Youanmi Gold Project’s First Decline Cut Set as DFS Nears Completion

Youanmi Project Enters Critical Development Phase

Rox Resources Limited (ASX, RXL) is accelerating its transition from exploration to production at the Youanmi Gold Project in Western Australia. This week, the company is set to fire the first cut of the underground exploration decline at the United North pit, a milestone that signals the start of underground development. The arrival of Byrnecut personnel and equipment on site underscores Rox’s commitment to advancing the project swiftly.

Infrastructure works are advancing in parallel, with significant progress on water and power installations, as well as the expansion of the Phase One camp. The new camp facilities, including 60 high-spec rooms, are nearing completion to support the growing workforce. Meanwhile, the refurbishment and preparation of office and workshop areas are underway, ensuring operational readiness as mining activities ramp up.

Financing and Feasibility Milestones

In a strategic move to secure project financing, Rox hosted representatives from eight leading Australian and international banks for an on-site tour in late October. This visit forms a key part of the company’s debt financing due diligence and term sheet negotiations. Credit-approved debt commitments are anticipated following the release of the Definitive Feasibility Study (DFS), expected later this month, which will provide a comprehensive business case for full-scale development.

The DFS will incorporate updated Mineral Resource Estimates and detailed engineering studies, providing investors with clarity on project economics and timelines. Rox’s Managing Director Phill Wilding described November as a “monumental month” for the company, highlighting the imminent production start and the high-grade nature of the Youanmi deposit.

Exploration and Resource Expansion

Exploration remains a core focus, supported by a $220,000 co-funded drilling grant from the Western Australian Exploration Incentive Scheme. Rox plans to target southern extensions and repetitions of the Youanmi mineral system, guided by recent airborne magnetic survey data. This geophysical work, processed by specialist consultants, aims to refine target generation across the company’s extensive tenement package.

Concurrent with exploration, dewatering of the Youanmi Main pit continues on schedule, with pumping operations set to complete in early 2026. This activity is critical to exposing underground portal positions and facilitating further development. Early works for process plant design and permitting are also progressing, laying the groundwork for construction and commissioning phases.

A Clear Pathway to Production

Rox Resources has outlined a structured pathway to production, with underground development, resource drilling, metallurgical testing, and permitting advancing in tandem. The company aims to become one of Western Australia’s highest-grade new gold producers, leveraging a resource base of 2.2 million ounces at an average grade of 5.6 grams per tonne. The coming months will be pivotal as Rox finalizes its DFS, secures financing, and initiates underground mining activities.