is recovered gold after payability and presented on a 100% basis. Rox owns 70% of the OYG joint venture.

Gold Concentrate Production

The Company has considered various options to develop the Project including producing only concentrates, building an Albion Process plant to produce bullion on site, or various combinations. It has determined that a combination of gold-in-concentrate and carbonin-leach bullion is the optimum commercialisation strategy for Youanmi.

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Shorter Pre-Production Period
De-risk the Project
Lower Capital Requirement
Shorter Payback Period
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7
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Gold Concentrate Production Advantages

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Main Ore Types
at Youanmi
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Non - Sulphide
Sulphide
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Readily extractible via CIL. Most of this material is in the near surface resource. Some material also within quartz rich lodes in the Underground.

Fine gold associated with Pyrite (75%); and gold associated with Arsenopyrite (25%) which is easily floatable in a simple proven process flow circuit. Concentrate cleaned to make an easily marketable low As saleable concentrate.

Payable Metal / Metal in Feed - Youanmi Sulphides

480 ktpa Plant Relative Capex and Opex (Relative Units)

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(Unit) (%)
3.5 100%
Capex Opex
3.0
90% 3.6%
2.5
80%
2.0
1.5
70%
1.0
60%
0.5
0.0 50%
Sell Con UFG Albion POX Sell Con ** UFG Albion POX
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In today’s cost environment, with a keen focus on return for capital (capex reduction) concentrate sales presents as a compelling opportunity that was not available to sulphide ores previously.

Concentrates achieve very high metallurgical recoveries, and with high Au concentrate grades and low As impurity grades high payability is achievable – in the order of 95% gold content.

Combination of concentrate sales and CIL bullion production target preferred process pathway for Youanmi as there is a substantial capital and operating cost benefit in comparison with other options.

• Based on 2021 testwork results refer ASX announcement 21[st] December 2021.

• ** Based on recent concentrate market public knowledge.

8

Capital Requirement

Pre-Production Capital		100%	RXL (70%)
Site Infrastructure	$m	6	5
Processing Facilities	$m	66	46
Water Management	$m	6	4
Underground Development	$m	19	12
Open Pit	$m	2	2
Total Pre-Production	$m	99	69
Sustaining Capital – Life Of	Mine
Underground	$m	38	27
Other	$m	21	14
Total Sustaining Capital	$m	59	41
Pre-Production Capital
	$99m

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Attractive Value Proposition

$303m 3.1x $99m

$212m $173m Value Gap 5.4x

$39m Youanmi Gold Pre-Production Youanmi Gold RXL Enterprise Project NPV Capex (100%) Project NPV Value as at 17 (100%) Rox Resources October 2022 (70%)

9

Key Study Outcomes[1]

Key Physicals Assumptions			Capital Costs
Life Of Mine	years	8.0	Pre-production Capital	$m	99
Plant Throughput	ktpa	480	Sustaining Capital	$m	59
Open Pit Mining Production	Target		Total	$m	158
Grade	g/t	3.3
Ounces Contained	koz	35	Operating Costs3
Underground Mining Production Target			Mining Cost	$/oz	690
Mine Grade	g/t	5.1	Processing Cost	$/oz	395
Ounces Contained	koz	592
			Site G&A	$/oz	35
Processing Physicals
			Transportation Charge	$/oz	91
Ore Processed	kt	3,900
Grade	g/t	5.0	Smelter Treatment Charge	$/oz	147
Ounces Contained	koz	624	C1	$/oz	1,358
Payable Metal2	koz	569	Royalty	$/oz	81
Gold-in-concentrate	koz	510	Sustaining Capital	$/oz	99
Gold bullion	koz	59	AISC	$/oz	1,538

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Key Financial Assumptions
Gold Price	$/oz	2,450
Discount Rate	%	5
Project Valuation
EBITDA	$m	577
Free Cash Flow(undiscounted and pre-tax)	$m	418
Project NPV(unleveraged and pre-tax)	$m	303
Project IRR(unleveraged and pre-tax)	%	45
Payback Period4 (unleveraged and pre-tax)	years	3.0
Capital Intensity5	$/oz	1,386
NPV / Pre-production Capital	ratio	3.1

Notes:

1. All numbers are presented on a 100% basis and in Australian dollars unless stated otherwise. Rox owns 70% of the OYG joint venture.

