ROX RESOURCES LIMITED — Investor Presentation 2023

Feb 13, 2023

Developing the High-Grade, High Margin Youanmi Gold Project

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Investor Presentation RIU Explorers Conference

14 – 16 February 2023

Robert Ryan Managing Director

ASX : RXL

www.roxresources.com.au

Disclaimers and Competent Person Statement

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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 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.

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A High-Grade Gold Development

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• High Grade • High-grade, low arsenic, gold concentrate from Youanmi

• Production Target Gold Project from a +5g/t Production Target •

• Significant Only 20% of mineral resource included in the Scoping Study Upside • Ongoing exploration in near mine and regional areas • Strong support in recent capital raising •

• Well-Funded Successful sale of 10% stake in Cannon Resources Ltd Project • Actively pursuing divesting non-core assets including Mt Fisher – Mt Eureka Gold Project divestment

• •

• Attractive Low EV/Attributable Measured & Indicated Resource of Value $33/oz compared to its peers

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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

Capital Structure
ASX Code	RXL
Shares on Issue (as at 9 February 2023)	217.2m
Share Price (as at 9 February 2023)	$0.185
Unlisted Options	16.1m
Market Capitalisation	$40.2m
Cash (as at 31 December 2022)	$10.5m
Debt	Nil

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Shareholders

Board and Management

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Hawke’s Point [1]
Stephen Dennis Chairman
Directors &
13% Management
1%
Robert Ryan Managing Director
John Mair Non-Executive Director
Chris Hunt Chief Financial Officer
Retail &
86%
Other
Matt Antill General Manager – Operations
Top 20 Holders 33%
Travis Craig Exploration Manager
Top 70 Holders 46%
RXL Attractive Valuation [2]
$300 3.5
$250 3.0
2.5
$200
2.0
$150
1.5
$100
1.0
$50 0.5
$0 0.0
Alto Metals Musgrave Black Cat Meeka Gold Kin Mining Ausgold Horizon Horizon Gold Rox Saturn Breaker
Minerals Resources Metals Resources
EV/Attributable Measured and Indicated Resource Oz Grade
(A$/oz)
Grade (g/t Au)
EV/Attributable M&I Resource Ounce
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Notes

1. Hawke's Point has committed to subscribe to 7,156,412 shares to retain its current shareholding of 13.1% after the issue of shares under the Placement and SPP (November 2022). The issue of shares to Hawke's Point has been approved by the shareholders at a general meeting held on 10 February 2023, shares will be allotted on or around 16/02/23. 2. Refer Appendix 1 for support.

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www.roxresources.com.au

Meekatharra Meekatharra Gold Operation (3Moz) Cue Gold Operation (4Moz) Mt Magnet Mine (3Moz) Leinster Agnew (2Moz) Mt Magnet Kirkalocka (1Moz) Youanmi (3.2Moz) Geraldton Golden Grove Leonora Penny (0.3Moz) (1Moz) Kalgoorlie Southern Cross Perth

Mt Fisher – Mt Eureka (0.2Moz)

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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

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Historical High-Grade Production

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

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|||
|---|---|
|1908 –1921|Historical Shaft Mining|
|Production|166koz @ 15.2g/t|
|1937 – 1942|Historical Shaft Mining|
|Production|95koz @ 8.1g/t|
|and|15koz @ 10.2g/t|
|1987 – 1993|Open Pit Mining|
|Production|263koz @ 3.1g/t|
|1994 – 1997|Mechanized UG Mining|
|Production|128koz @ 9.7g/t|
|1997 Onward|Operation closed in 1997|
|due to prevailing gold price|
|of ~A$450/oz|

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Midway [1]
4m @ 45.5g/t Au
0.78m @ 32.98g/t Au
3.87m @ 9.9g/t Au
3.62m @ 6.49g/t Au Bunker
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~4Moz Gold Endowment & Growing

