ROX RESOURCES LIMITED - Capital/Financing Update 2021

ASX ANNOUNCEMENT

23 June 2021

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RRL1756
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ROX RESOURCES LIMITED ASX: RXL

Substantial 39% increase to Youanmi Gold Project Resource to 1.7Moz

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

DIRECTORS

Mr Stephen Dennis Chairman

Mr Alex Passmore Managing Director

Dr John Mair Non-Executive Director

Shares on Issue 2,364m Share Price $0.03 Market Cap. $70.9m Cash & Receivables $18.1m (incl $3.75m receivable, cash as at 31 Mar 2021)

Level 2, 87 Colin Street, West Perth WA 6005

+61 8 9226 0044

[email protected] www.roxresources.com.au

Highlights:

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.
Mineral Resource Estimates for both Youanmi Near Surface and Youanmi Deeps Resources have realised significant increases with 48,000 metres of combined diamond and RC drilling completed and results incorporated into this estimate. Exploration work is ongoing.
All in exploration costs for the project since the last published resource (2019) indicates a $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 in total.
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

Australian gold and nickel company, Rox Resources Limited (“Rox” or “the Company”) (ASX: RXL), in conjunction with its joint venture partner Venus Metals Corporation Limited (ASX: VMC) is pleased to report a significant increase to the mineral resource estimate (“MRE”) for the Youanmi Gold Project near Mt Magnet, WA.

Drilling and exploration work at the Youanmi Gold Project predominantly in the OYG JV area (Rox 70% and Manager, VMC 30%) has yielded substantial increases in known and defined tonnages and ounces since acquisition and commencement of drilling in Mid-2019.

Rox has used independent consultants for both the Youanmi Near Surface and Deeps areas. Widenbar Associates completed the Near Surface Resource (Youanmi Near Surface Deposits Resource Estimate June 2021 – refer Table 1) while CSA Global completed the Youanmi Deeps Resource Estimate (Report Youanmi Deeps Youanmi Deeps Mineral Resource Estimate June 2021 – refer Table 1).The previous resource for Youanmi was published in 2018 (Widenbar).

Managing Director Alex Passmore commented: “The release of the updated Youanmi Resource is a milestone for the Company (and the OYG JV) and demonstrates the strong potential to continue to grow highgrade gold resources at the Youanmi deposit. The Company is very pleased with both the expansion of the Deeps Resource as well as achieving a considerable increase in inventory to the Near Surface Resource areas including some spectacular results at Grace which contains 109,000 ounces at an average gold grade of 7 g/t Au at shallow depths. An overall increase in gold resources of 39% is a great result, as is the $16 /oz discovery cost realised to achieve these results.

This resource update also highlights Rox’s low enterprise value per attributable resource ounce which based on the Company’s last reported cash balance (March 2021) and current market capitalisation is calculated to be only $45 per ounce. On the back of the resource upgrade, we will be commencing the Youanmi Mine Feasibility Study. Drilling will continue at Youanmi with a focus on the ongoing conversion of inferred material into indicated categories for both the Deeps and Near Surface Resources and extension of the Youanmi Deeps along strike and down dip. In addition, regional grass roots exploration drilling will continue on our extensive tenement interests with the intent of making new discoveries in the area.”

Summary of Youanmi Mineral Resource 2021 (incl. comparison to 2018)

Youanmi Resources Remaining June	Youanmi Resources Remaining June	2021				Change in	Previously	(Widenbar	2018)
Area	ClassificationCut-Off		Tonnes	Au Grade	Au Metal	Au Metal	Tonnes	Au Grade	Au Metal
			(dmt)	(g/t)	(oz)	(%)	(dmt)	(g/t)	(oz)
Near Surface	Indicated	0.5 g/t*	7,470,000	1.81	434,000	up 63%	4,720,000	1.76	266,200
Deeps	Indicated	4.0 g/t	1,097,000	8.23	290,200	up 38%	808,000	8.1	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	Inferred	4.0 g/t	2,279,000	7.73	566,200	up 26%	1,605,000	8.7	447,700
SubTotal	Inferred		9,519,000	3.05	932,200	up 31%	6,965,000	3.19	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

Comparison to 2018 Resource Estimates (Widenbar 2018):

An overall increase of 39% in contained gold has been achieved, with a 52% increase in metal in the Indicated category, and a 31% increase in the Inferred category (Figure 1 below). Cut-off grades remained the same as those used in the 2018 estimate (i.e. 4g/t Au for Deeps and 0.5g/t Au for Near Surface) and 1.5 g/t Au was used for Grace.

ASX CODE: RXL

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

[email protected] www.roxresources.com.au

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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
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FIGURE 1 – Chart showing increase in tonnes and metal for combined Youanmi Mineral Resource

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FIGURE 2 – 3D View of Youanmi Deeps Resource Model and Near Mine Part of Near Surface Model

ASX CODE: RXL

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

[email protected] www.roxresources.com.au

Youanmi Deeps Resource Discussion:

Twenty-three mineralised lodes were modelled using Leapfrog software for wireframe interpretations, along an approximately 2.2 km of strike length, comprising the Main Lode and associated footwall and hanging wall lodes along the main trend corridor.

The estimation process estimated both the grade-thickness and the intersection thickness using ordinary kriging. The block grades were calculated by dividing the grade-thickness by the estimated thickness (which is not the same as the actual physical thickness of the wireframe interpretation).

The hanging wall and footwall lodes are predominantly 0.5 m to 2.0 m thick, while the Main Lode is generally on the order of 1.0 m to 3.0 m thick, but locally exceeds 10.0 m.

The lode intersections were interpreted based on several characteristics, such as grade, shearing, degree of mylonitisation, veining, sulphide content, or alteration and bleaching. Intervals were generally selected using the assay tables, verified using core photographs and logging, except where historic core was unsampled, in which case lithology tables were used.

Pinch-outs were applied manually around the peripheries and at roughly half of the average data-spacing, up to 40 m.

To subset the lode interpretations into the higher-grade shoots, a statistical approach was adopted, using Leapfrog to model the grade-thickness variable. The grade-thickness composite dataset was then constrained to those points inside the high-grade shoot models.

As is illustrated in Figure 3, progression from the previously quoted resource (2018) shows significant depth extension below the -340 mRL as well as tightening up the model above this reflecting the different modelling technique applied and demonstrating a more conservative approach along strike. Increased resource tonnage and metal was also due in part to more lodes being identified and interpreted east and west of the main lode.

Resources ounces per vertical metre (OVM) increased significantly in localised areas including in the upper levels (above 210 mRL), and intermediate levels (below 70mRL to -150mRL). In the area between -170 mRL and -290 mRL the updated resource was more conservative in the Inferred category, hence the reduction shown through this area in Figure 6 which shows total OVM, however the Indicated portion through this area increased from 170 OVM to around 940 OVM, which is an impressive result.

ASX CODE: RXL

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

[email protected] www.roxresources.com.au

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UNITED NORTH PIT HILL END PIT MAIN PIT
N
May 2018
Widenbar
658 koz Au
Indicated Metal Up 38% to 290 koz
Inferred Metal Up 26% to 566 koz
Total Metal Up 30% to 856 koz
FIGURE 3 – Deeps Resource and Near Surface Resource Model Au grade distribution in area near pits,
showing progression of Deeps Model from 2018 (Deeps is below 300 mRL).
Ounces per Vertical Metre Comparisons
4,000
2018 Model
3,500
3,000 June 2021 Updated Model (20210618) - 4 g/t Au Cutoff
Increased depth
by 180 m
2,500
93,793 oz Au
2,000
below -340 mRL
1,500
1,000
500
Localised OVM Increases
0
mRL
290 270 250 230 210 190 170 150 130 110 90 70 50 30 10 -10 -30 -50 -70 -90 -110 -130 -150 -170 -190 -210 -230 -250 -270 -290 -310 -330 -350 -370 -390 -410 -430 -450 -470 -490 -510
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FIGURE 3 – Deeps Resource and Near Surface Resource Model Au grade distribution in area near pits, showing progression of Deeps Model from 2018 (Deeps is below 300 mRL).

FIGURE 4 – Chart Showing Increase in Ounces per Vertical Metre (Deeps Model only <300 mRL)

ASX CODE: RXL

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

[email protected] www.roxresources.com.au

Youanmi Near Surface Deposits Resource Discussion:

The Near Surface Resource Estimate comprised of seven main areas as is summarised below.

Near Surface Resources by Area

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For the purpose of block modelling a total of 21 areas were defined with each having their own variogram modelling parameters assigned. The block model grade estimation methodology used ordinary kriging interpolation within Micromine 2021 software. Search distances and orientations were unique to each of the individual areas. The Currans Find deposits used Inverse Distance Cubed estimation methodology as there was too little data for robust variogram calculation.

Block model validation was carried out in several ways, including visual inspection on sections, long sections and plans, and in 3D, model vs composite statistics, swathe plot validation with all validation methods producing reasonable results.

The Grace deposit which is high grade and has a relatively high nugget has a higher cut-off grade of 1.5 g/t Au applied to it resulting in a total resource of 490,000 tonnes at 6.95 g/t Au for 109,000 ounces.

This mineral resource estimate includes maiden resources for Grace and Currans Find deposits.

ASX CODE: RXL

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

[email protected] www.roxresources.com.au

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FIGURE 5 – Plan Showing Near Surface Resource (not including Airstrip 1km to the south, Commonwealth 1km to the north, and Curran’s Find 30km to the south)

ASX CODE: RXL

ROX RESOURCES LIMITED 7 Level 2, 87 Colin Street, West Perth WA 6005 +61 8 9226 0044

[email protected] www.roxresources.com.au

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FIGURE 6 – Grace Resource (excluding laterite mineral resource cover)

ASX CODE: RXL

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

[email protected] www.roxresources.com.au

Next Steps

On the back of this resource upgrade the Company has commenced studies into the optimal production scenarios at Youanmi. These studies will feed into a detailed feasibility study which is due for completion in the second half of next year. The various studies include metallurgical test work, development of a geo-metallurgical model, processing plant design, pit optimisation, underground mining optimisation, dewatering and geotechnical studies, waste rock characterisation and environmental baseline testing.

In parallel to the study outlined above the Company is undertaking an extensive regional exploration program and a drilling program in the near-mine area. Ongoing exploration results will be released to the market as they come to hand.

The Company is highly confident that the resource inventory at Youanmi will continue to grow rapidly as results from this program are incorporated into further resource estimates.

Authorised for release to ASX by Alex Passmore, Managing Director.

