ROX RESOURCES LIMITED — Capital/Financing Update 2025

Jul 20, 2025

ASX: RXL ASX Announcement 21 July 2025

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Underground Resource Increased to 2.1 Moz

Youanmi Gold Project – 2025 Mineral Resource Estimate

WA gold exploration and development company Rox Resources Limited ( “Rox” or “the Company” ) ( ASX: RXL ), is pleased to present the latest Mineral Resource Estimate (“ MRE ”) for its Youanmi Gold Project in Western Australia, incorporating results from the recently completed “growth” and “step-up” drilling campaigns.

Highlights:

• Youanmi confirmed as one of the highest-grade emerging gold projects of scale in Australia, with a total MRE of 2.2 Moz at 5.6 g/t Au (Indicated and Inferred)

• New MRE delivers an increase in contained gold and grade in the Underground Resource compared to the 2024[1] MRE update, including:

• An additional 0.4Moz of contained gold, representing a 21% increase

• Underground Resource gold grade increase from 5.5 g/t Au to 6.0 g/t Au

• 71% of Underground Resource now in the Indicated category

• The larger and higher-grade Underground Indicated Resource provides a strong platform for the upcoming Definitive Feasibility Study (“DFS”), on track to be completed in November 2025

• Larger Underground Resource and Lower Open Pit Resource confirms Youanmi will be developed as high-grade underground mine from the outset

Managing Director & CEO Mr Phill Wilding commented:

“This is a fantastic result with a lift in tonnes and grade for the underground resource, further solidifying Youanmi’s position as one of the highest-grade undeveloped gold projects of scale in Australia.

The key focus of our drill campaigns was to improve resource confidence, increase the indicated classification component and understand the shallow growth options within the underground mine environment, proximal to proposed development.

This has been successfully delivered as reflected in the new MRE.

The noteworthy organic growth in both the size and grade of the underground resource, along with the significant increase in the indicated category, reaffirms our belief that the upcoming DFS for Youanmi will deliver improved metrics compared to our Pre-Feasibility Study.

We anticipate the new mineral resource to result in increased reserves, a longer mine life, and substantially enhanced financial measures in the DFS, when it is released in November.

Today’s announcement is a testament to the hard work of our team and marks another great step towards Rox becoming a high-grade underground gold producer.

Next steps will see early works commence on the first exploration decline in Q4 CY2025, with the intent to undertake closer spaced infill drilling from underground, accompanied by deeper resource definition drilling.

1 Refer to Appendix 1 for relevant historical ASX Announcements

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Youanmi Mineral Resource Estimate Update

Following extensive drill campaigns in 2024 and 2025, Rox Resources has released a new Mineral Resource Estimate for the Youanmi Gold Project in Western Australia, comprising 2.2 Moz @ 5.6g/t Au (Table 1).

		Indicated	Inferred	Total
	Cut-off
		Tonnes Au Grade Au Metal	Tonnes Au Grade Au Metal	Tonnes Au Grade Au Metal
Category	Grade
	(g/t)
		(Mt) (g/t) (Koz)	(Mt) (g/t) (Koz)	(Mt) (g/t) (Koz)
Open Pit	0.5	0.7 2.0 48	0.5 1.3 22	1.2 1.7 70
Underground	2.5	7.2 6.4 1,499	3.6 5.2 602	10.9 6.0 2,101
Total		7.9 6.0 1,546	4.1 4.7 623	12.1 5.6 2,170

Note: Minor discrepancies may occur due to rounding to appropriate significant figures.

Table 1: Youanmi Gold Project mineral resource estimate

The new MRE incorporates results from the highly successful 35,000m extensional and 11,000m in-fill drill campaigns completed at Pollard, Prospect, Youanmi Main and United North focused on converting Inferred resources to Indicated and discovering more near-surface gold. This new resource estimate will underpin DFS workstreams, comprising new mine design and schedules, economic models and budget, delivering an updated ore reserve and production target in Q4 CY2025.

The underground Indicated resource grew by 396Koz, a 36% increase, to 1.5 Moz, representing 71% of the total underground resource.

The drop in open pit resources aligns with Rox’s strategy to develop Youanmi as a high-grade underground mine from the outset, rather than a two-phased approach of mining low-grade, high-strip ratio open pits followed by underground mining, as outlined in the “Pathway to Production”[2] .

The results of the 2025 MRE has reinforced Rox’s position as one of the largest, high-grade, undeveloped, underground gold deposits of scale in Western Australia when compared to its peers (Figure 1).

2 Refer to Appendix 1 for relevant historical ASX Announcements

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Gold explorers and developers (< A$420M Market Cap) excluding overseas assets)

	2,990 2,520 2,520 2,318 2,300 2,239 2,170 2,137 1,803 1,761 1,290 1,235 955 952 668 279 1.5 1.5 1.5 1.8 1.2 0.5 5.6 1.5 1.8 1.1 2.1 3.0 1.4 4.5 2.8 3.9 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 BTR AZY AUC MAU MI6 STN RXL HRN HRZ AAR MM8 MEK PTN GG8 GBR NMG M&I Resource Inferred Resource Grade Resource (Koz) Gold Grade (g/t)
Total	Resource (Koz)
0 500 1,000 1,500 2,000 2,500 3,000 3,500

Figure 1: RXL’s Youanmi 2025 MRE benchmarked against its peers (gold explorers, developers and early producers with market capitalisation less than A$420M and excluding overseas assets)[3]

Since acquiring the Youanmi Gold Project in April 2019, the Company has successfully increased the Indicated resource through a series of targeted drill programs and historic data compilation. During this period, the total Indicated resource has grown by 1.07Moz or 225%, whereas the underground Indicated resource has increased by 1.29Moz or 614% (Figure 2).

