Robex Resources Inc. (“Robex” or the “Company”) (TSXV: RBX) today
presents its operational and financial results for the first
quarter ended March 31, 2023.
Aurélien Bonneviot, Chief Executive Officer of
Robex, said, “In the first quarter of fiscal year 2023, the
management team worked on accelerating the construction and
securing financing for the Kiniero mine in Guinea. The Nampala mine
in Mali, for its part, managed to maintain a solid level of
production during this time period. Management continues to
implement a sustainable growth strategy that is supported by a
prudent and balanced financial approach.”1
Unless indicated otherwise, all amounts and
financial data in this press release are in Canadian dollars
(CAD).
HIGHLIGHT SUMMARY FOR THE FIRST QUARTER
OF FISCAL YEAR 2023 COMPARED TO THE FIRST QUARTER OF
2022
Operations
-
Gold production reached 11,735 ounces compared to 12,089 ounces for
the same period in 2022 (-2.9%) due to a drop in availability and
lower average feeding grades at the Nampala plant.
-
Gold production sales stood at 12,670 ounces compared to 13,671
ounces of gold for the same period in 2022. This discrepancy can be
explained in part by the drop in the number of ounces produced and
the delay in the sale of 610 ounces of gold (remaining from the
first quarter of 2023) to the second quarter of 2023;
-
These lower sales were offset by a 10.7% increase in the average
price per ounce of gold, $2,619, in the first quarter of 2023,
compared to $2,365 per ounce of gold in the first quarter of
2022.
-
The adjusted all-inclusive sustaining cost(1) is established at
$1,040 per ounce of gold sold in the first quarter of 2023, a 22.2%
increase compared to the first quarter of 2022 due to a drop
in the number of ounces sold combined with an increase in the price
of fuel.
Financial
-
Revenues from gold sales rose 2.6% to $33,179,878 compared to
$32,333,068 in the first quarter of 2022, due to a rise in the
average realized selling price (per ounce of gold sold).
-
The operating income for the first quarter of 2023 reached
$9,131,400 compared to $15,388,273 in the first quarter of 2022 due
to an increase in mining operation expenses resulting from the
higher price of fuel and administrative costs reflecting the
integration of Sycamore.
-
The net income attributable to common shareholders(1) in the first
quarter of 2023, $6,383,858, is lower than it was for the same
period in 2022, namely $12,505,081.
-
Operating activities (net of non-cash working capital items)
generated positive cash flows of $11,805,060 compared to
$16,480,720 for the same period in 2022.
-
The net debt,(1) for its part, stood at $21,830,970 for the period
ended March 31, 2023, which is a stable amount compared to the
amount of $21,673,490 at the end of December 2022.
Establishment of financing for the Kiniero
mine
-
In the first quarter of 2023, management pursued its efforts to
accelerate construction of the Kiniero mine and implement its
financing.
-
At the beginning of 2023, the Company announced the signing of an
engagement letter with Taurus Mining Finance Fund No. 2 L.P.
for financing totalling US$115 million for the construction of the
Kiniero gold project in Guinea. The financing program is comprised
of the following:
-
A US$35 million Bridge Loan;
-
a project financing facility of up to US$100 million to cover
repayment of the Bridge Loan and the financing of capital
development and working capital costs; and
-
a US$15 million cost overrun facility.
