Youanmi Gold Project Scoping Study

ASX ANNOUNCEMENT
RRL1829D
19 October 2022
For personal use only
Youanmi Gold Project Scoping Study
ROX RESOURCES LIMITED • The Scoping Study indicates the Youanmi Gold Project is set to be
a high return project with low capital and operating costs against
ASX: RXL industry benchmarks.
Rox Resources Limited (ASX: • Projected average gold production target of approximately 71koz
RXL) is an Australian listed pa at an average feed grade of 5.0g/t Au over an approximate 8-year
company with advanced gold projected mine life.
assets in Western Australia: The • Combination of gold-in-concentrate and carbon-in-leach bullion
Youanmi Gold Project and the Mt production target considered optimum commercialisation strategy
Fisher Gold project. for Youanmi.
• Rox targeting Youanmi Pre-feasibility Study in 2023.
• Infill drilling to underpin further Feasibility Studies due for
completion in 2023.
DIRECTORS
Mr Stephen Dennis Cautionary Statement

Chairman
The Scoping Study referred to in this ASX release has been undertaken to evaluate the potential
development of the Youanmi Gold Project (“Project”) near Mt Magnet, approximately 480 kilometres
Mr Alex Passmore northeast of Perth, Western Australia. Rox Resources Limited (“Rox Resources, Rox, the Company”)
Managing Director owns 70% and is the operator of the Project. The Scoping Study is prepared based on a 100% basis
and is a preliminary technical and economic study of the potential viability of the Youanmi Gold
Project. It is based on low accuracy level technical and economic assessments that are not sufficient
Dr John Mair to support estimation of Ore Reserves. Infill drilling and evaluation work and appropriate studies are
Non-Executive Director required before Rox Resources will be able to estimate Ore Reserves or to provide assurance of an
economic development case. The Scoping Study has been completed to a level of accuracy of +/-
40%.
Mr Robert Ryan
Non-Executive Director Of the Mineral Resources scheduled for extraction in this Scoping Study production target,
approximately 79% are classified as Indicated and 21% as Inferred in the first three years and 63%
are classified as Indicated and 37% as Inferred over the evaluation period. There is a low level of
Shares on Issue 168.9m
geological confidence associated with Inferred Mineral Resources, and there is no certainty that
Share Price $0.23 further exploration work will result in the determination of Indicated Mineral Resources or that the
Market Cap. $38.9m production target itself will be realised.
Cash $4.4m
(as at 30 June 22) The Youanmi Gold Project has been mined successfully over four main campaigns since discovery
of the original orebody in 1894, with approximately 667koz Au produced. The Company therefore
considers the Youanmi Gold Project to be a very mature project which increases the confidence of
converting the current Mineral Resources into Ore Reserves.
Level 2, 87 Colin Street,
West Perth WA 6005 Rox Resources confirms that the Project is financially viable when excluding Inferred Resources in
the production schedule.
+61 8 9226 0044 The Company believes that it has a reasonable basis for providing these forward-looking statements
and the forecast financial information based on material assumptions outlined in this release. One
of the key assumptions is that the funding for the Project will be available when required. While the
admin@roxresources.com.au Company considers all of the material assumptions to be based on reasonable grounds, there is no
certainty that they will prove to be correct or that the range of outcomes indicated by the Scoping
www.roxresources.com.au Study will be achieved.
To achieve the range of outcomes indicated in the Scoping Study, funding in the order of
Follow Rox: approximately $134m will likely be required comprising of approximately $99m in pre-production
capital expenditure and approximately $35m in working capital and assumed financing charges.
There is no certainty that the Company will be able to raise that amount of funding when needed. It
is also possible that such funding may only be available on terms that may be dilutive to or otherwise
affect the value of Rox Resources’ shares. It is also possible that Rox Resources could pursue other
value realisation strategies such as a sale, partial sale or joint venture of the Youanmi Gold Project.
If it does, this could materially reduce the Company’s proportionate ownership of the Project. Given
the uncertainties involved, investors should not make any investment decisions based solely on the
results of the Scoping Study.
West Australian focused gold exploration and development company, Rox Resources Limited (“Rox” or “the
Company”) (ASX: RXL), in conjunction with its joint venture partner Venus Metals Corporation Limited (ASX:
VMC), is pleased to present key outcomes of a technical and financial study (“Scoping Study, the Study”)
evaluating a development option for the Youanmi Gold Project near Mt Magnet, WA, in the OYG JV area (Rox
70% and Manager, VMC 30%).
Following a substantial upgrade to the Youanmi underground gold resource in January 2022, and a subsequent
increase to the near surface resource in April 2022, the Company commenced scoping work to understand the
economics and likely development scenarios for the Youanmi Gold Project. The project-wide resource currently
stands at 27.9Mt at 3.57g/t Au for 3.2Moz Au contained gold. The Study is based on this resource estimate.
Drilling and metallurgical testwork has been ongoing since commencement with results expected to enhance
the production target (and financial) outcomes presented in this Scoping Study.
The Youanmi Gold Mine has seen high grade gold production in the past with circa 667koz previously mined at
the project in total. From available historical data (1987 onwards), open pit mining showed an average mined
grade of 3.4g/t Au, while underground mining showed an average of 11g/t Au.
The mining and processing of sulphide material via production from underground operations between 1994 and
1997 are particularly relevant to this Study. The existing decline will be rehabilitated and provide an early
platform for development and accessing high grade material. The previous operation produced a concentrate
as an intermediate step in the process plant. The data from this concentrate production phase in addition to
Rox’s own testwork indicates that marketable gold concentrates can be produced from the Youanmi sulphide
material.
A summary of the Study is shown below with additional details provided in the Scoping Study Executive
Summary attached to this announcement.
All results are based on the Youanmi Gold Project in 100% terms (Rox 70% economic interest and Venus 30%
economic interest), unless otherwise stated.
All financial results are provided in Australian dollars unless stated otherwise.
Study Highlights
• Average annual gold production target of approximately 71koz per annum with average gold head
grade of 5.0g/t Au for total gold production target of approximately 569koz over an 8-year life of mine
(“LOM”):
o First three years of the production target underpinned by 79% / 21% Indicated to Inferred
Resource Material in the production target plan
o Dewatering infrastructure in place and well understood with contingency for greater inflows than
expected
o Mine plan rapidly opens up high grade and high confidence resource areas
ROX RESOURCES LIMITED 2 ASX CODE: RXL

West Perth WA 6005 E: admin@roxresources.com.au
+61 8 9226 0044 W: www.roxresources.com.au
• Over the LOM All-In Sustaining Cost (“AISC”) average of approximately $1,538/oz (payable Au):
o Consistently <$1,600/oz AISC unit costs once the production target is ramped up, higher in
earlier periods
o LOM Mining: $690/oz
o LOM Processing: $395/oz
o LOM Concentrate related: $238/oz
o LOM G&A: $35/oz
• The combination of gold-in-concentrate and carbon-in-leach (CIL) bullion production target is

considered the optimum commercialisation strategy for initial cashflow generation at Youanmi.
• Total pre-production capital expenditure, working capital and assumed financing charges of
approximately $134m:
o Capital cost of 480ktpa processing plant and site infrastructure of approximately $99m;
o Working capital and other costs (i.e. financing charges) of approximately $35m; and
o Capital intensity of approximately $1,386/oz based on average annual gold production target
given high margin production target and long-life cash flows
• Compelling financial outcomes reflecting the high grade and low capital intensity of the Youanmi Gold
Project^:
o Project life of 8 years
o Cumulative EBITDA of approximately $577m over the life of the Project
o Pre-tax undiscounted free cash flow of approximately $418m over the life of the Project
o Pre-tax and unleveraged Net Present Value (NPV5%) of approximately $303m
o Pre-tax and unleveraged Internal Rate of Return (IRR) of approximately 45%
o Pre-tax and unleveraged payback of approximately 3.0 years (from commencing the production
target)
^ Based on a gold price of $2,450/oz other key assumptions are outlined on pages 6 to 16 of this release.
• In the current market environment, the Study has focused on high quality outcomes at a low capital
cost. The following presents upside to the financial outcomes:
o Only 20% of Youanmi Mineral Resource is included in the mining production target of this
Scoping Study, providing additional opportunities to extend Project life and increase the
production target rate
o Growth in Open Pit mined material: underground material produces strong cash flows which
can de-risk the Project and be used to assist with funding the expansion to include open pits
o Further exploration to increase near surface resource size and grade
o Underground resource growth: resource remains open down dip and along strike. Link parallel
zone only delineated to shallow depths whereas Mine Lode extends to +1,000mbgl
o More than 50km strike of Youanmi Shear Zone is largely untested by historic drilling. Regional
deposits to contribute to longer term plant feed

Managing Director Alex Passmore commented:
“The Scoping Study highlights the Youanmi Gold Project’s robust financial metrics as a potential long-life,
cashflow-producing gold asset in a world-class Western Australian gold jurisdiction.
Rox, like our peers, has not been exempt from the high cost-inflationary environment, and chose to prioritise
high-grade, low-cost ounces through the production target of gold-in-concentrate as the preferred method for
commercialisation of the Youanmi Project.
Importantly, the Study shows low pre-production capital expenditure of approximately $99m required to
establish operations at Youanmi.
Gold-in-concentrate is a proven, highly efficient method for producing saleable gold product, with other Western
Australian operations realising strong cash flows from this approach.
Despite the majority of open-pit material and 73% of the underground resource material excluded from the Study
production target (expected to change with project advancement) the Project financial model demonstrates
strong cash flows on this base case.
Through ongoing, systematic and targeted drilling campaigns, we intend to continue to convert Inferred
Resources to the Indicated category at the OYG JV, while adding ounces through Resource expansion and
regional exploration drilling.
The Youanmi Resource remains open down dip and along strike, with the maximum depth of the Mine Lode
interpretation about -600mRL, 1060m below the natural surface. Regional exploration programs are testing
more than 50km strike of Youanmi Shear Zone that remains largely untested by historic drilling, with follow up
Aircore and RC drilling planned along strike and down dip of newly identified mineralisation.
We look forward to continuing to rapidly progress the project to commercialisation and are targeting a Pre-
feasibility Study in 2023.”

Introduction
The Youanmi Project is situated approximately 480km to the northeast of Perth and is around 400km inland
from Geraldton and lies within the East Murchison Mineral Field of Western Australia. Road access to the
Project is around 140km along the Paynes Find Sandstone Road. Paynes Find is 480km from Perth on the
sealed Great Northern Highway. The Project has an operating airstrip located on site with flight time from Perth
around 90 minutes for most aircraft.
Figure 1. Youanmi Gold Project Location Plan

The overall Youanmi Project consists of four joint ventures with Venus Metals Corporation Limited (VMC) and
tenements 100% owned by Rox. The joint ventures are:
• OYG JV (Rox 70% all minerals) - covers 65km2, is circa 10km x 7km wide, and surrounds the Youanmi
Gold Mine and nearby extensions;

• Currans Find JV (Rox 45%, all minerals) - covers 4km2;
• VMC JV (Rox 50% gold rights) - covers 302km2 ; and
• Youanmi JV (Rox 45% gold rights) - covers 270km2.
The Youanmi Project Scoping Study focuses on extraction of mineral resources located within the OYG JV
Tenements which comprise of 11 granted Mining Leases that form combined reporting group C 96/1999.
Key Study Outcomes and Assumptions

The Company has considered various options to develop the Project including producing only concentrates,
building an Albion process to produce bullion on site, or various combinations. It has determined that a
combination of gold-in-concentrate and CIL bullion production target is considered the optimum
commercialisation strategy for Youanmi. This option provides a shorter pre-production period, lower capital
requirement and shorter payback period, lowering the risks of the Project. The financial model of the Project
was completed on 100% basis and was built on this option using the following key assumptions:
Table 1. Key Physicals Assumptions
Assumptions
Life Of Mine years 8.0

Plant Throughput ktpa 480
Combined Mine Production Target
Production Target Material Mined kt 3,972
Au Grade kt 4.9
Au Ounces Contained kt 627
Total Open Pit Mine Production Target
Production Target Material Mined kt 331
Au Grade g/t 3.3
Au Ounces Contained koz 35
Total Underground Mine Production Target
Lateral Development metres 40,335
Au Grade g/t 5.1
Processing Physicals
Material Processed kt 3,900
Au Grade g/t 5.0
Ounces Contained koz 624
Payable Metal1 koz 569
Gold-in-concentrate koz 510
Gold bullion koz 59
Notes: 1. Payable metal is recovered gold after payability

At a conservative gold price of $2,450/oz, which is lower than the average gold spot price in the last 12 months,
the Project is forecast to generate a healthy unleveraged and pre-tax NPV5% of approximately $303m and an
unleveraged and pre-tax IRR of approximately 45%. The financial summary is presented below:
Table 2. Financial Results Summary
Financials
Key Financial Assumptions
Gold Price $/oz 2,450
Discount Rate % 5
Project Valuation1
Project EBITDA $m 577
Project Free Cash Flow (undiscounted and pre-tax) $m 418
Project NPV (unleveraged and pre-tax) $m 303
Project IRR (unleveraged and pre-tax) % 45
Payback Period (unleveraged and pre-tax)2 years 3.0
Capital Intensity3 $/oz 1,386
Ratio NPV (unleveraged and pre-tax) / Pre-production Capital ratio 3.1
Notes:
1. Financial results are unleveraged and pre-tax numbers calculated based on 100% basis. Rox as Manager of the OYG Joint Venture
owns 70% and Venus owns 30%.
2. Payback period is calculated from the first month of gold the production target.
3. Capital intensity is calculated by dividing pre-production capital by annual payable metal.

