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ROX RESOURCES LIMITED Investor Presentation 2026
65741_rns_2026-05-12_1468c363-a284-46db-9015-c4a34ee25d76.pdf
Investor Presentation
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ROX RESOURCES
ASX: RXL
Building the Youanmi Gold Mine Robust. Grade. Margin. Upside.
Corporate Update | May 2026
ASX: RXL
Important Information and Disclaimer
Important - you must read the following before continuing
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.
Financial information
All financial information in this presentation is in Australian dollars unless otherwise stated. US dollar presentation is calculated by reference to a AUD:USD FX rate of 0.72, as at 8 May 2026.
Non-IFRS Financial Measures
The Company uses certain financial measures to assess how the Project is projected to perform. These financial measures, such as net present value (NPV) and internal rate of return (IRR) (collectively referred to as Non-IFRS Financial Measures) are not recognised under International Financial Reporting Standards (IFRS).
The Company considers the Non-IFRS Financial Measures provide useful information about the estimated financial forecasts derived from the DFS, however, they should not be considered in isolation or as a substitute for measures of performance or cash flow prepared in accordance with IFRS.
Since the financial forecasts and economic discussion in this announcement are not based on IFRS, they do not have standardised definitions and the way these measures have been derived may not be comparable to similarly titled measures used by other companies. Investors should therefore not place undue reliance on these Non-IFRS Financial Measures.
Not investment 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 forward-looking 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
This presentation may include forward-looking statements. Forward-looking statements include, but are not limited to, statements preceded by words such as "planned", "expected", "projected", "estimated", "may", "scheduled", "intends", "anticipates", "believes", "potential", "could", "likely", "nominal", "conceptual", "propose", "will", "forecast", "estimate", and similar expressions. Forward-looking statements are only predictions and are subject to risks, uncertainties and assumptions which are outside the control of Rox. 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.
ROX
Corporate Update | May 2026
ASX: RXL
Important Information and Disclaimer
Production Target
The Production Target (and forecast financial information derived from the Production Target) referred to in this announcement is underpinned by Indicated Mineral Resources of approximately 80% and Inferred Mineral Resources of approximately 20% over the DFS mine period. The first four years of the Production Target is underpinned by approximately 89% Indicated Mineral Resources with 11% classified as Inferred Mineral Resources. The total Life of Mine Production Target includes 20% Inferred Resources ounces, 5% Indicated Resource ounces outside of Reserve and the remaining 75% 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 itself (or the forecast financial information) will be realised.
Competent Person Statements
Exploration Results
The information in this report that relates to Exploration Results is based on information compiled and reviewed by Andrew Shaw-Stuart a Competent Person who is a Fellow Member of the Australian Institute of Geoscientists (AIG), Exploration Manager at Rox Resources and holds performance rights and shares in the Company. Mr Shaw-Stuart has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the 'Australian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr Shaw-Stuart consents to the inclusion in the report of the matters based on the information in the form and context in which it appears.
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 "Underground Resource Increased to 2.1Moz" released to the ASX on 21 July 2025, 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. Mr Le Brun is the Principal Resource Geologist for the Company and holds performance rights and shares in the Company. 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.
Metallurgical Results
The information in this presentation that relates to metallurgical results is based on information compiled and reviewed by Mr Michael Davis a Competent Person who is a Fellow of the Australasian Institute of Mining and Metallurgy and a Metallurgist and Director of MineScope Services Pty Ltd. Mr Davis has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which he has undertaken to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr Davis consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.
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 Definitive Feasibility Study" released to the ASX on 13 November 2025, 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. Mr Marchesi is the General Manager - Studies for the Company and holds performance rights and shares in the Company. 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.
