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RXL - Rox Resources

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Tyre Kicker said:
I think this one has been completed undervalued or ignored by the market for a long time.
Click to expand...

Nice break up on volume. Surprised that's been just heading south for so long with the resource upgrade in the winds.

 
Just a note that Venus Metals (VMC) owns 30% of Youanmi Gold Project and chunks of the surrounding tenements. VMC up 16% today @ 21c (my average 1c higher). Venus has genuinely modest share issuance unlike RXL which has recently done a big consolidation of its shares.

VMC also has a longshot chance of some spillover from a jv btw VMS and CHN which is looking at a 'Julimar like' electromag anomaly called 'Thor'. Venus (VMC) owns the NE tip of that anomaly.
Been frustrating to hold a few VMC and from the look of the chart I would not expect it to hold today's gains. So in the unlikely event anyone is interested in this spec it might pay to await developments. Better to dip out on VMC than pay too much imo - slow mover, slightly sketchy mgt but seems good deal maker.
 

I was shocked when I saw the EV on this with 3m oz in the ground. Looked nuts. A lot of others agreed, got pushed to 54 cents.
 
Well, all the excitement of the resource upgrade has well and truly worn off and this is now back in the dog house.

Report by Canaccord gives them a $1.10 valuation, way off where they are now. Not sure if Canaccord have been paid for this or if they did some financing for them, but geesh.

It's back to being crazy cheap on an EV to ounces basis. Current EV about $70m with 3Moz, just doesn't make sense. Even just putting $100 an ounce on it is $300m MC.

I'm not sure what's wrong with it. Maybe just the sulphide part of the ore?



 
Don't think I've ever seen a sell or reduce target on a junior explorer. These brokers aren't paid for these reports directly - but as you mentioned there is consideration for either past raisings which they are trying to pump to keep clients happy, or future consideration to be used as the broker of choice for the next placement. Connacord and Taylors did the last placement.

"Canaccord Genuity (Australia) Ltd. will provide investor relations and investment banking services, and will periodically publish company profiles and updates for the Firm's investor clients. These investment profiles may contain a recommendation, rating and/or price target. The Firm does not receive fees from issuers for research provided on COLTS. "

Rox is interesting and it's worth looking into the companies Hawks point get involved with as I think they have a good track record. Have to re-read the corporate doublespeak - I think they only maintained their 13% in the company with the last raising rather than take the opportunity to cement their control and go up to near 20%? Are they waiting on one more raising to cement their holding? I also need to understand the involvement with/of Venus. Venus don't inspire me and I wonder if there are some deeper boardroom issues at hand (usually are in Perth).

Article below - nearly 4 years old... Not much has really changed in that time... "When the Youanmi mine closed its doors in 1997, the gold price was about A$400 an ounce"

Venus Metals to buy Youanmi Gold mine and St Clair-contested tenements

Junior explorer Venus Metals (ASX: VMC) has gained on news it has snapped up two options that will allow it buy up the historical Youanmi Gold Mine which its tenements surround in Western Australia, plus associated infrastructure including the mine village.
smallcaps.com.au
 
Fat prophets recommended when price slumped more than 10%.
Was it a pumped report or the effect of resignation of Alex Passmore.
If he did so well why such departure without a proper succession and downhill price.
It's dodgy publicity I think ?
 
Good morning
55.17% gain today 02/03/23. Well done to holders, sadly this black duck ain’t one of them …

Great announcement.

Kind regards
rcw1
 

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Tyre Kicker said:
Massive grades...
Can they get any better?
Click to expand...
As they say, one swallow does not a summer make.

... first of a series of holes to test a range of structural trends has returned continuous bonanza grades in RC drilling with; RXRC458: 28m @ 34.81g/t Au from 204m, including;
o 18m @ 51.96g/t from 207m, including;
o 10m@ 79.55g/t from 211m, including;
o 3m @ 138.07g/t from 218m.
 
Will rxl ever go back up? About 2 years ago, my shares sky rocketed (I have about 4 different stocks same type of materials) and soared I've 100k...I didn't sell thinking hold hold hold and they plummeted and haven't seen much happening since. Hopefully something huge happens in the coming years as I won't be selling at such a low value.
 
@kirsty123, I hold some via my holding in VMC. Can't add much as I take little notice of either company these days.
I won't be selling here because I view the monthly chart as a reasonable chance of levelling out around this level - but that's just a very casual observation. I'm afraid it's looking like a bottom drawer stock for a while.
Needs dramatic news to move, not more drill intersections. Long grind to get through studies to an investment decision then dilution/debt to build a plant. Most money is not going to hang around for that, assuming it happens at all.

Held
 
Good afternoon

The final batch of gold assay results have been received from Pollard, Youanmi and United North, the key results from the program so far include as at 12 December 2024:
:• RXDD131: 4.38m @ 19.07 g/t Au from 387.98m, incl. 1.73m @ 41.43 g/t Au from 389.96m
• RXDD119: 4.56m @ 14.60 g/t Au from 220.64m
• RXDD115: 2.99m @ 21.11 g/t Au from 249.88m
• RXDD119: 4.0m @ 7.37 g/t Au from 162.0m
• RXDD132: 7.19m @ 3.90 g/t Au from 263.61m
• RXDD133: 2.83m @ 6.53 g/t Au from 431.00m
• RXDD128: 3.82m @ 4.51 g/t Au from 364.59m, incl. 1.73m @ 8.22 g/t Au from 364.59m
• RXDD122: 0.95m @ 13.50 g/t Au from 204.44m


Update on Rox Resources Definitive Feasibility Study workstreams at the Youanmi Gold Project in WA as at 8 January 2025:
  • Tranche 1 and Share Purchase Plan (SPP) completed as part of $27 million raise (Refer to RXL ASX announcement dated 13th November 2024 “ Rox Resources to raise up to $27 Million”);
  • General Meeting for Tranche 2 planned for January 20, 2025; The use of funds will be: Accelerate near-mine growth drilling through a ~35,000m drilling program Update Mineral Resources• Update mineral resources, and Ore Reserves for the DFS • Finalise the Youanmi DFS • Prepare and commence early dewatering activities to accelerate path to production • Further assess high-priority exploration targets within the Company’s expansive tenure • Provide general working capital.

  • 35,000m step-up drill campaign (Refer to RXL ASX announcement dated 5th December 2024 “Major 35,000m Step Up Drill Program Commences at Youanmi Gold Project”) well underway;
  • DDH1 and Strike Drilling awarded the drilling contract o Three drill rigs were operating in the lead up to Christmas;
  • Four Diamond Rigs (DD) and one Reverse Circulation (RC) rigs currently onsite;
  • Camp works progressing to support the drilling campaign – plan to operate five to six rigs over coming months
  • Dewatering of Youanmi open pit and underground mine: preparing to award works for remediation of the evaporation ponds and installation of pumping infrastructure;
  • Metallurgical samples all received by lab for comminution and flotation test work and concentrate generation for Albion test work; and
  • Assessing potential to utilise existing infrastructure and early access to old workings in H2 CY25
Daily

daily


Not holding

Kind regards
rcw1
 
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