ROX RESOURCES LIMITED — Investor Presentation 2018

Feb 21, 2018

ASX: RXL

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Cashed Up Explorer - Strategically Acquiring

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22 February 2018

Ian Mulholland - Managing Director

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Who is Rox?
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An awarded Australian exploration company Strong Financial Positon: Cash of ~ $12 million & receivables of ~$4 million , no debt High grade JORC Mineral Resources of Nickel and Gold** in Australia

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Long term committed management and directors, with “skin in the game”

• $12.2 million as of 31 December 2017, $3.75 million due from Teck by 15 February 2023 from Reward project sale

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Nickel Price Outlook
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High-grade nickel sulphide is actually the most important metal in a lithium-ion battery at the cathode, followed by graphite as the anode, with lithium "like the salt on the salad" , according to Tesla’s Elon Musk

“The reality is the supply of lithium is nowhere near as constrained as copper or nickel” , Todd Warren, Colonial First Mutual, Head of Global Resources

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Nickel Market - Dichotomy
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265%
Continued production
despite price fall
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There are two types of nickel – Class 1 (99.9% pure) and Class 2 (impure – used for NPI) Nickel market is about 2 Mtpa, split 50/50 into Class 1 and 2

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Class 1 comes from sulphide ores and processed laterite ores – suitable for batteries Current LME Stockpiles are ~350,000t (9 weeks) of Class 1 Ni – but now starting to fall

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The Battery Revolution
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• Internal Combustion Engine (ICE) has 2,000 moving parts vs. EV = 18

• ICE 19% efficient energy conversion, EV = 95%

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EV Batteries
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NICKEL 33.3% 60% 80%
MANGANESE 33.3% 30%
10%
COBALT 33.3% 20%
10%
PRESENT 2018 2020
NMC111 NMC532 NMC811
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The move from NMC111 to NMC811 battery will increase range by 60% NMC811 re-charges to 80% in 20 minutes

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Further improvements are mooted to give 500km range

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EV Vehicle Take-up
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93%
Current EV 30%
market share
1%
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600ktpa,
2Mtpa,
33%
100%
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If conversion to NMC811 battery takes place, then Ni demand will increase faster to 33% (600kt) by 2025 (8 years), and 100% (2Mt) by 2030. There simply isn’t this supply of nickel. The growth from 2025 to 2030 will be rapid. Typically we under-estimate the speed of technological disruptions

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The move to the EV is obvious, manufacturers are now phasing out ICE cars

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Nickel Production Impetus
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Class 1 nickel supply will be in deficit going forward Increase in demand by 2025 from switch to EVs will be 300 – 600 ktpa, triggering a shortage By 2030, will need 1 -2 Mtpa more Class 1 Ni Where will this production come from? Takes 6-8 years to bring a new nickel sulphide mine on stream – projects that are advanced will have the advantage Will need a much higher Ni price to make this happen (>US$20,000/t) – predicted by 2020

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Nickel Projects
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Two nickel sulphide projects in WA’s northern goldfields

Fisher East is a new nickel province – discovered in 2013 by Rox

Collurabbie discovered in 2004 by WMC – but relatively unexplored Fisher East and Collurabbie are just 70km apart – project development synergies High grade Mineral Resources of ~ 50,600 tonnes Ni metal @ 2.5% Ni at Fisher East and ~13,500 tonnes NiEq @ 2.3%* at Collurabbie

* See Appendix for Mineral Resource details

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Development Studies
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Low technical risk project :

o Toll milling – truck ore to nearby plant (two plants within 200km)

o Build a plant on site – truck concentrate for sale Decline to underground mine ~70-100m depth Standard underground mining techniques and costs Simple process flow sheet and logistics

Metallurgical recoveries, 80 – 99%, and saleable concentrate grades, 10 - 14% Ni, acceptable Fe:MgO ratios, low As (no penalties) Straight forward project dependent on nickel price Increased resources will increase mine life and project value

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Fisher East Nickel
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X
X X
X
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Total Mineral Resource of 2.0 Mt @ 2.5% Ni , for 50,000 tonnes Ni metal*

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Drilling planned to increase resources/make new discoveries

