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Posted by on Aug 30, 2018 in 2014 | 0 comments

2018-08-30 Robex Resources has obtained a loan in the amount of $11.5 million with a globally renowned banking group

 

Quebec City, Quebec, August 30, 2018 – Robex Resources Inc. ("Robex" and / or "the Company") (TSXV: RBX / FWB: RB4) is pleased to announce that we have obtained bank financing from the group BNP PARIBAS in the amount of $11.5 million (CAD) bearing interest at the rate of 7% annually.

This loan will be used to repay the convertible debentures that matured on July 1st. As a result, 71,050,000 conversion rights related to these debentures will no longer be in effect, which significantly decreases the potential dilution. In addition, this loan is repayable over four years, and will reduce the financial burden of the Company because the convertible debentures bore interest at a rate of 10% annually.

The latter will also be used to repay the interest accrued on the convertible debentures maturing in November.

 

Results for the second quarter of 2018

THE COMPANY GENERATED CASH FLOW FROM OPERATING ACTIVITIES OF $8.3 MILLION IN THE SECOND QUARTER OF 2018 FOR REVENUES OF $19.4 MILLION

All amounts are in Canadian dollars.

Highlights for the second quarter of 2018

(Compared to the same period in 2017)

  • INCREASE OF IN GOLD PRODUCTION OF 31%

Gold production of 11,716 ounces (364.4 kg) compared to 8,965 (278.8 kg) ounces for the same period in 2017

  • INCREASE IN SALES (REVENUES) OF 27%

Gold sales of $19.4 million compared to $15.2 million for the same period of 2017

  • INCREASE IN ADJESTED NET RESULTS ATTRIBUTABLE TO SHAREHOLDERS1 OF 70%

Net income attributable to equity shareholders1 of $4.8 million or $0.008 per action1 compared to $2.8 million or $0.005 per action1 for the same period in 2017

  • INCREASE IN CASH FLOWS FROM OPERATING ACTIVITIES2 OF 20%

Cash flows from operating activities2 of $8.3 million or $0.014 per action1 compared to $6.9 million or $0.012 per action1 for the same period in 2017

  • DECREASE IN THE COMPANY’S LIABILITIES OF $3 MILLION

Decrease in the Company’s liabilities of $3 million compared to March 31, 2018

  • INCREASE IN EQUITY OF $2.4 MILLION

Increase in value to the shareholders (book value) of $2.4 million compared to March 31, 2018

 

Mining operation: Nampala, Mali

 

Second quarters ended June 30,

First halves ended June 30,

 

2018

2017

2018

2017

Operating Data

 

 

 

 

Ore mined (tonnes)

448,974

379,720

940,316

650,441

Ore processed  (tonnes)

436,224

381,973

881,450

741,918

Waste mined (tonnes)

819,691

615,750

1,867,561

1,232,317

Operational stripping ratio*

1.8

1.6

2.0

1.9

Head grade  (gpt)

0.94

0.77

0.93

0.85

Recovery (%)

86.3%

85.9%

85.1%

85.9%

Gold ounces produced

11,716

8,965

23,705

16,735

Gold ounces sold

11,481

8,987

23,470

16,535

Financial Data

 

 

 

 

(rounded to the nearest thousand dollars)

 

 

 

 

Revenues – Gold sales

19,376,000

15,207,000

39,949,000

27,613,000

Mining operation expenses

6,226,000

4,941,000

13,199,000

9,660,000

Mining royalties

630,000

363,000

1,302,000

657,000

Administrative expenses

1,569,000

1,480,000

3,117,000

2,296,000

Depreciation of property, plant and equipment and amortization of intangible assets

2,918,000

1,940,000

5,824,000

3,537,000

Segment operating income

8,033,000

6,483,000

16,507,000

11,463,000

Statistics

 

 

 

 

(in Canadian dollars)

 

 

 

 

Average realized selling price per ounce

1,688

1,692

1,702

1,670

Cash operating cost per tonne processed3

14

11

14

12

Total cash cost per ounce sold3

597

590

618

624

All-in sustaining cost per ounce sold3

921

872

971

905

Administrative expenses per ounce sold

137

165

133

139

Depreciation of property, plant and equipment per ounce sold

254

216

248

214

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.

 

Annual General Shareholders' Meeting

Robex Resources Inc. held their annual general shareholders meeting on June 7, 2018 in Quebec City.

At this meeting, the following directors were re-elected for a one-year term: Mr. Georges Cohen, Mr. Julien Cohen, Mr. Benjamin Cohen, Mr. Richard Faucher, Mr. Michel Doyon, Mr. Claude Goulet and Mr. Christian Marti.

Mr. Georges Cohen and Mr. Richard Faucher were elected by the directors of the Company respectively as President and Vice-president of the Board of Directors. In addition, the following directors were re-elected as members of the Company's audit committee for a one-year term: Mr. Julien Cohen, Mr. Michel Doyon and Mr. Claude Goulet.

Robex Resources Inc. shareholders voted in favor of the appointment of PricewaterhouseCoopes LLP / s.r.l / s.e.n.c.r.l., who will be responsible for the audit of the Company's financial statements for the year ended December 31, 2018.

 

(1) Adjusted net income attributable to equity shareholders and operating cash flows per share are non-IFRS financial performance measures with no standard definition under IFRS. See the "Non-IFRS Financial Performance Measures" section of the MD&A, on page 28.

(2) Cash flows from operating activities exclude changes in non-cash working capital items.

(3) 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, on page 28.

 

For information:

Ressources Robex Inc.

Guillaume Emond, CPA, CMA, VP Admin

Augustin Rousselet, CFO et COO

Head office : (581) 741-7421

info@robexgold.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.