The Rox JORC coming this month

The imminent JORC warrants discussion here.
One scenario described on this thread is that Rox has successively delayed the JORC while desperately drilling to get a presentable number of ozs. This theory has it that Rox planned for a JORC by xmas 2020, realised that the ozs were not there and then madly blind drilled in Q4 to the tune of $1m per month to make up the shortfall. To bolster their chances they also drilled 3 targets on 100% Rox tenements.
Q4 didn’t add many ozs so the JORC was delayed until this month with new targets announced: Grace South, Link and Junction.
Against that, and my opinion is that Hawke's Point did their due diligence in Jan and Feb this year so they had all the results including Q4s. They were confident that Grace and near mine ozs would be significant even without major new exploration success. Since then Youanmi South and Junction have added to the JORC although results have not been stellar to date. HP are satisfied with progress towards a JORC and scoping study (they would have their own director on the Board and their own technical staff at Younami is they had any doubts).
How big does the JORC have to be for a restart of Younami?
Canaccords say 500K oz au with a $50m start up plant.
I don't think Rox will reach that target but around 300K oz au is very likely imo.
There is a compelling comparison with the Penny Project next door. Neighbour Ramelius has 300,000 ozs au @15 g/t.
Penny will have upfront capital costs of around A$34.5 million
The AISCs of Grace and Penny will be similar at in the AU600- AU700 oz au range.
Alex has pointed out that Ramelius has a tiny holding and is at the end of the road exploring it. Penny cannot be expanded but there are abundant opportunities to grow Rox's Younami JORC and they are well funded to do it.
Estimating the Grace JORC feels like going where angels fear to tread but here is mine:
300K oz au at Grace and near mine, AISC $650 oz au, revenue of $600m on the current POG.
RXL's market cap is now just $73m.