Rox Resources (RXL) H2 2024 earnings summary

Executive summary

• Achieved 100% ownership of the Youanmi Gold Project after consolidating Venus Metals' 30% JV interest, positioning the group as sole operator and owner.

• Released a Pre-Feasibility Study (PFS) in July 2024 for Youanmi, confirming a high-grade, high-margin gold project with a 7.7-year mine life and average annual production of 103koz.

• Completed two capital raisings: $7 million placement (Aug 2023) and $6.2 million entitlement offer (May 2024) to fund project development and studies.

• Announced significant board and management changes, including new CEO and director appointments.

Financial highlights

• Net loss after tax for FY24 was $13.7 million, compared to $8.8 million in FY23.

• Cash on hand at 30 June 2024 was $6.8 million, up from $3.5 million at prior year-end.

• Net cash outflows from operating activities were $8.8 million (FY23: $13.0 million).

• No dividends declared or paid.

Outlook and guidance

• Definitive Feasibility Study for Youanmi Gold Project underway, targeted for completion in 2025.

• Ongoing drilling and exploration to expand resources and potentially increase production targets.

• Focus remains on advancing Youanmi towards commercial production and further de-risking the project.