PRODUCTION SUMMARY AND FINANCIAL RESULTS
FOR THE FIRST QUARTER OF FISCAL YEAR 2023
|
Quarters
ended March 31 |
|
|
2023 |
2022 |
Change |
Gold ounces produced (koz) |
11,735 |
12,089 |
-2.9 |
% |
Gold ounces sold (koz) |
12,670 |
13,671 |
-7.3 |
% |
|
$ |
$ |
|
Revenues |
33,179,878 |
32,333,068 |
2.6 |
% |
MINING RESULTS |
16,128,186 |
19,953,695 |
-19.2 |
% |
OPERATING INCOME |
9,131,400 |
15,388,273 |
-40.7 |
% |
NET INCOME |
6,848,907 |
13,366,768 |
-48.8 |
% |
ATTRIBUTABLE TO COMMON SHAREHOLDERS: |
|
|
|
Net income |
6,383,858 |
12,505,081 |
-48.9 |
% |
Basic earnings per share |
0.008 |
0.021 |
-63.7 |
% |
Diluted earnings per share |
0.008 |
0.021 |
-63.6 |
% |
Adjusted net income(1) |
5,898,341 |
12,393,695 |
-52.4 |
% |
Adjusted basic income per share(1) |
0.007 |
0.021 |
-66.2 |
% |
CASH FLOWS |
|
|
|
Cash flows from operating
activities |
12,909,162 |
1,104,300 |
1069.3 |
% |
Adjusted cash flows from
operating activities(1) |
11,805,060 |
16,480,720 |
-28.4 |
% |
Adjusted cash flows from
operating activities per share(1) |
0.014 |
0.027 |
-49.1 |
% |
|
|
|
|
STATISTICS(in
dollars) |
|
|
|
Average realized selling price
(per ounce of gold sold) |
2,619 |
2,365 |
10.7 |
% |
All-in sustaining cost (per
ounce of gold sold)(1) |
1,472 |
1,166 |
26.3 |
% |
Adjusted all-in sustaining
cost (per ounce of gold sold)(1) |
1,040 |
851 |
22.2 |
% |
|
|
|
|
|
As at March 31, 2023 |
As at December 31, 2022 |
Change |
TOTAL ASSETS |
263,742,799 |
251,761,308 |
4.8 |
% |
TOTAL LIABILITIES |
58,347,778 |
55,206,985 |
5.7 |
% |
NET DEBT |
21,830,970 |
21,673,490 |
0.7 |
% |
() Non-IFRS financial measure, non-IFRS ratio or
supplementary financial measure. See the "Non-IFRS and Other
Financial Measures" section of this press release for a discussion
of these measures and their reconciliation to the most directly
comparable IFRS measure, as applicable.
EVENTS SUBSEQUENT TO MARCH 31,
2023
-
Liquidity of Nampala: On April 4, 2023, Robex
renegotiated the terms of one of its authorized lines of credit
with a Malian bank, the maximum amount of which is now $4,408,219
(2,000,000,000 CFA francs). This line of credit bears interest at
an annual rate of 8% and will mature on April 3, 2024.
-
Change in management: Effective April 11, 2023:
-
Benjamin Cohen, then Chief Executive Officer, became President of
the Company;
-
Aurélien Bonneviot, former Director of Investor Relations and
Business Development, became Chief Executive Officer of the
Company;
-
Georges Cohen, then President of the Company, became Senior
Vice-President, Strategic Development and Long-Term Growth of the
Company;
-
Julien Cohen became Senior Vice-President, Sales and Financial
Affairs of the Company;
-
Richard Faucher and Georges Cohen accepted appointments as Chair of
the Board of directors and Vice-Chair of the Board of directors,
respectively.
The composition of the Board of directors and of
its committees remains unchanged.
-
Kiniero project financing: On
April 20, 2023, Robex announced that all conditions
precedent to the closing of the Bridge Loan have been satisfied,
and a first drawdown request had been submitted.
-
Continued construction of Kiniero: After
completing a pre-feasibility study compliant with
Regulation 43-101 respecting standards of disclosure for
mineral projects, the teams are now focusing on a feasibility
study.
-
Share capital consolidation: On April 28, 2023,
Robex announced that its Board of directors had approved (i) a
10-for-1 consolidation of shares (subject to (A) approval by the
Company's shareholders at the Company's next annual and special
meeting of shareholders to be held on June 29, 2023 and (B)
approval of the TSX Venture Exchange) and (ii) an amended and
restated stock option plan (subject to approval of the TSX Venture
Exchange). The amendments to the stock option plan (approved by the
TSX Venture Exchange on May 15, 2023) increase the total number of
common shares issuable under the plan and add housekeeping
amendments to reflect changes to TSX Venture Exchange Policy 4.4 -
Security Based Compensation.
