ROX RESOURCES LIMITED — Investor Presentation 2024

Jul 23, 2024

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Youanmi Pre-Feasibility Study July 2024

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ASX: RXL

Cautionary Statement

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The Pre-Feasibility Study (“ PFS ”) referred to in this presentation has been undertaken to evaluate the potential development of the Youanmi Gold Project (“ Project ”) near Mt Magnet, approximately 480 kilometres northeast of Perth, Western Australia. Rox Resources Limited (“ Rox Resources”, “Rox”, “the Company ”) owns 100% of the Project. The PFS has been completed to a level of accuracy of +/- 25%.

Rox has concluded that it has a reasonable basis for providing the forward-looking statements (such as the Production Target and forecast financial information) included in this presentation. The detailed reasons for that conclusion are outlined in Rox's ASX announcement entitled “Youanmi Gold Project - Positive Pre-Feasibility Study” dated 24 July 2024, and all material risk factors, sensitivities and assumptions, including concerning the JORC modifying factors, upon which the Production Target and forecast financial information are based are disclosed in that market announcement. That announcement has been prepared in accordance with the JORC Code (2012) and the ASX Listing Rules.

The actual results could differ materially from a conclusion, forecast or projection in the forward-looking information.

The Production Target and forecast financial information derived from the Production Target referred to in this presentation are underpinned by Indicated Mineral Resources (approximately 71%) and Inferred Mineral Resources (approximately 29%). The total Life of Mine Production Target includes 29% Inferred Resources ounces, 7% Indicated Resource ounces outside of Reserve and the remaining 64% is underpinned by Probable Ore Reserves. There is a low level of geological confidence associated with Inferred Mineral Resources and there is no certainty that further exploration work will result in the determination of Indicated Mineral Resources or that the Production Target or forecast financial information reported will be realised. Accordingly, the Company has scheduled the Production Target such that Inferred Mineral Resources do not feature as a significant proportion of the first 4 years of the 9-year mine plan. Approximately 19% of the Production Target material mined over the first 4 years is underpinned by Inferred Mineral Resources. The Company is satisfied that the Inferred Mineral Resources partially underpinning the Production Target is not the determining factor of the viability of the Project.

The Ore Reserve and Mineral Resource estimates (which underpin the Production Target and the financial forecast information in this presentation) were prepared by Competent Persons in accordance with the requirements of the JORC Code (2012).

One of the key assumptions is that the funding for the Project will be available when required. While the Company considers all of the material assumptions to be based on reasonable grounds, there is no certainty that they will prove to be correct or that the range of outcomes indicated by the PFS will be achieved. To achieve the range of outcomes indicated in the PFS, funding in the order of approximately A$245m will likely be required. There is no certainty that the Project will be able to be funded when needed (nor any certainty as to the form such funding may take, such as disclosed in this presentation). It is also possible that such funding may only be available on terms that may be dilutive to or otherwise affect the value of Rox Resources’ shares. It is also possible that Rox Resources could pursue other value realisation strategies such as a sale, partial sale or joint venture of the Project. If it does, this could materially reduce the Company’s proportionate ownership of the Project. Given the uncertainties involved, investors should not make any investment decisions based solely on the results of the PFS.

The Company makes no forecast of whether, and gives no guarantee of whether, the Project will actually be funded, developed or mined nor whether future production of gold will occur from the Project.

ASX: RXL

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Important Information and Disclaimer

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Important - you must read the following before continuing

This presentation is dated 24 July 2024 and has been prepared by management of Rox Resources Limited (ACN 107 202 602) (“ RXL ”, “ Rox ” or “ the Company ”). The following notices and disclaimers apply to this presentation and you are therefore advised to read this carefully before reading or making any other use of this presentation or any information contained in this presentation. This presentation has been authorised for release to the Australian Securities Exchange (" ASX ") by the Board of Directors of Rox (“ Board ”).

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.

