Significant improvement in operations and finances

QUEBEC CITY, May 30, 2022 (GLOBE NEWSWIRE) — Robex Resources Inc. (“robex“, “the group” Where “the company“) (TSXV:RBX) is pleased to report its financial results for the first quarter ending March 31, 2022.

All amounts are in Canadian dollars (CAD).

Quarterly Company Summary


The number of ounces produced was 12,089 ounces, an increase of 14% compared to the same quarter last year. The operational improvements made by our teams have enabled us to continue to optimize the processing capacity of the Nampala plant. The replacement of the cyclonic pumps, completed last December, met expectations with higher throughput performance. A water drilling program was launched in early 2022 to support the increased plant capacity.

In line with the new mining plan, the operational stripping ratio has decreased significantly (3.2 compared to 5.7 for the same period in 2021), resulting in a 33% decrease in the all-in sustaining cost (per ounce sold), from from $1,732 to $1,166.


We continued significant exploration work on all our permits (geochemistry, geophysical reinterpretation, surface sampling), on the Senegal-Malian shear zone (Sanoula and Diagounte) and on the neighboring Nampala permits (Mininko and Gladie), investing an amount of $316,000 during the first quarter of 2022. Reverse circulation (RC) and diamond drilling began in early 2022 with the aim of increasing the resources. A compilation of geological work will be created and published during the third quarter.


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 same period in 2021) resulted in a 53% increase in operating income and a 43% increase in cash flow from operating activities. While improving its cash position, the Company continues to deleverage with net cash of $3.1 million as of March 31, 2022, compared to $9.3 million as of December 31, 2021.


The Company is continuing its work to finalize the pre-feasibility study of the Kiniero project in Guinea, carry out the accounting work and integrate Sycamore’s teams and procedures, in order to fulfill all the conditions precedent to the completion of the operation, with the objective of close transaction with Sycamore Mining Ltd before the end of the second quarter.

Mr. Georges Cohen, Chairman of Robex, said: “A quarter with strong improvements on all indicators. I am delighted to finally see the benefits of the investments and teamwork achieved in 2021. Our balance sheet has strengthened and allows us to envisage our new phase of growth in a position of strength, with the exploration of our properties and our new development project in Guinea.

Highlights of first quarter 2022 operating and financial results

Quarters ended March 31
2022 2021 Variation
Ounces of gold produced 12,089 10,642 +14%
Ounces of gold sold 13,671 11,502 +19%
(rounded to the nearest thousand dollars)
Revenues – Gold Sales 32,333,000 26,241,000 +23%
Operating result 15,363,000 10,035,000 +53%
Net income attributable to 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 shareholdersI 12,394,000 9,604,000 +29%
Per shareI 0.021 0.016 +29%
Cash flow
Cash flow from operating activitiesii 16,481,000 11,526,000 +43%
Per shareI 0.027 0.019 +43%
(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,
As of December 31,
Total assets 137,074,000 142,668,000 -4%
Total responsibilities 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
Mined ore (tonnes) 638 772 477,350
Ore Processed (tonnes) 509 374 472 410
Waste extracted (tons) 2,074,601 2,720,038
Operational stripping rate 3.2 5.7
Main grade (g/t) 0.82 0.76
Recovery 90.1% 92.8%
Ounces of gold produced 12,089 10,642
Ounces of gold sold 13,671 11,502
Financial datas
(rounded to the nearest thousand dollars)
Revenues – Gold Sales 32,333,000 26,241,000
Mining expenses (8,934,000 ) (9,188,000 )
Mining royalties (1,002,000 ) (656,000 )
Administrative expenses (3,178,000 ) (2,244,000 )
Amortization of property, plant and equipment and amortization of intangible assets (2,443,000 ) (2,632,000 )
Segment operating result 16,776,000 11,521,000
(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
Amortization of property, plant and equipment and amortization of intangible assets (per ounce sold) 179 229

For further information, Robex’s management report and consolidated financial statements are available on the Company’s website in the Investors section at These reports and other documents produced by the Company are also available on

For more information:

Benjamin Cohen, CEO
Aurélien Bonneviot, investor relations and corporate development
[email protected]
[email protected]
The head office: +1(581) 741-7421

This press release contains statements that may be considered “forward-looking information” or “forward-looking statements” in terms of security interests. These forecasts are subject to uncertainties and risks, some of which are beyond Robex’s control. The achievements and final results may differ significantly from the forecasts made implicitly or explicitly. These differences can be attributed to many factors, including market volatility, the impact of currency and interest rate fluctuations, poor pricing, the environment (tightening regulations), unforeseen geological situations, adverse mining conditions; political risks inherent in mining in developing countries. , changes in government policies or regulations (laws and policies), failure to obtain necessary permits and approvals from government agencies, or any other risks associated with mining and development. There can be no assurance that the circumstances described in these forecasts will occur, or even benefit Robex, should they occur. Forecasts are based on the estimates and opinions of Robex’s management team at the time of publication. Robex does not undertake 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 safety 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 press release.

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

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