Highlights:

• Following a competitive process previously announced, we have retained Sprott Lending Corp has our debt provider
• Sprott received investment committee approval for up to US$105 million project financing debt facility, with the option to increase it to up to US$130 million
• Debt margin of 6.5% per annum with an additional interest rate formula based on gold price
• No hedging or royalties
• Anticipated first drawdown on the debt facility in Q1 2025 to meet our expected Q4 2025 first pour

Further to the announcement regarding advanced discussions on a debt facility during the fall, West African gold producer and developer Robex Resources Inc. (TSX-V: RBX) is pleased to announce that it has mandated Sprott Resource Lending (US Manager) Corp. as mandated lead arranger to provide a senior debt facility of up to US$105 million, with the option to increase it to up to US$130m, which will be used to finance the construction of the Kiniero Gold Project in Guinea. Sprott has completed detailed technical, environmental and social due diligence on the Project, and has received the approval from its investment committee to progress with the financing, subject to satisfactory completion and execution of all necessary legal documentation, lodgement of security documents, regulatory filings, and certain other conditions precedent. First drawdown of the Debt Facility is expected in Q1 2025 which is in line with the Company’s funding plan to keep the project on track for a first pour in Q4 2025.

Key terms of the Debt Facility include:

• Senior secured debt facility of up to US$105m, with the ability to increase it to up to US$130m
• Repayment moratorium of more than 2 years, and final maturity in March 2030
• Interest rate of 6.50% per annum over a SOFR reference rate, with 50% of interest capitalised during the construction period
• No commitment fee payable
• Original issue discount of 2.00% of the Debt Facility paid pro-rata upon the funding of each tranche
• An additional interest payment based on a gold price participation formula currently equivalent to approximately $300/oz vis-à-vis the current consensus gold price forecast, applicable on 3,600 oz of gold per quarter for 15 quarters (to be increased pro-rata if the Debt Facility is increased to US$130m), with the ability to prepay on early repayment of the Debt Facility
• Partner alignment compensation equal to 1.00% of the Debt Facility payable in Robex common shares on the closing date
• No mandatory gold hedging or royalties
• No additional cost overrun funding or cash sweep requirements

Robex Managing Director Matthew Wilcox said: “We are pleased to welcome Sprott Resource Lending as our financing partner, who have completed comprehensive due diligence on the Kiniero Gold Project before securing investment committee approval for the same, and look forward to closing the facility to achieve first drawdown in Q1 2025. This debt facility will allow us to keep our target of Q4 2025 for first pour.”

For more information

Sprott Resource Lending Corp

Sprott Resource Lending Corp (“SRLC”) is a wholly owned subsidiary of Sprott and is the general partner of several funds whose investors include pension plans, retirement systems, insurance companies, foundations and endowments. Sprott provides senior and secured debt, and structured hybrid financings to companies focused on metals and energy transition materials globally.

Sprott is managed by a dedicated team of professionals and since September 2010, Sprott has originated and managed more than 80 investments totalling more than $3 billion in bespoke investments. https://www.sprott.com/what-we-do/resource-financing/resource-lending/

Terrafranca Capital Partners

Terrafranca is a leading independent financial adviser focused on advising and arranging debt financing in the metals and mining industry, with a strong track record in Africa. The principals of Terrafranca have successfully structured and delivered multiple financings from traditional and non-traditional sources for mining projects in emerging markets. Terrafranca recently advised Lucara Diamond Corp on the US$220M debt financing of the Karowe diamond mine underground expansion in Botswana with a syndicate of international banks and African DFIs. Terrafranca also acted as the debt advisor to Adriatic Metals for the US$192.5m financing of the polymetallic Vares project in Bosnia which included a senior debt, copper stream and equity tranche from Orion Resource Partners (UK) LLP.