-
Short-form base shelf prospectus: On May 16, 2023,
the Autorité des marchés financiers issued a receipt for the
preliminary short-form base shelf prospectus dated May 15, 2023
(the “Preliminary Shelf Prospectus”). Robex has filed the
Preliminary Shelf Prospectus with the securities regulatory
authorities in each of the provinces and territories of Canada in
order to maintain financial flexibility and to have the ability to
react quickly to market opportunities for raising additional
capital by offering securities on an accelerated basis pursuant to
the filing of prospectus supplements. Once a receipt for the final
short-form base shelf prospectus has been obtained from the
applicable regulatory authorities, Robex will be able to offer for
sale and issue, from time to time, up to $250,000,000 in common
shares, preferred shares, debt securities, warrants, subscription
receipts or units, or any combination thereof, during
the 25-month period during which the short form base shelf
prospectus remains valid. Notwithstanding the foregoing, there can
be no assurance that the Robex securities will be offered or sold
during this 25-month period.
Detailed information
For a more detailed discussion of the Company’s
financial results, readers are strongly advised to consult Robex’s
Management’s discussion and analysis and its consolidated financial
statements for the first quarter ended March 31, 2023, which are
available on the Company's website in the Investors section at
robexgold.com.
Telephone conference
Robex will be holding a telephone conference to
discuss the results of the first quarter of fiscal year 2023 during
a live webcast organized by Renmark Financial on Wednesday, June 7,
2023 at 10:00 a.m., EDT – New York. Financial analysts are welcome
to ask questions during the conference. All other stakeholders may
attend but not speak at the conference. The conference will be
broadcast live at:
https://www.renmarkfinancial.com/live-registration/renmark-virtual-non-deal-roadshow-tsx-v-rbx-2023-06-07-100000.
About Robex Resources Inc.
Robex is a multi-jurisdictional West African
gold production and development company with near-term exploration
potential. The Company is dedicated to safe, diverse and
responsible operations in the countries in which it operates with a
goal to foster sustainable growth. The Company has been operating
the Nampala mine in Mali since 2017 and is advancing the Kiniero
Gold Project in Guinea.
For more information
ROBEX RESOURCES
INC. |
RENMARK FINANCIAL
COMMUNICATIONS INC. |
Aurélien Bonneviot, Chief Executive OfficerStanislas Prunier,
Investor Relations and Corporate Development+1 581 741-7421Email:
investor@robexgold.comwww.robexgold.com |
Robert ThaemlitzAccount Manager+1 416 644-2020 or
+1 212 812-7680Email: rthaemlitz@renmarkfinancial.com
www.renmarkfinancial.com |
NON-IFRS AND OTHER FINANCIAL
MEASURES
The Company’s financial results have been
prepared in accordance with the International Financial Reporting
Standards (the “IFRS”). However, the Company also presents the
following non-IFRS financial measures, non-IFRS financial ratios
and supplementary financial measures for which no definition exists
in the IFRS: adjusted net income attributable to shareholders, net
debt and adjusted cash flows from operating activities (non-IFRS
financial measures), adjusted net income attributable to
shareholders per share and adjusted cash flows from operating
activities per share (non-IFRS financial ratios), average realized
selling price (per gold ounce sold), all-in sustaining cost (per
gold ounce sold) and adjusted all-in sustaining cost (per gold
ounce sold) (supplementary financial measures). The Company
presents these measures as they may provide useful information to
help investors better evaluate the Company’s performance and its
ability to generate cash from its operations. Since the non‐IFRS
measures presented in this press release do not have standardized
meanings prescribed by IFRS, they may not be comparable to similar
measures presented by other companies. Accordingly, they are
intended to provide additional information to investors and other
stakeholders and should not be considered in isolation or as a
substitute for measures of performance prepared in accordance with
IFRS. These non-IFRS financial measures and ratios, supplementary
financial measures and non-financial information are explained in
greater detail below and in the “Non-IFRS and Other Financial
Measures” section of the MD&A for the first quarter ended March
31, 2023 (which is incorporated herein by reference) filed with the
Canadian securities regulatory authorities and available on SEDAR
at www.sedar.com as well as on Robex’s website (www.robexgold.com).
The reconciliations and calculations between the non-IFRS financial
measures and the most comparable IFRS measures are presented below
in the “Reconciliation and Calculation” section of this press
release.
