Rox the 3m oz gold bet

Rox is starting small with a tiny 480 KTPA mill and a preproduction cost of less than $100m.
But the resource is huge.
The small mill will only process high grade ore but the Deeps has a massive resource of 9.9Mt at 6.9g/t Au for 2.2Moz Au (refer ASX announcement 20th January 2022).
The Scoping Study clearly shows that these inexpensive beginnings are just the start. Rox is keen to expand to a 1.2 MTPA plant as soon as possible. That expansion brings into play the economically treatable near surface resources which become larger with a larger processing plant due to the reduced unit costs achievable.
The concentrate processing for both sulphide and oxide gold saves Capex but the Study also indicates that Rox plan to add an Albion treatment unit to the larger CIL plant to produce gold bars on site..
Rox needs to identify more shallow oxide gold and will be drilling Midway and other zones laterally from the main pit. They will be upgrading met work and bringing studies to the feasibility standard.
Cash in hand will be at least $9m from remaining cash, CR and Cannon TO. The sale of Fisher could be newt to raise even more funds in order to avoid further dilution of share register while the share price is depressed.
Rox is a reasonable 3m oz bet imo
Check the numbers with a POG at $2,600 oz au and perhaps a lot higher next year.

My opinion DYOR