No Scoping Study No Sp Re-Rate Mungy, page-43

10 years ago a Scoping Study could be based on mostly low confidence inferred resources.
There were occasions when a Study was released and high volume trading immediately followed.
Later the company said oops we didn't get that right we can't find the inferred resource, Without the inferred resource the project wasn't viable after all.
The share price collapsed.
The ASX was fine with that.
Even last year the ASX would accept that a resource where there was a demonstrated high conversion rate of low confidence resource to higher confidence could be included .
But the ASX has been increasingly concerned that if it allows an ann that is inaccurate or in any way risky and costs investors money it could be sued.
Not long ago the ASX sent a message that the mining industry considered obstructive but they couldn't say that.
A company that issued an ann the ASX didn't like and potentially put them at risk wasn't just politely told to make amends.
The company was suspended from trading until it made amends to the satisfaction of the ASX.
There are now unwritten as well as written rules and both are in force.
Arguably investors can be assured that an ASX ann is credible and the ASX can be assured that they won't end up in court being sued for millions..
So the industry legal opinion is now to submit all Scoping Studies to the ASX for their approval.
The ASX decision makers are not miners, they are lawyers, they don't hurry and they don't read Hotcopper.
Retail anxiety is meaningless to them.
IMO Rox has found itself caught up in a lawyers picnic and while the intended release dates for the Scoping Study were made in good faith it has not been possible to meet the commitments.
But an ASX approved, high confidence version of the original Scoping Study will be released before long imo..
It will be robust and point the way to even higher profitability following more drilling.

DYOR