ROX RESOURCES LIMITED (RXL)
Share Price Analysis and Chart

05/10/2026

1

Speculative Buy

$0.80

23.08%

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.

08/10/2026

1

Speculative Buy

$1.15

76.92%

Canaccord Genuity maintains a Speculative Buy rating for Rox Resources with an unchanged $1.15 target price following underground grade-control drilling results from the United North deposit at the Youanmi project in Western Australia.

Infill drilling returned several high-grade intersections, including 12.1 metres at 13.36 grams per tonne gold from 137 metres and 7.54 metres at 11.95 grams per tonne gold from 156 metres.

Assays and grade-control modelling across the upper levels confirmed approximately 125 metres of strike extensions beyond the original definitive feasibility study mine plan, prompting the company to commence detailed stope planning.

The analyst notes the grade and thickness relative to the 4.7 grams per tonne reserve grade suggest United North contains more high-grade mineralisation than contemplated in original development studies, supporting potential production rates above previous projections.

Canaccord Genuity bases its valuation on a development scenario derived from the November 2025 study, applying a -10% discount rate to the net asset value.