Rox Resources Advances Youanmi Gold Mine Toward Mid-2027 First Gold

Rox Resources Builds Toward First Gold: Three Mining Fronts, Fixed-Price Plant Contract, and a Clear Path to Production

Rox Resources (ASX: RXL) has released a comprehensive Rox Resources Youanmi Gold Mine development update and first gold timeline, confirming meaningful progress across underground mining, surface infrastructure, and contract execution. With ore stockpiles building, bulk earthworks nearly complete, and a fixed-cost EPC contract now signed for the processing plant, the company is systematically converting its Definitive Feasibility Study into operational reality — with first gold targeted for mid-CY2027.

A Mine Taking Shape on Multiple Fronts

What makes this update particularly compelling is the breadth of concurrent activity. Rox is not advancing a single work front — it is simultaneously prosecuting three separate underground mining portals, building surface infrastructure for a full processing plant, and running diamond drilling programmes to extend mine life.

Each workstream reinforces the others, and together they paint a picture of a development project firing on all cylinders.

Management Perspective

"As we track closer to our target of first gold pour by next year, we are confident in our position as one of Western Australia's next high-grade gold producers."

— Phill Wilding, Managing Director & CEO, Rox Resources

Three Underground Mining Fronts: Expanding the Ore Pipeline

One of the headline developments is the progression toward three active ore sources within the Youanmi underground complex. Each front plays a distinct role in building the pre-production ore stockpile and supporting steady-state throughput once the mill is commissioned.

United North — The Frontrunner

United North commenced in November 2025 and remains the most advanced of the three fronts. Key developments this month include:

• A new development record of 343 metres of advance in May, achieved with only one development jumbo on site
• Ore drive development underway with ROM (run-of-mine) ore stockpiles now being built
• Mineralisation confirming expectations set in the DFS Mineral Resource Estimate geological model
• The second section of the primary return airway successfully fired, with primary ventilation fans to be installed in coming weeks
• Underground diamond drilling about to commence from the United North 2310mRL Substation 1 level

Youanmi Decline — Rehabilitation Underway

The historic Youanmi Decline — originally developed in the 1990s and previously mined to approximately 630 metres below surface — is being rehabilitated rather than replaced with a new decline. This is a deliberate and cost-efficient decision:

• Stripping of the decline has commenced to accommodate modern mining equipment
• Dewatering of the existing underground workings is progressing ahead of formal re-establishment
• Mining activities are targeted to start in October 2026
• The decline provides access to the main high-grade ore lodes alongside and below historic workings

Pollard Portal — The Third Ore Source

The Pollard Decline adds a third planned ore source to the operation:

• Access earthworks are advancing in the Main Pit
• Firing is expected to commence in coming weeks following face support completion
• Pollard is described as a high-grade future ore source in the mine plan
• The portal will also serve as a diamond drill platform, enabling early growth drilling beneath the existing mine plan

The EPC Contract: Locking In Cost Certainty

A standout milestone in this update is the execution of the Engineering, Procurement and Construction (EPC) contract with Interquip for the processing plant. This is more than an administrative step — it is a significant risk-reduction event for investors evaluating the project's capital delivery profile.

Key points on the EPC contract:

• Fixed-cost pricing, aligned with DFS assumptions, providing strong pre-production expenditure certainty
• Interquip has commenced mobilisation on site
• Civil construction is scheduled to begin this month (June 2026)
• Bulk earthworks for the mill are nearing completion
• All remaining major supply contracts are in final stages of approval, with pricing remaining consistent with the DFS

The Managing Director specifically noted that fixing the majority of prices across all major contracts "provides increased certainty that pre-production expenditure will be in line with our estimates in the DFS" — a direct and unambiguous message to investors tracking capex execution.

What Is an EPC Contract and Why Does It Matter?

Concept Explained: EPC (Engineering, Procurement and Construction) Contract

An EPC contract is an agreement under which a single contractor takes responsibility for designing, procuring materials for, and constructing a facility — in this case, a gold processing plant — for a predetermined price.

For investors, the significance is straightforward:

• Fixed costs reduce financial risk. Cost overruns are a common source of value destruction in mining development projects. A fixed-price EPC contract transfers much of that risk to the contractor.
• A single point of accountability simplifies oversight and reduces coordination complexity.
• Alignment with the DFS means the financial model underpinning the project's economics remains intact.

Glossary of Key Terms

Underground Drilling: Protecting the Mine Plan and Building for Growth

With ore drive development now delivering early wall sampling results at United North, Rox is also launching a structured underground diamond drilling programme with two clear objectives.

