ROX RESOURCES LIMITED — Investor Presentation 2022

Aug 1, 2022

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Investor Presentation

Diggers & Dealers - August 2022

Alex Passmore | Managing Director

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Disclaimers

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.

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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.

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.

2

Investment Highlights

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YOUANMI GOLD PROJECT (3.2Moz at 3.57 g/t Au)[(1)]

• Quality high grade resource reported at flagship project, Youanmi ( 3.2Moz at 3.57 g/t Au )[(1)]

• Including high grade underground component of 2.2Moz at 6.9 g/t Au

• Resource remains open along strike and down dip with further growth likely

• 41% of resource currently in indicated category (April 2022)

• Resource / Reserve definition drilling inferred  indicated (ongoing)

• Combined CIL / Concentrate Sales preferred for commercialisation pathway for sulphide ore bodies at Youanmi ( 94% - 96% payability targeted )

• Feasibility studies continuing into development of Youanmi gold project

MT FISHER – MT EUREKA PROJECT

• Renewed focus on exploration with VMS prospectivity identified

• Exceptional results received from December 2021 drilling campaign. High gold grades intersected across broad widths at the Damsel Prospect. Mineralisation is open down dip and down plunge.

VALUE

• Attractive entry price ($18 per attributable resource ounce)

• Refer ASX announcement 20 April 2022

3

Strategy

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“Applying modern exploration and mining technologies to historical assets and data to grow existing resources and return to production”

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• Recent Achievements 2021 – 2022 2022 – +

• Resource growth at Youanmi • Advance studies and options for • Finalise studies  Exploration success at Mt restart • Final Investment Decision • •

• Fisher Investigate early cash flow Funding

• Metallurgical testwork opportunities • Execution

• Commence scoping study • Ongoing exploration • Ongoing exploration

• Commence regional drilling at Youanmi

4

ABOUT ROX RESOURCES

Corporate Information

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

Capital Structure

Capital Structure
ASX Code	RXL
Shares on Issue	168.9M
Share Price (as at 27 July 2022)	A$0.26
Unlisted Options	20.6M
Market Capitalisation	$43.9M
Cash (as at 30 June 2022)	$4.4M
Debt	Nil

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Shareholders

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Hawke’s Point
13% Directors & Management
3%
Top 20 Holders 31%
84%
Retail & Other Top 70 Holders 45%
Institutional Shareholders 22%
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RXL Share Price History

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$1.40
$1.20
$1.00
$0.80
$0.60
$0.40
$0.20
$0.00
Jan 20 Apr 20 Jul 20 Oct 20 Jan 21 Apr 21 Jul 21 Oct 21 Jan 22 Apr 22 Jul 22
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5

Experienced Team

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Stephen Dennis Non – Executive Chairman

Alex Passmore Managing Director

John Mair Non – Executive Director

Robert Ryan Non – Executive Director

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Chris Hunt

Chief Financial Officer

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Matthew Antill

General Manager – Operations

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Gregor Bennett Exploration Manager

6

Comparable Gold Companies[(1)]

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EV / Attributable Resource Ounces vs Grade for Comparable Gold Companies

(Bubble size represents attributable resource ounces)

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250
GMD
200
DEG MGV
150
100 High quality and
KIN large resource
AUC AME MEK
with compelling
50 STN HRN HRZ valuation
0
BC8
0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5
-50
Resource Grade (g/t Au)
EV / Attributable Resource ounces (A$)
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1. Refer Appendix 3 for support

7

ESG Program

We are pleased to align our reporting to the United Nations Sustainable Development Goals (SDG’s), the Global Reporting Initiative’s (GRI ) Standards and the Task Force for Climate-related Financial Disclosures (TCFD)

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GRI TCFD Global Reporting Climate-related financial Intitiative disclosures

2022 Goals

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Produce our Inaugural Sustainability insert within our Annual Report

Establish baseline measurements for our material topic

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Conduct an ESG gap analysis on company policies, standards and action where required Develop our Employer Value Proposition (EVP)

Commence preliminary studies into our carbon management plan

8

PROJECT OVERVIEW

Youanmi Gold Project Overview

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

• • Previously produced 670,000 ounces at 5.4 g/t Au; closure in 1997 when gold price was A$400/oz – A$450/oz