Definitive-Feasibility Study
The information in this presentation that relates to the Production Target and Definitive Feasibility Study for the Youanmi Gold Project was reported by Rox in accordance with ASX Listing Rules and the JORC Code (2012 edition) in the announcement "Youanmi Gold Project Definitive Feasibility Study" released to the ASX on 13 November 2025, 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. Mr Marchesi is the General Manager - Studies for the Company and holds performance rights and shares in the Company. Rox confirms it is not aware of any new information or data that materially affects the information included in that market announcement and that all material assumptions and technical parameters underpinning the production target, and the related forecast financial information derived from the production target in that market 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.
ROX RESOURCES
Corporate Update | May 2026
ASX: RXL
Flagship - Youanmi Gold Mine
- Located in the central Youanmi Greenstone Belt, within the Southern Cross Province of the Archaean Yilgarn Craton
- Situated in Western Australia - globally recognised as Australia's premier gold province
- Planned initial +7 year mine life averaging ~117koz per annum with significant growth potential
- Strong production history with 667koz at 5.42g/t from open pit and underground mining
- Fully funded into production¹
ROX RESOURCES
Corporate Update | May 2026
Notes 1. Refer ASX announcement "Youanmi Fully Funded to Production" dated 9 March 2026
Final Investment Decision Achieved
ASX: RXL
November 2025 DFS Highlights
Low Cost & High Margin
- Low AISC of A$1,978/oz (US$1,424/oz) resulting in a high margin
- Free cash flow of approx. A$2.3 billion (US$1.7 billion) pre-tax at gold price of A$5,200/oz (US$3,744/oz)
- Free cash flow of approx. A$3.3 billion (US$2.4 billion) pre-tax at spot gold price of A$6,500/oz (US$4,680/oz)
- Pre-production capital of A$383 million (US$276 million)
Average 117koz pa Production Profile
- Production profile of ~117 koz pa – 817 koz gold doré
- Produced over an initial 7-year Life Of Mine
- Plant metallurgical recovery of 90.8%
- 1,000 ktpa Plant capacity and 900 ktpa initial Mine Plan
- Expectation to grow production rates and mine life with further drilling
- Mill to have planned stockpile of 190 kt at ~3.3g/t Au prior to commissioning
Compelling NPV and IRR
- NPV₈ A$1.4 billion (US$1.0 billion) and IRR 69% (pre-tax), A$1.0 billion (US$0.7 billion) and IRR 55% (post-tax) at the base case of A$5,200/oz (US$3,744/oz)
- NPV₈ A$2.1 billion (US$1.5 billion) and IRR 93% (pre-tax), A$1.5 billion (US$1.1 billion) and IRR 74% (post-tax) at a spot gold price of A$6,500/oz (US$4,680/oz)
High-Grade Reserve and Resource
- Probable Ore Reserve Estimate of 4.4 Mt @ 4.8 g/t Au for 674 koz
- Mine plan of 5.7 Mt @ 4.9 g/t Au for 900 koz
- Mineral Resource of 12.1 Mt @ 5.6 g/t Au for 2,170 koz
Fully Funded
- A$218 million (US$157 million) equity completed, ~40% of ~A$450 million (US$324 million) funding requirement
- Syndicated Facility of A$300 million (US$216 million) plus A$20 million (US$14 million) Cost Overrun Facility and A$30 million (US$22 million) Bank Guarantee Facility committed by 4 tier one banks
- Positive Final Investment Decision achieved 17 March 2026
ROX RESOURCES
Corporate Update | May 2026
1. Refer to ASX announcement titled and dated "Final Investment Decision approved for Youarim" 17 March 2026
Mine Plan Growth Opportunities
ASX: RXL
- Base Mine Plan is the starting point
- Opportunities to unlock more potential in the Mine Plan with further planned drilling along strike and down dip
- Top 300 metres of the Resource has greater than 4,000 ounces per vertical metre
- Significant opportunity to increase mining production rate and extend the life of mine
