Here is an alternative point of view:Yes the SP has declined...

Here is an alternative point of view:
Yes the SP has declined from its recent high but on very low volume (see below).
Another positive ann on Paddy's Lode and/or Midway followed by a big buy order would see RXL back in the high 40 cps ++
Keep in mind that the new management spearheaded by Rob Ryan and Travis Craig has a very different approach to the previous one.
As a long term holder, you would recall that Q4 a couple of years ago of full on drilling at Grace to try to extend the discovery. Alex Passmore said at the time that they didn't need drill results before starting more holes because "we know where the gold is". But it turned out that they didn't know and the results were poor and left a big hole in the balance sheet.
With a change in management Rox doesn't operate like that now and the company will conduct a thorough analysis of pending results and modelling of both discoveries before announcing a drilling out campaign imo.
That will take time, probably 3-4 weeks, but it is the right thing to do for shareholders.
I do agree that the upcoming exploration costs, which will probably include the very prospective Linda Gossan, will be expensive and while Rox could get through this year without raising more cash they will be looking for an opportunity to do an insto share issue at any time. With the market cap soon at $120m after the consolidation with Venus the dilution in raising up to $10m is not severe and will add to the blocking stake to head off a low ball TO from RMS, which is a risk imo.