* See Appendix for Mineral Resource details

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Exploration Targets
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X	X
Resource	Target

Exploration ongoing on several targets along 25km of strike Resource to be drilled out at Sabre Fresh sulphides in aircore at Mt Tate to follow up Exceptional EM target at Corktree

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Corktree Target
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VTEM
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X 1km

• Strongest EM anomaly at Fisher East, 1km strike

• Only one RC hole intersected the interpreted EM plate at Corktree

• The deeper (and stronger) EM plate remains untested at 400-600m depth

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Collurabbie Acquisition
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123km[2] of prospective tenure Main discovery at Olympia deposit Widespread Ni-Cu-PGE mineralisation over ~15km strike length on multiple stratigraphic horizons

Underdone previous exploration Extensive and quality datasets of drilling and geophysics Drill targets for Ni-Cu-PGE and Au Cheap* quality counter-cyclical acquisition

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• $25,000 cash + 7.5 million RXL shares (~$150K)

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Exploration Potential
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Olympia Mineral Resource of 573,000 tonnes @ 1.6% Ni, 1.2% Cu, 0.08% Co and 2.3 g/t Pt+Pd, 2.3% NiEq High grade drill intercepts Open at depth* Exploration potential over 15km of strike Aircore drilling planned

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• See ASX:RXL 18 August 2017 for resource details

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Attractive Gold Potential
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JORC Mineral Resource of 86,000 oz* @ 2.75 g/t Au Large scale gold-in-regolith anomaly along complex western shear zone (Damsel-Dam-Shiva) – 10km long Targeting >500,000 ozs Gold plants within 130km (Bronzewing, Darlot) 3,600m of RC drilling planned

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• See Appendix for Mineral Resource details

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Exceptional Recent Results
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300m anomaly

at Dam North

4m @ 6.2 g/t Au

200m extension at Dam

800m extension

to Damsel

4m @ 2.8 g/t Au

Filled in Dirks over 1km 4m @ 3.5 g/t Au RC drilling to define resources planned

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More Recent Results
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At Shiva, strong continuous gold anomaly > 1 g/t Au over 500m

4m @ 1.3 g/t Au

RC drilling to define resources planned

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Project Search
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Focus on identifying and acquiring Gold, Silver, Copper or Zinc
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company and its shareholders
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Corporate Information
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Key Information ASX Code: RXL Share Price: A$0.015 Shares: 1,259M Unlisted Options: 83.8M Market Cap: $18.9M Cash (at 31 Dec 2017): $12.2M EV: Cash Backing of $6.7M $0.01/share Top 20: 22%

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Forward Strategy
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• Cashed Up

• $12 million cash plus $4 million in receivables

• Nickel

Leverage for an improved price

Continue to explore and grow resources – drilling Continually assess development options & opportunities

• Gold

Explore - drilling

Aim is to establish at least 500,000 ounce resource

• New Projects

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Continued search to add shareholder value

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Thank You

Rox Resources Limited Level 1, 34 Colin Street, West Perth, WA, 6005 AUSTRALIA T: (08) 9226 0044 F: (08) 9322 6254 E: admin@roxresources.com.au W: www.roxresources.com.au

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Appendix – Mineral Resources
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Fisher East Nickel, ASX:RXL 5 February 2016

Mt Fisher Gold, ASX:RXL 10 February 2012

	Deposit	Category	Tonnes (Mt)	Ni%	Ni (kt)
		Indicated	0.99	2.56	25.3
	Camelwood	Inferred	0.08	2.52	2.0
		Total	1.06	2.56	27.3
		Indicated	0.15	3.43	5.1
	Cannonball	Inferred	0.01	2.41	0.2
		Total	0.16	3.38	5.3
		Indicated	0.79	2.21	17.4
	Musket	Inferred	0.03	1.94	0.7
		Total	0.82	2.20	18.0
		Indicated	1.92	2.49	47.8
	TOTAL	Inferred Total	0.12 2.04	2.35 2.48	2.9 50.6