* ENDS ***

For more information:

Alex Passmore Managing Director Rox Resources Limited Tel: +61 8 9226 0044 [email protected]

Matt Hogan Managing Director Venus Metals Corporation Limited Tel: +61 8 9321 7541

ASX CODE: RXL

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

[email protected] www.roxresources.com.au

Competent Person’s Statement

The information in this release that relates to the Youanmi Near Surface Deposits is based on information compiled by Mr Lynn Widenbar, a Competent Person who is a Member of the Australasian Institute of Mining and Metallurgy. Mr Widenbar is a full time employee of Widenbar and Associates Pty Ltd. Mr Widenbar visited site on 9th and 10th May 2018 and reviewed the general site layout, open pit exposures, diamond drill core and the detailed paper data available in the map room and has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity that is being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Minerals Resources and Ore Reserves’. Mr Widenbar consents to the inclusion in the release of the matters based on his information in the form and context that the information appears.

The information in this release that relates to the Youanmi Deeps Mineral Resource is based on information compiled by Phil Jankowski MSc MAusIMM(CP), who is a full-time employee of CSA Global and who visited the Youanmi site from the 2nd and 4th of June 2021, and has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity that is being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Minerals Resources and Ore Reserves’. Mr Jankowski consents to the inclusion in the release of the matters based on his information in the form and context that the information appears.

Forward ‐ Looking Statements

‐ ‐ This document may include forward looking statements. Forward looking statements include, but are not limited to, statements concerning Rox Resources Limited planned exploration program(s) and other statements that are not historical facts. When used in this document, the words such as "could," "plan," "estimate," "expect," "intend," "may”, "potential," "should," and similar expressions are forward looking statements.

ASX CODE: RXL

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

[email protected] www.roxresources.com.au

_______________

About Rox Resources

Rox Resources Limited is an emerging Australian minerals exploration Company. The Company has a number of key assets at various levels of development with exposure to gold, nickel, copper and platinum group elements (PGE’s). The 1.7Moz Youanmi Gold Project and the Fisher East Nickel Project (78kt Ni) being the most advanced projects with exploration ongoing at the Mt Fisher Gold Project and the Collurabbie Nickel-Copper-PGE Project.

Youanmi Gold Project (Youanmi Gold Mine 70%, Regional JV’s 45% - 50%)

The Youanmi Gold Mine is located 480 km to the northeast of Perth, Western Australia. The Youanmi Mining Centre has produced an estimated 667,000 oz of gold (at 5.47 g/t Au) since discovery in 1901 during three main periods: 1908 to 1921, 1937 to 1942, and 1987 to 1997.

The project is situated in the Youanmi Greenstone Belt, within the Southern Cross Province of the Archaean Yilgarn Craton in Western Australia. The structure of the Youanmi Project is dominated by the north-trending Youanmi Fault Zone. Most of the gold mineralisation seen at the project is hosted within north-northwest splays off the north-northeast trending Youanmi Fault.

Fisher East Nickel Project (100%)

The Fisher East nickel project is located in the North Eastern Goldfields region of Western Australia and hosts several nickel sulphide deposits. The total project area is ~350km2.

Discovery of, and drilling at the Camelwood, Cannonball and Musket nickel prospects has defined a JORC 2012 Mineral Resource (ASX:RXL 5 February 2016) of 4.2Mt grading 1.9% Ni reported at 1.0% Ni cut-off (Indicated Mineral Resource: 3.7Mt grading 1.9% Ni, Inferred Mineral Resource: 0.5Mt grading 1.5% Ni) comprising massive and disseminated nickel sulphide mineralisation, and containing 78,000 tonnes of nickel. Higher grade mineralisation is present in all deposits (refer to ASX announcement above) and is still open at depth beneath each deposit. Additional nickel sulphide deposits continue to be discovered (e.g. Sabre) and these will add to the resource base. Exploration is continuing to define further zones of potential nickel sulphide mineralisation.

Collurabbie Gold-Nickel Project (100%)

The Collurabbie project is located in the highly prospective North Eastern Goldfields region of Western Australia and is prospective for gold and nickel. The project area of ~123km2 hosts the Olympia nickel sulphide deposit and a number of other prospects for nickel sulphide mineralisation. A JORC 2012 Inferred Mineral Resource of 573,000t grading 1.63% Ni, 1.19% Cu, 0.082% Co, 1.49g/t Pd, 0.85g/t Pt has been defined at Olympia (ASX: RXL 18 August 2017). The style of nickel sulphide mineralisation is different to that at Fisher East, with a significant copper and PGE component at Collurabbie, and has been compared to the Raglan nickel deposits in Canada (>1Mt contained nickel). In addition, there is potential for gold mineralisation, with several strong drilling intersections including 2m @ 2.4g/t Au from the Naxos prospect.

Mt Fisher Gold Project (100%)

The Mt Fisher gold project is located in the North Eastern Goldfields region of Western Australia, adjacent to the Fisher East nickel project, and hosts several gold deposits. The total project area is ~220km2.

Drilling by Rox has defined numerous high-grade gold targets and a JORC 2012 Measured, Indicated and Inferred Mineral Resource (ASX:RXL 11 July 2018) of 1.0 million tonnes grading 2.7 g/t Au reported at a 0.8 g/t Au cut-off exists for 89,000 ounces of gold (Measured: 170,000 tonnes grading 4.1 g/t Au, Indicated: 220,000 tonnes grading 2.7 g/t Au, Inferred: 630,000 tonnes grading 2.3 g/t Au) aggregated over the Damsel, Moray Reef and Mt Fisher deposits.

ASX CODE: RXL

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

[email protected] www.roxresources.com.au

Summary of the Resource Parameters:

A summary of JORC Table 1 is provided below for each of the “Youanmi Near Surface Deposits – June 2021” (pages 9 to 24) and “Youanmi Deeps Mineral Resource Estimate – June 2021” (pages 25 to 41), and the compliance regarding the Mineral Resource reported within and in-line with requirements of ASX Listing Rule 5.8.1.

Rox Resources Limited – Youanmi Near Surface Deposits – June 2021

JORC Code, 2012 Edition – Table 1

Section 1 Sampling Techniques and Data

Criteria	JORC Code explanation	Commentary
*Sampling* *techniques*	Nature and quality of sampling (eg cut channels, random chips, or specific	RC samples were collected over 1m intervals and riffle split, bagged and
	specialised industry standard measurement	dispatched to the laboratories
	tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc).	Diamond core was cut according to lithological intervals and dispatched to the laboratories.
	These examples should not be taken as
	limiting the broad meaning of sampling.	.
	Include reference to measures taken to
	ensure sample representivity and the
	appropriate calibration of any measurement
	tools or systems used.
	Aspects of the determination of
	mineralisation that are Material to the Public
	Report.
	In cases where ‘industry standard’ work has
	been done this would be relatively simple
	(eg ‘reverse circulation drilling was used to
	obtain 1 m samples from which 3 kg was
	pulverised to produce a 30 g charge for fire
	assay’). In other cases more explanation
	may be required, such as where there is
	coarse gold that has inherent sampling
	problems. Unusual commodities or
	mineralisation types (eg submarine
	nodules) may warrant disclosure of detailed
	information.
*Drilling* *techniques*	Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, auger,	The Youanmi Near Surface Deposits Resource Estimate is based on the results
	Bangka, sonic, etc) and details (eg core	of 2,344 RC drill holes and 427 diamond

ASX CODE: RXL

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

[email protected] www.roxresources.com.au

Criteria	JORC Code explanation	Commentary
	diameter, triple or standard tube, depth of	core drill holes.
	diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc).	All RC drilling used face sampling hammers. Diamond drilling, predominantly made use of NQ size drill bits.
		Rox RC hole diameter was 5.5" (140 mm)
		reverse circulation percussion (RC). Drill
		holes were generally angled at -65°°
		towards grid northeast to intersect geology
		as close to perpendicular as possible
*Drill sample* *recovery*	Method of recording and assessing core and chip sample recoveries and results	Limited records relating to historical RC or diamond core sample recoveries have been
	assessed.	identified, however, where described,
	Measures taken to maximise sample recovery and ensure representative nature of the samples.	sampling and recovery procedures are consistent with standard Australian industry standards (Yeates, R.J. 2003).
	Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse	Rox RC drill recoveries were high (>90%). Samples were visually checked for recovery, moisture and contamination and notes made in the logs.
	material.	There is no observable relationship
		between recovery and grade, and therefore
		no sample bias.
*Logging*	Whether core and chip samples have been	All RC and diamond core samples were
	geologically and geotechnically logged to a	geologically logged. RC drilling returns
	level of detail to support appropriate Mineral	were logged in sufficient detail, recording all
	Resource estimation, mining studies and	significant properties, to allow geological
	metallurgical studies.	maps and sections to be constructed.
	Whether logging is qualitative or	.Detailed geological logs have been carried
	quantitative in nature. Core (or costean,	out on all Rox RC holes, but no
	channel, etc) photography.	geotechnical data have been recorded (or
	The total length and percentage of the relevant intersections logged.	is possible to be recorded due to the nature of the sample).
		Logging of Rox RC chips recorded
		lithology, mineralogy, mineralisation,
		weathering, colour, and other sample
		features. RC chips are stored in plastic RC
		chip trays.
*Sub-* *sampling* *techniques*	If core, whether cut or sawn and whether quarter, half or all core taken.	Most of the historical diamond core was sampled using a diamond saw to provide
	If non-core, whether riffled, tube sampled,	half core with a maximum sample length of

ASX CODE: RXL

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

[email protected] www.roxresources.com.au

Criteria	JORC Code explanation	Commentary
*and sample*	rotary split, etc and whether sampled wet or	1m.
*preparation*	dry.	Most of the historical RC intervals were
	For all sample types, the nature, quality and	sampled on a 1m basis via a cyclone into a
	appropriateness of the sample preparation	plastic bag prior to splitting with a Jones
	technique.	riffle splitter.
	Quality control procedures adopted for all	Resampling of RC samples took place
	sub-sampling stages to maximise	where composite assays were greater than
	representivity of samples.	50ppb, 80ppb or 250ppb Au depending
	Measures taken to ensure that the sampling	upon the programme.
	is representative of the in situ material	Rox RC samples were collected on the drill
	collected, including for instance results for	rig using a cone splitter. If any mineralised
	field duplicate/second-half sampling.	samples were collected wet these were
	Whether sample sizes are appropriate to the grain size of the material being sampled.	noted in the drill logs and database.AC samples were scooped directly from drill sample piles
		The Rox sample preparation followed
		industry best practice. Photon samples
		were dried, crushed to nominal minus 3mm,
		and c. 500g linear split into photon assay
		jars for analysis.
		Fire Assay samples were dried, coarse
		crushing to ~10mm, followed by
		pulverisation of the entire sample in an LM5
		or equivalent pulverising mill to a grind size
		of 85% passing 75 micron.
*Quality of* *assay data* *and*	The nature, quality and appropriateness of the assaying and laboratory procedures	The majority of the historical assays used in the final resource estimate are reportedly
*laboratory*	used and whether the technique is	by Fire Assay, with a minority by Aqua
*tests*	considered partial or total.	Regia digest; however there is no
	For geophysical tools, spectrometers, handheld XRF instruments, etc, the	information currently available on the assay methodology, so this cannot be confirmed.
	parameters used in determining the	Most of the historical diamond core
	analysis including instrument make and	samples were assayed at Metana in-house
	model, reading times, calibrations factors	laboratory, mainly using fire assay
	applied and their derivation, etc.	techniques.
	Nature of quality control procedures	Goldcrest samples were assayed for Au at
	adopted (eg standards, blanks, duplicates,	Genalysis Laboratories of Maddington,
	external laboratory checks) and whether	Perth, using 50g charge fire assay to
	acceptable levels of accuracy (ie lack of	0.01ppm detection limit.
	bias) and precision have been established.	Rox field QC procedures involve the use of
		Certified Reference Materials(CRM’s)as