2. Payable metal is recovered gold after payability.

3. Operating costs are calculated based on payable metal.

4. Payback period is calculated from the first month of gold production.

5. Capital intensity is calculated by dividing pre-production capital by the annual production target.

10

Attractive Value Proposition

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$303m
$212m
3.1x
$173m Value Gap
5.4x
$99m
$39m
Youanmi Gold Project NPV (100%) Pre-Production Capex (100%) Youanmi Gold Project NPV RXL Enterprise Value as at 17
Rox Resources (70%) October 2022
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Notes:

1. Financial results are unleveraged and pre-tax numbers calculated based on a 100% basis and in Australian dollars unless stated otherwise. Rox owns 70% of the OYG joint venture.

11

Project Sensitivity Analysis

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The Project shows robust financial returns under various downside scenarios. NPV is most sensitive to movements in gold price and more resilient to the rest of the variables.

Project NPV (unleveraged and pre-tax) Sensitivity Analysis[1]

Scenario Analysis – Various Gold Price Assumptions

Project NPV (unleveraged and pre-tax) Sensitivity Analysis1 Scenario Analysis – Various Gold Price Assumptions
($m) $288 $284 $241 $196 $317 $323 $365 $410 $150 $200 $250 $300 $350 $400 $450 Capex (+/-10%) Discount Rate (+/- 1%) Opex (+/-10%) Gold Price (+/-10%) NPV (unleveraged and pre-tax) ($m) Gold Price (A$/oz) $2,000 $2,100 $2,200 $2,300 $2,400 $2,450 $2,500 $2,600 $2,700 NPV $m 106 150 193 237 281 303 325 368 412 IRR % 20 26 32 37 43 45 48 54 59 Payback2 Years 4.9 4.6 4.0 3.7 3.2 3.0 2.8 2.5 2.3 Annual EBITDA $m 41 48 55 62 69 72 76 82 89 LOM EBITDA $m 329 384 439 494 549 577 604 659 714 LOM Free Cash Flow $m 171 226 281 336 391 418 446 500 555 Base Case	Base Case
$288 $284 $241 $196 $317 $323 $365 $410 $150 $200 $250 $300 $350 $400 $450 Capex (+/-10%) Discount Rate (+/- 1%) Opex (+/-10%) Gold Price (+/-10%) NPV (unleveraged and pre-tax) ($m)
	$2,450	$2,500 $2,600 $2,700
	303	325 368 412
	45	48 54 59
	3.0	2.8 2.5 2.3
	72	76 82 89
	577	604 659 714
	418	446 500 555

Notes:

1. Financial results are unleveraged and pre-tax numbers calculated based on a 100% basis and in Australian dollars unless stated otherwise. Rox owns 70% of the OYG joint venture. 2. Payback period is calculated from the first month of the gold production target.

12

Attractive All-In Sustaining Cost

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The Project has an attractive LOM All-In Sustaining Cost (AISC) given the current inflationary cost environment in the mining industry.

LOM C1 Cash Cost and AISC Breakdown[1]

($/oz)

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Notes:

1. C1 cash cost and AISC are calculated based on payable metal and in Australian dollars unless stated otherwise . C1 cash cost includes mining, processing, administration, concentrate charges and accounting adjustments for stockpile movements, and is calculated based on payable metal. All-In Sustaining Cost (AISC) per ounce payable includes C1 cash cost, royalties and sustaining capital calculated based on payable metal. It does not include corporate cost, exploration cost and non-sustaining capital.

