Robex: Significantly Improved Operating and Financial Results

QUÉBEC CITY, May 30, 2022 (GLOBE NEWSWIRE) -- Robex Resources Inc. ("Robex", "the Group" or "the Company") (TSXV: 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.

For more information:

Benjamin Cohen, CEO
Aurélien Bonneviot, investors relations and corporate development
[e-mail]
[e-mail]
Head office: [phone]

This news release contains statements that may be considered “forecast information” or “forecast statements” in terms of security rights. These forecasts are subject to uncertainties and risks, some of which are beyond the control of Robex. Achievements and final results may differ significantly from forecasts made implicitly or explicitly. These differences can be attributed to many factors, including market volatility, the impact of the exchange rate and interest rate fluctuations, mispricing, the environment (hardening of regulations), unforeseen geological situations, unfavourable operating conditions, political risks inherent in mining in developing countries, changes in government policies or regulations (laws and policies), an inability to obtain necessary permits and approvals from government agencies, or any other risk associated with mining and development. There can be no assurance that the circumstances set out in these forecasts will occur, or even benefit Robex, if any. The forecasts are based on the estimates and opinions of the Robex management team at the time of publication. Robex makes no commitment to make any updates or changes to these publicly available forecasts based on new information or events, or for any other reason, except as required by applicable security laws. The TSX Venture Exchange or the Regulation Services Provider (as defined in the policies of the TSX Venture Exchange) assumes no responsibility for the authenticity or accuracy of this news release.

i Adjusted net income attributable to equity shareholders, adjusted basic earnings per share, operating cash flows per share, cash operating cost, total cash cost, all-in sustaining cost (or AISC) and adjusted all-in sustaining cost are non-IFRS financial measures for which there is no standardized definition under IFRS. See the "Non-IFRS Financial Performance Measures" section of the MD&A.
ii Cash flows from operating activities exclude net change in non-cash working capital items.
iii Adjusted all-in sustaining cost excludes stripping cost and exploration expenses.
iv Refer to “Net Debt (Cash) Position” section of the MD&A.