PFS Metrics, page-20

The gold price is at AU 3,665 oz Au and Gold is up more than 19% in 2024 with more to come.

The timing of the PFS this month looks perfect.

The Rox Scoping Study had a gold price assumption of $2,450.

I wouldn’t expect the PFS to use a price of gold higher than $3,100 but the DFS due next year could.

Rox will announce a PFS with a 100,000+ oz Au production PA.

Even with a very high AISC (and it won’t be) Youanmi will generate a free cash flow of over $100m PA. Rob Ryan says the mine will have a long life, imo at least 8 years in the PFS and 10 + in the DFS after the upcoming drilling campaign. Beyond that, there is a lot of ground to explore along the Shear Zone. A LOM of 15-20 years is possible.

The high price of gold also favours bullion-producing processing such as Biox rather than gold concentrate, Both are very profitable but it’s easier to sell bullion with its spot price that concentrates lack. It’s also more attractive to investors which is important because Rox will need more cash soon from instos and funds to advance the project.

Youanmi will be a $1B mine in time and Rox’s market valuation is currently $63.12m.