Rox Resources : Youanmi Near Surface Resource Increased to 1.0Moz Au

ASX ANNOUNCEMENT

RRL1819D

20 April 2022

Youanmi Near Surface Resource

ROX RESOURCES LIMITED

Increased to 1.0Moz - Total Youanmi

ASX: RXL

Gold Project Resource Lifts to 3.2Moz

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

DIRECTORS

Mr Stephen Dennis Chairman

Mr Alex Passmore Managing DirectorDr John Mair Non-Executive Director

Shares on Issue Share Price Market Cap. Cash

168.9m $0.43 $72.6m $6.9m

(as at 31 March 2022)

Level 2, 87 Colin Street, West Perth WA 6005

[phone]

[e-mail]

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Highlights:

• • Youanmi Near Surface Resource increased by 204Koz Au to 1,004Koz Au

• • This resource upgrade incorporates 16,000m of additional RC drilling above 160m vertical depth and delivers a 26% increase in the Near Surface Resource contained gold.

• • Youanmi Mineral Resource inventory has increased by 93% from 1.7 million ounces (June 2021) to 3.2 million ounces following an intensive exploration campaign throughout 2021 and early 2022.

• • All in exploration costs on a rolling average basis for the project (Underground and Near Surface Resources) since project acquisition indicate an average $7 per ounce discovery cost (approximately $10 per ounce discovery cost for the Near Surface Resource in this update).

West Australian gold exploration and development 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 an independent consultant, Widenbar Associates, to complete the Near Surface Resource estimate (refer Table 1). The previous near surface resource for Youanmi was published in June 2021 (ASX RXL 23 June 2021).

Managing Director Alex Passmore commented:

"We are very pleased to announce this increase to the Near Surface Resource Estimate at Youanmi following the inclusion of newly delineated mineralised zones along the mine corridor including the Link, Footwall Lodes and Hanging-wall Lodes.

The lift in the Near Surface Resource incorporates data from 16,000m of RC drilling undertaken in the second half 2021 and early 2022. The substantial increase in both Near Surface and Underground resources at Youanmi is testament to the strong geological understanding our exploration team has developed, allowing for precise and effective targeting of gold lodes that continues to deliver strong results. The scale of Youanmi is starting to become more apparent and in line with our high level of confidence in the Project.

This resource will underpin the open pit component of the company's Scoping Study which is on track for completion in the middle of the year."

Summary of Youanmi Mineral Resource 2022 (incl. comparison to 2022):

Comparison to Previous Near Surface Resource Estimate:

The Near Surface Resource Update has resulted in a 26% increase in contained metal representing 204,000 additional ounces of contained gold. This has resulted in an increase in the overall Youanmi gold inventory to 3.2 mil oz Au which is 7% up from 3.0 mil oz Au reported in January 2022.

ROX RESOURCES LIMITED	2	ASX CODE: RXL
Level 2, 87 Colin Street,
West Perth WA 6005	[e-mail]
[phone]	www.roxresources.com.au

Figure 1: Increase in tonnes and metal for Youanmi Near Surface Resource

Following 38,000 metres of infill and extensional RC and diamond drilling completed throughout 2021 the combined Near Surface Resource and Underground Resource (formally known as "Youanmi Deeps Resource")

(ASX: RXL 20 January 2022) resulted in a total metal increase of 93% from 1.7 million ounces to 3.2 million ounces for the Total Youanmi Gold Project Resource reported in June 2021 (ASX: RXL 23 June 2021).

ROX RESOURCES LIMITED	3	ASX CODE: RXL
Level 2, 87 Colin Street,
West Perth WA 6005	[e-mail]
[phone]	www.roxresources.com.au

Figure 2: Growth in Youanmi Total Gold Resources

ROX RESOURCES LIMITED	4	ASX CODE: RXL
Level 2, 87 Colin Street,
West Perth WA 6005	[e-mail]
[phone]	www.roxresources.com.au

Figure 3: 3D View of Youanmi Underground Resource Model and Near Mine Part of Near Surface

Model

Youanmi Near Surface Resource Modelling Parameters Discussion:

Geology and Geological interpretation

The Youanmi Gold Project is located in the central part of the Youanmi greenstone belt, which is situated in the Southern Cross Province of the Yilgarn Block of Western Australia. The greenstones and surrounding granitoid rocks are Archaean in age. The geology of the Mine Area consists of a north to northwest trending sequence of greenstones. The greenstone succession at Youanmi comprises strongly magnetic tholeiitic basalt, sheared basalt, banded iron formation and mafic schist. The greenstone succession is intruded by an adamellite batholith, called the "Youanmi Granite".

Gold mineralisation represents a typical structurally controlled Archaean shear hosted lode deposit.

Mineralisation is hosted in both the Mine Shear Zone, a 1-25m wide shear zone that has been traced along strike for over 2,300m and 900m down-dip, and a series of footwall and hanging wall shear zones. The Mine Shear is subparallel to the greenstone-granite contact and has variable dips of between 30°-70°W striking 330°.

ROX RESOURCES LIMITED	5	ASX CODE: RXL
Level 2, 87 Colin Street,
West Perth WA 6005	[e-mail]
[phone]	www.roxresources.com.au