Robex Resources Inc. Continues to Improve Its Performance, Reduce Its Debts and Prepare for the Future
27 August 2019 - 10:30PM
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 quartersended 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, CEOAugustin
Rousselet, CFO/COOHead Office : (581)
741-7421info@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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