PFS Metrics, page-18

Smartdude, Yes by October 2026 when the options expire the share price will likely be over 25 cps. That’s after the DFS and the decision to mine.

Until then the share price will remain low IMO while Rox management and major instos accumulate cheaply. Along the way the blocking stake against a cheap take over and the fat salaries makes this strategy not only safe but very comfortable.

Retail holders need to be aware that an investment in Rox is an 18 – 24 month proposition. A good PFS is already anticipated and the ann will lift the SP no more than a miserable 18 - 20 cps imo.

There are wild cards, such as another Penny discovery but these are just speculative.

CashedUpBogun In the 2022 Scoping Study the indicated gold at Grace is just 23,000 ozs Au. The mismatch between a very large drilling expenditure and Rox hype on the Grace monster and this small resource is extraordinary and has never been explained. Imagine if Vanessa Hudson, Joyce’s successor at Qantas said she would not discuss anything before her time? That’s what Rob Ryan said.

The grade of the gold at nuggety Grace is also disappointing, around 3 g/t. The poor strip ratio and relatively high AISC ruled it out in favour of high grade UG gold. However, the high price of gold could rule it back in again at some stage. Another consideration in the light of my previous comments is whether Rox want a quick return by mining Grace and the other pits?

My Opinions