A recent example of royalty financing instead of heavy dilution...

A recent example of royalty financing instead of heavy dilution of the share registry is ASX listed New World Resources. A 0.9% royalty was sold for $11m.

https://www.investi.com.au/api/announcements/nwc/f67031db-529.pdf

A DFS is not essential. Such royalties have been granted on the basis of a PFS and even Scoping Studies so a good Rox PFS and a high price of gold will make this sort of deal very attractive.

Rox has an outstanding high grade MRE and will have a maiden resource of around 1m oz Au @ 6.1g/t. This resource plus the high POG will see them raise the cash needed to proceed to a DFS without a highly dilutive share issue. .

Also note that Hawke's Point continue to support 3 companies including Rox. If necessary, they will protect their very significant investment in Rox.