ROX RESOURCES LIMITED — Investor Presentation 2021

Nov 25, 2021

RR1792D

ASX ANNOUNCEMENT

26 November 2021

ROX RESOURCES LIMITED

Investor Presentation - AGM (Supplemental Appendix Information)

ASX: RXL

Rox Resources Limited (ASX: RXL) is an Australian listed company with advanced gold projects in Western Australia: the Youanmi Gold Project and the Mt Fisher Gold project

DIRECTORS

Mr Stephen Dennis Chairman

West Australian focused gold exploration and development company, Rox Resources Limited (“Rox” or “the Company”) (ASX: RXL) advises that it has included supplemental information in its Annual General Meeting Investor Presentation (ASX: 25 November 2021).

The supplemental information is included in “Appendix 3: Comparable Gold Companies”, to improve the cross-referencing of source data for the Comparable Gold Companies graph on page 7 of the presentation.

The updated Annual General Meeting Investor Presentation is attached.

Authorised for release to the ASX by the Board of Rox Resources Limited.

Mr Alex Passmore Managing Director

Dr John Mair Non-Executive Director

Shares on Issue 157.6m Share Price $0.39 Market Cap. $61.5m Cash $10.7m (as at 30 Sep 2021)

*ENDS***

For more information:

Alex Passmore Managing Director Tel: +61 8 9226 0044 E: admin@roxresources.com.au

Level 2, 87 Colin Street, West Perth WA 6005

+61 8 9226 0044

admin@roxresources.com.au www.roxresources.com.au

Follow Rox:

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About Rox Resources

Rox Resources (ASX:RXL) is a West Australian focused gold exploration and development company. It is 70 per cent owner and operator of the historic Youanmi Gold Project near Mt Magnet, approximately 480 kilometres northeast of Perth, and wholly-owns the Mt Fisher Gold project approximately 140 kilometres southeast of Wiluna. Youanmi has a Total Mineral Resource of 1,656 koz of contained gold, with potential for further expansion with the integration of existing prospects into the Resource and further drilling. Youanmi was a high-grade gold mine and produced 667,000 oz of gold (at 5.47 g/t Au) before it closed in 1997. Youanmi is classified as a disturbed site and is on existing mining leases which has significant existing infrastructure to support a return to mining operations.

ASX CODE: RXL

ROX RESOURCES LIMITED Level 2, 87 Colin Street, West Perth WA 6005 +61 8 9226 0044

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E: admin@roxresources.com.au www.roxresources.com.au

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ASX:RXL
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Alex Passmore | Managing Director

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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 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.

Competent Person Statements

Exploration Results

The information in this report that relates to previous Exploration Results, was either prepared and first disclosed under the JORC Code 2004 or under the JORC Code 2012 and has been properly and extensively cross-referenced in the text to the date of original announcement to ASX. In the case of the 2004 JORC Code Exploration Results and Mineral Resources, they have not been updated to comply with the JORC Code 2012.

Resource Statements

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.

The information in this report that relates to gold Mineral Resources for the Youanmi Gold project was reported to the ASX on 23 June 2021 (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 23 June 2021, and that all material assumptions and technical parameters underpinning the estimates in the announcement of 23 June 2021 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 11 July 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 11 July 2018, and that all material assumptions and technical parameters underpinning the estimates in the announcement of 11 July 2018 continue to apply and have not materially changed.

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.

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Since the last AGM……
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• CORNERSTONE investment by Hawkes Point

• RESOURCE GROWTH (~ 40%) at flagship project, Youanmi (1.7Moz at 2.85 g/t)[(1)]

• Strong EXPLORATION SUCCESS , with all 2021 drilling to be incorporated into a new resource update in 2022

• Metallurgical testwork showing IMPROVED RECOVERY of 96% from Youanmi[(2)]

• Successful demerger of nickel assets into Cannon Resources, UNLOCKING SIGNIFICANT SHAREHOLDER VALUE

• COMMENCED AIRCORE program on regional Youanmi tenure, first major program since Rox acquired 50%

• Mt Fisher - Mt Eureka Project, renewed focus with VMS PROSPECTIVITY identified

• STUDIES COMMENCED into production at Youanmi

Notes:

(1) Refer ASX announcement 23 June 2021 : (2) Refer ASX announcement 6 October 2021

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Strategy
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“Applying modern exploration and mining technologies to historic assets and data to grow existing resources and return to production.”

