Letter from the MD – June Shareholder Update

23 June 2025

Dear Shareholders

Level 2, 87 Colin Street, West Perth WA 6005

+61 8 9226 0044

admin@roxresources.com.au

Letter from the MD - June Shareholder Update

As we edge closer to June 30, it is safe to say the first half of this year has been nothing short of transformative for Rox.

From delivering encouraging results on the ground at our Youanmi Gold Project, to advancing strategic partnerships in meeting rooms across Australia, to showcasing our vision on conference stages around the world, we have strengthened Rox's position as we enter the next phase of growth.

Firstly, thank you for your commitment to our vision for Youanmi, clearly reflected through the successful $27 million capital raise last year and $40 million placement this year.

Your support both derisks the delivery of our project and accelerates our development plans, ensuring we progress towards production and first gold pour in early 2027.

The funding raised will expedite multiple workstreams including underground development of the United North and Pollard declines, construction of a mining camp, and design of processing plant equipment.

It will also enable our team to complete additional dewatering - a major development process which commenced this week at the Youanmi Main pit and the United North pit.

This marks a major milestone in our transition from explorer to developer, with the dewatering of these two pits expected to position us to begin planned exploration declines in the last quarter of 2025.

Not only is our dewatering advancing at a strong pace, but our drilling program is also ahead of schedule - thanks to the hard work of our exploration team at Youanmi.

We recently received exceptional high-grade results from the 35,000m step up program, increasing our geological understanding of the project and helping with forward planning on drill planning and mine design.

Exploration is ongoing across the project area with drilling underway as we look to extend mineralisation to the north of Youanmi Main, United North, Pollard, and Prospect, working to expand our dataset outside of the current resource area.

All of this work will feed into our Mineral Resource Estimate upgrade, which we are on track to deliver next month. The update will also inform our Definitive Feasibility Study, due for release in November.

Also informing our impending DFS, will be the high-quality results returned from our most recent metallurgical test work.

We achieved a high gold recovery of 91.6% in the concentrate (the remaining gold to be extracted in the cyanide leach), with a corresponding concentrate grade of 49.9g/t gold, and we are currently looking to improve overall gold recovery even further using the Albion Process™ on the concentrate.

This process is not dissimilar to any other fine grind and pre-oxidation circuit, widely used around the globe.

any additional detail into the study.

We expect this program to be completed prior to the anticipated release of the DFS, with the goal of incorporating

There is a lot happening on the ground and in the labs as we advance Youanmi, but we have also been busy promoting the Rox story through targeted road shows and quality conferences.

Our team won't be slowing down any time soon - we'll be meeting with industry players and presenting at a range of events coming up, including MiningNews Select and the Noosa Mining Investor Conference in July, as well as Diggers and Dealers in August.

We'll also take our homegrown story overseas when we head to the Precious Metals Conference in Beaver Creek and the Mining Forum America in the USA, where I have no doubt gold's steadfast price climb will be a hot topic on the conference floor.

In the last six months alone, the gold price has risen by nearly A$1,000 to today's price of around A$5,200, which further strengthens our value proposition, particularly when you consider our Pre-Feasibility Study was based on an AISC of $1,676 per ounce - setting us up to generate very high margins when we achieve production.

One thing with the Youanmi Project; we are not planning on starting it based on the gold price - it is a project that is finally in the right ownership that it can be developed and done on its robustness.

Becoming one of Western Australia's next gold producers of scale is our priority.

With one of the highest-grade undeveloped gold projects in the state, an experienced team at the helm, and a clear strategy to achieve shareholder value, I am confident in our pathway towards production.

I look forward to keeping you updated as we advance this golden opportunity for Rox Resources. Yours sincerely

Phill Wilding

Managing Director C CEO

Level 2, 87 Colin Street, West Perth WA 6005

+61 8 9226 0044

admin@roxresources.com.au https://www.roxresources.com.au