13

Outstanding Project EBITDA

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At a conservative gold price of A$2,450/oz, the Project is forecast to generate a healthy EBITDA of $577m over the life-of-mine

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Cumulative EBITDA and Gold Production Target (100% basis) [1]
Cumulative EBITDA ($m) Cumulative Payable Metal (koz)
$800 1,000
Cumulative EBITDA Cumulative Gold Production Target
800
$577
$600
$505
600
$416
$400
$283 400
$185
$200
$125 200
$84
$33
$0 0
Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8
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Notes:

14

1. Numbers are presented after payability on a 100% basis and in Australian dollars unless stated otherwise. Rox owns 70% of the OYG joint venture.

Upside and Growth Options

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In the current market environment, the Scoping Study has focused on high quality outcomes at a low capital cost. The following factors offer potential medium-term upside to the Scoping Study outcomes.

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Growth in Near Surface Resource

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Underground Resource Growth

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Regional Exploration

• Currently 1.0Moz at 1.74g/t of Au[1]

• Not fully captured in this Scoping Study (only 3% of the Near Surface Mineral Resource is included in mining production target (see next slide)) to lower capital and operating costs given current external market pressures on costs

• Underground produces strong cash flows which can de-risk the project and be used to assist with funding the expansion to include open pits

• Currently 2.2Moz at 6.89g/t of Au[1] ; however, only 27% of the Underground Mineral Resource is included in mining production target (see next slide)

• Link Area is open down plunge

• Resource remains open down dip and along strike

• Maximum depth of the Mine Lode interpretation is to approx. -600mRL, 1,060m below the natural surface

• 50km strike of Youanmi Shear Zone largely untested by historic drilling

• Follow up drilling (Aircore and RC) planned along strike and down dip of newly identified mineralization

• Regional target generation ongoing on 50km of strike of the Youanmi Shear Zone

• Further exploration potential to increase near surface resource

Notes

15

1. Refer ASX announcement 20 April 2022.

Potential Upside Beyond Production Target

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Potential Upside – Open Pit

Potential Upside – Underground

Potential Upside Beyond Production Target

(koz)

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(koz)
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(koz)

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Indicated Inferred Indicated Inferred Indicated Inferred
3,500 3,500 3,500
3,199koz
3,000 3,000 3,000
2,500 2,500 2,500
2,194koz
1,903koz
2,000 2,000 2,000 Potential Upside
1,500 1,500 1,450koz Potential Upside 1,500
1,004koz 20% of the
1,000 1,000 27% of the 1,000 Global
453koz 592koz UG Mineral 627koz Mineral
Potential Upside Resource 1,296koz Resource
500 500 229koz 500 231koz
3% of the 744koz
552koz OP Mineral
35koz 362koz 396koz
Resource
0 0 0
Mineral Resource 1 Mining Production Target 2 Mineral Resource 1 Mining Production Target 2 Mineral Resource 1 Mining Production Target 2
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Notes

1. Refer ASX announcement 20 April 2022 and Supporting Schedules (slide 25)

2. Mining Production Target is mined ounces which is higher than the payable metal of 569koz as the payable metal is after metallurgical recovery and payability.

16

Project Potential – Underground Resource

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Small Mining Envelope Relative to Underground Mining Resource

Potential Upside Beyond Production Profile - UG

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(koz)
Total Underground
Mineral Resource
2,194koz [1]
Indicated
305koz
Unmined Potential
1,221koz
Inferred
Unmined
PotentialInferred
548koz
1,602koz
Unmined Potential
382koz
Indicated
Production Target
Scoping Study 229koz
Inferred
Underground
Production Target 362koz Production Target
Indicated
592koz
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Underground Mineral Resource 1

Notes

1. Refer ASX announcement 20 April 2022 and Supporting Schedules (slide 25)

17

Additional Potential Opportunities to Extend Project Life / Increase Production Rate