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2020 - 2021

Exploration - Youanmi Near Mine

Exploration - Youanmi Regional

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2021 - 2022

Commence studies and progress options for restart

Investigate early cash flow opportunities Ongoing exploration

2022 - +

Progress studies Final Investment Decision

Funding Execution

Ongoing exploration

Exploration - Mt Fisher/Mt Eureka

Existing data studies

Build Rox capacity

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Corporate Information
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About Rox Resources
Shareholders
Rox Resources Limited (ASX:RXL) is a West Australian focused
gold exploration and development Company. It is the 70%
Hawke's Point 13%
owner and operator of the historic Youanmi Gold Project near 13% 2%
Mt Magnet, approximately 480 kilometres northeast of Perth,
and wholly owns the Mt Fisher Gold Project approximately 140 Directors & Management 2%
kilometres southwest of Wiluna.
Retail & Other 85%
85%
Top 20 Holders 27%
Capital Structure
Top 70 Holders 40%
ASX Code RXL
Shares on Issue 157.6M
RXL Share Price History
Share Price A$0.39
$1.25
Unlisted Options 20.9M
$1.00
Market Capitalisation $61.5M
$0.75
Cash (as at 30 September 2021) $10.7M
$0.50
Debt Nil $0.25
$0.00
Jul 17 Jan 18 Jul 18 Jan 19 Jul 19 Jan 20 Jul 20 Jan 21 Jul 21
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Experienced Team
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Board

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Stephen Dennis
Non - Executive Chairman
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Alex Passmore
Managing Director
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John Mair
Non - Executive Director
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Management

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Chris Hunt
Chief Financial Officer
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Matthew Antill
General Manager -
Operations
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Gregor Bennett
Exploration Manager
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350 3.50
300 M&I 3.00
46%
250 2.50
M&I
43%
200 2.00
M&I
150 74% 1.50
M&I
20%
M&I
100 57% 1.00
M&I
44%
M&I
50 44% M&I 0.50
72%
0 0.00
Musgrave Degrey Alto Metals Apollo Breaker Black Cat Rox Resources Horizon Gold
Consolidated Resources
EV/attributable resource ounce (A$)
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Notes:

(1) Refer Appendix 3 for support

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Youanmi Gold Project
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Deposit
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Overview
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• Rox holds a 70% interest

in the Youanmi Gold Mine (OYG Joint Venture) and is Manager of the JV

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• Previously produced 670,000 ounces at 5.4g/t Au; closure in 1997 when gold price was A$400/oz – A$450/oz

• Last parcel of ore mined underground at Youanmi (Nov 1997) was at 14.6g/t Au grade

• Existing decline in place – to approx. 600 metres below ground

• Quality, high-grade resource (1.7Moz at 2.85 g/t)[(1)]

Notes:

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(1) Refer ASX announcement 23 June 2021

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Mineral Resource - June 2021
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• Youanmi Total Mineral Resources increased by 466 koz (+39%) to 1,656 koz of contained gold (Au).

• Junction and Link mineralisation to be incorporated in later models.

• $16 per ounce discovery cost for this addition to the resource, well below industry averages.

• Grace Maiden Resource defined to contain 109koz of contained gold at 7 g/t Au with upside potential remaining.

• Near Surface Resource increased by 50% to 800koz Au

• • Deeps Resource shows impressive growth (+30%) to 856koz Au with high grades preserved (7.9g/t Au resource average)

• Increase in Au metal ounces per vertical metre for Youanmi Deeps over key potential mining depths

