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Posted by on Nov 22, 2017 in 2014 | 0 comments

2017-11-22 Robex Resources Inc. is releasing their financial results for the third quarter of 2017 and announces that their liabilities have decreased by $5.4 million during the third quarter of 2017.

 

Quebec City, Quebec, November 22, 2017 – Robex Resources Inc. ("Robex" and / or "the Company") (TSXV: RBX / FWB: RB4) is pleased to publish their financial and operating results for the quarter that ended September 30, 2017.

 

These results are very encouraging as the company's liabilities have declined significantly over the last three months and after only nine months of commercial production; the mine has become a very low-costing gold producer.

 

Unless otherwise indicated, all amounts are in Canadian dollars.

Highlights for the third quarter of 2017

  • Net cash flow related to operating activities(1) of $ 5.7 million corresponding to $ 0.010 per share(2)
  • Decrease in the Company's liabilities of $ 5.4 million during the third quarter of 2017
  • 9,197 ounces of gold sold, for $ 14.8 million
  • The total cash cost(2) is of $ 585 per ounce sold and the all-in sustaining cost(2) is of $ 784 per ounce sold, steadily decreasing
  • Adjusted net income attributable to shareholders(2) is $ 2.8 million corresponding to $ 0.005 per share

 

Mining operation: Nampala, Mali

 

Third quarters
ended September 30,

Nine-month periods
ended September 30,

 

2017

2016

2017

2016

Operating Data

 

 

 

 

Ore mined (tonnes)

         325,524

         172,690

         972,299

         440,958

Ore processed  (tonnes)

         404,038

         181,834

 1,145,956

         422,252

Waste mined (tonnes)

         307,107

         432,189

 1,531,361

 1,054,377

Operational stripping ratio

0.9

2.5

1.6

2.4

Head grade  (g/t)

0.80

0.78

0.84

0.82

Recovery (%)

83.5%

83.0%

84.5%

83.1%

Gold ounces produced

             9,163

            3,638

           25,898

             7,081

Gold ounces sold

             9,197

            3,755

           25,732

             7,081

Financial Data

 

 

 

 

(all amounts below were rounded to the nearest thousand dollars)

 

 

 

 

Revenues – Gold sales

 14,786,000

 42,399,000

Mining operation expenses

 4,899,000

 14,558,000

Change in environmental liabilities

             6,000

            9,000

           17,000

           (9,000)

Mining royalties

         479,000

           37,000

 1,137,000

           70,000

Administrative expenses

 1,195,000

190 000

 3,484,000

528 000

Depreciation of property, plant and equipment

 1,999,000

         172,000

 5,536,000

         363,000

Segment operating income

 6,208,000

  (408,000)

 17,667,000

       (952,000)

Statistics(3)

 

 

 

 

(all amounts below are expressed in Canadian dollars)

 

 

 

 

Average value (per ounce)

              1,608

              1,648

Cash operating cost (per tonne processed)(4)

13

13

Total cash cost (per ounce sold)(4)

585

611

All-in sustaining cost (per ounce sold)(4)

784

846

Administrative expenses (per ounce sold)

130

135

Depreciation of property, plant and equipment (per ounce sold)

217

215

 

Robex continues to reduce cash costs and maintenance costs at the Nampala mine in Mali. After nine months of commercial production, the mine is already among the best in terms of low-cost gold production. Highly qualified employees, well-established management procedures and indicators, and exemplary rigorous work enable the company to improve the profitability of the Nampala mine day after day.

 

This makes it possible to present a significantly reduced liability as at September 30, 2017 compared to June 30 (decrease of more than $ 5 million). Robex is proud of their progress and intends to continue on this path.

 

The quantity of ore processed daily during October and November 2017 is constantly increasing

 

The Nampala mine processed 159,000 tonnes of ore during the month of October for an average of 5,130 tonnes per day. In November, some daily productions peaked at nearly 7,000 tonnes per day. These results are extremely promising and suggest that the last quarter of 2017 may be even more promising.

 

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.

 

The technical information presented in this press release has been validated by Mr. Antoine Berton, P.Eng., Ph.D., metallurgist from Soutex, a consulting firm in metallurgy and ore processing permanently present at the Nampala site.

 

(1) Cash flow from operating activities excludes changes in non-cash working capital items.

(2) Cash flow from operating activities per share, total cash cost, all-in sustaining cost and adjusted net income attributable to shareholders are non-IFRS financial measures for which there is no standard definition under IFRS. IFRS. Refer to the "Non-IFRS Measures" section of the MD & A on page 32.

(3) The statistics relate entirely to the mining operations of the Nampala mine. As the mine was not in commercial operation in 2016, the comparative does not apply for this period.

(4) Cash operating cost, total cash cost and all-in sustaining costs are non-IFRS financial performance measures with no standard definition under IFRS. See the "Non-IFRS financial measures" section of MD&A, on page 32.

 

For Information:

Renmark Financial Communications Inc.

Ressources Robex Inc.

Bettina Filippone

Guillaume Emond, CPA, CMA, VP Admin

Montreal : (514) 939-3989

Toronto : (416) 644-2020

Augustin Rousselet, CFO et COO

Head office : (581) 741-7421

bfilippone@renmarkfinancial.com

info@robexgold.com

www.renmarkfinancial.com

www.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.