• • The last parcel of ore mined underground at Youanmi (Nov 1997) was at 14.6 g/t Au grade

• Existing decline in place – to approx. 600 metres below ground

• Quality, high-grade resource (3.2Moz at 3.57 g/t Au)[(1)]

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1. 1.Refer ASX announcement 20 April 2022Refer ASX announcement 20 April 2022

9

Mineral Resource – April 2022

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Resource Update

• Youanmi Total Mineral Resources increased in 2022 by

• 1.5Moz Au (+93%) to 3.2Moz of contained gold (Au)[(1)]

• Underground Resource growth (+156%) to 2.2Moz Au at 6.9 g/t Au with high grades preserved (6.9 g/t Au resource average) [(1)]

• Near Surface Resource growth to 1.0Moz at 1.74 g/t Au[(1)]

• Very high-grade material increased following seven

months of intensive infill and extensional diamond drilling

			January Tonnes	2022 Resource Au Grade Au Metal*	2022 Resource Au Grade Au Metal*	Change in Au Metal	April Tonnes	2022 Resource Au Grade Au Metal	2022 Resource Au Grade Au Metal
	Area Classification	Cut-off	(dmt)	(g/t)	(oz)	(%)	(dmt)	(g/t)	(oz)
	Near Surface Indicated Underground Indicated	0.5 g/t* 3.0 g/t	7,470,000 3,060,000	1.81 7.55	434,000 744,000	up 27% N/A	9,070,000 3,060,000	1.89 7.55	552,000 744,000
	SubTotal Indicated		10,530,000	3.48	1,178,000	up 10%	12,130,000	3.32	1,296,000
	Near Surface Inferred Underground Inferred	0.5 g/t* 3.0 g/t	7,240,000 6,840,000	1.57 6.59	366,000 1,450,000	up 24% N/A	8,930,000 6,840,000	1.58 6.59	453,000 1,450,000
	SubTotal Inferred		14,080,000	4.01	1,816,000	up 5%	15,770,000	3.75	1,903,000
	Near Surface Ind + Inf Underground Ind + Inf	0.5 g/t* 3.0 g/t	14,710,000 9,900,000	1.69 6.89	800,000 2,194,000	up 26% N/A	18,000,000 9,900,000	1.74 6.89	1,004,000 2,194,000
	Near Surface + Underground Ind + Inf		24,610,000	3.78	2,994,000	up 7%	27,900,000	3.57	3,199,000

• Underground Resource last updated in January 2022

• ** Grace 1.5 g/t Au Cut-Off

Resource Growth

for around 38,000 metres, as well as defining new areas

(Oz)

• such as Link, Junction, and mineralisation-parallel hangingwall lodes

• $7 per ounce discovery cost - well below industry averages

• Increase in Au metal ounces per vertical metre for

Youanmi Underground over key potential mining depths

1. Refer ASX Announcements dated 17 April 2019, 23 June 2021, 20 January 2022 and 20 April 2022 for comprehensive details of Youanmi mineral resources

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3,500,000 3.2 Moz
3.0 Moz
3,000,000
2,500,000 1.2 Moz 1.3 Moz Indicated
2,000,000 1.7 Moz
1,500,000
1.2 Moz
0.7 Moz
1,000,000 0.5 Moz 1.8 Moz 1.9 Moz Inferred
500,000 0.9 Moz
0.7 Moz
0
May 2018 June 2021 January 2022 April 2022
Total Resource Total Resource Total Resource Total Resource
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10

Resource Observations

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Resource Observations

• Multiple mineralised lodes modelled, along 2.8 km

• of strike length at surface, comprising the Mine Lode

and associated footwall and hanging wall lodes

along the main trend corridor

• Maximum depth of the Mine Lode interpretation is

• to approximately -600mRL, 1,060m below the natural surface

• Opportunity for open pits to be mined concurrently with a high-grade underground operation

• Longer term – larger scale open pit expansion

• opportunity

• Exploration is ongoing with Resource growth likely

• to continue

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11

Resource Observations (Cont’d)