Summary Information

This presentation contains general and background information about Rox’s activities current at the date of this presentation (unless otherwise indicated). The information in this presentation is in summary form and does not purport to be complete nor does it contain all the information in relation to Rox. It should be read in conjunction with Rox's other periodic and continuous disclosure announcements lodged with the ASX at www.asx.com.au. 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.

Not an Offer

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.

Not Financial Product Advice

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.

No Liability

To the maximum extent permitted by law, Rox and its related bodies corporate and affiliates, and the respective officers, directors, partners, employees, agents and advisers of Rox and its related bodies corporate and affiliates: (i) disclaim all responsibility and liability (including, without limitation, any liability arising from fault, negligence or negligent misstatement) for any loss, expense, damage or cost arising from this presentation or reliance on anything contained in or omitted from it or otherwise arising in connection with this presentation; (ii) disclaim any obligations or undertaking to release any updates or revision to the information in this presentation to reflect any change in expectations or assumption; and (iii) do not make any representation or warranty, express or implied, as to the accuracy, reliability, completeness of the information in this presentation or that this presentation contains all material information about Rox or that a prospective investor or purchaser may require in evaluating a possible investment in Rox or acquisition of shares in Rox, or likelihood of fulfilment of any forwardlooking statement or any event or results expressed or implied in any forward-looking statement.

No party other than Rox has authorised or caused the issue of this presentation, or takes any responsibility for, or makes any statements, representations or undertakings in this presentation.

Forward-Looking Statements

Certain statements in this presentation relate to the future, including forward-looking statements relating to the Company and its business (including its projects). Forward-looking statements include, but are not limited to, statements concerning Rox's planned exploration and development program(s), the Production Target and financial forecast information in this presentation, other results and assumptions of the PFS in this announcement, the Exploration Targets, Mineral Resources and Ore Reserve estimates in this presentation and other statements that are not historical facts. When used in this presentation, the words such as "could," "plan," "estimate," "expect," "intend," "may”, "potential," "should," and similar expressions are forward looking statements.

These forward-looking statements involve known and unknown risks, uncertainties, assumptions, and other important factors that could cause the actual results, performance or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such statements. Actual events or results may differ materially from the events or results expressed or implied in any forward-looking statement and deviations are both normal and to be expected. Neither the Company, its officers nor any other person gives any warranty, representation, assurance or guarantee that the events or other matters expressed or implied in this presentation (including the forward-looking statements) will actually occur. 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 statement 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 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.

Past Performance

The past performance and position of Rox included in this presentation is given for illustrative purposes only and should not be relied upon as (and is not) an indication of Rox's views on its future financial performance or condition. Past performance of Rox cannot be relied upon as an indicator of (and provides no guidance as to) the future performance of Rox, including future share price performance. Nothing contained in this presentation nor any information made available to you is, or shall be relied upon as, a promise, representation, warranty or guarantee, whether as to the past, present or future.

Not an Offer in the United States

This presentation has been prepared for publication in Australia and may not be released to US wire services or distributed in the United States. This presentation does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States or any other jurisdiction. Any securities described in this presentation have not been, and will not be, registered under the US Securities Act of 1933 and may not be offered or sold in the United States except in transactions exempt from, or not subject to, the registration requirements of the US Securities Act and applicable US state securities laws.

International Financial Reporting Standards

This presentation contains certain financial measures relating to the PFS that are not recognised under International Financial Reporting Standards ( IFRS ). Although the Company believes these measures provide useful information about the estimated financial outcomes derived from the PFS, 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. Investors should therefore not place undue reliance on these measures.

Financial Information

All financial information in this presentation is in Australian dollars unless otherwise stated.

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Important Information and Disclaimer

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Competent Person Statements

Exploration Targets

The information in this presentation that relates to Exploration Targets was reported by Rox in accordance with the JORC Code (2012 edition) in the announcement “MRE Update confirms Youanmi as Significant High-Grade Gold Project and Paves Way for PFS” released to the ASX on 30 January 2024, and for which the consent of the Competent Person Mr Steve Le Brun was obtained. A copy of that announcement is available at www.asx.com.au. Rox confirms that it is not aware of any new information or data that materially affects the Exploration Targets information included in that market announcement. Rox confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from that market announcement.

