The short-term negative sentiment on Rox right now is mostly due to their main shareholder expressing a lack of confidence in management and intervening, just as they did at Capricorn.
The Paddy’s Lode fiasco was likely in the mix of reasons for their intervention.
Note that Travis Craig was in charge of exploration at the time and left without giving notice in the same month as the discovery.
Coincidence?
HP would have demanded management changes before continuing its role as the major backer of the company.
However, the shake-up is likely to be very positive for Rox in the longer term, just as it was for Capricorn.
New CEO Phillip Wilding is a mining engineer with a formidable reputation for turning challenging ore bodies into cash cows.
New Director Nathan Stoitis also has a proven track record of unlocking shareholder value.
Was he appointed by Hawke’s Point as they have a right to do?
Hard to say but interesting that he has worked for Ora Banda, another Hawke’s Point company.
Positive drilling results will see the market refocus on the project and light up the miserable share price.
The 2-3 week timeline for announcing the drilling results ends tomorrow so hopefully the assays are imminent or Rox will have Trading Halt.
(20min delay)