Production Target
Total payable metal over the life of the Project is forecast to be approximately 569koz, annual numbers with the
breakdown of indicated and inferred resources is shown in the figure below. Of the Mineral Resources scheduled
for extraction in this Scoping Study production target, approximately 79% are classified as Indicated and 21%
as Inferred in the first three years of the production target. Approximately 63% are classified as Indicated and
37% as Inferred during the 8-year evaluation period. The Youanmi Gold Project has been mined over four main
campaigns since discovery of the original orebody in 1894, with approximately 667koz produced. The Company
therefore considers the Youanmi Gold Project to be a very mature project which increases the confidence of
converting the current Mineral Resources into Ore Reserves.
120
Indicated
Inferred 98
100
84
78
80
Annual Payble Metal (koz)
66 67
60 60
60 56
40
20
0
Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8
Figure 2. Annual Payable Metal Breakdown

Sensitivity Analysis
The Project’s unleveraged and pre-tax NPV is most sensitive to changes in gold price and operating cost, while
it is more resilient to changes in the discount rate and capital costs as shown in the figure below.
Gold Price (+/-10%) $196 $410
Operating Costs (+/-10%) $241 $365
Discount Rate (+/- 1%) $284 $323
Capital Expenditure (+/-10%) $288 $317
$150 $200 $250 $300 $350 $400 $450

NPV (unleveraged and pre-tax) ($m)
Figure 3. Project NPV Analysis
Table 3. Scenario Analysis – Gold Price Assumptions
Base
Case
Gold Price
$2,000 $2,100 $2,200 $2,300 $2,400 $2,450 $2,500 $2,600 $2,700
(A$/oz)
NPV $m 106 150 193 237 281 303 325 368 412
IRR % 20 26 32 37 43 45 48 54 59
Payback years 4.9 4.6 4.0 3.7 3.2 3.0 2.8 2.5 2.3
Annual EBITDA $m 41 48 55 62 69 72 76 82 89
LOM EBITDA $m 329 384 439 494 549 577 604 659 714
LOM Free Cash
Flow
$m 171 226 281 336 391 418 446 500 555

Project Positioning
In the current market environment, the Youanmi Scoping Study has focused on high quality outcomes at a low
capital cost. The Youanmi Gold Project offers compelling advantages including:
• High grade resource. The Youanmi Gold Project has an indicated category gold resource of 1.3Moz at
an average grade of 3.32g/t Au. Notably the underground resource portion of this resource (see ASX
announcement 20 April 2022) is 744koz at 7.55g/t Au;
• Leveraging off existing infrastructure in place including an existing underground decline, village, tailings
disposal facility, bore field, process water, airstrip and access roads;
• Significant past operating knowledge which has been used to make the Project more robust; and
• Upside in relation to near-mine resource growth and regional exploration.
$400
GMD
EV / Attributable Measured & Indicated Resource ounces ($/oz)
Average = $276/oz
$350
$300
$250
MGV
AME
$200
$150
Average = $53/oz KIN
BC8 MEK
$100 AUC
STN HRN
HRZ RXL = $38/oz
$50
High quality and
large resource with
compelling
valuation
$0
-$50
0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0
Measured & Indicated Resource Grade (g/t Au)
Figure 4. EV / Attributable Measured & Indicated Resource Ounces vs Grade for Comparable Gold Companies1
Notes:
1. Refer to Appendix 1 for support

Project Configuration
The Company studied a range of plant throughput and mining rate options including 300ktpa, 480ktpa and
1,200ktpa of material. The Company also examined different oxidation and gold liberation methods as part of
optimising the processing flow sheet including ultrafine grinding, pressure oxidation and Albion. All of these
methods successfully produce gold doré. The highest financial return, lowest technical risk option and the
Company’s base case is to use conventional processing methods.
The plant will treat 480ktpa and on average produce 78koz of gold in concentrate and doré annually.
Capital Cost
Capital costs are derived from a number of sources including quotes and budget pricing from suppliers and
estimates based on recent actual pricing from WA similar mines. They include all pre-production site, process
plant, tailings dam, and mining development related including dewatering, as well as sustaining capital post
production target start-up.
Table 4. Capital Cost Requirement
Pre-Production Capital 100% RXL (70%)
Site Infrastructure $m 6 5
Processing Facilities $m 66 46
Water Management $m 6 4
Underground Development $m 19 12
Open Pit $m 2 2
Total Pre-Production $m 99 69
Sustaining Capital – Life of Mine
Underground $m 38 27
Other $m 21 14
Total $m 59 41

Operating Cost
Operating costs are derived from a number of sources including quotations and budget pricing supplied by
suppliers, estimates based on similar WA mining operations, and pricing built up from processing plant suppliers
scaled by accepted methods.
Table 5. Operating Costs Breakdown
Operating Costs1 $m $/t Milled $/oz Payable
Mining 392 101 690
Processing 225 58 395
Site G&A 19 5 35
Transportation Charge 52 13 91
Smelter Treatment Charge 84 21 147
C1 Cash Cost2 772 198 1,358
Royalty 46 12 81
Sustaining Capital 57 14 99
All-In Sustaining Cost (AISC)3 875 224 1,538
Notes:
1. Operating costs presented in table above were calculated based on recovered gold after payability.
2. C1 cash cost includes mining, processing, administration, concentrate charges and accounting adjustments for stockpile
movements.
3. All-In Sustaining Cost (AISC) per ounce payable includes C1 cash cost, royalties and sustaining capital. It does not include
corporate cost, exploration cost and non-sustaining capital.

Funding
To achieve the range of outcomes indicated in the Scoping Study, funding in the order of $134m will likely be
required, which includes all pre-production costs of which the pre-production capital requirement is
approximately $99m. The Company has formed the view that there is a reasonable basis to believe that
requisite future funding for development of the Project will be available when required. The grounds on which
this reasonable basis is established include:
• The Project has strong technical and economic fundamentals which provides an attractive return on
capital investment and generates robust cashflows at conservative gold prices. This provides a strong
platform to source debt and equity funding.
• The Company has received significant interest from various financial institutions, credit funds and
private equity firms regarding financing for the project, with preliminary discussions occurring.
• The Company has a strong track record of raising equity funds as and when required to further the
exploration and evaluation of the Youanmi Gold Project.
• The Company has appointed Argonaut PCF as its corporate debt advisor in relation to the funding of
the Youanmi Gold Project. Argonaut PCF have extensive experience in funding resource projects,
including Western Australian gold projects.
There is, however, no certainty that the Company will be able to source funding as and when required. Typical
project development financing would involve a combination of debt and equity. It is possible that such funding
may only be available on terms that may be dilutive to or otherwise affect the value of the Company’s existing
shares.
Conclusions and Recommendation

The Scoping Study provides justification that the Youanmi Gold Project is a commercially viable stand‐alone
gold mining operation and accordingly the Board of Rox Resources Limited has approved progression of the
Project to a Preliminary Feasibility Study (“PFS”).
PFS work will immediately commence in parallel with infill drilling at Youanmi to convert inferred resources to
indicated resources, ongoing exploration and resource growth.
Authorised for release to the ASX by the Board of Rox Resources Limited.
For more information:
Alex Passmore
Managing Director
Rox Resources Limited
Tel: +61 8 9226 0044
E: admin@roxresources.com.au

Competent Person’s Statement
Exploration Results
The information in this release that relates to Exploration Results as those terms are defined in the 2012 Edition of the "Australasian Code
for Reporting of Exploration Results, Mineral Resources and Ore Reserve", is based on information reviewed by Mr Gregor Bennett, a
Competent Person who is a member of the Australian Institute of Geoscientists. Mr Bennett is a full -time employee of the Company. Mr
Bennett has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity
being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration
Results, Mineral Resources and Ore Reserves’. Mr Bennett consents to the inclusion in the report of the matters based on his information
in the form and context in which it appears.
Where reference is made to previous releases of exploration results in this announcement, the Company confirms that it is not aware of any
new information or data that materially affects the information included in those announcements and all material assumptions and technical
parameters underpinning the exploration results included in those announcements continue to apply and have not materially changed.
The information in this report that relates to previous Exploration Results was prepared and first disclosed under the JORC Code 2012 and
has been properly and extensively cross-referenced in the text to the date of the original announcement to the ASX.
Resource Statements
The information in this release that relates to Mineral Resources as those terms are defined in the 2012 Edition of the "Australasian Code
for Reporting of Exploration Results, Mineral Resources and Ore Reserve", is based on information reviewed by Mr David Allmark, a
Competent Person who is a member of the Australasian Institute of Mining and Metallurgy and the Australian Institute of Geoscientists. Mr
Allmark is a full -time employee of the Company. Mr Allmark has sufficient experience that is relevant to the style of mineralisation and type
of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the
‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Allmark consents to the inclusion in the
report of the matters based on his information in the form and context in which it appears.
The Statement of Estimates of Mineral Resources for the Youanmi Near Surface Resource was reported by Rox in accordance with ASX
Listing Rule 5.8 in the announcement released to the ASX on 20th April 2022. Rox confirms it is not aware of any new information or data
that materially affects the information included in the previous announcements and that all material assumptions and technical parameters
underpinning the estimates in the previous announcements continue to apply and have not materially changed.
The Statement of Estimates of Mineral Resources for the Youanmi Underground Resource was reported by Rox in accordance with ASX
Listing Rule 5.8 in the announcement released to the ASX on 20th January 2022. Rox confirms it is not aware of any new information or
data that materially affects the information included in the previous announcements and that all material assumptions and technical
parameters underpinning the estimates in the previous announcements continue to apply and have not materially changed.
Scoping Study Summary
The information in this Scoping Study release is based on information compiled by Mr Matt Antill, a Competent Person who is a Fellow of
the Australasian Institute of Mining and Metallurgy. Mr Antill is a full-time employee of the company. Mr Antill is eligible to participate in short
and long term incentive plans in the Company. Mr Antill has sufficient experience in the study, development and operation of gold projects
and consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.
Forward-Looking Statements
Certain statements in this report relate to the future, including forward-looking statements relating to the Company’s financial position,
strategy and expected operating results. These forward-looking statements involve known and unknown risks, uncertainties, assumptions,
and other important factors that could cause the actual results, performance or achievements of the Company to be materially different from
future results, performance or achievements expressed or implied by such statements. Actual events or results may differ materially from
the events or results expressed or implied in any forward-looking statement and deviations are both normal and to be expected. Other than
required by law, neither the Company, their officers nor any other person gives any representation, assurance or guarantee that the
occurrence of the events expressed or implied in any forward-looking statements will actually occur. You are cautioned not to place undue
reliance on those statements.

International Financial Reporting Standards
This announcement contains certain financial measures relating to the Scoping Study that are not recognised under International Financial
Reporting Standards (IFRS). Although the Company believes these measures provide useful information about the financial forecasts
derived from the Scoping Study, they should not be considered in isolation or as a substitute for measures of performance or cash flow
prepared in accordance with IFRS. As these measures are not based on IFRS, they do not have standardised definitions and the way the
Company calculates these measures may not be comparable to similarly titled measures used by other companies. Consequently, undue
reliance should not be placed on these measures.
Reasonable Basis for Forward-Looking Statements

No Ore Reserve has been declared. This ASX release has been prepared in compliance with the JORC Code (2012) and the ASX Listing
Rules. All material assumptions on which the Scoping Study production target and projected financial information are based have been
included in this release and disclosed in the table below.
Consideration of Modifying Factors in the format specified by JORC Code (2012) Section 4.

Appendix 1
Companies selected are considered comparable to Rox Resources as they are in exploration and/or study phase
Measured Resource – 100% Indicated Resources – 100% Inferred Resources – 100% Total Resources – 100% M&I Resources Attributable
Development Tonnage Grade Contained Tonnage Grade Contained Tonnage Grade Contained Tonnage Grade Contained Tonnage Grade Contained M&I EV/M&I
Ticker Name Ownership Source
Stage (Mt) (g/t Au) Gold (koz) (Mt) (g/t Au) Gold (koz) (Mt) (g/t Au) Gold (koz) (Mt) (g/t Au) Gold (koz) (Mt) (g/t Au) Gold (koz) (koz) oz ($/oz)
Annual Report 2022 -
Musgrave Pre-feasibility
MGV 100% 5.1 2.6 435 7.2 2.1 492 12.3 2.3 927 5.1 2.6 435 435 249 ASX Announcement on
Minerals Ltd Study
07/10/2022
Perfectly Positioned
Genesis Corporate Presentation
GMD 100% Resource 0.8 5.3 135 19.7 1.6 1,025 18.8 1.4 857 39.3 1.6 2,017 20.5 1.8 1,160 1,160 354
Minerals Ltd - ASX Announcement
on 10/10/2022
Sydney Mining Club
Definitive
Presentation - ASX
AUC Ausgold Ltd 100% Feasibility 19.0 1.3 800 26.8 1.1 984 9.5 1.0 370 56.0 1.2 2,160 45.8 1.2 1,784 1,784 42
Announcement on
Study
06/10/2022
AME Alto Metals Ltd 100% Resource 3.0 1.7 159 9.4 1.6 476 12.4 1.6 635 3.0 1.7 159 159 225 ASX Announcement on
30/09/2022
Definitive Investor Update - ASX
KIN Kin Mining NL 100% Feasibility 0.8 1.3 31 17.8 1.4 803 15.9 1.1 573 34.5 1.3 1,407 18.6 1.4 834 834 90 Announcement on
Study 14/10/2022
Gold Resources
Horizon Pre-feasibility Increase to 1.24Moz -
HRZ 100% 1.5 1.3 63 13.9 1.8 791 7.5 1.7 386 22.6 1.7 1,240 15.4 1.7 854 854 38
Minerals Ltd Study ASX Announcement on
28/09/2022
New Coyote Geological
Definitive Model Driving High-
Black Cat
BC8 100% Feasibility 0.4 5.6 66 11.1 2.5 881 13.0 2.5 1,055 24.5 2.5 2,000 11.5 2.6 947 947 52 Grade Success - ASX
Syndicate Ltd
Study Announcement on
10/10/2022
Investor Presentation
Saturn Metals Pre-feasibility Gold Forum Americas -
STN 100% 41.0 0.6 760 35.0 0.6 710 76.0 0.6 1,469 41.0 0.6 760 760 32
Ltd Study ASX Announcement on
21/09/2022
Drilling and Pre-
Feasibility Study
Meeka Gold Pre-feasibility
MEK 100% 0.2 11.4 55 7.9 2.7 670 5.2 2.4 390 13.1 2.6 1,115 8.0 2.8 725 725 86 Update - ASX
Ltd Study
Announcement on
30/09/2022
High Grades and Wide
Gold Intercepts
Horizon Gold Returned from RC
HRN 100% Resource 24.3 1.5 1,149 12.5 1.6 644 36.8 1.5 1,794 24.3 1.5 1,149 1,149 36
Ltd Drilling - ASX
Announcement on
19/09/2022
Rox
RXL 70% Scoping Study 12.1 3.3 1,296 15.8 3.8 1,903 27.9 3.6 3,199 12.1 3.3 1,296 907 38 ASX Announcement
Resources Ltd
on 28/09/2022
Notes:
1. M&I means Measured and Indicated Resource. Attributable figures have been calculated by multiplying the total input with the project ownership percentage.
Other inputs Input date Source
Cash and cash equivalents balances 30 June 2022 Appendix 5B Cash Flow Report – Quarter Ended 30 June 2022
Market capitalisation 17 October 2022 Australian Stock Exchange

October 2022
Executive
Summary
SCOPING STUDY
YOUANMI
GOLD PROJECT
Rox Resources Limited Executive Summary: Youanmi Gold Project Scoping Study Oct 2022 P a g e 1 | 54
Executive Summary Table of Contents
Contents
Introduction.............................................................................................................................................. 3
Study Team ............................................................................................................................................. 5
Property Description and Ownership ...................................................................................................... 6

