The JORC

The upgraded JORC is due between now and June, Canaccord say it is imminent.
As we know, the historical resource at Youanmi is 1.2Moz @ 3g/t Au

That comprises 532koz @ 1.7g/t Au of near surface free-milling au, and 658koz @ 8.5g/t Au of partially refractory resources from the Youanmi Deeps.

Rox expects to add an additional 300 k high-grade ounces from Grace and near mine resources The current drilling commenced at the start of last month will add additional ozs to the 300 k oz au.

Note that Rox didn’t do all that Q4 drilling and then turn, in desperation, (as some have suggested) to the current targets.

Alex always planned for the current drilling to be the last before the JORC calculation (imo). He left it to last because the geos have a high level of confidence in Link and Junction and near mine pits as extensions from proven high grade resources. But they also know it's not a huge resource.

The Q4 drilling 2020 was risky but for high stakes. Alex drilled for another Grace that would double the JORC.
It was worth a shot and they went for it.

They know the Q1 2021 drilling won’t find another Grace but it is highly likely to add another 50K - 150K oz au to the JORC.
Importantly, this is oxide very high recovery gold with an AISC of around $600 oz au

300K oz au – 450K oz au oxide high grade meets the criteria for Canaccord’s priority 1 pathway to production - small scale (0.5Moz resource), low capex and high-grade start-up.

The CAPEX is $50m but over 3 years the project should earn the company profits of at least $400m depending on the POG.

That opens the door to fund the next stage of the Youanmi Mine, a 1.2Mtpa plant, processing ~3g/t Au (1.5Moz resource) free-milling ores.

Rox should be announcing a Grace and near mine JORC of between 300K and 450K oz au.

To put that in perspective: The Penny Gold Project next door to Youanmi sold for A$760 per ounce for 360 k oz high-grade but deep gold. TO cost $270m.

Grace has a lower AISC than Penny and being open pit will have a lower CAPEX.

It should be worth between $240m and $360m imo.

Then we have the 660K oz au high grade at the Youanmi Deeps.

That is 2 more Penny’s.

Plus Rox has more than half a million ozs @ 1.7g/t Au of near surface free-milling au

The market valuation of Rox is just $76m
10 cps as per the Canaccord analysis is very achievable imo.