ASX CODE: RXL

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

[email protected] www.roxresources.com.au

Criteria	JORC Code explanation	Commentary
		assay standards, along with duplicates and
		blank samples. The insertion rate of these
		was approximately 1:20
		For Rox RC drilling field duplicates were
		taken on a routine basis at an approximate
		1:20 ratio using the same sampling
		techniques (i.e. cone splitter) and inserted
		into the sample run.
		The sample sizes are considered more than
		adequate to ensure that there are no
		particle size effects relating to the grain size
		of the mineralisation which lies in the
		percentage range.
		The analytical technique involved
		Photonassay method on 500g sub-sample.
		The analytical technique involved Fire
		Assay 50g for check samples.
		Internal laboratory control procedures
		involve duplicate assaying of randomly
		selected assay pulps as well as internal
		laboratory standards. All of these data are
		reported to the Company and analysed for
		consistency and any discrepancies
*Verification* *of sampling* *and assaying*	The verification of significant intersections by either independent or alternative	Historical assay quality control measures are largely unknown.
	Company personnel.	Regular duplicates with satisfactory results
	The use of twinned holes.	were reported from some programmes. The
	Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.	Metana (bulk of historical samples) laboratory appears to have systematically undertaken a 10% duplicate fire assay analysis. No system of submission of
	Discuss any adjustment to assay data.	standard reference material and blank
		samples is believed to have been in place
		at the time of this drilling, in line with local
		industry practice at that time
		Goldcrest took field duplicates, standards
		and blanks on an approximate 1 in 20 basis
		(5%) and all Goldcrest drill samples were
		submitted for assay.
		Goldcrest twin drilling in shallower areas
		has verified the drill results of previous

ASX CODE: RXL

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

[email protected] www.roxresources.com.au

Criteria	JORC Code explanation	Commentary
		explorers.
		The majority of the historical assay data
		relate to resources that have subsequently
		been mined. Historical quality assurance
		and quality control data relating to the
		remaining resources is either no longer
		available or is inconsistently reported.
		Given the large amount of exploration data
		and the long time period over which the
		data was generated it was not possible for
		RSG (Yeates, 2003) to independently verify
		the quality of the data.
		Senior Rox personnel from the
		Companyhave visually inspected
		mineralisation within significant
		intersections
		Two twin RC holes have been completed
		by Rox at the Grace Prospect and confirm
		reliability of previous results
		Primary data was collected using a
		standard set of Excel templates on
		Toughbook laptop computers in the field.
		These data are transferred to Geobase Pty
		Ltd for data verification and loading into the
		database.
		No adjustments of assay data are
		considered necessary.
*Location of* *data points*	Accuracy and quality of surveys used to locate drill holes (collar and down-hole	Historical data was surveyed in a mixture of local and AMG84 coordinates.
	surveys), trenches, mine workings and other locations used in Mineral Resource estimation.	Goldcrest drill hole positions was originally surveyed to sub-metre accuracy using Differential GPS and/or total Station
	Specification of the grid system used.	systems on the AMG84 grid. Eastmet/GMA
	Quality and adequacy of topographic	survey was by mine surveyors.
	control.	All location and topographic data has
		subsequently been converted to the GDA94
		Zone 50 Datum.
		Approximately 50% of drill holes have been
		down-hole surveyed. Drill holes less than
		100 m long typically show a minor degree
		of down-hole deviation.

ASX CODE: RXL

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

[email protected] www.roxresources.com.au

Criteria	JORC Code explanation	Commentary
		Rox Drill hole locations have been
		established using a field GPS unit
		The topography of the mined open pits is
		well defined by monthly survey pickups.
		The reliability of the survey data for
		previously mined underground voids is
		highly variable; with some of the data
		having questionable accuracy.
*Data spacing* *and*	Data spacing for reporting of Exploration	Average drill hole density is highly variable,
*distribution*	Results.	ranging from 10m x 10m to 160m x 160m,
	Whether the data spacing and distribution is	and generally decreasing with depth.
	sufficient to establish the degree of	No sample compositing has occurred for
	geological and grade continuity appropriate	diamond core drilling. Sample intervals are
	for the Mineral Resource and Ore Reserve	based on geological boundaries with even
	estimation procedure(s) and classifications	one metre samples between.
	applied.	For RC samples, 1m samples through
	Whether sample compositing has been	target zones were sent to the laboratory for
	applied.	analysis. The remainder of the hole was
		sampled using 4m composite samples.
		For 4m composite samples >0.25g/t Au, 1m
		samples were collected and sent to the
		laboratory for analysis
*Orientation* *of data in*	Whether the orientation of sampling	The mineralisation strikes generally NNW-
*relation to*	achieves unbiased sampling of possible	SSE and dips to the west at approximately -
*geological*	structures and the extent to which this is	50 degrees. In the Youanmi Main Shear
*structure*	known, considering the deposit type.	there is generally a 30 degree plunge to the
	If the relationship between the drilling	North West
	orientation and the orientation of key	RC and diamond drill holes were oriented,
	mineralised structures is considered to	wherever possible, perpendicular to the
	have introduced a sampling bias, this	main shear/ore zone structures containing
	should be assessed and reported if	the mineralisation.
	material.
*Sample* *security*	The measures taken to ensure sample security.	The chain of custody for historical samples is not well documented, but was reviewed
		by RSG (Yeates, 2003) and found to be
		consistent with the standard practice for the
		time.
*Audits or* *reviews*	The results of any audits or reviews of	Goldcrest conducted a thorough review of
	sampling techniques and data.	historical sampling and assay techniques

ASX CODE: RXL

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

[email protected] www.roxresources.com.au

Criteria	JORC Code explanation	Commentary
		and data in September, 2004.
		No toher sampling audits have been carried
		out to date

Section 2 Reporting of Exploration Results

Criteria	JORC Code explanation	Commentary
*Mineral* *tenement and*	Type, reference name/number, location	Rox Resources Ltd is in a Joint Venture
*land tenure*	and ownership including agreements or	Agreement with Venus Metals Corporation
*status*	material issues with third parties such as	Ltd under which it has a 70% interest in the
	joint ventures, partnerships, overriding	Youanmi Gold Mine Joint Venture (OYG Joint
	royalties, native title interests, historical	Venture). Tenements in the JV consist of the
	sites, wilderness or national park and	following mining leases: M 57s /10,
	environmental settings.	51,76,97,109, 135, 160A, 164, 165, 166 and
	The security of the tenure held at the time	167.
	of reporting along with any known	The tenement isin good standing and no
	impediments to obtaining a licence to	known impediments exist
	operate in the area.
*Exploration* *done by other* *parties*	Acknowledgment and appraisal of exploration by other parties.	Significant previous exploration has been carried out throughout the project by various
		companies, including AC/RAB, RC drilling
		and diamond drilling
		1971-1973 WMC: RAB, RC and surface
		diamond drilling
		1976 Newmont: 10 surface diamond
		drillholes (predominantly targeting base
		metals).
		1980-1986 BHP: RAB, RC and surface
		diamond drilling (predominantly targeting
		base metals).
		1986-1993 Eastmet: RAB, RC and surface
		diamond drilling.
		1993-1997 Goldmines of Australia: RAB, RC
		and surface diamond drilling. Underground
		mining and associated underground diamond
		drilling.
		2000-2003 Aquila Resources Ltd: Shallow
		RAB and RC drilling
		2004-2005 Goldcrest Resources Ltd: Shallow

ASX CODE: RXL

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

[email protected] www.roxresources.com.au

Criteria	JORC Code explanation	Commentary
		RAB and RC drilling; data validation.
		2007-2013 Apex Minerals NL: 9 diamond
		holes targeting extensions to the Youanmi
		deeps resource.
*Geology*	Deposit type, geological setting and style	The Youanmi Project straddles a 40km strike
	of mineralisation.	length of the Youanmi Greenstone Belt, lying
		within the Southern Cross Province of the
		Archaean Yilgarn Craton in Western
		Australia.
		The greenstone belt is approximately 80km
		long and 25km wide, and incorporates an
		arcuate, north-trending major crustal
		structure termed the Youanmi Fault Zone.
		This structure separates two discordant
		greenstone terrains, with the stratigraphy to
		the west characterised by a series of weakly
		deformed, layered mafic complexes
		(Windimurra, Black Range, Youanmi and
		Barrambie) enveloped by strongly deformed,
		north-northeast trending greenstones.
		Gold mineralisation is developed semi-
		continuously in shear zones over a strike
		length of 2,300m along the western margin of
		the Youanmi granite.
		The Youanmi gold lodes are invariably
		associated with a high pyrite and
		arsenopyrite content and the primary ore is
		partially to totally refractory.
		There are a series of major fault systems
		cutting through the Youanmi trend
		mineralisation that have generated some
		significant off-sets.
		The Youanmi Deeps project area is
		subdivided into three main areas or fault
		blocks by cross-cutting steep south-east
		trending faults; and these are named Pollard,
		Main, and Hill End from south to north
		respectively.
		Granite hosted gold mineralisation occurs at
		several sites, most notably Grace and the
		Plant Zone Prospects.

