Agree with your staff, admin and corp costs but not that we have...

Agree with your staff, admin and corp costs but not that we have no idea how advanced the feasibility technical packages are,

The June PFS will be an upscaled version of the 2022 Scoping Study and that included many FS studies that will shortcut the current feasibility process. Also, Rox has been completing more technical feasibility studies since 2022.

Here are some of the studies that will only need updating.

1. Milling processes, including plant design crushing, grinding, chemicals, and all the other processes needed to liberate the gold concentrate from the rock.
2. Concentrate market and offtake.
3. Infrastructure pre-production such as village expansion
4. UG mining preproduction requirements

Because Youami is already a mine and basically a wasteland with no known native title holder or ecological concerns and because of its location in mining friendly WA, permitting is inexpensive and straight forward.

Factor in that Rob Ryan AKA Refractory Rob is a feasibility studies expert for refractory gold mines with a proven track record from Bardoc Gold. His expertise will save the company a lot of consultancy money.

Agree that divestment of non core assets takes considerable time but Rox has been working on this for more than a year. There is also an IPO option. So it wouldn’t be a miracle if they divested but I agree it is far from guaranteed and should not be counted on.

I think they will deliver the PFS on time in June without a cash raise and it will have an annual free cash flow of $100m+.