Mineral Resource Statements

The statement of estimates of Mineral Resources for the Youanmi Gold Project in this presentation was reported by Rox in accordance with ASX Listing Rule 5.8 and the JORC Code (2012 edition) in the announcement “MRE Update confirms Youanmi as Significant High-Grade Gold Project and Paves Way for PFS” released to the ASX on 30 January 2024, and for which the consent of the Competent Person Mr Steve Le Brun was obtained. A copy of that announcement is available at www.asx.com.au. Rox confirms it is not aware of any new information or data that materially affects the Mineral Resources estimates information included in that market announcement and that all material assumptions and technical parameters underpinning the Mineral Resources estimates in that announcement continue to apply and have not materially changed. Rox confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from that market announcement.

Ore Reserve Estimate

The statement of estimates of Ore Reserves for the Youanmi Gold Project in this presentation was reported by Rox in accordance with ASX Listing Rule 5.9 and the JORC Code (2012 edition) in the announcement “Youanmi Gold Project - Positive Pre-Feasibility Study” released to the ASX on 24 July 2024, and for which the consent of the Competent Person Mr Daniel Marchesi was obtained. A copy of that announcement is available at www.asx.com.au. Rox confirms it is not aware of any new information or data that materially affects the Ore Reserves estimates information included in that market announcement and that all material assumptions and technical parameters underpinning the Ore Reserves estimates in that announcement continue to apply and have not materially changed. Rox confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from that market announcement.

ASX: RXL

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Youanmi PFS Highlights

High-grade, high-margin underground gold project with compelling economics and potential for significant further upside

• High-Grade High-Grade Maiden Probable Ore Reserve estimate of Maiden Ore 3.8Mt @ 4.4 g/t Au for 546koz

Reserve

• Total Mineral Resource estimate of 16.2Mt @ 4.4 g/t Au for 2,300koz

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Gold Produced >100koz pa

• 786koz gold doré produced over the 7.7 year LOM at an average of 103kozpa

• Overall plant recovery of 92.6%

Low Cost &

High-Margin

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• Low cost AISC of A$1,676/oz resulting in a high-margin circa A$1,825/oz at the current spot gold price[1]

• Free cash flow of approx. $1.2 billion at the current spot gold price[1]

• Project resilient to gold price decreases

• NPV8% $486m and IRR 42% (pre-tax), $322m and IRR 33% (post-tax) at the base case of A$3,100/oz

• Compelling NPV case of A$3,100/oz •

• and IRR NPV8% $694m and IRR 55% (pre-tax), $468m and IRR 44% (post-tax) at the current spot gold price[1]

Notes:

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1. Average for the month of July 2024 up until 22 July 2024, A$3,500/oz

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Project Location

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,
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• 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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High-Grade Mineral Resource Estimate[1]

Category	Cut-off Grade (g/t)	Indicated	Inferred	Total
		Tonnes Au Grade Au Metal	Tonnes Au Grade Au Metal	Tonnes Au Grade Au Metal
		(Mt) (g/t) (Koz)	(Mt) (g/t) (Koz)	(Mt) (g/t) (Koz)
Open Pit	0.5	5.1 2.8 458	1.4 2.4 108	6.5 2.7 565
Underground	2.5	5.6 6.1 1,103	4.1 4.8 633	9.7 5.5 1,735
Total		10.7 4.5 1,561	5.5 4.2 740	16.2 4.4 2,300

~~Notes~~

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1. Refer to ASX announcement entitled ‘MRE update paves the way for Youanmi PFS’ dated 30 January 2024 and the ‘Important Notices and Disclaimer’ section of this presentation. The reported Mineral Resources are inclusive of the Ore Reserves.

