Good pick upA typical timeline for a mine of this size would be...

Good pick up

A typical timeline for a mine of this size would be a DFS delivery one year from the PFS (so June 2025) and then FID a couple of months post DFS. Construction would then start post FID and would take approx one year (2026).

I think Rox will improve on that general timeline due to the experience of Rob Ryan (mining engineer and feasibility expert + Youanmi is a restart rather than a new mine).

Even so, 2026 is the year that the mine should be restarted.

That’s a long wait for retail investors, some of whom are selling out, but not for instos who recently paid 20 cps.

Apart from the long wait, each stage of the feasibility steps must be positive in order to proceed with the next one.

Given that the 2022 Scoping Study produced very good metrics at a lower price of gold for the majority of the current MRE + the additional gold recently added was also high grade, it’s very likely that the studies will be positive.

1.1Moz at 6.1 g/t Au forms the basis for the PFS and that is an exceptionally high grade resource.

However, these studies are expensive and share price gains along the way to production will be offset to some extent by share dilution as Rox raises capital. (hopefully they will sell off a non-core asset).

Between now and the DFS that MRE will be grown significantly imo.

In particular, the results for the new lode at Currans should be announced soon.

Rox is presenting at the RRS Gather Round Investor Conference in Adelaide on the 4^th – 7^th April so we are likely to get an update before then.