Rox Resources (RXL) Q4 2024 TU earnings summary

Executive summary

• Positive Pre-Feasibility Study (PFS) completed for the Youanmi Gold Project, outlining a long-life, high-grade operation targeting 100kozpa gold production over 7.7 years.

• Successful $6.2M capital raising to fund ongoing exploration, infill drilling, and DFS work at Youanmi.

• Board approved progression to Definitive Feasibility Study (DFS) stage, targeting completion in 2025.

Financial highlights

• PFS base case assumes a conservative gold price of A$3,100/oz, delivering pre-tax free cash flow of $855m and post-tax $597m over LOM.

• NPV8 (pre-tax) of $486m and (post-tax) $322m; IRR (pre-tax) 42%, (post-tax) 33%.

• At spot gold price (A$3,500/oz), pre-tax free cash flow increases to $1.2bn and post-tax $810m; NPV8 (pre-tax) $694m, (post-tax) $468m.

• All-in sustaining cost (AISC) averages A$1,676/oz, supporting high margins and project resilience.

• Total pre-production capital expenditure estimated at $245m.

Outlook and guidance

• DFS underway, with further infill drilling and metallurgical studies planned to enhance project economics and extend mine life.

• Significant potential for resource growth and new discoveries within the Youanmi greenstone belt.

• Ongoing exploration at Mt Fisher–Mt Eureka, with alternatives being considered to monetise non-core assets.