ASX CODE: RXL

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

[email protected] www.roxresources.com.au

Criteria	JORC Code explanation	Commentary
		Gold mineralization occurs as free particles
		within quartz-sericite altered granite shear
		zones.
		The Commonwealth-Connemarra
		mineralised trend is centred 4km northwest of
		the Youanmi plant. The geology comprises a
		sequence of folded mafic and felsic volcanic
		rocks intercalated with BIF and intruded by
		granite along the eastern margin. Gold
		mineralisation is developed over a 600m
		strike length, associated with a north trending
		and steeply west dipping shear zone that
		traverses the northwest trending succession.
*Drill hole* *Information*	A summary of all information material to	Refer to details of drilling in tables in the body
	the understanding of the exploration	of this report and the appendices.
	results including a tabulation of the
	following information for all Material drill
	holes:
	easting and northing of the drill hole collar
	elevation or RL (Reduced Level –
	elevation above sea level in metres) of
	the drill hole collar
	dip and azimuth of the hole
	down hole length and interception depth
	hole length.
	If the exclusion of this information is
	justified on the basis that the information
	is not Material and this exclusion does
	not detract from the understanding of the
	report, the Competent Person should
	clearly explain why this is the case.
*Data* *aggregation* *methods*	In reporting Exploration Results, weighting averaging techniques,	All intervals reported are length weighted. A lower cut-off grade of 0.5 gm/t Au has been
	maximum and/or minimum grade	used in conjunction with geological logging to
	truncations (eg cutting of high grades)	assess significant intercepts.
	and cut-off grades are usually Material and should be stated.	No metal equivalent values have been used or reported.
	Where aggregate intercepts incorporate
	short lengths of high grade results and
	longer lengths of lowgrade results, the

ASX CODE: RXL

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

[email protected] www.roxresources.com.au

Criteria	JORC Code explanation	Commentary
	procedure used for such aggregation
	should be stated and some typical
	examples of such aggregations should be
	shown in detail.
	The assumptions used for any reporting of
	metal equivalent values should be clearly
	stated.
*Relationship* *between*	These relationships are particularly important	Exploration intercepts are not being reported.
*mineralisation* *widths and* *intercept* *lengths*	in the reporting of Exploration Results. If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported.	However, where possible drill holes are oriented to cut at right angles across the mineralised zones.
	If it is not known and only the down hole
	lengths are reported, there should be a clear
	statement to this effect (eg ‘down hole length,
	true width not known’).
*Diagrams*	Appropriate maps and sections (with scales)	Appropriate maps and sections are available
	and tabulations of intercepts should be	in the body of the report.
	included for any significant discovery being
	reported These should include, but not be
	limited to a plan view of drill hole collar
	locations and appropriate sectional views.
*Balanced* *reporting*	Where comprehensive reporting of all Exploration Results is not practicable,	Reporting of results in this report is considered balanced.
	representative reporting of both low and high
	grades and/or widths should be practiced to
	avoid misleading reporting of Exploration
	Results.
*Other* *substantive*	• Other exploration data, if meaningful and material, should be reported including (but	Exploration results are not being reported.
*exploration*	not limited to): geological observations;
*data*	geophysical survey results; geochemical
	survey results; bulk samples – size and
	method of treatment; metallurgical test
	results; bulk density, groundwater,
	geotechnical and rock characteristics;
	potential deleterious or contaminating
	substances.
*Further work*	The nature and scale of planned further	Further work will include infill and extension
	work (eg tests for lateral extensions,	drilling.
	depth extensions or large-scale step-out
	drilling).
	Diagrams clearly highlighting the areas of

ASX CODE: RXL

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

[email protected] www.roxresources.com.au

Criteria	JORC Code explanation	Commentary
	possible extensions, including the main
	geological interpretations and future
	drilling areas, provided this information is
	not commercially sensitive.

Section 3 Estimation and Reporting of Mineral Resources

(Criteria listed in section 1, and where relevant in section 2, also apply to this section.)

Criteria	JORC Code explanation	Commentary
Database	Measures taken to ensure that data has	Goldcrest completed a stringent validation of
integrity	not been corrupted by, for example,	the historical database, excluding unreliable
	transcription or keying errors, between	data as relevant.
	its initial collection and its use for	Standard validation techniques have been
	Mineral Resource estimation purposes.	applied to the data of Goldcrest Mines and
	Data validation procedures used.	previous explorers.
		The Rox Youanmi project database is
		managed by Geobase Australia Pty Ltd using
		the Azeva.XDB Database Management
		System.
		The database is stored using the Microsoft’s
		SQL Server 2019 database engine on a
		Secure Network server running the latest SBS
		Administrative access to the database is
		restricted to Geobase Personnel only who
		have been trained in database management.
		All appropriate and valid changes requested
		from site are made only by Geobase. Site
		personnel do not have the ability to edit the
		database, which allows the integrity of the data
		to be maintained.
		Geobase generates a backup of the database
		and associated data on a regular basis
		The database is configured to store assay
		quality control measures undertaken on the
		assaying.
		The following types of quality control data for
		assaying is stored:
		• Field Introduced Quality Control
		Sampling Measures:
		• Field Duplicates – To test the
		repeatability of samples sourced in the
		field
		• Field Introduced Standards
		• Laboratory Introduced Quality Control
		Sampling Measures:
		• Laboratory Introduced Standards
		• Coarse Reject Repeats – Repeat
		samples selected from the first stage
		samplepreparation bythe laboratory

ASX CODE: RXL

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

[email protected] www.roxresources.com.au

Criteria	JORC Code explanation	Commentary
		• Assay Reproducibility Tests –
		Designed to test the reproducibility of
		the sample analysis, undertaken by
		the laboratory as a separate batch, run
		with samples sourced from the primary
		pulp sample
		• Assay Repeatability Tests – Designed
		to test repeatability of samples,
		undertaken by the laboratory during
		the main assay run and sourced from
		the primary pulp sample
		• Alternative Lab Checks – Repeat
		analysis of pulp samples at different
		laboratory/s
		• Sample Weights – Assessing the
		sample weight distribution
		The data is subject to a number of validation
		procedures which were performed during
		various stages of data collation. Validation
		methods included code, multi-table and
		spatial. The database contains validation
		scripts which prevent non-standard character
		codes being used and also checks numeric
		values against a minimum and maximum
		range.
		All previous codes have been made consistent
		with the new standardized coding system. This
		allowed rationalization of codes between
		different generations of companies, geologists
		and logging methodologies, and also removed
		any typographical errors.
		Validation on the spatial distribution of drill hole
		or surface sampling data is often difficult. This
		process is ongoing as more detailed
		assessment of the drillingis undertaken.
Site visits	Comment on any site visits undertaken	The Competent Person visited site on 9thand
	by the Competent Person and the	10thMay 2018 and reviewed the general site
	outcome of those visits.	layout, open pit exposures, diamond drill core
	If no site visits have been undertaken	and the detailed paper data available in the
	indicate why this is the case.	maproom.
Geological	Confidence in (or conversely, the	Interpretation of the lithological boundaries and
interpretation	uncertainty of ) the geological	the proposal of a conceptual model for the
	interpretation of the mineral deposit.	mineralisation are supported by a sufficient
	Nature of the data used and of any	amount of drilling.
	assumptions made.	Geological continuity is based upon a coherent
	The effect, if any, of alternative	and predictable model, and is confirmed in
	interpretations on Mineral Resource	both sectional and plan analyses. The model is
	estimation.	an acceptable genetic model of shear hosted
	The use of geology in guiding and	gold mineralisation.
	controlling Mineral Resource estimation.	A geological model was developed using all
	The factors affecting continuity both of	available diamond core and RC drill hole data
	grade and geology.	and surface exposures.
		A three dimensional mineralised shell was

ASX CODE: RXL

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

[email protected] www.roxresources.com.au

Criteria	JORC Code explanation	Commentary
		constructed using indicator modelling at a
		nominal 0.3 g/t cut-off, and this was
		subsequently filled with blocks for grade
		estimation.
		Further drilling and/or mapping is expected to
		refine thegeological model in the future..
Dimensions	The extent and variability of the Mineral	The Youanmi Near Surface Resource
	Resource expressed as length (along	comprises several zones of mineralisation
	strike or otherwise), plan width, and	comprising ~2.75 km strike length and 100m to
	depth below surface to the upper and	280m depth extent, and trending between 320°
	lower limits of the Mineral Resource.	and 350°.
		Dips are variable between 30° and 70° to the
		west with a plunge of +/- 30° to the North West
		in the Youanmi Main Shera Zone.
		The width of mineralised zones varies from 2m
		to more than 30m.
Estimation	The nature and appropriateness of the	The resource estimations were generated
and modelling techniques	estimation technique(s) applied and key assumptions, including treatment of extreme grade values, domaining,	using Ordinary Kriging Interpolation techniques, using Micromine 2021 software. Higher grade outlier samples were cut on a
	interpolation parameters and maximum	area basis.
	distance of extrapolation from data	Parent cell block sizes were 5m x 10m x 5m,
	points. If a computer assisted estimation	rotated to a strike of 330°. Sub-celling was
	method was chosen include a	used to honour geological, open pit and
	description of computer software and	underground void boundaries.
	parameters used.	Model interpolation honoured the indicator
	The availability of check estimates,	mineralisation boundaries, with only
	previous estimates and/or mine	composites within a domain being used to
	production records and whether the	estimate that domain.
	Mineral Resource estimate takes	The final block model grades were checked
	appropriate account of such data.	with respect to the local area geometry and
	The assumptions made regarding	area statistical summaries
	recovery of by-products.	Block model validation has been carried out by
	Estimation of deleterious elements or	the Competent Person using several methods,
	other non-grade variables of economic	including:
	significance (eg sulphur for acid mine	• Drill Hole Plan and Section Review
	drainage characterisation).	• Model versus Data Statistics by
	In the case of block model interpolation,	Domain
	the block size in relation to the average	• Easting, Northing and RL swathe plots
	sample spacing and the search employed. Any assumptions behind modelling of selective mining units.	• Comparison with historical production All validation methods have produced acceptable results.
	Any assumptions about correlation
	between variables.
	Description of how the geological
	interpretation was used to control the
	resource estimates.
	Discussion of basis for using or not
	using grade cutting or capping.
	The process of validation, the checking
	process used, the comparison of model
	data to drill hole data, and use of

ASX CODE: RXL

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

[email protected] www.roxresources.com.au

Criteria	JORC Code explanation	Commentary
	reconciliation data if available.
Moisture	Whether the tonnages are estimated on	Tonnages are estimated on a dry basis.
	a dry basis or with natural moisture, and
	the method of determination of the
	moisture content.
Cut-off	The basis of the adopted cut-off	All Mineral Resources have been reported at a
parameters	grade(s) orquality parameters applied.	series of lower cut-offs. .
Mining	Assumptions made regarding possible	It has been assumed that the Youanmi Near
factors or assumptions	mining methods, minimum mining dimensions and internal (or, if	Surface Deposits will be mined by conventional open pit methods.
	applicable, external) mining dilution. It is	No dilution has been built into the resource
	always necessary as part of the process	model.
	of determining reasonable prospects for
	eventual economic extraction to
	consider potential mining methods, but
	the assumptions made regarding mining
	methods and parameters when
	estimating Mineral Resources may not
	always be rigorous. Where this is the
	case, this should be reported with an
	explanation of the basis of the mining
	assumptions made.
Metallurgical	The basis for assumptions or predictions	No assumptions have been made about
factors or assumptions	regarding metallurgical amenability. It is always necessary as part of the process	metallurgical factors. The oxide ores at Youanmi are essentially free
	of determining reasonable prospects for	milling, with historic oxide plant performance
	eventual economic extraction to	via the conventional CIP circuit demonstrating
	consider potential metallurgical	an average gold recovery of 89.4% over the
	methods, but the assumptions regarding	seven years of operation.
	metallurgical treatment processes and	The Youanmi sulphide ores are partially
	parameters made when reporting	refractory in nature, requiring sulphide flotation
	Mineral Resources may not always be	and biological oxidation prior to conventional
	rigorous. Where this is the case, this	cyanide leaching and gold extraction.
	should be reported with an explanation	Production records relating to the sulphide
	of the basis of the metallurgical	processing circuit demonstrate an average
	assumptions made.	gold recovery of 87% over the four years of
		operation.
Environment	Assumptions made regarding possible	The Youanmi Near Surface Deposits are
al factors or assumptions	waste and process residue disposal options. It is always necessary as part of	located in an area of considerable open pit and underground mining activity and, as such,
	the process of determining reasonable	there are considered to be no significant
	prospects for eventual economic	environmental issues.
	extraction to consider the potential
	environmental impacts of the mining and
	processing operation. While at this stage
	the determination of potential
	environmental impacts, particularly for a
	greenfields project, may not always be
	well advanced, the status of early
	consideration of these potential
	environmental impacts should be
	reported. Where these aspects have not
	been considered this should be reported

