Rox Resources Limited ($RXL)

Today's announcement is a huge one for Rox Resources. We've come out with a debt commitment for a $350 million facility, $300 million in the main debt line, $30 million for the bank guarantees and $20 million cost overrun facility. That, combined with our placement we did back in November, December last year for $200 million in equity plus the $18 million SPP now puts Rox in a position where we are fully funded to deliver Youanmi Gold Project. So from our DFS, which we put out in November, we had a preproduction capital requirement or preproduction expenditure requirement of $450 million. We've now got excess of that. So we believe we've got enough money now to get this project into development, start construction and actually pour gold in the middle of next year. Over the last 18 months, Rox has been busy. We've gone from an explorer. We did some more drilling. We released DFS. We started early works. We got our funding in place. We're now in that halfway to production. So we've had this ambition since I joined the company to actually build this operation. This is our first true commitment to doing that. So over the next few months, we've still got a few big milestones left. We've got our mine development closure proposal, which is due imminently. That was lodged in December last year. We know it's in the final throw, so we're expecting that to come pretty soon. Following that, we'll be looking to go towards an FID. And then our works' approvals, which are due in a couple of months later, which are the final operational permits. Whilst all that's happening, we've started drilling. So we're mining again. We started in November. We've been drilling now for the last month. We did an infill program around United North. We'll expect those results to come out late this month. We're doing a bit of greenfield work at the moment up to the North, and then we're going to come back to the main assets as well and continue putting some more infill drilling from surface in the lead up to sending rigs underground. So all of that construction is going to get underway. Our camp is progressing quite well. Dewatering is nearly complete as well. So in the next 4 to 8 weeks, that main pit should be dewatered, the old decline exposed and let us get access in there to start developing that and also Pollard. And again, this is all leading up to be out and pour gold in June, July 2027. Securing traditional project financing through Tier 1 banks is a massive tick for this project. It's not just a case of going out and asking, we want this money. They've got to do an in-depth process where they're going through Independent Technical Experts trying to pull our plan to pieces. So we've been working with the lenders now for about the last 10 months. The ITEs have been part of this project since the middle of last year. But they've been going through all of our works, assessing it, looking where the downside risks are, if there are any, communicating that back through into our models into the banks, and the bank is putting a stress case under it. And what this really means is it's a robust project. So we've gone through all of these processes, and the banks have then come in fantastic terms, no hedging requirement with a substantial amount of debt because they believe in this project. And that's a big tick for all investors, gone through that level of scrutiny through all of our study work and still come out of this result. It's exactly what we wanted to see. And again, we're looking forward to pouring gold next year.