Rox Resources (RXL) Status update summary

Project overview and financial highlights

• The Youanmi Gold Project is located 480km northeast of Perth in Western Australia, within the Youanmi Greenstone Belt, and has a history of 667koz gold production at 5.42g/t from open pit and underground operations, leveraging existing infrastructure.

• The project targets over 100,000 ounces of gold per year with a high-grade ore reserve of 546,000 ounces at 4.4–4.5g/t and a mine life of 7.7–8 years.

• All-in sustaining costs are estimated at AUD 1,676 per ounce, positioning the project competitively among Western Australian gold peers.

• Post-tax NPV is AUD 322 million (8% discount), with a 33% IRR; at spot price, NPV could reach AUD 700 million with a 55% IRR.

• Annual EBITDA is projected to exceed AUD 150 million, with pre-production capex of AUD 245 million and a strong NPV-to-capex ratio.

Growth potential and exploration

• Substantial near-mine exploration targets of 1.1–1.8 million ounces, with resource open down dip and along strike.

• Approved 10,000m drill program for resource definition and exploration, targeting conversion of Inferred to Indicated resources.

• Success in converting half the exploration target could add 500,000 ounces to the mine plan, increasing both mine life and production rates.

• Drilling is set to commence in August, with first assay results expected about six weeks later.

• Infill and extensional drilling, DFS work, and metallurgical testing will proceed in parallel, with regular updates planned.

Development and processing strategy

• A 750,000 tpa processing plant is planned, using a three-stage crushing and grinding circuit, flotation, and the Albion Process for gold recovery.

• Plant recovery is 92.6% with a simple flowsheet using the Albion Process, offering low capital cost and operational flexibility.

• Producing gold doré on-site is preferred for easier sales and lower costs compared to concentrate, reducing transport and smelter charges.

• Metallurgical test work, including pilot-scale trials, will be conducted to optimize the Albion circuit and confirm recoveries of 92–93%.

• The DFS is targeted for completion by Q3 2025, with first gold production expected in 2027.