Robex Resources Inc. (TSX-V: RBX) reported its operational and financial results for 2024.

Matthew Wilcox, Managing Director, commented: “2024 was a transformative year for Robex and we have achieved a lot to deliver shareholder value. The transition to the new board and management was executed and I look forward to 2025 with the first pour at Kiniero.”

CURRENCY

Unless otherwise indicated, all references to “$” in this news release are to Canadian dollars. References to “US$” in this news release are to U.S. dollars.

RESULTS HIGHLIGHTS

• Safety: the Group accumulated 5.2 million hours worked without injury with lost time work, (the “Group” refers to the Company collectively with one, several or all of its subsidiaries);
• Ore mined increased slightly compared to 2023 (+1.5% to 2,294mt), and the operating stripping ratio improved from 3.0 to 2.1;
• Ore processed decreased by 6.7% to 1,569t, while grade and recoveries stood at 0.79g/t and 87.8%, respectively.
• Gold production reached 46,715 ounces, at the low end of annual guidance, at an all-In Sustaining Cost per ounce of gold sold¹ of $1,359, increasing 5.8%;
• Operating income stood at $44,3 million in 2024,;
• Operating cash flow is positive at $46,9 million, down -12% compared to 2023, and;
• Cash and net debt¹ stood at $41.4 million and -$5,8 million respectively at the end of 2023.

NOMINATIONS

Robex is confirming the nomination of Susan Park and Ross Mclean as joint corporate secretaries of the company effective March 24^th, 2025.

GRANT OF PERFORMANCE SHARE UNITS

As part of its long-term incentive program as determined by the Board, Robex is announcing the grant of Performance Share Units to management and directors in accordance with the Company’s recently approved Omnibus Equity Incentive Plan.

On the recommendation of the Company’s remuneration committee, the Board has approved the grant of an aggregate of 5,150,000 PSUs to the Company’s Management.

Each vested PSU can be redeemed for one fully paid and non-assessable common share of the Company issued from treasury and shall vest in accordance upon achievement of the vesting conditions set forth in the letter awarding the grant, provided that no PSU shall vest sooner than on the first anniversary of the date of the grant.

The Omnibus Plan’s objective is to create an incentive compensation program that is aligned with the Company’s long-term objectives. Stock options, DSUs, RSUs and PSUs are granted in accordance with Policy 4.4 – Security Based Compensation of the TSX Venture Exchange, the terms and conditions of the Omnibus Equity Incentive Plan and the terms of the award agreement evidencing such equity compensation security. Further, the aforementioned grant of PSUs are subject to confirmation and approval by the Company’s shareholders at its annual general meeting of its shareholders to be held later in 2025.

OPERATIONAL AND FINANCIAL SUMMARY

Gold Production and Financial Results

At year-end 2024, gold production reached 46,715 ounces, down 9.9% from 2023. This decline was driven by a 5.5% decrease in ore processed due to longer processing times for transitional ore and increased downtime hours. Additionally, the head grade declined by 2.5%, primarily due to the late 2023 prioritization of high-grade ore, which raised the previous year’s average.

The volume of gold sold declined by 5.2%, from 51,205 in 2023 ounces to 48,564 ounces in 2024, as a result of lower production. Despite lower production, gold sales revenues increased by 17.6% to $158.4 million, compared to 134.7 million in 2023. This was driven by a 24.0% increase in the average realized selling price, which rose from $2,630 per ounce in 2023 to $3,261 per ounce in 2024.

Mining income surged to $73.4 million, a nearly fivefold increase compared to 2023. This significant improvement was primarily due to the absence of impairment charges in 2024, whereas in 2023, a $53.9 million impairment loss was recorded on the Nampala mine. This increase was partially offset by higher depreciation and amortization expenses in 2024, reflecting the shortened remaining mine life of Nampala. Although the most recent technical report (NI 43-101), effective September 2024, extended the mine life by 6 months to December 31, 2026, it had initially been revised down at the end of 2023. The net impact on 2024 was an accelerated asset depletion and corresponding increase in depreciation and amortization.

Despite this improvement, the Company recorded a net loss of $12.6 million in 2024, compared to a loss of $9.3 million in 2023. This was primarily due to a $58.9 million income tax expense that resulted from a tax settlement with the Government of Mali in September 2024. The settlement of all outstanding tax and customs claims amounted to approximately $33.5 million (FCFA 15.0 billion), which is included in the 2024 tax expense.