	Area ClassificationCut-Off Youanmi Resources Remaining June 2021	Area ClassificationCut-Off Youanmi Resources Remaining June 2021	Area ClassificationCut-Off Youanmi Resources Remaining June 2021	Tonnes	Tonnes	**Au Grade **	Au Metal	Au Metal	Change in Au Metal	Previously Tonnes	(Widenbar **Au Grade **	2018) Au Metal
				(dmt)		(g/t)	(oz)		(%)	(dmt)	(g/t)	(oz)
	Near Surface Deeps	Indicated Indicated	0.5 g/t* 4.0 g/t	7,470,000 1,097,000		1.81 8.23	434,000 290,200		up 63% up 38%	4,720,000 808,000	1.76 8.1	266,200 210,200
	SubTotal	Indicated		8,567,000		2.63	724,200		up 52%	5,528,000	2.68	476,400
	Near Surface	Inferred	0.5 g/t*	7,240,000		1.57	366,000		up 37%	5,360,000	1.55	266,500
	Deeps SubTotal	Inferred Inferred	4.0 g/t	2,279,000 9,519,000		7.73 3.05	566,200 932,200		up 26% up 31%	1,605,000 6,965,000	8.7 3.19	447,700 714,200
	Near Surface	Ind + Inf	0.5 g/t*	14,710,000		1.69	800,000		up 50%	10,070,000	1.65	532,700
	Deeps	Ind + Inf	4.0 g/t	3,377,000		7.89	856,300		up 30%	2,413,000	8.48	657,900
	Near Surface + Deeps Ind + Inf			18,087,000		2.85	1,656,300		up 39%	12,483,000	2.97	1,190,600
	* Grace 1.5 g/t Cutoff

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Tonnes (000 t) Contained Au Metal (koz)
20,000 1,800
18,000 1,600
16,000 1,400
14,000 Inferred 1,200 Inferred
12,000
1,000
10,000
Inferred 800 Inferred
8,000
600
6,000
4,000 Indicated 400 Indicated
2,000 Indicated 200 Indicated
0 0
2018 2021 2018 2021
Note
• Refer ASX Announcements dated 17 April 2019 and 23 June 2021 for full details of Youanmi
mineral resources
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Resource Observations
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• Resources start from surface and in many cases do not require a pit cutback (Grace, Plant Zone, Hill End)

• Opportunity for a high grade starter pit (Grace, and potentially Hill End) followed by a high grade underground (using 1990’s decline as a starting point)

• Parallel lodes in the hanging wall a key growth opportunity and adds ounces per vertical metre (lower capital cost to access)

• Longer term – larger scale open pit expansion opportunity

• Exploration is ongoing with Resource growth likely to continue

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Metallurgy
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• Youanmi Total Mineral Resources currently 1,656 koz of contained gold (Au)

• Near Surface Resource approximately 800koz Au in total

• Deeps Resource approximately 856koz Au with high grades

• Approximately 20% of Deeps Resource is refractory ore

• September 2021 testwork[(1)] showed substantial improvement in gold extraction for Youanmi Deeps

• Historical production averaged 86.8% gold recovery, with new testwork improving extraction to 95.6% using Pressurised Oxidation Leach Process (POX)

• Alternative processes being tested in parallel with POX studies

Notes:

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(1) Refer ASX announcement 6 October 2021

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Infrastructure
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The Youanmi Project includes a developed underground mine (dewatering required) and surface infrastructure including:

Midwest Pipeline & Road Infrastructure

• Access roads (sealed roads 90km from mine gate)

• Airstrip

• Core shed and workshop

• Borefield

• Tailings disposal facility

• Spur line to Mount Magnet has a 4.1TJ/D capacity (APA Group)

• State road network established to/through Youanmi. Sealed road to 90 km from Youanmi Site

• Close to mining service towns

• Very good state roads accessing the site

• Mine offices

• Process water available from local aquifers

• Mine village - well equipped for exploration crews.

Youanmi Camp

With a history of mining Youanmi is classified as a disturbed site and is on existing mining leases

• Environmental approvals for development a straightforward process

• Well understood mining considerations (wall stability, angles etc.)

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Progress to Date
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Youanmi Gold Project

• More than 50,000 metres drilled in the past 18 months

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• Substantial 39% increase in resource to 18.1M tonnes @ 2.85g/t Au for 1.7 million ounces[(1)]

• Low discovery cost of just $16 per resource ounce, well below industry averages

• Cash injection from major international funds manager Hawke’s Point (A$11m), cornerstone 13.3% holding

• Experienced management team appointed

• Progressing studies into Youanmi restart

• Metallurgical testwork showing improved recovery from 86.8% to 95.6% from Youanmi[(2)]

• Commenced Aircore program on regional tenure, first major program since Rox acquired 50%

Notes

• (1) Refer ASX Announcements dated 17 April 2019 and 23 June 2021 See Appendix 1 for full resource details

View of Youanmi Main Pit looking northwest - RC and diamond drill rigs operating at Junction.