ASX CODE: RXL

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

[email protected] www.roxresources.com.au

Criteria	JORC Code explanation	Commentary
	with an explanation of the environmental
	assumptions made.
Bulk density	Whether assumed or determined. If	GMA carried out determinations of in-situ bulk
	assumed, the basis for the assumptions.	densities on drill core using the weight in
	If determined, the method used, whether	water/weight in air method for fresh core.
	wet or dry, the frequency of the	The spacing and distribution of data is such
	measurements, the nature, size and	that it was not deemed possible to accurately
	representativeness of the samples.	sub-domain and interpolate into areas of
	The bulk density for bulk material must	differing bulk density values.
	have been measured by methods that	Surfaces have been generated to represent
	adequately account for void spaces	base of oxide (30m below and parallel to
	(vugs, porosity, etc), moisture and	surface) and base of saprolite/top of fresh
	differences between rock and alteration	(70m below and parallel to surface for most
	zones within the deposit.	deposits and 85m below for Grace).
	Discuss assumptions for bulk density	The following bulk densities have been
	estimates used in the evaluation	assigned to these domains in the main
	process of the different materials.	Youanmi area:
		• Oxide 2.2 t/m3
		• Transition 2.6 t/m3
		• Fresh 2.8 t/m3
		In the Currans Find deposits the following bulk
		densities have been assigned:
		• Oxide 2.0 t/m3
		• Transition 2.2 t/m3
		• Fresh 2.6 t/m3
Classificatio	The basis for the classification of the	The Mineral Resource has been classified in
n	Mineral Resources into varying	the Indicated and Inferred categories, in
	confidence categories.	accordance with the 2012 Australasian Code
	Whether appropriate account has been	for Reporting of Mineral Resources and Ore
	taken of all relevant factors (ie relative	Reserves (JORC Code). A range of criteria
	confidence in tonnage/grade	has been considered in determining this
	estimations, reliability of input data,	classification including:
	confidence in continuity of geology and	• Geological and grade continuity
	metal values, quality, quantity and	• Data quality.
	distribution of the data).	• Drill hole spacing.
	Whether the result appropriately reflects the Competent Person’s view of the deposit.	• Modelling technique and kriging output parameters, including Kriging Efficiency, search pass and number of
		composites used.
		The Competent Person is in agreement with
		this classification of the resource.
Audits or	The results of any audits or reviews of	The resource estimate has not been externally
reviews	Mineral Resource estimates.	audited.
Discussion	Where appropriate a statement of the	The relative accuracy of the various resource
of relative accuracy/ confidence	relative accuracy and confidence level in the Mineral Resource estimate using an approach or procedure deemed	estimates is reflected in the JORC resource categories. At the Indicated Resource classification level,
	appropriate by the Competent Person.	the resources represent local estimates that
	For example, the application of	can be used for further mining studies.
	statistical or geostatistical procedures to	Inferred Resources are considered global in
	quantify the relative accuracy of the	nature.
	resource within stated confidence limits,
	or, if such an approach is not deemed

ASX CODE: RXL

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

[email protected] www.roxresources.com.au

Criteria	JORC Code explanation	Commentary
	appropriate, a qualitative discussion of
	the factors that could affect the relative
	accuracy and confidence of the
	estimate.
	The statement should specify whether it
	relates to global or local estimates, and,
	if local, state the relevant tonnages,
	which should be relevant to technical
	and economic evaluation.
	Documentation should include
	assumptions made and the procedures
	used.
	These statements of relative accuracy
	and confidence of the estimate should
	be compared with production data,
	where available.

ASX CODE: RXL

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

[email protected] www.roxresources.com.au

Rox Resources Limited – Youanmi Deeps Mineral Resource Estimate – June 2021

JORC Code, 2012 Edition – Table 1

Section 1 Sampling Techniques and Data

Criteria	JORC Code explanation	Commentary	Commentary	Commentary	Commentary	Commentary
Sampling techniques	Nature and quality of sampling (e.g. cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as downhole gamma sondes, or handheld XRF instruments, etc.). These examples should not be taken as limiting _the broad meaning of sampling. _	Sampling consisted of reverse circulation (RC) and half-core NQ3 sized diamond samples.
	Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used.	The entire RC and diamond (DD) drilling sample was extracted prior to subsampling at surface next to the rig. Diamond and RC field duplicates were taken on selected samples to measure representativityof sample splits.
	Aspects of the determination of mineralisation that are Material to the Public Report. In cases where ‘industry standard’ work has been done this would be relatively simple (e.g. ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (e.g. submarine nodules) may warrant disclosure of detailed information	Industry sampling, preparation and assaying techniques have been used to acquire the current dataset. Sample preparation consisted of coarse crushing a maximum of 3 kg of the submitted sample, pulverising to >85% passing 75 microns and homogenising the pulp. 50 g sample sizes were chosen for analysis of gold, with fire assay fusion and detection by atomic absorption spectrometry (AAS).
Drilling techniques	Drill type (e.g. core, reverse circulation, open- hole hammer, rotary air blast, auger, Bangka, sonic, etc.) and details (e.g. core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc.).	The Youanmi drilling database has been built up over several decades by several different operators. Only RC and DD holes have been used in the resource estimate. Then collar table summary is tabulated below.
		Hole Type	First Hole	Last Hole	Number of records	Linear metres
		AC	6YMA0107	YUAC015	1,550	69,735.69
		CC	Tails1	Tails5	5	5
		DD	85FWD0046	YUG281	726	132,958.1
		RAB	4YMR0039	YWR0166	10,231	318,202.1
		RC	4PWRC0104	YY0451	5,197	277,135.68
		VAC	YGV0001	YGV0035	35	248
Drill sample recovery	Method of recording and assessing core and chip sample recoveries and results assessed.	Sample recoveries were recorded by the field geologist in the field during logging and sampling. Core recoveries where available were calculated based on nominal run lengths versus measured length of recovered core. 96% of the recorded intervals have core recoveries > 80%.
	Measures taken to maximise sample recovery and ensure representative nature of the samples.	Limited records relating to historical RC or diamond core sample recoveries have been identified, however, where

ASX CODE: RXL

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

[email protected] www.roxresources.com.au

Criteria	JORC Code explanation	Commentary
		described, sampling and recovery procedures are consistent with standard Australian industrystandards.
	Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.	No relationship between sample recovery and grade has been analysed.
Logging	Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies.	All RC and DD drillholes were geologically logged to an industry standard appropriate for the mineralisation present at the project. DD core was photographed. The Competent Person considers that the level of detail is sufficient for the reportingof Mineral Resources.
	Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc.) photography.	Lithological logging is qualitative in nature. Logged intervals were compared to the quantitative geochemical analyses and geophysical logging to validate the logging. The Competent Person considers that the availability of qualitative logging has appropriately informed the geological modelling, including mineralisation, weathering and oxidation, water table level and rock type.
	The total length and percentage of the relevant intersections logged.	The total length of all drilling was geologically logged.
Subsampling techniques and sample preparation	If core, whether cut or sawn and whether quarter, half or all core taken.	Mineralised intercepts from diamond drillcore were cut using a diamond saw into half-core and sampled on either a 1m basis or overgeological intervals to a maximum of 1m.
	If non-core, whether riffled, tube sampled, rotary split, etc. and whether sampled wet or dry.	RC samples were collected every metre via a cyclone into a plastic bag prior to splitting with a riffle splitter. A 1.5-3kg sample split was collected into a calico bag for laboratory submission. In some cases, composite samples of up to 5m were collected via spear sampling. Anomalous composite samples were usually re-assayed at 1m intervals where composite assays were greater than 50ppb, 80ppb or 250ppb dependingon theprogram.
	For all sample types, the nature, quality and appropriateness of the sample preparation technique.	Sample preparation consisted of drying, riffle splitting samples >3 kg, coarse crushing, pulverising to >85% passing 75 microns and homogenising the pulp. The Competent Person considers these methods appropriate for this style of mineralisation.
	Quality control procedures adopted for all subsampling stages to maximise representivity of samples.	Rox have used 14 different Certified Reference Materials (CRMs), covering a range of Au values, as well as blanks. Campaign-based analysis and reporting of quality control data was undertaken of blanks, field duplicates, and CRMs.
	Measures taken to ensure that the sampling is representative of the in-situ material collected, including for instance results for field duplicate/second-half sampling.	Limited field duplicate data is available, for post-mining drilling. The precision of the field duplicates is moderate, with 10% of sample pairs having an Average mean difference of >30%; no bias between the paired samples was noted. The precision is accounted for in the variography.
	Whether sample sizes are appropriate to the grain size of the material being sampled.	Sample sizes are considered to be appropriate to the grain size of the material beingsampled.
Quality of assay data and laboratory tests	The nature, quality and appropriateness of the assaying and laboratory procedures used and	All samples were assayed by Fire Assay or Aqua Regia digest. Both of these are total methods. The range of methods is tabulated below.

