On 11 February 2019, Rox Resources Limited (ASX: RXL) which is nickel, copper, gold and zinc, lead based exploration company, announced the appointment of Mr Alex Passmore as the new CEO of the company. The appointment of Mr Alex Passmore is following the retirement of Mr Ian Mulholland from the board, effective 30 April 2019.
Mr Passmore will join the position of CEO immediately. By qualification, Mr Passmore is a geologist. He completed his Bachelor of Science degree with First Class Honours in Geology from the University of Western Australia and had received a Graduate Diploma in Applied Finance from the Securities Institute of Australia. Other than that, he also holds an extensive corporate experience. His work profile includes: Managing Director of Cookatoo Iron NL, Non-Executive (and Executive) Director of Equator Resources Ltd/Cobalt One Ltd (merged with First Cobalt Corp which is a TSX-listed company), Non-Executive Director of Aspire Mining Ltd and also the CEO of Bellevue Gold Ltd (Formally known as Draig Resources).
Under the leadership of Mr Passmore, there were acquisition of the assets of the companies. He also organized their capital and funding and channelized them on a path to success. Under his guidance, the market capitalization of Cobalt One Ltd increased from approximately $2.5 million and reached roughly $70 million.
At Patersons Securities Ltd, he worked for approximately ten years and played the role of Director – Corporate Finance, Head of Research, Resources Analyst, and Institutional dealer. For two years, he was also the Executive Director at Natural Resources & Institutional Banking for Commonwealth Bank of Australia. With these experiences, he also had a broad exposure to the finance sector as well.
Mr Stephen Dennis who is the Chairman of the board stated that the company is pleased with the appointment of Mr Alex Passmore. Based on such a high calibre of Mr Passmore, the company is hopeful about the beginning of a new lesson under his leadership.
As per the quarterly report for the period ending 31 December 2018, the diamond drilling at Collurabbie met massive and semi-massive nickel sulphides at Olympia. By drilling 1.8 meters, there was the existence of 1.27% of Nickel, 2.81% of copper, 0.09% of Cobalt, 5.97 g/t of Platinum and Palladium.
Another drilling of 6.05 meters, led to the discovery of 1.31% of Nickel, 1.06% of Copper, 0.12% of Cobalt and 2.25 g/t of Platinum and Palladium.
During the period, the market got deteriorated. As a result, RXL was not able to proceed with the Helios Gold IPO. Also, it was highlighted in the quarterly report that the Bronzewing South option would get expired in early February. Based on this, the company decided to cease the IPO process.
By the end of the period, the company had net cash in hand worth $7.9 million along with an additional $4.08 million in the form of additional receivables/liquids.
In the last six months, the stock has generated a negative return of 33.33%. By the closure of the trading session, the shares traded flat on ASX. The closing price of the stock was A$0.008 with the market capitalization of A$10.07 million and approximately 1.26 billion outstanding shares.
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