2023-Q2 financial statements, my comments Given that Robex is currently in a growth phase, I will limit my comments to Nampala's operating results. The investments and the increase in administrative costs is the consequence of the development of the Kiniero project, which requires excluding exceptional expenses from the results. Consequently, the analysis of Q2 must be done carefully.
Regarding mining results, I am pleased to note that an all-time record was set for Nampala, with 551,314 tonnes of ore processed. With 524,728 tons in 2023-Q1, which is the third best performance ever, we also have a new record for the half year, which gives hope that this exceptional processing capacity could become the norm.
With 12,410 ounces of gold produced, at an annualized rate of 49,640 ounces of gold, this is the best gold production of the last 7 quarters despite a gold grade below average.
Despite higher gold and gilt bullion inventories, a consequence of gold sales being 1,600 ounces lower than its gold ounces produced, Robex managed to reduce its all-in sustaining cost, despite the adjustment of ore feed reduced to gold grade at 0.79 grams/tonne. In addition to the constant operational efficiency, the Q3 will be able to take advantage of these stocks, and a good start for the Q3.
Otherwise, the mining costs are below average despite the exploitation of an exceptional tonnage, which makes it possible to appreciate the efficiency of the plant, the good work carried out by the human resources in place, and the results products.
Regarding the stripping ratio, it is great, with only 2.1. This means that only 2 trucks go directly to the reject yard while 1 goes to the factory. The consistency of gold grade that is profitable and present in a significant amount of ore is something that contributes enormously to reducing costs. With a processing capacity of more than 2,000,000 tons/year, Robex makes a profit from the minerals that most companies have to reject. In other words, Robex has the right factory for the right deposit. For information, that of CERT was 15.23 in the last quarter and 19.22 for THX, which must be compensated by a higher gold content which is more difficult to find.
In conclusion, simple reminder to say that Christmas sales have no effect on Robex's results, like those of Mother's Day, and that the comparison of results with the previous quarters, rather than the quarters of the previous year, is much more consistent. The accounting presentation rules meet the needs of the majority of companies, with no particularity for companies that exploit gold resources. It's like that, there's nothing you can do about it.