Geology and Mineral Resource .............................................................................................................. 7
Geotechnical and Groundwater .............................................................................................................. 8
Mine Design and Schedule ................................................................................................................... 13
Metallurgy and Processing .................................................................................................................... 25
Power .................................................................................................................................................... 35
Other Infrastructure ............................................................................................................................... 35
Environmental Social ............................................................................................................................ 38
Native Title and Heritage....................................................................................................................... 38
Permitting .............................................................................................................................................. 40
Operating Cost Estimate ....................................................................................................................... 41
Capital Cost Estimate ............................................................................................................................ 43
Concentrate Market and Offtake ........................................................................................................... 45
Financial Analysis ................................................................................................................................. 47
Production Target .................................................................................................................................. 47
Sensitivity Analysis ................................................................................................................................ 48
Upside and Growth ............................................................................................................................... 49
Project Development Schedule ............................................................................................................. 50
Funding ................................................................................................................................................. 50
Conclusions and Next Steps ................................................................................................................. 50
Reasonable Basis for Forward Looking Assumptions .......................................................................... 51
Introduction
The Youanmi Project is situated approximately 480km to the northeast of Perth and is around 400km
inland from Geraldton and lies within the East Murchison Mineral Field of Western Australia. Road
access to the Project is around 140km along the Paynes Find Sandstone Road. Paynes Find is 480km
from Perth on the sealed Great Northern Highway. The Project has an operating airstrip located on site
with flight time from Perth around 90 minutes for most aircraft.
Figure 1. Youanmi Gold Project Location Plan
The Youanmi Gold Project consists of four joint ventures with Venus Metals Corporation Limited (VMC)
and tenements 100% owned by Rox Resources Limited (“Rox” or the “Company”). The joint ventures
are:
• OYG JV (Rox 70% all minerals) - covers 65km2, is circa 10km x 7km wide, and surrounds the
Youanmi Gold Mine and nearby extensions
• Currans Find JV (Rox 45%, all minerals) – covers 4km2
• VMC JV (Rox 50% gold rights) - covers 302km2

• Youanmi JV (Rox 45% gold rights) - covers 270km2
The Youanmi Project Scoping Study focuses on extraction of mineral resources located within the OYG
JV Tenements which comprise of 11 granted Mining Leases that form combined reporting group
C96/1999.
The Company has considered various options to develop the Project including producing only
concentrates, building an Albion ProcessTM to produce bullion on site, or various combinations.
The Company has determined that a combination of gold-in-concentrate and carbon-in-leach (CIL)
bullion production target is the optimum commercialisation strategy for Youanmi. This option provides
a shorter pre-production period, lower capital requirement and shorter payback period, lowering the
risks of the Project. The financial model of the Project was completed on 100% basis and was built on
this option using the following key assumptions:
Table 1. Key Physicals Assumptions
Assumptions
Life Of Mine years 8.0

Plant Throughput ktpa 480
Combined Mine Production Target
Au Grade kt 4.9
Au Ounces Contained kt 627
Total Open Pit Mine Production Target
Production Target Material Mined kt 331
Au Grade g/t 3.3
Total Underground Mine Production Target
Lateral Development metres 40,335
Au Grade g/t 5.1
Processing Physicals
Material Processed kt 3,900
Au Grade g/t 5.0
Ounces Contained koz 624
Payable Metal1 koz 569
Gold-in-concentrate koz 510
Gold bullion koz 59
Notes: 1. Payable metal is recovered gold after payability
Study Team
The Scoping Study was compiled by the Company with technical input and reviewed by a range of
independent experts.
Table 2. Study Team and Independent Experts
Area Completed by
Geology
Resource Model - Near Surface Lynn Widenbar and Associates
Resource Model - Underground In House
Resource Model - Underground Review CSA Global
Drillhole Database Management Geobase
Structural Review Model Earth
Mining Technical
Geotechnical Engineering - Open Pit PGM Geotechnical
Geotechnical Engineering - Underground Turner Mining and Geotechnical
Surface Hydrology Rockwater
Hydrogeology Rockwater
Mine Dewatering In House
Open Pit Optimisations - Whittle SRK Consulting
Underground Stope Optimisations - MSO Deswik In House
Underground Stope Optimisations - Review SRK Consulting
Open Pit Designs APEG Mining
Underground Designs (SURPAC / DESWIK) In House
Primary Ventilation Simulation (VENTSIM) In House
Open Pit Schedules (Excel) In House
Underground Mining Schedules (DESWIK) In House
Metallurgy and Processing
Grace Open Pit Metallurgical Testwork IMO
Underground Metallurgical Testwork Management OMC
Underground Metallurgical Testwork POX / UFG ALS
Underground Metallurgical Testwork Albion Process Core Technologies
Process Plant Design (POX, Albion, UFG) Como Engineers
Cost Modelling
Power Supply Costing KPS
Processing 300 ktpa Plant – Capital and Operating Costs Como Engineers
Processing Scaled to 480 ktpa Plant - Capital and Operating Costs Maca Interquip
TSF Capital Cost In House
RO Plant Novatron
Other Site Infrastructure In House
Mining Open Pit and Underground In House
Site Administration In House
Village Expansion Capital Grounded
Village Services Northern Rise
Charter Flights Skipper Aviation
Lake Noondie Pipeline PPS
Heritage and Environment
Permitting and Compliance Status Ecospine
Oversee Flora Fauna and Heritage Planning Clark Lindbeck
Flora - Main Site and Lake Noondie Native Vegetation Solutions
Flora - Downstream of Evaporation Ponds Terratree
Fauna Western Ecological
Heritage - Site AHA Logic
Heritage - Lake Noondie and Pipeline Access Terra Rosa
ESG Strategy Support ESG Capital
Grace Stage 1 – Waste Rock Characterisation Mine Earth
Property Description and Ownership
The Youanmi Mine Site is located around 140km east of Payne’s Find via unsealed road in well
maintained condition. The Near Surface Resource, and Underground Resource for which this Scoping
Study contemplates mining portions of, are located mainly within the “OYG Tenements” which refers to
11 mining tenements which are subject to the conditions of the OYG Joint Venture Agreement (Rox
Resources 70%, Venus Metals 30%).
Figure 2. Tenement Plan
Geology and Mineral Resource
The Youanmi Gold Deposit is located in the central part of the Youanmi Greenstone Belt, which is
situated in the Southern Cross Province of the Archaean Yilgarn Craton in Western Australia.
The greenstone belt is about 80km long and 25km wide and incorporates the Youanmi Shear Zone, a
NE-trending major crustal-scale structure and most likely source of hydrothermal fluids through the
region.
The geology of the Mine Area consists of a north to north-northwest trending greenstone succession
comprising strongly magnetic tholeiitic basalt, sheared basalt, banded iron formation and mafic schist.
The greenstone succession is bounded to the east by an adamellite batholith, called the Youanmi
Granite.
Gold mineralisation is hosted in both the Mine Lode Shear Zone, a 1m to 25m-wide shear zone that
has been traced along strike for over 2,300m and down-dip for 1,100m, and a series of footwall and
hanging-wall shear zones.
Gold mineralisation at Youanmi primarily takes the form of sulphide replacement styles where extensive
replacement of magnetite in the host sequence has occurred.
Sulphide replaced shear zones are structurally controlled and favour a position at or around the
greenstone-granite contact. The greenstone-granite contact has variable dips of between -50° to -70°W
and strikes at 330°
Gold is intimately associated with sulphide minerals and silicates in zones of strong hydrothermal
alteration and structural deformation. Typical Youanmi lode material consists of a sericite-carbonate-
quartz-pyrite-arsenopyrite schist or mylonite which frequently contains significant concentrations of
gold, commonly as fine, free gold particles in the silicates, occluded in sulphide minerals and in solid
solution in arsenopyrite. The lodes contain between 10% and 25% sulphide, the principal species being
pyrite (10% to 20%) and arsenopyrite (1% to 5%).
Granite hosted gold mineralisation occurs at several sites, most notably Grace and the Plant Zone
Prospects. Gold mineralisation is hosted in strong sericite altered granite, shear veins and quartz
breccia-style veins.
The mineral resource has been estimated in two parts being:
1) Near Surface Resource has been estimated by external independent consultant Widenbar and
Associates, April 2021 – 18.0Mt at 1.7g/t Au for 1.0Moz Au (refer ASX announcement 20th April
2022); and
2) Youanmi Underground Resource has been estimated in house by Rox’s Principle Resource
Geologist and audited by independent third party consultant CSA Global, January 2022 – 9.9Mt
at 6.9g/t Au for 2.2Moz Au (refer ASX announcement 20th January 2022).
Notably since 2019, Rox has completed extensive drilling programs which have contributed to tripling
the mineral resource from around 1Moz to 3Moz of contained Au metal. This Scoping Study is based
on extracting a significant portion of the Youanmi Underground Resource, as well as a minor portion of
the Near Surface Resource mineralisation contained within four high grade pits containing 96%
indicated resource.
Table 3. Youanmi Mineral Resource Estimate
April 2022 Resource

Tonnes Au Grade Au Metal
Area Classification Cut-off (dmt) (g/t) (oz)
Near Surface Indicated 0.5g/t2 9,070,000 1.89 552,000

Underground Indicated 3.0g/t1 3,060,000 7.55 744,000
SubTotal Indicated 12,130,000 3.32 1,296,000
Near Surface Inferred 0.5g/t2 8,930,000 1.58 453,000

Underground Inferred 3.0g/t1 6,840,000 6.59 1,450,000
SubTotal Inferred 15,770,000 3.75 1,903,000
Near Surface Ind + Inf 0.5g/t2 18,000,000 1.74 1,004,000

Underground Ind + Inf 3.0g/t1 9,900,000 6.89 2,194,000
Near Surface + Underground Ind + Inf 27,900,000 3.57 3,199,000
Notes:
1. Underground Resource last updated in January 2022
2. Grace 1.5g/t Au Cut-Off
Geotechnical and Groundwater

Underground Geotechnical
Turner Mining & Geotechnical was engaged to complete a geotechnical review for the underground
mine design. The review was completed to PFS level for the deep portion of the underground mine, and
to a Scoping Study level for the shallower portions of the underground mine, where future work will have
more data provided.
Table 4. Youanmi Underground Design – Geotechnical Comments Summary
Item Summary Comments

Main Tasks Completed • Calculated rock mass quality in terms of RQD and Q;
• Calculated critical stoping span limits, and unsupported span
requirements; and
• Review of underground development designs provided, and,
information below was taken directly from Mike’s executive
summary section of his work.
Comments on Data • Good coverage for the deep section;
• Very limited elsewhere;
• Quality of logging good; and
• Additional geotechnical logging of core from diamond drillholes
for rest of mineral deposit required (minimum RQD).
Rock Mass Strength • Consistently Fair across all domains;
• Hangingwall (10m) = Fair with a typical Q value of 7.2 (Q = 14.4
above 600m depth);
• Mineral Deposit = Fair with a typical Q value of 7.3; and
• Footwall (50m) = Fair with a typical Q value of 7.5.
Item Summary Comments
Critical stope spans • 70m open strike length for 15/20m sublevel intervals above
600mbs;
• 20m for 100m multi-level above 600mbs (staggered pillars on
each level); and
• 30m open strike length for 15/20m sublevel intervals below
600mbs.
Stope dilution • 0.2m (drillhole deviation) to 0.5m hangingwall; and
• 0.2m footwall (drillhole deviation).
Ground support • Standard 2.4m split sets and weldmesh down to 600mbs;
• 600 to 800mbs split sets and mesh with 50% dynamic support;
• Below 800mbs = dynamic support; and
• Cable bolts for all intersections.
Comments on Mine Design • Footwall access designs good;
• End access for deeps ok;
• Stand-off distances ok;
• Sub-level interval good for stability;
• Potential for strike drives to undercut hangingwall;
• Pits and portals not evaluated;
• Extraction sequence not covered;
• Pillars required to limit open vertical height to 100m;
• Island pillars required to control overall spans; and
• Fill study required.
Open Pit Geotechnical

PGM Geotechnical was engaged in 2021 to provide Rox with Grace Stage 1 Open Pit geotechnical
recommendations. As part of this work the following was completed; logging on Rox drillholes, mapping
of exposures in the adjoining Mine Pit batters, and review of historical drillholes. Overall slope angle
recommendations were very conservative in the absence of apparent cohesion test work, therefore
further work was programmed in to quantify the apparent cohesions in order to justify more conventional
batter and overall slope angles.
In the interim geotechnical design parameters for the four open pit designs were adopted as per below,
noting that the existing batters from mining the same areas remain in reasonable condition 30 years
later.
• Bench Height– 20m
• Batter Angles – Oxide 55 degrees, Transition 60 degrees, Fresh 70 degrees
• Berm Width – 4m
• Ramp width – 12m
• Pit Base Minimum Width – 10m
• Cutback Minimum Mining Width – 10m to 15m
• Resulting Overall Slope Angles – 40 to 45 degrees
Future studies will incorporate results geotechnical drilling for all pit development areas.
Figure 3. Geotechnical Borehole Locations for Grace Stage 1 Pit
Figure 4. View of Existing 65 Degree Batters Adjacent to Grace Stage 1 – Good Condition After 30 Years
Hydrology and Hydrogeology
Rockwater was engaged to complete a hydrological (surface water) assessment and hydrogeological
(groundwater) assessment for the Project to scoping level.
The surface water assessment focused on the planned mining and infrastructure areas to estimate the
bunding and or drains required to protect the pits and infrastructure from flooding.
The groundwater assessment estimated expected inflows for mine dewatering requirements for both
the Open Pits, and Underground Mine Designs. For the open pits no large inflows are expected except
for the Mine Pit which requires dewatering to commence 12 months prior to month 1 using two 90kW
electric submersible pumps.
Maximum Expected Inflows by Pit (litres/sec)

35
30
25
(litres/sec)
20
15
10
5
0
Figure 5. Open Pit Water Inflow Estimates Charted (Scoping Study Pits Highlighted)
Comprehensive data from 1990s actual dewatering records provide a high level of confidence around
expected inflows for underground mining, which stabilised at around 40 litres per second of which
around 30 litres per second was hypersaline water from the deep part of the mine. The Scoping Study
allows for around 50 litres per second of evaporation power refurbishing and using the existing
evaporation ponds.
Youanmi UG Dewatering Historical Flow Rates
70.0
Hillend
60.0
Deeps (Net)
50.0
Pollard
(litres/sec)
40.0
30.0
20.0
10.0
0.0
Figure 6. Historical Pumping Flowrates - Monthly Averages (Deeps Hypersaline)
Rox has modelled dewatering of the Mine Pit and Underground, noting that 12 months lead time of
dewatering is required to access the portal for refurbishment and rehabilitation of the existing decline,
and a further 10 months of dewatering to completely dewater the mine ahead of the rehabilitation jumbo
which has allowed for 12 months of rehabilitation in the mining schedule.
Figure 7. Mine Pit and Underground Dewatering Model Results Charted
As a contingency it was identified that dewatering to Lake Noondie could be undertaken should there
be unplanned excessive water encountered in the Underground Mine (approvals process pending).
Mine Design and Schedule
Mining Strategy
The Company strategy is focussed on developing the high-grade Youanmi Underground as well as
pursuing any beneficial open pit mining opportunities and treating on site through a newly constructed
processing plant in order to produce both gold bullion and a saleable gold concentrate. The processing
plant selected is matched to the Youanmi Underground production target rates and material type
(sulphide production material), and also has the ability to treat any open pit oxide and transition
production materials. As such the mining schedule is centred around the Underground Mine achieving
a production target rate of around 40,000 tonnes per month, as well as a focus on supplying in the early
years a high percentage of material from the indicated classification. As part of this strategy the higher-
grade parts of the Open Pit material which is 96% indicated classification is treated first.
The strategy embraces keeping project capital costs to a minimum while achieving robust financial
outcomes. The underground mining strategy also aims to develop and produce indicated material early
where practically achievable in order to reduce the overall resource risk profile in the early years and to
help identify the most practical infill drilling targets for which results may support further study work.
Mining Production Target Estimate
The production target totals 627koz of gold of which around 35koz of gold is from Open Pit production
via the mining of four small first or second stage open pit cutbacks in the Kathleen, Hill End, Grace, and
Pollard areas. The remaining 592koz of gold metal is from underground mining of the Youanmi
Underground Mineral Resource.
Table 5. Youanmi Scoping Study Mining Production Target
Source Tonnes Au Grade Au Metal Inferred

