The above graph showing buy (green) volume versus sell (red) indicates that the Rox re-rating has depth.
The share price has been rising sharply on high volume with slight low-volume retraces.
Instos like the Rox story and are accumulating.
There is a lot to like:
A fantastic high-grade resource.
A world-class team.
Major shareholder Hawke’s Point fully engaged in the Youanmi Gold Project.
The company is cashed up with a clear pathway to production.
The price of gold is breaking all records.
I see Rox as a peer of Santana Minerals (SMI) that has just run into an approval hurdle in NZ (as I predicted).
Rox has a market valuation of $240m and Santana $368m so Rox is at least $100m undervalued right now.
Canaccord has a 58-cent target on Rox but that’s short-term.
Rox should be at 50 cents in the coming week, and with high-grade hits in the drilling results, much higher.
Good to see CEO Phill Wilding returning to the domestic scene after his successful global investment tour that brought international instos onto the Rox share registry.
Rox is presenting on 8th May at the RIU Sydney Resources Round up.
(20min delay)