3 See Appendix 2 for source data

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Indicated Resource Growth Since Acquisition

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Underground Near Surface
1,800
1,546
1,561
1,600 48
1,400 1,296
458
1,178
1,200
1,000 552
434
800 724
1,499
600
476 1,103
434
400
744 744
266
200
290
210
0
Jun-18 Jun-21 Jan-22 Apr-22 Jan-24 Jul-25
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Figure 2: Indicated resource growth since Youanmi Project acquisition[4]

Youanmi mineral resource estimate modelling parameters discussion

The 2025 Youanmi MRE has been prepared and classified in accordance with the JORC Code (2012), details of which are discussed below and included in the JORC Tables.

Geology and Geological Interpretation and Domaining

The Youanmi Gold Project (“Project”) covers a 36km length of the Youanmi Greenstone Belt, located within the Southern Cross Province of the Archaean Yilgarn Craton in Western Australia.

The project is comprised of a sequence of komatiitic and tholeiitic volcanics, dolerites and banded iron formation (“BIF”) in the central part which is host to the majority of the gold mineralisation.

The project area consists of a north to north-northwest trending, variably folded sequence of mafic and felsic volcanics, BIFs and Archaean dolerites which have been juxtaposed against the Youanmi granite batholith along a strongly sheared northwest trending contact.

The gold mineralisation is hosted by a series of west-dipping, altered and mineralised shear lodes, consisting of a main lode shear zone (“MLSZ”) and subsidiary hanging-wall and footwall shear lodes.

The mineralised lodes have been dislocated and effectively domained by several cross-cutting south dipping major faults with an approximately E-W strike (Figure 3).

4 Refer to Appendix 1 for relevant historical ASX Announcements

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Figure 3: Plan view featuring domains of the Youanmi Gold Project with cross-section locations overlain on the 2025 MRE outline (red lines) – note Midway, Interceptor and Paddy’s are projected surface expressions.

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Cross Sections

Cross sections have been generated at representative locations along the main line of lodes, (Figures 4, 5 & 6), highlighting the drill density and significant drill intercepts from the 2024 and 2025 drill campaigns, and the prevalence of multiple sub-parallel and interconnected mineralised lodes in each area.

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Figure 4: United North schematic cross-section (A-A’) featuring recent drilling (blue traces) and significant intercepts (pink highlight)

The inclusion of recently-acquired mining data, historical underground grade-control sample data which correlates well with historical production data, and an improved understanding of structural controls on mineralisation has resulted in more detailed and robust wireframes as input to the 2025 MRE. This has resulted in tighter controls over domaining, better volume definition, and a higher sampling density with resultant better-defined short range variography and higher-confidence resource estimation.

Improvements to the MRE interpretations have included:

• Interpreting and including the dislocation of the mineralisation lodes by several cross-cutting, south-dipping major faults with an approximately E-W strike;

• Updating the position of the historic development and stopes; and

• Capturing previously missing historic grade control trenches/ditch-witch and underground face/channel grade control data.

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Figure 5: Youanmi Main underground schematic cross-section (B-B’) featuring recent drilling (blue traces) and significant intercepts (pink highlight)

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Figure 6: Prospect schematic cross-section (C-C’) featuring recent drilling (blue traces) and significant intercepts (pink highlight)

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Figure 7: Long section featuring; (i) Youanmi drill hole pierce points, (ii) 2024 PFS stope shapes, (iii) existing development, and (iv) ounce per vertical meter

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Mineralisation

Most of the gold mineralisation in the MRE is hosted in a NW-striking shear zone, traced along strike for some 2.2km, from Pollard to Rebel, however, it is still open to the south, north and down-dip. Mineralisation domains have been defined and named, mainly based on historical open pits, however, there are structural differences that further define each area.

Continuity of gold mineralisation along strike, as determined from historic underground production data, varies between 10m to 110m, with an average of 50m. Ore zone widths vary between 1m to 10m with average thickness of about 1.5m. The footwall and hanging-wall lodes tend to be irregular, forming a complex series of anastomosing shear zones with short-range changes in strike, dip, and thickness.

Lode mineralogy comprises pyrite, arsenopyrite, sericite and carbonate, hosted in high-strain shear zones. More than 90% of the gold is associated with pyrite and arsenopyrite, with a small portion as free particles in the gangue.

Drilling Techniques

Multiple drilling methods have been used at Youanmi by the various operators, from the early 1900’s through to Rox, consisting of RAB, AC, vacuum drilling (“VAC”), trenching/ditchwitch (“TR”), underground face sampling (“UGC/UGS”) and Reverse Circulation (“RC”) and diamond (surface “DD” and underground “UDD”) techniques.

Most historical diamond drilling was undertaken using HQ or NQ diameter bits. Diamond drilling completed by Rox was undertaken using a combination of HQ and NQ2 diameter bits. Pre-collars for diamond holes were drilled using 140mm face sampling RC hammer. Where recorded by previous explorers, RC drilling was carried out using a facesampling hammer. RC drilling by Rox was carried out with a 140mm face sampling hammer.