(Mt) (g/t) (koz) (%)
Open Pits 0.3 3.3 35 4
Underground 3.6 5.1 592 39
Total 4.0 4.9 627 37
3,500,000
Indicated
3,000,000
Inferred
2,500,000
1,903,000
Au MEtal (oz)
2,000,000
1,500,000
1,000,000
1,296,000
500,000 231,000
396,000
0
Mineral Resource Mining Production Target
Figure 8. Youanmi Mineral Resource and Scoping Study Mining Production Target
Underground Stope Optimisation
The Underground Mining production targets were estimated using DESWIK software stope optimisation
processes, incorporating minimum mining with of 2.5m with 3.0m wide by 3.0m high strike drives, stope
dimensions of nominally 20m long by 15m high, hangingwall dilution of 0.3m, and footwall dilution of
0.2m, with a blanket 85% mining recovery applied to all production target material not including planned
geotechnical sill pillars. In the upper levels to around 200m below surface no sill pillars are left. Sill
pillars are designed in the intermediate levels from around 200m to 520m below surface and are 5m in
the vertical dimension. In the lower levels below 540m below surface a paste filling method is used
enabling 100% extraction by taking the last remaining stope levels in a 3 level panel from atop the paste
fill. Stope shapes that were too close to existing openings and or too isolated from other stope shapes
were removed from the results. Strike drive development is of dimensions 3m wide by 3m high were
designed with assumed 100% mining recovery and 10% mining dilution. The stope shapes using have
the strike drive shapes removed from their shapes to complete the process before volumes were cut
from the resource model blocks in readiness for the scheduling process.
Table 6. Youanmi Scoping Study Underground Production Targets by Area and Type
Area / Type Tonnes Au Grade Au Metal

(t) (g/t) (oz)
Hillend
Development Production 146,000 2.5 12,000
Stope Production 993,000 3.9 125,000
Mine Lode
Development Production 434,000 5.3 74,000
Stope Production 2,068,000 5.7 381,000
Grand Total Production 3,641,000 5.1 592,000
Parts of the Underground Production Target located in the area of the Near-Surface Mineral Resource, particularly at the northern part of the Project
near the Hill End open pit. Underground, optimised stopes have been determined for these areas which form part of the underground Production
Target however have not been reported as part of the Underground Mineral Resource. The Mineral Resource reporting will be updated with the
next update of the underground resource model so that these areas which are currently outside the Underground Mineral Resource are included
and reported within the updated Underground Mineral Resource.
Figure 9. 3D View of Underground Design and Production Target Development and Stopes
Open Pit Optimisation
Several Open Pit optimization scenarios were run with varying processing costs, (both in house using
DESWIK, and through SRK Consulting using Whittle). For the Scoping Study only four small pit designs
were included. Despite a range of much larger economically less viable pit designs being available,
these were not included in the Scoping Study in order to align with the Company’s strategy of keeping
project capital costs to a minimum while achieving acceptable financial outcomes. The selection took
into account taking the highest Au grade, lowest stripping ratio, and favoured higher ratio of indicated
material contained within the designs. On this basis four of the “best” small pits were selected for
inclusion in the Scoping Study based on grade and stripping ratio containing a total of 35koz of gold.
The Open Pit Production Targets were based on applying mining dilution and production material loss
factors to the Near Surface Resource Model encapsulated within the selected pit designs using a cut-
off grade of 0.5g/t Au for Low Grade (LG) material and 1.2g/t Au for High Grade (HG) material. For
Grace Stage 1 and Grace Pollard Stage 2, a very conservative 30% mining dilution was applied to
account for the spotty nature of mineralisation in this area along with mining recovery of 95% or
production material loss of 5%. For the other two pits Kathleen and Hill End, a mining dilution factor of
15% and mining recovery factor of 95% was applied.
Total volumes for the Open Pits were reported using SURPAC software by intersecting the design pits
with the recently acquired Lidar terrain model combined with original final pit survey as-builts presently
underwater.
Total Production Target for the Scoping Study of 4.0Mt at a grade of 4.9g/t Au for 627koz Au was
defined by applying the processes described above.
Figure 10. All Open Pit Designs Considered and those Included in Scoping Study Highlighted Yellow
Table 7. Open Pit Mining Production Target Summary by Pit – Included in the Scoping Study
Indicated + Inferred Indicated Inferred
Total Specific Total Waste Strip Total Au Au Total Au Au Au Au

Tonnes
BCMs Gravity Tonnes Tonnes Ratio Tonnes Grade Metal Tonnes Grade Metal Grade Metal
Pit (bcm) (t/m3) (t) (t) (W:O) (t) (g/t) (oz) (t) (g/t) (oz) (t) (g/t) (oz)
Grace Stage 1 531,000 2.3 1,231,000 1,161,000 17 70,000 3.3 7,000 69,000 3.4 7,000 1,000 0.4 0
Grace Stage 2
720,000 2.7 1,933,000 1,740,000 9 193,000 2.8 17,000 187,000 2.7 16,000 6,000 5.0 1,000
Pollard
Hill End 264,000 2.5 661,000 619,000 15 42,000 3.6 5,000 31,000 4.3 4,000 10,000 1.4 0
Kathleen 363,000 2.8 1,015,000 989,000 38 26,000 6.1 5,000 26,000 6.2 5,000 0 1.1 0
Total Pits 1,879,000 2.6 4,840,000 4,509,000 14 331,000 3.3 35,000 312,000 3.3 33,000 18,000 2.6 2,000
Underground Mining Design and Schedule

The underground mine design and schedule is based on an uphole bench retreat mining method which
is incorporated extensively in WA in similar narrow vein gold mining settings. The method involves
standard decline access from the footwall to levels spaced 15m apart – lower in cases where existing
levels have been already developed less than 15m apart, strike driving north and south along strike to
extents of the resource, and then retreating long hole uphole stopes from strike extents back to the
accesses.
The mine design is based on DESWIK MSO stope shapes using the following design parameters:
• Nominal 15m level spacing, adjusted to match existing development as required
• 20m stope strike length
• 2.5m minimum true stope width
• Strike Drives Profile 3.0m wide by 3.0m high
• Development Dilution 10%, and Recovery 100%
• 64mm diameter production up holes
• 3.0 g/t Au cut-off grade and 2.0 g/t Au cut-off grade for Hill End area above the 300 mRL
• Hangingwall Dilution 0.3m
• Footwall Dilution 0.2m
• Stoping production material loss 15% (accounting for in stope and low grade pillars)
• Sill Pillars (additional production material loss not in the 15%) 5m vertical strategically placed
• Decline Profile 5.5mW x 5.5mH
• Decline Gradient 1 in 7 down
• Level Access, Stockpiles, and Return Airway Access Profiles 5.0mW x 5.0mH
• Resource Access Profile 4.0m wide by 4.0m high
• Escapeway Access Profile 3.0m wide by 3.0m high
• Slot Rises and Escapeway profiles 1.5m by 1.5m
• Production drilling diameter 64mm up-holes
• Return Airway Rises - raisebore 4.0m diameter or longhole rise (LHR) 4.0m by 4.0m
In terms of geotechnical considerations for stoping, the mine is split into three main areas:
• Hill End areas down to 356mRL (200m below surface) – localised pillars in low grade areas.
Top-down method.
• Hill End and Mine Decline areas down to -60mRL (200m to 520m below surface) – sill pillars
left every 3rd level plus localised pillars in low grade areas. Top-down method leaving sills.
• Mine Decline Areas below -60mRL – Full extraction with paste fill – mined bottom up but only
in panels of 3 x 15m vertically, with the final extracted panel not backfilled.
Figure 11. Schematic Long section Showing Underground Mining Method - Intermediate Levels
Each level design includes in most cases a single cut sump mined at a gradient of 1 in 6 down, a
stockpile 20m long, escapeway access and resource access. The return airway access are located off
the main declines in every loop spaced approximately 30m floor to floor.
Figure 12. Plan View Showing a Typical Level Layout
Figure 13. Schematic Cross Section View of Strike Drive and Stope Geometry (1m grid)
Figure 14. Longsection View (North-East) of the Scoping Study LOM Development Design
Figure 15. Longsection View (North-East) Showing the Stope Designs by Area and Category
The mine scheduling was completed using the software package Deswik.Sched in combination with
Deswik.CAD. The approach assumes the use of jumbo development and primarily long-hole stoping
in combination with a truck and loader fleet. Deswik.Sched was used to optimise each of the
schedules to produce a realistic production target rate and timing for key activities and estimates for
equipment requirements.
Development in the mine has been limited to a maximum advance rate of 80m/month per heading in all
areas over the life of the schedule where multiple headings are available. The number of Jumbo’s
required is based on a maximum of 270m/month per Jumbo (twin boom jumbo) and 120m/month per
Jumbo (single boom jumbo) based on an average 3m advance.
The mining schedule based on these assumptions (max advance rates) was evaluated to ensure that
development advancement rates were sufficient to ensure stope tonnes remained unconstrained. The
resulting optimisation identified that up to two twin boom jumbo and four single boom jumbo would be
required during the peak production target period of the project with reduced requirements during the
early and late stages of the project.
The DESWIK schedule has been constructed to slightly exceed the required 40,000 tonnes per month
(or 480,000 tpa) of material to the surface ROM pad by 5% or 2,000 tonnes per month for a total of
42,000 tonnes per month. The mine production target requires between 4 to 5 areas to be operational
at any given time to meet this schedule with the rule of thumb for narrow vein stoping around 10,000 to
15,000 tonnes per month from each producing area. This represents around 100 rings fired for each
area assuming a 2.5m wide stope which in terms of number of firings assuming on average 3 rings fired
per firing is on average 1 stope firing per 24 hours per area.
Table 8. Underground Mining Schedule Key Physicals
M2 - M13 - M25 - M37 - M49- M61 - M73 - M85 - M97 -
LOM
M12 M24 M36 M48 M60 M72 M84 M96 M100
Lateral Development (km adv) 40.3 4.4 8.9 3.8 5.4 5.2 4.8 4.0 3.1 0.7
Vertical Development (km adv) 10.8 0.4 2.0 0.9 1.6 1.7 1.8 1.4 0.8 0.2
Production Drilling (lin km) 1,331 34 129 154 140 182 165 183 210 134
HG + LG Tonnes (kt) 3,641 96 400 398 408 513 481 495 528 322
Au Grade (g/t) 5.1 3.5 3.2 5.0 4.2 4.9 6.3 6.9 5.0 4.8
Au Metal (koz) 592 11 41 63 55 80 97 110 84 50
550000
Production Tonnage Summary 10
500000 9
450000 8
7.1
400000
7
350000 6.1 6.0 6
Grade (g/t)
6.5
Toones (t)
300000 5.5
5.0 5.0 5
250000 5.0 4.5 4.4
3.8 4.2
4.2 3.9 4
200000 3.4
3.3 3
150000
2.2 2
100000
1.5
50000 1
0 0
M2 - M12 M13 - M24 M25 - M36 M37 - M48 M49- M60 M61 - M72 M73 - M84 M85 - M96 M97-M100
Total Strike Drive Tonnes Total Stope Tonnes Total Stope Au (g/t) Total Strike Drive Au
Figure 16. Chart Showing Production Target Summary by Source
Stope Tonnes (t) vs Grade Au (g/t)
550000 10
500000 9
450000 8
400000 7.1
7
6.0
350000
5.1 6
5.7
Grade (g/t)
Tonnes (t)
300000
4.5 4.4 5.5 5
250000 5.3
4.1 4
200000 4.3
3.7 3.0 3
150000 2.7
100000 2
50000 1
0 0
M2 - M12 M13 - M24 M25 - M36 M37 - M48 M49- M60 M61 - M72 M73 - M84 M85 - M96 M97-M100
Hillend - Stope Tonnes (t) MineLode - Stope Tonnes (t)
Figure 17. Chart Showing Stope Production Target by Area
Figure 18. Year on Year Underground Production Target Schedule Colour Coded by Au Grade
The primary method of grade control is strike drive development, which using single boom jumbos is
mined under geological control. This effectively means each face is inspected by the mine geologist
and an instruction is given with respect to the direction of the next cut, or in cases instruct to go back
and strip sidewalls to ensure the mineralisation is being followed adequately. The mineralisation is
easy to follow under visual control once position is established in cross-cutting. For this reason, a small
allowance only is made for underground diamond drilling at a rate of 1 drill metre per 200 stoping tonnes
produced. This works out to be on average around 170 drill metres per month.
Face, stope, and ROM stockpile sampling will be conducted on a regular basis to ensure a good
understanding of metal contribution is attained in order to conduct end of month reconciliations.
Open Pit Mine Design and Schedule
Designs for selected Open Pits were completed using the parameters stated below, with the designer
following the shape of the relevant optimised pit shell:
• Bench Height– 20m
• Batter Angles – Oxide 55 degrees, Transition 60 degrees, Fresh 70 degrees
• Berm Width – 4m
• Ramp width – 12m
• Pit Base Minimum Width – 10m
• Cutback Minimum Mining Width – 10m to 15m
• Resulting Overall Slope Angles – 40 to 45 degrees
Table 9. Open Pit Design Dimensions
Depth Length Width Total Volume

