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2026-11-06
◂ Monitor RXL ASX

Rox Resources Limited

Construction · Gold · AU Rating locked: sign in to view v8.1 · rxl-20261102t225756-full
Last 2026-11-06
A$0.55
1D
—
1M
—
YTD
—
1Y
—
Upside
Locked: sign in to view
Mkt cap
A$766.6M
EV
A$708.7M
Cash
A$59.3M
Debt
A$0

Funding, performance and ownership

Financials & Capital

As of 2026-09-30
Cash A$59.3MFY2025: 50,478,000FY2026: 152,666,000 Construction Funded
Debt A$0 Net cash A$59.3M
Basic shares 1.4B 2026-09-14
Runway Construction Funded Cash A$59.3m at 30 Sept 2026 plus A$320m undrawn term and cost-overrun facilities (financial close 2 Oct 2026; A$90.2m drawn). Runway is not a finite measure while the plant is being built; the funding gap is covered by committed debt and the DFS capital budget.

Liquidity

Financial position

Liquidity is adequate for the construction period on the disclosed budget: A$59.3m cash plus A$90.2m drawn after quarter end and A$229.8m remaining under the A$320m term and cost-overrun facilities, against A$210m of remaining pre-production capital. Cost overrun risk and oxygen supply contract execution remain open.

Inventory composition1

ROM ore stockpile of 47,955 t at 3.05 g/t gold (4,700 oz) at 30 Sept 2026; not yet sold, carrying value not disclosed. A surface stockpile is included in the resource total.

Run-of-mine ore stockpile at 30 Sept 2026 (47,955 t at 3.05 g/t Au, 4,700 oz contained, ahead of DFS schedule)
— carrying · 47,955 t

Capital structure

Ownership and dilution

Ordinary shares
1.4B
Fully diluted
1.4B

Ordinary shares rose from 746,321,544 (30 June 2025) to 1,390,168,440 (30 June 2026) through A$218m of issues (571.4m at A$0.35 placement and 51.4m SPP, plus 622.9m total incl. option exercises) and 7.8m performance rights vested; 1,393,768,440 at the register date (14 September 2026) after 5.7m rights converted post year-end. No unlisted options were exercisable at the report date. Fully diluted adds 34,950,811 performance rights.

Security classes2
ClassTypeQuantityStrikeExpiry
Fully paid ordinary shares on issueOrdinary Share1.4B——
Unquoted performance rights (employee, all classes)Performance Right35M——

Actuals and forecasts

Financial statements

Reported years only; our forecasts are available to subscribers
AUDUnitTrendFY2025AFY2026A
Operations
Gold sold (oz)oz0.000.00
Profit and loss
RevenueAUDm0.00.0
Expensed pre-production and mine costs (P&L) / forecast cash operating costsAUDmFY2025: 17,866,000 AUDFY2026: 32,145,000 AUD17.932.1
Corporate administrationAUDmFY2025: 3,816,000 AUDFY2026: 6,561,000 AUD3.86.6
EBITDA (pre-production basis)AUDmFY2025: -21,682,000 AUDFY2026: -38,706,000 AUD(21.7)(38.7)
Net profit after taxAUDmFY2025: -18,183,000 AUDFY2026: -34,952,000 AUD(18.2)(35.0)
Cash flow
Operating cash flowAUDmFY2025: -19,793,000 AUDFY2026: -36,493,000 AUD(19.8)(36.5)
Capex (PP&E and mine development)AUDmFY2025: 3,530,000 AUDFY2026: 62,241,000 AUD3.562.2
Free cash flow (operating cash flow less capex)AUDmFY2025: -23,323,000 AUDFY2026: -98,734,000 AUD(23.3)(98.7)
Balance sheet
Cash at period endAUDmFY2025: 50,478,000 AUDFY2026: 152,666,000 AUD50.5152.7
Debt drawn at period endAUDm0.00.0
Net debt / (net cash)AUDmFY2025: -50,478,000 AUDFY2026: -152,666,000 AUD(50.5)(152.7)
Per share
Ordinary shares on issue (period end)m sharesFY2025: 746,321,544 sharesFY2026: 1,390,168,440 shares746.31,390.2
Multiples and ratios
EV / EBITDA (x, current EV)xFY2025: -30.11 xFY2026: -16.87 x(30.1)(16.9)
P / E (x, current market cap)xFY2025: -39.09 xFY2026: -20.34 x(39.1)(20.3)
FCF yield (current market cap)%FY2025: -0.03 fractionFY2026: -0.14 fraction-3.3%-13.9%
EBITDA margin%——
Net debt / EBITDA (x)xFY2025: 2.33 xFY2026: 3.94 x2.33.9

KPI history

Operating metrics

Source values by period
Operating metric source table2
MetricProjectPeriodPeriod typeValueStatus
Contained gold in ore mined (stockpiled, not sold)YouanmiSept 2026 quarterQuarter1,818 ozReported
Contained gold in ROM stockpileYouanmi30 Sept 2026Point In Time4,700 ozReported
Company guidance2
MetricProjectPeriodLowHighStatus
First Gold Productionyouanmimid-CY2027—— dateCurrent
Aspiration: Expanded Mine Plan Production Rate (Not Guidance)youanmipost expansion (aspiration)150,000150,000 oz/yrCurrent

Capital history

Capital events

3 events · newest first
DateEventAmountSharesPriceStatusTerms
2026-10-02Ann. 2026-03-09DebtA$350M——Ongoing—
2025-12-23Ann. 2025-12-03RaisingA$18M51.4M—Completed—
2025-12-23Ann. 2025-11-14RaisingA$200M571.4M—Completed—

Contracts and ownership

Material economic arrangements These are deals that can affect sales, costs, funding or ownership. An arrangement marked “Included in valuation” may already be built into a project estimate or the bridge to shareholder value. A separate amount is shown only when one can be estimated; do not add it again.

