Trading Below $19M Cash Backing – Portfolio Stock (coverage initiated @ $0.019 in Sep 2015) Rox Resources (ASX: RXL, Share Price: $0.014, Market Cap: $17m) is one of our most respected exploration plays, with a trifecta of promising Western Australian projects – its Fisher East nickel sulphide project, its Fisher gold project and also its Collurabbie nickel-gold project. The company is extremely well funded, with $19m in cash and receivables following the sale of its Reward zinc project sale to Teck.
Having finalised an agreement that allowed Teck to exercising its pre-emptive right to acquire Rox’s stake in the Reward Zinc Project in the NT, Rox received cash proceeds of $16m (with a further $3.75m receivable) – leaving it cashed-up to fund exploration activity and examine new project opportunities.