Robex Resources Inc. ("
Robex" or the
"
Company") (TSXV: RBX) today reports operational
and financial results for the second quarter ending June 30th, 2024
("
Q2 2024").
HIGHLIGHTS
STRATEGIC
INITIATIVES
-
Management and Board change: The company announced a Management and
Board change. The company is now lead by Matthew Wilcox (CEO and
Director) and James Askew Non-Executive Chairman. The Board has
been restructured and is composed of James Askew (Chairman of the
Board), John Dorward, Howard Golden, Thomas Lagrée and Gérard de
Hert (all non-executive directors), and Matthew Wilcox.
-
Strategic initiative: The company announced a strategic decision to
start a sale process for its Mali assets and its intention to
relist on the ASX as a development company focused exclusively on
the Kiniero Project in Guinea
FINANCING –
STRONG BALANCE SHEET
-
Equity financing: Robex management team successfully raised $125.6
million with SCP as sole lead arranger to advance the Kiniero
Project in Guinea.
-
Debt: Net debt (cash) position stood at $(75.5) million as of June
30th, 2024 combined effect of equity raise and US$15 million Taurus
debt repayment.
-
Operating income stood at $23.3 million an increase of 26% compared
to H1 2023, attributable to higher volume sold, improving gold
price environment and cost optimization;
-
Operating cash flow is positive at $33.4 million up by 38% compared
to H1 2023, and;
KINIERO – ON
TRACK FOR FIRST POUR Q4 2025
-
Team: Over the summer the company opened an office in Perth and the
entire development team has been hired.
-
Engineering: Detailed engineering for an increased throughput is
underway, long lead items (Ball Mill, Power Plant) have been
ordered to complement the existing equipment. Downpayment on an
earthworks fleet was made to accelerate the construction schedule.
The project is on track to hit first pour in Q4 2025
-
Feasibility Study: as announced previously Robex has retained AMC
Consultants to its increased plant throughput feasibility
study
-
In-fill drilling: A 30 000m drilling program has commenced to prove
up the 589koz of inferred at 0.94 g/t on Mansounia.
NAMPALA –
PRODUCTION UP, COSTS DOWN
-
Safety of operations: Nampala and Kiniero accumulated 526 days
worked without a lost time injury;
-
Gold production reached 26,222 ounces (+10%), at an All-In
Sustaining Cost ("AISC") per ounce of gold sold1
of $1,151, down 2% from H1 2023;
Matthew Wilcox, Managing Director: "The
strategic repositioning of the company as a company focused on the
development of Kiniero is an exciting evolution for Robex. The new
team has been on-boarded, and the engineering is advancing quickly
through the feasibility study with an increased throughput, that
Robex will deliver before the end of the year. The equity raise and
the debt repayment strategically position Robex to obtain the best
project financing result and the fastest path to first gold. The
process to potentially divest the Nampala asset has commenced, and
Robex will carefully evaluate the best outcome for shareholders. In
the meantime, the Nampala operation continues to produce at low
costs and maintain high safety standards."
CURRENCY
Unless otherwise indicated, all references to
"$" in this news release are to Canadian dollars. References to
"US$" in this news release are to U.S. dollars.
OPERATIONAL AND FINANCIAL
SUMMARY
| |
Unit |
For six-month EndingJune
30th |
|
SAFETY |
2024 |
2023 |
Variation |
|
Number of hours of work without lost time injury |
Days |
526 |
163 |
NA |
|
|
|
|
|
|
|
MINING |
|
|
|
|
|
Ore |
kt |
1,434 |
1,341 |
7 |
% |
|
Waste |
kt |
2,110 |
3,627 |
-42 |
% |
|
Strip |
x |
1.5 |
2.7 |
-44 |
% |
|
|
|
|
|
|
|
PROCESSING |
|
|
|
|
|
Ore processed |
kt |
1,097 |
1076 |
2 |
% |
|
Head grade |
g/t |
0.83 |
0.79 |
5 |
% |
|
Recovery |
% |
87.9 |
88.6 |
-0.7pts |
|
Gold produced |
oz |
25,721 |
24,145 |
7 |
% |
|
Gold sold |
oz |
26,222 |
23,739 |
10 |
% |
|
|
|
|
|
|
|
UNIT COST OF PRODUCTION |
|
|
|
|
|
Total cash cost per ounce of gold sold(1) |
$/t |
826 |
905 |
-9 |
% |
|
All-in sustaining cost (AISC) per ounce of gold sold(1) |
$/oz |
1,151 |
1,174 |
-2 |
% |
|
|
|
|
|
|
|
INCOME |
|
|
|
|
|
Gold sales |
$000s |
78,501 |
62,330 |
26 |
% |
|
Operating income |
$000s |
23,271 |
16,244 |
43 |
% |
|
Net income |
$000s |
-32,270 |
11,838 |
- |
|
| |
|
|
|
|
|
CASH FLOW |
|
|
|
|
|
Operating |
$000s |
33,387 |
24,192 |
38 |
% |
|
Investing |
$000s |
-30,130 |
-36,942 |
-18 |
% |
|
Financing |
$000s |
100,056 |
16,833 |
494 |
% |
|
Cash increase (decrease) |
$000s |
101,570 |
1,663 |
6008 |
% |
|
|
|
|
|
|
|
FINANCIAL POSITION |
|
30th June 2024 |
31st Dec.
