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Robex Resources Inc V.RBX

Alternate Symbol(s):  RSRBF | V.RBX.WT

Robex Resources Inc. is a Canada-based gold mining company. The Company owns two assets in the prospective Birimian Greenstone belt: the Nampala producing gold mine in Mali, and the Kiniero Gold Project in Guinea (Conakry). The Kiniero Gold Project is a 470 square kilometers (km2) package of mining licenses in the prolific Siguiri Basin, Guinea, and consists of the adjacent Kiniero (mining) and Mansounia (exploration) licenses which host numerous deposits. The Nampala Gold Mine is located in the Republic of Mali, approximately 250 kilometers (km) southeast (335km by road) of the capital of Bamako, 45 km northwest of the Syama Mine (operated by Resolute Mining Limited) and 91 km southwest of the Morila mine (operated by Firefinch Limited). The mine is in the Sikasso administrative region. The property has a total surface area of c. 280km2 and consists of two parts: the Nampala exploitation permit covering 16 km2, including the Nampala mine, and five exploration permits.


TSXV:RBX - Post by User

Post by Tree2treeon May 30, 2023 9:18pm
610 Views
Post# 35471451

The situation is dire

The situation is dire- The so-called profit is fake, a result of accounting rules that allow them to classify urgent expenses to continue mining as 'capital'.
- They report an increase in the value of their mining assets (hence the fake profit), but the real value of these assets could go to zero at any time when they are unable to squeeze any revenue out of operations.
- The company is essentially living on credit cards, which are pretty much maxed out.  Net debt has again increased in the quarter, contrary to what the company says.
- They negotiated a small line of  credit from a Malian bank, which may be already spent by the time this report came out.
- Nampala is becoming more and more expensive to operate, as expected with a mine in its late stages with no additions to reserves (in spite of throwing money at exploration for years).  Any little setback could cause the mine to shut down, as we have seen with other companies.
- Taurus has got them by the balls, and may be in a position to seize assets in the near future.

And suppose by a miracle, RBX survives and builds another mine.  That mine has a highly theoretical, high-risk NPV of $US200 million, and does not even have a proper feasibility study.  And it requires an up-front investment of at least $144 million, which has NOT been obtained.  Other companies who are promoting similar projects have market caps of $10-$50 million.  How on earth is RBX's market cap justified?  RBX is lucky to have the blind loyalty of a certain type of shareholder.  But how long will it last?
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