Diggers and Dealers, page-12

By all accounts, RR did an excellent job at Bardoc in progressing the project through all the feasibility studies to produce a very positive DFS. But, one of the reasons for selling the project while RR was CEO was that they lacked the expertise to build a mine.

Rox will be taken over and it’s the best option for the company and retail holders imo.

The directors know it and that may explain their self-interested behaviour and disregard for shareholders sentiment.

The performance bonus for RR and directors for the PFS when holders suffered significant losses is a recent example.

Rox is a struggling small cap but has retirement provisions for directors!

That is mainly a benefit for Dennis and I see him as the dominant figure on the Board, backed by Hogan and while Ryan is a straight shooter he is just one vote of 4.

My sentiment is sell on a TO.

What’s on the table?

The high-grade, high-margin Youanmi Gold Project with a global mineral resource of 16.2Mt at 4.4g/t for 2.3Moz of gold within the RMS Mt Magnet Hub radius.

A positive PFS with good outcomes but needs capital that Rox will struggle to raise.

60 kms of Youanmi Shear Zone hosting multiple historical very profitable mines and Penny Gold.

A compelling exploration upside at Currans Find Project.

Lithium prospectivity at Penny South

Fisher Gold with a 1,150km2 ground position with +65km strike length of highly prospective gold mineralised greenstone belt tenements in the prolific Yilgarn Craton

A JORC 2012 resource of 3.5Mt @ 1.65g/t Au for 187koz of Au with very high-grade intercepts.

With the current price of gold and M@A activity high, these projects must be appealing to cashed-up producers.

Market cap is just $53m, and there would be many sellers at a 100% premium ie 26 cps

I hold 350K Rox shares and I am one of them.

@CUB Bardoc Gold’s Leonora assets are now a jewel in the crown of Genesis Minerals. Check them out.