Instos back the Youanmi Gold Project, page-42

Rox MD Rob Ryan’s last management role was at Bardoc Gold where he steered the company quickly through the feasibility process culminating in an outstanding DFS (below). Youanmi is tracking very closely with the Bardoc metrics with a similar PFS gold Reserve expected next week. Note that the Bardoc DFS has an assumed gold price of just AU$2,250/oz. Rox’s assumed gold price will be AU$3,100/oz +/- 1 AU$100.

The AISC will be slightly at Youanmi but the AISC margin significantly higher due to the price of gold which is the single most important driver of free cash flow.

Bardoc is a gold concentrate operation which is Refractory Rob’s specialisation but the intense focus on the metallurgy makes it clear that a bullion as opposed to a concentrate processing pathway is on the cards. Quite likely the PFS will not make a final decision on that and present both bullion and concentrate options. The final decision would be in the DFS which is due in June next year. Could the lack of certainly be a way of warding off RMS who would be eyeing Youanmi as filling their shortfall at their Mt Magnet Hub from 2026?

Re the share price. The PFS will almost certainly be very good. Rob Ryan does care about his reputation and a poor PFS after the hype would likely bring the ASX regulators down on them (again). Rox will almost certainly be a compelling TO target at the current market cap. Making matters worse their largest shareholder is Venus whose RXL shares they paid nothing for, as part of the consolidation, are out of escrow next month.

The Rox Board will have considered this scenario and likely concluded that a large blocking stake is needed,

Hawke’s Point to go from 11% to 30% soon after the PFS imo.