Diamond, RC holes and underground and open pit grade-control sampling were used in grade estimation, and other hole types were used to help define mineralisation and geology interpretations. A total of 391 surface diamond holes, 392 underground diamond holes, 5,815 RC holes 4,511 open pit grade control samples and 12,012 underground grade-control samples have been used in the current Mineral Resource estimation.

Sampling and Sub-Sampling Techniques

Documented sampling methodologies for the historical drilling (diamond and RC) is not recorded but are reasonably assumed to be in-line with standard practice at the time and which are comparable with current practices.

For RC drilling by Rox, geologists collected 1m samples using a cone splitter through the target zones, with the remainder of the hole sampled using 4m composite samples.

DD core is stored at the Youanmi mine site, the majority of the historical diamond core is still available. Historically, information relating to sample recovery and quality, while often noted on logs, was not always well documented. Mineralised intercepts from DD core were cut using a diamond saw into half-core or, in the case of limited HQ diameter core into ¼ core and sampled on either a 1m basis or over geological intervals with a minimum of 0.3m up to a maximum of 1.2m.

Sample Preparation and Assaying

While the specific details of the sample preparation and assaying for the bulk of the historical data is not available, the majority of the assays have been carried out in recognised laboratories in Perth and therefore is reasonably assumed to be of sufficient quality for use in the estimation. For the historical data the gold was assayed at the Youanmi in-house laboratory using Fire Assay (“FA”) with Atomic Absorption Spectrometry (“AAS”) finish or Aqua Regia digest with internal QAQC.

All Rox sample preparation consisted of riffle-splitting and coarse crushing a maximum of 3kg of sample, pulverising to >85% passing 75 micron and homogenising the pulp. Sub-samples of 30g or 50g were taken for analysis of gold, with FA fusion and detection by the AAS method. Historical sample preparation was likely using similar, industry standard at the time, methodologies. Approximately 20,000 multi-element assays were taken during the latest drilling programme; including arsenic, antimony and sulphur along with ~5,000 from the historical data recovery.

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There are no documented analytical QA/QC results for historical drilling. A total of 7,058 QA/QC samples were analysed in the period by Rox with a 95%+ pass rate. No independent, umpire laboratory checks have been carried out to date.

Estimation Methodology

A total of 94 mineralised lodes, along 2.2km of strike length comprising the Main Lode and associated hangingwall and footwall lodes, were modelled using Seequent Leapfrog Geo mining software (“Leapfrog”). Geological interpretations for weathering profiles, granite & mafic rocks, laterite, overburden and regional cross-cutting faults were also completed in Seequent Leapfrog Geo.

The mineralisation was modelled using a combination of gold grade, lithology, mineralised quartz veins, shearing, quartz-epidote-carbonate alteration, and structure from drillhole and mapping data.

The starting point baseline interpretations used factual identification of mineralisation from the historical plans and sections at Youanmi and Pollard, i.e. principally the channel grade-control sampling and underground (“UG”) drilling, for the three principal lodes. The remaining data was successively incorporated into the baseline interpretations using grade ranges, including all the surface-diamond and RC drilling, starting from high grades; +15g/t to 5g/t to 2g/t to 1g/t, where the assays were intersected or in close proximity to, the interpreted wireframes. Consideration was also given to the UG workings and stopes. The last phase of modelling was to include consideration of the RC grade-control and open-pit trench data. Once the main lodes were well defined the hangingwall and footwall lodes were addressed in a similar manner, sequentially away from the main lodes.

The sample assay data was incorporated into the modelled mineralisation lodes (wireframes) and composited to 1m intervals, with residuals retained to the adjoining sample. Top-cuts were applied to the gold, arsenic, antimony and sulphur values for all individual lodes, to eliminate the influence of isolated high-grade assays and to reduce the variability to a manageable level for estimation. Gold grades, which excluded the UG grade-control sampling and trench/ditchwitch data were also produced for comparative purposes. Geostatistical analysis (variography) was undertaken on the top-cut composites for gold, arsenic, antimony and sulphur, including the UG grade-control sampling, where data permitted.

Two block models, one for Youanmi rotated -30° from 360°, to match the approximate strike of the mineralisation and one for Commonwealth, rotated at -10° from 360°, were created and calculated in Datamine Studio mining software (“Datamine”) using Ordinary Kriging (“OK”) grade interpolation with dynamic anisotropic search ellipses. The parent block dimensions were 5m (X direction) by 10m (Y) by 5m (Z) with sub-blocks of 0.5m (X)by 1.0m (Y) by 0.5m (Z), determined from Quantitative Kriging Neighbourhood Analysis (“QKNA”) and consultation with mining engineers for future mining requirements.

Grade estimation from gold, arsenic, antimony and sulphur assays, where available, used a minimum of 8 and a maximum of 16 samples with a three-pass search. Bulk density values measured by the water immersion method by Rox and previous operators were applied based on the average values for each weathering/geology domain.

The estimated models were validated by visual comparison with drillhole grades and by swath plots comparisons, on a vein-by-vein basis, and by average drillhole versus average block model grades.