ASX CODE: RXL

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

[email protected] www.roxresources.com.au

Criteria	JORC Code explanation	Commentary	Commentary	Commentary	Commentary
	whether the technique is considered partial or total.
		Company	Type	Laboratory	Method
		Eastmet / GMA	Surface drillholes	Metana Lab Perth	30g or 50g Fire Assay, or AquaRegia AAS* with re-assay via Fire Assay on samples returning preliminary results >1g/t.
			Some early surface drillholes	Australian Assay Laboratories Group	50g Fire Assay, AAS* finish.
			Underground drillholes)	Analabs Pty Ltd	50g Fire Assay, AAS* finish.
			Early surface drillholes and some of underground drillholes	Youanmi Mine Laboratory	50g Fire Assay, AAS finish. Aqua Regia – AAS.
		Aquila		Genalysis, Perth	Fire Assay, AAS* Finish
		Goldcrest		Genalysis, Perth	Composite RC samples using Aqua Regia digest and single metre RC and core samples using Fire Assay, AAS* finish
	For geophysical tools, spectrometers, handheld XRF instruments, etc., the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.	na
	Nature of quality control procedures adopted (e.g. standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established.	Historical assay quality control measures are largely unknown. Regular duplicates with satisfactory results were reported from some programmes. The Metana (bulk of historical samples) laboratory appears to have systematically undertaken a 10% duplicate fire assay analysis. No system of submission of standard reference material and blank samples is believed to have been in place at the time of this drilling, in line with local industry practice at that time Goldcrest took field duplicates, standards and blanks on an approximate 1 in 20 basis (5%) and all Goldcrest drill samples were submitted for assay. Goldcrest twin drilling in shallower areas has verified the drill results of previous explorers. Historical quality assurance and quality control data relating to the remaining resources is either no longer available or is inconsistently reported. Given the long time period over which the data was generated it was not possible to independentlyverifythequalityof the data.t
Verification of sampling and assaying	The verification of significant intersections by either independent or alternative company personnel.	Intersections selected by Rox were reviewed by the Competent person and considered appropriate for the Mineral Resource estimate.
	The use of twinned holes.	There are no twinned holes in the resource area.
	Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.	The data entry, storage and documentation of primary data was completed on Microsoft Excel spreadsheets and local hard drives, then imported into a central database.

ASX CODE: RXL

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

[email protected] www.roxresources.com.au

Criteria	JORC Code explanation	Commentary
	Discuss any adjustment to assay data.	No adjustments or calibrations have been made to any assay data.
Location of data points	Accuracy and quality of surveys used to locate drillholes (collar and downhole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.	Recent drillholes (Goldcrest, Rox) have been surveyed using differential GPS tools. Older holes (largely Eastmet or GMA) do not have records of the survey methods, although typically these are expected to be by total station tools. Approximately 90% of drillholes longer than 100m have been down-hole surveyed, mainly with gyroscopic tools; a minority of older holes were surveyed with multi-shot or single-shot tools. Drillholes less than 100 m long typically show a minor degree of downhole deviation
	Specification of the grid system used.	Topographic data were captured in GDA94 MGA Zone 50 grid system.
	Quality and adequacy of topographic control.	A topographic surface was built from end of month pickups of pits, dumps, infrastructure and surfaces by the mine survey team. The Competent Person considers that the surface is suitable for this MRE.
Data spacing and distribution	Data spacing for reporting of Exploration Results.	Average drill hole density is highly variable, ranging from 10m x 10m to 160m x 160m, and generally decreasing with depth.
	Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied.	The Competent Person believes the mineralised lenses have sufficient geological and grade continuity to support the classification applied to the Mineral Resources given the current drill pattern.
	Whether sample compositing has been applied.	Assay samples were composited to a single datapoint at the centre of each mineralised lode intersection.
Orientation of data in relation to geological structure	Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type.	No grade effect of the relationship between sample direction and mineralised structures has been identified.
	If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.	No relationship has been noted between drillhole dip angle and mineralisation.
Sample security	The measures taken to ensure sample security.	No details are available on the historic sample security measures.
Audits or reviews	The results of any audits or reviews of sampling techniques and data.	No external audit of sampling techniques and data has been undertaken.

Section 2: Reporting of Exploration Results

Criteria	JORC Code explanation	Commentary
Mineral tenement and land tenure status	Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings.	The Youanmi mining centre is covered by a Joint Venture agreement with Venus Metals Corporation Limited known as the ‘OYG JV’. This comprises ten granted Mining Leases, with a beneficial interest of Rox 70% and Venus 30%. The leases are M57/51, M57/75, M57/97, M57/109, M57/135, M57/160A, M57/164, M57/165, M57/166 and M57/167

ASX CODE: RXL

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

[email protected] www.roxresources.com.au

Criteria	JORC Code explanation	Commentary
	The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.	There are no impediments preventing the operation of the lease.
Exploration done by other parties	Acknowledgment and appraisal of exploration by other parties.	Gold was first discovered at Golden Crown, just to the south of Youanmi in 1894. Some ore from the area was carted to the government battery at Mount Magnet for treatment. Further prospecting led to the discovery of further deposits in 1905, and production commenced from the United and Hill End mines. The Main Lode was discovered in 1908, and the townsite of Youanmi was gazetted in 1910. Youanmi Gold Mine Limited was floated in 1911 and commenced operations based on the Main Lode. Further discoveries led to the development of the Pollard Lodes and Currans to the south, where a small treatment battery was established. The mine struggled during World War One with a shortage of labour and high costs, and finally closed in 1922. It employed around 100 men. In 1934, the Youanmi Gold Mining Limited was floated in London with the intention of restarting underground mining. Production started in August 1936 and continued until 1942, when a shortage of skilled labour due to World War II, resulted in a second closure. About 200 men were employed in this phase. The maximum vertical depth reached by the workings was about 300m below the natural surface; the average stope width was 1.5m. After 1942 the townsite was abandoned; the only remaining infrastructure is the town cemetery. Eastmet Limited, an 80% owned subsidiary of Metana Minerals NL, entered into a JV agreement with Tantalex Ltd and Franmere Holdings Pty Ltd to earn 50% of a group of tenements at Youanmi. Open mining began in October 1986 and the 600,000 tpa conventional Carbon-In-Pulp plant was commissioned on 31 December 1986, by which time Eastmet had acquired the remaining 50% of the project. The original tenements covered the Main, Hill End, and Western Laterite open pits; additional tenements acquired covered the United North, Kathleen, Rebel-Kurrajong and Bunker open pits and the unmined Commonwealth and Connemara resources. Ore and waste were mined on 2.5m flitches by backhoe excavators and hauled by 50t offroad dump trucks. Exploration and development drilling was completed on a 320m by 10m grid, with the holes inclined -60 to the east and sampled at 1m intervals. Grade control during mining used Ditchwitch trenches cut from west to east spaced 5m apart and sampled at 1m intervals along the trench. Additional RC drilling was used in new areas and at the transition from oxide to fresh ore. After completion of the Main Lode pit in 1989, satellite pits were mined including the high-grade Penny West pit, 28 km to the south. The maximum production rate was 187,000 tonnesperquarter. Thepeakquarterly goldproduction was

ASX CODE: RXL

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

[email protected] www.roxresources.com.au

Criteria	JORC Code explanation	Commentary
		37,900 oz in September 1991. The plant ceased treatment in October 1992 and mill cleanup continued into January 1993. Between 1990 and 1993 Eastmet completed a programme of deep diamond drilling to test the extensions of Main Lode to a maximum of 750m vertical depth. Gold Mines of Australia Limited (GMA) was created in 1993 when Eastmet, Metana and Paragon Resources NL were merged. In October 1993, the GMA board approved development of the Youanmi Deeps underground mine. The ore was processed through a new 220 ktpa flotation and bacterial oxidation circuit, however the operation ultimately failed to achieve production targets, and the underground mine was closed in November 1997.
Geology	Deposit type, geological setting and style of mineralisation.	The Youanmi gold deposits are hosted in the Youanmi Terrane. They were formed where a N-striking sequence of high-Fe tholeiitic mafic rocks and BIFs intersects a NNW-striking, variably WSW-dipping high-strain zone interpreted to be a sinistral-normal shear system. The foliation is axial planar to a S-plunging isoclinal synform. Mined deposits lie at various positions on this structure: • Western limb: Bunker, United North (E-dipping stratigraphy) • Hinge: Rebel, Kathleen (S-dipping stratigraphy) • Eastern limb: Hill End, Main Pit (W-dipping stratigraphy) The east limb of the folded mafic sequence is stoped out by the irregular intrusive contact of a large monzogranite intrusion. The exposed monzogranite-mafic contact has low strain, suggesting the intrusion of the monzogranite is late in the folding and formation of the foliation. Interflow sediments are altered chlorite-quartz-magnetite rocks up to several metres thick. These sediments have focussed much of the strain and frequently host auriferous shears. The mafics and monzogranite are intruded by intermediate porphyry bodies with complex geometric and timing characteristics. Gold mineralisation and alteration are localised in N- to NNW-striking, and moderately to steeply W-dipping anastomosing shear zones 1m to 20 m thick, averaging 3 to 4m. The mineralogy of the shear zones is sericite-quartz mylonites with abundant sulphides, chlorite and carbonate, with accessory biotite, rutile and apatite. The gold occurs within the pyrite and arsenopyrite, which may be up to 15% of the volume of the mylonite. They are interpreted to have formed relatively late in the geological history of the area, as they crosscut the foliation and the monzogranite. A lesser mineralisation style is quartz vein stockwork lodes within the monzogranite. These trend NNE and are the brittle equivalent of the ductile shear zones in the mafic. The quartz veins are usuallysteeplydippingand a few centimetres wide,

ASX CODE: RXL

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

[email protected] www.roxresources.com.au

Criteria	JORC Code explanation	Commentary
		with very high grades; coarse visible gold has been noted in drilling in the Grace prospect. Weathering has reached more than 80m below the natural surface. Previous open pit mining was almost entirely within the oxide zone.
Drillhole information	A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drillholes: • Easting and northing of the drillhole collar • Elevation or RL (Reduced Level – elevation above sea level in metres) of the drillhole collar • Dip and azimuth of the hole • Downhole length and interception depth • Hole length.	Exploration Results are not being reported. Exploration Results are not being reported. Exploration Results are not being reported. Exploration Results are not being reported. Exploration Results are not being reported.
	If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case.
Data aggregation methods	In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (e.g. cutting of high grades) and cut-off grades are usually Material and should be stated.
	Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail.
	The assumptions used for any reporting of metal equivalent values should be clearly stated.
Relationship between mineralisation widths and intercept lengths	These relationships are particularly important in the reporting of Exploration Results.	The mineralisation lodes dip at 45° to 60° to the northwest. Surface drillholes were angled at 60° to 70° and with an azimuth perpendicular to the lodes strike to provide as near a true. intercept thickness as realistically possibly. Underground drillholes were drilled in fans at a limited number of drill locations; their intersections are highly variable with respect to true widths.
	If the geometry of the mineralisation with respect to the drillhole angle is known, its nature should be reported.	Exploration Results are not being reported. Exploration Results are not being reported.
	If it is not known and only the downhole lengths are reported, there should be a clear statement to this effect (e.g. ‘downhole length, true width _not known’). _
Diagrams	Appropriate maps and sections (with scales) and tabulations of intercepts should be included for	Relevant maps and diagrams are included in the body of this announcement.