ROX
RESOURCES
Corporate Update | May 2026
ASX: RXL
Starter Program Unlocking Early Potential
- First program completed from surface
- Underground drilling planned to commence in late May
- Nominal 20m x 20m spacing, tighter as required, intent to have +12mths drilled ahead of mining
- Next program from surface focussing on Youanmi/Indicator region
- Deeper program under United North planning underway
ROX RESOURCES
Corporate Update | May 2026
- Refer to ASX announcement titled and dated "Drilling identifies high-grade ounces outside of mine plan" 21 April 2026
ASX: RXL
Developing the Youanmi Gold Mine
Camp expansion well advanced
United North Decline commenced in November 2025
Mill earthworks underway
Main pit dewatered
Processing
ASX: RXL
Simple flowsheet to produce gold doré averaging 117koz per annum – recoveries estimated at 90.8%, with extra plant capacity
Understood Metallurgy, Simple Flowsheet
92% of gold associated with sulphides, 60% of gold classified as free milling
Sulphide combination of Pyrite and Arsenopyrite
- Gold associated with pyrite mostly recovered with Ultrafine Grind
- Gold on boundaries of Arsenopyrite, partial oxidation required
Comminution (BWi)
- 16 kwh/t, only slightly abrasive, typical 3 stage crush, ball mill to P₈₀ 75 µm
Flotation
- Average 91.6% total gold recovery to concentrate
- Mass pull only ~9% (of the feed, this is the amount to concentrate)
Albion Oxidation – the concentrate
- IsaMill ultrafine grind to P₈₀ 12 µm
- Recovery of gold from Albion Oxidation of 94.0%
Cyanide Leach
- Conventional leach to recover the gold from the flotation tails and the oxidised concentrate to deliver 90.8% overall recovery
Gold bars poured onsite
ROX RESOURCES
Corporate Update | May 2026
Exploration Potential
ASX: RXL
>60km strike on Youanmi Shear Zone
- Very little drilling outside the existing mine areas of Youanmi and Penny West
- Recent Aeromagnetic survey data processed and target generation underway
- Successful Exploration Incentive Scheme (EIS) co-funding application for southern end of Youanmi
- H1 CY 2026 drill programs to focus on:
- Infill drilling upper levels of mine plan
- Surface initially (phase one complete), Underground start end of May
- Connemarra – Commonwealth underway
- Previous small-scale high-grade mine
- Hope Prospect
- North along the main shear, potential high-grade target
- South of Youanmi Main (EIS)
- Between the main shear and Pollard
ROX
RESOURCES
Corporate Update | May 2026
ASX: RXL
Pathway to Production
| CY25 | CY26 | CY27 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | |||||
| Key Project Milestones | Deliverables | DFS | Funding and FID | Mill construction and commissioning | First gold | Operating | ||||||
| Growth | Resource extensional drilling | Extensional drilling - From Surface and underground | ||||||||||
| Exploration drilling | Exploration drilling - From Surface | |||||||||||
| Development | Resource definition drilling | Resource definition drilling - From Underground | ||||||||||
| Approvals | MDCP Plant & Tails | |||||||||||
| Works Approvals | ||||||||||||
| Camp Construction | Phase 1 | |||||||||||
| 80 Rooms | Phase 2 - 240 Rooms and Dry Mess | |||||||||||
| Design | Plant Engineering Drawings and Early Component Orders | |||||||||||
| Mill Construction | Processing Plant Ground Works | Processing Plant Construction | ||||||||||
| Related Infrastructure Construction | Construction of Tailings Storage Facility, Power Station, Oxygen Facility | |||||||||||
| Dewatering | Main pit and start of Youanmi UG | Commence Underground Dewatering | ||||||||||
| Underground Mining | United North Decline | Commence Pollard Decline, Rehab of Main Decline, building to Steady Production - Build +180kt Stockpile |
ROX
RESOURCES
Corporate Update | May 2026
Team. Vision. Mission.
