ROX RESOURCES LIMITED — Major Shareholding Notification 2025

Dec 23, 2025

Form 604

Corporations Act 2001 Section 671B

Notice of change of interests of substantial holder

To Company Name/ Scheme Rox Resources Limited ACN/ ARSN 107 202 602 1. Details of substantial holder (1) Name L1 Capital Pty Ltd ACN/ ARSN (if applicable) 125 378 145 There was a change in the interests of the substantial holder on 22/12/2025 The previous notice was given to the company on 1/12/2025 The previous notice was dated 1/12/2025

2. Previous and present voting power

The total number of votes attached to all the voting shares in the company or voting interests in the scheme that the substantial holder or an associate (2) had a relevant interest (3) in when last required, and when now required, to give a substantial holding notice to the company or scheme, are as follows:

FPO Class of securities (4)	Based on issued capital of 947,227,829 shares* Based on issued capital of 1,388,258,440 shares* Voting power (5) Present notice Previous notice 12.89% Person's votes Voting power (5) Person's votes 63,273,687 6.68% 178,945,659

3. Changes in relevant interests

Particulars of each change in, or change in the nature of, a relevant interest of the substantial holder or an associate in voting securities of the company or scheme, since the substantial holder was last required to give a substantial holding notice to the company or scheme are as follows:

	Date of change	Person whose relevant interest changed	Nature of change (6)		Consideration given in relation to change (7)	Class and number of securities affected	Person's votes affected
	See Annexure A
	levant interests each relevant interest of the substantial holder in voting securities after the				change are as follows:
	Holder of relevant interest	Registered Holder of securities	Person entitled to be registered as holder (8)		Nature of relevant interest	Class and number of securities	Person's votes
	See Annexure B

4. Present relevant interests

Particulars of each relevant interest of the substantial holder in voting securities after the change are as follows:

5. Changes in association

The persons who have become associates (2) of, ceased to be associates of, or have changed the nature of their association (9) with, the substantial holder in relation to voting interests in the company or scheme are as follows:

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Name and ACN/ ARSN (if applicable) Nature of association
N/A
6. Addresses
The addresses of persons named in this form are as follows:
Name Address
L1 Capital Pty Ltd Level 45, 101 Collins Street, Melbourne, VIC, 3000
Signature
Print name Jane Stewart Capacity Head of Legal and Compliance
Sign here Date 24/12/2025
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DIRECTIONS

(1) If there are a number of substantial holders with similar or related relevant interests (eg. a corporation and its related corporations, or the manager and trustee of an equity trust), the names could be included in an annexure to the form. If the relevant interests of a group of persons are essentially similar, they may be referred to throughout the form as a specifically named group if the membership of each group, with the names and addresses of members is clearly set out in paragraph 6 of the form. (2) See the definition of "associate" in section 9 of the Corporations Act 2001. (3) See the definition of "relevant interest" in sections 608 and 671B(7) of the Corporations Act 2001. (4) The voting shares of a company constitute one class unless divided into separate classes. (5) The person's votes divided by the total votes in the body corporate or scheme multiplied by 100. (6) Include details of: (a) any relevant agreement or other circumstances because of which the change in relevant interest occurred. If subsection 671B(4) applies, a copy of any document setting out the terms of any relevant agreement, and a statement by the person giving full and accurate details of any contract, scheme or arrangement, must accompany this form, together with a written statement certifying this contract, scheme or arrangement; and (b) any qualification of the power of a person to exercise, control the exercise of, or influence the exercise of, the voting powers or disposal of the securities to which the relevant interest relates (indicating clearly the particular securities to which the qualification applies). See the definition of "relevant agreement" in section 9 of the Corporations Act 2001.

(7) Details of the consideration must include any and all benefits, money and other, that any person from whom a relevant interest was acquired has, or may, become entitled to receive in relation to that acquisition. Details must be included even if the benefit is conditional on the happening or not of a contingency. Details must be included of any benefit paid on behalf of the substantial holder or its associate in relation to the acquisitions, even if they are not paid directly to the person from whom the relevant interest was acquired.

(8) If the substantial holder is unable to determine the identity of the person (eg. if the relevant interest arises because of an option) write "unknown".

(9) Give details, if appropriate, of the present association and any change in that association since the last substantial holding notice.

Annexure A

L1 Capital Pty Ltd (ACN 125 378 145) change in substantial holding in Rox Resources Limited This is Annexure "A" of 1 page referred to in the Form 604 (Notice of Change of interests of Substantial Holder)

Print Name Jane Stewart Capacity Head of Legal and Compliance Sign Here Date 24/12/2025

Changes in relevant interests

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Person's votes
Date of change Person whose relevant interest changed Nature of change (6) Consideration given in relation to change (7) Class and number of securities affected affected
2/12/2025 L1 Capital Pty Ltd On-Market Purchase $ 370,346.20 922,999 FPO 922,999
3/12/2025 L1 Capital Pty Ltd On-Market Purchase $ 222,878.24 539,051 FPO 539,051
4/12/2025 L1 Capital Pty Ltd On-Market Purchase $ 1,016,917.74 2,375,217 FPO 2,375,217
12/12/2025 L1 Capital Pty Ltd On-Market Purchase $ 0.84 2 FPO 2
17/12/2025 L1 Capital Pty Ltd Placement $ 38,227,882.70 109,222,522 FPO 109,222,522
19/12/2025 L1 Capital Pty Ltd On-Market Purchase $ 108,896.84 244,712 FPO 244,712
22/12/2025 L1 Capital Pty Ltd On-Market Purchase $ 255,965.16 556,446 FPO 556,446
23/12/2025 L1 Capital Pty Ltd On-Market Purchase $ 563,040.00 1,200,000 FPO 1,200,000
24/12/2025 L1 Capital Pty Ltd On-Market Purchase $ 294,368.60 611,023 FPO 611,023
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Annexure B

L1 Capital Pty Ltd (ACN 125 378 145) change in substantial holding in Rox Resources Limited

This is Annexure "B" of 1 page referred to in the Form 604 (Notice of Change of interests of Substantial Holder)

Print Name			Capacity	Head of Legal and Compliance	Head of Legal and Compliance
Sign Here			Date	24/12/2025
Details of present relevant interests
Holder of relevant	inRegistered holder of securities		Nature of relevant interest	Nature of relevant interest		Class and number of securities
				Power to (or to control)
				exercise vote and/or dispose of
				the securities as discretionary
				investment managers or
L1 Capital Pty Ltd		Morgan Stanley & Co. International PLC	Morgan Stanley & Co. International PLC	advisers of superannuation		177,778,189		FPO
				funds, pooled superannuation
				trusts, managed investment
				schemes and investment
				management agreements.
L1 Capital Pty Ltd		Goldman Sachs International	Goldman Sachs International	as above		1,167,470		FPO