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High-Grade Ore Reserve[1]

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Ore Reserve	Tonnes (Mt)	Grade (g/t Au)	Contained Ounces (koz)
Proved Underground Ore Reserve	0.0	0.0	0.0
Probable Underground Ore Reserve	3.83	4.4	546
Total Underground Ore Reserve	3.83	4.4	546

ASX: RXL

Note:

1. Refer to ASX announcement entitled ‘Youanmi Gold Project – Positive Pre-Feasibility Study’ dated 24 July 2024 and the ‘Important Notices and Disclaimer’ section of this presentation.

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Key Study Outcomes

Key Physicals Targets and Assumptions			Capital Costs
Life Of Mine1	years	7.7	Pre-production Capital	$m	245
Plant Throughput	ktpa	750	Sustaining Capital	$m	135
Mine Production			Total	$m	380
Lateral Development	metres	61,158
Material Mined	kt	5,804	Operating Costs
Board and Management Mined Au Grade g/t Au Ounces Contained koz		4.5 849	Mining Costs	$/oz	770
			Processing Costs	$/oz	534
Processing Physicals
			Site G&A	$/oz	91
Material Processed	kt	5,804
			C1 Cash Cost	$/oz	1,395
Au Grade	g/t	4.5
Au Ounces Contained	koz	849	Royalty Payments	$/oz	106
Overall Plant Recovery	%	92.6	Sustaining Capital	$/oz	175
Gold Production Target	koz	786	Total AISC	$/oz	1,676

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Key Financial Forecasts and Assumptions
Gold Price	$/oz	3,100
Discount Rate	%	8
Project Valuation
EBITDA	$m	1,219
Free Cash Flow(undiscounted and pre-tax)	$m	855
Project NPV8 (unleveraged and pre-tax)	$m	486
Project NPV8 (unleveraged and post-tax)	$m	322
Project IRR(unleveraged and pre-tax)	%	42
Project IRR(unleveraged and post-tax)	%	33
Payback Period1 (unleveraged and pre-tax)	years	2.9
Payback Period1 (unleveraged and post-tax)	years	3.3
NPV8 / Pre-prod. Cap.(unleveraged and pre-tax)	ratio	2.0

Note:

1. Post construction and commissioning.

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Low All-In Sustaining Cost

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LOM C1 Cash Cost and AISC Breakdown[1]

AISC Peer Comparison[2]

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($/oz)
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Board and Management
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($/oz)
Horizon Gold
Barton Gold
Black Cat (Paulsens)
Saturn Metals
Meeka Metals
Rox Resources $1,676
Astral Resources
Ausgold
0 500 1,000 1,500 2,000
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Note:

1. C1 cash cost and AISC are calculated based on gold produced . C1 cash cost includes mining, processing, administration, and accounting adjustments for stockpile movements, and is calculated based on gold produced post construction and commissioning. All-In Sustaining Cost (AISC) per ounce payable includes C1 cash cost, royalties and sustaining capital calculated based on gold produced post construction and commissioning. It does not include corporate cost, exploration cost and nonsustaining capital.

2. See Appendix 1 for comparable companies.

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Outstanding Project EBITDA

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Cumulative EBITDA and Gold Production Target

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Cumulative EBITDA ($m)
Cumulative Gold Produced (koz)
$1,400 1,000
Cumulative EBITDA Cumulative Gold Production Target
$1,219
$1,200
$1,061 800
$1,000
$850
600
$800
Board and Management
$661
$600
400
$468
$400
$313
200
$188
$200
$75
$0 0
Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8
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Capital Requirement

Pre-Production Capital Costs	A$m
Site Infrastructure	22
Processing Facilities	150
Tailings Storage Facility	4
Underground Development	39
Commissioning costs – net	15
Board and Management Contingency1	15
Total Pre-Production Costs	245
Sustaining Capital – Life Of Mine
Underground Other	108 27
Total Sustaining Capital	135

Notes:

1. Contingency has been applied to Site Infrastructure, Processing Facilities and Water Management. Underground development and commissioning costs are direct price quotations based on physicals.