ASX CODE: RXL

ROX RESOURCES LIMITED Level 2, 87 Colin Street, West Perth WA 6005

[email protected] www.roxresources.com.au

+61 8 9226 0044

Criteria	JORC Code explanation	Commentary
	any significant discovery being reported These should include, but not be limited to a plan view of drillhole collar locations and appropriate sectional views.
Balanced reporting	Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.	Exploration Results are not being reported.
Other substantive exploration data	Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.	na
Further work	The nature and scale of planned further work (e.g. tests for lateral extensions or depth extensions or large-scale step-out drilling).	• Digitisation of underground sampling data to improve the understanding of the short-scale grade structure of the deposit. • Digitisation of the limited historic underground mapping • Cutting of unsampled historic core to add additional intersections to the interpretation. • Investigate the use of the historic stope pickups to refine the interpretation locally.
	Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.	Relevant maps and diagrams are included in the body of this report.

Section 3: Estimation and Reporting of Mineral Resources

Criteria	JORC Code explanation	Commentary
Database integrity	Measures taken to ensure that data has not been corrupted by, for example, transcription or keying errors, between its initial collection and its use for Mineral Resource estimation purposes.	The database is maintained by external service provider Geobase using the Azeva.XDB Database Management System. The database is stored using the Microsoft’s SQL Server 2019 database engine on a Secure Network server running the latest SBS Administrative access to the database is restricted to Geobase Personnel only who have been trained in database management. All appropriate and valid changes requested from site are made only by Geobase. Site personnel do not have the ability to edit the database, which allows the integrity of the data to be maintained. Geobase generates a backup of the database and associated data on a regular basis. The database is configured to store assay quality control measures undertaken on the assaying. Historical data validation and data merging is undertaken using Azeva.X software and a number of additional third-partysoftware suites.

ASX CODE: RXL

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

[email protected] www.roxresources.com.au

Criteria	JORC Code explanation	Commentary
	Data validation procedures used.	The data is subject to several validation procedures including code, multi-table and spatial. The database contains validation scripts which prevent non- standard character codes being used and checks numeric values against a minimum and maximum range. Historic codes have been made consistent with the new standardized coding system. Multi table validations have been conducted on all drill hole tables. All field generated data is checked for validity and completeness by Rox staff prior to being supplied to Geobase for compilation, additional validation and loading into the database. The Competent Person found no material errors and deemed the database was fit for thepurpose of Mineral Resource estimation.
Site visits	Comment on any site visits undertaken by the Competent Person and the outcome of those visits.	The Competent Person visited the site from the 2ndto 4thof June 2021, and inspected open pits, geological exposures, diamond core, RC drilling, core and sample handling facilities, historic plans and sections and site infrastructure, as well as havingdiscussions with Rox staff.
	If no site visits have been undertaken, indicate why this is the case.	na
Geological interpretation	Confidence in (or conversely, the uncertainty of) the geological interpretation of the mineral deposit.	The interpretation is based on the resource drilling dataset, and a selection of intervals based on geology and assay data. This interpretation is supported by the long history of open pit and underground mining. Uncertainties will arise from thequantityand distribution of data.
	Nature of the data used and of any assumptions made.	No material assumptions have been made which affect the Mineral Resource reported herein.
	The effect, if any, of alternative interpretations on Mineral Resource estimation.	Uncertainties in the interpretations are due to the wide spacing of some of the drilling data. The interpretations are consonant with the previously mined stopes and are not likely to be materially deficient.
	The use of geology in guiding and controlling Mineral Resource estimation. The factors affecting continuity both of grade and geology.	Modelling used the Interval Selection function in Leapfrog Geo software. No minimum or maximum thickness parameters were used, and lodes generally cross-cut, except against the Main Lode Shear, where there is evidence of truncation of minor structures. Merged tables were created in Leapfrog Geo, combining lithology and assay tables. The lode intersections were interpreted based on several characteristics, such as grade, shearing, degree of mylonitisation, veining, sulphide content, or alteration and bleaching. Intervals were generally selected using the assay tables, verified using core photographs and logging, except where historic core was unsampled, in which case lithology tables were used. Pinch-outs were applied manually around the peripheries and at roughly half of the average data-spacing, up to 40m. Drill intercepts were snapped to exactly. Core photography was utilised where available, for historic core, to determine hangingwall and footwall contacts, as well as to validate historic logging. Geological contacts were snapped to, with priority, over grade contacts, as some lower grade disseminated gold tends to be found outside of the visible shear contacts. So, in these cases the visible contacts were treated as hard boundaries.
Dimensions	The extent and variability of the Mineral Resource expressed as length (along strike or otherwise), plan width, and depth below	Twenty-three mineralised lodes have been modelled, along 1.6 km of strike length, comprising the Main Lode and associated footwall and hangingwall lodes along the main trend corridor. The maximum depth of the main Lode interpretation is to approximately -600mRL, 1150m below the natural surface. The main lode is continuous down the dip for this length; other lodes have much more restricted down-dipextents.

ASX CODE: RXL

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

[email protected] www.roxresources.com.au

Criteria	JORC Code explanation	Commentary
	surface to the upper and lower limits of the Mineral Resource.	The hangingwall and footwall lodes are predominantly 0.5m-2m thick, while the Main Lode isgenerallyon the order of 1m-3m thick, but locallyexceeds 10m.
Estimation and modelling techniques	The nature and appropriateness of the estimation technique(s) applied and key assumptions, including treatment of extreme grade values, domaining, interpolation parameters and maximum distance of extrapolation from data points. If a computer assisted estimation method was chosen, include a description of computer software and parameters used	Given the high level of short-scale variability in the original sample assay dataset, and the relative thinness of the interpreted lodes, it was decided to adopt a grade-thickness approach to estimate the resource. In this method, a single downhole composite is extracted for each drillhole intersection of the lode. The metal accumulation is calculated as the product of the average grade and the thickness; this new variable is called the ‘grade-thickness’. The estimation process is to estimate both the grade-thickness and the intersection thickness using Ordinary Kriging; the block grade is calculated by dividing the grade-thickness by the estimated thickness (which is not the same as the actual physical thickness of the wireframe interpretation). To subset the lode interpretations into the higher-grade shoots, a statistical approach was adopted, using Leapfrog to model the grade-thickness variable. The workflow was: • A structural trend for each domain was created out of the hangingwall surface of the Leapfrog lode interpretations. • The grade-thickness composites were loaded as single points. • Leapfrog shells of the grade-thickness were created at a range of cutoffs, using a relatively high degree of smoothing, with a spherical structure with 50% nugget and a 50 m range. The shell used the structural trends described above and were essentially unconstrained in the across-strike direction. • The Leapfrog shells were inspected, and the high-grade shell chosen for each domain was chosen based on the minimum needed to give a reasonable continuity. • The Leapfrog shells were then intersected with the original Leapfrog lode interpretations to create the high-grade shoots within the lodes. • The high-grade shoot models were manually edited to remove anomalous artefacts, as well as small volume, single intersection shapes. The grade-thickness composite dataset was then constrained to those points inside the high grade shoot models. Statistics and variography, were undertaken in Supervisor software, and composite selection and block coding, undertaken in Surpac software, used the domains as hard boundaries. Quantitative Kriging Neighbourhood Analysis was undertaken using Supervisor software to assess the effect of changing key kriging neighbourhood parameters on block estimates. Kriging Efficiency and Slope of Regression were determined for a range of block sizes, minimum and maximum samples, search dimensions and discretisation grids. Grade interpolation for gold grade-thickness and nominal thickness and sulphur was completed using ordinary kriging into the parent block cells. Estimation parameters are tabulated below; for some of the smaller and less well sampled domains the search ranges and/or minimum number of composites were varied to ensure all blocks were estimated; these domains are all classified Inferred. Grade Thickness Thickness Minimumcomposites 8 8 Maximumcomposites 16 16 RotationaboutZ 34 34

ASX CODE: RXL

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

[email protected] www.roxresources.com.au

JORC Code explanation	Commentary	Commentary	Commentary	Commentary	Commentary	Commentary	Commentary	Commentary	Commentary	Commentary	Commentary
		RotationaboutX						54				54
		RotationaboutY						31				31
		Majorsearchdistance						275m				275m
		Semi-majorsearchdistance						275m				275m
		Minorsearchdistance						137.5m				137.5m
		Variogramtype						Nested Spherical				Nested Spherical
		C0						0.16				0.05
		C1						0.51				0.24
		A1Majordirection						6m				40m
		A1Semi-majordirection						6m				40m
		A1Minordirection						6m				40m
		C2						0.33				0.71
		A2Majordirection						70m				100m
		A2 Semi-majordirection						30m				100m
		A2Minor direction						30m				100m
The availability of check estimates, previous estimates and/or mine production records and whether the Mineral Resource estimate takes appropriate account of such data.	The current resou estimates. The project has b of about 90 years		rce has been compared to both t een mined by both underground . Previous production recorded fr
	Years		Tonnes Milled			Head Grade			Recovered Grade		Recovery			Au produced (oz)
	1908 to 1921		339,000						15.2					166,000
	1937 to 1942		365,000						8.1					95,000
	Other		46,000						10.2					15,000
	1987 to 19931		2,665,535			3.43			3.07		89.4%			262,717
	1995 to 1997		411,858			11.36			9.69		85.3%			128,278
	3,827,393								5.42					666,995
	1. Includ Two previous reso cutoff:
	Creator			Date	Indicated					Inferred
					Tonnes		Au g/t		Au oz	Tonnes			Au g/t		Au oz
	Ravensgate			2006	808,400		8.1		210,200	1,605,100			8.7		447,700
	Ravensgate			2002	742,700		7.8		185,600	752,000			9.8		237,500
The assumptions made regarding recovery of by- products.	na
Estimation of deleterious elements or other non-grade variables of economic significance (e.g. sulphur for acid mine drainage _characterisation). _	No deleterious or non-grade elements have been estimated.
In the case of block model interpolation, the block size in relation to the average sample spacing and the search employed.	The dimensions of the parent block used for estimation represents in 10mY by 5m X by 5mZ, with subcelling in X and Z to 1.25m; the blocks are rotated into the strike direction. The maximum search distance for estimation used was 300m; the drillhole spacing is highly variable, typically 80m for surface diamond drilling.
Any assumptions behind modelling of selective mining units.	na
Any assumptions about correlation between variables	No assumptions have been made regarding the correlation of variables.

