ROX RESOURCES LIMITED (RXL)
Share Price Analysis and Chart

05/10/2026

1

Speculative Buy

$0.80

36.75%

Ord Minnett retains its Speculative Buy rating on Rox Resources, with Youanmi remaining on schedule and within budget for first gold around mid-CY27.

The broker expects the developer's valuation discount to continue unwinding as construction milestones are met and production approaches. Concerns over the orebody's semi-refractory characteristics are seen as overstated.

Commentary adds Rox's $500m liquidity position comfortably covers the remaining -$360m of its -$420m upfront capital requirement, leaving around $140m of headroom.

Ord Minnett lifts FY28 earnings by 38%, largely due to lower depreciation and amortisation. The target rises by 10c to 80c.

This is a summary of research released by Ord Minnett last Friday.

FORECAST
Ord Minnett forecasts a full year FY27 dividend of 0.00 cents and EPS of minus -1.70 cents.
Ord Minnett forecasts a full year FY28 dividend of 0.00 cents and EPS of 11.40 cents.

13/10/2026

1

Speculative Buy

$1.15

96.58%

Canaccord Genuity maintains a Speculative Buy rating for Rox Resources with a $1.15 target price following a construction and mining update for the Youanmi Gold Project in Western Australia.

Process plant construction has reached 39% completion alongside underground development advancing 566m during September to remain ahead of feasibility study assumptions.

Development at the United North deposit completed the first two mining levels ahead of schedule, supporting the commencement of production drilling in mid-October.

The company ended the September 2026 quarter with $59.0m in cash before executing an initial $90.2m debt facility drawdown on 2 October to boost total liquidity to $149.2m.

The analyst views the ongoing execution of these major operational milestones as crucial for de-risking the pathway to first gold production targeted for mid-2027.