ROX RESOURCES LIMITED - Investor Presentation 2018

ASX: RXL

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Australia’s Premier Nickel Exploration Opportunity

Sydney Resources Roundup 10 May 2018

Ian Mulholland Managing Director

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Why Invest in Rox?
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JORC Mineral Resources of Nickel Sulphide
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64,000 t contained Ni @ 2.45% NiEq
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86,000 oz contained Au @ 2.75 g/t
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Cash & Receivables of $15 million
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Enterprise Value (EV) of $6.3 million
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Awarded Explorer
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Nickel Sulphide Projects
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Two nickel sulphide projects in WA’s northern goldfields

– Fisher East is a new nickel province discovered in 2013 by Rox

Collurabbie discovered in 2004 by WMC – but relatively unexplored Fisher East and Collurabbie are just 70km apart – project development synergies High-grade Mineral Resources of ~ 50,600 tonnes Ni metal @ 2.5% Ni at Fisher East and ~13,500 tonnes NiEq @ 2.3%* at Collurabbie

* See Appendix for Mineral Resource details

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Fisher East Resources
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X
X X
X
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Total Mineral Resource of 2.0 Mt @ 2.5% Ni , for 50,000 tonnes Ni metal*

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Drilling to increase current resources and aggressively explore to identify new discoveries

* See Appendix for Mineral Resource details

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EM Interpretation
Camelwood
Corktree Musket Cannonball Camelwood Silverbark
North
8km
Ground EM survey conducted over 8km strike
Very strong EM responses at Corktree, Camelwood and Silverbark
The Corktree and Silverbark EM plates remain effectively untested by drilling
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Resource outlines shown at 1.5% Ni Cut-Off EM plates shown as coloured rectangles

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Corktree Target
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VTEM
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X 1km

Strongest EM anomaly at Fisher East, 1km strike

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Only one RC hole intersected the interpreted EM plate at Corktree The deeper (and stronger) EM plate remains untested at 400-600m depth

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Exploration Targets
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X	X
Resource	Target

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Exploration ongoing on several targets along 25km of strike Resource to be drilled out at Sabre Fresh sulphides in aircore at Mt Tate to follow up Exceptional EM target at Corktree

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Development Studies
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Low technical risk project :

o Toll milling – truck ore to nearby plant (two plants within 200km)

o Build a plant on site – truck concentrate for sale Decline to underground mine ~70-100m depth Standard underground mining techniques and costs Simple process flow sheet and logistics

Metallurgical recoveries, 80 – 99%, and saleable concentrate grades, 10 - 14% Ni, acceptable Fe:MgO ratios, low As (no penalties) Straight forward project dependent on nickel price Increased resources will increase mine life and project value

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Collurabbie
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123km2 of prospective tenure Main discovery at Olympia deposit Only 70km from Fisher East Widespread Ni-Cu-PGE mineralisation over ~15km strike length on multiple stratigraphic horizons

Underdone previous exploration Extensive and quality datasets of drilling and geophysics Drill targets for Ni-Cu-PGE and Au Counter-cyclical high quality acquisition at a relatively cheap* price

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$25,000 cash + 7.5 million RXL shares (~$150K)

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Exploration Potential
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Olympia Mineral Resource of 573,000 tonnes @ 1.6% Ni, 1.2% Cu, 0.08% Co and 2.3 g/t Pt+Pd, 2.3% NiEq High grade drill intercepts Open at depth* Exploration potential over 15km of strike Aircore drilling planned

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* See Appendix for Mineral Resource details

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Gold Spinout – Helios Gold
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Historic mining at Mt Fisher in 1930’s
Open pit mining in 1980’s
Discovery of a new zone of gold by CRA in 1990’s
Main project in Avoca Resources’ 2004 IPO
Avoca purchased Higginsville in 2005
Project acquired by Rox in 2011 from Avoca
Rox defined gold resources 2011-2012, but then found nickel at Fisher East
Resource base of 86,000 ozs @ 2.75 g/tAu
Multi-million ounce potential