Resource Observations

• A significant increase in ounces per vertical metre was achieved in the recent resource upgrade to an average of 4,000 ounces per vertical metre (ovm) between surface and 160m below surface (2,900 ovm 160m to 750m below surface)

• Resource growth to April 2022 being lateral in two aspects:

• To the north including the Link area; and

• New lodes discovered in the hanging-wall of the previously

  • interpreted lodes

• Ounce per vertical metre metrics compare favourably to existing Western

Australian gold operations and indicate robust conceptual economics

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12

Metallurgy

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Main Ore Non - Sulphide Types at Youanmi Sulphide

Readily extractible via CIL. Most of this material is in the near surface resource. Some material also within quartz rich lodes in the Underground.

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

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

In today’s cost environment, with a keen focus on return for capital (capex reduction) concentrate sales presents as a compelling opportunity that wasn’t available to sulphide ores previously.

Combination of Concentrate Sales and CIL Bullion Production preferred process pathway for Youanmi as there is a substantial capital and operating cost benefit in comparison with other options.

• Based on 2021 testwork results refer ASX announcement 21[st] December 2021 ** Based on recent concentrate market public knowledge.

13

Gold Deportment and Past Observations

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From RXL’s recent work simplified metallurgy is as follows:

• 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%

Historical Processing Observations

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14

Conceptual Process Flowsheet

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Process Flowsheet

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

Overall Flowsheet

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Concentrate Logistics

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17

Infrastructure

Existing Facilities

The Youanmi Project includes a developed

underground mine (dewatering required) and

surface infrastructure including:

• Access roads (sealed roads 90km from mine gate)

• Airstrip

• Core shed and workshop

• Borefield

• Tailings disposal facility

• Mine offices

• Process water available from local aquifers

• Mine village - well equipped for exploration

crews.

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Midwest Pipeline & Road Infrastructure

• Spur line to Mount Magnet has a 4.1TJ/D capacity (APA Group)

• State road network established to/through Youanmi. Sealed road to 90 km from Youanmi Site

• Close to mining service towns

• Very good state roads accessing the site

With a history of mining Youanmi is classified as a disturbed site and is on existing mining leases

• Environmental approvals for development a straightforward process

• Well understood mining considerations (wall stability, angles etc.)

Youanmi Camp

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16

Progress to Date

Progress to Date

• More than 50,000 metres drilled (RC and DD) in the past 18 months

• Substantial 93% increase in resource to 27.9M tonnes @ 3.57g/t Au for 3.2 million ounces[(1)]

• Low discovery cost of just $7 per resource ounce, well below industry averages

• Experienced management team appointed

• Progressing studies into Youanmi production with mining design at feasibility level accuracy, process flow and metallurgical testwork prescoping, moving to scoping and feasibility level accuracy throughout 2022

• Metallurgical testwork shows 92.2% average gold extraction from underground ore with Near Surface Ore also +92% from simple CIL[(2)]

• Commenced Aircore program on regional tenure, first major program since Rox acquired 50%

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1. Refer ASX Announcements dated 17 April 2019, 23 June 2021, 20 January 2022 and 20 April 2022. See Appendix 1 for full resource details 2. Refer ASX Announcements dated 6 October 2021, 23 December 2021

17

Resource Development Drilling

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Drilling Program

• The Company continues to invest in drilling to support resource growth and resource conversion, in parallel with feasibility studies

• Drilling programs will include resource conversion in addition to extensional drilling in key target areas with near term production potential

• Resource remains open down dip and along strike

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OPEN
Target Areas
OPEN
OPEN
OPEN
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18

Scoping Study Update - Youanmi Gold Project

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Progress update

• Given the current market conditions, which include significant cost pressures being experienced by producers, various options and trade-off’s are being studied, including:

• an initial smaller scale operation, with low upfront capital expenditure that can then be scaled up once the operation is in steady state; and

• larger scale initial operation with higher NPV albeit with higher upfront capital expenditure

• Significant infrastructure is in place at Youanmi which can be leveraged off to reduce upfront capital expenditure

• Scoping Study results anticipated to be announced to the market in 3[rd] quarter 2022

19

Regional Targets – Upside

Current Drilling Program

Next Steps

• 426 holes, 22,455 metre Aircore drilling program completed on Youanmi Regional JV tenements

