Ann: Youanmi Drilling Update - High Grade Intercepts at Junction, page-18

Rox is growing its resource base for all stages of its development as a mid tier miner. Today's ann attracted little interest because it's relevant for stage 3 rather than stage 1. The first stage is based on 240K oz au shallow oxide gold with an AISC of around $600 oz ( ~80k oz pa for three years through a 300 ktpa plant Capex A$50m).
Rox has either reached that goal or surpassed it imo. In the present drilling campaign the hits at Youanmi South contribute to that JORC but the Junction hits will not.
One reason is that the Junction resource is relatively deep, nothing like the shallow gold in granite at Grace that can be mined with an open pit. Canaccord put a $1500 oz au AISC on the Deeps which is not high by industry standards. As Punter has pointed out the average Oz AISC is $1447 oz. The Junction extension of the Pollard Shaft resource (historical 260K oz @ 15g/t) may have a lower AISC as fig 2 indicates it may be mostly oxide gold rather than refractory.
It is reasonable to expect a Deeps, Link and Junction resource of around 1m oz au. Rox already has 660K high grade oz au so 340K oz au to find and they are well on the way.
Canaccord mention that Rox is again looking at the Deeps.
IMO they are revisiting all the resources in Fig 1 as a total resource rather than individual ones. They have mine designers working out how to mine the lot cheaply. Of course there is a lot more drilling needed to define the resource.
Around 1m oz of high grade gold with an average AISC of around $1200 oz au is a very profitable mine.
But that's down the track, the first stage of the restart is the shallow high grade Grace gold with likely production next year. I expect Rox will produce 2 JORCs, one for Grace and near mine resources including Grace South and another for deeper gold at Link, Junction and the Youanmi Deeps.

Fig 1






Fig 2