Ann: Investor Presentation - Diggers & Dealers 2023, page-30

As we are well aware Paddy's Lode was first announced to be a significant discovery.

When Rox made that discovery I called renowned mining engineer Jeremy Peters (31 years experience and ED of Burnt Shirt Pty). Jeremy was almost certain that Paddy's Lode was the real deal and Jeremy knows Youanmi well, at one stage he assessed it for a TO bid.

But Paddy's Lode was then down down-graded to a "wait and see" new discovery and of course the share price suffered.

Understandably, Rox had now become very conservative in its near mine prospects but imo they are looking very strong. The orange IP hits in the diagram posted by Rox are compelling although we have to keep in mind that these are sulphide hits, strongly associated with gold but not 100%.

Rox may well make a significant new near mine discovery or find enough gold to power an upscaled concentrate process.

Just as an aside, Jeremy's engineering solution to Youanmi is a big mill that can chew though all the grades, like DEG with its low grade refractory ore. But the Capex would be high so probably that scenario would play out after a TO. One way or another Youanmi has too much high grade gold to not be mined sooner or later and when it is the next Bellevue will be a reality.

my opinion