Rox Resources Completes Main Pit Dewatering at Youanmi Gold Mine

Rox Resources Hits Major Milestone at Youanmi: Main Pit Dewatered, Development Accelerating Across the Board

Rox Resources (ASX: RXL) has announced a string of meaningful operational milestones at its 100%-owned Youanmi Gold Mine in Western Australia, marking what the company describes as a pivotal moment in its pathway to production. The ROX Resources Youanmi Gold Mine main pit dewatered and underground development update confirms the completion of Main Pit dewatering, a record month of underground development at United North, confirmed high-grade mineralisation at the first ore lode, and rapidly advancing surface infrastructure — all pointing to a project gathering serious momentum.

"Completing the first phase of dewatering the Main Pit is a massive achievement and the next significant step in our development of the Youanmi Gold Mine."
— Phill Wilding, Managing Director & CEO, Rox Resources

Main Pit Dewatered: A Pivotal Gateway to Underground Mining

The dewatering of the Main Pit represents arguably the headline event of this update. With the pit floor now fully visible and the historic Main Decline exposed, Rox has cleared one of the most operationally complex hurdles on its road to production.

Key points from this milestone include:

• Dewatering pumps have been maintaining water levels as low as possible in the pit
• The transition is now underway from pit-based pumping to underground dewatering via an initial borehole, ahead of the commencement of mining
• Ramp sheeting works to re-establish access to the pit floor are well advanced
• Face protection mesh has been installed at both the Main Portal and the Pollard Portal locations in preparation for the development jumbo
• The Power Station for Main Pit has been installed and is ready for commissioning following connection of the power cable into the pit
• Development on both the Main and Pollard declines is anticipated to commence in late May, with machinery due on-site mid-month

This transition from open pit dewatering to underground dewatering signals a critical operational handoff. Furthermore, it demonstrates that Rox is shifting from preparatory groundwork to active underground mining at a second operating front within Youanmi.

Understanding Underground Dewatering in Mining Operations

Dewatering in a mining context refers to the controlled removal of groundwater from mine working areas so that safe and efficient mining can proceed. In open pit environments, pumps remove water from the base of the pit. When transitioning to underground operations, however, this process must shift to managing water within the tunnel and decline network — a more technically demanding task.

For investors, the completion of open pit dewatering and the commencement of underground dewatering directly unlocks access to the ore bodies that sit beneath the existing pit floor. Without it, underground development and ore extraction cannot proceed safely.

Key Mining Terms:

The significance of underground dewatering extends beyond mere operational necessity. It represents the gateway to accessing higher-grade ore zones typically found at depth, which often form the economic backbone of underground mining operations.

United North Underground: Record Advance and First Ore Confirmed

While Main Pit preparations dominate the headlines, Rox's United North operation is delivering results that would stand out in any mining update. The April performance, consequently, demonstrates both operational efficiency and geological validation of the project's underlying assumptions.

Key United North highlights for April:

• 342 metres of underground advance completed during April — a record monthly figure achieved with only a single development jumbo on-site
• This advance rate is described as well ahead of rates predicted in the Definitive Feasibility Study (DFS)
• The first ventilation rise successfully fired, with the next extension due imminently and primary ventilation fans to be installed later in May
• The first ore lode at the 2341mRL access level has been intersected, confirming mineralisation in line with the geological model

Sampling Results — First Ore Lode, United North 2341mRL:

The first ore lode maintains a visually controllable mining width, described as an important characteristic for efficient underground extraction. The results align with model expectations, providing early validation of the resource model at this level.

The second ore lode at the 2341mRL level has also been intersected, with mapping and sampling completed and assays pending. Visual differences from the surrounding rock and a distinct footwall contact have been noted — mirroring the characteristics of the first ore lode. Results are expected shortly.

Ore drive development and the commencement of ore stockpile building are planned imminently, marking the transition from exploration to production-focused activities.

Infrastructure and Processing Plant: Construction Phase Beginning

Alongside underground progress, surface infrastructure is advancing across multiple workstreams simultaneously. The pace of infrastructure development reflects the project's transition from planning to execution phase.

Processing Plant Progress

Following receipt of Mine Development and Closure Proposal (MDCP) approval, contractors have mobilised to site and commenced bulk earthworks. Topsoil has been cleared and the first pad is under construction. Interquip is expected to mobilise to site in late May, marking the commencement of formal processing plant construction. Works Approval is currently under assessment by DWER.

Accommodation Village Expansion

All buildings for the accommodation village are now on-site. The expansion has delivered an additional 300 rooms, comprising:

• 180 permanent high-specification rooms
• 120 new temporary construction rooms
• A new dry mess facility

This expansion builds upon the existing 51 rooms from the historic camp, bringing total accommodation capacity on completion to 351 rooms.

