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West Australian gold exploration and development company Rox Resources Limited (“Rox” or “the Company”) (ASX: RXL), in conjunction with its joint venture partner Venus Metals Corporation (ASX: VMC), is pleased to report further significant assay results from the ongoing resource development program at the 3.2Moz Youanmi Gold Project (OYG JV), located near Mt Magnet in WA.
- Further assays received from Youanmi resource development drilling at Link. Results include:
- RXDD090: 5.86m @ 2.87g/t Au from 393.83m, incl: 2.87m @ 4.80g/t Au from 394.70m, and: 5.12m @ 4.46g/t Au from 479.33m, incl: 2.72m @ 6.81g/t Au from 480.12m
- RXDD094: 1.12m @ 13.07g/t Au from 434.88m
- RXDD090: 5.86m @ 2.87g/t Au from 393.83m, incl: 2.87m @ 4.80g/t Au from 394.70m, and: 5.12m @ 4.46g/t Au from 479.33m, incl: 2.72m @ 6.81g/t Au from 480.12m
- Drilling at Link has been targeting an upgrade in Resource category over a 460m strike length between 230m and 475m below surface. The consistency of the high-grade results received to date bodes well for future Resource updates as well as for potential depth extensions.
- Further drilling results received from near-mine exploration at Midway, including:
- RXDD073: 0.54m @ 16.17g/t Au from 290.65m
- RXDD074: 7.00m @ 5.95g/t Au from 87.00m
- RXDD085: 1.37m @ 21.89g/t Au from 354.69m
- RXRC462: 2.00m @ 7.93g/t Au from 142.00m
- Drilling completed at Midway has returned several high- grade results which continue to define the developing high-grade lode structure.
- Initial RC drilling to test potential supergene mineralisation and up-dip extensions at the Paddy’s Lode discovery has returned the following assays:
- RXRC481: 16.00m @ 1.38g/t Au from 56.00m
- RXRC483: 4.00m @ 5.33g/t from 202m
- Targeted geophysical survey (IP) has commenced at the Youanmi South area and Midway to identify potential high grade, dilatational zones along the mineralised structural corridor to be targeted in the next phase of drilling.
The assays are from a recently completed 28,507m (increased from 23,000m) resource development and near- mine exploration drilling program. Resource development drilling, which was focused on the high-priority Link and Kathleen areas of the project, was designed to convert Inferred Resources to the higher confidence Indicated Resource classification.
Drilling at Link was designed to target an upgrade of the Inferred Resource over a strike length of 460m and between 230m and 475m below surface. Assays received to date at Link have provided confidence in the geological interpretation and bode well for improving resource confidence as part of future resource updates, while also highlighting the down-dip potential of the ore zone.
Near-mine exploration drilling was focused on further evaluating the Midway exploration target identified in 2021, as well as the more recent Paddy’s Lode discovery in the Youanmi South Project area identified in early 2023.
Both prospects continue to demonstrate significant upside potential for the Youanmi Gold Project which will be an important focus for ongoing exploration. A geophysical survey has commenced recently to help further define the high-grade dilatational zones for the next phase of drill targeting.
Managing Director Comments
Rox Resources’ Managing Director, Mr Robert Ryan, said the latest drilling results continued to improve confidence in the Resource at Link while also reinforcing the exciting upside potential at both Midway and Paddy’s Lode.
“The latest two holes from Link continue to confirm the current geological interpretations and will improve the confidence in the Inferred Mineral Resources. Assays are outstanding for the four remaining diamond holes, which we expect will further increase confidence in the Resource and set the foundation for the Mineral Resource update targeted for later this year.
“Results from the near-mine discovery at Midway also continue to impress with high-grade results returned at excellent underground mining widths. The high-grade zone at Midway has been intersected over a 150m strike and 200m vertical extent and is still open along strike and down plunge.
“Meanwhile RC drilling at Paddy’s Lode targeting the potential for shallow high-grade material up-dip of the discovery holes has returned a broad zone of lower grade mineralisation close to the east-west offsetting fault.
“Our interpretation is that high-grade mineralisation appears to be constrained within 80m to 100m of the E-W fault, but remains open down-plunge. Similar to the Youanmi Main Lode and Link, further dilatations of the mineralised structure will yield further high-grade exploration targets and the geophysical survey currently underway will provide valuable information to target these high-grade zones both to the north, and stepping along strike to the south.