Main Pit 3.87m @ 9.9g/t Au 3.62m @ 6.49g/t Au Bunker Hill End United North Kathleen Kurrajong / Rebel Exploration Programme • Total resource currently at 27.9Mt at 3.57g/t Au for 3.2Moz Au contained gold[1] • Historical production > 660koz • More than 100,000 metres Link[1] Junction[1] drilled (RC and DD) since the 4m @ 7.2g/t Au 3m @ 15.17g/t Au 8m @ 4.17g/t Au acquisition of Youanmi Mine 4m @ 17.5g/t Au 17m @ 5.14g/t Au 9m @ 4.57g/t Au • Low discovery cost of $7 per 3m @ 12.1g/t Au 6.82m @ 11.98g/t Au resource ounce • Focus on drilling to support Existing Open Pits Mine Lode[1] resource conversion and near Historical Decline and Mined Areas 3.25m @ 32.22g/t Au Main Lode – Indicated / Inferred Resource mine exploration , in parallel 1.12m @ 48g/t Au Significant Intercepts with feasibility studies Priority 1 Targets • Resource remains open down Notes: dip and along strike

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

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Extensive Drill Program Underway

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• The 16,000m RC and 7,000m DD drill program will be ongoing from January to April 2023 with first drill assay results expected in late February

• Resource drilling is focused on converting the inferred resources to indicated classification at the high priority areas Link and Kathleen which is integral to the Youanmi Gold Project and will form the early production for the purposes of the upcoming feasibility studies

• Exploration drilling will initially focus on the exciting, high-grade ‘Midway’ discovery made by the OYG JV in 2021

• The ‘Youanmi South’ prospect will also be tested and has previously shown broad high-grade gold

intersections

Notes

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1. Refer to ASX Announcement 16 January 2023

Midway – An Emerging Discovery

• Newly defined exploration corridor that is located within 300m of the hanging-wall of

the Youanmi Main Lode

• Open in all directions, with only 4 holes drilled to date all intersecting +20gm to

+100gm intercepts in a multi-lode system

• Drilling shown thick continuous high-grade intersections

• Potential to add additional resources to the Youanmi Gold Project

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Notes

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1. Refer to ASX Announcement 6 September 2021, 18 November 2021, 8 June 2022, and 16 January 2023

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Youanmi Project Generates High Quality Outcomes at a Low Capital Cost

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Total Material LOM Payable Metal Plant
Processed 569koz over 8 years Throughput
3.9Mt @ 5.0g/t Au from 3.2Moz resource 480ktpa
Mining Physicals
Annual Payable Metal C1 Cash Cost [1] AISC [2]
71koz pa $1,358/oz $1,538/oz
Pre-Production Capex LOM Sustaining Capex
Capital Requirement
$99m $59m
NPV IRR
5% Payback Period [4]
(unleveraged and pre-tax) (unleveraged and pre-tax) (unleveraged and pre-tax)
$303m 45%
3.0 years
Financial Outcomes [3]
Capital Intensity [5] NPV (unleveraged and pre-tax) / Pre-production Capital
$1,386/oz 3.1
Notes:
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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

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High Quality Low Arsenic Gold Concentrate

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

• Historical production shows consistent concentrate production of >40g/t gold in concentrate with ~2% As[1]

• Recent test-work confirms conventional floatation produces a high-grade, low arsenic gold concentrate

• With only partial Sulphur Oxidation of the concentrate (33%) gold leach extraction is 90-95%

Historical Processing Observations[1]

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Notes

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1. Refer to ASX Announcement 19 October 2022.

Gold Concentrate Market

Gold Concentrate as a % of Gold Production

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(%)
12% Gold Concentrate
Other
88%
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Source: MetalsFocus

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.

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Gold Concentrate Forecast

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(Tonnes)
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Actual Forecast
550
500
450
400
350
300
250
200
150
100
50
0
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Source: MetalsFocus
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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.

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Project Potential – Resource Stope Optimisation

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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

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Potential Upside – Resource Stope Optimisation
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Potential Upside Beyond Production Target
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(koz)
Indicated Inferred
3,500
3,199koz
3,000
2,500
1,903koz
2,000 Potential Upside
1,500 20% of the
Global
Mineral
1,000 Resource
627koz
1,296koz
500 231koz
396koz
0
Mineral Resource 1 Mining Production Target 2
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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.