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OPEN PITS OPTIMISE WELL FOR LOWER TREATMENT COSTS OPTIMISED STOPES TO NORTH REGIONAL GREENFIELDS TARGETS LIGHTING UP EXTENSION OF UNDERGROUND MIDWAY LODE IN MINE POTENTIAL HANGINGWALL IN ALL DIRECTIONS

18

Next Steps

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Inferred to Indicated Resource Conversion

Youanmi Gold Project Resource Update Further Drilling and Studies (Resource, PFS) to quote reserves Exploration and Drilling at Youanmi Regional Tenure and Mt Fisher

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2119

ABOUT ROX RESOURCES

Corporate Information

Rox Resources Limited (ASX: RXL) is a West Australian focused gold exploration and development Company. It is 70% owner and operator of the historic Youanmi Gold Project near Mt Magnet, approximately 480km northeast of Perth, and wholly owns the Mt Fisher Gold Project approximately 150km from Jundee.

Capital Structure

Capital Structure
ASX Code	RXL
Shares on Issue	168.9m
Share Price (as at 17 October 2022)	$0.23
Unlisted Options	20.6m
Market Capitalisation	$38.9m
Cash (as at 30 June 2022)	$4.4m
Debt	Nil

Shareholders

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Hawke’s Point
Directors &
13% Management
3%
Retail & 84%
Other
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Top 20 Holders 31%
Top 70 Holders 44%
Institutional Shareholders 22%
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RXL Share Price History

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Board & Management

Stephen Dennis Chairman Alex Passmore Managing Director John Mair Non-Executive Director Robert Ryan Non-Executive Director Chris Hunt Chief Financial Officer Matt Antill General Manager – Operations Gregor Bennett Exploration Manager

$1.40 $1.20 $1.00 $0.80 $0.60 $0.40 $0.20 $0.00 Jan 20 Apr 20 Jul 20 Oct 20 Jan 21 Apr 21 Jul 21 Oct 21 Jan 22 Apr 22 Jul 22 Oct 22

20

Comparable Gold Companies

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EV / Attributable Measured & Indicated Resource Ounces vs Grade for Comparable Gold Companies[1]

(Bubble size represents attributable measured & indicated resource ounces)

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$400 GMD
Average = $276/oz
$350
$300 MGV
$250
AME
$200
$150 Average = $53/oz
KIN BC8 MEK High quality and
large resource
$100 AUC
HRN with compelling
STN
HRZ valuation
$50
RXL = $38/oz
$0
-$50
0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0
Measured & Indicated Resource Grade (g/t Au)
($/oz)
EV / Attributable Measured & Indicated Resource ounces
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Notes
1. Refer Appendix 1 for support.
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21

Comparable Gold Companies[1]

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Market Capitalisation (as at 17 October 2022)

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($m)
$450
$400
$350
$300
$250
High quality and
$200 large resource
with compelling
$150 valuation
$100
$50
$0
GMD MGV AUC KIN BC8 MEK HRN RXL HRZ AME STN
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Notes

22

1. Refer Appendix 1 for support.

ESG Program

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We are pleased to align our reporting to the United

Nations Sustainable Development Goals (SDG’s), the Global Reporting Initiative’s (GRI ) Standards and the Task Force for Climate-related Financial Disclosures (TCFD).

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SDGs that Rox Contributes to

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2022 Goals & Progress

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Produce our Inaugural Sustainability insert within our Annual Report Conduct an ESG gap analysis on company policies, standards and action where required Establish baseline measurements for our material topic Develop our Employer Value Proposition (EVP) Commence preliminary studies into our carbon management plan

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23

SUPPORTING SCHEDULES

Youanmi Gold Project - Supporting Schedules

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24

Mineral Resources

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Youanmi Mineral Resources

(ASX: RXL 20 Apr 2022)