2023 |
Variation |
|
Cash, End of Period ("EoP") |
$000s |
113,792 |
12,221 |
831 |
% |
|
Net debt(1) EoP |
$000s |
-75,493 |
46,629 |
-262 |
% |
QUARTERLY REVIEW
During the second quarter of 2024, the Company
delivered a notable performance despite significant challenges.
Gold production reached 12,764 ounces, marking a slight increase
from the 12,410 ounces produced in the same quarter in 2023. Gold
sales generated revenue of $39.3 million, an increase of 35%
compared to the same period last year. The growth was primarily due
to an increase in the average realized selling price per ounce sold
from $2,633 to $3,236. The increase in sales was also attributable
to a 9.8% increase in ounces sold from 11,069 ounces of gold in the
second quarter of 2023 to 12,150 ounces of gold for the same period
in 2024. The timing difference between production and actual sales
is due to the timing of shipments.
Mining operating income for the second quarter
increased 19.2% to $18.0 million, despite a significant increase in
depreciation and amortization expense due to the revision of the
Nampala mine life, now scheduled to end by June 2026. However, net
income for this quarter was negative, at -$0.2 million, due to
financial expenses related to the issuance of warrants and the
change in their fair value.
Gold production for the first six months of 2024
totaled 25,721 ounces, up 6.5% from 24,145 ounces in the first six
months of 2023. Revenue from gold sales amounted to $78.5 million,
an increase of 26% compared to the same period in 2023. Mining
operating income for the six-month period was $35.3 million, an
increase of 12.8% compared to the first half of 2023.
However, net income for the first half of 2024
was strongly impacted by a provision for tax contingencies in Mali,
which led to a net income of -$32.3 million compared to a net
income of $11.8 million for the same period in 2023.
The Company also completed a significant
financing, with the issuance of 58,294,880 units, each consisting
of one share and one common share purchase warrant, for gross
proceeds of $126.5 million. This financing aims to support the
strategic development of the Kiniéro gold project in the Republic
of Guinea. In addition, the Company has signed a definitive
agreement with Taurus to extend the bridge loan from US$35 million
with a maturity date of the 21st of June 2024 to a new bridge loan
of US$20 million with maturity date of the 22nd of June 2025.
CASH FLOW - HALF YEAR
For the first six months of 2024, operating
activities generated positive cash flow of $33.4 million, a
significant increase of $9.2 million compared to the same period in
2023.
Cash used in investing activities was $30.1
million for the six-month period ended June 30, 2024, compared to
$36.9 million for the same period in 2023. This decrease of $6.8
million is mainly explained by a reduction in deposits paid on
property, plant and equipment, which amounted to $1,4 million for
the first six months of 2024 compared to $14.9 million for the same
period in 2023. This decrease was partially offset by an increase
in investments in mining properties of $5.1 million, mainly on the
Kiniero property.
During the first six months of 2024, cash flows
generated from financing activities amounted to $100 million,
compared to $16.8 million for the same quarter in 2023. This
difference is mainly due to the financing completed in connection
with the closing of the Offering on June 27, 2019.
The Company issued 58,294,880 units, each
consisting of one share and one common share purchase warrant, at a
price of $2.17 per unit for gross proceeds of $126,5 million. The
amount received was allocated as follows: $63.8 million for the
common shares and $62.7m for the warrants. In return, a $4.2
million issuance fee for the common shares was paid, and the
Company repaid $20.6 million (US$15 million) to Taurus to repay the
difference between the US$35 million bridge loan and the US$20
million new bridge loan obtained on June 21.
During the first six months of 2023, the Company
had received a portion of the matured bridge loan in the amount of
$26 million and paid financing costs of $1.7 million in connection
with this financing. We also reduced the use of our lines of credit
by $6.5 million to meet the Taurus usage limit, and repaid $0.96
million on long-term debt.
LIQUIDITY AND BALANCE SHEET
The Group's cash position increased from $12,2
million as at December 31, 2023 to $113,8 million as at June 30th,
2024.
