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Third quarter results — increase in production and new mine plan

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  • Press Release

Québec City, Québec, June 27, 2024 – Robex Resources Inc. (TSXV: RBX) (“Robex” or the “Company”) is pleased to announce (...)

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Québec City, Quebec, November 26, 2021 —Robex Resources Inc. (« Robex », “the Group” or “the Company”) (TSXV: RBX/FWB: RB4) reports its financial performance for the quarter ended September 30, 2021.

All amounts are presented in Canadian dollars (CAD).

In the third quarter of the year, the improvement in the recovery rate (92.1% compared to 88.2%) as well as the ore processing throughput (481,690 tonnes compared to 438,367 tonnes) enabled us to increase gold production by 6% when compared to the same period in 2020 (11,317 ounces compared to 10,706 ounces). This production performance is not reflected in the third quarter results because the gold bars were sold in other quarters, which led to a lag.

We want to draw your attention on the IFRS accounting rules which are based on gold sold and not produced. As a result, our accounting results of this semester have been negatively impacted by the gap between sales and production despite a strong operating performance of our mine as explained in this press release.

The mine continues to improve. The cone crusher is now operational, and to improve its efficiency, we have decided to change its feed by acquiring a new trommel (revolving screen). This will optimize the recirculation and efficiency of the cone crusher. The new cyclone feed pumps are now on site. The installation of these pumps should enable us to continue to increase the daily tonnage.

The stripping work for new pits was completed in the third quarter of 2021.This major project impacted our cash flow and our cost price per ounce (AISC[i]). This step enables us to excavate new pits optimally. We have also finalized the new excavation strategy with a new short-term mine plan and another strategic life of mine plan. This work was done in collaboration with a new mining engineer. The monitoring and monthly reconciliation of this new mining plan will make it possible to present forecast as accurately as possible.

Construction of the solar power plant is progressing. The testing period and commissioning is planned for the first quarter of 2022.

The procedures in place since last year to combat COVID-19 are still in effect and have allowed us to limit the impact of this pandemic on our operations, but we are remaining vigilant. No case has been reported at the Nampala mine.



Gold production of 11,317 ounces compared to 10,706 ounces for the same period in 2020, which is an increase of 6%. This performance is the result of an increase in the number of processed tonnes and an improvement in the recovery, despite the decrease in the head grade.


Gold sales of $16.7 million (7,348 ounces) for the third quarter of 2021 compared to $45.9 million (18,121 ounces) for the same period in 2020. These figures can be explained by two time lags. As of September 30, 2021, 3,834 ounces were available for sale, but were only sold in the fourth quarter for approximately $8.3 million. Whereas 7,831 ounces of gold bars produced in the second quarter of 2020 were only sold in the third quarter of 2020 for a total amount of approximately $19.4 million. The two lags combined represent $27.7 million, which account for a greater part of the $29.2 million difference in revenue.


The operating results, prepared in accordance with IFRS, was also negatively impacted by the same lags between production and sales. Operating results of $4 million compared to $24.9 million for the same period in 2020, including respectively $2.9 million and $3.5 million in depreciation of fixed assets.


Cash flows from operating activities[ii] of $5.2 million compared to $28 million for the same period in 2020. It should be recalled that the 3,834 ounces of gold available at the end of the quarter have since been sold for approximately $8.3 million.


The Group’s long-term debt of $5.3 million as of September 30, 2021, compared to $6.6 million as of December 31, 2020.


Positive working capital of $8.2 million as of September 30, 2021, compared to positive working capital of $8.8 million as of December 31, 2020.


Shareholder value (equity) has increased by $17.8 million compared to the value as of December 31, 2020.


The stripping work for the 4 new pits, which was started at the beginning of 2020, was completed at the end of August 2021. This has resulted in an average operational stripping ratio of 2.8 for this quarter, which is a significant improvement compared to 4.8 and 5.7 in the second and first quarter respectively of 2021.

Mining Operation:

Robex’s MD&A and the condensed interim consolidated financial statements (unaudited) 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.

By the way, please check the new corporate presentation under the section Investors — Overview.

A Word from the Chairman, Mr. Georges Cohen:

“Due to the lag between production and sales, the results prepared in accordance with the IFRS do not reflect the continuous improvement of the Group’s production performance, but we are pleased with the situation although the social and security environment in the region remains challenging.

We have now passed the period for pits stripping, which will allow us to improve our performances.

We continue to work fervently on all the options to grow Robex’s businesses. We have initiated an early transformation process to prepare us to be able to handle a potential new project under better conditions, as mentioned during the last AGM.”

[i] Cash operating cost, total cash cost, all-in sustaining cost (or AISC) and adjusted all-in sustaining cost are non-IFRS financial measures for which there is no standardized definition under IFRS. See the “Non-IFRS Financial Performance Measures” section of the MD&A.

[ii] Cash flows from operating activities exclude net change in non-cash working capital items.

For more information:
Robex Resources Inc.
Benjamin Cohen, CEO
Aurélien Bonneviot, investors relations and corporate development
Head office: +1 (581) 741-7421

This news release contains statements that may be considered “forecast information” or “forecast statements” in terms of security rights. These forecasts are subject to uncertainties and risks, some of which are beyond the control of Robex. Achievements and final results may differ significantly from forecasts made implicitly or explicitly. These differences can be attributed to many factors, including geopolitical risk, market volatility, the impact of the exchange rate and interest rate fluctuations, mispricing, the environment (hardening of regulations), unforeseen geological situations, unfavourable operating conditions, political risks inherent in mining in developing countries, changes in government policies or regulations (laws and policies), an inability to obtain necessary permits and approvals from government agencies, or any other risk associated with mining and development. There can be no assurance that the circumstances set out in these forecasts will occur, or even benefit Robex, if any. The forecasts are based on the estimates and opinions of the Robex management team at the time of publication. Robex makes no commitment 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 security 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 news release.

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