Rox Resources Limited (ASX:RXL) High-Grade Gold Drilling at Youanmi Gold Project

17 February 2025

Price Sensitive Announcement $

Overview:

West Australian gold exploration and development company, Rox Resources Limited has provided an update on parallel workstreams at the Youanmi Gold Project in WA.

Highlights:

• 35,000m step-up drill campaign1 starting to deliver:
  o Four diamond rigs (DD) and one reverse circulation (RC) rig currently onsite
• Initial significant assay results received to date, include:
  o Pollard
  – RXDD146: 4.94m @ 84.55g/t from 312.7m
  – RXDD149A: 3.10m @ 16.42g/t from 244.9m

  o Youanmi Main
  – RXDD148: 10.40m @ 7.84g/t from 464m
  – RXDD153: 5.79m @ 3.26g/t from 304m
  – RXRC557: 3m @ 5.63g/t from 151m

  o United North
  – RXDD145: 32.27m @ 4.34g/t from 381.6m
  – RXRC560: 7m @ 4.36g/t from 357m

  o Hill End
  – RXRC559: 9m @ 8.61g/t from 202m

  o Rebel
  – RXRC548: 10m @ 3.12g/t from 147m

• Incl. 3m @ 7.55g/t from 151m
• Targeting updated mineral resource estimate (MRE) mid-CY25
• Metallurgical test work program well advanced:
  o Metallurgical sampling complete
  o Comminution and flotation test work underway
  o Expect to deliver concentrate for Albion ProcessTM in coming weeks
• Commencement of civil engineering work for dewatering of the Youanmi open pit and
  underground mine:
  o Civil engineering crew onsite and currently refurbishing evaporation ponds
  o Applications lodged with DWER to relocate water into Kathleen and Rebel pits
  o Dewatering infrastructure ordered
• Accommodation upgrade and expansion well progressed to support all activities
• Corporate
  o Appointment of Chief Financial Officer, General Manager Operations and
  Manager of Environment and Sustainability

Current Status of Drilling Activities
Drilling has focussed on the key deposits along the high-grade, 1.8km long Youanmi mineralised corridor (Figure 2) with the current status as outlined below:

• Drill campaign is on schedule and within budget to deliver 35,000m of drilling for $11m at the end of April
• 7,500m of DD drilling and 3,500m of RC drilling has been completed
• Sample processing is up to date with over 1,000 samples received by Bureau Veritas (BV)
  laboratory
• Phase 1 drilling at the Kathleen and Rebel area has been completed, with Phases 2 and 3 ongoing
• Some initial assays have been received for Phase 1 – Kathleen-United North, Phase 2 – Pollard and Phase 3 – Youanmi North

Next Steps

Next steps

• Continue drilling activities to deliver MRE update
• Complete comminution and flotation work metallurgical test work, and start Albion ProcessTM test work
• Complete dewatering civils works and infrastructure to install
• Environmental approvals and design work for various activities to continue
• Tailings dam design work to get underway

Company Notes:

Rox Resources’ Chief Executive Officer, Phillip Wilding, commented:
“The Rox team’s hard work to execute the parallel workstreams is delivering strong results in alignment with DFS timeline. We are excited to update the market as results continue to flow in.

Initial results from our 35,000m step-up DD and RC program have returned fantastic intercepts from all resources areas but especially, Pollard and United North.

With five rigs on site, we are growing the resource base and increasing the Indicated resource category that will underpin a revised reserve and mine plan.

Metallurgical test work is well-advanced with concentrate scheduled to be shipped in mid-February, to Core Resources’ laboratories in Brisbane, to commence Albion test work.

Civil engineering crews are onsite refurbishing the evaporation ponds. We’ve ordered the dewatering infrastructure, and the crews are due onsite in early March to commence installation.”

Full ASX Announcement: Rox Resources Ltd ASX Announcement