ASX CODE: RXL

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

[email protected] www.roxresources.com.au

Criteria	JORC Code explanation	Commentary
	Description of how the geological interpretation was used to control the resource estimates.	Logged geology, alteration and structural controls were used in the interpretation of lodes within the resource model. Hard boundaries were used for estimation between mineralised domains.
	Discussion of basis for using or not using grade cutting or capping.	No high-grade cuts were applied; the grade-thickness process de-skews the data, and an inspection of the log-probability plots and histograms did not demonstrate a significant high-grade tail to the distributions of the well- sampled domains.
	The process of validation, the checking process used, the comparison of model data to drillhole data, and use of reconciliation data if available.	Standard model validation was completed using numerical methods and validated visually in section and 3D against the input raw drillhole data, composites, and blocks. The comparison of input and estimate values is tabulated below. Domain Grade Grade-thickness Thickness Composites Estimate Composites Estimate Composites Estimate 1000 7.84 8.17 30.33 30.80 4.00 4.26 1100 6.28 8.01 10.79 11.48 1.75 1.71 1101 4.68 4.92 11.76 11.11 2.44 2.64 1102 7.13 7.60 18.47 14.84 2.18 2.03 1103 6.52 9.07 20.71 21.14 2.68 2.46 1104 9.38 8.81 13.30 12.17 1.38 1.42 1105 10.68 10.69 15.74 16.01 1.50 1.54 1106 4.37 4.21 6.62 6.32 1.47 1.53 1107 1.76 1.44 1.61 1.58 1.02 1.15 1108 4.77 6.43 11.87 15.03 1.89 2.49 1109 1.89 2.25 2.41 2.51 1.12 1.10 1110 1.50 1.35 1.78 1.84 1.29 1.43 1111 2.77 2.98 5.53 5.28 1.78 1.79 1112 4.65 5.55 7.19 6.54 1.15 1.19 1201 3.81 4.67 13.62 13.69 2.49 2.90 1202 3.41 3.36 9.22 9.73 2.65 3.61 1203 4.61 4.09 6.44 6.51 1.31 1.66 1204 3.57 3.23 4.12 4.52 1.67 1.58 1205 3.53 4.12 3.70 3.77 0.96 0.94 1207 6.72 6.30 13.19 13.39 2.02 2.21 1208 4.13 3.10 2.81 2.85 0.95 0.95 1209 1.98 1.59 2.35 2.52 1.31 1.56
Moisture	Whether the tonnages are estimated on a dry basis or with natural moisture, and the method of determination of the moisture content.	Tonnages have been estimated on a dry basis.
Cut-off parameters	The basis of the adopted cut- off grade(s) or quality parameters applied.	The Mineral Resources were reported at a 3 g/t and 4 g/t cutoff. 4 g/t was the cutoff previously reported by Ravensgate (2006); 3 g/t is based on preliminary assessment of the costs of underground mining at the current (2021) gold price.
Mining factors or assumptions	Assumptions made regarding possible mining methods, minimum mining dimensions and internal (or, if applicable, external) mining dilution. It is always necessary as part of the process of determining reasonable prospects for eventual economic extraction to consider potential mining methods, but the assumptions made regarding mining methods andparameters	Due to the depth, and the previously developed underground mine, the resource is considered suitable for underground mining by long hole open stoping. Previously mined areas may be accessible by the use of cemented fill. No detailed mining assumptions have been made and no external dilution has been added to the resource.

ASX CODE: RXL

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

[email protected] www.roxresources.com.au

Criteria	JORC Code explanation	Commentary
	when estimating Mineral Resources may not always be rigorous. Where this is the case, this should be reported with an explanation of the basis of the mining assumptions made.
Metallurgical factors or assumptions	The basis for assumptions or predictions regarding metallurgical amenability. It is always necessary as part of the process of determining reasonable prospects for eventual economic extraction to consider potential metallurgical methods, but the assumptions regarding metallurgical treatment processes and parameters made when reporting Mineral Resources may not always be rigorous. Where this is the case, this should be reported with an explanation of the basis of the metallurgical assumptions made.	A 120 tpd bacterial oxidation circuit was commissioned in September 1994 to treat sulphide concentrates, using the BacTech process. BacTech uses a moderately thermophilic culture with an optimum growth temperature of 45C. A pilot plant trial from October 1993 to July 1994 tested three bulk samples of concentrate. After bacterial oxidation, recoveries up to 99% were achieved. The performance between 1995 and 1997 of the flotation and bacterial oxidation circuit was generally lower than budgeted due almost entirely to below budget ore deliveries. Although the plant rarely achieved its full capability, it consistently exceeded the projected metallurgical recovery of 81%, with an average recovery of 87.5%. Blending of ore was not anticipated prior to commissioning and feed variability created significant problems for both the flotation and bacterial oxidation circuits. Operating performance history demonstrates a steadily increasing recovery, with initial commissioning values of 85% increasing rapidly to a maximum of 92.4% in 1994-95. This is indicative of improving metallurgical control and diminishing amounts of reactive sulphide from transitional zones. Based on historical operating data, one of the most significant factors affecting both throughput and recovery was mechanical and equipment failures within the bio- oxidation circuit.
Environmental factors or assumptions	Assumptions made regarding possible waste and process residue disposal options. It is always necessary as part of the process of determining reasonable prospects for eventual economic extraction to consider the potential environmental impacts of the mining and processing operation. While at this stage the determination of potential environmental impacts, particularly for a greenfields project, may not always be well advanced, the status of early consideration of these potential environmental impacts should be reported. Where these aspects have not been considered, this should be reported with an explanation of the environmental assumptions made.	No assumptions regarding possible waste and process residue disposal options have been made. Youanmi is a previously mined site, with historic waste dumps and tailings dams.

ASX CODE: RXL

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

[email protected] www.roxresources.com.au

Criteria	JORC Code explanation	Commentary
Bulk density	Whether assumed or determined. If assumed, the basis for the assumptions. If determined, the method used, whether wet or dry, the frequency of the measurements, the nature, size and representativeness of the samples.	Bulk density data is predominantly derived from some standard Specific Gravity (SG) immersion measurements carried out between 1989 and 1992. Within the interpreted mineralised lodes, the mean density of the samples was 2.96tm-3. It was not deemed possible to subdomain this dataset into areas of differing bulk density values. A single value of 2.9tm-3was assigned to the fresh lode material throughout the deposit.
	The bulk density for bulk material must have been measured by methods that adequately account for void spaces (vugs, porosity, etc.), moisture and differences between rock and alteration zones within the deposit.	The water immersion method measurements were determined by measuring the weight of part or the entire sample in air and water and then applying the formula bulk density = weight_air/(weight_air-weight_water).
	Discuss assumptions for bulk density estimates used in the evaluation process of the different materials.	na
Classification	The basis for the classification of the Mineral Resources into varying confidence categories.	The Mineral Resource was classified as Indicated or Inferred based on the level of geological understanding of the mineralisation and the drillhole spacing.
	Whether appropriate account has been taken of all relevant factors (i.e. relative confidence in tonnage/grade estimations, reliability of input data, confidence in continuity of geology and metal values, quality, quantity and _distribution of the data). _	The classification reflects the overall level of confidence in mineralised domain continuity based the mineralisation drill sample data numbers, spacing and orientation.
	Whether the result appropriately reflects the Competent Person’s view of the deposit.	The Mineral Resource classifications applied appropriately reflect the view of the Competent Person.
Audits or reviews	The results of any audits or reviews of Mineral Resource estimates.	Internal audits were completed by CSA Global which verified the technical inputs, methodology, parameters and results of the estimate.
Discussion of relative accuracy/ confidence	Where appropriate, a statement of the relative accuracy and confidence level in the Mineral Resource estimate using an approach or procedure deemed appropriate by the Competent Person. For example, the application of statistical or geostatistical procedures to quantify the relative accuracy of the resource within stated confidence limits, or, if such an	The accuracy of the Mineral Resource is communicated through the classification assigned. The Mineral Resource been classified in accordance with the JORC Code (2012 Edition) using a qualitative approach. All factors that have been considered have been adequately communicated in Section 1 and Section 3 of this table.

ASX CODE: RXL

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

[email protected] www.roxresources.com.au

Criteria	JORC Code explanation	Commentary
	approach is not deemed appropriate, a qualitative discussion of the factors that could affect the relative accuracy and confidence of the estimate.
	The statement should specify whether it relates to global or local estimates, and, if local, state the relevant tonnages, which should be relevant to technical and economic evaluation. Documentation should include assumptions made and the procedures used.	The accuracy of the Mineral Resource is communicated through the Inferred or Indicated classification assigned to the deposit. The Mineral Resource has been classified in accordance with the JORC Code. All factors that have been considered have been adequately communicated in Section 1, Section 2 and Section 3 of this table. The Mineral Resource Statement relates to a global estimate of in-situ tonnes and grade.
	These statements of relative accuracy and confidence of the estimate should be compared with production data, where available.	The depleted stopes and development from the 1995-1997 period produced 411kt @ 11.4 g/t. The current model in the same area has 413 kt@ 9.2 g/t. Further analysis and modelling is required to understand the grade discrepancy and refine the model.

ASX CODE: RXL

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

[email protected] www.roxresources.com.au

AI assistant

ROX RESOURCES LIMITED Capital/Financing Update 2021

65741_rns_2021-06-22_d950b663-e567-48ed-87ef-f816e2899e00.pdf

ASX ANNOUNCEMENT

23 June 2021

ROX RESOURCES LIMITED ASX: RXL

Substantial 39% increase to Youanmi Gold Project Resource to 1.7Moz

DIRECTORS

Highlights:

Comparison to 2018 Resource Estimates (Widenbar 2018):

Youanmi Deeps Resource Discussion:

Youanmi Near Surface Deposits Resource Discussion:

Near Surface Resources by Area

Next Steps

* ENDS ***

For more information:

Competent Person’s Statement

Forward ‐ Looking Statements

_______________

About Rox Resources

Youanmi Gold Project (Youanmi Gold Mine 70%, Regional JV’s 45% - 50%)

Fisher East Nickel Project (100%)

Collurabbie Gold-Nickel Project (100%)

Mt Fisher Gold Project (100%)

Summary of the Resource Parameters:

Section 2 Reporting of Exploration Results

Section 3 Estimation and Reporting of Mineral Resources

Rox Resources Limited – Youanmi Deeps Mineral Resource Estimate – June 2021

AI assistant

ROX RESOURCES LIMITED — Capital/Financing Update 2021

65741_rns_2021-06-22_d950b663-e567-48ed-87ef-f816e2899e00.pdf

ASX ANNOUNCEMENT

23 June 2021

ROX RESOURCES LIMITED ASX: RXL

Substantial 39% increase to Youanmi Gold Project Resource to 1.7Moz

DIRECTORS

Highlights:

Comparison to 2018 Resource Estimates (Widenbar 2018):

Youanmi Deeps Resource Discussion:

Youanmi Near Surface Deposits Resource Discussion:

Near Surface Resources by Area

Next Steps

* ENDS ***

For more information:

Competent Person’s Statement

Forward ‐ Looking Statements

_______________

About Rox Resources

Youanmi Gold Project (Youanmi Gold Mine 70%, Regional JV’s 45% - 50%)

Fisher East Nickel Project (100%)

Collurabbie Gold-Nickel Project (100%)

Mt Fisher Gold Project (100%)

Summary of the Resource Parameters:

Section 2 Reporting of Exploration Results

Section 3 Estimation and Reporting of Mineral Resources

Rox Resources Limited – Youanmi Deeps Mineral Resource Estimate – June 2021

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ROX RESOURCES LIMITED Capital/Financing Update 2021