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Mineral Resource Classification

The mineral resource was classified as Indicated and Inferred based on the level of geological understanding of the mineralisation, the drillhole spacing and estimation metrics (Table 2). The Indicated mineral resource was generally defined within areas of close-spaced DD and RC drilling of ~40m spacing or less, and where the continuity and predictability of the lode positions was good, often supported by underground mapping and sampling locations.

Category	Tonnes Au Grade Au Metal % of Resource
	(Mt) (g/t) (Koz) (%)
Open Pit
Indicated Inferred	0.7 2.0 48 68% 0.5 1.3 22 32%
Sub Total	1.2 1.7 70 100%
Underground
Indicated Inferred	7.2 6.4 1,499 71% 3.6 5.2 602 29%
Sub Total	10.9 6.0 2,101 100%
Total Resources
Indicated Inferred	7.9 6.0 1,546 71% 4.1 4.7 623 29%
Total	12.1 5.6 2,170 100%

Note : Minor discrepancies may occur due to rounding to appropriate significant figures.

Table 2: Youanmi Classified Resources

The Inferred mineral resource was generally defined in areas of sample spacing between ~40m and ~60m.

The resources were differentiated into ‘open-pit’ and ‘underground’ on the basis of resource blocks, with those within an optimised pit shell assigned to the open-pit (“OP”) category.

Resource blocks in the main Youanmi lodes (Pollard to Rebel) below the fresh rock surface were assigned to the UG category. Blocks outside of the pit-shells and above the top of fresh rock, were assigned to the ‘Exploration potential’ classification. Material that does not meet sufficient confidence for JORC Code classification are assigned as ‘Exploration potential’.

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Cut-Off Grades and Reporting

Consistent with the 30 January 2024 MRE, the 2025 resource estimate cut-off grade for underground material remained at 2.5 g/t Au, including all material below the top of the fresh rock horizon (TOFR).

The Youanmi open pit resource is based on oxide and transitional zone mineralisation only, and at a cut-off grade of 0.5 g/t Au, representing 2% of ounces within the MRE. Open pit resources were reported within a pit shell at a A$3,450/oz gold price using indexed mining costs.

The underground mineral resource volume and grades were estimated on a dry in-situ basis. A grade-tonnage graph for the underground resource is shown in Figure 8 below.

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45.00 9.00
40.00 8.00
35.00 7.00
30.00 6.00
25.00 5.00
20.00 4.00
15.00 3.00
10.00 2.00
5.00 1.00
0.00 0.00
0.00 0.50 1.00 1.50 2.00 2.50 3.00 3.50 4.00 4.50
COG
MTonnes Au g/t
AU G/T
MTONNES
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Figure 8: Youanmi 2025 MRE underground grade tonnage curve and cut-off grade

Mining and Metallurgical Factors

It has been assumed that the Youanmi open pit resources will be mined by conventional open pit methods.

Due to the depth, and the previously developed underground mine, the underground resource is considered suitable for underground mining by long hole open stoping. No metallurgical recovery factors were applied to the mineral resource estimate, however updated metallurgical recovery factors were applied in the calculation of open-pit and underground cut-off grades.

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Environmental Factors

No environmental factors have been applied to the Mineral Resource. The deposits stated in the Mineral Resource are all situated on granted Mining Leases and there are no known environmental concerns.

Forward Plans

Following the Step-up drill campaign and resultant 2025 MRE, the Exploration Target Statement from 2024[5] has been removed. Exploration targeting in the near mine environment will change focus to removing gaps from between indicated ore lodes, notably between Youanmi Main and United North, and to drill beneath open lodes at United North, Youanmi Main, Prospect and Pollard. Other near mine, brownfield and localised geophysical anomalies will be targeted before the proceeding MRE update.

Authorisation

This announcement is authorised for release by the Board of Rox Resources Limited.

--- Ends ---

For further information, please contact:

Investor enquiries

Phillip Wilding Managing Director & CEO Rox Resources Limited admin@roxresources.com.au +61 8 9226 0044

Media enquiries

Emily Evans Media and Content Manager SPOKE emily@hellospoke.com.au +61 401 337 959

Rox Resources Limited

ABN 53 107 202 602 Level 2, 87 Colin Street, West Perth WA 6005 www.roxresources.com.au

5 Refer to Appendix 1 for relevant historical ASX Announcements

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About Rox Resources

Rox Resources (ASX: RXL) is a West Australian focused gold exploration and development company. It is the 100 per cent owner of the historic Youanmi Gold Project near Mt Magnet, approximately 480 kilometres northeast of Perth.

The Company’s focus is on the development of the high-grade, high-margin Youanmi Gold Project that hosts a global mineral resource of 12.1Mt at 5.6g/t for 2.2Moz of gold. With a clear strategic and execution plan to production, Rox Resources offers significant value to its investors.

Competent Persons Statement

Exploration Results

The information in this release that relates to Data and Exploration Results is based on information compiled and reviewed by Andrew ShawStuart a Competent Person who is a Fellow Member of the Australian Institute of Geoscientists (AIG). Mr Shaw-Stuart is the Exploration Manager for Rox Resources and holds securities and performance rights in the Company. The aforementioned has sufficient experience that is relevant to the style of mineralisation and type of target/deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the Australian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr ShawStuart consents to the inclusion in the release of the matters based on the 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 information in this report that relates to Mineral Resources at the Youanmi Gold Project is based on information compiled by Steve Le Brun, a Competent Person who is a Fellow of the Australian Institute of Geoscientists. Mr Le Brun is the Principal Resource Geologist for Rox Resources and holds shares and performance rights in the Company. Mr Le Brun has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Le Brun consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.