							Resource Growth	Resource Growth	Resource Growth	Resource Growth
Area	Classification	Cut-off (g/t)	Tonnes (dmt)	Au Grade (g/t)	Au Metal (oz)
							(Moz)
Near Surface	Indicated	0.51	9,070,000	1.89	552,000		3.5								3.2Moz
Underground	Indicated	3.0	3,060,000	7.55	744,000		3.0		167% Growth in Resource over 4 years				3.0Moz
Sub-total Near Surface Underground	Indicated Inferred Inferred	0.51 3.0	12,130,000 8,930,000 6,840,000	3.32 1.58 6.59	1,296,000 453,000 1,450,000		2.0 2.5				1.7Moz		1.2Moz		1.3Moz	Indicated
Sub-total	Inferred		15,770,000	3.75	1,903,000		1.5		1.2Moz		0.7Moz
Near Surface	Ind + Inf	0.51	18,000,000	1.74	1,004,000		1.0		0.5Moz				1.8Moz		1.9Moz	Inferred
Underground	Ind + Inf	3.0	9,900,000	6.89	2,194,000		0.5		0.7Moz		0.9Moz
Total	Ind + Inf		27,900,000	3.57	3,199,000		0.0
Notes									May 2018		June 2021	January 2022			April 2022
1. Grace 1.5g/t cutoff.								Total Resource Total Resource Total Resource Total Resource

Competent Person Statements

Resource Statement

The Statement of Estimates of Mineral Resources for the Youanmi Near Surface Resource was reported by Rox in accordance with ASX Listing Rule 5.8 in the announcement released to the ASX on 20th April 2022. Rox confirms it is not aware of any new information or data that materially affects the information included in the previous announcements and that all material assumptions and technical parameters underpinning the estimates in the previous announcements continue to apply and have not materially changed.

The Statement of Estimates of Mineral Resources for the Youanmi Underground Resource was reported by Rox in accordance with ASX Listing Rule 5.8 in the announcement released to the ASX on 20th January 2022. Rox confirms it is not aware of any new information or data that materially affects the information included in the previous announcements and that all material assumptions and technical parameters underpinning the estimates in the previous announcements continue to apply and have not materially changed.

25

Youanmi Ounces per Vertical Metre

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26

Mining – Design

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Small Open Pits mined in Year 1

• First stage for Kathleen and Hill End Pits

• • Grace Stage 1, followed by a second Stage including Pollard.

• Total volume 1.9 mil bcms mined over 6 months using 2x 100t fleets.

• 331kt at 3.3g/t Au for 35koz 96% indicated

• Simple metallurgy free milling gold

Underground Mine Design

• Rehab 1990s decline at Mine area

• Decline access in footwall (5.5mW x 5.5mH at 1 in 7)

• 15m sublevel uphole bench retreat 64mm production holes – sill and selective pillar placement upper levels and full extraction using paste fill lower levels.

• Min mining width 2.5m with 0.3m HW and 0.2m FW dilution assumed and 15% material loss additional to strategically placed sill pillars.

• 3 to 4 production areas over 1,500 metres of strike.

UNIT OPERATING COSTS

Open Pit $63/t ore mined Underground $102/t ore mined Processing $58/t treated Concentrate Related $359/t of concentrate

Diamond Drill Platform in HW

• Incorporated into mine design

• • 600 metres below surface

27

Mining – Schedule

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Mining Schedule

• Mine 3 small open pits (Kathleen, Hill End, and Grace Stage 1) and a second stage on Grace / Pollard in the first 6 months (YR0 Q2 to Q4)

• Commence underground mining in second month (one month after open pits commence).

• First 4 months of feed is from open pits (initially standard CIL), first feed material from underground development and stoping is in month 5 from the Hill End area.

• Underground production ramps up to over 40,000 tonnes per month by month 12 and is maintained mostly for the life of mine, with the last 4 months ramping down when stope paste filling impacts steady state production.

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•
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Processing Schedule

• Processing commences in month 8 initially at a higher rate of 55,000 tonnes per month for open pit softer feed, and then settles back to nameplate production rate of 40,000 tonnes per month. The underground feed comprises of around 5 to 10kt per month from single boom jumbo strike drive development, leaving the balance to make up around 40kt per month from stoping from an average 3 producing areas.

