Ann: Youanmi metallurgical testwork delivers positive results, page-9

Grade is King and Rox has the grade, 2.3 Moz at 4.4 g/t Au including an outstanding underground indicated resource of 1.1Moz at 6.6g/t Au.

Youanmi is an emerging high grade gold project in a Tier 1 jurisdiction.

But capital is Queen and Rox is going to need a lot of capital to get into production.

Gold concentrate projects can be very profitable but instos and other providers of capital tend to be reluctant to fund them. Even with outstanding metrics and examples of highly profitable concentrate operations they shy away or demand a higher return on their money with a shorter payback period. One downside is that there is no spot price for gold concentrate. It is batch sold through negotiation and while there would be a strong demand for Rox’s low impurity concentrate this is seen as less desirable than the certainty of a spot price.

A more profitable gold concentrate model for Youanmi ore could actually be less attractive to the Rox Board than a less profitable bullion model if the latter opens the door to cheap funding. The gold bullion pathway is also better for us retail holders in that it’s likely to have a more positive effect on the share price.

Profitability but also the capacity to raise capital is why producing gold bullion rather than gold concentrate is well worth thoroughly investigating. Hawke's Point would be advising them from an international perspective at this stage. Smart move of Rox to delay the PFS until the end of July to do that imo.