“We are still a long way from unravelling the potential of this emerging Paddy’s Lode area and we remain confident in the potential of this area to host a significant zone of high-grade mineralisation. With the help of the current geophysical survey, we look forward to getting rigs back on the ground for the next phase of exploration.”
Figure 1. Drilling in progress at the Youanmi Gold Project.
Resource Drilling Results
The diamond and Reverse Circulation (RC) drilling program at the Youanmi Project was completed on 11 June 2023 with a total of 28,507 metres drilled.
The resource development drilling focused on converting Inferred Resources to the Indicated Resources classification at the high-priority Link and Kathleen areas (Figure 2). This drilling is targeting high-grade mineralisation over a 460m strike length and to a depth of 475m below surface. The drilling was designed to delineate sufficient Indicated Resources for future feasibility studies, as well as to confirm the continuity of gold grades proximal to the current Indicated Resources.
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VMC:AU
Venus Metals Corporation
Overview
An insatiable global demand for critical minerals to supply the rapidly expanding electric vehicle (EV) market has put a massive spotlight on where manufacturing companies are going to be able to source additional material from.
Venus Metals Corporation (ASX:VMC) has been diligently assembling a significant portfolio of gold, lithium, rare earth, vanadium and base metals exploration projects in Western Australia – with a view to being a source for some of those critical minerals.
Unlike many of its peers, Venus Metals is a diversified explorer with highly prospective assets in gold (Youanmi), rare earths (Marvel Loch East & Mangaroon North), lithium and nickel (Henderson & Bridgetown/Greenbushes), and vanadium and base metals (Youanmi).
The company, led by managing director Matt Hogan, has an exceptional deal in the Youanmi Gold Project with its OYG Joint Venture partner, Rox Resources (ASX:RXL) (VMC 30 percent, RXL 70 percent and operator). Rox and Venus further intends to consolidate the Youanmi Gold Project under a simplified, single-ownership structure, providing a strong platform to advance the project. Both parties have agreed to allow Rox to acquire Venus’ gold interests in the OYG JV, giving Rox a 100 percent interest in the Youanmi Gold Project.
The Youanmi Gold Mine contains a JORC inferred and indicated resource of 27.9 Mt at 3.57 g/t gold for 3.2 Moz gold contained gold. A recently published scoping study contemplated a 71 koz per annum at 5 g/t gold over an eight-year mine life producing 569 koz of gold at an all-in sustaining cost of A$1,546/ounce. The pre-tax net present value (NPV) came in at just over $300 million with an internal rate of return of 45 percent assuming a gold price of $2,450/oz.
Venus Metals also released its updated results from the recent reverse circulation (RC) drilling conducted at the Bellchambers Gold Deposit, located in the Western Australian Goldfields. The new JORC 2012 gold resource estimate is 722,000 tonnes @ 1.31 g/t gold for 30,500 ounces, with 22,100 ounces classified in the indicated mineral resource category indicating an increase of 35 percent in tonnes and 40 percent in ounces at 0.5 g/t gold.
VMC also boasts highly prospective rare earth assets at its 100-percent-owned Mangaroon North and Marvel Loch East projects.
A recent soil and laterite sampling program on its tenement E15/1796 at Marvel Loch East indicated “exceptional and highly significant” REE opportunities in an area that has a 25-km aeromagnetic high with associated REE-enriched monzogranite bedrock.
Venus is planning an immediate field mapping program to investigate the regolith settings followed by a shallow AC drilling program to test areas of deep weathering and preserved regolith for clay-hosted REE mineralisation.
Venus’ Mangaroon North rare earth project is located adjacent to the Mangaroon-Yangibana rare earth mineralised zone. Venus’s E09/2541 abuts Hastings Technology Metals’ (ASX:HAS) Yangibana rare earth (REE) project (16.7 Mt ore reserve; 15-year mine life producing 15,000 tpa of high-grade mixed rare earth carbonate and a post-tax NPV of $1billion), as well as Dreadnought Resources Ltd’s (ASX:DRE) Yin tenement and Lanthanein Resources Ltd’s (ASX:LNR) tenement.
The other three exploration licences (E08/3229, E09/2422 and ELA08/3755) all abut Dreadnought’s tenure, which boasts a market capitalisation of more than $300 million on the back of recent drilling success.