Pit Reference
(m) (m) (m) (bcm)
Grace Stage 1 50 280 130 531,248
Grace Pollard ST2 120 340 180 719,574
Hill End 46 175 150 264,480
Kathleen 55 320 110 363,476
Figure 19. 3D View Showing The Scoping Study Pit Designs on a 500m Grid
Figure 20. Kathleen (on left), Hill End (on right) , Grace ST1 and Grace Pollard ST2 (lower) Pit Designs
Scheduling for the Open Pits was done using excel spreadsheets incorporating SURPAC volume and
resource data reported against detailed pit designs, and natural surface data from a Lidar survey
completed in April 2022. Top-down assumptions, and a conservative mining rate assuming a dayshift
only 2 crew operation over a 4 month period to excavate the total volume of 470,000 bcms to win nearly
11,000oz of contained metal quickly in the first 6 months of the Project. The schedule assumes
utilisation of two 100t mining fleets using excavator of size Hitachi EX1200 or equivalent and fixed body
dump trucks of size Caterpillar 777 or equivalent. Conventional Drill and Blast practices have been
assumed whereby 5.0m benches are drilled and blasted using a suitable production drillhole diameter
depending on the ground ranging from 89mm to 115mm, and incorporating ANFO in dry conditions and
Emulsion bulk product in wet conditions or where price competitive in all conditions.
Monthly Total Volume (bcms) by PIT
500,000
450,000 Grace Stage I Grace St2 Pollard Hill End Kathleen
400,000
Total Volume (bcms)

350,000
300,000
250,000
200,000
150,000
100,000
50,000
0
M1 M2 M3 M4 M5 M6
Project Month
Figure 21. Open Pit Mining Total Volumes Mined Charted
Monthly Mined Production Tonnes by Category

100,000
90,000
HG Tonnes LG Tonnes
80,000
Productions Tonnes (t)
70,000
60,000
50,000
40,000
30,000
20,000
10,000
0
M1 M2 M3 M4 M5 M6
Project Month
Figure 22. Open Pit Mining Production Tonnes Charted
Monthly Mined Production Au Grade by Category

7.0
HG Au Grade
6.0
LG Au Grade
5.0
Au Grade (g/t)
4.0
3.0
2.0
1.0
0.0
M1 M2 M3 M4 M5 M6
Project Month
Figure 23. Open Pit Mining Total Volumes Mined Charted
Metallurgy and Processing
Underground Feed Metallurgical Testwork
The first phase of Scoping Study metallurgical testwork was performed on three main samples from the
Youanmi Underground deposit. They represent the largest domains in the deposit plus a sample of the
as mined Youanmi deposit taken from surface stockpiles. The following samples were prepared from
known drillholes based upon their spatial location. Drillhole intervals for each are documented.
• Upper Hanging Wall Domain Composite; and
• Upper Main Domain Composite.
An additional sample was also taken as it provided a low-cost method for producing a bulk composite
of the Youanmi sulphide material. This sample was characterised as well to ensure it was representative
of the sulphide material metallurgically.
• ROM Stockpile Sample – Historical mined sample taken from remnants of historical surface
stockpiles. Rock specimens were hand selected by geologists for use in the metallurgical
program. Exact location unknown.
Figure 24. Long section - Core Sample Locations for UG Scoping Level Test Work – 30 Intervals 2 Domains
Table 10. Detailed Drillhole Information for Core Used In Metallurgical Composite Samples
Down -
Oxidation Depth Collar Hole Met Composite
HoleID Depth To hole Collar East Collar RL Dip Azimuth
Domain From North Depth Sample
Width
(m) (m) (m) (GDA94) (GDA94) (GDA94) (deg) (deg) (m)
Fresh 93YDD094 127.1 131.1 3.9 6,833,693 679,715 460 -57 69 243 Upper Hangingwall
Fresh 93YDD094W1 129.5 131.8 2.4 6,833,693 679,715 460 -54 62 215 Upper Hangingwall
Fresh YD0063 442.6 445.3 2.7 6,833,601 679,455 460 -57 62 558 Upper Hangingwall
Fresh 93YDD094 230.8 233.7 2.9 6,833,693 679,715 460 -57 69 243 Upper Main
Fresh YD0062 402.2 405.6 3.3 6,833,635 679,526 460 -54 63 484 Upper Main
A preliminary gold metallurgical characterisation program was performed in 2021 on each of the
samples to provide an insight into the performance of the materials (refer ASX announcements 6
October 2021 and 23 December 2021). The preliminary program included:
• Sample preparation and head assay;
• Standard cyanide free milling gold extraction leaching;
• Mineralogical analysis;
• Sulphide flotation testwork;
• Ultrafine grinding and cyanide leach testwork on the sulphide concentrates;
• Pressure oxidative leaching (POX) and cyanidation on sulphide concentrates; and
• Albion Process™ atmospheric oxidative leaching of finely ground sulphide concentrates
• Roasting and leaching testwork on sulphides concentrates.
Both the Albion Process™ and POX Processes require flotation to make a concentrate before other
processes are applied, so sufficient information for the Concentrate Sales and CIL Option was obtained
from the characterisation programme.
The difference in payable gold between the Concentrate Sales and CIL Option and the Albion
Process™ is minor (around 1.2% difference) provided the concentrate grade attracts high payability
which it does in the present markets. On this basis the Concentrate Sales and CIL Option being less
capital intensive and having a lower operating cost is by far the best option.
Open Pit Metallurgical Testwork
Detailed testwork was completed on the Grace oxide mineralisation from three representative
composites by IMO (Independent Metallurgical Operations) which comprises of around 50% of the gold
produced from Open Pit Mining in the Scoping Study Schedule. This work showed excellent gravity
and overall cyanide leach recovery, with an average of 95.3% over 24hrs. In the Scoping Study 95%
was assumed for this style of mineralisation.
Table 11. Summary of Grace Oxide Metallurgical Testwork – Gravity / Cyanide Leach
Composite Composite 1 Composite 2 Composite 3

Description Units LT 01 LT 02 LT03
Gravity Recovery % 60.50 10.30 44.70
2 hour Au Recovery % 82.90 71.50 77.70
4 hour Au Recovery % 89.80 82.40 87.60
8 hour Au Recovery % 93.30 90.20 96.20
24 hour Au Recovery % 94.00 94.50 97.40
48 hour Au Recovery % 96.30 93.70 96.50
Gravity Recovery g/t 3.6 0.55 2.85
Leach Recovery g/t 2.13 4.47 3.3
Total Recovery g/t 5.73 5.02 6.14
Calculated Head Grade g/t 5.95 5.36 6.36
Assayed Head Grade g/t 5.87 5.3 8.98
Residue Grade g/t 0.22 0.34 0.22
2 hour Solution Au ppm 1.09 2.69 1.72
2 hour CN ppm 480 400 480
4 hour Cn ppm 360 380 440
8 hour CN ppm 440 360 440
24 hour CN ppm 320 260 380
48 hour CN ppm 360 320 380
2 hour DO ppm 9.07 8.78 9.06
4 hour DO ppm 9.1 8.9 9
8 hour DO ppm 8.9 8.91 8.89
24 hour DO ppm 7.24 7.54 7.39
48 hour DO ppm 7.3 7.5 7.43
48 hour Cyanide Consumption kg/t 0.12 0.22 0.1
48 hour Lime Consumption kg/t 0.3 0.33 0.17
For the remainder of the Open Pit oxide and transition material mined, no recent metallurgical testwork
has been completed. An overall metallurgical recovery of 90% is assumed based on historical testwork
(1986 Metskill) which surmised an expected recovery to be over 92% in Youanmi Oxides. Actual data
from the Eastmet 1980s operation is not available. Future studies are planned to incorporate new
testwork results for all potential pit areas for which work already commenced in 2022. Historical work
was also completed in 2005 by Silver Asset Pty Ltd on the Plant Zone areas which supported potential
increase in grade in the higher size fractions for oxide granite-based materials, for which future work
will further investigate.

Process Plant Strategy
Strategy for Processing Plant selection in terms of both capacity and process method takes into account
the ability to:
1) Treat oxide and transitional material from existing, planned, and not yet discovered open pits;
2) Align with the major feed source production rate – from the Underground Mine;
3) Manage project capital costs to a minimum; and
4) Achieve good financial outcomes by considering results from capital and operating cos
modelling along with metallurgical recovery data obtained from metallurgical testwork.
A 480ktpa circuit configured to produce a saleable gold concentrate via a standard flotation circuit as
well as gold dore via a standard CIL circuit from float tails and parts of the open pit feed was selected
for the Scoping Study model.
Capacities Considered
The Youanmi Scoping study investigated a range of throughput rates to provide information on the
impact of economies of scale and the incorporation of oxide material into the project. The following
capacities were investigated to provide a comprehensive picture of the project capacity options.
• 300ktpa - Treatment of underground sulphide material only at 300,000tpa.
• 480ktpa – Treatment of underground sulphide material only at 480,000tpa. This capacity
simulates a high yet still achievable mining rate for underground mining operations. This size
plant also allows for treatment of high-grade open pits, which being softer material can be run
through the crushing and grinding circuit at slightly higher throughput rates.
• 1.2Mtpa – Treatment of underground sulphide material and open pit oxide/transition material.
The higher-grade underground sulphide material would be mined at 480,000tpa. The lower
grade oxide material would be mined at 720,000tpa. The oxide and sulphide materials would
be treated in the same process plant in a campaigning scenario.
The model used in the Scoping Study as the base case was 480ktpa plant, which is matched to the
underground mine production rate capacities achievable based on the mine design and production
assumptions. This size processing plant also allows for treatment of high grade oxide pits. Allowance
in this option has been made to expand to a 1.2Mtpa plant size at a later date, which becomes important
in consideration of economically treatable near surface resources which become larger with a larger
processing plant due to the reduced unit costs achievable.
Process Methods Considered
For shallow Open Pit material standard CIL processes are expected to achieve high recoveries in the
Mine Lode style oxide mineralisation, which is supported by both testwork in the 1980s which found
likely recoveries to be in the range of 92% to 98%, and also by Leachwell assay results which Rox
conducted on selected intervals of various relevant drillholes. For granite hosted mineralisation east of
the main mineralised areas as is found in Grace and Plant Zone, detailed testwork conducted in 2021
showed that over 95% recovery can be obtained through gravity circuit plus standard CIL.
For the Underground Mine production gold bearing material which is predominantly sulphide based a
number of processes were considered, knowing that standard CIL at regular grind sizes is not able to
achieve reasonable gold extraction. These processes included:
• Pressure Oxide Leach Process – discounted early due to high capital and operating cost,
• Albion Process™;
• UFG - Ultra Fine Grid of flotation concentrate to 10 micron to standard CIL; and
• Produce gold concentrate for sale and produce gold doré on site from oxide feed and also
material from the flotation tailings.
Process Flow
The option to produce a gold concentrate for sale and make gold doré on site was selected for the
Scoping Study case for a number of reasons including:
• Low capital requirements;
• Low operating costs;
• Excellent overall gold recovery achievable;
• High gold payability in concentrate sold;
• Percentage of gold produced as bullion on site;
• Flexibility to treat oxide only material; and
• Ability to upgrade process easily to Albion Process™.
Figure 25. Schematic Showing Process Flow
Figure 26. Schematic Showing Gold Concentrate Logistics
Average Makeup of Overal Gold Extraction - Given Process
100% Gold Recovered Direct CIL

92.2% 93.7%
Gold Recovered Float Tail to CIL 91.0%
90%
Gold Recovered from Concentrate
80%
Payable Gold from Concentrate Sales
70%
64.2%
60% 56.7%
50%
40%
30%
20%
10%
0%
Direct Leach CIL UFG CIL Albion / CIL Consales + Dore / CIL Consales (Payable) +
Dore CIL
Figure 27. Chart Comparing Gold Extraction / Payable Gold
480 ktpa Plant Relative Capital and Operating Cost (relative units)
3.5 3.5
3.0 3.0
Capital
2.5 2.5
Operating
2.0 2.0
1.5 1.5
1.0 1.0
0.5 0.5
0.0 0.0
Sell Con UFG Albion POX
Figure 28. Chart Comparing Relative Capital and Operating Costs for Various Processes
Figure 29. Sulphide Gold Treatment Path to Payable Metal Equivalent
Concentrate Production Target

In the 1990s the Youanmi Gold Mine produced a “regular concentrate” as a precursor for the then
operated Bactech ProcessTM plant. This concentrate was produced over 3 years from December 1994
to November 1997 at practically saleable grades i.e. +40gpt Au (refer Figure below).
From recent Rox testwork, sulphide minerals make up 53% of the rougher concentrate indicating that
producing a high grading high quality “clean” saleable concentrate should be easily achievable.
Cleaning of the rougher concentrate will be achieved by a number of ways for which the most efficient
pathway will be investigated as part of future metallurgical test and study work, including possibility of
using a Jameson cell.
The importance of concentrate grade lies in achievable a saleable concentrate, achieving high
payabilities with low TCRCs and also in reducing transport costs.
Previously the Youanmi operation was not focussed on producing a high-grade concentrate since all
downstream processing was completed on site making saleability etc and also concentrate transport
costs irrelevant. Notable historical actual concentrate grade data from this time show a reasonably
high-grade concentrate (in the order of 40g/t Au) which is saleable on today’s market with circa 94%
payability achievable.
Saleable Concentrate Optimisation
With a circuit designed specifically to optimise concentrate grade (assumed for the Scoping Study)
grades of up to 60g/t Au (premium concentrate) are considered easily achievable. Concentrate grades
of this range achieve very high payabilities. Further, it may be possible to make an exceptionally high-
grade concentrate over 80g/t Au. Every 1% increase in payability increases the Project NPV by around
$43m. The next round of study work will consider the additional capital required to achieve varying
levels of high to very-high grade concentrate.
The following risks have been identified for concentrate sales, and appropriate and practically
achievable mitigation measures have also been identified:
• The gold grade in the mineral concentrate may vary considerably with material type. This is due
to differing sulphur, arsenic and gold grades in the material. An extensive metallurgical testwork
program is required to examine the flotation response across a range of sulphide material types
to understand the concentrate quality. Blending of feed material will be performed during
operations to smooth out extreme material type characteristics; and
• Recovery losses due to concentrate cleaning. Laboratory testwork included cleaning locked
cycle testwork can be performed to provide confidence in the cleaned concentrate recovery.
The use of non-standard flotation cells such as a Jameson Cell can be applied to improve the
cleaning efficiency.
Figure 30. Chart Showing Historical Concentrate Grades for Au and As (Instantaneous and MA15)
The metallurgical test work on the three samples showed that without cleaning an average mass pull
of 13% is achieved, and for the Scoping Study Model which takes into account utilisation of a cleaner
circuit of some form, a mass pull of 10% is assigned. This is considered to be conservative given the
average mineral abundance of the rougher concentrate, which as stated shows that the sulphide
minerals only make up 53% of the concentrate.
Figure 31. Illustration Showing Percentages of Sulphide Minerals In the Rougher Concentrate (Without Cleaning)
Table 12. Mineral Abundance Average from the Three Testwork Samples
Average of Three Samples
Combined
Mineral group Float Con Combined
Rougher Tail
Mass% in fraction
Native gold <0.01 <0.01 <0.01
Au-(Ag)-tellurides <0.01 <0.01 <0.01
Pyrite 47.9 0.3 6.7
Arsenopyrite 4.1 0.1 0.6
Loellingite and As intergrowths 0.3 0.1 0.2
Chalcopyrite 0.1 0.0 0.0
Tetrahedrite 0.1 0.0 0.0
Stibnite 0.3 0.0 0.1
Other sulphides 0.1 0.0 0.0
Quartz 12.1 30.4 27.9
Micas 15.5 22.3 21.4
Feldspars 1.3 6.1 5.4
Chlorite 7.1 18.0 16.6
Amphibole 1.1 2.4 2.2
Tourmaline/kaolinite 0.3 0.4 0.4
Talc 0.9 0.3 0.4
Epidote 0.5 1.7 1.5
Other silicates 0.4 0.4 0.4
Apatite 0.4 0.9 0.9
Ti minerals 1.6 2.4 2.3
Magnetite/hematite 1.6 2.8 2.7
Calcite/ankerite-dolomite 4.0 10.9 10.0
Steel 0.3 0.4 0.4
Other minerals 0.0 0.0 0.0
TOTAL 100.0 100.0 100.0
Total Sulphide Minerals 52.7 0.4 7.4
Power
Site power generation is assumed to be from a power station utilising trucked gas, owned and operated
by a power supply contractor. The system includes some diesel power for emergency A price was
obtained from KPS for this arrangement which included no start-up cost, and comprised of fixed monthly
cost made up of a capital charge and affixed operational charge plus a variable rate based on actual
power consumption. The two main users of electrical power are the processing plant and the
underground mine.
Como estimated power requirement for the 300ktpa UFG Process option at 3,300kW which, after
removing UFG component which is not required for the make and sell concentrate option drops to
2,800kW and then when scaled up to 480ktpa makes the total power average power requirement
around 4,500kW for making a concentrate. This is much lower than the requirement for an Albion
ProcessTM which for 300ktpa estimated at 3,050kW scales up to 4,900kW for a 480ktpa plant.
Underground power requirement gets up to around 3,000kW, and other (village and office) power
requirement will be around 300kW.
Total site power requirement is estimated to range from 4,000kW to 8,000kW depending on processing
and underground mining stage. The KPS pricing obtained was for the original smaller processing plant
and mine configuration so is therefore considered to be conservative.
Site Power Usage Estimate (kVA)