2. Average for the month of July 2024, up until 22 July 2024.

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Attractive Value Proposition

Base Case $3,100/oz

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$486m
2.0x $322m
$263m
$245m
value Gap
5.5x
$59m
Youanmi Gold Project Pre-Production Capex Youanmi Gold Project RXL Market
NPV (pre-tax) NPV (post-tax) Capitalisation as at 23
July 2024
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Spot Price $3,500/oz[2]

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$694m
$468m
2.8x
$409m
$245m value Gap
7.9x
$59m
Youanmi Gold Project Pre-Production Capex Youanmi Gold Project RXL Market
NPV (pre-tax) NPV (post-tax) Capitalisation as at 23
July 2024
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Sensitivity Analysis

Project NPV (unleveraged and post-tax) Sensitivity Analysis[1]

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($m)
Gold Price (+/-10%) $209 $435
Opex (+/-10%) $266 $379
Discount Rate (+/-1%) $298 $349
Board and Management
Metallurgical Recovery (+/-2%) $300 $347
Capex (+/-10%) $298 $347
$150 $200 $250 $300 $350 $400 $450
NPV (unleveraged and post-tax) ($m)
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Scenario Analysis – Various Gold Price Assumptions

	Base Case
Gold Price (A$/oz) Unit $2,900	$3,100	$3,300 $3,500 $3,700
NPV8 (pre-tax) $m 382	486	590 694 797
IRR (pre-tax) % 35	42	48 55 62
Payback (pre-tax)2 Years 3.3	2.9	2.6 2.2 1.8
LOM Free Cash Flow (pre-tax) $m 703	855	1,006 1,158 1,310
NPV8 (post-tax) $m 249	322	395 468 541
IRR (post-tax) % 28	33	39 44 49
Payback (post-tax)2 Years 3.7	3.3	2.9 2.7 2.3
LOM Free Cash Flow (post-tax) $m 491	597	704 810 916

Notes:

1. Payback period is calculated from completion of construction and commissioning

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Mining Profile

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Life of Mine Tonnes and Grade

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Ore Tonnes (kt)
Grade (g/t Au)
900 9
800 8
700 7
600 6
Board and Management 500 5
400 4
300 3
200 2
100 1
0 0
Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9
Development Tonnes Production Tonnes Grade
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Production Target

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Life of Mine Ounces Mined and AISC

Ounces Mined (koz)

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AISC $/oz
140 2,800
Indicated Inferred AISC
130
120 2,400
110
100 2,000
90
Board and Management 80 1,600
70
60 1,200
50
40 800
30
20 400
10
0 0
Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9
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• Ounces mined includes the pre-production and commissioning period and AISC is calculated post pre-production and commissioning period.

Notes:

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Processing

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Simple flowsheet to produce gold doré averaging 103koz per annum

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Albion Process[TM]

The Albion Process[TM] has significant advantages for sulphide gold projects:

• Lower capital cost relative to other oxidation methods;

• Quick, simple testwork and design process, rapid commissioning;

• Low risk, simple operation with no requirement for specialist operators or metallurgists; and

• Robust and flexible process that tolerates highly variable sulphur grades, throughputs, and impurities.

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Next Steps

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Resource Development

• Infill drilling targeting conversion of Inferred resources to Indicated resources

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Near-mine Exploration

• Drill near-mine exploration targets of 1.1Moz to 1.8Moz

• Potential to significantly increase the scale of the Youanmi Gold Project

Commence Definitive Feasibility Study

• Continue metallurgical testwork programs to test for metallurgical variability, and to further refine the processing flowsheet;

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• Commence permitting and seek all necessary approvals;

• Investigate alternative water supply options for site water supply;

• Aboriginal heritage surveys and relevant approvals for the Lake Noondie discharge pipeline;

• Progress discussions for project financing; and

• Delivery of Definitive Feasibility Study (DFS) in 2025

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Upside and Growth Opportunities - Exploration Targets