Venus believes that the host lithologies found at Yin and Yangibana are also present on the Mangaroon tenements along a regional northwest strike.
Aside from multiple favourable structural traps identified through mapping and geophysics on the tenement, Venus has also identified several potassium, thorium and uranium anomalies. The company is awaiting results from surface sampling and will hopefully be drilling in early 2023.
Venus also boasts two exciting lithium projects – the Henderson Project located 50 kms northwest of Menzies in the Eastern Goldfields of Western Australia and the Greenbushes East and Bridgetown East Project.
The Mt Ida/Ularring Greenstone Belt is recognised as an emerging lithium province following the discovery by Red Dirt Metals Ltd (ASX:RDT) of spodumene-rich lithium pegmatites near the Mt Ida Gold Mine, located some 15 kms northwest of the Henderson Project while IGO has farmed into VMC’s ground near its Greenbushes joint venture lithium operation in Western Australia.
IGO paid 23 cents per share for nine million VMC shares. IGO can progressively earn up to 70 percent by spending $6 million on VMC’s Bridgetown-Greenbushes tenure. In addition, if it completes a prefeasibility study, the miner has the right to acquire the balance at “fair-market value.”
Not a typical exploration company, Venus Metals is a diversified explorer with significant, valuable assets across gold, rare earths, lithium, vanadium and base metals.
It is well-funded (with aggregated cash and investments over $7 million) and has financing arrangements in place with Rox (Youanmi Gold Mine) in regard to funding its share of expenditure in the OYG JV through to a decision to mine, and the IGO (Bridgetown-Greenbushes) farm-in arrangement, as well as NSR royalties over all gold potentially produced from the Youanmi Gold Mine.
Company Highlights
- Diversified explorer with highly prospective assets in Western Australia for gold, rare earths, lithium, nickel, vanadium and base metals.
- The Youanmi Gold Project has a joint venture deal with Rox Resources, which will be consolidated to allow Rox to acquire 100 percent of Venus' gold interest in the Youanmi Gold Project
- VMC’s Mangaroon North and Marvel Loch East projects are highly prospective for rare earth minerals.
- Two promising lithium projects: Henderson Project and Bridgetown Greenbushes Project
- The company is well-funded, with aggregated cash and investments over $7 million, and has financing arrangements in place with Rox Resources (Youanmi Gold Mine) and IGO (Bridgetown-Greenbushes).
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Highly prospective critical minerals assets in Western Australia
Green Technology Metals: Delivering the Next Lithium Hub in North America
Green Technology Metals (ASX:GT1) is progressing Ontario’s first integrated lithium business, anchored by its Seymour, Root, and Junior projects, with plans to supply a proposed lithium hydroxide facility in Thunder Bay.
GT1 is leveraging Canadian policy support for critical minerals, with Ontario’s Building More Mines Act and federal programs. The company has secured conditional approval for C$5.5M from the Critical Minerals Innovation Fund (CMIF) for Seymour infrastructure, a C$100M financing LOI from Export Development Canada, and has pending applications with SIF/NRCan and CMIF Round 2, including C$5M tied to Root. These mechanisms help de-risk financing and advance development.
GT1’s three-phase strategy starts with Seymour production using a DMS concentrator, followed by construction of the Thunder Bay lithium hydroxide facility with EcoPro Innovation, and finally, development of Root as a larger, long-life mining hub feeding Thunder Bay.
Company Highlights
- Integrated strategy in Ontario: The Seymour and Root projects form the foundation for a vertically integrated lithium business, supported by a proposed lithium hydroxide plant in Thunder Bay, Ontario, with rail, port, power, gas and water access.
- Marketing and offtake secured: LG Energy Solution has a binding offtake for 25 percent of Seymour concentrate and has invested directly into the company, demonstrating strong downstream demand.
- Strategic process partner: EcoPro Innovation is co-developing the conversion facility. Pilot work has already produced battery-grade lithium hydroxide with high recoveries.
- Government backing: GT1 has secured conditional approval for significant funding programs, including C$5.5 million for road upgrades, a C$100 million project financing support LOI from EDC, and additional CMIF and SIF applications.
- Resource base: A combined inventory of over 30 Mt @ ~1.2 percent lithium oxide across Seymour and Root, providing both near-term production and long-life scale.
- By-product upside: Seymour hosts a significant rubidium resource in mica streams that could be recovered alongside lithium, creating an additional revenue line.
