ROX RESOURCES LIMITED — Investor Presentation 2022

Nov 22, 2022

ASX : RXL

Investor Presentation

November 2022

Robert Ryan | Managing Director

Developing the High-Grade, High Margin Youanmi Gold Project

Disclaimers and Competent Person Statement

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 forward-looking 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 – Mt Eureka Project was reported by Rox in accordance with ASX Listing Rule 5.8 in the announcement released to the ASX on 2 November 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.

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 and are in 100% terms (Rox 70% of the OYG Joint Venture) unless stated otherwise.

Rox Resources Offers Significant Value

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

ASX Code	RXL
Shares on Issue	189.2m
Share Price (as at21 November 2022)	$0.17
Unlisted Options	20.6m
Market Capitalisation	$32.2m
Cash (as at30 September 2022)	$1.8m
Debt	Nil

Shareholders

Board and Management

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

RXL Attractive Valuation2

1. Refer Appendix 1 for support.

1. Hawke's Point has committed to subscribe for such additional number of shares required to retain its current shareholding of 13.18% after the issue of shares under the Placement and SPP (November 2022). The issue of shares to Hawke's Point is subject to the Company obtaining shareholder approval at a general meeting to be held in or around early January 2023

WWW.ROXRESOURCES.COM.AU

Project Location

• Youanmi Gold Project located approximately 480km northeast of Perth and Mt Fisher – Mt Eureka Gold Project approximately 140km southeast of Wiluna
• Located in the central part of the Youanmi Greenstone Belt, which is situated in the Southern Cross Province of the Archaean Yilgarn Craton in Western Australia, "Australia's premier gold province"
• Proven track record of production with historical production of 667koz of gold grading 5.42g/t from open pit and underground operations
• Leverage off existing site infrastructure and decline
• Surrounded by million-ounce mines and major gold producers

Historical High-Grade Production

Over 660koz of historical production at high-grade, mine closed due to low gold price of ~A$450/oz

~4Moz Gold Endowment & Growing

1. Refer to ASX Announcements on 19 April 2021, 23 April 2021, 22 July 2021, 12 August 2021, 6 September 2021, 19 October 2021, 18 November 2021, 22 December 2021, 22 February 2022, 20 April 2022 and 8 June 2022

Youanmi Project Generates High Quality Outcomes at a Low Capital Cost

• 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.
• 6. Refer to ASX Announcement 19 October 2022 for more details

Low Capital Requirement

Pre-Production Capital 1		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
Life Of Mine 1Sustaining Capital –
Underground	$m	38	27
Other	$m	21	14
Total Sustaining Capital	$m	59	41

Attractive Value Proposition

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 carbon-in-leach bullion is the optimum commercialisation strategy for Youanmi.

High Quality Low Arsenic Gold Concentrate

From Rox's recent testwork and historic performance, simplified metallurgy is as follows:

• Historical production & recent testwork shows consistent concentrate production of >40g/t gold in concentrate with ~2% As 1
• 1.0Moz Au Near Surface Resource (surface to 160m depth) = free milling
• 2.2Moz Au Underground Resource = sulphide associated. Only 25% of this material is Arsenopyrite and needs extra oxidation. 75% is "conventional" milling.
• With only partial Sulphur Oxidation (33%) gold leach extraction is 90-95%

Notes

1. Refer to ASX Announcement 19 October 2022.

Gold Concentrate Market

The key purchasers for gold concentrates are generally in China although some Australian and international based roasters, pressure oxidation (POX) and bio-oxidation (BIOX) processors have capacity.

Changes to Chinese regulations have created an increased demand for low Arsenic gold concentrates (<6% As). Youanmi gold concentrate will attract a premium due to the low As content and high gold content.

Australian Current and Potential Gold Concentrate Producers

13

Comparable Gold Companies

EV / Attributable Measured & Indicated Resource Ounces vs Grade for Comparable Gold Companies1

(Bubble size represents attributable measured & indicated resource ounces)

Notes 1. Refer Appendix 1 for support. 14

Project Potential – Resource Stope Optimisation

Significant potential upside is not captured in the Scoping Study as only 20% of the Youanmi Global Mineral Resource is included in the Scoping Study production target and resource remains open down dip and along strike

Potential Upside – Resource Stope Optimisation

Notes

1. Refer to ASX Announcement 20 April 2022

2. Refer to ASX Announcement 19 October 2022. 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.

Mt Fisher – Mt Eureka Gold Project (Non-Core Asset)

Project Overview

• 850km2 ground position in one of the least explored greenstone belts in the prolific Yilgarn Craton
• Targeting orogenic gold mineralisation and strata-bound VMS style mineralization
• VMS prospectivity identified through extensive project review
• JORC Mineral Resource of 187koz at 1.65 g/t Au1
• Comprised of 5 separate gold deposits: Damsel, Mt Fisher Mine and Wagtail for 124koz on Rox 100% tenements, and Taipan and Southern for 63koz on Mt Eureka JV tenements (Rox earning up to 75%) 1 .