Long-Section of Youanmi Lodes along the Granite/Greenstone contact showing the current classified resource area, and the area estimated for the Exploration Target

ration Targets	ration Targets
Exploration Targets1
Target Area Tonnage Range Grade Au Range Ounce Au Range
Kathleen 1.0Mt to 1.3Mt 5.3 g/t to 8.0 g/t 193Koz to 355Koz
Pollard 0.8Mt to 1.0Mt 3.9 g/t to 7.8 g/t 110Koz to 269Koz
Main North 0.3Mt to 0.4Mt 3.4 g/t to 4.1 g/t 42Koz to 61Koz
Link 3.7Mt to 4.5Mt 5.1 g/t to 6.1 g/t 596Koz to 875Koz
Midway 0.4Mt to 0.5Mt 5.3 g/t to 8.0 g/t 77Koz to 141Koz
Paddy’s 0.5Mt to 0.6Mt 4.3 g/t to 6.5 g/t 73Koz to 135Koz
Total 6.9Mt to 8.4Mt 4.7 g/t to 7.0 g/t 1,093Koz to 1,836Koz
Substantial near-mine Exploration Targetswithsignificant upside potentialto the Youanmi Gold Project in terms of scale and size

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Notes:

1. The potential tonnage, grade and quantity of the Exploration Target is conceptual in nature. There has been insufficient exploration to estimate a Mineral Resource for the target area reported. It is uncertain if future exploration will result in an estimation of a Mineral Resource. Refer to ASX Announcement on 30 January 2024

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Up-coming Drill Program

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• +10,000m Drill program approved for Resource Definition & Growth and Exploration Drilling

• • Resource Definition drilling to target inferred stopes in the current mine plan and has the potential to add additional ounces in undrilled areas of the resource

• Exploration Drilling targeting the exciting Paddy’s discovery and potential extensions of the zone north, south and at depth.

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Investment Highlights

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• High-Grade Maiden Ore Reserve declared 546koz @4.4 g/t
High-Grade • Mineral Resource of 2.3Moz @4.4 g/t demonstrates the
Resource
high-grade nature of the Youanmi Gold Project
• Mineral Resource open down dip and along strike
Resource Growth
• Exploration targets of 1.1m oz Au – 1.8m oz Au
to increase scale • Potential to significantly increase the production target
• NPV8% $486m and IRR 42% (pre-tax), $322m and IRR 33% (post-tax) at
Compelling PFS the base case of A$3,100/oz
Financials • NPV8% $694m and IRR 55% (pre-tax), $468m and IRR 44% (post-tax) at
the current spot gold price [1]
• Strong re-rate potential as the Youanmi Gold Project moves
Re-rate potential
through the development cycle
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Notes:

ASX: RXL 1. Average for the month of July 2024, up until 22 July 2024, A$3,500/oz.

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Thank You

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Level 2, 87 Colin Street, West Perth, WA 6005

(08) 9226 0044 admin@roxresources.com.au www.roxresources.com.au

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Corporate Information

Rox Resources Limited (ASX: RXL) is a West Australian focused gold exploration and development Company. It is the 100 per cent owner of the historic Youanmi Gold Project near Mt Magnet, approximately 480 kilometres northeast of Perth, and owns the Mt Fisher – Mt Eureka Gold and Nickel Project approximately 140 kilometres southeast of Wiluna, with 100% ownership of certain tenure with the remaining tenure held via a joint venture (Rox 51%, earning into 75%).

