Ann: Investor Presentation - 2023 Annual General Meeting, page-20

Right now the POG is AU3,103 per oz. A gold price assumption of AU$3,000 oz dramatically improves the metrics of the 2022 Scoping Study. The LOM free cash flow approaches $100m per annum meaning that the entire predevelopment cost could be paid back in just over 1 year. But Rox would hold some cash back to fund further exploration. Rox is signalling that it wants to cut the mine life and upscale production. Production at 100kozs PA up from 71 kozs with a lower AISC due to scale advantages could see annual free cash flow around $130m PA. We don’t yet know if that is achievable but the upcoming resource upgrade will give us a clearer picture of whether Rox has the indicated gold ozs to make the model work. IMO the PFS will be very different from the Scoping Study. It will have a much bigger mill to upscale to production of 100 kozs PA and will process lower grade ore than 5/t. Some risk of course but the above metrics make the market valuation of Rox at $70m look very cheap