9,000 Undegrround Mine Village Site Offices Processing Plant
8,000
7,000
6,000
5,000
(kVA)
4,000
3,000
2,000
1,000
0
M100
M103
M10
M13
M16
M19
M22
M25
M28
M31
M34
M37
M40
M43
M46
M49
M52
M55
M58
M61
M64
M67
M70
M73
M76
M79
M82
M85
M88
M91
M94
M97
M1
M4
M7
Figure 32. Chart Showing Site Power Usage by Area by Month
Other Infrastructure
Site Roads and Access
Over 90% of required roads and access is already in place from previous operations, making very little
work required other than an initial site roads and traffic design and risk assessment required, followed
by execution of some minor earthworks as well as signage and delineator installation.
Accommodation Village
The existing village which is the remnants of what was built in the 1980s and 1990s, presently has
capacity for 51 residents. This capacity is in the form of 2, 3, and 6 bedroom units as well one SPQ
with shared ensuites. The scoping study allows for expansion of the village by adding 28 dongas or
112 rooms and 3 laundry blocks, and a locker room. Allowance has also been made to upgrade the
dry mess to cater for up to 150 people on site at any one time.
Tailings Storage Facility
For the first six months of processing, tailings is assumed to be sent to the previously used TSF2 which
has 1.5m of capacity over its 74,000m2 surface or around 110,000m3. Tailings produced after TSF2 is
full to capacity will go into a newly built TSF located to the east of the current dam in a sterilised area
of around 22 months capacity or 875,000t or 500,000m3.
Four additional TSF expansions are assumed at the same cost over the remaining life of the project,
spaced 24 months apart, for a total additional installed capacity of around 4.4Mt which is much higher
than the planned tailings forecast of 3.1Mt required (including allowance for first 6 months and
concentrate production).
Evaporation Ponds
Evaporation ponds were built and extended in the 1990s, and were last operated by Apex Minerals
when they commenced dewatering the Mine Open Pit in 2006. The condition of the ponds was
assessed by a geotechnical dam specialist Peter McGough in November 2021 at which time auger
samples were taken from the outer walls. The investigation determined that certain remediation works
should be conducted prior to future use in areas where the outer wall was deemed to be sub-standard.
A design was recently completed to buttress the outer wall in the areas recommended, and the DWER
site license was amended to include dewatering and use of the evaporation ponds. The license
amendment was approved in July 2022.
The evaporation ponds previously were able to evaporate 45 litres per second, which has also been
assumed in the Scoping Study Water balance.
Water Supply and Storage Distribution
Water management is a key aspect for the Youanmi Project, especially noting that during the time of
the 1990s underground operations, there were unplanned events involving excess hypersaline and
storm water that had negative impacts on production and development as well as poor outcomes for
the environment downstream of the evaporation ponds.
The strategy for recommencement of underground mining operations hinges mainly around ensuring
there is more than adequate capacity to evaporate or otherwise use water on site.
In the 1990’s the evaporation ponds could not keep up with mine water adequately, especially when
excessive hypersaline water was encountered in aquifers, and when Cyclone Bobby struck causing
unplanned heavy rainfall.
The planned operation will utilise some of the existing evaporation ponds, as well as use innovative
evaporation techniques, and a small (10 to 20 litre per second ) RO plant.
The option of pumping water to lake Noondie which is located 23km to the east of the site is also being
considered as a contingency plan.
The site is expected to be self-sufficient and will not require additional water to be sourced from bore
fields. Should there be a shortfall of water, there is some spare capacity in the form of Town Well bore,
which in the current model is not utilised and is capable of supplying 4.1 litres per second.
There will be a standard set-up with respect to process water storage on site, and there will also be
water stored but only for purposes of evaporation in the evaporation ponds.
Figure 33. Site Water Balance Schematic
Figure 34. View of Evaporation Ponds Terrain Model (Green Area Relicensed Red Area not)
Environmental Social
The Youanmi site, having been worked extensively over three major campaigns of mining since 1894,
is already significantly disturbed and has no special flora or fauna, or heritage significance that has
been observed in various surveys conducted in the last 12 months by Rox.
The most noteworthy aspect environmentally is the mine closure cost, which was recently estimated to
be $11.7m. The financial model assumes that this is spent over the final 7 months of the Project. There
are opportunities to lower mine closure cost, noting that once there is a contractor site presence during
mining operations, mine closure works can be completed ahead of time and under cost by utilising
existing fleet.
Figure 36. Existing Disturbed Areas at Youanmi Site
Native Title and Heritage
Native Title
The project area is not within a Native Title Claim Area. The Wutha group did have a prior claim in
application over the area, but in March 2019, the application was dismissed.
Heritage – Youanmi Site
Prior to 2022 there had been very few detailed surveys completed surrounding the Aboriginal or
European Heritage sites.
In 2022 Aaron Rayner from AHA Logic was engaged to identify the presence of any Aboriginal heritage
cultural material or Aboriginal heritage sites within a defined area that Rox is seeking to develop.
Prior to the field survey a desktop assessment considered the existing Aboriginal heritage information
that is on the public record for the survey area and broader region. A search of the Aboriginal Heritage
Inquiry System (AHIS) found that there are no recorded Aboriginal sites in the survey area. The nearest
recorded Aboriginal site is Lake Noondie site ID 19515, a mythological place located approximately
20km to the east of the survey area. A search of the National Native Title Tribunal database found no
future act decisions had been made for land within the survey area and consequently there are no
records of sites of particular significance in the database.
The field inspection was undertaken between 24 and 26 June 2022 by Mr Aaron Rayner and Mr Terry
Russell, Field Assistant and GIS expert. Access to the survey area was good given the network of haul
roads and exploration access tracks. The field work was undertaken using both vehicle and pedestrian
inspection. Given the relatively large size of the survey area and the high levels of ground disturbance
the field methodology was designed to focus inspection on creek lines and areas where the ground was
relatively intact.
No heritage sites were identified within the meaning of section 5 of the AH Act were identified, and it
was recommended that there are no Aboriginal heritage management considerations that Rox needs
to address.
Heritage – Lake Noondie
As a contingency plan to be able to evaporate more water from site expansions or unexpected excess
water during operations, Rox has been following a pathway to seek approval to discharge water to the
nearby Lake Noondie, over which there lies a registered site. As part of the approvals process Rox has
been consulting with the Wutha Traditional Owners.
Terra Rosa Consulting were commissioned to undertake a site identification heritage survey over areas
planned for potential Lake Noondie pipeline development within the former Wutha native title claim area
(WC1999/010), and to assist Rox in the consultation process with the registered knowledge holders for
Site 19515, as is required under the Aboriginal Heritage Act as part of the approval process prior to
discharging water into the lake.
The heritage survey was undertaken with Wutha Traditional Owners between 30 May to 1 June 2022
by seven Wutha representatives and one heritage consultant from Terra Rosa. Three Rox
representatives were also present during this time to support the survey team. The results of the survey
are summarised below:
• Department of Planning, Lands and Heritage (DPLH) registered site (DPLH ID 19515) is located
within the survey area;
• No lodged or stored DPLH other heritage places are located within the survey area;
• No new heritage places were identified; and
• Several isolated artefacts were documented within DPLH 19515.
The full survey area includes the pipeline route to lake and the lake area planned discharge location.
In the June 2022 survey only the areas within the lake were covered, with the remainder of the work
planned to complete at a later date.
The Pithindara Songline, an extension of the serpent dreaming, extends from Lake Noondie, through
Lake Barlee, Lake Rebecca, Sunrise and on towards Lake Austin. Lake Noondie is an important spiritual
place for the Wutha Traditional Owners and the appropriate management and protection of country is
intrinsic to their health and well-being. Having noted and discussed the presence of this dreaming site,
Wutha Traditional Owner’s stated that impacts of water discharge into this lake system are small and
will not impact the spiritual significance of the site.
Figure 35. Part of the Lake Noondie Survey Team
Permitting
The proposed underground development and development of four open pits is located within granted
mining leases (specifically M57/10, M57/51, and M57/135) and which are the site of previous mining
and processing operations. There are currently licenses and permits in place including:
• DWER Prescribed Premises License recently amended to re-instate the dewatering rate of
1,480,000kl/annum, approve the use of the evaporation ponds, and approve a new landfill
location
• 5C Groundwater Extraction License, previously allowed to expire recently re-applied for to
include more flexibility in dewatering from all areas for an increased number of usages
• Mine Closure Plan submitted 2019 due for renewal by December 2022
• Various Programme of Work (POW) approvals active for exploration activities
Approvals required to achieve the outcomes of the Scoping Study in its current format include:
• Mining Proposal and Mine Closure Plan
• Project Management Plan
• Further amendment of DWER site license to include processing plant and tailings dam
• Works Approval required for use of processing plant
It is noted that a heritage agreement is not required of the OYG leases and hence for the scope of the
Study. A Native Vegetation Clearing Permit is also not required for the current scope on site, but will
be required if other open pit mining areas are included in future plans. A Native Vegetation Clearing
Permit will be required for dewater pipeline route access – an item considered not required at the stage
with current knowledge and results of innovative evaporation techniques on site pending.
Operating Cost Estimate
Operating costs are derived from a number of sources including quotations and budget pricing supplied
by suppliers, estimates based on similar WA mining operations, and pricing built up from processing
plant suppliers scaled by accepted methods.
Table 13. Operating Costs Summary
Operating Costs1 $m $/t Milled $/oz Payable

Mining 392 101 690
Processing 225 58 395
Site G&A 19 5 35
Transportation Charge 52 13 91
Smelter Treatment Charge 84 21 147
C1 Cash Cost2 772 198 1,358
Royalty 46 12 81
Sustaining Capital 57 14 99
All-in Sustaining Cost (AISC)3 875 224 1,538
Notes:
1. Operating costs presented in table above were calculated based on recovered gold after payability.
2. C1 cash cost includes mining, processing, administration, concentrate charges and accounting adjustments for
stockpile movements.
3. All-in Sustaining Cost (AISC) per ounce payable includes C1 cash cost, royalties and sustaining capital. It does not
include corporate cost, exploration cost and non-sustaining.
Mining Costs
Open Pit Mining costs are derived from estimated cost per bcm rates for load and haul, drill and blast,
and technical services, as well as an assumed cost per tonne for grade control drilling and related costs.
Total cost per total bcm mined excluding capital costs is $11, and with Open Pit mining capital related
included is $12 per total bcm mined or $71/t of the production target mined.
Underground Mining costs are built up from a combination of unit rate drivers for each type of physical
activity plus assumed fixed costs for contractor overheads and owner overheads. Mining costs also
include site water management costs which is an assumed monthly cost. Total cost per tonne mined
excluding capital costs is $102 per tonne of the production target and with all Underground mining
capital related is $117 per tonne of the production target.
Table 14. Underground Mining LOM Total Costs by Year
Unit Project YR0 YR1 YR2 YR3 YR4 YR5 YR6 YR7 YR8
Operating Cost (incl Site Dewater) $/t 102 111 101 103 114 100 113 107 94 78
UG Mining Capital $/t 15 183 38 13 10 7 6 6 5 5
Total Mining Cost $/t 117 293 138 116 124 107 119 114 99 83
Total Mining Cost $m 427 28 55 46 51 55 57 56 52 27
Table 15. Open Pit LOM Total Cost Summary
Rate Unit Cost $m $/bcm

Site Establishment / Mobilisation / Clearing $2.48 $1.32
Load and Haul $2.78 /t total mined (average) $13.45 $7.16
Drill and Blast $0.63 /t total mined (average) $3.05 $1.62
Technical Services $0.78 /t total mined (average) $3.76 $2.00
Grade Control $2.50 /t ore mined $0.68 $0.36
Total $4.84 /t total mined (average) $23.41 $12.46
Processing Costs
Processing costs are split into two unit rates, with one for oxide and transition material treatment which
takes an assumed CIL treatment pathway only ($46/t), and a second for treatment of sulphide material
($58/t) which follows the flotation circuit pathway whereby a gold concentrate is produced for shipment
and sale, and flotation tailings are treated through the CIL circuit to produce gold dore on site. The
average overall processing cost over LOM is close to $58/t given the small tonnage of CIL only material
from the Open Pits of 127,000 tonnes, compared with total sulphide feed of 3.4Mt.
Concentrate Related Costs
For all the concentrate production target an average mass pull of 10% is assumed, assuming 88% of
the sulphide feed gold in the process reports to the float concentrate with an average gold grade of 45
g/t Au. Concentrate Haulage cost assumed from Youanmi to Perth’s Fremantle Port assumed a price
of $0.154/tkm which equates to $90/t over the 583km distance.
Shipping related charges assumed totalled $48/t of concentrate made up of storage $3/t, Shipping $39/t,
Cargo $2.25/t, and Assays $3/t.
The total of all concentrate related costs off site including TCRCs, any penalties payable, trucking and
shipping comes to $359/t of concentrate which is around 14% of the value of the concentrate.
G & A Costs
A fixed monthly cost of $190k per month is allocated for site G and A costs. Included in this is personnel
costs for Site General Manager, Commercial Manager, as well as Administration, Safety, Training, and
Environment functions. The major component of this cost is salaries, and also included is flights
allocation ($29k), accommodation allocation ($11k), and other minor costs. This cost does not include
the mining department or processing department administration related costs which are allowed for in
those area rates, for mining as an overhead cost (open pit as a bcm rate, and underground as a monthly
rate), and in the processing costs is built into the unit operating cost per tonne rates.
Royalties
Royalties are incurred as follows:
• WA State Government Royalty of 2.5% of gold revenues;
• Redscope Enterprises Pty Ltd (a wholly-owned subsidiary of Venus Metals) holds a 0.7% net
smelter royalty, subject, in the case of M57/10 to the St Barbara Royalty;
• St Clair Resources holds a 0.3% net smelter royalty; and
• St Barbara holds a 2% gross royalty on M57/10.
The St Barbara royalty only would affect the Bunker Pit cut-back which is presently not in the base case
plan however may be included in later studies.
Capital Cost Estimate
Capital costs are derived from a number of sources including quotes and budget pricing from suppliers
and estimates based on recent actual pricing from WA similar mines. They include all pre-production
site, process plant, tailings dam, and mining development related including dewatering, as well as
sustaining capital postproduction start-up.
Table 16. Capital Cost Requirement
Pre-Production Capital 100% RXL (70%)

