Robex Resources Inc. (TSX-V: RBX) is pleased to publish their financial results for the third quarter ended September 30, 2022.

All amounts are in Canadian dollars (CAD).

Quarterly Corporate Summary

Operations:

The number of ounces produced was 11,124 ounces, down by 1.7% compared to the same quarter in the previous year, specifically due to a much heavier rainy season in September that the start-up of the trommel as well as a higher feeding grade (0.82 g/t compared to 0.79 g/t for the same period in 2021) have not allowed to compensate. As a matter of fact, the unprecedented rainfall caused hopper procurement issues, loader cycle timing and availability issues, as well as clogging of the primary grizzly. At the beginning of October, the situation was back to normal.

Exploration:

During the third quarter of 2022, Robex continued significant exploration work completed by remote sensing on all its licences (Sanoula, Diangounté, Mininko and Gladie), as well as on the neighboring prospective lands. The results of this exploration have been promising in each of the zones, with important intersections reported during the Mininko drilling campaign. This represents an important target zone near the mine (i.e., Nampala) for follow-up exploration during the remaining of 2022 and up to 2023. A compilation of the exploration work will be done during the fourth quarter to refine the exploration program, with the ambition of increasing the global resources.

In Guinea, the exploration and geological studies have essentially been oriented on the Kiniero mine with the objective of supporting the Pre-Feasibility Study and the Definitive Feasibility Study. The drilling objectives included pairing, filling, geology, water production, mining geotechnic, civilian geotechnic, metallurgy, lateral extension, depth extension and sterilisation. All the drilling samples have been analyses and reported. The results keep confirming and supporting the geological understanding of Kiniero, as well as the large open-pit and depth prospection associated to each of the deposits considered for mining operations, especially the SGA, Sabali South and Mansounia deposits. The exploration remains at the forefront of the fourth quarter up until 2023 in support of the DFS. After the completion of the DFS in 2023, management intends to focus on the geological mining studies to start exploration with the objective of discovering and delineating supplemental resources near the mine to extend the life of mine duration indicated by the DFS.

Finance :

For the quarter ended September 30, 2022, gold sales amounted to $30.8 million compared to $16.7 million for the same period in 2021, thanks in particular to the increase in the number of ounces of gold sold; The average selling price per ounce was relatively stable over the period ($2,254/ounce versus $2,269/ounce). Note that the discrepancy between gold production and sales during the quarter is the result of the timing of shipments. Operating income for the quarter ended September 30, 2022 was up 159% ($10.3 million compared to $4.0 million for the quarter ended September 30, 2021) despite the sharp increase in operating expenses resulting from the surge in fuel prices and higher subcontracting costs. Administrative costs were also increasing, due in particular to the integration of the project in Guinea and the start of on-site work. For the quarter ended September 30, 2022, the Group was able to generate cash flow from operating activities of $11.9 million (compared to $5.2 million for the quarter ended September 30, 2021). As at September 30, 2022, the Group had a solid balance sheet (net debt compared to net debt of $2.9 million at September 30, 2021 and net cash of $9.3 million at December 31, 2021) despite advances made to Sycamore of $11.2 million at the end of September (including $7.7 million in the quarter ended September 30, 2022 alone).

Transaction:

The merger with Sycamore Mining Ltd confirms a step change for Robex. The closing of the transaction on November 9 allowed the consolidation of the two companies under a single listed entity. We can now focus on the construction of Kiniero and the development of Nampala.

1. Georges Cohen, Executive Chairman: « The activity of the Nampala mine has been very resilient despite the high inflation environment and disruptive rainfall. However, Nampala’s operational performance is still improving, and our costs remain under control. We are very pleased to have successfully completed the combination with Sycamore Mining Ltd and warmly welcomes its executives and employees to the Group. This transaction is a crucial step in Robex’sgrowth strategy.»

Third 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.