Notes

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Focus for 2023

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+20,000m Resource Development and Exploration Program Underway

• Resource drilling targeting Kathleen and Link to convert resources to indicated

• Near-mine exploration at the emerging Midway discovery

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Resource Update to Underpin Feasibility Studies

• Improve the geological confidence in the resource

• Re-mapping of historical workings and plans to improve resource estimation

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Feasibility Work Ongoing

• Metallurgical test work to refine process selection

• Mine design and scheduling

• Process plant design and size

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Regional Exploration Program in Development Targeting New Discoveries

• Linda Gossan Project (9m @ 15.6g/t from surface[1] )

• Currans Find – Penny North

• Sovereign

2023 Pre-feasibility Study

2024 Definitive Feasibility Study

2025 Final Investment Decision

Notes

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1. Refer to VMC ASX Announcement on 10 October 2022 – Exploration Update

Appendix 1 - Comparable Gold Companies

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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 Development Stage	Tonnage (Mt) Grade (g/t Au) Contained Gold (koz)	Tonnage (Mt) Grade (g/t Au) Contained Gold (koz)	Tonnage (Mt) Grade (g/t Au) Contained Gold (koz)	Tonnage (Mt) Grade (g/t Au) Contained Gold (koz)	Resource (koz) EV/M&I oz ($/oz)	Source
MGV Musgrave Minerals Ltd 100% Pre-feasibility Study		5.1 2.6 435.0	7.2 2.1 492.0	12.3 2.3 927.0	435.0 231	December 2022 Quarterly Activities Report - ASX Announcement on 31/01/2023
BRB Breaker Resources NL 100% Scoping Study		15.9 1.5 778.0	16.1 1.8 906.0	31.9 1.6 1,684.0	778.0 22	Lake Roe Gold Resource Increases 23% to 1.7 Million Ounces - ASX Announcement 20/12/2021
AUC Ausgold Ltd 100% Definitive Feasibility Study	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	1,784.0 57	Quarterly Report for period ending 31 December 2022 - ASX Aanouncement on 31/01/2023
AME Alto Metals Ltd 100% Resource		3.0 1.7 159.0	9.4 1.6 476.0	12.4 1.6 635.0	159.0 250	31 December 2022 Quarterly Report - ASX Announcement on 30/01/2023
KIN Kin Mining NL 100% Definitive Feasibility Study	0.8 1.2 31.0	17.7 1.4 797.0	15.6 1.1 547.0	34.1 1.3 1,374.0	828.0 65	December 2022 Quarterly Activities Report - ASX Announcement on 25/01/2023
HRZ Horizon Minerals Ltd 100% Pre-feasibility Study	1.5 1.3 62.9	13.9 1.8 791.2	7.3 1.6 386.2	22.6 1.7 1,240.3	854.1 43	Quarterly Activities Report For The Period Ended 31 December 2022 - ASX Announcement on 31/01/2023
BC8 Black Cat Syndicate Ltd 100% Definitive Feasibility Study	0.4 5.6 66.0	11.7 2.8 1,038.0	13.9 2.4 1,070.0	26.0 2.6 2,172.0	1,104.0 87	Activities Report for the Quarter Ended 31 December 2022 - ASX Announcement on 31/01/2023
STN Saturn Metals Ltd 100% Pre-feasibility Study		41.0 0.6 760.0	35.0 0.6 710.0	76.0 0.6 1,469.0	760.0 25	December 2022 Quarterly Activities Report - ASX Announcement on 31/01/2023
MEK Meeka Gold Ltd 100% Pre-feasibility Study	0.2 11.4 55.0	5.7 3.0 545.0	6.7 2.8 590.0	12.4 3.0 1,190.0	600.0 83	December 2022 Quarterly Activities Report - ASX Announcement on 31/01/2023
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	1,149.4 36	Quarterly Activities Report for the period ended 31 December 2022 - ASX Announcement on 31/01/2023
Other inputs Input date Source Cash and cash equivalents balances 31 December 2022 Appendix 5B Cash Flow Report – Quarter Ended 31 December 2022 Market capitalisation 9 February 2023 Australian Stock Exchange RXL Rox Resources Ltd 70% Scoping Study 12.1 3.3 1,296.0 15.8 3.8 1,903.0 27.9 3.6 3,199.0 907.2 33Annual Report 2022 - ASX Announcement on 28/09/2022

Notes:

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

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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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