2023 is a year when a number of cash strapped ASX juniors will...

2023 is a year when a number of cash strapped ASX juniors will need to find cashed up JV partners or dilute the bejeezus out of their share registry to remain solvent. imo some won't survive.
So this is very good year to be cashed up for all feasibility and exploration activities for the entire year and probably beyond. That is the position Rox is in.
$4m from instos + $4.6 from retail + $3.8 from Cannon sale + 0,2m from Hawkes Point - expenses 0.2m = $12.4m with sales of Fisher Gold and Eureka to come. Kedalion has already expressed an interest in buying Rox's share of the Eureka JV as it is on strike for their current nickel resources (currently held by Cannon under TO).
Rox has a 50% stake in Eureka and for $1m can increase that to 75%. Rox won't spend that $1m, Kadelion will after Rox sells them the JV rights.
It's quite possible that after the sales of Fisher and Eureka Rox will have around $16m in cash + a royalty on Fisher Gold production.
In 2022 Rox spent around $10.4m. I would expect a big spend on multiple rigs and concurrent feasibility studies and exploration but even so Rox is unlikely to spend $16m this year.
So no CR and no share dilution this year as Rox closes in on restarting the 3m oz Youanmi mine and along the way has a chance to find another Penny deposit or a new gold field at Pincher Well.

My Opinion