Instos back the Youanmi Gold Project, page-33

The PFS that Rox assures us will not disappoint is coming next week. We can expect a Reserve of 700K to 800K oz gold and a DFS Reserve goal of 1m oz of gold.

That translates into a ten-year life of mine with a LOM free cash flow of at least AU$1B. The market valuation of Rox today is under $57m.

To achieve the 1m oz Reserve goal Rox will have to do a lot of drilling, some of it deep and expensive. Despite the recent CR Rox does not have a lot of cash for drilling.

So with a robust PFS one would imagine that Rox would be out there full bore promoting their project to raise money for drilling.

The Diggers and Dealers Mining Forum early August is the premier forum for mining companies and unmissable for companies with good prospects looking to attract investors.

But for the first time Rox is not presenting at the Diggers. This is not because of the cost of attending, after the CR Rox has their corp costs covered.

Here are some speculative possibilities:

The PFS is an embarrassment and Rox are sparing themselves the pain of presenting it (this is extremely unlikely)

Rox has been in confidential TO talks (under ASX rules they don’t have to tell us), the PFS is the trigger and by August the company will not exist.

Rox is not seeking insto funding apart from Hawke’s Point. The Board has been assured by Hawke’s Point that if the PFS is good they will make a major investment of up to $20m to develop Youanmi through to the DFS. This is Hawke’s pattern of investment. Interesting that the share price is at 5 year low.

The above is my opinion. DYOR.