@Spec Rox poorly time the cash raise?Rox resources raised...

@Spec Rox poorly time the cash raise?

Rox resources raised successfully at 16.5 cps and share price is now 12.5 cps so I would say they raised very well (for the company). They would be lucky to raise at 10 cps right now. Rox timed it perfecty. They raised before the disappointing delay to the PFS.

Are you implying that Rox almost got to the end of the PFS process and suddenly realised they hadn’t got the Capex and Opex on the mineral processing? Rob Ryan is a world class, feasibility specialist highly praised at Bardoc.

It never made sense to me that they would have a CR right before the PFS and of course we now know that they were not doing a CR right before the PFS imo.

Rox will always do what is right for the company and that can be very different to what short-term thinking retail holders want.

Rox is playing the long game. With a good PFS now under their belt their focus right now is CAPITAL. From the PFS to production Rox is going to need a great deal of capital. They will be looking to Hawke’s Point in particular to provide that capital or organise it for them as they did at Capricorn. Back in 2021 Hawkes invested $11m in Rox at 45 cps (consolidated). Since then they averaged down and made a profit from the Cannon IPO. I haven’t crunched all their numbers but would think they are still well underwater now. Throw in inflation and opportunity cost and their paper losses are large. Now Rox is going cap in hand to Hawke’s again.

What SP would Hawke’s pay to provide more capital to Rox?

The recent downward trajectory of the SP is promising from a capital raising perspective. It’s very good for the company though of course disappointing for retail holders.

PFS to lift the SP to 18 cps and capital raised at 16 cps? Rox can issue 10% of the company’s shares without shareholder approval (excellent forward planning Rox). The CR after the PFS will lift confidence in the Youanmi Gold project and SP could lift to 20 cps?

Meanwhile Rox are doing nothing to lift the SP and why would they? They are very quiet on social media and despite saying they would start drilling again soon it seems they have not. I wouldn’t count on the PFS being delivered in July given their non-attendance at the Diggers and Dealers in August. Alternatively, imo the PFS could be delivered in July and Rox simply don’t want to promote it ahead of the CR? We will see.

100% agree with smartdude and remain confident that the PFS will be very good. How can a project with a large outstanding high grade MRE in a tier 1 jurisdiction with excellent gold recovery and a high price of gold and in Rob Ryans’s expert hands disappoint? Market valuation of $52m lol. Youanmi will have a free cash flow of A$100m PA for perhaps 10 years be valued at $500m - $1B at some point. But between now and late 2026 keep seat belts fastened for a wild ride as capital needs dominate and the company transitions from retail to insto majority holding.