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(2) Refer ASX Announcement date 6 October 2021

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Resource Growth to Continue
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• Multiple drill rigs working on near mine extension drilling at Youanmi

• Targeting the intersection of north-west trending mafic rocks and north-south accommodation structures

• Resource growth momentum building with recent positive results

• Adding mineable ounces near existing infrastructure

• Link Prospect; and

• Junction Prospect

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Plan View of Youanmi Mine Area (ASX: 18 November 2021)

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Regional Targets - Upside
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• 424 holes, 22,337m Aircore drilling program recently completed on Youanmi Regional JV tenements

• Program targets an 18.5km long highly-prospective greenstone corridor between the Youanmi and Penny deposits

• 4 high-priority target areas identified from recently completed data review

• I. Numerous demagnetised zones representing alteration and seven HTDEM conductors associated with major WNW subsidiary structures

• II. 9 HTDEM conductors and numerous demagnetised zones associated with multiple WNW structures. Low-level Au anomalism present in historic shallow RAB drilling.

• III. 8 HTDEM conductors and numerous demagnetised zones within the Penny Shear corridor and subsidiary structures.

• IV. Untested granite-greenstone contact and major WNW structure proximal to Penny West.

• Targets are new / not tested by historic drilling (shallow RAB)

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Next Steps
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• Studies into optimal production scenarios including:

• Metallurgical test work;

• Processing plant design;

• Pit optimisation;

• Dewatering and geotechnical studies;

• Waste rock characterisation; and

• Environmental baseline testing

• Focused on growing the resource base and progressing feasibility studies with the aim of restarting production at the Youanmi gold mine

• In parallel undertaking extensive regional and near-mine drilling in parallel with these studies – resource growth is expected to continue

• Exploring for Penny West style deposits regionally with Rox managing regional JVs

• Target reviews have identified compelling regional anomalies

• 22,337m of Aircore drilling completed

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Mt Fisher - Mt Eureka Gold Project
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Mine Area
Penny Gold
Deposit
(335k oz Au at 13.8 g/t)
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Highlights
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• 850km[2] ground position in one of the least explored greenstone belts in the prolific Yilgarn Craton

• Targeting orogenic gold mineralisation and strata-bound VMS style mineralisation

• VMS prospectivity identified through extensive project review

• Immediate work programs Aircore drilling, RC drilling and high resolution airborne magnetic survey

• Mt Fisher Project includes a Gold Mineral Resource of 1.0Mt @ 2.7 g/t Au for 89,000 ounces of gold[(1)]

• Strong potential to add gold resources

Notes:

(1) ASX on 11 July 2018 (JORC 2012)

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Project Location - Yilgarn Craton
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• Mt Fisher - Mt Eureka Project is located in the Eastern Goldfields Superterrane of the Yilgarn Craton

• Yilgarn Craton is one of the World’s great gold provinces

• The project’s landholding is 850km[2] in one of the least explored greenstone belts in the prolific Yilgarn Craton

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Work Programs
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• Current work programs:

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• 160 holes, 7,300 metre Aircore drilling program completed at Mt Fisher Gold Project, all assays outstanding;

• RC program circa 4,000 metres to commence; and

• High resolution airborne magnetic survey to commence early December 2021

Mt Fisher Mine Long Section Looking West

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Investment Highlights
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• Quality high grade resource at flagship project, Youanmi (1.7Moz at 2.85 g/t)[(1)]

• Strong potential for resource growth

• Feasibility studies commenced into restart of Youanmi

• Mt Fisher - Mt Eureka Project, renewed focus with VMS prospectivity identified

• Attractive entry price ($45 per attributable resource ounce)

• Cornerstone investment by Hawkes Point

Notes:

• (1) Refer ASX announcement 23 June 2021

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Appendix 1 - Youanmi Mineral Resources
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Youanmi Resources Remaining June 2021 (ASX:RXL 23 June 2021)

Area	Classification	Cut-off (g/t)	Tonnes (dmt)	Au Grade (g/t)	Au Metal (oz)
Near Surface	Indicated	0.5*	7,470,000	1.81	434,000
Deeps	Indicated	4.0	1,097,000	8.23	290,200
Sub-total	Indicated		8,567,000	2.63	724,200
Near Surface	Inferred	0.5*	7,240,000	1.57	366,000
Deeps	Inferred	4.0	2,279,000	7.73	566,200
Sub-total	Inferred		9,519,000	3.05	932,200
Near Surface	Ind + Inf	0.5*	14,710,000	1.69	800,000
Deeps	Ind + Inf	4.0	3,377,000	7.89	856,300
Total	Ind + Inf		18,087,000	2.85	1,656,300

