haha mate is Alex a relative of yours??? the scoping study at...

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CashedUpBogun

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30/07/22

14:43

Post #: 62829370
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Originally posted by m0ngy: ↑

Good feedback but would add the following.
Alex Passmore is an incredibly hardworking CEO with a lot of skin in the game and boundless enthusiasm.
He doesn't talk BS but is consistently wrong with his expectations of when milestones will be reached,
Eg the Scoping Study was due in April, then June then July and now.......?
Yes setting no expectations or fewer would probably maintain retail investor faith and a higher share price but it's not dishonesty.
Note that previously delayed anns such as the resource upgrade for Youanmi turned out to be very positive. Delay doesn't mean failure.
Rox's progress from acquisition in 2019 to the present has not been at all slow, it's just slower than we were led to expect so it feels that way.
Also, the environment in which milestones like the Scoping Study are reached has dramatically changed which has added a high degree of difficulty i positive outcomes.
Who would have thought a year ago that a Youanmi restart for the outstanding high grade Deeps gold 2.2m oz Au + a million more lower grade near surface would not warrant a big dual purpose oxide and refractory ore mill and and an infrastructure upgrade with a Capex of $250m quickly funded?
But in 2022 that has all changed. Apart from the tightening finance it would take years of construction with costs blowing out at every step.
So starting very small makes perfect sense but as I have posted before it is challenging. Most of the near surface is not high enough grade for a small mill and while the Deeps will be very profitable starting under ground means a high Capex.
It's Goldilocks situation and will require more time.
Don't forget that Hawke's Point is an integral part of everything that Rox does, from providing technical expertise to overseeing every development.
In their agreement with Rox they have the capacity (never exercised) to insert their own director into the Board and would not hesitate to do that if they were unhappy with Rox's management. of the project.

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haha mate is Alex a relative of yours??? the scoping study at best is going to be very rubbery looking. and I'm being generous here.

I'd say the best chance of any mining occurring in the next 2-3 years is toll treatment of grace through a nearby mill that has spare capacity. Now that's a short list.

RXL Price at posting: 26.0¢ Sentiment: None Disclosure: Not Held
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haha mate is Alex a relative of yours??? the scoping study at...

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haha mate is Alex a relative of yours??? the scoping study at...

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