ASX: RXL
Board of Directors
Stephen Dennis
Non-Executive Chair
Phillip Wilding
Managing Director & CEO
Alan Rule
Non-Executive Director
Nathan Stoitis
Non-Executive Director
David Boyd
Non-Executive Director
Management
Greg Hoskins
CFO & Company Secretary
Oliver Keene
General Manager - Operations
Daniel Marchesi
General Manager - Studies
Jonathan Streeter
General Manager - Geology
Andrew Shaw-Stuart
Exploration Manager
ROX RESOURCES
Corporate Update | May 2026
ASX: RXL
Next Steps
Continue Site Establishment
- Complete camp expansion (300 new rooms plus new dry mess)
- Advance United North decline development, turnout ore drives – commence stockpile build
- Main Youanmi Main Pit dewatered, transitioning to underground dewatering and commence development – planned for end of month
- Surface drilling underway, Underground diamond drill rig mobilising this month
Continue with Regulatory Approvals
- MDCP for processing plant and associated works APPROVED – allows construction to commence
- Works Approval Lodged end of January, expected late Q2 CY2026
Commence Building Processing Plant and Associated Infrastructure
- Engaged Interquip for EPC contract, ordered long lead mill items
- Final design progressing
- Bulk earthworks advanced
- Interquip expected to mobilise in May – on track for mid-CY2027 gold pour
Positive Final Investment Decision Achieved
- Debt – Conditions Precedent to drawdown
- Fully funded to develop the Youanmi Gold Mine into Production
ROX RESOURCES
Corporate Update | May 2026
ASX: RXL
Corporate Information
Corporate Information
Capital structure (8 May 2026)
| Shares on Issue | 1,390m |
|---|---|
| Share Price | A$0.435 (US$0.31) |
| Market Capitalisation | A$605m (US$436m) |
| Performance Rights | 30.4m |
| Cash and cash equivalents¹ | A$200m (US$144m) |
Analyst Coverage
EUROZ HARTLEYS
Canaccord Genuity
PETRA CAPITAL
ROX RESOURCES
Corporate Update | May 2026
Notes 1. Cash balances as at 31 Mar 2026 (refer ASX announcement "Quarterly Activities/Apparable 08 Cash Flow Report" dated 17 Apr 2026
- Institutions calculated as at 31 Mar 2026
Investment Highlights
ASX: RXL
High-Grade Resource
- High-Grade Ore Reserve declared 674koz @ 4.8 g/t
- Initial Mine Plan of 900koz @ 4.9 g/t
- Mineral Resource of 2.2Moz @ 5.6 g/t
Resource Growth to increase scale
- Mineral Resource open down dip and along strike
- Drilling planned in early CY2026 from underground
- Potential to increase production rate and mine life
Compelling DFS Financials
- NPV₈ A$1.4 billion (US$1.0 billion) and IRR 69% (pre-tax), A$1.0 billion (US$0.7 billion) and IRR 55% (post-tax) at the base case of A$5,200/oz (US$3,744/oz)
- NPV₈ A$2.1 billion (US$1.5 billion) and IRR 93% (pre-tax), A$1.5 billion (US$1.1 billion) and IRR 74% (post-tax) at a spot gold price of A$6,500/oz (US$4,680/oz)
Re-rate potential
- Strong re-rate potential as the Youanmi Gold Project now moves to development and construction
- Equity funding complete, debt committed by Tier 1 banks
ROX RESOURCES
Corporate Update | May 2026
ROX
RESOURCES
ASX: RXL
Thank You
- Level 1, 87 Colin Street, West Perth, Western Australia 6005
- +61 (8) 9226 0044
- www.roxresources.com.au
- [email protected]
in rox-resources
