This is starting to get interesting, although the share price hasn't reflected that yet. There lies the opportunity, I think. We'll be able to look back in a few months and tell ...
What's got me going is that we now have over $16 million in the bank, for the first time ever. So, for the first time, we can afford to explore the full potential of our acreage. I wouldn't be so enthusiastic if it didn't have sizzle potential, but it does:
* Camelwood and Musket have not been fully tested yet, so more nickel there seems more than likely. So, let's go find it (Rox are good explorers);
* Also, there's bound to be more nickel among the numerous targets to the south, where we've barely scratched the surface, esp. Sabre. Nickel sulphides have already been found but not followed up to date because we didn't have the funds. Funds now in -> problem solvered!
Additional tonnes, on top of an existing resource, can quickly make a project viable, especially with rising commodity prices after the horrible slump of 2014-16. Which brings me to Collurabbie again (I've posted on this before) ...
* Collurabbie clearly could sizzle, having been only partially explored, having found good grades of nickel as well as cobalt and PGEs, which can be a nice revenue kicker to get a project going. And don't forget that it's within trucking distance of Fisher East, so tonnes found there and Fisher East could theoretically be aggregated to get sufficient scale. Good story...
I see Rox's MD (Ian Mulholland) is presenting at the RIU Explorers Conference on Wednesday. With $ in the bank now, surely we'll hear something about near term plans. I've been in Rox for a long time, and shared the share price frustration. As an exploration play this now looks good; very good.
The planets seem to have lined up (good acreage + competent explorers + enough $ + right timing + commodity price recovery + shares trading at around cash value, realising that a further $3.75 million will be coming in a few years). I'm staying in!
RXL Price at posting:
1.7¢ Sentiment: Buy Disclosure: Held
(20min delay)
