Improved second quarter operating results and reduced costs

QUEBEC CITY, Aug. 29, 2022 (GLOBE NEWSWIRE) — Robex Resources Inc. (“robex“, “the group” Where “the company“) (TSXV:RBX) is pleased to report its financial results for the second quarter ended June 30, 2022.

All amounts are in Canadian dollars (CAD).

Quarterly Company Summary


The number of ounces produced was 12,185, an increase of 9.5% 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 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 mining plan, the operational stripping ratio decreased slightly (4.1 compared to 4.8 for the same period in 2021), resulting in a 1.3% decrease in the all-in sustaining cost (per ounce sold ) Igoing from $1,560 to $1,540.


Robex continued significant exploration work across all of its licenses during the second quarter of 2022, including license-scale soil geochemistry (BLEG), geophysical reinterpretations, remote sensing, l surface rock chip sampling and drilling, including reverse circulation (RC) and diamond drilling (DD). These exploration works were carried out on each of the Senegalese-Malian shear zone permit zones (Sanoula and Diangounté) as well as on the neighboring Nampala permits (Mininko and Gladié). RC and DD started at the beginning of the year with the objective of increasing the overall resource. A compilation of geological work will be carried out during the third quarter in order to establish our 2023 exploration program combined with that of Kiniéro.


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% decrease in operating income. While improving its cash position, the Group continues to reduce its debt with net cash of $2.6 million as of June 30, 2022, compared to $3.1 million as of March 31, 2022.


The Company is continuing its efforts to finalize 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 are underway with a view to fulfilling all the conditions precedent to the completion of the transaction. The Group’s objective is to conclude this transaction with Sycamore Mining Ltd before the end of the third quarter.

Mr. Georges Cohen, Chairman of Robex, said: “Despite the uncertain environment and inflationary pressures, Nampala’s operational performance 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 complete the transaction we announced during this quarter, in September. This closing will be the next step to pivot our Group towards a growth strategy in Mali and Guinea.

Highlights of second quarter 2022 operating and financial results

Quarters ended June 30
2022 2021 Variation
Ounces of gold produced 12,185 11,124 +9.5 %
Ounces of gold sold 10,981 11,739 -6.5 %
(rounded to the nearest thousand dollars)
Revenues – Gold Sales 26,359,000 26,051,000 +1.2 %
Operating result 11,502,000 9,821,000 +17.1 %
Net income attributable to shareholders 7,818,000 9,395,000 -16.8 %
Basic earnings per share 0.013 0.016 -18.8 %
Diluted earnings per share 0.013 0.016 -18.8 %
Adjusted amounts
Net income attributable to shareholders I 7,706,000 9,281,000 -17.0 %
Per share I 0.013 0.015 -17.0 %
Cash flow
Cash flow from operating activities ii 12,176,000 12,387,000 -1.7 %
Per share I 0.020 0.021 -1.8 %
(in dollars)
Average Realized Selling Price (per ounce) 2,400 2,219 +8.2 %
All-in sustaining cost (per ounce sold) I 1,540 1,560 -1.3 %
Adjusted all-in sustaining cost (per ounce sold) I iii 937 912 +2.7 %
As of March 31,
As of December 31,
Total assets 142,630,000 142,668,000 0.0 %
Total responsibilities 29,650,000 44,020,000 -32.6 %
Net debt (cash) iv (2,558,000 ) (9,281,000 ) -72.4 %

Mining operations (gold):

Quarters ended June 30
The halves ended on June 30
2022 2021 2022 2021
Operating data
Mined ore (tonnes) 643 451 507 986 1,282,223 985 336
Ore Processed (tonnes) 515,979 474 435 1,025,353 946 845
Waste extracted (tons) 2,608,623 2,413,671 4,683,224 5,133,709
Operational stripping rate 4.1 4.8 3.7 5.2
Main grade (g/t) 0.84 0.82 0.83 0.79
Recovery 87.7% 89.2% 88.9% 90.9%
Ounces of gold produced 12,185 11,124 24,274 21,766
Ounces of gold sold 10,981 11,739 24,652 23,241
Financial datas
(rounded to the nearest thousand dollars)
Revenues – Gold Sales 26,359,000 26,051,000 58,692,000 52,292,000
Mining expenses 7,425,000 8,892,000 16,359,000 18,080,000
Mining royalties 811,000 653,000 1,813,000 1,309,000
Administrative expenses 2,609,000 2,196,000 5,787,000 4,440,000
Amortization of property, plant and equipment and amortization of intangible assets 2,432,000 3,190,000 4,875,000 5,822,000
Segment operating result 13,082,000 11,120,000 29,858,000 22,641,000
(in dollars)
Average Realized Selling Price (per ounce) 2,400 2,219 2,381 2,250
Cash operating cost (per tonne processed) I 17 18 17 18
Total cash cost (per ounce sold) I 750 813 737 834
All-in sustaining cost (per ounce sold) I 1,540 1,560 1,332 1,645
Adjusted all-in sustaining cost (per ounce sold) I iii 937 912 889 981
Administrative expenses (per ounce sold) 238 187 235 191
Amortization of property, plant and equipment and amortization of intangible assets (per ounce sold) 221 272 198 251

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:

This press release contains statements that may be considered “forward-looking information” or “forward-looking statements” in terms of securities. 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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