ROX RESOURCES LIMITED (RXL)
Share Price Analysis and Chart

03/08/2026

1

Initiation of coverage with Speculative Buy

$0.70

10.24%

Ord Minnett observes the environment for gold developers has improved after a rally in the price over the past two years. Margins and payback periods have improved significantly while funding risk has abated.

Equity participants are seen as more willing to fund projects as they seek leveraged gold exposure.

The broker considers Rox Resources underappreciated and initiates coverage with a Speculative Buy rating and $0.70 target. The business is trading at a relative discount to peers on a grade/time-to-first production basis.

Ord Minnett believes the risks are overplayed and there is significant upside on a standalone basis.

17/09/2026

1

Speculative Buy

$1.05

65.35%

Canaccord Genuity maintains a Speculative Buy rating for Rox Resources with a $1.05 target price following underground grade-control drilling results at the United North deposit within the Youanmi gold project in Western Australia.

Recent high-grade intersections, including 10.3m at 12.5g/t gold, enabled ore drives on the 2356mRL and 2341mRL levels to advance 125m beyond the original definitive feasibility study mine plan.

Canaccord Genuity notes growing evidence of mineralisation continuing beyond scheduled stopes, offering a potential pathway to additional inventory and mine-life extensions ahead of production stoping commencing in the coming weeks.

A recent annual update delivered a 1% increase in mineral resources to 2.20m ounces and an 8% increase in ore reserves to 727k ounces, with indicated resources rising to 73% of the total resource base.

Canaccord Genuity highlights the commencement of a new growth drilling campaign targeting down-plunge extensions beneath United North as an important catalyst supporting the aspiration to scale Youanmi into a 150k ounce per year operation.