• This requires that approximately 12 production rings be fired per week (based on average stope geometry) from each of three production areas.

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Grade

• Open Pit average grade mined is 3.3g/t Au.

• Undeground average grade mined is 5.1g/t Au.

• Average gold head grade for the life of mine achieved is 4.9g/t Au, with mined gold grades averaging 3.6g/t Au in the first 2 years increasing to 5.1g/t Au on average for the last 2 years.

Mined Tonnes and Grade

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Ore Mined (t) Overall Gold Grade (g/t Au)
Pit Tonnes Underground Development Tonnes Underground Stope Tonnes Overall Grade
300,000 8.0
7.0
250,000
6.0
200,000
5.0
150,000 4.0
3.0
100,000
2.0
50,000
1.0
0 0.0
YR0 Q2 YR0 Q3 YR0 Q4 YR1 Q1 YR1 Q2 YR1 Q3 YR1 Q4 YR2 Q1 YR2 Q2 YR2 Q3 YR2 Q4 YR3 Q1 YR3 Q2 YR3 Q3 YR3 Q4 YR4 Q1 YR4 Q2 YR4 Q3 YR4 Q4 YR5 Q1 YR5 Q2 YR5 Q3 YR5 Q4 YR6 Q1 YR6 Q2 YR6 Q3 YR6 Q4 YR7 Q1 YR7 Q2 YR7 Q3 YR7 Q4 YR8 Q1 YR8 Q2 YR8 Q3 28
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Underground Production Target Schedule

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Year on year
graphical
underground
production
target schedule
colour coded by
Au Grade
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1.5 – 3.0 g/t Au 3.0 – 6.0 g/t Au 6.0 – 10.0 g/t Au 10.0 to 15.0 g/t Au > 15.0 g/t Au

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Month 2 – 12 Month 13 – 24 Month 25 – 36
Month 37 – 48 Month 49 – 60 Month 61 – 72
Month 73 – 84 Month 85 – 96 Month 97 – 100
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Process Flowsheet

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Process Flowsheet
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• The process flow builds on a standard CIL circuit to include a sulphide flotation circuit which captures most of the gold bearing mineralisation into a concentrate which is then cleaned to optimise final gold grade. The concentrate is dried to a suitable moisture content, loaded into 1 tonne bulk bags which are stacked into standard 20-foot sea containers and trucked using triple road trains to Perth (Fremantle Port) where 95% payment is received. From there ships are loaded and make way to final destinations (depending on purchaser).

Overall Flowsheet

Concentrate Logistics

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30

Processing Plant Layout and Location

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Processing Facilities

• 480kt p.a Carbon-in-Leach plant and sulphide flotation circuit

• Existing TSF has 8-month capacity remaining, then a new dam will be built with 2-year capacity stages.

Processing Facilities Location

Processing Plant Layout

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31

Mineralogy

Mineralogy

Underground Resource

• The Youanmi Underground Resource has a small percentage of its content that requires more than just standard CIL to extract the gold. o Gold is associated with Pyrite (75%) and Arsenopyrite (25%) and is easily floatable in a simple proven process flow circuit.

• Gold associated with Arsenopyrite makes up around one quarter of the sulphide material. Without special treatment the standard CIL process depending on the grind will achieve between 60 to 75% gold extraction.

• The arsenopyrite associated gold can be easily extracted using the Albion Process which lifts the overall extraction to 94% - potential future application of Albion circuit

Open Pit Resource

• Grace Stage 1 Open Pit mineralogy is simple with high Au metal recoveries of 95% through standard CIL circuit.

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Other Infrastructure

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Evaporation Ponds and Water Management

Power and Other Services

Village

• Existing facilities include 51 rooms, and with planned expansion adds 28 x 4 room dongas for 112 additional rooms to take site capacity to 173 rooms. The

• There is allowance made to undertake some remediation works to existing evaporation ponds to meet the license conditions.

