Gold exploration and development company Rox Resources (ASX: RXL) has announced a successful $40 million capital raise (before costs) through a placement to new and existing international and domestic institutional and sophisticated investors.

The significant funding boost will enable Rox to fast-track development activities at its flagship Youanmi Gold Project in Western Australia, while maintaining a robust pro-forma cash position of $57.1 million (before costs) upon completion of the placement.

The placement, which attracted high-quality support from both domestic and offshore institutional investors, is set to significantly de-risk the delivery of the Youanmi Gold Project.

The funds will allow Rox to bring forward key workstreams, including the early commencement of underground development at the United North and Pollard declines, rehabilitation of the Youanmi Main portal and decline, advancement of infrastructure works such as camp construction, and the commencement of detailed process plant design and engineering.

Additional dewatering activities, including extensions to existing evaporation ponds, are also planned.

Rox Resources Managing Director & Chief Executive Officer Phill Wilding commented: “The Youanmi Gold Project is shaping up as a significant, high-grade gold mining operation, and Rox Resources is gaining global recognition as an Australian gold growth story.

“The Placement capitalises on this momentum, with the level of support from existing and new shareholders being a testament to the strength of the Youanmi Gold Project, and the team that will deliver it.”

With the Definitive Feasibility Study for the project on track for completion in late 2025, the newly secured funds will provide Rox with the flexibility to accelerate development activities in parallel, laying the groundwork for early works and future production.