Forward ‐ Looking Statements

Certain statements in this announcement relate to the future, including forward-looking statements relating to the Company and its business (including its projects). 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.

These forward-looking statements involve known and unknown risks, uncertainties, assumptions, and other important factors that could cause the actual results, performance or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such statements. Actual events or results may differ materially from the events or results expressed or implied in any forward-looking statement and deviations are both normal and to be expected. Neither the Company, its officers nor any other person gives any representation, assurance or guarantee that the events or other matters expressed or implied in any forward-looking statements will actually occur. You are cautioned not to place undue reliance on those statements.

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JORC Table 1 - Section 1 Data and Sampling Techniques

Criteria	JORC Code explanation Commentary
Sampling techniques
Drilling techniques
Drill sample recovery

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JORC Table 1 - Section 1 Data and Sampling Techniques

Criteria	JORC Code explanation Commentary
Logging
Sub-sampling techniques and sample preparation

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JORC Table 1 - Section 1 Data and Sampling Techniques

Criteria	JORC Code explanation Commentary
Quality of assay data and laboratory tests
Verification of sampling and assaying
Location of data points
Data spacing and distribution

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JORC Table 1 - Section 1 Data and Sampling Techniques

	Criteria	JORC Code explanation	Commentary
	Orientation of data	Whether the orientation of sampling achieves unbiased	The mineralisation strikes generally NNW and dips to the
	in relation to	sampling of possible structures and the extent to which	west at approximately -60°. The nominal drill orientation
	geological	this is known, considering the deposit type.	was 065° and -60° dip. Drilling is believed to be generally
	structure		perpendicular to strike.
		If the relationship between the drilling orientation and the	No sampling bias is believed to have been introduced.
		orientation of key mineralised structures is considered to
		have introduced a sampling bias, this should be assessed
		and reported if material.
	Sample security	The measures taken to ensure sample security.	Sample security is managed by the Company. After
			preparation in the field samples are packed into
			polyweave bags and despatched to the laboratory. For the
			majority of samples these bags were transported directly
			to the assay laboratory by the Company. In some cases,
			the sample were delivered by a transport contractor the
			assay laboratory. The assay laboratory audits the samples
			on arrival and reports any discrepancies back to the
			Company. No such discrepancies occurred.
	Audits or reviews	The results of any audits or reviews of sampling techniques	Field sampling and subsequent sub-sampling on site and
		and data.	at the lab was inspected by senior Rox geologists.

JORC Table 1 - Section 2 Reporting of Exploration Results

Criteria	JORC Code explanation Commentary
Mineral tenement and land tenure status	Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. The Youanmi mining centre which comprises the leases: M57/51, M57/75, M57/97, M57/109, M57/135, M57/160A, M57/164, M57/165, M57/166 and M57/167 is 100% owned by Rox Resources.
	The security of the tenure held at the time of reporting along with any known impediments to obtaining a license to operate in the area. The tenements are in good standing and no known impediments exist.
Exploration done by other parties	Acknowledgment and appraisal of exploration by other parties. Significant previous exploration has been carried out throughout the project by various companies, including AC/RAB, RC drilling and diamond drilling 1971-1973 WMC: RAB, RC and surface diamond drilling 1976 Newmont: 10 surface diamond drillholes (predominantly targeting base metals). 1980-1986 BHP: RAB, RC and surface diamond drilling (predominantly targeting base metals). 1986-1993 Eastmet: RAB, RC and surface diamond drilling. 1993-1997 Goldmines of Australia: RAB, RC and surface diamond drilling. Underground mining and associated underground diamond drilling. 2000-2003 Aquila Resources Ltd: Shallow RAB and RC drilling 2004-2005 Goldcrest Resources Ltd: Shallow RAB and RC drilling; data validation. 2007- 2013 Apex Minerals NL: 9 diamond holes targeting extensions to the Youanmi deeps resource.

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JORC Table 1 - Section 2 Reporting of Exploration Results

Criteria	JORC Code explanation Commentary
Geology
Drill hole Information
Data aggregation methods

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JORC Table 1 - Section 2 Reporting of Exploration Results

Criteria	JORC Code explanation Commentary
	Where aggregate intercepts incorporate short lengths of high-grade results and longer lengths of low-grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail. Mineralisation over 0.5g/t Au has been included in aggregation of intervals for RC and diamond core.
	The assumptions used for any reporting of metal equivalent values should be clearly stated. No metal equivalent values have been used or reported.
Relationship between mineralisation widths and intercept lengths	These relationships are particularly important in the reporting of Exploration Results. If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (e.g. ‘down hole length, true width not known’). The mineralisation strikes generally NNW and dips to the west at approximately -60 degrees. Drill orientations are usually 065 degrees and -60 dip. Drilling is believed to be generally perpendicular to strike. Given the angle of the drill holes and the interpreted dip of the host rocks and mineralisation (see Figures in the text), reported intercepts approximate true width.
Diagrams	Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views. Refer to Figures and Table in the text.
Balanced reporting	Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results. Representative reporting of both low and high grades and widths is practiced.
Other substantive exploration data	Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances. All meaningful and material information has been included in the body of the announcement.
Further work	The nature and scale of planned further work (e.g. tests for lateral extensions or depth extensions or large-scale step- out drilling). Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive Further work (RC and diamond drilling) is justified to locate extensions to mineralisation both at depth and along strike.

