Ann: Investor Presentation - 2023 Annual General Meeting, page-3

Rox hung out a For Sale sign and ran a sales pitch in the guise of an AGM presentation today. Key points: The price of gold is soaring, AU3,077 oz right now against the 2022 Scoping Study gold price assumption of AU 2,450. Rox has a massive gold resource, probably 4M ozs in the next MRE. An AISC even as high as AU2,000 oz Au makes Youanmi worth billions. To tap the high POG Rox needs to move fast and at scale to produce a lot more gold than the scoping studys 71 kozs PA But that takes a lot of cash and finance is tight, it is very hard to raise the sort of capital that Rox needs which is probably $40m+. In today’s sales pitch Rox emphasis the deep gold at multiple lodes, These run down to nearly 1km. To actually DD to that depth is very expensive and completely beyond Rox’s finances. This very deep resource is of no relevance to Rox retail holders but of high relevance to cashed up Tier 1 producers. A company like RMS would have no problem pumping $50m into Youanmi and they already have a mining camp on site. Rox cannot develop Youanmi in the timeframe and scale needed to capitalise on the record breaking price of gold and they know it. Telling words from Rob Ryan when he said he “hopes” Rox will be the company to bring Youanmi into production. He probably does hope that but he also knows it’s most unlikely. No online questions allowed today at the AGM. We retailers were not the audience imo. Let’s hope there is competition for Youanmi that will ensure a fair sale price. My opinion