West Australian gold exploration and development company Rox Resources (ASX: RXL) has provided its quarterly activities report for the period ended 31 December 2024.
Highlights:
Youanmi Gold Project, WA
- Definitive Feasibility Study (DFS) program well-underway, with Indicative Pathway to Production outlining:
- Detailed project schedule
- Critical path items
- Early dewatering works planning advanced for the fully permitted evaporation ponds
- Completed 11,000m Resource definition program, with all results received and announced
- Commenced 35,000m step up drilling campaign ahead of schedule
- Importantly, the program aims to grow the Indicated Resource above the 103kozpa production target
- Core samples for metallurgical test work, geotechnical test work and flotation optimisation test work obtained, delivered to the laboratory to commence work
Corporate
- Strong investor support to raise approximately $27 million (before costs) via a $26 million two-tranche placement to new and existing institutional and sophisticated investors, and a $1 million Share Purchase Plan (SPP)
- Tranche 1 and SPP completed
- Tranche 2 approved via General Meeting subsequent to the reporting period
- Company well-funded for delivery of Youanmi Gold Project Definitive Feasibility Study (DFS)
- Phillip Wilding commenced as Chief Executive Officer
- Andrew Shaw-Stuart commenced as Exploration Manager
- Greg Hoskins appointed as Chief Financial Officer, announced subsequent to the reporting period
- Cash balance of $12.5 million at 31 December 2024 (excluding the $13 million for Tranche 2 placement, approved at 20 January 2025 General Meeting)
Chief Executive Officer Mr Phillip Wilding commented:
“During the December quarter, the team continued to deliver on our dual strategy to develop the Project and add quality ounces through strategic, high-impact drilling programs.
We were delighted by the strong support for the ~$27 million capital raising, which sees Rox well-funded to deliver the Definitive Feasibility Study, which is on track for late CY25.
We are building a strong foundation to return the Youanmi Gold Project to production. Rox has outlined its Pathway to Production, and the DFS is well and truly underway.
During the quarter, we completed the 11,000-metre Resource definition campaign, with all results received. In late December, we kicked off our major, ~35,000-metre step-up drilling campaign ahead of schedule.
Metallurgical studies are under way and planning is well advanced for early dewatering activities to progress over the next quarter.”