The OFS outlines a robust project with an 11-year mine life for Stage 1. The Ore Reserve supports a significantly
longer mine life of 20 years. The Mineral Resource is substantially larger and, if converted to a Reserve, could
support a mine life of some 30 years. The company has completed a PFS on Stage 2 (details not released
publicly). We have assumed that Stage 2 will be executed and will begin production in FY2032. The project also
has strong exploration potential.
FID is targeted for mid-CY2024, and RXM is only looking to introduce a partner if it will enhance the project’s
value. We assume that RXM will sell 40% of the project for 75% of RXM’s NPV valuation of Stage 1 (allowing the
partner to participate in Stage 2 upside) and that, going forward, RXM will own 60% of the project.
Based on the existing Ore Reserve and using the production profile defined under the OFS as well as our own
assumptions on the Stage 2 project, we model a combined mine life (Stages 1 and 2) of 25 years. Given the
scale of the existing Mineral Resource, further mine life extension is probable at Hillside; however, we have not
taken that into consideration in our valuation of RXM.
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Last
26.5¢ |
Change
0.010(3.92%) |
Mkt cap ! $203.4M |
Open | High | Low | Value | Volume |
26.0¢ | 26.8¢ | 26.0¢ | $157.2K | 599.2K |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
9 | 359496 | 25.5¢ |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
26.5¢ | 142715 | 4 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
9 | 359496 | 0.255 |
12 | 656044 | 0.250 |
2 | 224000 | 0.245 |
9 | 199251 | 0.240 |
4 | 42931 | 0.230 |
Price($) | Vol. | No. |
---|---|---|
0.265 | 142715 | 4 |
0.270 | 121346 | 2 |
0.275 | 117946 | 1 |
0.280 | 340798 | 6 |
0.285 | 21000 | 1 |
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