Ann: High priority gold targets identified at Mt Fisher-Mt Eureka, page-4

Geo surveys are relatively cheap and Rox is spending a small amount to make a lot of money to advance their Youanmi feasibility studies.

No expensive drilling plan is announced because Rox has no intention of drilling. Indeed, to get to the PFS ann date in June without a capital raise as planned there is no spare money for drilling exploration targets on non-core assets.

These are very impressive tenements with proven high-grade gold that would have a source somewhere but an explorer would expect to spend $10m + to find it.

That’s worthwhile for one of the larger goldies, a $10m + spend is peanuts to tier 1 gold miners.

But Rox is 100% focussed on completing the Youanmi feasibility studies and getting into production as soon as possible.

The Definitive Feasibility Study to be commenced this year costs millions and Rox can either fund it by issuing more shares or sell non-core holdings Fisher/Eureka. There is also the lithium project on side-by-side tenements owned by Rox and Venus currently being drilled by Venus. Again, this will be sold (perhaps to Venus?). While they are barrelling towards gold production there is no way that Rox will pivot to lithium although they may retain a free carried stake in a lithium project if there is one.

It is very much in our interests for Rox to raise money by selling non-core assets instead of diluting the share registry (and the value of our shares). Also keep in mind that these assets cost Rox $1m a year payable to the WA govt to keep.

The new targets in this ann are compelling and many gold miners would be studying them right now.

A cash injection of $10m- $20m at this stage would be very welcome and is entirely possible.

It’s a sign of confidence in the Youanmi project that Rox is not distracted by these quality non-core projects and is focussing on the mine restart.