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Green Technology Metals
Investor Insight
Green Technology Metals aims to build Ontario’s first integrated lithium business, developing two mining hubs and a downstream conversion facility to supply North America’s fast-growing EV and battery industry. The company’s approach is straightforward: bring Seymour into production, secure the downstream footprint at Thunder Bay with EcoPro, and then layer in Root as a long-life second feed. The plan is underpinned by offtake agreements, government funding and a management team with direct experience building lithium mines.
Overview
Green Technology Metals (ASX:GT1) is building Ontario, Canada’s first integrated lithium business, anchored by three upstream assets and a planned downstream conversion facility. The portfolio consists of the flagship Seymour project, the large-scale Root lithium project, and the Junior exploration project, which together provide a clear pipeline of feed into a proposed lithium hydroxide facility in Thunder Bay, Ontario.
The company is actively leveraging Canadian policy support for critical minerals development and supporting a growing number of EV and battery manufacturers in Ontario. The province’s Building More Mines Act, alongside several federal programs, is creating a supportive funding environment for new projects. GT1 has already received conditional approval for C$5.5 million from the Critical Minerals Innovation Fund (CMIF) to support road and infrastructure upgrades at Seymour. In addition, the company has received a letter of intent for a C$100-million project financing support from Export Development Canada, and has pending applications with SIF/NRCan and CMIF Round 2, including a C$5-million submission tied to the Root project. These mechanisms substantially de-risk the financing path and provide tangible momentum toward development.
The strategy is being executed in three phases. First, Seymour will be brought into production with a concentrator based on a dense media separation flowsheet, taking advantage of coarse spodumene mineralogy and proven metallurgical performance. Second, GT1 will construct the Thunder Bay lithium conversion facility in partnership with EcoPro Innovation, replicating proven hydrometallurgical technology to produce battery-grade lithium hydroxide. Finally, Root will be developed as the company’s second, larger mining hub, designed to provide long-life scale and additional feed into the Thunder Bay facility.
Pilot processing of 600 kg of Seymour concentrate produced exceptional overall recoveries averaging >94 percent.
Strategic partnerships reinforce this integrated model. LG Energy Solution has secured a binding offtake for a portion of Seymour’s concentrate production and has invested directly into GT1, providing early validation of the project’s place in the EV supply chain. EcoPro Innovation, as the company’s technical partner on the Thunder Bay facility, has already piloted Seymour concentrate into high-purity lithium hydroxide.
Company Highlights
- Integrated strategy in Ontario: The Seymour and Root projects form the foundation for a vertically integrated lithium business, supported by a proposed lithium hydroxide plant in Thunder Bay, Ontario, with rail, port, power, gas and water access.
- Marketing and offtake secured: LG Energy Solution has a binding offtake for 25 percent of Seymour concentrate and has invested directly into the company, demonstrating strong downstream demand.
- Strategic process partner: EcoPro Innovation is co-developing the conversion facility. Pilot work has already produced battery-grade lithium hydroxide with high recoveries.
- Government backing: GT1 has secured conditional approval for significant funding programs, including C$5.5 million for road upgrades, a C$100 million project financing support LOI from EDC, and additional CMIF and SIF applications.
- Resource base: A combined inventory of over 30 Mt @ ~1.2 percent lithium oxide across Seymour and Root, providing both near-term production and long-life scale.
- By-product upside: Seymour hosts a significant rubidium resource in mica streams that could be recovered alongside lithium, creating an additional revenue line.
Key Projects
Seymour Lithium Project
The Seymour lithium project, near Armstrong, Ontario, contains a total resource of 10.3 million tonnes (Mt) @ 1.03 percent lithium oxide, including 6.1 Mt indicated @ 1.25 percent lithium oxide. Mineralization is hosted in the North and South Aubry pegmatites, which remain open along strike and at depth. An optimized preliminary economic assessment (PEA) demonstrated strong project economics based on a DMS-only concentrator producing 130 ktpa. Key numbers include a C1 cash cost of US$680/t, an after-tax NPV of US$251 million, an IRR of 33 percent, and a three-and-a-half-year payback.
The project benefits from existing road and rail access, low strip ratios, and simple metallurgy with coarse spodumene that responds well to dense medium separation (DMS). Mining leases were granted in August 2025, the environmental assessment submission has been lodged, and the closure plan is nearing completion.