Major Contracts Awarded or Engaged

The engagement of an experienced independent power provider delivering a hybrid thermal-solar-battery power solution reflects the scale of infrastructure being built at Youanmi. In addition, borefields drilling has also commenced to increase water availability for future operational requirements.

Pathway to Production: On Schedule Execution

Rox has maintained its stated development timeline, with key milestones tracking as outlined in the company's pathway to production framework.

"The team has been hard at work at Youanmi, advancing our pathway to production on-schedule and reinforcing Rox's position as one of Western Australia's next high-grade gold producers."
— Phill Wilding, Managing Director & CEO

The high-level project timeline points toward first gold in late 2027, following mill construction and commissioning through the second and third quarters of that year. Consequently, the ROX Resources Youanmi Gold Mine main pit dewatered and underground development update solidifies the company's position as one of the most advanced gold developers currently operating on the ASX.

Upcoming Catalysts: Near-Term Value Drivers

For investors tracking Rox Resources, the coming weeks and months present multiple near-term catalysts.

Immediate Catalysts (May–June 2026)

1. Main and Pollard declines to commence — development expected to begin late May, opening a second underground mining front
2. Diamond drilling to commence — K-Drill's first machine arriving on-site in May, with initial focus on infill drilling the mine plan
3. Primary ventilation fans installed at United North — removing ventilation-related mining restrictions and enabling further acceleration of development
4. Interquip mobilisation and processing plant construction to begin — expected late May/June

Medium-Term Catalysts (Q3–Q4 2026)

5. Second ore lode assay results at 2341mRL — sampling completed and results pending
6. Ore drive development to commence and ore stockpile building to begin at United North
7. Review of airborne magnetic survey results — near-mine and regional exploration target definition

These catalysts represent material de-risking events and operational progress indicators that could influence investor perception of execution capability and timeline adherence.

Investment Case: Funded High-Grade Gold Developer in Execution Mode

Rox Resources' appeal as an investment opportunity rests on several interconnected pillars that this operational update reinforces.

Scale and Quality of Mineral Resource

Youanmi hosts a global mineral resource of 12.1 million tonnes at 5.6g/t for 2.2 million ounces of gold — a high-grade figure by global standards. This resource base underpins the economic rationale of the project and supports the capital investment being deployed.

Fully Funded Through to Production

With $200 million in equity and $350 million in debt financing secured, Rox entered 2026 in a position available to few ASX-listed gold developers: fully funded through to first gold. This substantially de-risks execution compared to peers who may still face capital raising requirements during construction.

Demonstrated Execution Capability

The April record of 342 metres of underground advance at United North with a single jumbo — ahead of DFS projections — represents delivered performance rather than projected capability. Early ore intersections confirming the geological model, on-schedule dewatering, and multiple contracted workstreams demonstrate management translating planning into measurable action.

High-Grade Underground Operation Profile

The confirmed first ore lode at 2.20m @ 4.99g/t Au, including 0.50m @ 8.32g/t Au at the footwall contact aligns with the high-grade character of Youanmi and validates the near-term ore extraction thesis. These grades support the economic assumptions underlying the project's feasibility study.

Multiple Value Expansion Opportunities

Beyond production ramp-up, Rox retains exploration upside across a 40km strike length of the Youanmi Greenstone Belt. With diamond drilling commencing and airborne magnetic survey results under review, resource growth potential exists at depth and along strike from current defined mineralisation.

Why Rox Resources Warrants Investor Attention

Key Investment Considerations:

• Fully funded execution — no near-term equity dilution risk to complete the project
• High-grade resource base — 2.2Moz at 5.6g/t supports compelling economic fundamentals
• Dual underground mining fronts — United North already advancing; Main and Pollard declines imminent
• On-schedule delivery track record — DFS, FID, funding, dewatering and earthworks all delivered as planned
• Processing plant construction beginning June — major de-risking event approaching
• Active exploration program — 40km greenstone belt strike length with drilling program commencing
• Clear production timeline — project trajectory pointing toward late 2027 first gold

The combination of a large high-grade gold resource, demonstrated execution capability, and full funding through to production positions Rox Resources as a differentiated opportunity within the ASX gold development sector.

For investors seeking exposure to near-term gold production with exploration upside, the ROX Resources Youanmi Gold Mine main pit dewatered and underground development update presents a compelling proposition supported by measurable operational progress and a clear pathway to cash flow generation. The next several months represent a critical period where construction momentum and underground development results could significantly influence the investment thesis.

Ready to Dig Deeper Into Rox Resources' Youanmi Gold Project?

With the Main Pit dewatered, record underground advance rates at United North, and processing plant construction set to begin, Rox Resources (ASX: RXL) is rapidly closing in on becoming one of Western Australia's next high-grade gold producers. Fully funded through to first gold and delivering on schedule across every major milestone, this is a project with genuine momentum behind it. To learn more about Rox Resources, the Youanmi Gold Mine, and what this development pipeline could mean for investors, visit the official company website at roxresources.com.au.