JORC Code, 2012 Edition - Table 1 - Section 3 Estimation and Reporting of Mineral Resources

Criteria JORC Code explanation Commentary

Measures taken to ensure that data has not been Database integrity corrupted, for example, transcription or keying errors, between its initial collection and its use for mineral resource estimation purposes.

The database is maintained by external service provider Geobase using the Azeva.XDB Database Management System.

The database is stored using the Microsoft’s SQL Server 2019 database engine on a Secure Network server running the latest SBS Administrative access to the database is restricted to Geobase Personnel only who have been trained in database management.

All appropriate and valid changes requested from site are made only by Geobase. Site personnel do not have the ability to edit the database, which allows the integrity of the data to be maintained.

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JORC Code, 2012 Edition - Table 1 - Section 3 Estimation and Reporting of Mineral Resources

Criteria	JORC Code explanation	Commentary
Site visits
Geological interpretation

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JORC Code, 2012 Edition - Table 1 - Section 3 Estimation and Reporting of Mineral Resources

Criteria	JORC Code explanation	Commentary
Dimensions
Estimation and modelling techniques

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JORC Code, 2012 Edition - Table 1 - Section 3 Estimation and Reporting of Mineral Resources

Criteria	JORC Code explanation	Commentary

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JORC Code, 2012 Edition - Table 1 - Section 3 Estimation and Reporting of Mineral Resources

Criteria	JORC Code explanation	Commentary
Moisture
Cut-off parameters

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JORC Code, 2012 Edition - Table 1 - Section 3 Estimation and Reporting of Mineral Resources

Criteria	JORC Code explanation	Commentary
Mining factors or assumptions Assumptions made regarding possible mining methods, minimum mining dimensions and internal (or, if applicable, external) mining dilution. It is always necessary as part of the process of determining reasonable prospects for eventual economic extraction to consider potential mining methods, but the assumptions made regarding mining methods and parameters when estimating Mineral Resources may not always be rigorous. Where this is the case, this should be reported with an explanation of the basis of the mining assumptions made. Due to the depth, and the previously developed underground mine, the resource is considered suitable for underground mining by long hole open stoping. Previously mined areas may be accessible by the use of cemented fill. No detailed mining assumptions have been made and no external dilution has been added to the resource.
Metallurgical factors or assumptions The basis for assumptions or predictions regarding metallurgical amenability. It is always necessary as part of the process of determining reasonable prospects for eventual economic extraction to consider potential metallurgical methods, but the assumptions regarding metallurgical treatment processes and parameters made when reporting Mineral Resources may not always be rigorous. Where this is the case, this should be reported with an explanation of the basis of the metallurgical assumptions made. A 120 tpd bacterial oxidation circuit was commissioned in September 1994 to treat sulphide concentrates, using the BacTech process. BacTech uses a moderately thermophilic culture with an optimum growth temperature of 45C. A pilot plant trial from October 1993 to July 1994 tested three bulk samples of concentrate. After bacterial oxidation, recoveries up to 99% were achieved. The performance between 1995 and 1997 of the flotation and bacterial oxidation circuit was generally lower than budgeted due almost entirely to below budget ore deliveries. Although the plant rarely achieved its full capability, it consistently exceeded the projected metallurgical recovery of 81%, with an average recovery of 87.5%. Blending of ore was not anticipated prior to commissioning and feed variability created significant problems for both the flotation and bacterial oxidation circuits. Operating performance history demonstrates a steadily increasing recovery, with initial commissioning values of 85% increasing rapidly to a maximum of 92.4% in 1994-95. This is indicative of improving metallurgical control and diminishing amounts of reactive sulphide from transitional zones. Based on historical operating data, one of the most significant factors affecting both throughput and recovery was mechanical and equipment failures within the bio-oxidation circuit. Recent metallurgical test work was carried out for the pre-feasibility study for The Youanmi Gold Project. This test work was conducted on multiple potential process flowsheets, being; concentrate production via flotation, and oxidation of concentrate via bacterial oxidation and Neutral Albion Leach. All flowsheets were economically feasible and a commercial decision to progress with the Albion ProcessTMwas made by Rox Resources. Metallurgical testwork results from pre-feasibility test work were released on 20thJune 20246, with key outcomes including:

o	Average gold recovery to concentrate of 91%,
	with a mass recovery to concentrate of
	13.5%
o	Average gold recovery from flotation tails
	leachingof 55%

6 ASX: RXL release 20th June 2024, “Metallurgical Testwork Results”

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JORC Code, 2012 Edition - Table 1 - Section 3 Estimation and Reporting of Mineral Resources

