$4m from instos + $4.6 from retail + $3.8 from Cannon sale + 0,2m from Hawkes Point - expenses 0.2m = $12.4m with sales of Fisher Gold and Eureka to come early next year. Chris Ringrose (CEO Cullen) told me that there is much more exploration potential at Eureka with some compelling tenements under Native Title to date. Kedalion has already expressed an interest in buying Rox's share of the Eureka JV, $2m for Eureka and $3m for Fisher? Total cash at hand $17.4m? That is enough to fund the Youanmi project right through to the DFS completion and to do it fast with multiple rigs and simultaneous studies. It is also enough to fund an exploration program next year. Regional drilling on the Youanmi Shear between the Penny's and the main pit and at the Pincher Well / Linda Gossan project (VMC ann 10/10/22) are prime targets imo but there could be more along the highly prospective Youanmi Shear Zone. So we can now expect rapid progress on the feasibility studies and exciting exploration in 2023.
My opinion DYOR
RXL Price at posting:
18.0¢ Sentiment: Buy Disclosure: Held
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