RECONCILIATION AND
CALCULATION
Calculation of the adjusted net income
attributable to shareholders and the adjusted net income
attributable to shareholders per share
|
|
|
|
|
Quarters ended March 31 |
|
|
|
|
|
2023 |
|
2022 |
|
(in $) |
|
|
|
|
Basic and diluted
net earnings attributable to common shareholders |
6,383,858 |
|
12,505,081 |
|
Foreign
exchange gain |
(485,517 |
) |
(111,386 |
) |
Adjusted net income attributable to common
shareholders |
5,898,341 |
|
12,393,695 |
|
Basic weighted average number of shares outstanding |
843,767,681 |
|
599,878,403 |
|
Adjusted basic earnings per share (in $) |
0.007 |
|
0.021 |
|
Calculation of net debt
|
|
|
|
|
As at March 31 |
As at December 31 |
|
|
|
|
|
2023 |
|
2022 |
|
|
|
|
|
|
$ |
$ |
Lines of credit |
|
|
14,199,833 |
|
11,370,939 |
|
Long-term debt |
|
|
1,000,817 |
|
1,395,215 |
|
Lease liabilities |
|
|
12,501,084 |
|
12,518,742 |
|
Less:
Cash |
|
|
(5,870,764 |
) |
(3,611,406 |
) |
NET DEBT |
|
|
21,830,970 |
|
21,673,490 |
|
|
|
|
|
|
As at March 31 |
As at December 31 |
|
|
|
|
|
2023 |
|
2022 |
|
|
|
|
|
|
$ |
$ |
TOTAL
LIABILITIES |
|
|
58,347,778 |
|
55,206,985 |
|
Less: |
|
|
|
|
|
Accounts
payable |
|
|
(18,382,847 |
) |
(17,957,004 |
) |
Environmental
liability |
|
|
(443,446 |
) |
(424,138 |
) |
Deferred tax
liability |
|
|
(10,341,575 |
) |
(10,106,230 |
) |
Other
long-term liabilities |
|
|
(1,478,177 |
) |
(1,434,717 |
) |
|
|
|
|
|
27,701,733 |
|
25,284,896 |
|
CURRENT ASSETS |
|
|
32,749,402 |
|
32,095,698 |
|
Less: |
|
|
|
|
|
Inventory |
|
|
(17,027,584 |
) |
(17,648,967 |
) |
Accounts
payable |
|
|
(7,315,467 |
) |
(8,867,852 |
) |
Prepaid
expenses |
|
|
(967,561 |
) |
(805,914 |
) |
Deposits paid |
|
|
(1,083,695 |
) |
(1,161,559 |
) |
Deferred financing costs |
|
|
(484,331 |
) |
--- |
|
|
|
|
|
|
5,870,764 |
|
3,611,405 |
|
NET DEBT |
|
|
21,830,970 |
|
21,673,490 |
|
Calculation of the adjusted cash flows from
operating activities per share
|
|
|
|
|
Quarters ended March 31 |
|
|
|
|
|
2023 |
|
2022 |
(in $) |
|
|
|
|
Cash flows from
operating activities |
|
12,909,162 |
|
1,104,300 |
Net
change in non-cash working capital items |
(1,104,102 |
) |
15,376,420 |
Adjusted cash flows from operating activities |
|
11,805,060 |
|
16,480,720 |
Basic weighted average number of shares outstanding |
|
843,767,681 |
|
599,878,403 |
Adjusted cash flows from operating activities per
share (in $) |
0.014 |
|
0.027 |
Calculation of the all-in sustaining cost and
the adjusted all-in sustaining cost
|
|
|
|
|
Quarters ended March 31 |
|
|
|
|
|
2023 |
2022 |
|
|
|
|
|
|
|
Ounces of
gold sold (koz) |
|
|
12,670 |
13,671 |
(in $) |
|
|
|
|
Mining
expenses |
|
|
11,253,028 |
8,934,100 |
Mining
royalties |
|
|
1,019,632 |
1,002,011 |
Total cash cost |
|
|
12,272,660 |
9,936,111 |
Maintenance capital expenditures |
6,381,727 |
6,001,519 |
All-in sustaining cost |
|
|
18,654,387 |
15,937,630 |
All-in sustaining cost (per ounce of gold
sold) |
|
1,472 |
1,166 |
|
|
|
|
|
Quarters ended March 31 |
|
|
|
|
|
2023 |
|
2022 |
|
|
|
|
|
|
|
|
Ounces of
gold sold (koz) |
|
|
12,670 |
|
13,671 |
|
(in $) |
|
|
|
|
Mining
expenses |
|
|
11,253,028 |
|
8,934,100 |
|
Mining
royalties |
|
|
1,019,632 |
|
1,002,011 |
|
Total cash cost |
|
|
12,272,660 |
|
9,936,111 |
|
Maintenance capital expenditures |
|
6,381,727 |
|
6,001,519 |
|
Stripping
costs |
|
|
(5,155,510 |
) |
(4,303,537 |
) |
Exploration expenditures |
|
|
(324,392 |
) |
--- |
|
Adjusted all-in sustaining cost |
|
|
13,174,485 |
|
11,634,093 |
|
Adjusted all-in sustaining cost (per ounce of gold
sold) |
1,040 |
|
851 |
|
CAUTION CONCERNING LIMITATIONS OF
SUMMARY RESULTS PRESS RELEASE
This summary results press release contains
limited information meant to assist the reader in assessing Robex’s
performance, but it is not a suitable source of information for
readers who are unfamiliar with Robex and is not in any way a
substitute for Robex’s financial statements, notes to the financial
statements, and MD&A.
FORWARD-LOOKING INFORMATION AND
FORWARD-LOOKING STATEMENTS