Board and Management

Stephen Dennis	Non-Executive Chairman
Robert Ryan John Mair Matthew Hogan	Managing Director Non-Executive Director Non-Executive Director
Chris Hunt	Chief Financial Officer & Company Secretary
Daniel Marchesi	General Manager - Studies

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Shareholders
Venus
Metals
15.60%
Hawke’s
9.99%
Point
74.41%
Other
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Capital Structure

	Capital Structure
	ASX Code	RXL
	Shares on Issue Share Price (at 23/7/2024)	407.2m A$0.145
	Market Capitalisation (at 23/7/2024)	A$59.0m
	Unlisted Options	30.3m
	Performance Rights	12.7m

RXL Share Price

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$0.50 50
45
$0.40 40
35
$0.30 30
25
$0.20 20
15
$0.10 10
5
$0.00 0
Volume (Millions)
Share Price ($)
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Experienced Team

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Geology and Geotechnical Hydrology and
Mine Dewatering Mine Engineering
Resource Estimation Hydrogeology
Mine Ventilation Underground Underground Mining Metallurgical Metallurgical
Infrastructure Costs Consulting Testwork
Board and Management Process Non-Process
Tailings Storage Site Power Heritage
Engineering Infrastructure
Environmental Studies
Financial Modelling
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Appendix 1 – Comparable Companies

Companies selected are considered comparable to Rox Resources as they are Western Australian gold explorers or developers that have market capitalisation less than A$250m at 23 July 2024, and their resource data excludes overseas assets

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	Measured Resources - 100%	Indicated Resources - 100%	Inferred Resources - 100%	Total Resources - 100%	Total Resources - 100%
Ticker Name Ownership Development Stage	Tonnage (Mt) Grade (g/t Au) Contained Au (koz)	Tonnage (Mt) Grade (g/t Au) Contained Au (koz)	Tonnage (Mt) Grade (g/t Au) Contained Au (koz)	Tonnage (Mt) Grade (g/t Au)	Contained Au (koz)	LOM AISC (A$/oz)	Source
AUC Ausgold Ltd 100% Scoping/PFS	38.1 1.1 1,352.0	31.8 1.0 1,067.0	18.9 1.0 620.0	88.9 1.1	3,040.0	$1,549	Resource Rising Stars November 2023 - ASX Announcement on 14/11/2023 Larger 5Mtpa Gold Operation at Katanning Gold Project – ASX Announcement 22/5/23
BC8 Black Cat Syndicate Ltd 100% FID	0.2 9.7 57.0	12.4 3.2 1,280.0	14.2 2.5 1,152.0	26.8 2.9	2,488.0	$1,882	$9m of Funding to Accelerate Paulsens Restart - ASX Announcement on 27/12/2023 Paulsens to Generate Strong Returns – ASX Announcement 8/5/24
HRN Horizon Gold Ltd 100% Scoping Study	- - -	28.2 1.5 1,346.0	16.3 1.5 791.3	44.5 1.5	2,137.3	$1,931	AGM Presentation - ASX Announcement on 23/11/2023 Gum Creek Scoping Study – ASX Announcement on 20/3/24
STN Saturn Metals Ltd 100% Scoping Study	4.7 0.6 82.0	54.0 0.5 912.0	47.0 0.6 845.0	105.0 0.5	1,839.0	$1,857	AGM Presentation - ASX Announcement on 29/11/2023 Apollo Hill Preliminary Economic Assessment – ASX Announcement 17/8/23
AAR Astral Resources NL 100% Scoping Study	- - -	21.0 1.1 694.0	17.0 1.1 571.0	37.0 1.1	1,265.0	$1,648	Resource Rising Stars November 2023 - ASX Announcement on 14/11/2023 Mandilla Gold Project Scoping Study – ASX Announcement 21/09/23
MEK Meeka Metals Ltd 100% DFS	0.2 11.4 55.0	6.1 3.0 585.0	6.7 2.8 590.0	12.8 3.0	1,230.0	$1,804	St Annes Mineral Resource Update - ASX Announcement on 17/04/2024 Murchison Gold Project DFS – ASX Announcement on 31/5/24
BGD Barton Gold 100% Scoping Study	- - -	26.9 0.96 833	25.4 0.92 754	52.3 0.94	1,588	$1,917	Tunkillia Gold Project – Positive Initial Scoping Study – ASX 16/7/24

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