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Robex Resources Inc. Continues to Improve Its Performance, Reduce Its Debts and Prepare for the Future

27.08.2019  |  GlobeNewswire

QUÉBEC CITY, Aug. 27, 2019 - Robex Resources Inc. ("Robex" and/or "the Company") (TSXV: RBX / FWB: RB4) is pleased to publish their financial results for the quarter ended June 30, 2019.

All amounts are in Canadian dollars, unless otherwise specified.

Second quarter of 2019: Robex generates cash flows from operating activities of $8.6 million for revenue of $20.4 million, representing remarkable operating cash flow of 42.2% of revenue.

  • Gold production of 12,089 ounces (376 kg) compared to 11,716 ounces (364 kg) for the same period in 2018. Furthermore, since the beginning of 2019, gold production has increased by +7.6% compared to the same period last year.
  • The quantity of processed ore at the plant is comparable, 433,598 tonnes in the second quarter of 2019 vs. 436,224 tonnes in the second quarter of 2018. The addition of a crusher by the end of August should allow the Nampala mine to reduce unplanned stoppages caused by coarse ore.
  • $20.4 million of gold sold compared to $19.4 million for the same period in 2018, corresponding respectively to 11,760 gold ounces sold (366 kg) at an average price of $1,738 per ounce and 11,481 gold ounces sold (357 kg) at an average price of $1,688 per ounce (difference in gold sales from production can be attributed to each of the periods presented).
  • Total cash cost1 of $683 per ounce sold compared to $613 per ounce sold for the same period in 2018. This increase is mainly attributed to an increase in the price and consumption of fuel and reagents per ounce sold. Several actions have already taken place: Computerization of fuel control has replaced the existing “mechanical” control. A June initiative to optimize cyanide consumption now provides monthly savings of approximately $68,000. For the future: The planned development of a solar power plant at the mine will allow the Company to produce its electricity at a reduced cost.
  • Following the release of new 43-101 reports, the application of IFRS standards has changed the amortization calculations. This had an adverse effect on operating income but had no impact on cash flows from operating activities ($8.6 million).
  • Decrease in the Company’s liability in the amount of $2.6 million compared to March 31, 2019. Total liabilities went from $60 million as at June 30, 2018 to $46.1 million as at June 30, 2019, a decrease of $13.9 million over the last 12 months.
  • Exploration investments using the Nampala operating permit amounting to $0.6 million and $0.3 million in research and exploration using the Mininko and Kamasso permits. The Company invested a total of $7.1 million as part of its 2018-2019 exploration and drilling campaign.


Mining operation: Nampala, Mali

Second quarters
ended June 30,
First halves
ended June 30,
2019 2018 2019 2018
Operating Data
Ore mined (tonnes) 402,678 448,974 901,111 940,316
Ore processed (tonnes) 433,598 436,224 858,159 881,450
Waste mined (tonnes) 839,595 819,691 1,663,618 1,867,561
Operational stripping ratio 2.1 1.8 1.8 2.0
Head grade (gpt) 1.00 0.94 0.98 0.93
Recovery (%) 86.6 % 86.3 % 85.8 % 85.1 %
Gold ounces produced 12,089 11,716 23,149 21,509
Gold ounces sold 11,760 11,481 22,695 23,469
Financial Data
(rounded to the nearest thousand dollars)
Revenues – Gold sales 20,441,000 19,376,000 39,311,000 39,949,000
Mining operation expenses 7,407,000 6,409,000 14,538,000 13,593,000
Mining royalties 622,000 630,000 1,210,000 1,302,000
Administrative expenses 1,569,000 1,386,000 3,342,000 2,723,000
Depreciation of property, plant and equipment and amortization of intangible assets 7,379,000 2,918,000 15,535,000 5,824,000
Segment operating income 3,464,000 8,033,000 4,686,000 16,507,000
Statistics
(in Canadian dollars)
Average realized selling price (per ounce) 1,738 1,688 1,732 1,702
Cash operating cost (per tonne processed)1 18 15 18 15
Total cash cost (per ounce sold)1 683 613 694 635
All-in sustaining cost (per ounce sold)1 1,035 937 1,043 988
Administrative expenses (per ounce sold) 133 121 147 116
Depreciation of property, plant and equipment (per ounce sold) 627 254 685 248

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 information :

Robex Resources Inc.
Benjamin Cohen, CEO
Augustin Rousselet, CFO/COO
Head Office : (581) 741-7421
info@robexgold.com


This press release contains statements that may constitute “forward-looking information” or “forward-looking statements” as set out within the context of security law. This forward-looking information is subject to many risks and uncertainties, some of which are beyond Robex’s control. The actual results or conclusions may differ considerably from those that have been set out, or intimated, in this forward-looking information. There are many factors which may cause such disparity, especially the instability of metal market prices, the results of fluctuations in foreign currency exchange rates or in interest rates, poorly estimated reserves, environmental risks (stricter regulations), unforeseen geological situations, unfavourable extraction conditions, political risks brought on by mining in developing countries, regulatory and governmental policy changes (laws and policies), failure to obtain the requisite permits and approvals from government bodies, or any other risk relating to mining and development. There is no guarantee that the circumstances anticipated in this forward-looking information will occur, or if they do occur, how they will benefit Robex. The forward-looking information is based on the estimates and opinions of Robex’s management at the time of the publication of the information and Robex does not assume any obligation to make public updates or modifications to any of the forward-looking statements, whether as a result of new information, future events, or any other cause, except if it is required by securities laws.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.


1 Cash operating cost, total cash cost and all-in sustaining cost are non-IFRS financial performance measures with no standard definition under IFRS. See the "Non-IFRS Financial Performance Measures" section of the MD&A.


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Robex Resources Inc.
Bergbau
A0B82Q
CA76125Y1051

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