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Mt Fisher Gold
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Several mills for toll treating within 150km
Gold endowment of adjacent Yandal (17 Mozs) and Agnew-Wiluna (10 Mozs) belts an order of magnitude greater than Mt Fisher belt (0.5 Mozs)
Tenements cover approximately 25% of the belt area
Interest in the area becoming aggressive with Northern Star investment in Echo Resources, and Red 5 bid for Bullseye Mining
Any resources established at Mt Fisher will be highly sought after

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Gold Drilling
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Gold resources at Mt Fisher, Moray Reef and
Damsel
A 10km zone of strong gold anomalism – Dam to Shiva
A sub-parallel structure – Dirks
Many high grade drill intersections
Recent outstanding aircore results
$10 million JV with Doray terminated after $1 million expenditure due to funding issues at Doray
Rox and partners have spent $5 million since acquisition in 2011

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Gold Resources
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JORC Mineral Resource of 86,000 oz* @ 2.75 g/t Au Large scale gold-inregolith anomaly along complex western shear zone (Damsel-Dam-Shiva) – 10km long ozs Targeting >500,000 3,600m of RC drilling ready to go

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See Appendix for Mineral Resource details

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Gold Model
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Bronzewing is a group of gold deposits in Yandal Belt – 3.6 Moz
Distance is ~75km from Mt Fisher
Footprint of Bronzewing deposits quite small
100m x 50m Aircore/RAB drilling required to properly define anomalies
Large low grade gold halo (~100 ppb Au) – but smaller and discontinuous gold halo at 300 ppb Au
Numerous gold anomalies like this at Mt Fisher

Reference: Gebre-Mariam, M., Sharpe, E., & Smith, R., (2000), Geology of the Bronzewing Gold Deposit, Yandal Belt; Yandal Greenstone Belt, AIG Bulletin 32, 2000

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Gold Anomalies
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Dam Central Prospect
Oxide
100 ppb Au 300 ppb Au
Fresh
Target
Zone
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Comparison of Mt Fisher with Bronzewing shows similar features at a number of prospects
Potential for deeper gold systems at Mt Fisher beneath Aircore/RAB gold anomalies

Reference: Anand, R.R., (2003), Yandal gold province: geoscience and exploration success, CSIRO Exploration & Mining, Ely, K.S. & Phillips, G.N. (editors)

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Lack of Deep Drilling
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All drilling

RAB/AC 3,519 holes 159,747m RC 349 holes 29,438m DD 66 holes 11,106m TOTAL 3,934 holes 200,291m

Drilling below 150m

RC 50 holes 3,260m 11% DD 41 holes 3,573m 32% TOTAL 91 holes 6,833m 3%

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Exceptional Recent Results
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300m anomaly at Dam North

4m @ 6.2 g/t Au

200m extension at Dam

800m extension to Damsel

4m @ 2.8 g/t Au

Filled in Dirks over 1km

4m @ 3.5 g/t Au RC drilling needed to define resources

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More Recent Results
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At Shiva, strong continuous gold anomaly > 1 g/t Au over 500m

4m @ 1.3 g/t Au

RC drilling needed to define resources

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Nickel Market Dichotomy
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There are two types of nickel:

– ❖ Class 1 (99.9% pure) – suitable for batteries comes from sulphide concentrates and refined laterites – 1 Mtpa

❖ Class 2 (impure) – not suitable for batteries direct shipped ore to blast furnace either as low grade ore or nickel pig iron (NPI) product – 1 Mtpa

LME Stockpiles are only Class 1 nickel Supply of cheap Class 2 nickel has depressed nickel price, but shortage now looming in Class 1 nickel Capital intensity of laterites is 5 times for same nickel output as sulphides or sulphate

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Ni Supply & Demand Trends
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165%
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Continued production
despite price fall
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Main end use of Ni is stainless steel (65%) and alloys (20%) Nickel stocks are now falling – currently about 16 weeks of supply Nickel price is starting to rise As nickel stocks continue to fall an increase in price should be realised

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EV Vehicle Take-up
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93% 2Mtpa,
100%
Current EV 30% 600ktpa,
1Mtpa,
market share 33%
50%
1% 300ktpa,
16.5%
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As conversion to the NMC811 battery takes place, Ni demand should see an increase of ~33% (600kt) by 2025 (8 years), and 100% (2Mt) by 2030. There simply isn’t this supply of nickel. The growth from 2025 to 2030 will be rapid. Typically we under-estimate the speed of technological disruptions

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The move to the EV is obvious, manufacturers are now phasing out ICE cars

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Nickel Deficit is Coming
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A decade of nickel surpluses to be followed by a decade of deficits Nickel market now in deficit and predicted to stay in deficit When will supply-demand pressures start to affect nickel prices?

