PFS Metrics, page-4

I could quibble with your numbers but agree that the PFS is likely to be very good.

But the bigger unknown is what the share price will do?

RXL is struggling to sell at the offer price 16.5 cps.

If it’s obvious that the PFS is going to be good why is that?

A jump to 20 cps is a 20% increase in the share price. I’d be pleasantly amazed if we get that and 20 cps is a miserable price for long term sufferers.

3 reasons imo

Look at the chart since Rox bought into the Youanmi project. There are only 2 large spikes Grace and Paddy’s both of which turned out to be much less than promised by the company. So there is a Rox factor at play where the market does not yet trust the company again even though the CEO has been replaced.

Secondly this is only a PFS which is a preliminary study with the high level of error + - 15%.

Third reason is that Venus will likely be selling some Rox shares to fund its many projects. That will cap the SP.

At best Rox is now a Q4 2025 bet when a final investment decision is made after the DFS but it could be a 2026 bet when it comes into production.

Look at Capricorn CMM, another company that Hawke’s Point bought into. That was a huge money maker for patient investors just as Rox is likely to be. But at the PFS the SP hardly moved.

I would be interested to see your post PFS share price prediction.

Mine is 18 cps after a brief spike.