Letter from the MD – September Shareholder Update

2 September 2025

Dear Shareholders,

Rox Resources Limited

Level 2, 87 Colin Street, West Perth WA 6005

+61 8 9226 0044

admin@roxresources.com.au

Rox Resources has been a hive of activity over the past few months, both in the boardroom and on site at our Youanmi Gold Project, with the delivery of our Definitive Feasibility Study now firmly on the horizon.

A number of major milestones have already been achieved at Youanmi, with the most prominent being the release of our updated 2025 Mineral Resource Estimate.

The new MRE represents a significant step forward for the Company, as it confirmed an underground resource of 2.1 million ounces of gold at 6.0 g/t, which included a substantial uplift in the indicated category. Therefore, for the underground, it is a larger, more robust resource, that is expected to deliver into the updated mine plan.

This underpins our strategy to develop an underground mining operation, while also highlighting the considerable growth potential that exists outside of the current resource area.

The MRE, will feed into our mine plan and reserves in our DFS which remains on track for delivery in November.

Also feeding into the DFS will be recent metallurgical test work, which have delivered consistently high gold recoveries, including recoveries of up to 95.8% using the Albion oxidative leaching process, and confirming an overall plant recovery expected to be between 90-92%.

While further test work is still underway, these results, completed on bulk samples, continue to demonstrate that the Albion Process will be suitable for the Youanmi ore.

Additional metallurgical test work is progressing on schedule and remains on track to be incorporated into the DFS.

Our team has also advanced a raft of on-site activities recently, including the planning and procurement for construction of vital infrastructure at Youanmi such as the workers' accommodation camp, offices and the design of key plant equipment.

To support this work, we have engaged the highly experienced team at Increva to oversee the construction and delivery of major infrastructure including plant, a tailings dam and a power station.

Dewatering has also continued at both the Main and United pits at Youanmi, positioning us well to commence exploration declines by the end of the year. This work is another important step on our pathway to achieving our target o first gold pour by 2027.

I'd like to acknowledge our dedicated team on the ground at Youanmi, whose hard work have been instrumental in

driving progress and fast-tracking our transition from explorer to developer.

Alongside these development activities, we continue to explore other high-priority targets at Youanmi, as we aim to further strengthen our resource base.

Brownfield drilling has returned several high-grade gold intersections adjacent to both the Youanmi and Bunker pits, reinforcing our confidence in the potential for resource expansion.

south of Youanmi, which returned a standout intercept of 3 metres at 19.05 g/t gold from around 57 metres.

We've also received positive results from the first diamond drill holes at the Currans prospect, located 20 kilometres

These results confirm the broader prospectivity of our landholding and highlight additional growth opportunities for our portfolio, particularly from our near mine prospects around Bunker and Midway.

Our strong exploration and development momentum has been reflected in growing market recognition of Rox as an emerging gold developer in Western Australia.

This was further reinforced to our team at Diggers and Dealers in Kalgoorlie, where we engaged directly with investors, analysts, and media to tell the Rox story and showcase the potential of Youanmi.

We also recently presented at the Noosa Mining Conference on the east coast, where interest in gold remained particularly strong.

This month, the Rox team will travel to the USA to participate in the Precious Metals Conference and Mining Forum Americas.

These international events provide an important opportunity to present our West Australian story to a global audience and to engage with industry peers.

From a market perspective, gold continues to be a safe haven asset. While spot prices have remained relatively steady in recent months, the longer-term outlook remains positive.

Ongoing global uncertainty, from shifting US trade policies to heightened geopolitical tensions, is expected to lift investor demand for gold in the medium term, providing a favourable environment as we advance Youanmi towards production.

The next few months will be a defining period for the Company, with the DFS nearing completion, site works advancing, and further exploration on the cards.

Combined, and having one of Australia's highest grade undeveloped gold mines, this activity provides the perfect tailwind for Rox Resources to become Western Australia's next gold producer of scale.

Thank you for your continued confidence in our pathway towards production. Yours sincerely

Phill Wilding

Managing Director C CEO

Rox Resources Limited

Level 2, 87 Colin Street, West Perth WA 6005

+61 8 9226 0044

ASX: RXL

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