Recent Highlights

• Resource upgrade incorporates 6,700m of RC drilling completed over the last 12 months and delivers a 110% increase in contained gold from 89koz to 187koz1
• An average $7 per ounce discovery cost
• Follow up RC drilling planned at key prospects
• Options to realise value from the Mt Fisher Mt Eureka Gold Project are being actively

pursued

Notes

1. Refer to ASX Announcement 2 November 2022

Rox Resources Offers Significant Value

High QualityConcentrate	•Significantglobaldemandforthehigh-grade,lowarsenic,Youanmigoldconcentrate•Attractivefinancialresultsandlowcapitalrequirement
SignificantUpside	•Only20%ofmineralresourceincludedintheScopingStudyprovidestheabilitytoincreasescaleandlife•Ongoingexplorationinnearmineandregionalareas
Divestment ofNon-Core Assets	•Potentialsaleof10%stakeinCannonResourceswithvalueof$3.8m•FullyfundedthroughPFSwithfurtherfundingoptionsavailable
Attractive Value	•LowEV/AttributableMeasured&IndicatedResourceof$34/ozcomparedtoitspeers

17

Developing the High-Grade, High Margin Youanmi Gold Project

Appendix 1 - Comparable Gold Companies

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%		Attributable
Ticker	Name	Ownership	DevelopmentStage	Tonnage(Mt)	Grade(g/t Au)	ContainedGold (koz)	Tonnage(Mt)	Grade(g/t Au)	ContainedGold (koz)	Tonnage(Mt)	Grade (g/tAu)	ContainedGold (koz)	Tonnage(Mt)	Grade(g/t Au)	ContainedGold (koz)	Resource(koz)	EV/M&I oz($/oz)	Source
MGV	MusgraveMinerals Ltd	100%	Pre-feasibilityStudy				5.1	2.6	435.0	7.2	2.1	492.0	12.3	2.3	927.0	927.0	281	Annual Report 2022 -ASX Announcement on07/10/2022
GMD	Genesis MineralsLtd	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	2,017.0	355	Perfectly Positioned Corporate Presentation -ASX Announcement on 10/10/2022
AUC	Ausgold Ltd	100%	DefinitiveFeasibilityStudy	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	2,160.0	46	Sydney Mining Club Presentation -ASXAnnouncement 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	635.0	239	Annual Report 2022 -ASX Announcement on30/09/2022
KIN	Kin MiningNL	100%	DefinitiveFeasibilityStudy	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	1,406.9	85	Investor Update -ASX Announcement on14/10/2022
HRZ	Horizon MineralsLtd	100%	Pre-feasibilityStudy	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	1,240.3	48	Gold Resources Increase to 1.24Moz -ASXAnnouncement on 28/09/2022
BC8	Black CatSyndicate Ltd	100%	DefinitiveFeasibilityStudy	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	2,000.0	62	New Coyote Geological Model Driving HighGrade Success -ASX Announcement on10/10/2022
STN	Saturn MetalsLtd	100%	Pre-feasibilityStudy				41.0	0.6	760.0	35.0	0.6	710.0	76.0	0.6	1,469.0	1,469.0	33	Investor Presentation Gold Forum Americas -ASX Announcement on 21/09/2022
MEK	Meeka Gold Ltd	100%	Pre-feasibilityStudy	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	1,115.0	90	Drilling and Pre-Feasibility Study Update -ASXAnnouncement 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	1,793.6	34	High Grades and Wide Gold Intercepts Returnedfrom RC Drilling -ASX Announcement on19/09/2022
RXL	Rox ResourcesLtd	70%	Scoping Study				12.1	3.3	1,296.0	15.8	3.8	1,903.0	27.9	3.6	3,199.0	2,239.0	34	Annual Report 2022 -ASX Announcement on28/09/2022

Other inputs	Input date	Source
Cash and cash equivalents balances	30 September 2022	Appendix 5B Cash Flow Report –Quarter Ended 30 September 2022
Market capitalisation	21 November 2022	Australian Stock Exchange

Notes:

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

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

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