• Gas power generation provided on site by a power generation contactor, likely 8 x Caterpillar 3512H 1500kW gensets + 2 x Cummins 850kW dual fuel gensets as standby power.

• Other evaporation infrastructure includes a spray network positioned around the Mine Pit crest.

• expansion cost includes upgrade of septic system, 3 laundries, and refurbishment of existing messing, pool, and bar facilities.

• The contractor will provide all hardware on site and manage logistics of trucked gas delivery.

• Water infrastructure items include the pumping system from Mine Pit to evaporation ponds and the UG mining planned infrastructure of pump stations located every 120m vertically.

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Airstrip

• The Youanmi airstrip was recently refurbished by Ramelius Resources and is capable of taking suitably sized aircraft for FIFO operations, and in the longer term if a sealed strip becomes available at the Penny site (30km to the south of Youanmi), then that would be considered for use also.

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Site Roads and Site Offices and Carparks Communication

• The existing road • New site office will be network requires little placed on site to work to bring into accommodate site operational status, and administration there exists suitable function, process plant material on site in the function, mining form of underground technical services, and development waste UG crews. rock from the 1990s • Grace Stage 1 Pit operations which can contractors will run out be cheaply turned into of the existing fixed various engineered plant workshop. products including • Two-way radio comms road-base, cracker dust is planned to be a and rip-rap material. standard customized VHF system incorporating a leaky feeder network underground. Open Pits will run on over the counter UHF two-way systems.

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Experienced Consultants Team

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Geology
Mining Technical
Turner Mining and Geotechnical
In Association with
Peter O’Bryan and Associates
Metallurgy and
Processing
Costing
Heritage and
Environment
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34

Scoping Study Summary

Mining

ESG

• Detailed mining schedules and operating costs o Small open pits mining in the first 6 months o Underground mining commencing in month 2

• Flora Fauna and Lake Noondie Ecology surveys in progress

• Heritage survey in progress

• LOM average gold head grade of 5.0g/t Au

• Native title discussions commence

Initial Financial Evaluation

Processing

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  - **Attractive Project with robust economics**

  - **Significant upside from current resource base and regional exploration (Youanmi Regional)**

• Accuracy within ±40%

• Plant throughput 480ktpa

• Standard CIL circuit and sulphide flotation circuit

• • Annual production target 71koz for 8.0 years → total production target 569koz

• Low LOM AISC of $1,538/oz

• • Attractive NPV of $303m, IRR of 45% and payback period of 3.0 years at a conservative gold price of $2,450/oz

• Low capital intensity ($1,386/oz)

Infrastructure

• Gas power provided on site

• Evaporation ponds and water management considered

• Existing facilities including airstrip and site roads

• Capital cost to expand existing village facilities and site office included

Next Steps

• Complete more drilling at Youanmi to convert inferred to indicated resource and update resource

• • Further Drilling and Studies (Resource, PFS) to quote reserves

• Exploration and drilling at Youanmi Regional and Mt Fisher

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Appendix 1 - Comparable Gold Companies

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Companies selected are considered comparable to Rox Resources as they are in exploration and/or study phase