Notes

* Grace 1.5 g/t cutoff

The information in this report that relates to gold Mineral Resources for the Youanmi Gold project was reported to the ASX on 23 June 2021 (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 23 June 2021, and that all material assumptions and technical parameters underpinning the estimates in the announcement of 23 June 2021 continue to apply and have not materially changed.

The ASX release can be viewed at https://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=02387031 . Rox is of the view that as the resource estimate is JORC 2012 compliant, was prepared in the last 12 months, indicates the Modifying factors which remain relevant, and the estimate was prepared by well-known and industry respected Competent Persons for the Youanmi Near Surface Deposits and Youanmi Deeps Mineral Resource, the Mineral Resource estimate can be relied upon.

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Appendix 2 - Mt Fisher Gold Mineral Resources
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Mt Fisher Gold (ASX:RXL 11 July 2018)

Deposit	Category	Tonnes	Grade (g/t Au)	Gold (oz)
Moray Reef	Measured	25,521	8.02	6,577
	Indicated	4,930	5.95	943
	Inferred	1,242	3.87	155
	Total	31,693	7.53	7,675
Mt Fisher	Measured	125,605	3.61	14,569
	Indicated	59,533	3.63	6,948
	Inferred	40,934	3.41	4,494
	Total	226,073	3.58	26,011
Damsel	Measured	23,712	2.59	1,974
	Indicated	151,464	2.27	11,060
	Inferred	591,820	2.23	42,339
	Total	766,697	2.25	55,373
TOTAL	Measured	174,838	4.11	23,121
	Indicated	215,928	2.73	18,951
	Inferred	633,997	2.31	46,987
	Total	1,024,762	2.70	89,059

0.8 g/tAu block cut-off grade. Values may not sum due to rounding.

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Appendix 3 - Comparable Gold Companies
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Companies selected are considered comparable to Rox Resources as they are in exploration and/or study phase

ASX code	Company name	Project Ownership (%)	Resource (Mt)	Grade (g/t Au)	Attributable Contained Au (Koz)	Attributable M&I Au (Koz)	M&I Au/ Contained Au (%)	Source
MGV	Musgrave Minerals Limited	100	6.4	3.2	659	301	46	Company Presentation - South West Connect ASX Showcase (Announced 27 October 2021)
DEG	De Grey Mining Limited	100	229.8	1.2	8,969	3,830	43	Quarterly Activities Report - September 2021 (Announced on the ASX 29 October 2021)
AME	Alto Metals Limited	100	6.2	1.7	331	65	20	Quarterly Activities/Appendix 5B Cash Flow Report (Announced on the ASX 25 October 2021)
BC8	Black Cat Syndicate Limited	100	17.5	2.1	1,185	523	44	Quarterly Activities Report and Appendix 5B (Announced on the ASX 29 October 2021)
AOP	Apollo Consolidated Limited	100	29.1	1.2	1,105	815	74	Quarterly Activities/Appendix 5B Cash Flow Report (Announced on the ASX 29 October 2021)
RXL	Rox Resources Limited	70	18.1	2.9	1,159	507	44	Presentation - South-West Connect ASX Showcase October 2021 (Announced on the ASX 27 October 2021)
HRN	Horizon Gold Limited	100	18.6	2.3	1,361	986	72	Quarterly Activities/Appendix 5B Cash Flow Report (Announced on the ASX 27 October 2021)
BRB	Breaker Resources NL	100	27.9	1.5	1,370	778	57	Quarterly Activities Report (Announced on the ASX 1 November 2021)

Other inputs	Input date	Source
Cash and debt balances	30 September 2021	Appendix 5B Cash Flow Report – Quarter Ended 30 September 2021
Market capitalisation	18 November 2021	Australian Stock Exchange

Notes

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

Attributable M&I Au (Koz) for HRN calculated as follows: (13,932 indicated kilotonnes * 2.2 grams per tonne) / 31.1 grams.

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ASX:RXL
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W: www.roxresources.com.au

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