Key Highlights

  • Rox has fired and extracted the first stope at the United North area of its Youanmi Gold Project.
  • The company is targeting first gold from Youanmi in mid-2027.
  • The 1-million-tonne-a-year processing plant remains on schedule, with the ball mill on site and all eight carbon-in-leach tanks in position.
  • The company completed its first drawdown of $350 million in Debt facilities in October.

Rox Resources (ASX:RXL) announced on 9 November 2026 that it had fired and extracted the first stope at the United North area of its Youanmi Gold Project in Western Australia. Crews are now drilling the second stope.

The company is targeting first gold from Youanmi in mid-2027. Managing Director Phill Wilding said the first stope marked an important milestone in the transition from development towards production at the high-grade United North area.

Stoping is the process of extracting ore from underground after access development is complete, so the first stope shows Youanmi moving from building infrastructure to Mining ore. That ore will be stockpiled until the processing plant is commissioned.

Infill drilling results

Underground diamond drilling at United North returned 7.42 metres at 9.91 grams per tonne gold from 236.55 metres in hole UNN26043, including 0.79 metres at 43.81g/t. Hole UNN26044 returned 5.50 metres at 15.46g/t from 168 metres, including 1.01 metres at 63.12g/t.

Rox says two of the thicker intercepts sit outside the existing mine plan and will be evaluated for inclusion.

Drillers completed 18 holes for 2,454 metres in October on a nominal 20-metre by 20-metre spacing. That programme is designed to keep United North drilled 12 months ahead of mining, which gives engineers confidence in stope designs before they are mined.

Development progress

Underground development advanced 647 metres in October. Steady development rates are essential for opening enough stopes to Supply the plant once it starts.

Plant construction

Construction of the 1-million-tonne-a-year processing plant, led by contractor Interquip, remains on schedule according to the company. The ball mill is on site, structural steel has arrived and all eight carbon-in-leach tanks are in position.

Rox completed its first drawdown of $350 million in debt facilities in October. Next steps include awarding an oxygen supply contract, building the ore stockpile and preparing the processing team for commissioning, which is planned to start from March 2027.

Scale of the project

Youanmi hosts a mineral resource of 12.4 million tonnes at 5.50g/t gold for 2.2 million ounces. That grade is high for a Western Australian underground project, and high grades can help offset the higher costs of underground mining.

Why it matters

Youanmi is one of a small number of new gold mines moving towards production in Western Australia. A successful start would transform Rox from developer to producer and generate Cash Flow at a time of high gold prices. The debt Facility drawdown shows lenders are supporting the build.

Risks

Debt adds Financial Risk if commissioning or ramp-up is delayed, because interest and repayments begin regardless of production. High-grade underground deposits can also show variability, and short intervals such as 0.79 metres at 43.81g/t may not be representative of stope grades. Commissioning of a new plant can take several months to reach design throughput.

The project's progress also stands out against a broader trend in the Western Australian gold sector, where several developers have struggled with cost overruns and delays. Rox has reported that plant construction remains on schedule, and the arrival of major equipment such as the ball mill and the leach tanks reduces some of the logistics risk that often affects new builds. The company also presented at a precious metals conference in Zurich on 10 November, reflecting efforts to broaden its investor base as it moves towards production. A successful commissioning in 2027 would place Rox among the more significant new gold producers in the state this decade.

What comes next

Rox's stated priorities are the oxygen supply contract, building the ore stockpile, readying the processing team and beginning commissioning from March 2027. Further infill results and evaluation of the intercepts outside the mine plan will also be watched for signs of grade and tonnage upside.