Looking at other recent DFS studies makes you appreciate Rox.
For example, Ausgold just delivered a DFS but will be way behind Rox in first gold production.
Ausgold’s FID Q2 Y26 and 18 months to construct the mine.
Rox will deliver FID this year and have Youanmi restarted by the end of next year or very early Y27..
Rox is leveraging an existing mine with declines already in place, whereas Ausgolf is starting a new one.
Another significant difference is that the Youanmi project is located in a wasteland with a mining licence, whereas Ausgold is situated in forest and grazing country.
Rox doesn't have court cases deciding on land compo, and long delays for approvals.
No Aboriginal owners need to be compensated.
Everything is more expensive for Ausgold.
For example, waste needs to go into a dump to form an Integrated Landform.
A small footprint is required to optimise the post-closure landform.
No wonder the Capex is high, so finding finance will be challenging.
Then there is the grade, Ausgold 1.1g’t Rox 4.4 g/t and probably higher in the DFS)
Poor strip ratio, so Ausgold have to mine 9 tonnes to get one tonne of ore.
AISC over $2,100 so less profit per ounce of gold.
In their PGS, the Youanmi AISC was A$1,676/oz.
Lower gold recovery than Rox.
No comparison between the Ausgold and world-class Rox and Hawke’s Point backed teams, just look on Linkedin.
But good to see that Ausfold have a base case assumption $4,300 oz au in their DFS
Rox had $3,100 in the PFS but in the DFS they will have around the same as Ausgold.
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Near-Term Gold Producer
Grade. Margin. Upside.
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