	Measured Resources - 100%	Indicated Resources - 100%	Inferred Resources - 100%	Total Resources - 100%	M&I Resources - 100%	Attributable
Ticker Name Ownership Development Stage	Tonnage (Mt) Grade (g/t Au) Contained Gold (koz)	Tonnage (Mt) Grade (g/t Au) Contained Gold (koz)	Tonnage (Mt) Grade (g/t Au) Contained Gold (koz)	Tonnage (Mt) Grade (g/t Au) Contained Gold (koz)	Tonnage (Mt) Grade (g/t Au) Contained Gold (koz)	M&I (koz) EV/M&I oz ($/oz)	Source
MGV Musgrave Minerals Ltd 100% Pre-feasibility Study		5.1 2.6 435.0	7.2 2.1 492.0	12.3 2.3 927.0	5.1 2.6 435.0	435.0 249	Annual Report 2022 - ASX Announcement on 07/10/2022
GMD Genesis Minerals Ltd 100% Resource	0.8 5.3 135.0	19.7 1.6 1,025.0	18.8 1.4 857.0	39.3 1.6 2,017.0	20.5 1.8 1,160.0	1,160.0 354	Perfectly Positioned Corporate Presentation - ASX Announcement on 10/10/2022
AUC Ausgold Ltd 100% Definitive Feasibility Study	19.0 1.3 800.0	26.8 1.1 984.0	9.5 1.0 370.0	56.0 1.2 2,160.0	45.8 1.2 1,784.0	1,784.0 42	Sydney Mining Club Presentation - ASX Announcement on 06/10/2022
AME Alto Metals Ltd 100% Resource		3.0 1.7 159.0	9.4 1.6 476.0	12.4 1.6 635.0	3.0 1.7 159.0	159.0 225	Annual Report 2022 - ASX Announcement on 30/09/2022
KIN Kin Mining NL 100% Definitive Feasibility Study	0.8 1.3 31.0	17.8 1.4 803.4	15.9 1.1 572.5	34.5 1.3 1,406.9	18.6 1.4 834.4	834.4 90	Investor Update - ASX Announcement on 14/10/2022
HRZ Horizon Minerals Ltd 100% Pre-feasibility Study	1.5 1.3 62.9	13.9 1.8 791.2	7.5 1.7 386.2	22.6 1.7 1,240.3	15.4 1.7 854.1	854.1 38	Gold Resources Increase to 1.24Moz - ASX Announcement on 28/09/2022
BC8 Black Cat Syndicate Ltd 100% Definitive Feasibility Study	0.4 5.6 66.0	11.1 2.5 881.0	13.0 2.5 1,055.0	24.5 2.5 2,000.0	11.5 2.6 947.0	947.0 52	New Coyote Geological Model Driving High- Grade Success - ASX Announcement on 10/10/2022
STN Saturn Metals Ltd 100% Pre-feasibility Study		41.0 0.6 760.0	35.0 0.6 710.0	76.0 0.6 1,469.0	41.0 0.6 760.0	760.0 32	Investor Presentation Gold Forum Americas - ASX Announcement on 21/09/2022
MEK Meeka Gold Ltd 100% Pre-feasibility Study	0.2 11.4 55.0	7.9 2.7 670.0	5.2 2.4 390.0	13.1 2.6 1,115.0	8.0 2.8 725.0	725.0 86	Drilling and Pre-Feasibility Study Update - ASX Announcement on 30/09/2022
HRN Horizon Gold Ltd 100% Resource		24.3 1.5 1,149.4	12.5 1.6 644.2	36.8 1.5 1,793.6	24.3 1.5 1,149.4	1,149.4 36	High Grades and Wide Gold Intercepts Returned from RC Drilling - ASX Announcement on 19/09/2022
Other inputs Input date Source Cash and cash equivalents balances 30 June 2022 Appendix 5B Cash Flow Report – Quarter Ended 30 June 2022 Market capitalisation 17 October 2022 Australian Stock Exchange RXL Rox Resources Ltd 70% Scoping Study 12.1 3.3 1,296.0 15.8 3.8 1,903.0 27.9 3.6 3,199.0 12.1 3.3 1,296.0 907.2 38 Annual Report 2022 - ASX Announcement on 28/09/2022

Notes:

Attributable figures have been calculated by multiplying the total input with the project ownership percentage. M&I: Measured and Indicated

36

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ASX : RXL

Thank You

Rox Resources Limited Level 2, 87 Colin Street, West Perth, WA 6005

T: (08) 9226 0044 E: admin@roxresources.com.au W: www.roxresources.com.au

Follow Rox:

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