Site Infrastructure $m 6 5
Processing Facilities $m 66 46
Water Management $m 6 4
Underground Development $m 19 12
Open Pit $m 2 2
Total Pre-Production $m 99 69
Sustaining Capital – Life Of Mine
Underground1 $m 38 27
Open Pit2 $m 21 14
Total $m 59 41
Notes:
1. Underground mining sustaining cost includes dewatering related costs
2. Open pit mining sustaining cost includes site rehabilitation
Site Infrastructure pre-production capital includes:

• Village expansion project to add 112 rooms to the existing village
• Site roads and carparks
• Radio communications infrastructure
• Administration office complex
• Site vehicles
Processing Plant pre-production capital includes:

• Design and Construction of new 480ktpa CIL and Flotation Circuit
• Plant costs including - EPCM, global costs, bulk earthworks, electrical, buildings, crushing
circuit, milling and classification circuit, flotation circuit, leaching and absorption circuit, elution
and regeneration circuit, gold room, services, reagents areas, tailings area (not including dam),
water services, and contingency
• Owner costs including – Labour (supervision), first fills, commissioning spares, warehouse,
critical spares
Tailings Dam pre-production capital includes:

• Design and construct of initial tailings dam and subsequent expansions to accommodate life of
mine tailings storage requirement
Open Pit Mining pre-production capital includes:

• Site earthworks
• Contractor establishment
• IT, Survey equipment and software
• Wash pad installation
• Electrical and reticulation establishment
• Initial dewatering equipment and piping
• Light vehicles
Open Pit Mining sustaining capital includes Mine Site Rehabilitation
Underground Mining pre-production capital includes:
• Site Earthworks
• Office and changerooms
• Computer Hardware and software
• Electrical reticulation establishment
• Primary ventilation fans
• Light vehicles
• Refuge Chambers
• Mines Rescue Equipment
• Fire Truck
• Survey Equipment
• Safety Equipment first fills
• Wash pad facility
• Underground radio Head End set up
• Underground contractor site establishment related costs
• Capital Development costs specific to areas leading up to mining production for the area
Underground Mining sustaining capital includes:

• Auxiliary fans
• Miscellaneous drilling
• Underground substations installations
• Electrical backbone
• Underground pump station installations and rising mains
• Underground compressed air receiver
• Capital development based cost pre-production commencement for the relevant area
Processing Plant Cost Breakdown

The estimate for the processing plant cost construction was initially completed by Como Engineers for
a smaller (300ktpa) processing plant with different configurations (specifically POX, Albion ProcessTM ,
and UFG options), and was later scaled up to a 480ktpa size for a variant on those options being
Produce Gold Concentrate via Flotation with CIL Plant for a total cost of $66m. Estimated break down
of the total capital cost is shown below.
Table 17. Processing Plant Capital Costs Breakdown
Equipment/
Plant Costs Installation Total
Material Costs
EPCM $m - 4.3 4.3
Global Costs $m 1.4 - 1.4
Bulk Earthworks $m - 0.4 0.4
Electrical $m 3.3 3.2 6.5

Buildings $m 2.7 0.6 3.3
Crushing $m 10.7 2.0 12.7
Milling and Classification $m 7.1 1.6 8.7
Flotation $m 4.0 1.0 5.0
Leaching and Adsorption $m 5.0 1.6 6.6
Elution and Regeneration $m 3.3 0.7 4.0
Goldroom $m 0.6 0.2 0.8
Services $m 0.3 0.1 0.4
Reagents $m 1.1 0.2 1.3
Tailings $m 1.4 0.3 1.7
Water Services $m 0.6 0.2 0.8
Subtotal $m 41.5 16.4 57.9
Contingency 10% $m 4.2 1.6 5.8
Total $m 45.7 18.0 63.7
Equipment/
Owners’ Costs Labour Total
Material Costs
Client Costs $m - 1.0 1.0
First Fills $m 0.3 - 0.3
Commissioning Spares $m 0.2 - 0.2
Warehouse and Critical Spares $m 0.6 - 0.6
Subtotal $m 1.1 1.0 2.1
Contingency 10% $m 0.1 0.1 0.2
Total $m 1.2 1.1 2.3
Plant + Owners’ Costs
Plant Costs $m 45.7 18.0 63.7
Owner's Costs $m 1.2 1.1 2.3
Total Costs $m 46.9 19.1 66.0
Concentrate Market and Offtake

The main buyers in the current market are in China, with the largest percentage extracting gold through
copper smelters, and the remainder via roasting plants. Other buyers of concentrate utilise
hydrometallurgical process plants incorporating POX or BIOX circuits.
Arsenic and other deleterious elements are important in the relative value of gold concentrates. Buyers
typically incorporate penalties based on arsenic content and when a level of 6.5% arsenic is reached
the product is considered not saleable.
Rox has commenced discussions with potential buyers who have all pointed out that the relatively low
arsenic content of Youanmi concentrate makes it more desirable not just for the final buyer but
potentially for other producers who may wish to blend down their high arsenic levels.
Various market estimates suggest that approximately 12 per cent of global primary gold production is
carried in concentrates.
Figure 36. Gold in Concentrate (tonnes traded) by Year, forecast to 2025 (Source: MetalsFocus)
At present, the key purchasers for gold concentrates are generally in China although some Australian
and international based roasters, pressure oxidation (POX) and bio-oxidation (biox) processors have
capacity.
Gold roasters in China are mostly located in the provinces of Hunan, Henan and Shandong. Originally
constructed to process local concentrates, they now also purchase imported feed. Mines can sell to
these smelters either under direct contracts or more typically via traders.
Chinese import regulations focus upon the contained gold grade as well as levels of deleterious
elements, in particular arsenic. High levels of arsenic-in-concentrate have a detrimental effect on gold
recovery, which will be reflected in payment terms for the concentrate. At a very high level (>6.5 per
cent) it may be non-deliverable under Chinese regulations or may attract punitive import taxes.
Gold Concentrate contracts most typically have a percentage deduction to gold content plus penalties
for deleterious elements, and the seller arranges and pays for freight. Alternatively, some contracts may
more closely conform to typical copper concentrate NSR deductions including TC/ RC, gold payability
and other deductions.
Commercial terms for gold concentrates are typically negotiated on a stand-alone basis. Given the
expected low level of deleterious elements in Youanmi Gold Concentrate, notably Arsenic, the
Company has received some initial interest from traders. Based on this interest and their relevant
experience (including at Bardoc and Wiluna) the Rox Board and Management are confident there will
be international (and potentially domestic) market demand for Youanmi Gold Concentrate.
Financial Analysis
At a conservative gold price of A$2,450 / oz which is lower than the average gold spot price in the last
12 months, the Project is forecasted to generate a healthy unleveraged and pre-tax NPV5% of
approximately $303m and an unleveraged and pre-tax IRR of approximately 45%. The financial
summary is presented below:
Table 18. Financial Results Summary
Financials
Key Financial Assumptions
Gold Price $/oz 2,450
Discount Rate % 5
Project Valuation 1
Project EBITDA $m 577

Project Free Cash Flow (undiscounted and pre-tax) $m 418
Project NPV (unleveraged and pre-tax) $m 303
Project IRR (unleveraged and pre-tax) % 45
Payback Period (unleveraged and pre-tax)2 years 3.0
Capital Intensity3 $/oz 1,386
Ratio NPV (unleveraged and pre-tax) / Pre-production Capital ratio 3.1
Notes:
1) Financial results are unleveraged and pre-tax numbers calculated based on 100% basis. Rox owns 70% of the OYG
joint venture.
2) Payback period is calculated from the first month of gold production.
3) Capital intensity is calculated by dividing pre-production capital by annual payable metal.
Production Target
Total payable metal over the life of the Project is forecast to be approximately 569koz, annual numbers
with the breakdown of indicated and inferred resources is shown in the figure below. Of the Mineral
Resources scheduled for extraction in this Scoping Study production target, approximately 79% are
classified as Indicated and 21% as Inferred in the first three years of the production target.
Approximately 63% are classified as Indicated and 37% as Inferred during the 8-year evaluation period.
The Youanmi Gold Project has been mined over four main campaigns since discovery of the original
orebody in 1894, with approximately 667koz produced. The Company therefore considers the Youanmi
Gold Project to be a very mature project which increases the confidence of converting the current
Mineral Resources into Ore Reserves.
120
Indicated
Inferred 98
100
84
78
80
Annual Payble Metal (koz)
66 67
60 60
60 56
40
20
0
Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8
Figure 37. Annual Payable Metal Breakdown
Sensitivity Analysis
The Project’s unleveraged and pre-tax NPV is most sensitive to changes in gold price and operating
cost, while it is more resilient to changes in the discount rate, and capital costs as shown in the figure
below.
Gold Price (+/-10%) $196 $410
Operating Costs (+/-10%) $241 $365
Discount Rate (+/- 1%) $284 $323
Capital Expenditure (+/-10%) $288 $317
$150 $200 $250 $300 $350 $400 $450
NPV (unleveraged and pre-tax) ($m)
Figure 38. Project NPV Analysis
Table 19. Scenario Analysis - Gold Price Assumptions
Base
Case
Gold Price
$2,000 $2,100 $2,200 $2,300 $2,400 $2,450 $2,500 $2,600 $2,700
(A$/oz)
NPV $m 106 150 193 237 281 303 325 368 412
IRR % 20 26 32 37 43 45 48 54 59
Payback years 4.9 4.6 4.0 3.7 3.2 3.0 2.8 2.5 2.3
Annual EBITDA $m 41 48 55 62 69 72 76 82 89
LOM EBITDA $m 329 384 439 494 549 577 604 659 714
LOM Free Cash
$m 171 226 281 336 391 418 446 500 555
Flow
Upside and Growth

In the current market environment, the Study has focused on high quality outcomes at a low capital
cost. The following factors have not been captured in the Scoping Study and can offer medium term
upside to the financial outcomes:
• Growth in Open Pit material:

o The majority of the open-pit material is excluded from the Study (only 3% of the Near
Surface Mineral Resource is included in mining production target) to lower capital and
operating costs given current external market pressures on costs. Underground
material produces strong cash flows which can de-risk the Project and be used to assist
with funding the expansion to include open pits
o Further exploration can potentially increase the Near Surface Resource
• Underground resource growth:
o Only 27% of the Underground Mineral Resource is included in mining production target
o Kathleen Decline and related stopes excluded from the Scoping Study due to high
percentage of inferred material, good potential to convert with infill drilling to the
indicated category
o Resource remains open down dip and along strike
o Maximum depth of the Mine Lode interpretation is to approx. -600mRL, 1060m below
the natural surface
o Midway Lode recently discovered between the Scoping Study design area and Bunker
Pit has good potential for extension being open in all directions
• Regional exploration:
o More than 50km strike of Youanmi Shear Zone is largely untested by historic drilling
o Follow up drilling (Aircore and RC) is planned along strike and down dip of newly
identified mineralisation
o Regional target generation is ongoing on 50km of strike of the Youanmi Shear Zone
Project Development Schedule
• Commenced - PFS work commenced early in 2022 with the commencement of the second
stage of Metallurgical Testwork expected to be completed by December 2022.
• July 2022 – December 2022
o Commence Processing Plant design and costing – 6 months

o Commence Infill drilling Youanmi Underground Resource – 6 months
o Complete Geotechnical, Metallurgical, and Waste Rock Characterisation drilling
o Complete Flora and Fauna Surveys – Mine and Lake Noondie Areas
• January – June 2023
o Update Underground Resource Model and Near Surface Resource Model
o Complete Geotechnical, Hydrology, Hydrological, and Waste Rock Characterisation
work (Ethnographic work already completed in mine area)
o Commence PFS Mine Design and Scheduling Options
• H2 2023
o Complete Mine Design, Schedules, and Financial Modelling
o Release PFS
Funding
To achieve the range of outcomes indicated in the Scoping Study, funding in the order of $134m will
likely be required, which includes all pre-production costs of which the pre-production capital
requirement is approximately $99m. The Company has formed the view that there is a reasonable
basis to believe that requisite future funding for development of the Project will be available when
required. The grounds on which this reasonable basis is established include:
• The Project has strong technical and economic fundamentals which provides an attractive
return on capital investment and generates robust cashflows at conservative gold prices. This
provides a strong platform to source debt and equity funding.
• The Company has received significant interest from various financial institutions, credit funds
and private equity firms regarding financing for the project, with preliminary discussions
occurring.
• The Company has a strong track record of raising equity funds as and when required to further
the exploration and evaluation of the Youanmi Gold Project.
• The Company has appointed Argonaut PCF as its corporate debt advisor in relation to the
funding of the Youanmi Gold Project. Argonaut PCF have extensive experience in funding
resource projects, including Western Australian gold projects.
There is, however, no certainty that the Company will be able to source funding as and when required.
Typical project development financing would involve a combination of debt and equity. It is possible that
such funding may only be available on terms that may be dilutive to or otherwise affect the value of the
Company’s existing shares.
Conclusions and Next Steps

The Scoping Study provides justification that the Youanmi Gold Project is a commercially viable stand‐
alone gold mining operation and accordingly the Board of Rox Resources Limited has approved
progression of the Project to a Preliminary Feasibility Study (“PFS”).
PFS work will immediately commence in parallel with infill drilling at Youanmi to convert inferred
resources to indicated resources, ongoing exploration and resource growth.
Reasonable Basis for Forward Looking Assumptions
No Ore Reserve has been declared. This document has been prepared in compliance with the JORC
Code (2012) and the ASX Listing Rules. All material assumptions on which the Scoping Study
production target and projected financial information are based have been included in this release and
disclosed in the table below.
Consideration of Modifying Factors in the format specified by JORC Code (2012) Section 4
Criteria JORC Code explanation Commentary