Resource Definition Drilling

• The primary focus is ensuring the mine is infill drilled to 12 months ahead of mining by mid-CY2027
• The first underground diamond drill and crew from K-Drill are already mobilising to site
• This programme targets the conversion of inferred resources to higher-confidence indicated and measured categories, underpinning the mine schedule

Growth and Extensional Drilling

• Growth drilling is set to commence in H2 CY2026 from both surface and underground locations
• Objective is to increase the resource and extend mine life beyond the current DFS reserve base
• Pollard portal will serve as an additional underground drill platform for growth drilling beneath the current mine plan
• A recent airborne magnetic survey is also under review to define near-mine and regional targets

Wall Sampling Results: Mineralisation Tracking the Model

Early wall sampling results from United North ore drives are confirming that the underground ore grade is performing in line with expectations. Significant intersections from underground face sampling at the 2341mRL level include:

The company notes that most ore drive assays remain outstanding, meaning the full picture of ore grade performance across current development headings is yet to be reflected. The DFS MRE geological model is tracking well against actual mined grades based on results received to date.

The Pathway to Production: Where Things Stand

The Rox Resources Youanmi Gold Mine development update and first gold timeline represents a well-sequenced progression from feasibility to first gold. Furthermore, the milestones achieved to date are substantial, and the remaining steps are clearly defined.

Milestones Achieved

1. DFS released — November 2025
2. $200 million placement + $18 million SPP completed — December 2025 (equity funding)
3. $350 million debt financing secured — March 2026
4. MDCP approval for processing plant, tailings and associated infrastructure — March 2026
5. Final Investment Decision approved by the Board — March 2026
6. Dewatering at Main Pit completed, transitioned to underground dewatering
7. Youanmi Decline rehabilitation works commenced; Pollard portal preparation underway
8. Surface infill drilling commenced; underground drilling about to start
9. Interquip EPC contract executed; mobilisation underway

Next Steps

• Finalise remaining major contracts
• Continue development across all three declines and build the ore stockpile
• Define near-mine and regional exploration targets, including review of recent airborne magnetic survey
• Install primary ventilation fans at United North
• Commence civil construction of processing plant this month

Timeline to First Gold

The Investment Thesis: High-Grade, Fully Funded, On Track

Rox Resources occupies an increasingly rare position in the Australian gold development landscape — a company with a fully funded, high-grade project actively under construction, with contracts largely locked in and multiple ore sources advancing simultaneously.

The investment case rests on several compounding strengths:

Scale and Grade of the Resource

The Youanmi Gold Project hosts a global Mineral Resource of 12.1 million tonnes at 5.6 g/t for 2.2 million ounces of gold. At that grade, Youanmi sits comfortably in the high-grade tier of Australian gold projects — a characteristic that underpins operational margins and capital efficiency.

Fully Funded Development

With $200 million in equity raised and $350 million in debt financing secured, the funding architecture to deliver Youanmi to production is in place. In addition, the execution of fixed-cost contracts across major works packages reinforces confidence that the capital plan will be met.

Multiple Mining Fronts Reduce Execution Risk

Three simultaneous ore development fronts — United North (active), Youanmi Decline (October 2026), and Pollard (imminent) — provide scheduling flexibility and reduce dependency on any single ore source.

Development Rates Exceeding the DFS

United North is advancing at rates above DFS assumptions, with 343 metres in May using just one development jumbo. This is a tangible early indicator that the underground operation can meet or exceed its planned productivity targets.

Disciplined Cost Management

Fixed-price contracting for the processing plant, combined with DFS-aligned pricing across remaining major supply contracts, signals disciplined financial management and reduces the risk of budget overruns.

Why Investors Should Keep Watching Rox Resources

As the Youanmi Gold Mine transitions from development to production, the newsflow profile for Rox is set to intensify. Each of the following represents a near-term catalyst worth monitoring:

• Commencement of firing at the Pollard portal
• Civil construction of the processing plant beginning this month
• First underground diamond drill assay results from the resource definition programme
• Completion of remaining major supply contracts
• Further ore drive wall sampling results from United North (most assays still outstanding)
• Surface growth drilling results in H2 CY2026

Consequently, the Rox Resources Youanmi Gold Mine development update and first gold timeline continues to demonstrate that the project is firmly on track, with each passing milestone reinforcing confidence in the mid-CY2027 target.

Key Takeaway:

Rox Resources has positioned itself as one of Western Australia's next high-grade gold producers, with a 2.2 million ounce resource at 5.6 g/t, a fully funded development programme, and three underground ore fronts now advancing simultaneously. With a fixed-cost EPC contract signed, mill earthworks nearly complete, and first gold targeted for mid-CY2027, the project is tracking its DFS milestones — and investors should be watching closely as the construction and ore stockpile build gathers pace.

Ready to Follow One of Western Australia's Next High-Grade Gold Producers?

Rox Resources (ASX: RXL) is advancing the Youanmi Gold Mine on multiple fronts simultaneously — with three underground ore sources in development, a fixed-price EPC contract signed, and first gold targeted for mid-CY2027. For investors seeking exposure to a fully funded, high-grade Australian gold development project that is actively converting feasibility into construction reality, the full details on the company and its flagship project are available at roxresources.com.au.