	Deposit	Category	Tonnes		Uncut	Uncut			Cut
				Grade			Metal	Grade	Metal	Value
				(g/tAu)			(Ozs)	(g/tAu)	(Ozs)	(g/tAu)
	Moray Reef	Measured	25,700	10.84			8,957	7.96	6,577	80
		Indicated	4,900	6.09			959	5.95	937	80
		Inferred	1,200	3.87			149	3.87	149	80
		TOTAL	31,800	9.85			10,066	7.50	7,664	80
	Mt Fisher	Measured	119,600	3.72			14,304	3.60	13,843	50
		Indicated	56,700	3.62			6,599	3.62	6,599	50
		Inferred	38,900	3.44			4,302	3.41	4,265	50
		TOTAL	215,200	3.64			25,206	3.57	24,707	50
	Damsel	Measured	26,600	2.91			2,489	2.68	2,292	30
		Indicated	143,300	2.47			11,380	2.39	11,011	30
		Inferred	556,100	2.34			41,837	2.26	40,407	30
		TOTAL	726,000	2.39			55,705	2.30	53,710	30
	TOTAL	Measured Indicated Inferred	171,900 204,900 596,200	4.66 2.87 2.41			25,750 18,938 46,288	4.11 2.82 2.34	22,712 18,548 44,821
		TOTAL	973,000	2.91			90,976	2.75	86,080

Olympia Nickel-Copper-PGE, ASX:RXL 18 August 2017

Pd+Pt Tonnes Ni % Cu % Co ppm Pd ppm Pt ppm NiEq %* NiEq (kt) (oz) 573,000 1.63 1.19 820 1.49 0.85 2.36 13.5 42,971

Fisher East: 1.5% Ni block cut-off grade. Values may not sum due to rounding. JORC 2012 Mt Fisher: 0.8 g/tAu block cut-off grade. Values may not sum due to rounding. JORC 2004 Olympia: 1.0% Ni block cut-off grade. Values may not sum due to rounding. JORC 2012

*NiEq = (Ni grade x Ni price x Ni recovery + Cu grade x Cu price x Cu recovery) / (Ni price x Ni recovery) Where Ni price = US$10,300/t, Ni recovery = 85% (assumed), Cu price = US$6,322/t, Cu recovery = 85% (assumed)

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Disclaimers
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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 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 (among others) the risk of adverse or unanticipated market, financial or political developments.

Competent Person Statements

Resource Statements

The information in this report that relates to nickel Mineral Resources for the Olympia deposit was reported to the ASX on 18 August 2017 (JORC 2012). Rox confirms that it is not aware of any new information or data that materially affects the information included in the announcement of 18 August 2017 , and that all material assumptions and technical parameters underpinning the estimates in the announcement of 18 August 2017 continue to apply and have not materially changed.

The information in this report that relates to nickel Mineral Resources for the Fisher East project was reported to the ASX on 5 February 2016 (JORC 2012). Rox confirms that it is not aware of any new information or data that materially affects the information included in the announcement of 5 February 2016, and that all material assumptions and technical parameters underpinning the estimates in the announcement of 5 February 2016 continue to apply and have not materially changed.

The information in this report that relates to gold Mineral Resources for the Mt Fisher project was reported to the ASX on 10 February 2012 (JORC 2004). Rox confirms that it is not aware of any new information or data that materially affects the information included in the announcement of 10 February 2012, and that all material assumptions and technical parameters underpinning the estimates in the announcement of 10 February 2012 continue to apply and have not materially changed.

Exploration Results

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 forward looking statements in this presentation or any changes in events, conditions or circumstances on which any such forward looking statement is based.

Exploration Results herein are based on information compiled and released to the ASX as follows:

Fisher East and Mt Fisher (ASX:RXL Between 1 April 2011 and the present)

Collurabbie (ASX:FCN 17 August 2004, 10 November 2004, 3 December 2004, 8 March 2005, 5 July 2010, and 8 July 2011, ASX:RXL 10 October 2017).

Bonya (ASX:RXL 20 October 2014, 5 November 2014, 1 December 2014).

In the case of the Exploration Results and Mineral Resources reported under the 2004 JORC Code, they have not been updated to comply with the JORC Code 2012 on the basis that the information has not materially changed since it was last reported.

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