Robex Resources Inc. (TSX-V: RBX) (FRA: RB4) is pleased to announce the signing of the previously announced US$ 35 million Bridge Loan with Taurus Mining Finance Fund No. 2, L.P. an arm’s length lender, for the development of the Kiniero Gold Project in Guinea as of March 21^st, 2023.

The Bridge Loan will allow Robex to order long lead items, start the earthworks and carry out the work program leading to the completion of the feasibility study (as provided under Regulation 43-101 respecting Standards of Disclosure for Mineral Projects), which is expected to be released in May or June 2023. The Company will now work on satisfying the conditions precedent to closing and expects a formal closing by the end of March 2023.

The key terms of the Bridge Loan are:

• 9-month term from signing of the Bridge to scheduled repayment of the Bridge;
• Interest rate of 8.0% per annum;
• Availability period up to end of June 2023;
• Loan covenants customary for a facility of this type and reflecting the competitive nature of the current market; and
• Security over the shares held by Robex in Sycamore Mining Ltd and Sycamore Capital CY Ltd; security over the shares held by Sycamore Mining Ltd in Sycamore Mine Guinee SAU; and floating charges from each of Sycamore Mining Ltd and Sycamore Capital CY Ltd.

As a condition to the Bridge Loan, Robex will issue 22.5 million non-transferable common share purchase warrants to Taurus with an exercise price of $ 0.39 per common share. The Warrants will expire on the earlier of:

1. the date that is four years after the closing date of the Bridge Loan subject to earlier termination in case of full repayment of the project finance that may be provided by Taurus; or
2. the date that is one (1) year after the closing date of the Bridge Loan if the Bridge is fully repaid on or before that date through the refinancing of the Bridge with a third-party lender or group of lenders not directly or indirectly related or affiliated to Taurus.

Finally, if the Bridge is reduced or partially repaid during the first year of its term otherwise than through the use of another financing instrument provided by Taurus or entities related or affiliated to Taurus, a pro rata number of the Warrants will have their term reduced to the later of (i) one year from issuance of the Warrant, and (ii) 30 days from the reduction or repayment of the Bridge.

In the case of early expiry of the Warrants, Taurus will be entitled to an early expiry amount of up to US$ 1,000,000, reduced proportionately by reference to when the expiry date occurs within the original four-year exercise period.

The Bridge has no requirements for hedging. Conditions precedent to loan drawdowns include execution and delivery of local registration of securities and other customary conditions.

Taurus and Robex will now work together on negotiating the terms of the second portion of the previously announced financing package, namely the US$ 115 million project finance facility including a US$ 15 million cost overrun facility.

Benjamin Cohen, CEO: “Taurus have a very strong track record In West Africa and we look forward to this new partnership to build the next West African gold mine. With this facility, we are now able to lock in long lead items to secure our capex requirements and start mobilization of our construction team with WACOM already on site. This is the beginning of an exciting year for us in Guinea and we look forward to seeing this mine restarted.”

About Robex Resources Inc.

Robex is a multi-jurisdictional West African gold production and development company with near-term exploration potential. The Company is dedicated to safe, diverse and responsible operations in the countries in which it operates with a goal to foster sustainable growth. The Company has been operating the Nampala mine in Mali since 2017 and is advancing the Kiniero Gold Project in Guinea.

Robex is supported by two strategic shareholders and has the ambition to become one of the most important mid-tier gold producers in West Africa.

About Taurus

Taurus Funds Management is an independent Australian-based fund management firm providing (i) investments in both public and private mining companies, and also (ii) bespoke financing solutions for mid-tier and junior mining companies. Established in 2006, the firm has a diversified portfolio and spreads its investments across various commodities.