• Follow up drilling (Aircore and RC) planned along strike and down dip

• Aircore drilling campaign intersected regolith gold anomalies within NW trending structures over approximately 4km of strike

of newly identified mineralisation;

• Infill drilling planned between

• High-priority target areas identified for follow up drilling

lines of anomalism; and

• 4m @ 2.37 g/t Au from 68m within a broader zone of 16m @ 0.91 g/t Au from

56m intersected in RXAC718 close to the Youanmi Shear Zone and within a 1.5km long strong anomaly

• Regional target generation

ongoing on 50km of strike of the

• 50km strike of Youanmi Shear Zone

largely untested by historic drilling

Youanmi Shear Zone

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20

Next Steps – Youanmi Gold Project

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Project Evaluation

• Company expects concept level project economics to be very robust and is hence continuing to rapidly pursue its investigation of development pathways for the Youanmi Gold Project

• Studies into optimal production scenarios are well advanced these include:

• Metallurgical test work, processing plant design, underground mine design and open pit optimisations, dewatering and geotechnical studies, waste rock characterisation, and environmental baseline testing

• Focused on growing the resource base and progressing studies with the aim of developing production at the Youanmi gold mine

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• The Company continues to invest in drilling to support resource growth and resource conversion, in parallel with

• Resource feasibility studies

• Growth and • Drilling programs will include resource conversion in addition to extensional drilling in key target areas with near

• Definition term production potential

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Regional Drilling

• Undertaking extensive regional and near-mine drilling in parallel with feasibility studies - resource growth is expected to continue

21

PROJECT OVERVIEW

Mt Fisher - Mt Eureka Gold Project

• 850km[2] ground position in one of the least explored greenstone belts in the prolific Yilgarn Craton

• Targeting orogenic gold mineralisation and strata-bound VMS style mineralisation

• VMS prospectivity identified through extensive project review

• Immediate work programs Aircore drilling, RC drilling and high resolution airborne magnetic survey completed

• Mt Fisher Project includes a Gold Mineral Resource of 1.0Mt @ 2.7 g/t Au for 89,000 ounces of gold[(1)]

• Strong potential to add gold resources

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1. 1.Refer ASX announcement 20 April 2022ASX on 11 July 2018 (JORC 2012)

22

Project Location – Yilgarn Craton

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Project Location

• Mt Fisher - Mt Eureka Project is located in the Eastern Goldfields Superterrane of the Yilgarn Craton

• Yilgarn Craton is one of the World’s great gold provinces

• The project’s landholding is 850km[2] in one of the least explored greenstone belts in the prolific Yilgarn Craton

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23

Drilling Update

Drilling Campaign Ongoing

• Drilling is ongoing at the Mt Fisher Gold Project with a focus on the Damsel, Dam and Galway target areas.

• Exceptional results received from RXL’s December 2021 drilling campaign from these prospects.

• MFRC081: 18m @ 6.99g/t Au from 69m, including 10m @ 10.27g/t Au from 74m at the Damsel Prospect

• MFRC075: 13m @ 6.81g/t Au from 45m, including 9m @ 8.89g/t Au from 47m and 4m @ 2.59g/t Au from 67m at the Galway Prospect

• High gold grades intersected across broad widths at the Damsel Prospect. Mineralisation is open down dip and down plunge .

• Drilling intersected significant gold mineralisation at all target areas . The extensive nature and continuity of the gold mineralisation throughout the project area indicates the greenstone belt has strong potential for major new gold discoveries .

