What is Rox worth now?

Based on the historical JORC, Canaccord put a resource-based valuation for RXL’s Youanmi Project of A$101m (A$144m on 100% basis). Pre JORC market capitalisation was only $45 per ounce

The upgraded JORC has added more value with Near Surface Resource increased by 50% to 800koz Au in total.
Ramelius paid $75 a resource oz for Penny.

Grace is 109,000 oz au
Grace is worth around $82m. The remainder of the near surface gold 690,000 oz au is also oxide, high recovery gold and shallow. It is lower grade but not so different from other RMS resources. It's worth around $65 a resource oz.
The remainder of the near surface gold is worth around $45m.
The Deeps have 854,000 oz au @ high grade but partly refractory au with a higher AISC of around $1200 oz au.
IMO this gold is worth about $55 a resource oz au.
The Deeps is worth around $47

All the above resources can be grown and there is strong potential to discover another Grace or Penny.

There are also additional high grade gold resources such as Sovereign in the 50/50 JVs with Venus.

The Youanmi mining village and fresh water aquifer are valuable assets.

Total Youanmi value measured in the JORC is $174m x 70% = $130.5m

A TO for Rox that includes all the other assets at around $170m would be reasonable

That’s around 7 cps.

Current MC is $66m SP at 2.8 cps.
Why would RMS offer such a big premium to the 100 day VWAP?
They may not but the large Rox and Hawkes Point holdings would force them to make a good offer.

I have urged Alex to sell out to Ramelius if possible and this could be taken up at the GM.

RMS already own Penny next door and will truck ore to their Mt Magnet mill. Their infrastructure such as an airstrip, would service all their resource projects at Youanmi. Ramelius typically offer cash and RMS shares in a TO. They would have Youanmi restarted within 18 months.