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Robex: Significantly Improved Operating and Financial Results

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Robex: Significantly Improved Operating and Financial Results

 

 

 

 

 

Robex Resources Inc. (TSX-V: RBX) is pleased to publish their financial results for the first quarter ending March 31, 2022.

 

All amounts are in Canadian dollars (CAD).

 

Quarterly Corporate Summary

 

Operations:

 

The number of ounces produced was 12,089 ounces, a 14% increase compared to the same quarter last year. The operational improvements completed by our teams have allowed us to continue to optimize the Nampala plant’s processing capacity. The replacement of the cyclone pumps, completed last December, met expectations with a performance superior throughput. A water drilling program was started in early 2022 to support the increase of the plant’s capacity.

 

In line with the new mine plan, the operational stripping ratio has significantly decreased (3.2 compared to 5.7 for the same period in 2021), prompting a 33% decrease in the all-in sustaining cost (per ounce sold), going from $1,732 to $1,166.

 

Exploration:

 

We continued major exploration work on all of our licences (geochemistry, geophysics reinterpretation, surface sampling), on the Senegalo-Malian shear zone (Sanoula and Diagounte) and on the licenses neighboring Nampala (Mininko and Gladie), by investing an amount of $316,000 during the first quarter of 2022. Reverse circulation (RC) and diamond drillings have started at the beginning of the year 2022 with the objective of increasing the resources. A compilation of the geological work will be created and published during the third quarter.

 

Finance:

 

A higher grade (0.82 g/t compared to 0.76 g/t for the same period in 2021) and an increase in the average gold price ($2,365 per ounce compared to $2,281 for the same period in 2021) resulted in a 53% increase in the operating income and a 43% increase in cash flows from operating activities. While improving its cash flow, the Company continues debt reduction with a net cash position of $ 3.1 million on March 31, 2022, compared to $ 9.3 million on December 31, 2021.

 

Transaction:

 

The Company continues its work to complete the pre-feasibility study for the Kiniero project in Guinea, perform accounting work, and integrate the Sycamore teams and procedures, in order to meet all preliminary conditions for completing of the transaction, with the objective of closing the transaction with Sycamore Mining Ltd before the end of the second quarter.

 

Mr. Georges Cohen, President of Robex, declared: “A quarter with strong improvements across all metrics. I am thrilled to finally see the benefits of the investments and the teamwork done in 2021. Our financial balance sheet has been strengthened and allows us to consider our new growth phase from a strong position, with the exploration of our properties and our new development project in Guinea.”

 

First Quarter of 2022 Operating and Financial Results Highlights

 

  Quarters ended March 31,      
  2022   2021   Variation  
Gold ounces produced 12,089   10,642   +14%  
Gold ounces sold 13,671   11,502   +19%  
(rounded off to the nearest thousand dollars)      
Revenue – Gold sales 32,333,000   26,241,000   +23%  
Operating income 15,363,000   10,035,000   +53%  
Net income attributable to equity shareholders 12,505,000   9,710,000   +29%  
Basic earnings per share 0.021   0.016   +29%  
Diluted earnings per share 0.021   0.016   +29%  
Adjusted amounts      
Net income attributable to equity shareholdersi 12,394,000   9,604,000   +29%  
Per sharei 0.021   0.016   +29%  
Cash flows      
Cash flows from operating activitiesii 16,481,000   11,526,000   +43%  
Per sharei 0.027   0.019   +43%  
Statistics      
(in dollars)      
Average realized selling price (per ounce) 2,365   2,281   +4%  
All-in sustaining cost (per ounce sold)i 1,166   1,732   -33%  
Adjusted all-in sustaining cost (per ounce sold)i iii 851   1,053   -19%  
       
  As of March 31,
2022
  As of December 31,
2021
  Variation  
Total assets 137,074,000   142,668,000   -4%  
Total liabilities 29,311,000   44,020,000   -33%  
Net debt (cash)iv (3,074,000 ) (9,281,000 ) -66%  


Mining Operations (Gold):

  Quarters ended March 31,  
  2022   2021  
Operating Data    
Ore mined (tonnes) 638,772   477,350  
Ore processed (tonnes) 509,374   472,410  
Waste mined (tonnes) 2,074,601   2,720,038  
Operational stripping ratio 3.2   5.7  
Head grade (g/t) 0.82   0.76  
Recovery 90.1%   92.8%  
Gold ounces produced 12,089   10,642  
Gold ounces sold 13,671   11,502  
Financial Data    
(rounded off to the nearest thousand dollars)    
Revenue – Gold sales 32,333,000   26,241,000  
Mining operation expenses (8,934,000 ) (9,188,000 )
Mining royalties (1,002,000 ) (656,000 )
Administrative expenses (3,178,000 ) (2,244,000 )
Depreciation of property, plant and equipment and amortization of intangible assets (2,443,000 ) (2,632,000 )
Segment operating income 16,776,000   11,521,000  
Statistics    
(in dollars)    
Average realized selling price (per ounce) 2,365   2,281  
Cash operating cost (per tonne processed)i 17   18  
Total cash cost (per ounce sold)i 727   856  
All-in sustaining cost (per ounce sold)i 1,166   1,732  
Adjusted all-in sustaining cost (per ounce sold)i iii 851   1,053  
Administrative expenses (per ounce sold) 232   195  
Depreciation of property, plant and equipment and amortization of intangible assets (per ounce sold) 179   229  

 

For more information, Robex’s MD&A and the consolidated financial statements are available on the Company’s website in the Investors section at robexgold.com. These reports and other documents produced by the Company are also available at sedar.com.

 

Posted May 31, 2022

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