IFRS is an international financial reporting standard that requires results to be presented consistently, regardless of industry. For a wheat farmer, comparing his fall harvest to that of the previous year is a good way to gauge his performance. As Robex does not produce wheat, nor is it subject to Christmas sales results, it is important to refer to the statistics presented in section 6 of the MD&A. These statistics allow you to see the results in a linear fashion, from one quarter to the next, which is much more appropriate. For 2021-Q3, we can observe a steady increase in the tonnage of ore processed, a gold recovery rate at the highest level and finally, the best gold production of the last 5 quarters. These 3 parameters are currently the most important to observe because they allow us to observe the progress of the results relating to the operation of the plant. These performance parameters confirm the added value of the many improvements made to the plant. Since the start in 2017, the average gold grade for 2021-Q3 has been ranked 16th out of 19 quarters. Despite the low gold grade, Robex posted its best performance of the past 5 quarters, producing 11,317 ounces of gold. In comparison, Robex produced 7,771, 8,965 and 9,163 ounces of gold during the main pit stripping period in 2017, with an average grade of 0.83 grams / tonne. Definitely, the plant has never been as efficient as it is now, which makes it possible to envisage sustained growth in production for many quarters.
Regarding Robex's financial health, it is exceptional. Despite an amount of VAT receivable of $ 5,400,000 and capital acquisitions of $ 24,000,000 since the start of 2021, Robex can still afford to delay a sale of gold by 3,834 ounces while further reducing its debt. Frankly, I don't know of any other company, of the same stature as Robex, that can afford to use so many methods to improve its financial performance.
Honestly, I am satisfied with this performance and the many reasons to believe that it can accelerate. The costs associated with stripping will continue to decrease as the gold grade increases, depending on the depth of the pit mined.