Why Rox Resources Raised $218m to Advance Youanmi Gold Project

Strong Retail Support Drives SPP Upsize

Rox Resources Limited (ASX, RXL) has announced an upsizing of its Share Purchase Plan (SPP) to A$18 million, a significant increase from the original A$10 million target. This move comes in response to unexpectedly strong demand from its retail shareholders, underscoring robust confidence in the company’s flagship Youanmi Gold Project in Western Australia.

The SPP, which closed on 16 December 2025, was offered to nearly 5,827 eligible shareholders, with approximately 24% participating. The company received valid applications totaling around A$24.4 million, well above the initial cap, prompting the scale-back of allocations to maintain fairness and limit dilution.

Complementing a Major Institutional Placement

This retail capital raise runs alongside a substantial A$200 million two-tranche institutional placement. The first tranche, raising A$66 million, was completed in November, while the second tranche of A$134 million awaits final shareholder approval and is expected to settle by 23 December 2025. Together, these efforts will provide Rox with approximately A$218 million before costs, fully funding the equity portion of the Youanmi Gold Project development.

Managing Director and CEO Phill Wilding expressed enthusiasm about the strong shareholder backing, highlighting it as a vote of confidence in the project’s progress and the company’s strategic direction. He emphasized that the funding will not only de-risk the project’s financing but also enable Rox to enhance its drilling program as it advances toward production.

Managing Shareholder Equity and Dilution

To balance the high demand with equitable shareholder treatment, Rox implemented a scale-back methodology. Shareholders holding between 1,501 and 139,999 shares received a pro-rata allocation, while those with holdings above 140,000 shares were allocated 100% of their valid applications, subject to a $30,000 cap. Shareholders with fewer than 1,501 shares were ineligible to participate.

The final allotment of new shares is scheduled for 23 December 2025, with any excess application funds to be refunded without interest. This careful approach aims to reward loyal retail investors while preserving the company’s capital structure integrity.

Positioning for High-Grade Gold Production

The Youanmi Gold Project, located near Mt Magnet approximately 480 kilometres northeast of Perth, boasts a global mineral resource of 12.1 million tonnes at 5.6 grams per tonne gold, equating to 2.2 million ounces. Rox’s focus on developing this high-grade, high-margin asset positions it to become one of Western Australia’s notable new gold producers.

With the equity funding secured, Rox is poised to maintain its development momentum, supported by a clear strategic plan and a strengthened drilling program. The company’s ability to attract strong retail and institutional support reflects market confidence in its growth trajectory and operational execution.