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24

Damsel Prospect

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Long-section of
Damsel Prospect
looking east
showing drill
pierce points.
Drilling
orientation is
perpendicular to
the plane of
mineralisation
(west to east).
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----- Start of picture text -----

Cross section of
MFRC081 at the
Damsel Prospect
looking north.
----- End of picture text -----

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•
The results
demonstrate
strong continuity
of high-grade
mineralisation
between drill
sections
•
Mineralisation
remains open
down plunge to
the north
----- End of picture text -----

Location plan of Dam-Damsel Gold Trend showing drill hole intersections and maximum gold in hole contours

25

Next Steps - Mt Fisher/Mt Eureka Gold Project

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2022 – +

• Follow up drilling (RC) planned along strike and down dip of

newly identified mineralisation at all prospects

• Regional target generation ongoing over 850km² of highly

• prospective greenstone terrane

26

Upcoming News Flow

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Development Studies

• Results of Youanmi Scoping Study - Qtr 3 2022

• Grace progress update - Qtr 3 2022

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Resource & Metallurgical Updates

• Youanmi Gold Project resource update - Qtr 3 2022

• Metallurgical testwork results - Qtr 4 2022

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Drilling Updates

• Youanmi Regional results - Qtr 3 2022

• Mt Fisher Damsel & Dam results - Qtr 3 2022

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27

Investment Highlights

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YOUANMI GOLD PROJECT (3.2Moz at 3.57 g/t Au)[(1)]

• Quality high grade resource reported at flagship project, Youanmi ( 3.2Moz at 3.57 g/t Au )[(1)]

• Including high grade underground component of 2.2Moz at 6.9 g/t Au

• Resource remains open along strike and down dip with further growth likely

• 41% of resource currently in indicated category (April 2022)

• Resource / Reserve definition drilling inferred  indicated (ongoing)

• Combined CIL / Concentrate Sales preferred for commercialisation pathway for sulphide ore bodies at Youanmi ( 94% - 96% payability targeted )

• Feasibility studies continuing into development of Youanmi gold project

MT FISHER – MT EUREKA PROJECT

• Renewed focus on exploration with VMS prospectivity identified

• Exceptional results received from December 2021 drilling campaign. High gold grades intersected across broad widths at the Damsel Prospect. Mineralisation is open down dip and down plunge.

VALUE

• Attractive entry price ($18 per attributable resource ounce)

• Refer ASX announcement 20 April 2022

3

Appendix 1 - Youanmi Mineral Resources

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Youanmi Mineral Resources

(ASX: RXL 20 Apr 2022)

Area	Classification	Cut-off (g/t)	Tonnes (dmt)	Au Grade (g/t)	Au Metal (oz)
Near Surface	Indicated	0.5*	9,070,000	1.89	552,000
Underground	Indicated	3.0	3,060,000	7.55	744,000
Sub-total	Indicated		12,130,000	3.32	1,296,000
Near Surface	Inferred	0.5*	8,930,000	1.58	453,000
Underground	Inferred	3.0	6,840,000	6.59	1,450,000
Sub-total	Inferred		15,770,000	3.75	1,903,000
Near Surface	Ind + Inf	0.5*	18,000,000	1.74	1,004,000
Underground	Ind + Inf	3.0	9,900,000	6.89	2,194,000
Total	Ind + Inf		27,900,000	3.57	3,199,000

Notes

* Grace 1.5 g/t cutoff

Competent Person Statements Resource Statement

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

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

29

Appendix 2 - Mt Fisher Gold Mineral Resources

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Mt Fisher Gold Resource

(ASX: RXL 11 July 2018)

Deposit	Category	Tonnes	Grade (g/t Au)	Gold (oz)
	Measured	25,521	8.02	6,577
Moray Reef	Indicated Inferred	4,930 1,242	5.95 3.87	943 155
	Total	31,693	7.53	7,675
	Measured	125,605	3.61	14,569
Mt Fisher	Indicated	59,533	3.63	6,948
	Inferred	40,934	3.41	4,494
	Total	226,073	3.58	26,011
	Measured	23,712	2.59	1,974
Damsel	Indicated	151,464	2.27	11,060
	Inferred	591,820	2.23	42,339
	Total	766,697	2.25	55,373
	Measured	174,838	4.11	23,121
TOTAL	Indicated	215,928	2.73	18,951
	Inferred	633,997	2.31	46,987
	Total	1,024,762	2.70	89,059

Notes

0.8 g/tAu block cut-off grade. Values may not sum due to rounding

Competent Person Statements Resource Statement

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.