Graph from Western Areas (WSA) presentation 20 February 2018 (page 40)

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Nickel Production Impetus
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Increasing demand from switch from ICEs to EVs will be 300 – 600 ktpa, triggering a shortage in Class 1 nickel – predicted to be in deficit for at least next 8 years

By 2030, will need 1 -2 Mtpa more Class 1 Ni Where will this production come from? Lack of idled class 1 nickel production of this scale Will need a much higher incentive Ni price to make this happen (>US$20,000/t)

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Corporate Information
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Key Information ASX Code: RXL Share Price: A$0.014 Shares: 1,259M Unlisted Options: 65.8M Market Cap: $17.8M Cash* (at 31 Mar 2018): $11.5M EV: Cash Backing of $6.3M $0.01/share Top 20: 22%

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* Plus $3.75 million deferred payment from Teck for Reward sale

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Forward Strategy
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Cashed Up
$15 million in cash plus receivables
Nickel

– Continue to explore and grow resources drilling

Continually assess development options & opportunities Leverage for the improving nickel price

Gold

– Spinout into new ASX listed company Helios Gold Aim is to establish > 500,000 ounce in gold resources

New Projects

Continued search to add shareholder value

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Value Proposition
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Two relationships between EV/kt Ni and Ni grade – explorers and developers

RXL EV/kt Ni is ~$460/kt Ni = $30 million

Cash & receivables have an NPV ~$14.0m

Rox’s market cap should be ~ $44m (~3.5 cents/share) Independent research* has valued Rox at just that

*e.g. Bell Potter, Stock Analysis

Bubble size relates to amount of contained nickel

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Thank You

Rox Resources Limited Level 1, 34 Colin Street, West Perth, WA, 6005 AUSTRALIA T: (08) 9226 0044 F: (08) 9322 6254 E: [email protected] W: www.roxresources.com.au

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Disclaimers
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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 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 (among others) the risk of adverse or unanticipated market, financial or political developments.

Competent Person Statements

Resource Statements

The information in this report that relates to nickel Mineral Resources for the Olympia deposit was reported to the ASX on 18 August 2017 (JORC 2012). Rox confirms that it is not aware of any new information or data that materially affects the information included in the announcement of 18 August 2017 , and that all material assumptions and technical parameters underpinning the estimates in the announcement of 18 August 2017 continue to apply and have not materially changed.

The information in this report that relates to nickel Mineral Resources for the Fisher East project was reported to the ASX on 5 February 2016 (JORC 2012). Rox confirms that it is not aware of any new information or data that materially affects the information included in the announcement of 5 February 2016, and that all material assumptions and technical parameters underpinning the estimates in the announcement of 5 February 2016 continue to apply and have not materially changed.

The information in this report that relates to gold Mineral Resources for the Mt Fisher project was reported to the ASX on 28 March 2018 (JORC 2012). Rox confirms that it is not aware of any new information or data that materially affects the information included in the announcement of 28 March 2018 , and that all material assumptions and technical parameters underpinning the estimates in the announcement of 28 March 2018 continue to apply and have not materially changed.

Exploration Results

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.

Exploration Results herein are based on information compiled and released to the ASX as follows:

Fisher East and Mt Fisher (ASX:RXL Between 1 April 2011 and the present)

Collurabbie (ASX:FCN 17 August 2004, 10 November 2004, 3 December 2004, 8 March 2005, 5 July 2010, and 8 July 2011, ASX:RXL 10 October 2017).

In the case of the Exploration Results reported under the 2004 JORC Code, they have not been updated to comply with the JORC Code 2012 on the basis that the information has not materially changed since it was last reported.

