Robex Resources Inc. (TSX-V: RBX)(ASX: RXR) Matthew Wilcox, Managing Director, commented: “The company has had a strong start to 2025, construction continues to advance at Kiniero, and we are well positioned for first gold in Q4 2025, meeting both schedule and budget. In parallel, we closed the senior debt facility with Sprott for US$130 million USD in Q1 2025 and progressed our ASX IPO with trading set to commence on 5^th June 2025.”

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.

KEY PRIORITIES 2025

Delivering the construction project in Guinea as planned: Construction is progressing well and remains on schedule. Concrete work for the process plant is nearing completion. The first shipment of structural steel has arrived on site, with additional deliveries scheduled every two weeks. The Structural, Mechanical & Piping contract has commenced, with structural steel erection for the first process plant set to begin in early June. The milling installation contract has been awarded with key mill deliveries arriving on site. Work for the mill installation will also begin in early June.

Securing subsequent utilization of a senior debt facility for the Kiniero Project: The Company has used US$25 million from the US$130 million senior debt facility obtained from Sprott Lending Corp. to finance the construction of Kiniero.

ASX listing and equity raise: The Company has received approval, subject to the usual conditions, from the ASX to Robex’s admission to the Official List and to the Official Quotation of Robex’s CDIs. Robex is working with ASX to meet the listing conditions, and it is expected that trading in Robex’s CDIs (assigned a code of “RXR”) on the ASX will commence on a normal settlement basis on June 5^th , 2025.

The net proceeds of AUD$120 million raised through the dual listing on the ASX will be used for the development of Kiniero – as well as to cover financing costs, corporate expenses and working capital requirements.

RESULTS HIGHLIGHTS (Q1 2025)

• Ore mined was at 632 kt in Q1 2025, a 7% decrease compared to the same quarter in 2024, the operational stripping ratio was 3.8 compared to 1.6;

• Ore processed increased by 1.5% to 559 kt, while grade and recoveries stood at 0.82 g/t and 87.6%, respectively;
• Gold production reached 12,892 ounces, at an all-In Sustaining Cost (“AISC”) per ounce of gold sold¹ of $2,342.
• Operating income was $16.3 million in Q1 2025;
• Operating cash flow was positive at $17.2 million in Q1 2025 and;
• Cash and net debt¹ stood at $33.0 million and $6.1 million respectively at the end of Q1 2025.

OPERATIONAL AND FINANCIAL SUMMARY

Gold Production and Financial Results 

For the quarter ended March 31^st, 2025, gold production reached 12,892 ounces, down 0.5% from the corresponding period in 2024. This slight decline resulted from a decrease in the recovery rate to 87.6% in the quarter ended 31^st March 2025 from 89.5% in the comparative period. The quantity of ore processed came in 1.4% higher at 559,013 tonnes than in the comparative quarter in 2024 while head grade was flat at 0.82g/t.

The volume of gold sold declined by 15.7%, from 14,071 ounces in the first quarter of 2024 to 11,869 ounces in the first quarter of 2025. Gold sales declined due to the timing of shipments of gold produced alongside a decrease in production as outlined above.

Gold sales revenues rose by 26.0% reaching $49.4 million in the first quarter of 2025, compared to $39.2 million in the same period of 2024. This increase was driven by a 49.4% rise in the average realized selling price, which reached $4,160 per ounce in the Q1 2025, up from $2,785 per ounce in Q1 2024.

The increase in mining income for the quarter was partially offset by a significant rise in mining royalties, which totaled $6.8 million in Q1 2025, compared to $1.5 million in the comparative period. This increase was directly attributable to the new Mining Convention signed in Mali in February 2025 which implemented a higher effective tax regime under the 2023 Mining Code.

Despite the increase in mining income, the Company recorded a net loss of $29.2 million for the first quarter of 2025, compared to a net loss of $32.1 million in the same period of 2024, representing an 8.9% reduction. The Q1 2025 result was mainly impacted by a $17.6 million change in the fair value of share purchase warrants and the $14.7 million buyback of the Taurus Kiniero Royalty. In comparison, the net loss for Q1 2024 included a $43.0 million provision for tax contingencies in Mali, recorded following a final notice of reassessment received in May 2024.

Cash Flows and Strategic Investments

Cash flows from operating activities totaled $17.2 million in the first quarter of 2025, compared to $20.9 million for the same period in 2024. The decrease was mainly attributable to an increase in VAT receivable, primarily related to unrecovered value-added tax on recent property, plant and equipment additions for the Kiniero Gold Project in Guinea, as well as the repayment of the Taurus Royalty. These outflows were partially offset by an increase in accounts payable, and by higher mining income before non-cash depreciation expense compared to the first quarter of 2024.

Investing cash flows amounted to $49.6 million in Q1 2025, an increase of $33.6 million, or 209.5%, compared to the same period in 2024. This significant increase reflects the Group’s continued investment in the development of the Kiniero project, as construction activities accelerated ahead of the expected first gold pour in Q4 2025.

To support the advancement of the Kiniero Gold Project, the Company completed a $34.0 million equity financing in January 2025 and drew down $35.9 million (USD$25 million) from the Sprott project financing facility in March 2025. These funds enabled the Group to advance feasibility work, pursue earthworks, erect key infrastructure, and procure critical production equipment. Separately, the Company repaid in full the remaining balance of the Taurus bridge loan ($28.7 million) in January 2025, as part of its broader capital management strategy. As a result, financing activities generated $24.5 million in the first quarter of 2025, compared to nil in the same period of 2024.

SUMMARY OF Q1 2025 FINANCIAL RESULTS

OUTLOOK AND 2025 STRATEGY

Nampala’s 2025 forecast is as follows:

The 2025 forecast for sustaining capital expenditures is expected to range between $24 million to $28 million, while stripping costs are estimated to range between $20 million and $24 million.

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

The Nampala AISC (per ounce of gold sold) has been revised in the forecast for 2025 from <$1,500 per ounce of gold sold at December 31, 2024 to <$2,000 per ounce of gold sold at March 31, 2025. The upward adjustment follows the implementation of the 2023 mining code and associated fiscal terms during Q1 2025.

Kiniero’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 first quarter of 2025, 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.

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⁽¹⁾ Non-IFRS financial measure, non-IFRS ratio, or supplementary financial measure. Please refer to the “Non-IFRS and other financial measures” section of this press release for definitions of these measures and their reconciliation to the most directly comparable IFRS measure, as applicable.

For more information

Email: investor@robexgold.com
www.robexgold.com