Neither TSX Venture Exchange nor its regulation
services provider (as that term is defined in the TSX Venture
Exchange policies) accept responsibility for the adequacy or
accuracy of this press release.
This press release contains “forward looking
information” or “forward-looking statements” within the meaning of
applicable Canadian securities legislation (“forward-looking
statements”). Forward-looking statements are included to provide
information about management’s current expectations and plans that
allows investors and others to have a better understanding of the
Company’s business plans and financial performance and
condition.
Statements made in this press release that
describe the Company’s or management’s estimates, expectations,
forecasts, objectives, predictions, projections of the future or
strategies may be “forward-looking statements”, and can be
identified by the use of the conditional or forward-looking
terminology such as “aim”, “anticipate”, “assume”, “believe”,
“can”, “contemplate”, “continue”, “could”, “estimate”, “expect”,
“forecast”, “future”, “guidance”, “guide”, “indication”, “intend”,
“intention”, “likely”, “may”, “might”, “objective”, “opportunity”,
“outlook”, “plan”, “potential”, “should”, “strategy”, “target”,
“will” or “would” or the negative thereof or other variations
thereon. Forward-looking statements also include any other
statements that do not refer to historical facts. Such statements
may include, but are not limited to, statements regarding the
Company’s ability to successfully advance the Kiniero Gold Project
and carry out the Kiniero Gold Project feasibility study; the
Company’s ability to enter into definitive agreements in respect of
the US$115 million project finance facility, including a US$15
million cost overrun facility (the “Facilities”) on the terms set
out in the non-binding term sheet and on acceptable terms, if any;
timing of the entering into the definitive agreements in respect of
the Facilities; and assuming definitive agreements are entered
into, the drawdown of the proceeds of the Facilities, including the
timing thereof, obtaining a receipt for the final short-form base
shelf prospectus.
Forward-looking statements and forward-looking
information are made based upon certain assumptions and other
important factors that, if untrue, could cause the actual results,
performance or achievements of the Company to be materially
different from future results, performance or achievements
expressed or implied by such statements or information. There can
be no assurance that such statements or information will prove to
be accurate. Such statements and information are based on numerous
assumptions, including the Company’s ability to enter into
definitive agreements in respect of the Facilities on the terms set
forth in the non-binding term sheet, and on acceptable terms, if
any, and to satisfy the conditions precedent to closing and
advances thereunder (including satisfaction of remaining customary
due diligence and other conditions and approvals); the assumption
that board approval for the Facilities will be obtained; the
Company’s ability to meet the timing objectives for definitive
agreements and first drawdown of funds; the ability to execute the
Company’s plans relating to the Kiniero Gold Project as may be set
out in the Kiniero Gold Project pre-feasibility study, including
the timing thereof; the Company’s ability to complete its planned
exploration and development programs; no adverse conditions at the
Kiniero Gold Project; no unforeseen operational delays; no material
delays in obtaining necessary permits; the price of gold remaining
at levels that render the Kiniero Gold Project profitable; the
Company’s ability to continue raising necessary capital to finance
its operations; and the ability to realize on the mineral resource
and mineral reserve estimates; and assumptions regarding present
and future business strategies, local and global geopolitical and
economic conditions and the environment in which the Company
operates and will operate in the future.
