Letter from the MD – December Shareholder Update

12 December 2025

Dear Shareholders,

Level 1, 87 Colin Street, West Perth WA 6005

+61 8 9226 0044

When Rox Resources acquired the former Youanmi Gold Mine in 2019, no-one could have imagined that development would coincide with one of the strongest gold price cycles in history.

In April that year, when Youanmi joined the Company's portfolio, gold was trading at around A$1,830 per ounce.

Fast-forward to 2025 and the gold price has risen by more than 247% and has most recently peaked above A$6,750 per ounce.

To say Rox has capitalised on this growth is an understatement. We have been ahead of the curve, particularly over the past six months, achieving three major milestones during the development of Youanmi.

In July, we announced our latest Mineral Resource, increasing our Underground Resource to 2.1 million ounces at 6.0 g/tonne gold.

The lift in tonnes and grade for the underground arrived at the perfect time, feeding directly into the dataset required for our Definitive Feasibility Study (DFS).

In November, we began underground mining with a literal bang, firing the first cut at the United North Decline at Youanmi and officially commencing gold operations.

Just two days later, we released our highly anticipated DFS for Youanmi, confirming what we already knew about the project.

The top-level metrics are compelling. Youanmi will be a low-cost, high-margin underground mining operation with an average annual production profile of approximately 117,000 ounces over an initial seven-year mine life.

Our underground production target has increased to 5.7 million tonnes at 4.9 g/t, delivering 900,000 ounces of contained gold. And we see this as just the starting point.

Financially, the project remains robust. Pre-production capital costs are estimated at A$383 million, while Youanmi's strong margins support a low All-In Sustaining Cost of A$1,978 per ounce - a notably conservative assumption given today's gold price of A$6,353 per ounce.

This translated into firm commitments for a $200 million placement launched in November.

Importantly, the release of the DFS strengthened institutional confidence in our pathway to production.

Our debt financing strategy is also progressing well. We've received strong interest from leading Australian and international banks, and we remain on track to reach a Final Investment Decision in the first quarter of 2026.

The rapid development of Youanmi this year has also driven significant growth within our team. We now have 21 employees at Rox, with further expansion planned.

On site, construction of our first phase expanded workers' accommodation and site office is complete, ready for an increased workforce as we ramp up mining operations.

We have recently had our crews working on United North commence day and night shifts, marking our transition into 24-hour mining operations.

We also bolstered our exploration team to accelerate work across a series of priority targets. This included drilling the first diamond holes at the Curran's prospect, where we returned an exceptional intercept of 3m at 19.05g/t gold from just over 57 metres.

Across Australia, gold exploration has grown by 45% over the past year and Rox is proud to contribute to this national momentum for the precious metal.

Exploration will remain a focus for Rox, as we work to unlock the broader potential of our Murchison landholding.

Looking ahead to 2026, the bigger picture is clearly centred at Youanmi. We are moving decisively into production, with a target of first gold pour by mid-2027.

Market sentiment for gold remains exceptionally strong. The precious metal continues to demonstrate its reliability and resilience amid ongoing global uncertainty.

Equally steadfast has been your support for our vision to become Western Australia's next gold producer at scale.

This has been a momentous year for our Company, and on behalf of the Board, thank you for your unwavering commitment to Rox.

As many across the nation wind down for the festive season, we will be powering ahead with our vision firmly in sight.

I look forward to keeping you updated as we enter 2026 with renewed momentum. Until then, from the entire team at Rox, have a safe and happy festive season.

Yours sincerely

Phill Wilding

Managing Director C CEO

Level 1, 87 Colin Street, West Perth WA 6005

+61 8 9226 0044

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