Rox Resources (RXL) Q2 2025 TU earnings summary

Executive summary

• Advanced the Definitive Feasibility Study (DFS) for the Youanmi Gold Project, with a detailed project schedule and critical path items identified, focusing on metallurgical test work and early dewatering preparations.

• Completed an 11,000m resource definition drilling program and commenced a 35,000m step-up drilling campaign ahead of schedule, targeting resource growth and conversion to Indicated classification.

• Raised approximately $27 million through a two-tranche placement and share purchase plan, ensuring strong funding for ongoing DFS and project development.

• Appointed new CEO, Exploration Manager, and CFO to strengthen the management team.

Financial highlights

• Cash balance at 31 December 2024 was $12.5 million, up $9.1 million from the previous quarter, excluding $13 million from Tranche 2 of the placement approved in January 2025.

• Net cash from operating activities for the quarter was $(4.1) million, with exploration and evaluation expenditure of $(2.8) million.

• Net cash from investing activities was $(0.5) million, mainly for exploration and evaluation.

• Net cash from financing activities was $13.7 million, reflecting proceeds from equity issues.

• Estimated quarters of funding available at quarter end was 2.74.

Outlook and guidance

• DFS for the Youanmi Gold Project is on track for completion in late CY25, with key milestones including metallurgical test work, plant design, and permitting.

• Step-up drilling campaign aims to grow the Indicated Resource above the 103kozpa production target and support a robust DFS.

• Well-funded position supports continued exploration, drilling, and feasibility activities.