An offtake agreement with LG Energy Solution secures sales for 25 percent of initial concentrate production. Seymour also includes a maiden rubidium resource (8.3 Mt @ 0.27 percent rubidium oxide, with a 3.4 Mt high-grade core at 0.40 percent), which can be recovered from mica streams already separated in the flow sheet, creating potential for a by-product circuit.
Thunder Bay Lithium Conversion Facility
GT1 and EcoPro Innovation are developing a lithium hydroxide monohydrate facility in Thunder Bay. The selected site is fully serviced with rail access, 44 kV power, municipal water and gas, and port facilities. The plant will replicate EcoPro’s operating hydromet trains, with two parallel ~13 ktpa back-end lines designed to scale with Seymour and Root concentrate supply.
Pilot-scale processing of 600 kg of Seymour concentrate at EcoPro’s Pohang facility achieved battery-grade lithium hydroxide, meeting downstream specifications with >94 percent overall recovery. This demonstration significantly de-risks the conversion step and supports ongoing financing discussions with Invest Ontario, SIF and EDC. The project is being advanced through PFS-level engineering, with permitting and JV structuring underway.
Root Lithium Project
Located in Northwestern Ontario, Root is GT1’s scale project, hosting 14.6 Mt @ 1.21 percent lithium oxide (10.0 Mt Indicated @ 1.32 percent). The April 2025 optimized PEA outlined a combined open-pit and underground mining scenario producing ~213 ktpa. The project carries a C1 cost of ~US$677/t, an after-tax NPV of US$668 million, an IRR of 53.5 percent, and a three-year payback.
Root enjoys outstanding infrastructure advantages: road and rail access, proximity to port, and most critically, grid hydro power delivered by the Watay transmission line, reducing both operating costs and upfront capex for power infrastructure. Drilling has confirmed stacked pegmatite bodies that remain open along strike and down dip, leaving scope for significant resource expansion. A bulk sample has been completed, with further testwork and pilot runs at EcoPro planned. Permitting is in its early stages, with a PFS targeted for 2026 and potential construction by late 2027.
Junior Lithium Project
The Junior project is located near Seymour and contains three drill-ready targets. Its proximity to the planned Seymour concentrator makes it a strategic satellite project, with the potential to extend Seymour’s mine life and provide incremental feed. Drilling is expected to test these targets in upcoming campaigns, potentially increasing the overall feed available for the Seymour hub.
Management Team
John Young – Non-executive Chairman
John Young co-founded Pilbara Minerals and played a key role in transforming it into a multi-billion-dollar lithium producer. His background as a geologist spans more than three decades, with significant contributions across discovery, development and financing of lithium and gold projects. At GT1, Young provides strategic oversight and proven operational expertise to scale a lithium developer into a fully integrated producer.
Cameron Henry – Managing Director
Cameron Henry was appointed managing director in June 2024, stepping up from his earlier role as executive director. A founder and substantial shareholder of GT1, Henry has over 20 years’ experience in minerals processing and project delivery. Prior to GT1, he built Primero Group into a respected global leader in lithium infrastructure EPC, successfully executing major projects in Australia and globally. His role is to drive Seymour into production and to lead the execution of the Thunder Bay downstream strategy.
Patrick Murphy – Non-executive Director
Patrick Murphy brings nearly two decades of experience in resource sector investment and deal-making. He has held senior positions at Macquarie and AMCI Group, with expertise in capital deployment, project financing and strategic partnerships. His presence on GT1’s board ensures strong connectivity to the financial community and a disciplined approach to structuring project funding.
Robin Longley – Non-executive Director
With more than 30 years of experience in exploration and project evaluation, Robin Longley is a seasoned geologist who has led successful exploration and development programs across lithium, gold and other critical minerals in Australia, Canada and Africa. His practical technical knowledge and management experience strengthen GT1’s ability to evaluate and expand its Ontario portfolio.
Han Seung Cho – Non-executive Director
Representing EcoPro Innovation, Han Seung Cho serves as a direct link between GT1 and its strategic partner on the Thunder Bay conversion facility. As general manager of EcoPro’s strategic business team, he brings decades of experience in lithium procurement, downstream offtake structuring, and project development for LHM plants. His position ensures that GT1’s downstream ambitions remain closely aligned with end-user requirements in the battery sector.