Cash Flows and Strategic Investments

In 2024, cash flows from operating activities totaled $46.9 million, compared to $53.3 million in 2023, reflecting higher tax payments in Mali. Investing cash flows rose by 46.3% to $112.3 million, mainly due to continued investments in Kiniéro, following the positive results of an updated feasibility study that confirmed the project’s technical feasibility and commercial viability. As a result, as of December 31, 2024, Kiniéro was reclassified from mining properties to property, plant, and equipment.

To support these efforts, the Company raised $126.5 million in June 2024, enabling it to advance feasibility work and continue earthworks, erect key infrastructure, and secure critical production equipment, including the power plant and ball mill. As a result, financing activities generated $92.2 million, primarily driven by this equity financing, net of debt repayments and project-related financing fees.

SUMMARY OF 2023 FINANCIAL RESULTS

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_{3 Non-IFRS financial measure, non-IFRS ratio, or supplementary financial measure. Please refer to the “Non-IFRS and other financial measures” section of this MD&A for definitions of these measures and their reconciliation to the most directly comparable IFRS measure, as applicable.}

OUTLOOK AND 2025 STRATEGY

Nampala’s 2025 forecast is as follows:

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_{2 Non-IFRS financial measure, non-IFRS ratio, or supplementary financial measure. Please refer to the “Non-IFRS and Other Financial Measures” section of this MD&A for definitions of these measures and their reconciliation to the most directly comparable IFRS measure, as applicable.}

The 2025 forecast for sustaining capital expenditures has been adjusted to a range of $24 million to $28 million. Similarly, stripping costs are now estimated between $20 million and $24 million. These estimates reflect a revised mining plan with a higher stripping ratio than at year-end 2024. In addition, some investments postponed in 2024 will be completed in 2025.

The following assumptions were used in preparing the 2025 forecast:

• Average realized selling price for gold: $3,197 per ounce
• Fuel price: $1.85 per litre
• USD/$ exchange rate: 1.39

Kiniéro’s 2025 forecast is as follows:

While the budgets were prepared in U.S. dollars, the amounts presented above have been converted to Canadian dollars using a USD/CAD exchange rate of 1.39 for the forecast.

DETAILED INFORMATION

We strongly recommend that readers consult Robex’s Management’s Discussion and Analysis and Consolidated Financial Statements for the third quarter ended December 31, 2023, which are available on Robex’s website at www.robexgold.com and under the Company’s profile on SEDAR+ at www.sedarplus.ca for a more complete discussion of the Company’s operational and financial results.

NON-IFRS AND OTHER FINANCIAL MEASURES

The Company’s audited consolidated financial statements for the year ended December 31, 2024, available under the Company’s profile on SEDAR+ at www.sedarplus.ca, are prepared in accordance withIFRS Accounting Standards as issued by the International Accounting Standards Board (IASB).

However, the Company also discloses the following non-IFRS financial measures, non-IFRS financial ratios and supplementary financial measures in this news release, for which there is no definition in IFRS: all-in sustaining cost and net debt (non-IFRS financial measures); adjusted net income, cash operating cost per tonne processed, all-in sustaining cost per ounce of gold sold and adjusted basic earnings per share (non-IFRS ratios); and cash flow from operating activities per share and average realized selling price per ounce of gold sold (supplementary financial measures). The Company’s management believes that these measures provide additional insight into the Company’s operating performance and trends and facilitate comparisons across reporting periods. However, the non-IFRS measures disclosed in this news release do not have a standardized meaning prescribed by IFRS, they may not be comparable to similar measures presented by other companies. Accordingly, they are intended to provide additional information to investors and other stakeholders and should not be considered in isolation from, confused with or construed as a substitute for performance measures calculated according to IFRS.

These non-IFRS financial measures and ratios and supplementary financial measures and non-financial information are explained in more detail below and in the “Non-IFRS and Other Financial Measures” section of the Company’s Management’s Discussion and Analysis for the year ended December 31, 2024 , which is incorporated by reference in this news release, filed with securities regulatory authorities in Canada, available under the Company’s profile on SEDAR+ at www.sedarplus.ca and on the Company’s website at www.robexgold.com. Reconciliations and calculations between non-IFRS financial measures and the most comparable IFRS measures are set out below in the “Reconciliations and Calculations” section of this news release.