Mineral ▪ Description of the Mineral Resource estimate • The Mineral Resource estimate on which the Scoping
Resource used as a basis for the conversion to an Ore Study is based was announcements to the ASX on 20th
estimate for Reserve. April 2022 for the Near Surface Resource, and 20th
conversion to ▪ Clear statement as to whether the Mineral January 2022 for the Youanmi Underground Resource
Resources are reported additional to, or inclusive (Underground Resource).
Ore Reserves
of, the Ore Reserves. • No Ore Reserve has been declared as part of the
Scoping Study.
Site Visits • Comment on any site visits undertaken by the • The Competent Person has undertaken site visits.
Competent Person and the outcome of those
visits.
• If no site visits have been undertaken indicate
why this is the case.
Study status • The type and level of study undertaken to enable • No Ore Reserve has been declared.
Mineral Resources to be converted to Ore • The Study is a Scoping Study.
Reserves.
• The Code requires that a study to at least Pre-
Feasibility Study level has been undertaken to
convert Mineral Resources to Ore Reserves.
Such studies will have been carried out and will
have determined a mine plan that is technically
achievable and economically viable, and that
material Modifying Factors have been
considered.
Cut-off • The basis of the cut-off grade(s) or quality • Cut-off grade parameters are based on operating
parameters parameters applied. costs and site overheads.
Mining factors • The method and assumptions used as reported • No Ore Reserve has been declared.
or in the Pre-Feasibility or Feasibility Study to • Refer to Mine Design and Schedule Section.
assumptions convert the Mineral Resource to an Ore Reserve
(i.e. either by application of appropriate factors by • UG Geotechnical parameters were provided by an
optimisation or by preliminary or detailed design). independent consultant based on detailed assessment
of project information including information from drilling.
Open pit batter angles were designed at 55 degrees in
• The choice, nature and appropriateness of the oxide, 60 degrees in transition, and 70 degrees in fresh
selected mining method(s) and other mining material, applying 4m berm widths at 20m vertical
parameters including associated design issues intervals, and 12m wide access ramps resulting in
such as pre-strip, access, etc. overall wall angles ranging between 40 and 45 degrees.
or Open Pits grade control drilling is assumed at a rate
of 1 metre drilled for every 12 tonnes of production
• The assumptions made regarding geotechnical material equating to $2.50 per tonne of production
parameters (eg pit slopes, stope sizes, etc), grade material assuming a cost $30 per drill metre including
control and pre-production drilling. drilling an assaying. For Underground Grade control
drilling of 1m of diamond drilling per 300 tonnes of
• The major assumptions made and Mineral production material at a rate of $222 per metre including
Resource model used for pit and stope assaying as well as geologists labour assumed in the
optimisation (if appropriate). mine overhead costs.
• Pit optimisations assumed overall slope angles of 38
degrees, and mining costs of $10
• The mining dilution factors used.
• Underground mining dilution applied on all stopes of
0.3m on the hangingwall, and 0.2m on the footwall at a
• The mining recovery factors used. grade determined by the resource model during the
DESWIK stope optimising process. Open Pit mining
dilution of 30% applied for Grace Stage 1 open pit, and
• Any minimum mining widths used. 15% for all other pits.
• Underground mining recovery based on leaving sill
• The manner in which Inferred Mineral pillars placed strategically, and then applying a global
Resources are utilised in mining studies and the 85% mining recovery to account for island pillars and
sensitivity of the outcome to their inclusion.
• The infrastructure requirements of the selected production loss from bogging operations. Open Pit
mining methods. mining recovery of 95% applied to all pits.
• For underground stope optimisations a minimum true
stope width of 2.5m was assumed. For open pit
minimum width of pit base of 10m, and minimum width
of cutback 10m.
• Inferred Mineral Resources account for 62% of the
metal production contemplated by this this Scoping

Study. The project remains economic under the gold
price, cost and productivity assumptions made in this
Scoping Study irrespective of the inclusion or otherwise
of Inferred Mineral Resources.
• Refer to Infrastructure Section.
Metallurgical • The metallurgical process proposed and the • Refer to Metallurgy and Processing
factors or appropriateness of that process to the style of section of announcement.
assumptions mineralisation. • The process is widely used and well understood in so
• Whether the metallurgical process is well-tested far as producing a gold concentrate via a standard
technology or novel in nature. flotation circuit process flow, and producing bullion on
• The nature, amount and representativeness of site from oxide feed and flotation tails using a standard
metallurgical test work undertaken, the nature of CIL process flow.
the metallurgical domaining applied and the • Refer to Metallurgy and Processing sections. Further
corresponding metallurgical recovery factors comminution and metallurgical testwork has also
applied. commenced as part of the next phase of study work.
• Any assumptions or allowances made for • Penalties to be deducted from concentrate sales are
deleterious elements. assumed at recent market rates for As content in
• The existence of any bulk sample or pilot scale concentrate at an assumed average grade of 2% As by
test work and the degree to which such samples weight, which is supported by the testwork to date.
are considered representative of the orebody as • Ore from the from historical mining of both the
a whole. Youanmi Underground, and Open Pits mine was
• For minerals that are defined by a specification, processed in the 1980s, and 1990s on site and
has the ore reserve estimation been based on the metallurgical properties are well understood especially
appropriate mineralogy to meet the with respect to flotation of the underground sulphide
specifications? material.
• N/A
Environmental • The status of studies of potential environmental • Refer to Permitting section.
impacts of the mining and processing operation. • Waste rock characterisation has been completed for
Details of waste rock characterisation and the the Grace Stage 1 Open Pit and will be completed prior
consideration of potential sites, status of design to the commencement of mining of the other open pits.
options considered and, where applicable, the Waste rock composition from historical underground
status of approvals for process residue storage mining is well understood with more of the same benign
and waste dumps should be reported. granite and basalt materials expected in the planned
mining, noting also that formalised waste rock
characterisation work for the planned underground
mining areas will be carried out before mining
commences.
Infrastructure • The existence of appropriate infrastructure: • Sufficient land is available within the Mining Leases to
availability of land for plant development, power, accommodate the infrastructure contemplated by this
water, transportation (particularly for bulk Scoping Study. There exists significant
commodities), labour, accommodation; or the accommodation, roadway, airstrip, tailings dam, and
ease with which the infrastructure can be evaporation pond infrastructure already on site. There
provided, or accessed. is an abundance of water required for mining and
treatment operations. For completion of civil
construction works including the planned processing
facility, and village expansion, the company has a view
after discussions with relevant suppliers that resources
required to complete the construction will available
when required.
Costs • The derivation of, or assumptions made, • Project capital costs for the processing plant have
regarding projected capital costs in the study. been provided at ± 35% by experienced constructors
for 300 ktpa process plant option and scaled up using
scaling factors to 480 ktpa also by an independent
• The methodology used to estimate operating experienced constructor to a level of accuracy of ± 40%.
costs. For the tailings dam capital costs recent industry
actuals for similar size and type of dam was used. For
• Allowances made for the content of deleterious village expansion capital costs were based on recent
elements. quote from a supplier. For all other capital costs
including infrastructure and mining related costs have
• The source of exchange rates used in the study.
been estimated from similar Western Australian mining
operations.
• Derivation of transportation charges.
• Project operating costs are derived from budget
pricing provided to the Company and estimates from
• The basis for forecasting or source of treatment similar Western Australian mining and processing
and refining charges, penalties for failure to meet operations. Unit Costs are estimated using reasonable
specification, etc. consumable price estimates, equipment productivity
assumptions, current labour costs and consumable

price assumptions.
• The allowances made for royalties payable, both
Government and private. • Penalties are assumed per tonne of concentrate sold
based on an average Arsenic content of 1.9%, and
recent industry actual penalties.
• All costs were estimated in Australian dollars.
• Transport charges are based on industry standard
rates assumptions. Concentrate Haulage cost
assumed from Youanmi to Perth Port assumed a price
of $0.154/tkm which equates to $89.57 per tonne over
the 583km distance. Shipping related charges
assumed totalled $47.67 per tonne of concentrate
made up of storage $3.13 per tonne, shipping $39.29
per tonne, Cargo $2.25 per tonne, and Assays $3.00
per tonne.
• Concentrate treatment and refining charges and
arsenic penalty assumptions in the financial model are
based on market observations for similar products
where available.
• The state government royalty of 2.5% is applied in the
economic analysis. Two other royalties are also applied
specifically 0.7% to Venus Metals, and 0.3% to Claire
Resources as per relevant agreements.
Revenue • The derivation of, or assumptions made • The derivation of feed grades comes from the Mineral
factors regarding revenue factors including head grade, Resource estimates with the application of dilution
metal or commodity price(s) exchange rates, modifying factors as outlined above.
transportation and treatment charges, penalties, • The product to be sold is gold in the form gold
net smelter returns, etc. concentrate and doré bars produced on site. The gold
• The derivation of assumptions made of metal or price assumed is A$2,450 per ounce. Assumed gold
commodity price(s), for the principal metals, concentrate payability is based on recent market
minerals and co-products. observations.
Market • The demand, supply and stock situation for the • Gold doré bars will be sold at spot price, and gold
assessment particular commodity, consumption trends and concentrate will be sold at spot price adjusted with a
factors likely to affect supply and demand into the payability factor.
future.
• A customer and competitor analysis along with • NA
the identification of likely market windows for the
product.
• Price and volume forecasts and the basis for • NA
these forecasts.
• For industrial minerals the customer • NA
specification, testing and acceptance
requirements prior to a supply contract.
Economic • The inputs to the economic analysis to produce • Refer to economic analysis, which assumes a
the net present value (NPV) in the study, the discount rate of 5%, and nil inflation.
source and confidence of these economic inputs
including estimated inflation, discount rate, etc.
• Economic analysis includes a sensitivity analysis on
• NPV ranges and sensitivity to variations in the various cost factors gold grade and gold price. price
significant assumptions and inputs. scenarios.
Social • The status of agreements with key stakeholders • Given the history of mining on the leases, and the
and matters leading to social licence to operate. recent stakeholder engagement processes undertaken
by the company, there are no issues expected around
forming agreements with key stakeholders if so
required to complete the works as planned.
Other (incl • To the extent relevant, the impact of the • No Ore Reserve has been declared.
Legal and following on the project and/or on the estimation
Governmental) and classification of the Ore Reserves:
• No naturally risks have been identified.
• Any identified material naturally occurring risks. • The project is 70% owned by Rox (30% Venus
• The status of material legal agreements and Metals), and there are no marketing arrangements in
marketing arrangements. place.
• The status of governmental agreements and
approvals critical to the viability of the project, • All of the working area in the study are on approved
such as mineral tenement status, and mining leases with no outstanding issues or
government and statutory approvals. There must requirements with DMIRS. There are no third party
be reasonable grounds to expect that all unresolved matters that may impact upon approvals.
necessary Government approvals will be received
within the timeframes anticipated in the Pre-
Feasibility or Feasibility study. Highlight and
discuss the materiality of any unresolved matter
that is dependent on a third party on which
extraction of the reserve is contingent.
Classification ▪ The basis for the classification of the Ore • No Ore Reserve has been declared.
Reserves into varying confidence categories.
▪ Whether the result appropriately reflects the • No Ore Reserve has been declared.
Competent Person’s view of the deposit.
▪ The proportion of Probable Ore Reserves that
have been derived from Measured Mineral • No Ore Reserve has been declared.
Resources (if any).
Audits or ▪ The results of any audits or reviews • No Ore Reserve has been declared.
reviews of Ore Reserve estimates.
Discussion of ▪ Where appropriate a statement of the relative • No Ore Reserve has been declared.
relative accuracy and confidence level in the Ore Reserve • Metallurgical recoveries have been based on testwork
accuracy/ estimate using an approach or procedure deemed data.
confidence appropriate by the Competent Person. For
example, the application of statistical or • Costs have been derived from both recent industry
geostatistical procedures to quantify the relative data and estimations from independent consultants and
accuracy of the reserve within stated confidence suppliers.
limits, or, if such an approach is not deemed • Cost estimate accuracy for the Scoping Study is
appropriate, a qualitative discussion of the factors considered to be in the order of ±40%.
which could affect the relative accuracy and
confidence of the estimate.
▪ The statement should specify whether it relates
to global or local estimates, and, if local, state the
relevant tonnages, which should be relevant to
technical and economic evaluation.
Documentation should include assumptions
made and the
procedures used.
▪ Accuracy and confidence discussions should
extend to specific discussions of any applied
Modifying Factors that may have a material
impact on Ore
Reserve viability, or for which there are remaining
areas of uncertainty at the current study stage.
▪ It is recognised that this may not be possible or
appropriate in all circumstances. These
statements of
relative accuracy and confidence of the estimate
should be compared with production data, where
available.

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ASX ANNOUNCEMENT

Youanmi Gold Project Scoping Study

Mr Stephen Dennis Cautionary Statement

70% and Manager, VMC 30%).

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• The combination of gold-in-concentrate and carbon-in-leach (CIL) bullion production target is

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Figure 1. Youanmi Gold Project Location Plan

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Gold Mine and nearby extensions;

Key Study Outcomes and Assumptions

Life Of Mine years 8.0

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Table 2. Financial Results Summary

Key Financial Assumptions

Gold Price $/oz 2,450

Project EBITDA $m 577

Project Free Cash Flow (undiscounted and pre-tax) $m 418

Project NPV (unleveraged and pre-tax) $m 303

Project IRR (unleveraged and pre-tax) % 45

Payback Period (unleveraged and pre-tax)2 years 3.0

Capital Intensity3 $/oz 1,386

Ratio NPV (unleveraged and pre-tax) / Pre-production Capital ratio 3.1

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Figure 2. Annual Payable Metal Breakdown

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Gold Price (+/-10%) $196 $410

Operating Costs (+/-10%) $241 $365

Discount Rate (+/- 1%) $284 $323

Capital Expenditure (+/-10%) $288 $317

$150 $200 $250 $300 $350 $400 $450

Figure 3. Project NPV Analysis

Table 3. Scenario Analysis – Gold Price Assumptions

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1. Refer to Appendix 1 for support

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Table 4. Capital Cost Requirement

Pre-Production Capital 100% RXL (70%)

Sustaining Capital – Life of Mine

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scaled by accepted methods.

Table 5. Operating Costs Breakdown

Operating Costs1 $m $/t Milled $/oz Payable

Mining 392 101 690

Processing 225 58 395

Smelter Treatment Charge 84 21 147

C1 Cash Cost2 772 198 1,358

All-In Sustaining Cost (AISC)3 875 224 1,538

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Conclusions and Recommendation

For more information:

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Scoping Study Summary

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Reasonable Basis for Forward-Looking Statements

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Other inputs Input date Source

Market capitalisation 17 October 2022 Australian Stock Exchange

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