Robex: Q2 Operational Results Improving and Costs Under Control Despite Inflationist Environment

QUÉBEC CITY, Aug. 29, 2022 (GLOBE NEWSWIRE) -- Robex Resources Inc. ("Robex", "the Group" or "the Company") (TSXV: RBX) is pleased to publish their financial results for the second quarter ended June 30, 2022.

All amounts are in Canadian dollars (CAD).

Quarterly Corporate Summary

Operations:

The number of ounces produced was 12,185, a 9.5% 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 installation of the new trommel at the beginning of June made it possible to increase production by improving plant availability.

In line with the new mine plan, the operational stripping ratio has slight decreased (4.1 compared to 4.8 for the same period in 2021), prompting a 1,3% decrease in the all-in sustaining cost (per ounce sold) i, going from $1,560 to $1,540.

Exploration:

Robex continued major exploration work on all of its licenses during Q2 of 2022, including license-wide soil geochemistry (BLEG), geophysical reinterpretations, remote sensing, surface rock chip sampling and drilling, including reverse circulation (RC) and diamond drilling (DD). These exploration workstreams were completed on each of the Senegalese-Malian shear zone license areas (Sanoula and Diangounté) as well as on the licenses neighbouring Nampala (Mininko and Gladié). RC and DD commenced at the beginning of the year with the objective of increasing the overall resource. A compilation of the geological work will be done during the third quarter to establish our 2023 exploration program combined with that of Kiniéro.

Finance:

A higher grade (0.84 g/t compared to 0.82 g/t for the same period in 2021) and a slight increase in the average gold selling price ($2,400 per ounce compared to $2,219 for the same period in 2021) resulted in a 17% increase in the operating income. While improving its cash flow, the Group continues to reduce its debt with a net cash position of $2.6 million as of June 30, 2022, compared to $3.1 million as of March 31, 2022.

Transaction:

The Company continues its efforts to complete the pre-feasibility study for the Kiniéro project in Guinea which was announced on August 29. To close the transaction, accounting work, as well as the integration of Sycamore's teams and processes, is underway with a view to satisfying all conditions precedent to the completion of the transaction. The Group’s objective is to close this transaction with Sycamore Mining Ltd before the end of the third quarter.

Mr. Georges Cohen, President of Robex, declared: “Despite the uncertain environment and the inflationary pressures, the operational performance of Nampala is improving and our costs are under control. We are still integrating the Sycamore team and we have strengthened our teams in Guinea and Quebec. We hope to close the transaction we announced during this quarter, in September. This closing will be the next stage to pivot our Group toward a growth strategy in Mali and in Guinea.”

Second Quarter of 2022 Operating and Financial Results Highlights

Mining Operations (Gold):

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:

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.