Le Lézard
Classified in: Mining industry, Business
Subject: EARNINGS

Robex Resources Inc. Reaches A New Record Quarterly Turnover of CAD 45.9 Million


QUEBEC CITY, Nov. 26, 2020 (GLOBE NEWSWIRE) -- Robex Resources Inc. ("Robex" or "the Company") (TSXV: RBX/FWB: RB4) is pleased to report its financial results for the quarter ending September 30, 2020.

All amounts presented are in Canadian dollars (CAD).

Highlights of the third quarter of 2020:

Consequently:

The all-in sustaining cost per ounce sold1 is of CAD 1,072 for the third quarter of 2020, compared to CAD 893 per ounce sold for the same period in 2019. The increase is primarily explained by the lower grade, which has resulted in fewer ounces being produced from the same tonnage of processed ore.

Rather than smoothing this one-time situation, it was decided to execute the mining plan at its economic optimum, even if it meant having a quarter with an apparent production underperformance. However, this did not prevent us from achieving an overall production for the first nine months of 2020 equivalent to the same period in 2019. It is important to note that since the beginning of the fourth quarter, the Nampala mine has recovered a richer ore grade and therefore production is more consistent with that obtained before the rainy season.

Production costs capitalized as stripping costs were of CAD 4.7 M in the third quarter of 2020, stemming from the fact that operating new pits around the main pit in 2020 has temporarily involved stripping work and, consequently, the removal of larger amounts of waste rock to reach the ore.

Mining Operation: Nampala, Mali

 Third quarters
ended September 30,
 Nine-month periods
ended September 30,
 
 2020 2019 2020 2019 
Operating Data    
Ore mined (tonnes)          406,005             477,676        1,364,376  1,378,787 
Ore processed (tonnes)         438,367             512,377        1,398,547  1,370,536 
Waste mined (tonnes) 1,559,460             645,784  3,924,692  2,309,402 
Operational stripping ratio3.8  1.4 2.9  1.7 
Head grade (gpt)0.86  1.05 0.99  1.01 
Recovery (%)88.2%87.7%89.1%86.5%
Gold ounces produced             10,706               15,175              39,545              38,324 
Gold ounces sold            18,121              13,276             39,267              35,971 
Financial Data     
(rounded off to the nearest thousand dollars)    
Revenue ? Gold sales 45,864,000  25,478,000  92,442,000  64,789,000 
Mining operation expenses 11,194,000  7,489,000  22,357,000  22,027,000 
Mining royalties       1,085,000           681,000  2,226,000  1,891,000 
Administrative expenses 2,095,000  1,284,000  6,295,000  4,626,000 
Depreciation of property, plant and equipment and
    amortization of intangible assets
3,488,000  7,384,000  17,635,000  23,193,000 
Segment operating income 28,002,000  8,640,000  43,929,000  13,052,000 
Statistics    
(in dollars)    
Average realized selling price (per ounce) 2,531  1,919  2,354  1,801 
Cash operating cost (per tonne processed)1 20  16 17  17 
Total cash cost (per ounce sold)1 678  615 626  665 
All-in sustaining cost (per ounce sold) 1 1,072  893 1,064  988 
Administrative expenses (per ounce sold) 116  97 160  129 
Depreciation of property, plant and equipment
(per ounce sold)
192  556 449  645 

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.

Continuous improvement

The Nampala mine remains focused on improving safe production performances:

To improve site security, 9 members of the National Guard are now permanently posted on the Nampala site to support the police team and our own security service.

A word from the President, Mr. Georges Cohen:

Performance is extremely satisfactory despite a slight cost increase resulting from an unusually challenging rainy season and the impacts of the pandemic.
Initiatives are continually underway to optimize performances at the Nampala mine.
Our prospecting campaign is still very promising; the work and financial efforts will, I hope, make it possible to increase annual production.

For information:

Robex Resources Inc.

Benjamin Cohen, CEO
Augustin Rousselet, CFO/COO
Head office: (581) 741-7421
[email protected]

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 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.

1 Cash operating cost, total cash cost, all-in sustaining cost and cash flows from operating activities 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.
2 Cash flows from operating activities exclude the net variation of non-cash working capital elements.

 



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