Robex Resources Inc. Had an Excellent Quarter and Once Again Significantly Increased its Performance
29 November 2019 - 12:30AM
Robex Resources Inc. ("
Robex" and/or "
the
Company") (TSXV: RBX / FWB: RB4) is pleased to publish
their financial results for the quarter ended
September 30, 2019.
All amounts are in Canadian dollars.
Highlights for the third quarter of
2019
- INCREASE IN GOLD PRODUCTION OF 19%Gold
production reached 15,175 ounces (472 kg) compared to 12,772 ounces
(397 kg) during the same period in 2018, which is the best quarter
ever. This
quarterly production record is the result of:
- An 18% increase in ore processed (512,377 tonnes vs 432,538
tonnes in 2018, a record average of 5,569 t/d with an initial
planned capacity of 4,000 t/d);
- A 10% decrease in downtime per quarter over the last 4
quarters, resulting in an availability of 92.2%;
- Higher processed grade (1.05 g/t Au vs 0.97 g/t Au in Q3 2018);
and
- Improvement in the recovery rate (87.7% vs 87.3%) despite the
increase in production and therefore the decrease in retention time
in the CIL.
- INCREASE IN REVENUE OF 29%Gold sales of $25.5
million compared to $19.8 million for the same period of 2018.
- INCREASE IN OPERATING INCOME OF 22%Operating
income reached $7.3 million compared to $6 million for the same
period in 2018, despite the $4.2 million increase in the
quarterly amortization rate (in accordance with IFRS).
- INCREASE IN CASH FLOWS FROM OPERATING ACTIVITIES1 OF
78%The cash flows from operating activities1 reached
$13.9 million ($0.024 per share2) compared to
$7.8 million ($0.013 per share2) for the same period of
2018.
- DECREASE IN DEBT OF $9.3 MILLION IN ONLY ONE
QUARTER
- REPAYMENT OF ONE-THIRD OF THE PRINCIPAL OF
DEBENTURESIn addition, on November 26, 2019, all
non‐convertible debentures and accrued interest were repaid
Mining Operation: Nampala,
Mali
|
Third quartersended September
30, |
Nine-month periodsended September
30, |
|
2019 |
2018 |
2019 |
2018 |
Operating Data |
|
|
|
|
Ore mined (tonnes) |
477,676 |
365,759 |
1,378,787 |
1,306,075 |
Ore processed (tonnes) |
512,377 |
432,538 |
1,370,536 |
1,313,988 |
Waste mined (tonnes) |
645,784 |
474,115 |
2,309,402 |
2,341,676 |
Operational stripping ratio |
1.4 |
1.3 |
1.7 |
1.8 |
Head grade (g/t) |
1.05 |
0.97 |
1.01 |
0.95 |
Recovery (%) |
87.7% |
87.3% |
86.5% |
84.5% |
Gold ounces produced |
15,175 |
12,772 |
38,324 |
34,281 |
Gold ounces sold |
13,276 |
12,733 |
35,971 |
36,202 |
Financial Data |
|
|
|
|
(rounded to the
nearest thousand dollars) |
|
|
|
|
Revenues –
Gold sales |
25,478,000 |
19,820,000 |
64,789,000 |
59,769,000 |
Mining operation expenses |
7,489,000 |
6,984,000 |
22,027,000 |
20,577,000 |
Mining royalties |
681,000 |
681,000 |
1,891,000 |
1,984,000 |
Administrative expenses |
1,284,000 |
1,502,000 |
4,625,000 |
4,224,000 |
Depreciation of
property, plant and equipment and amortization of intangible
assets |
7,189,000 |
3,175,000 |
22,690,000 |
8,999,000 |
Segment
operating income |
8,835,000 |
7,478,000 |
13,556,000 |
23,985,000 |
Statistics |
|
|
|
|
(in Canadian dollars) |
|
|
|
|
Average realized selling price (per ounce) |
1,919 |
1,557 |
1,801 |
1,651 |
Cash operating cost (per tonne processed)3 |
16 |
16 |
17 |
15 |
Total cash cost (per ounce sold)3 |
615 |
602 |
665 |
623 |
All-in sustaining cost (per ounce sold)3 |
893 |
843 |
988 |
937 |
Administrative expenses (per ounce sold) |
97 |
118 |
129 |
117 |
Depreciation of
property, plant and equipment (per ounce sold) |
542 |
249 |
631 |
249 |
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.
A word from the President Mr. Georges
Cohen:“Beyond the improved results due to the price of gold, it is
interesting to note that all production parameters (tonnage, grade,
recovery, availability, production cost per ounce of gold, etc.)
have all improved significantly, thus contributing in a sustainable
and structural way to the company’s performance. These results were
obtained through efforts focused on the mine’s process and
organization. I congratulate the teams who contributed to this
fundamental work.
"Mindful of the recent dramatic events that have
struck some mines in West Africa, we have further strengthened our
procedures and means of protecting property and people.”
For information:
Robex Resources Inc.
Benjamin Cohen, CEOAugustin Rousselet, CFO/COOHead office:
(581) 741-7421 info@robexgold.com
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 flows from operating activities exclude net change in
non-cash working capital items.2 Cash flows from operating
activities per share 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, on page
40.3 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 40.
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