Certain important factors could cause the
Company’s actual results, performance or achievements to differ
materially from those in the forward-looking statements and
forward-looking information including, but not limited to:
financing costs or adverse changes to the terms of available
financing, if any, for the Kiniero Gold Project; the Company’s
ability to enter into definitive agreements for the Facilities on
acceptable terms, if any; the Company’s ability to satisfy the
conditions precedent to closing and advances thereunder (including
satisfaction of customary due diligence and other conditions and
approvals); failure or delays to receive necessary approvals or
otherwise satisfy the conditions to the completion of the
Facilities; the proceeds of the Kiniero Gold Project financing not
being available to the Company; fluctuations in gold and commodity
prices; risks related to the geopolitical situation in Mali and
related risks, including the risk of terrorism and armed banditry,
fraud and corruption, security threats and resource nationalism;
fluctuations in exchange and interest rates; the Company’s access
to debt financing; uncertainty of the Company’s mineral reserve and
mineral resource estimates; changes in the Company’s production and
cost estimates; hazards and risks normally associated with mineral
exploration and gold mining development and production operations;
risks related to the Company’s external contractors and suppliers;
the Company’s limited property portfolio; the depletion of the
Company’s mineral reserves; the Company’s access to an adequate
water supply for mining operations; the Company obtaining and
maintaining required licenses and permits from various governmental
authorities in order to operate; the Company obtaining and
maintaining title to its mineral projects and exploration rights;
competition with other mining companies; the Company’s ability to
find and retain qualified and key personnel; environmental risks
and hazards associated with operating a gold mine in Mali; the risk
that the Company may not be able to insure against all the
potential risks associated with its operations; risks related to
the Company’s relations with its employees, shareholders and other
stakeholders, including the local governments and communities
surrounding its mine in Mali; the Company’s reliance on information
technology systems; cybersecurity threats; the risk of any pending
or future litigation against the Company; and tax risks, including
changes in taxation laws or assessments on the Company.
Although the Company believes its expectations
are based upon reasonable assumptions and has attempted to identify
important factors that could cause actual actions, events or
results to differ materially from those described in
forward-looking information, there may be other factors that cause
actions, events or results not to be as anticipated, estimated or
intended. These factors are not intended to represent a complete
and exhaustive list of the factors that could affect the Company;
however, they should be considered carefully. There can be no
assurance that forward-looking information will prove to be
accurate, as actual results and future events could differ
materially from those anticipated in such information.
The Company undertakes no obligation to update
forward-looking information if circumstances or management’s
estimates, assumptions or opinions should change, except as
required by applicable law. The reader is cautioned not to place
undue reliance on forward-looking information. The forward-looking
information contained herein is presented for the purpose of
assisting investors in understanding the Company’s expected
financial and operational performance and results as at and for the
periods ended on the dates presented in the Company’s plans and
objectives, and may not be appropriate for other purposes.
Please also refer to the section titled “Risks
Factors” in the Company’s Annual Information Form for the fiscal
year ended December 31, 2022, which is available on SEDAR at
www.sedar.com or on the Company’s website at https://robexgold.com
for more information on risk factors that could cause results to
differ materially from forward-looking statements. All
forward-looking statements contained in this press release are
expressly qualified by this cautionary statement.
1 Forward-looking statement. See the
“Forward-Looking Information and Forward-Looking Statements”
section of this press release.
Robex Resources (TSXV:RBX)
과거 데이터 주식 차트
부터 2월(2) 2025 으로 3월(3) 2025
Robex Resources (TSXV:RBX)
과거 데이터 주식 차트
부터 3월(3) 2024 으로 3월(3) 2025