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

Mining Operations (Gold):

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.