Partial · as of 2026-11-02

Arrangements in the DFS, FY2026 Annual Report, the September 2026 quarterly, the native title and power announcements and the Mt Fisher completion. The oxygen supply and EPC contract terms and the St Barbara royalty rate were not disclosed in the documents read.

A$350m syndicated debt (A$300m term loan, A$20m cost overrun, A$30m bank guarantee) with a 5.5-year term, first secured over the project; financial close and first drawdown on 2 October 2026. Undrawn amounts fund DFS capex inside the DCF, not the equity bridge.

Other · Active
Counterparties
Syndicate of Australian and international banks
Applies to
Youanmi Gold Project · Gold
Economic direction
Burden
Period
2026-04-30 to 2032-04-02
Key terms
Senior secured project term loan facility: 300,000,000 AUD
Cost overrun facility: 20,000,000 AUD
Bank guarantee facility: 30,000,000 AUD
Interest: —
How it affects our valuation

No valuation treatment is available for this arrangement.

Gold put options on 40,400 oz for FY2028 at A$5,700/oz, bought for A$9.7m; the company keeps upside above the strike. Modelled as a realised-price floor on those ounces only.

Commodity Hedge · Active
Counterparties
Tier 1 bank counterparties (not named)
Applies to
Youanmi Gold Project · Gold
Economic direction
Benefit
Period
2025-12-01 to 2028-06-30
Key terms
Ounces covered (FY2028, monthly maturities): 40,400 oz
Strike price: 5,700 AUD/oz
Premium paid: 241 AUD/oz
Fair value at 30 June 2026: 15,131,000 AUD
How it affects our valuation

No valuation treatment is available for this arrangement.

1% NSR royalty to Venus Metals over the Youanmi tenure (excluding M57/10); included in the DFS royalty total of A$146m (A$179/oz).

Royalty · Active
Counterparties
Venus Metals Corporation Limited
Applies to
Youanmi Gold Project · Gold
Economic direction
Burden
Period
Dates not stated
Key terms
Net smelter return royalty: 1 %
How it affects our valuation

No valuation treatment is available for this arrangement.

WA State royalty of 2.5 per cent of gold revenue; within the DFS royalty assumption of 3.5 per cent of revenue.

Royalty · Active
Counterparties
State of Western Australia
Applies to
Youanmi Gold Project · Gold
Economic direction
Burden
Period
Dates not stated
Key terms
State gold royalty: 2.5 %
How it affects our valuation

No valuation treatment is available for this arrangement.

Royalty agreements between St Barbara Limited and Venus Metals over parts of the tenure, referred to in the DFS; rates not disclosed in the documents read and assumed within the DFS royalty total.

Royalty · Active
Counterparties
St Barbara Limited · Venus Metals Corporation Limited
Applies to
Youanmi Gold Project · Gold
Economic direction
Burden
Period
Dates not stated
How it affects our valuation

No valuation treatment is available for this arrangement.

Native Title Mining Agreement signed 19 August 2026 with an upfront payment and a production-based royalty. Neither amount is disclosed; the DFS royalty total does not include it, so it is tested as a sensitivity.

Royalty · Active
Counterparties
Badimia Barna Native Title Claim Applicant
Applies to
Youanmi Gold Project · Gold
Economic direction
Burden
Period
From 2026-08-19; no end date stated
Key terms
Upfront payment: —
Production-based royalty: —
How it affects our valuation

No valuation treatment is available for this arrangement.

Build-own-operate power supply agreement executed in August 2026; its payments replace on-site diesel and capex, so the net incremental cost is what the DFS operating cost is tested against.

Other · Active
Counterparties
Pacific Energy Limited
Applies to
Youanmi Gold Project · Gold
Economic direction
Burden
Period
2026-08-31 to 2036-08-31
Key terms
Initial term: 10 years
Power station capacity: 25 MW
How it affects our valuation

No valuation treatment is available for this arrangement.

Sale of Mt Fisher to High-Tech Metals: cash, HTM shares and a 1% NSR royalty to the company. Immaterial to value.

Royalty · Active
Counterparties
High-Tech Metals Limited
Applies to
Mt Fisher and Mt Eureka (sold) · Gold
Economic direction
Benefit
Period
From 2025-05-30; no end date stated
Key terms
Cash consideration received: 1,450,000 AUD
HTM shares received: 1,000,000 shares
NSR royalty on certain tenements: 1 %
How it affects our valuation

No valuation treatment is available for this arrangement.