Rox Resources' capital raising announcement

Rox Resources Limited (ASX: $RXL) has announced a capital raising of up to $7.62 million through a pro rata non-renounceable entitlement offer. The offer price of $0.165 per share represents a 24% discount to the 7-day VWAP. The proceeds will be utilized to advance the Youanmi Gold Project in Western Australia, including the completion of the Pre-Feasibility Study and near-mine exploration activities.

Executive commentary on the capital raising

We are pleased to provide existing shareholders with the opportunity to participate in this pivotal capital raising of up to $7.6 million at an important point in the Company's development. With the Youanmi Pre-Feasibility Study well advanced and on track for completion in June, Rox has some exciting investment catalysts in front of it - particularly against the backdrop of a strong gold price environment. The PFS will provide investors with a clear line of sight towards the development of one of Australia's highest grade new gold projects. At the same time, we have plenty of unfinished business with our near-mine exploration activities, and the additional funding will enable us to get rigs back out to site to resume testing of some of the exciting exploration opportunities we have defined. The Company is well position to pursue a dual track growth pathway underpinned by development of the 2.3Moz Youanmi Gold Project with ongoing drilling to unlock the Project's considerable exploration upside.

Summary of Rox Resources' capital raising and outlook

Rox Resources Limited (ASX: $RXL) is undertaking a capital raising of up to $7.62 million through a pro rata non-renounceable entitlement offer to advance the Youanmi Gold Project in Western Australia. The offer price of $0.165 per share represents a 24% discount to the 7-day VWAP. The proceeds will be used to progress the next stage of exploration and development of the Youanmi Gold Project, including the completion of the ongoing Pre-Feasibility Study and detailed geo-metallurgical studies. The Company's Managing Director, Mr. Rob Ryan, highlighted the significance of the capital raising in providing investors with a clear line of sight towards the development of one of Australia's highest grade new gold projects. The Company aims to pursue a dual track growth pathway underpinned by the development of the 2.3Moz Youanmi Gold Project with ongoing drilling to unlock the Project's considerable exploration upside.