Criteria	JORC Code explanation	Commentary
	o Gold recovery of Albion Leach residues of 92.3% to 99% o Average overall gold recoveries of 88.6% to 95.7% A detailed metallurgical test work program is currently underway to further refine the processing flowsheet for Definitive Feasibility Study which is due in late 2025. Initial results from this program7indicate: o Flotation recovery to concentrate of 91%, aligning with previous results o Ore is classified as hard (BWi results of 13.7 to 17.2 kWh/t) which aligns with previous results o Abrasion index tests indicate that the ore is slightly abrasive, indicating modest wear of comminution equipment.
Environmental factors or assumptions	Assumptions made regarding possible waste and process residue disposal options. It is always necessary as part of the process of determining reasonable prospects for eventual economic extraction to consider the potential environmental impacts of the mining and processing operation. While at this stage the determination of potential environmental impacts, particularly for a greenfields project, may not always be well advanced, the status of early consideration of these potential environmental impacts should be reported. Where these aspects have not been considered this should be reported with an explanation of the environmental assumptions made. No assumptions regarding possible waste and process residue disposal options have been made. Youanmi is a previously mined site, with historic waste dumps and tailings dams.
Bulk density	Whether assumed or determined. If assumed, the basis for the assumptions. If determined, the method used, whether wet or dry, the frequency of the measurements, the nature, size and representativeness of the samples. Bulk density data is predominantly derived from some standard Specific Gravity (SG) immersion measurements carried out between 1989 and 1992 and by Rox. Within the interpreted mineralised lodes, the mean density of the samples was 2.85tm-3. Bulk density for the host rocks were assigned on the basis of the bulk lithology, Fe & Mg Tholeiite, Felsic volcanic, Intermediate porphyry, pyroxenite, felsic intrusive and monzogranite (Youanmi Granite) and proportionally reduced by weathering profile.
	The bulk density for bulk material must have been measured by methods that adequately account for void spaces (vugs, porosity, etc), moisture and differences between rock and alteration zones within the deposit. The water immersion method measurements were determined by measuring the weight of part or the entire sample in air and water and then applying the formula bulk density = weight_air/(weight_air-weight_water).
	Discuss assumptions for bulk density estimates used in the evaluation process of the different materials. N/A
Classification	The basis for the classification of the Mineral Resources into varying confidence categories. The mineral resource was classified as Indicated or Inferred based on the level of geological understanding of the mineralisation and the drillhole spacing. The classification of the Youanmi mineralisation resource was developed from the confidence levels of key criteria including drilling methods, geological understanding and interpretation, sampling, data density, data location, data quality, grade estimation and quality of the estimates Generalised criteria applied were:

7 ASX: RXL release 21st May 2025, “Youanmi Initial Metallurgical Results”

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JORC Code, 2012 Edition - Table 1 - Section 3 Estimation and Reporting of Mineral Resources

Criteria		JORC Code explanation	Commentary
			 Measured
			o None applied.
			 Indicated
			o Search Volume 1, SR ~> 0.6, KE ~>0.3,
			AveDist ~< 40m.
			 Inferred
			o Search Volume 2, SR ~> 0.4, KE ~>0.1,
			AveDist ~< 60m,
			 Exploration Potential
			o Search Volume 3,
			o individual lodes supported by less than
			~6 drillholes,
			o all other material not classified above
			as Measured, Indicated or Inferred.
		Whether appropriate account has been taken of all	The classification reflects the overall level of confidence
		relevant factors (ie relative confidence in tonnage/grade	in mineralised domain continuity based on the drill
		estimations, reliability of input data, confidence in	sample data numbers, spacing and orientation, QAQC
		continuity of geology and metal values, quality, quantity	results, survey control and drilling methods and
		and distribution of the data).	geological interpretation.
		Whether the result appropriately reflects the Competent	The mineral resource classifications applied
		Person’s view of the deposit.	appropriately reflect the view of the Competent Person.
Audits or Reviews		The results of any audits or reviews of mineral resource estimates.	An independent external review of all aspects of the MRE has been undertaken by Cube Consulting Pty Ltd
			(Cube), who have found no material issues with the
			estimation process.
Discussion of relative accuracy/		Where appropriate a statement of the relative accuracy and confidence level in the mineral resource estimate using an approach or procedure deemed appropriate by	The accuracy of the mineral resource is communicated through the classification assigned. The mineral resource been classified in accordance with the JORC
confidence		the Competent Person. For example, the application of	Code (2012 Edition) using a quantitative and qualitative
		statistical or geostatistical procedures to quantify the	approach. All factors that have been considered have
		relative accuracy of the resource within stated	been adequately communicated in Section 1 and
		confidence limits, or, if such an approach is not deemed	Section 3 of this table.
		appropriate, a qualitative discussion of the factors that
		could affect the relative accuracy and confidence of the
		estimate.
		The statement should specify whether it relates to global	The accuracy of the mineral resource is communicated
		or local estimates, and, if local, state the relevant	through the Inferred or Indicated classification assigned
		tonnages, which should be relevant to technical and	to the deposit. The mineral resource has been classified
		economic evaluation. Documentation should include	in accordance with the JORC Code. All factors that have
		assumptions made and the procedures used.	been considered have been adequately communicated
			in Section 1, Section 2 and Section 3 of this table.
			The mineral resource Statement relates to a global
			estimate of in-situ tonnes and grade.
		These statements of relative accuracy and confidence of	Cube Consulting conducted an independent review
		the estimate should be compared with production data,	comparing historic stope production data with
		where available.	underground (UG) grade control sampling. The review
			found that grade control samples located within mined
			stopes exhibited mean gold grades similar to those
			reported for stope production. Overall, the UG samples
			reported approximately 9% lower mean gold grades
			than the mined stope grades.

