Robex Resources : Other Documents and Corporate Policy2021 Annual Report

A WORD FROM

THE CHAIRMAN

I am proud to be President of the board of this Company, Robex has made great progress.

In early 2022, while we continued to improve Nampala, we spent a lot of time looking for an ambitious new mining project to integrate into our Group.

It took months of research and due diligence. The work resulted in a merger between Robex and Sycamore, announced last April 20. This will allow to build a new low-cost gold mine in Guinea. With Nampala the Group will produce more than 200,000 oz a year by 2024.

Kiniero is a large mining project with an enormous geological potential. Sycamore will be integrated into Robex through a simple exchange of stocks, preserving the financial capacities of both companies. Robex's financial resources will integrally remain available for the Nampala operations, the continuity of our exploration and, most of all, the start up of the new Kiniero project.

This project is unique as it offers many benefits since the site was under exploitation for 12 years, until March 2014. We are therefore not starting from scratch. All the infrastructure already exists on site, which was renovated by Sycamore, and a significant amount was invested for exploration and geological data interpretation, including analysing of historical data. All this resulted in an acute understanding of the geology and the discovery of new deposits and extensions on the property.

Thanks to this pre-existing work, the Robex and Sycamore teams are working not only on the legal closing but, for a few months now, also to move the project forward and towards a promising collaboration.

The synergies between Robex and Sycamore have already materialised through the complete re-thinking of the Robex exploration process thanks to experience of the Sycamore's geologists in West Africa.

Robex's employees and directors, bringing their expertise in plant development and operations, are already in Guinea to support the Kiniero project.

Robex invested in engineering and exploration to advance the Kiniero pre-feasibility study, which will be published during Q2 2022.

The work accomplished together during the last few months has given Kiniero a greater scale than initially planned by Sycamore, and we thus informed the Guinean authorities, who have approved what would become the 4th largest gold mine in Guinea.

Robex intends to rigorously apply its sustainable and inclusive development strategy to Kiniero, which will benefit all stakeholders.

Finally, despite a new year impacted by local crises, we are proud to further our support the local population and to have maintained, to the highest standards, the safety of our Nampala mining site, including the renewal of our ISO 45001 certification.

I would like to take this opportunity to thank all our employees and partners around the world for their efforts to date and to wish all our shareholders a wonderful 2022.

Georges Cohen

PRESIDENT

TABLE OF CONTENT

MANAGEMENT'S DISCUSSION AND ANALYSIS.......................................................................	1
1.		IMPORTANT FACTS......................................................................................................................................................................	2
	A.	2021 OPERATING AND FINANCIAL RESULTS HIGHLIGHTS................................................................................................................	2
	B.	2021 CORPORATE SUMMARY ..........................................................................................................................................................	3
	C.	2022 OUTLOOK AND STRATEGY: A YEAR OF TRANSFORMATIONS ..................................................................................................	4
	D.	KEY ECONOMIC FACTORS.................................................................................................................................................................	5
2.		CONSOLIDATED FINANCIAL RESULTS ...........................................................................................................................................	6
	A.	RESULTS ...........................................................................................................................................................................................	6
	B.	RESULTS BY OPERATING SEGMENT..................................................................................................................................................	8
	C.	COMPREHENSIVE INCOME...............................................................................................................................................................	8
	D.	FINANCIAL POSITION........................................................................................................................................................................	8
	E.	CASH FLOWS ..................................................................................................................................................................................	10
	F.	NET DEBT POSITION .......................................................................................................................................................................	12
	G.	OTHER ELEMENTS ..........................................................................................................................................................................	12
3.	FOURTH QUARTER FINANCIAL AND OPERATING RESULTS..........................................................................................................	14
4.		QUARTELY RESULTS...................................................................................................................................................................	15
5.		OPERATIONS .............................................................................................................................................................................	17
	A.	MINING OPERATIONS (GOLD) ........................................................................................................................................................	17
	B.	MINERAL RESOURCES AND RESERVES: NAMPALA .........................................................................................................................	19
	C.	EXPLORATION ................................................................................................................................................................................	20
	D.	THE TRADING HOUSE .....................................................................................................................................................................	21
6.		CORPORATE SOCIAL RESPONSIBILITY.........................................................................................................................................	22
	A.	ENVIRONMENTAL, SOCIAL AND GOVERNANCE INDICATORS (''ESG'') ...........................................................................................	22
	B.	CONTRIBUTIONS TO MALI..............................................................................................................................................................	28
	C.	COVID‐19 RESPONSE......................................................................................................................................................................	28
	D.	MINE‐SCHOOL................................................................................................................................................................................	29
	E.	NEW PROJECTS IMPLEMENTED IN 2021 FOR NEIGHBOURING POPULATIONS..............................................................................	30
	F.	ESTABLISHED CHARTERS AND POLICIES .........................................................................................................................................	31
7.		RISKS AND UNCERTAINTIES .......................................................................................................................................................	32
	A.	FINANCIAL RISKS ............................................................................................................................................................................	32
	B.	OPERATIONAL RISKS ......................................................................................................................................................................	33
8.		SHARE CAPITAL..........................................................................................................................................................................	40
9.		CONTROLS AND PROCEDURES ...................................................................................................................................................	41
	A.	DISCLOSURE CONTROLS AND PROCEDURES ..................................................................................................................................	41
	B.	INTERNAL CONTROLS OVER FINANCIAL REPORTING .....................................................................................................................	41
	C.	LIMITATIONS OF CONTROLS AND PROCEDURES............................................................................................................................	41
10. NON‐IFRS FINANCIAL PERFORMANCE MEASURES......................................................................................................................	42
11. ADDITIONAL INFORMATION AND CONTINUOUS DISCLOSURE ...................................................................................................	44
12.	FOWARD‐LOOKING STATEMENTS ..............................................................................................................................................	45

AUDITED CONSOLIDATED FINANCIAL STATEMENTS............................................................

46

MANAGEMENT'S DISCUSSION AND ANALYSIS

M A N A G E M E N T ' S D I S C U S S I O N A N D A N A L Y S I S ♦ YEAR 2021

ROBEX RESOURCES INC. is a Canadian mining operation and exploration company, that operates in Mali, in Africa, whose shares are traded on the Canadian TSX Venture Exchange under the symbol RBX. The Company currently operates the Nampala mine and holds five exploration permits in Mali. ROBEX's priority strategy is to maximize shareholder value by managing its existing assets and pursuing opportunities for strategic growth.

This Management's Discussion and Analysis ("MD&A") is designed to provide the reader with a greater understanding of the Company's business, strategy, and performance, as well as how it manages risk and capital resources. It also aims to show that the Company is a citizen and responsible actor engaged in actions with lasting effects. This MD&A, prepared as of May 2, 2022, is intended to complement and supplement our Annual Audited Consolidated Financial Statements (the "financial statements") as of December 31, 2021. Our financial statements and this MD&A are intended to provide investors with a reasonable basis for assessing our operational results and our financial performance.

Our financial statements have been prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board ("IFRS"). The presentation currency for the financial statements is the Canadian dollar. The euro and the CFA franc are the functional currencies of the Company. All dollar amounts contained in this MD&A are therefore expressed in Canadian dollars, unless otherwise specified.

This MD&A contains forward‐looking statements. Particular attention should be given to the risk factors described in the "Risks and Uncertainties" section and to the "Forward‐Looking Statements" section of this document.

Where we say "we", "us", "our", "the Company", "the Group'' or "ROBEX", we mean ROBEX RESOURCES INC. and one, more or all its subsidiaries, as the case may be.

ROBEX RESOURCES INC.

PA G E 1