30

Appendix 3 - Comparable Gold Companies

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

ASX code Company name Project Ownership (%) Resource (Mt) Grade (g/t Au) Attributable Contained Au (Koz) Attributable M&I Au (Koz) M&I Au/ Contained Au (%) Source	ASX code Company name Project Ownership (%) Resource (Mt) Grade (g/t Au) Attributable Contained Au (Koz) Attributable M&I Au (Koz) M&I Au/ Contained Au (%) Source	ASX code Company name Project Ownership (%) Resource (Mt) Grade (g/t Au) Attributable Contained Au (Koz) Attributable M&I Au (Koz) M&I Au/ Contained Au (%) Source
GMD Genesis Minerals Limited 100% 39.3 1.6 2,017 1,160 58% June Quarterly Report and Drilling Update (announced on ASX 5 July 2022)
MGV Musgrave Minerals Limited 100% 12.3 2.3 927 435 47% Cue Mineral Resource Increases to 927,000 ounces (announced on ASX 31 May 2022)
DEG De Grey Mining Limited 100% 250.7 1.3 10,634 6,855 64% Mallina Gold Project Resource Statement - 2022 (announced on ASX 31 May 2022)
AME Alto Metals Limited 100% 12.4 1.6 635 159 25% Sandstone Mineral Resource increases to 635,000oz of gold (announced on the ASX 23 March 2022)
KIN Kin Mining NL 100% 31.1 1.3 1,275 800 63% Quarterly Activities and Appendix 5B Cash Flow Report (announced on the ASX 24 January 2022)
BC8 Black Cat Syndicate Limited 100% 24.5 2.5 2,000 947 47% Near-mine, High-Grade Gold up to 102.37 g/t Au - Paulsens (announced on the ASX 8 July 2022)
HRZ Horizon Minerals Limited 100% 20.7 1.7 1,149 837 73% High Grade Gold and Initial Nickel Results At Golden Ridge (announced on the ASX on 15 March 2022)
STN Saturn Metals Limited 100% 76.0 0.6 1,469 760 52% Exciting Regional Drill Results - Apollo Hill Gold Project (announced on the ASX 16 June 2022)
MEK Meeka Gold Limited 100% 13.1 2.6 1,115 725 65% Quarterly Activities and Appendix 5B Cash Flow Report (announced on the ASX 19 April 2022)
AUC Ausgold Limited 100% 56.0 1.2 2,160 1,784 83% AUC Expands Kanning Gold Resource to 2.16 million ounces (announced on the ASX 25 May 2022)
HRN Horizon Gold Limited 100% 36.8 1.5 1,794 1,149 64% Outstanding gold intercepts from Gum Creek Diamond Drilling (announced on the ASX 15 March 2022)
RXL Rox Resources Limited 70% 27.9 3.6 2,239 907 41% Youanmi Near Surface Resource Increased (announced on the ASX 20 April 2022)
Other inputs Input date Source Cash and cash equivalents balances 30 June 2022 Appendix 5B Cash Flow Report – Quarter Ended 30 June 2022 Market capitalisation 27 July 2022 Australian Stock Exchange
Other inputs	Input date	Source
Cash and cash equivalents balances	30 June 2022	Appendix 5B Cash Flow Report – Quarter Ended 30 June 2022
Market capitalisation	27 July 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

Attributable M&I Au (Koz) for HRN calculated as follows: (13,932 indicated kilotonnes * 2.2 grams per tonne) / 31.1 grams.

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Appendix 4 - Comparable Gold Companies[(1)]

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EV / Attributable Resource Ounce vs Grade for Comparable Gold Companies

(A$)

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----- Start of picture text -----

(g/t Au)
$200 4.00
M&I 58%
$180
3.50
$160
3.00
$140
M&I 47%
2.50
$120
M&I 64%
$100 2.00
$80
1.50
M&I 63%
$60 M&I 25%
M&I 65% 1.00
M&I 83%
$40 M&I 73% M&I 52%
M&I 47% M&I 64%
M&I 41%
0.50
$20
$0 0.00
Genesis Musgrave De Grey Kin Mining Alto Metals Meeka Gold Ausgold Horizon Black Cat Horizon Saturn Rox
Minerals Gold Metals Resources
EV/Attributable Resource Oz Grade
----- End of picture text -----

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1. Refer Appendix 3 for support

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ASX : RXL

Thank You

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

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

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