ROX RESOURCES LIMITED — Capital/Financing Update 2023

Jan 15, 2023

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ASX ANNOUNCEMENT

16 January 2023

Commencement of Extensive Drilling at the Youanmi Gold Project

ROX RESOURCES LIMITED ASX: RXL

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

DIRECTORS

Mr Stephen Dennis Chairman

Mr Robert Ryan Managing Director

Dr John Mair Non-Executive Director

Shares on Issue 217.2m Share Price $0.18 Market Cap. $40.2m Cash $1.8m (as at 30 Sept 22)

Level 2, 87 Colin Street, West Perth WA 6005

+61 8 9226 0044

admin@roxresources.com.au

www.roxresources.com.au

Follow Rox:

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Highlights:

• 23,000m multi-rig resource definition and exploration drill campaign has commenced at the Youanmi Gold Project

• Resource definition drilling is focused on the conversion of resources from inferred to indicated classification to upgrade the Youanmi Gold Project Resource

• Exploration drilling will test the exciting, near-mine Midway discovery, as well as testing underexplored regional targets to delineate additional ounces which can be incorporated into the Youanmi Gold Project

• The Company is well funded with receipt of funds from its recent capital raising and the sale of Cannon shares (ASX:CNR) in December 2022

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West Australian gold exploration and development 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 report that it has commenced substantial reverse circulation (RC) and diamond drilling (DD) programs at the Youanmi Gold Project (OYG JV).

The 16,000 metre RC drill program and 7,000 metre DD drill program will be ongoing throughout January-April with first drill assay results expected in late February. Rox is well funded due to the strong support it received in the recent Placement and SPP (ASX announcement 5 December 2022) and the receipt of funds from the sale of Cannon Shares (ASX announcement 22 December 2022).

Resource drilling is focused on converting the inferred resources to indicated classification at the high priority areas Link and Kathleen (Figure 2) . The conversion of these inferred resources is integral to the Youanmi Gold Project and will form the early production for the purposes of the upcoming feasibility studies.

Exploration drilling will initially focus on the exciting, high-grade ‘ Midway ’ discovery made by the OYG JV in 2021 (ASX announcement 8 June 2022). Midway is located 300m within the hanging-wall of the Youanmi Main Lode and presents an excellent near mine exploration target which is open in all directions. The ‘ Youanmi South ’ prospect will also be tested and has previously shown broad high-grade gold intersections. The system is in a geologically complex position where the main lode shear zone interacts with the southern end of the Youanmi Granite.

Managing Director Rob Ryan commented:

“We are pleased to recommence drilling at the Youanmi project as we look to improve the quality and scale of the resource. Drilling is planned to infill high-grade areas at Kathleen and Link to bolster shallow, indicated resources for upcoming feasibility studies.

“The Midway discovery is an exciting discovery and is close to existing infrastructure with tremendous potential to grow in all directions. The limited drilling to date, within the structural corridor, has shown thick continuous high-grade intersections. We intend to drill out the Midway area with the aim of adding additional resources to the Youanmi Gold Project.

“With drilling underway and feasibility studies advancing, investors can look forward to consistent news flow in 2023 as we look to improve the current resource and project metrics.”

Kathleen and Link Resource Drilling

Resource drilling at Kathleen and Link is designed to delineate adequate reserves to accommodate the first years of the production target in upcoming Youanmi Gold Project feasibility studies and to confirm the continuity of gold grades proximal to the current indicated resources. This is intended to be achieved by upgrading part of the existing Inferred Resource in the Youanmi Gold Project Scoping Study (ASX announcement 19 October 2022).

Mineralisation at Kathleen occurs as a high-grade, steeply north-plunging shoot beneath the historical highgrade open pit. Drilling by the OYG JV at Kathleen has defined an indicated resource of 37koz @ 8 g/t Au and an inferred resource of 35k oz @ 7g/t Au (ASX announcement 20 January 2022 and 20 April 2022). Proposed RC Drilling at Kathleen aims to convert the inferred resources to indicated classification.

Mineralisation at Link occurs as a zone of high-grade mineralisation more than 200m from historical underground and open pit workings with extensive down-plunge continuity of high-grade ore zones (Figure 3). Mineralisation at Link remains open down plunge to the northwest and up plunge to the southeast. Drilling by the OYG JV has defined an indicated resource of 270koz @ 5.5 g/t Au and an inferred resource of 280koz @ 6g/t (ASX announcement 20 January 2022 and 20 April 2022). The proposed program aims to convert inferred resources to indicated classification.