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Appendix 1 – Historical ASX Announcements

Historical ASX announcements are listed below:

• ASX Announcement on 05 May 2025 – “On the Path to Development”

• ASX Announcement on 05 December 2024 – “Major 35,000m Step Up Drill Program Commences”

• ASX Announcement on 30 January 2024 – “MRE update paves the way for Youanmi PFS”

• ASX Announcement on 19 October 2022 – “Youanmi Gold Project Scoping Study”

• ASX Announcement on 20 April 2022 – “Youanmi Near Surface Resource Increased to 1.0Moz Au”

• ASX Announcement on 20 January 2022 – “Youanmi Deeps Resource Upgrade Lifts Total Youanmi Resource to 3Moz Au”

• ASX Announcement on 23 June 2021 – “Substantial 39% increase to Youanmi Gold Project Resource to 1.7Moz”

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Appendix 2 – Comparable Companies

Companies selected are considered comparable to Rox Resources in that they are Western Australian gold explorers, developers and early producers that have market capitalisation less than A$420m on 10 July 2025, and their resource data is quoted at 100% ownership and exclude international assets.

	Measured Resources - 100%	Indicated Resources - 100%	Inferred Resources - 100%	Total Resources - 100%
Ticker Name Stage	Tonnes (Mt) Grade (g/t Au) Contained Au (koz)	Tonnes (Mt) Grade (g/t Au) Contained Au (koz)	Tonnes (Mt) Grade (g/t Au) Contained Au (koz)	Tonnes (Mt) Grade (g/t Au) Contained Au (koz)
					Source
BTR Brightstar Resources Ltd PFS /Development	1.3 2 85	17.6 1.7 948	43 1.4 1,973	61.4 1.5 2,990.00	Maiden Ore Reserves at Laverton Underground Operations - ASX Announcement on 26/06/2025
AZY Antipa Minerals Ltd PFS		32.4 1.6 1,670	20.7 1.3 854	53 1.5 2,520.00	Minyari Project Gold Resource Grows By 100 K T 25 Milli O Of Gld ASX
					oz o . on z o - Announcement on 21/05/205
AUC Ausgold Ltd FID	41.6 1.1 1,531	21.2 1.0 693	5.9 1.2 219	68.7 1.1 2,443.00	Definitive Feasibility Study Demonstrates Strong Gold Production and Excellent Financial
					Returns Over Ten-Year Mine Life- ASX Announcement on 30/06/2025
MAU Magnetic Resources NL DFS		29.1 1.8 1,715.8	11.6 1.6 602.4	40.7 1.8 2,318.20	Lady Julie Gold Project Resource Significantly Increases by 22% to
					2.14Moz - ASX Announcement on 23/06/2025
MI6 Minerals 260 Ltd PFS		39 1.1 1,400	21 1.3 890	60 1.2 2,300.00	Transformational acquisition of the
					2.3Moz Bullabulling Gold Project in Wt Atli f Atli’
					esern usraa, one o usraas largest undeveloped gold projects - ASX
					Announcement on 14/01/2025
HRN Horizon Gold Ltd PFS		28.2 1.5 1,346	16.3 1.5 791.3	44.5 1.5 2,137.30	Annual Report to Shareholders - ASX
					Announcement on 19/09/2024
STN Saturn Metals Ltd PFS	4.8 0.6 83	107.4 0.5 1,753	24.8 0.5 403	137.1 0.5 2,239	Apollo Hill Gold Resource Increases to 224M ASX At
					.oz - nnouncemen on 18/07/2025
HRZ Horizon Minerals Ltd Development/ Production	1.3 1.3 55.9	15.8 1.9 935.3	13.4 1.9 811.6	30.5 1.8 1,802.90	Group Mineral Resources Statement -
					ASX Announcement on 29/04/2025
AAR Astral Resources NL DFS		36 1.1 1,259	14 1.2 502	50 1.1 1,761.00	Mandilla Gold Project Pre-Feasibility
					Study And Maiden Ore Reserve - ASX
					Announcement on 25/06/2025
MM8 Medallion Metals Ltd FID		12.1 2 790	7.1 2.2 510	19.2 2.1 1,290.00	Investor Presentation - ASX
					Announcement 06/05/2025
MEK Meeka Metals Ltd FID	0.2 11.4 55	8.2 2.5 645	4.7 3.6 535	12.9 3 1,235.00	Turnberry Mineral Resource Upgrade -
					ASX Announcement 06/05/2024
PTN Patronus Resources Ltd Scoping Study		9.8 1.6 496	10.8 1.3 457	20.8 1.4 955.00	Cardinia Gold Project Mineral Resource
					Passes 1.5Moz - ASX Announcement on
					03/07/2023
GG8 Gorilla Gold Mines Ltd Exploration		0.46 5.4 80.1	6.14 4.4 872.3	6.6 4.5 952.40
					Investor Presentation – 14 July 2025
GBR Great Boulder Resources Ltd Scoping Study		3.2 3.4 340	4.3 2.4 327	7.5 2.8 668.00
					Ironbark Scoping Study Highlights Rbt Mii Otit ASX
					ous nng pporuny - Announcement on 17/07/2025
NMG New Murchison Gold Ltd Production		1.5 4.6 226	0.7 2.4 53	2.2 3.9 279.00	New Murchison Gold Provides a Mineral Resource Update for the Crown Prince
					Deposit - ASX Announcement on 28/11/2024

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