Where’s the bottom?, page-76

Happy for Rox to have lost out to Apollo triage.
The out of control increase in Capex costs in WA is putting the fear god into the typical junior growing 1m oz au low grade.
Processing this low grade gold economically demands a huge mill to feed a lot of ore into to retrieve the gold.
Earlier this year Canaccord's stated that a 2Mtpa operation had a Capex in the region of A$200m.
Now it's more like $210m+ and next year will be another $10m.
This is an environment where, as you say on the RMS thread:
(cashed up) Ramelius and Silver Lake are positioned perfectly to pick the bones out of late stage explorers and early stage developers like Apollo.
But not positioned to pick the bones out of Rox which has cleverly devised a low Capex route ($60m?) to production based on Youanmi high grade ore.
Capex costs in WA is not a major issue for Rox.
Rox is also backed by Hawkes Point as a cornerstone investor.
So no low ball offer would take out Rox and RMS chose some glitter elsewhere.
Agree with your other comment:
Have RMS gone too early on the first shiny object they saw instead of biding their time for something that does offer that stepchange growth they have been looking for (and, sorry, but Apollo is at best slopechange growth over the next 3 or 4 years).