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. Figure 1. Drilling underway at the Youanmi Gold Project

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

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ASX CODE: RXL

E: admin@roxresources.com.au www.roxresources.com.au

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Figure 2. Plan view of proposed resource and exploration drilling at the Youanmi Gold Project

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

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ASX CODE: RXL

E: admin@roxresources.com.au www.roxresources.com.au

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Figure 3. Long Section of the Youanmi Resource displaying stope optimisations and planned drilled targets

Midway Exploration Drilling

Drilling by the OYG JV resources in 2021 at the Midway prospect intercepted numerous high-grade intercepts including: (ASX announcement 8 June 2022)

• RXDD022: 4m @ 45.5 g/t Au from 341m, including 1.33m @ 129.3 g/t Au from 341.75m;

• RXRC449: 8m @ 5.1 g/t Au from 212m including 4m @ 9.45 g/t Au from 212m and 4m @ 6.03 g/t Au from 140m;

• RXDD046: 3.87m @ 9.9 g/t Au from 328.33m, including 2.45m @ 15.02 g/t Au from 328.8m; and

• RXDD045: 3.62m @ 6.49 g/t Au from 315.42m, including 0.86m @ 21.03 g/t Au from 315.42m.

Gold mineralisation at Midway is shear-zone hosted within highly altered tholeiitic and komatiitic basaltic rocks. The alteration assemblage consists of sericite, quartz , carbonate, and biotite. Gold occurs in association with pyrite and lesser arsenopyrite.

The results to date define at least two gold lodes striking WNW and dipping towards the SW. Structural analysis of the mineralised zone (shear fabric and stretching mineral lineation) indicates that the lodes are dipping steeply towards the southwest and show a high-grade component plunging at 50 degrees to the WNW. The orientation of the new lodes is different to previously identified lodes at Youanmi which strike NW to NNW. This new orientation of mineralised structures is apparent in high resolution drone magnetic imagery and has generated several new exploration targets which will be tested by RC and DD drilling.

ASX CODE: RXL

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

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E: admin@roxresources.com.au www.roxresources.com.au

Drilling by OYG JV between 2019 and 2021 at the Youanmi South prospect has intercepted numerous highgrade fresh rock intercepts including: (ASX announcements 24 September 2019 and 21 August 2021)

• RXRC053: 4m @ 11.2 g/t Au from 110m;

• RXRC103: 1m @ 27.93 g/t Au from 176m; and

• RXRC397: 2m @ 10g/t Au from 268m.

Youanmi South is in a geologically complex position where the main lode shear zone interacts with the southern end of the Youanmi Granite. The depth of weathering is deep, commonly exceeding 100 vertical metres with supergene gold enrichment within the regolith occurring over 200 metres of strike. Three RC holes drilled by Rox have intercepted high-grade mineralisation within fresh rock. Modelling of the primary mineralisation indicates that the lode is striking towards the NE with a sub vertical dip. Exploration RC drilling will test this interpreted NE trending lode along strike and will additionally test the interaction of the lode with the southern end of the granite, which is a potential dilatational zone and a focus for gold bearing fluids. This conceptual target has never been tested by historical drilling.

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Figure 4. High resolution drone magnetic imagery showing interpreted Midway fault and target areas at Midway and Youanmi South

ASX CODE: RXL

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

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E: admin@roxresources.com.au www.roxresources.com.au

Next Steps

In addition to the drilling programs outlined above, further work programs include:

• Mining studies to determine the scale of operation proposed for upcoming feasibility studies;

• Metallurgical test work underway to develop a flowsheet for feasibility studies;

• Interpreting results from current exploration drilling at Midway and Youanmi South for potential additional drilling to constrain mineralisation geometry and tenor; and

• Regional exploration of the Youanmi Regional JV tenements.

The Company looks forward to providing updates on these in due course.

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

* ENDS ***

For more information:

Rob Ryan Managing Director Rox Resources Limited Tel: +61 8 9226 0044 E: admin@roxresources.com.au

Matthew Hogan Managing Director Venus Metals Corporation Limited Tel: +61 8 9321 7541 E: info@venusmetals.com.au

ASX CODE: RXL

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

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E: admin@roxresources.com.au www.roxresources.com.au

Competent Person Statement

Exploration Results

The information in this report that relates to Data and Exploration Results is based on information compiled and reviewed by Mr David Thomas a Competent Person who is a Member of the Australasian Institute of Mining and Metallurgy (AUSIMM) and Senior Geologist at Rox Resources. Mr Thomas 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 Thomas 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 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.

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 3,199 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 667,000oz of 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.

ASX CODE: RXL

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

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E: admin@roxresources.com.au www.roxresources.com.au