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Appendix – Mineral Resources
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Fisher East Nickel, ASX:RXL 5 February 2016

Deposit	Category	Tonnes (Mt)	Ni%	Ni (kt)
	Indicated	0.99	2.56	25.3
Camelwood	Inferred	0.08	2.52	2.0
	Total	1.06	2.56	27.3
	Indicated	0.15	3.43	5.1
Cannonball	Inferred	0.01	2.41	0.2
	Total Indicated	0.16 0.79	3.38 2.21	5.3 17.4
Musket	Inferred	0.03	1.94	0.7
	Total	0.82	2.20	18.0
	*Indicated*	*1.92*	*2.49*	*47.8*
TOTAL	*Inferred* Total	*0.12* 2.04	*2.35* 2.48	*2.9* 50.6
Olympia Nickel-Copper-PGE, ASX:RXL			18 August	2017

Tonnes	Ni %	Cu %	Co ppm	Pd ppm	Pt ppm	*NiEq % **	NiEq (kt)	Pd+Pt (oz)
573,000	1.63	1.19	820	1.49	0.85	2.36	13.5	42,971

Mt Fisher Gold, ASX:RXL 28 March 2018

Deposit	Category	Tonnes				Cut
			Grade	Metal	Grade	Metal	Value
			(g/tAu)	(Ozs)	(g/tAu)	(Ozs)	(g/tAu)
Moray Reef	Measured	25,700	10.84	8,957	7.96	6,577	80
	Indicated	4,900	6.09	959	5.95	937	80
	Inferred	1,200	3.87	149	3.87	149	80
	TOTAL	31,800	9.85	10,066	7.50	7,664	80

Mt Fisher	Measured	119,600	3.72	14,304	3.60	13,843	50
	Indicated	56,700	3.62	6,599	3.62	6,599	50
	Inferred	38,900	3.44	4,302	3.41	4,265	50
	TOTAL	215,200	3.64	25,206	3.57	24,707	50

Damsel	Measured	26,600	2.91	2,489	2.68	2,292	30
	Indicated	143,300	2.47	11,380	2.39	11,011	30
	Inferred	556,100	2.34	41,837	2.26	40,407	30
	TOTAL	726,000	2.39	55,705	2.30	53,710	30

TOTAL	*Measured*	*171,900*	*4.66*	*25,750*	*4.11*	*22,712*
	*Indicated*	*204,900*	*2.87*	*18,938*	*2.82*	*18,548*
	*Inferred*	*596,200*	*2.41*	*46,288*	*2.34*	*44,821*
	TOTAL	973,000	2.91	90,976	2.75	86,080

*NiEq = (Ni grade x Ni price x Ni recovery + Cu grade x Cu price x Cu recovery) / (Ni price x Ni recovery) Where Ni price = US$10,300/t, Ni recovery = 85% (assumed), Cu price = US$6,322/t, Cu recovery = 85% (assumed)

Fisher East: 1.5% Ni block cut-off grade. Values may not sum due to rounding. Mt Fisher: 0.8 g/tAu block cut-off grade. Values may not sum due to rounding. Olympia: 1.0% Ni block cut-off grade. Values may not sum due to rounding.

AI assistant

ROX RESOURCES LIMITED Investor Presentation 2018

65741_rns_2018-05-09_780f19ea-bafb-496a-95d6-07757822a96b.pdf

ASX: RXL

Australia’s Premier Nickel Exploration Opportunity

Low technical risk project :

All drilling

Drilling below 150m

Thank You

Forward-Looking Statements

Competent Person Statements

Resource Statements

Exploration Results

Fisher East Nickel, ASX:RXL 5 February 2016

Mt Fisher Gold, ASX:RXL 28 March 2018

AI assistant

ROX RESOURCES LIMITED — Investor Presentation 2018

65741_rns_2018-05-09_780f19ea-bafb-496a-95d6-07757822a96b.pdf

ASX: RXL

Australia’s Premier Nickel Exploration Opportunity

Low technical risk project :

All drilling

Drilling below 150m

Thank You

Forward-Looking Statements

Competent Person Statements

Resource Statements

Exploration Results

Fisher East Nickel, ASX:RXL 5 February 2016

Mt Fisher Gold, ASX:RXL 28 March 2018

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ROX RESOURCES LIMITED Investor Presentation 2018