Youanmi Gold Project Scoping Study

West Australian focused 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 present key outcomes of a technical and financial study (“Scoping Study, the Study”) evaluating a development option for the Youanmi Gold Project near Mt Magnet, WA, in the OYG JV area (Rox 70% and Manager, VMC 30%).

• The Scoping Study indicates the Youanmi Gold Project is set to be a high return project with low capital and operating costs against industry benchmarks.
  
• Projected average gold production target of approximately 71koz pa at an average feed grade of 5.0g/t Au over an approximate 8-year projected mine life.
• Combination of gold-in-concentrate and carbon-in-leach bullion production target considered optimum commercialisation strategy for Youanmi.
• Rox targeting Youanmi Pre-feasibility Study in 2023.
• Infill drilling to underpin further Feasibility Studies due for completion in 2023.

Drilling and metallurgical testwork has been ongoing since commencement with results expected to enhance the production target (and financial) outcomes presented in this Scoping Study.

The Youanmi Gold Mine has seen high grade gold production in the past with circa 667koz previously mined at the project in total. From available historical data (1987 onwards), open pit mining showed an average mined grade of 3.4g/t Au, while underground mining showed an average of 11g/t Au.

The mining and processing of sulphide material via production from underground operations between 1994 and 1997 are particularly relevant to this Study. The existing decline will be rehabilitated and provide an early platform for development and accessing high grade material. The previous operation produced a concentrate as an intermediate step in the process plant. The data from this concentrate production phase in addition to Rox’s own testwork indicates that marketable gold concentrates can be produced from the Youanmi sulphide material.

A summary of the Study is shown below with additional details provided in the Scoping Study Executive Summary attached to this announcement.

All results are based on the Youanmi Gold Project in 100% terms (Rox 70% economic interest and Venus 30% economic interest), unless otherwise stated.

All financial results are provided in Australian dollars unless stated otherwise.

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