High-Grade Youanmi Gold Project Delivers Compelling Economics for Rox Resources

Positive PFS Confirms Compelling Economics for Rox Resources’ Flagship Asset

Rox Resources (ASX: RXL) has positioned itself as a standout gold developer with its recently completed Pre-Feasibility Study (PFS) demonstrating robust economics for the Youanmi Gold Project in Western Australia. The high-grade underground project boasts an impressive Probable Ore Reserve of 3.8Mt @ 4.4 g/t Au for 546,000 ounces and a substantial Mineral Resource of 16.2Mt @ 4.4 g/t Au for 2.3 million ounces.

The PFS outlines a compelling production profile exceeding 100,000 ounces per annum, with total production of 786,000 ounces over a 7.7-year mine life at an attractive All-In Sustaining Cost (AISC) of $1,676/oz. At the base case gold price of $3,100/oz, the project delivers a pre-tax NPV8 of $486 million and IRR of 42%, while at current gold prices around $3,700/oz, these metrics jump to a pre-tax NPV8 of $797 million and IRR of 62%.

“The Youanmi Gold Project presents a unique opportunity in the Australian gold sector – a high-grade underground project with existing infrastructure, strong economics, and exceptional exploration upside,” said Phillip Wilding, Managing Director and CEO of Rox Resources. “With dewatering activities already underway and our recent $40 million capital raise, we’re accelerating toward early underground access while completing our Definitive Feasibility Study.”

High-Grade Resource with Substantial Upside

The Youanmi project stands out for its exceptional grade profile, with the underground resource grading 5.5 g/t Au for 1.74 million ounces. The company has recently completed a significant 46,000-meter drilling program targeting resource conversion and near-mine growth opportunities, with an updated Mineral Resource Estimate expected in Q3 2025.

Early drilling results have been encouraging, with the company identifying multiple exploration targets with potential to add between 1.1 and 1.8 million ounces at grades ranging from 4.7 g/t to 7.0 g/t Au. These exploration targets, including the high-grade Link zone (596-875Koz), Kathleen (193-355Koz), and Pollard (110-269Koz) areas, represent significant potential upside beyond the current production plan.

De-Risked Development Path with Existing Infrastructure

Youanmi benefits from significant existing infrastructure, including an established decline extending to approximately 600 meters below surface, multiple pits, and high-volume evaporation ponds. The company has already commenced dewatering activities at the United North and Main Pits, representing a significant step toward underground access.

The project’s development timeline includes:

• • Ongoing resource definition and exploration drilling

• • Definitive Feasibility Study completion in late 2025

• • United North exploration decline access expected in Q4 2025

• • Pollard exploration decline expected in Q1 2026

• • Final investment decision targeted for Q2 2026

• • First gold production anticipated in Q2 2027

Processing Solution Confirmed Through Metallurgical Testing

Recent metallurgical testwork has confirmed a straightforward processing route with strong recoveries of 92.6% across the life of mine. The flowsheet incorporates conventional crushing, grinding and flotation, with concentrate treated via the Albion Process and flotation tailings processed through conventional CIL leaching.

Initial results have demonstrated excellent sulphur recovery to concentrate of 98.3%, containing 91.6% of the gold. The Albion Process testwork is currently underway to finalise mill design parameters.

Understanding the Albion Process: Key to Unlocking Value

The Albion Process represents a significant advancement in refractory gold ore processing, providing an economical alternative to traditional pressure oxidation methods.

For investors unfamiliar with the technology, the Albion Process combines ultrafine grinding with oxidation under atmospheric conditions to break down sulphide minerals that encapsulate gold particles. This makes previously inaccessible gold amenable to conventional cyanide leaching.

The advantages of this approach include:

• • Lower capital costs compared to pressure oxidation alternatives

• • Simplified operations without specialized high-pressure equipment

• • Reduced technical risk during commissioning and operations

• • Flexibility to handle varying ore characteristics

For Youanmi, where approximately 15% of the material requires oxidative treatment, the Albion Process offers an ideal balance of capital efficiency and metallurgical performance, contributing to the project’s strong economics.

Financial Position and Path Forward

Rox Resources is well-capitalized with $57 million in cash following a recent $40 million institutional placement. This funding provides the foundation for accelerating early works while completing the Definitive Feasibility Study. The company has also appointed debt advisors to progress project financing discussions.

The company’s major shareholders include QGold (21.8%), Hawke’s Point (17.7%), and Venus Metals (7.4%), alongside institutional investors holding 44.5% of the register.

Why Investors Should Follow Rox Resources

Rox Resources represents a compelling investment opportunity in the Australian gold sector for several key reasons:

1. 1. High-grade, high-margin project: With underground grades of 5.5 g/t Au and AISC of $1,676/oz, Youanmi sits in the lower cost quartile of Australian gold producers.

1. 1. De-risked development path: Existing infrastructure, historical production data, and straightforward metallurgy reduce technical risk.

1. 1. Significant exploration upside: Exploration targets suggest potential to substantially increase the resource base and extend mine life.

1. 1. Counter-cyclical development timing: With production targeted for 2027, Rox is positioned to benefit from continued strength in gold prices.

1. 1. Experienced management team: The leadership team brings proven experience in developing and operating Australian gold mines.

With a clear development pathway, strong financial position, and multiple near-term catalysts including an updated resource estimate, exploration results, and Definitive Feasibility Study completion, Rox Resources is strategically positioned to deliver significant shareholder value as it advances Youanmi toward production.

Want to Unlock the Investment Potential of This High-Grade Gold Project?

Find out why Rox Resources’ Youanmi Gold Project offers a compelling investment opportunity with its high-grade underground resource, robust economics, and significant exploration upside. For more information about this emerging Australian gold developer and its flagship project that’s targeting production of over 100,000 ounces per annum, visit Rox Resources’ website today.