Key Study Outcomes at A$5,200/oz Au
ASX: RXL
| Key Physicals Targets and Assumptions | ||
|---|---|---|
| Life Of Mine¹ | years | 6.8 |
| Plant Throughput | ktpa | 900 |
| Mine Production | ||
| Lateral Development | metres | 61,246 |
| Material Mined | kt | 5,693 |
| Mined Au Grade | g/t | 4.9 |
| Au Ounces Contained | koz | 900 |
| Processing Physicals | ||
| Material Processed | kt | 5,693 |
| Au Grade | g/t | 4.9 |
| Au Ounces Contained | koz | 900 |
| Overall Plant Recovery | % | 90.8 |
| Gold Production Target | koz | 817 |
| Capital Costs | ||
| --- | --- | --- |
| Pre-production Capital | A$m | 383 |
| Sustaining Capital | A$m | 172 |
| Total | A$m | 554 |
| Operating Costs | ||
| --- | --- | --- |
| Mining Costs | A$/oz | 904 |
| Processing Costs | A$/oz | 593 |
| Site G&A | A$/oz | 93 |
| C1 Cash Cost | A$/oz | 1,590 |
| Royalty Payments | A$/oz | 179 |
| Sustaining Capital | A$/oz | 209 |
| Total AISC | A$/oz | 1,978 |
| Key Financial Forecasts and Assumptions | ||
| --- | --- | --- |
| Gold Price | A$/oz | 5,200 |
| Discount Rate | % | 8 |
| Project Valuation | ||
| EBITDA | A$m | 2,707 |
| Free Cash Flow (undiscounted and pre-tax) | A$m | 2,251 |
| Project NPV_{8} (unleveraged and pre-tax) | A$m | 1,433 |
| Project NPV_{8} (leveraged and post-tax) | A$m | 965 |
| Project IRR (unleveraged and pre-tax) | % | 69 |
| Project IRR (leveraged and post-tax) | % | 55 |
| Payback Period¹ (unleveraged and pre-tax) | Years | 1.6 |
| Payback Period¹ (leveraged and post-tax) | Years | 1.9 |
| NPV_{8} / Pre-prod. Cap. (unleveraged and pre-tax) | ratio | 3.7 |
ROX
CORPORATE
Corporate Update | May 2026
- Post construction
ASX: RXL
Low All-In Sustaining Cost and Capital
LOM C1 Cash Cost and AISC Breakdown
| Pre-Production Capital Costs | A$m |
|---|---|
| Processing Facilities | 217 |
| Site Infrastructure | 17 |
| Underground Mining | 28 |
| Tailings Storage Facility | 12 |
| Water Management | 2 |
| Capitalised Operating Costs | 60 |
| Other | 32 |
| Contingency² | 15 |
| Total Pre-Production Costs | 383 |
| Sustaining Capital – Life Of Mine | |
| Underground | 121 |
| Other | 51 |
| Total Sustaining Capital | 172 |
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 non-sustaining capital.
2. Contingency has not been applied to underground mining costs as these have come from direct pricing schedules based on a detailed mine design.
ROX
Corporate Update | May 2026
Mining Profile
ASX: RXL
ROX RESOURCES
Corporate Update | May 2026
19
ASX: RXL
Production Target
ROX
CONFIDENTIAL
Notes:
Ounces mined includes the pre-production and commissioning period and AISC is calculated post pre-production and commissioning period.
Corporate Update | May 2020
High-Grade Ore Reserve
ASX: RXL
| Ore Reserve | Tonnes (Mt) | Grade (g/t Au) | Contained Ounces (koz) |
|---|---|---|---|
| Proved Underground Ore Reserve | - | - | - |
| Probable Underground Ore Reserve | 4.4 | 4.8 | 674 |
| Total Underground Ore Reserve | 4.4 | 4.8 | 674 |
ROX RESOURCES
Corporate Update | May 2026
ASX: RXL
Plan View and United North Section
ROX RESOURCES
Corporate Update | May 2026
22
ASX: RXL
Sections Youanmi Main (Nth) and Prospect
ROX RESOURCES
Corporate Update | May 2026
23