Net debt1 stood at $(75.5) million as of June
30th, 2024, decreasing from $46.6 million as of December 31st,
2023.
MANAGEMENT AND GOVERNANCE
CHANGES
For the first six months of 2024, related
parties of the Company include Fairchild Participation S.A.
("Fairchild"), key members of the management staff (and/or the
company in which they are shareholders), independent directors as
well as significant shareholders.
Last June, the Company made the following
changes to its corporate governance, modifying the related parties
that had been presented in the Company's annual MD&A:
Appointment of Matthew Wilcox as Chief
Executive Officer and Managing Director:
- Appointment of Matthew Wilcox as
Chief Executive Officer, Managing Director and Director.
- Aurélien Bonneviot has stepped down
as CEO and Director, but continues to work at Robex as Managing
Director of Strategy and Business Development.
New Board of Directors led by James
Askew (Chair) :
- The Board of Directors has been
reduced to six members and is now composed of James Askew (Chairman
of the Board), John Dorward, Howard Golden, Thomas Lagrée and
Gérard de Hert (all non-executive directors), and Matthew Wilcox,
Chief Executive Officer.
- The following directors have
resigned from the Board of Directors: Richard R. Faucher, Claude
Goulet, Aurélien Bonneviot, Matthew Sharples, Georges Cohen,
Benjamin Cohen and Julien Cohen.
Related party transactions include compensation
and travel expenses incurred in the normal course of business for
key management personnel and independent directors.
Georges Cohen, former director of the Company,
purchased 3,179,724 Units under the Offer for an aggregate
subscription price of $6.9 million. The former director's
participation is a "related party transaction".
SUMMARY OF Q2 2024 FINANCIAL
RESULTS
|
|
Three-month periods ended June
30th |
|
Six-month periods ended June
30th |
|
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
|
Gold production (ounces) |
12,764 |
|
12,410 |
|
25,721 |
|
24,145 |
|
|
Gold sales (ounces) |
12,150 |
|
11,069 |
|
26,222 |
|
23,739 |
|
|
|
$ |
|
$ |
|
$ |
|
$ |
|
|
INCOME |
|
|
|
|
|
Revenues – gold sales |
39,317,663 |
|
29,149,761 |
|
78,500,556 |
|
62,329,639 |
|
|
Mining expenses |
(8,920,604 |
) |
(8,306,313 |
) |
(18,732,272 |
) |
(19,559,341 |
) |
|
Mining royalties |
(1,468,812 |
) |
(905,232 |
) |
(2,930,444 |
) |
(1,924,865 |
) |
|
Depreciation of property, plant andequipment and amortization of
intangible assets |
(10,889,027 |
) |
(4,800,407 |
) |
(21,556,137 |
) |
(9,579,439 |
) |
|
NET REVENUES |
18 039 220 |
|
15 137 809 |
|
35 281 703 |
|
31 265 994 |
|
|
OTHER EXPENSES |
|
|
|
|
|
Administrative expenses |
(6,170,222 |
) |
(7 725 013 |
) |
(11,769,962 |
) |
(14,713,703 |
) |
|
Depreciation of property, plant andequipment and amortization of
intangible assets |
(38,483 |
) |
(125,466 |
) |
(38,483 |
) |
(125,466 |
) |
|
Other income |
(344,156 |
) |
(76,843 |
) |
(260,656 |
) |
(165,586 |
) |
|
Write-off of property, plant and equipment |
--- |
|
(8,933 |
) |
--- |
|
(8,933 |
) |
|
Other Income |
31,691 |
|
(88,945 |
) |
57,999 |
|
(8,299 |
) |
|
OPERATING INCOME |
11,518,050 |
|
7,112,609 |
|
23,270,601 |
|
16,244,007 |
|
|
FINANCIAL EXPENSES |
|
|
|
|
|
Financial costs |
(616,081 |
) |
(794,890 |
) |
(1,167,925 |
) |
(1,428,029 |
) |
|
Foreign exchange gains (losses) |
255,736 |
|
262,636 |
|
(48,736 |
) |
748,153 |
|
|
Change in fair value of share purchasewarrants |
(6,190,411 |
) |
58,013 |
|
(5,456,967 |
) |
58,013 |
|
|
Issuance costs of warrants |
(4,031,443 |
) |
--- |
|
(4,031,443 |
) |
--- |
|
|
Expense related to extinguishment of matured bridge loan |
(439,789 |
) |
--- |
|
(439,789 |
) |
--- |
|
|
INCOME BEFORE INCOME TAXES |
496,062 |
|
6,638,368 |
|
12,125,741 |
|
15,622,144 |
|
|
Income tax expense |
(683,804 |
) |
(1,649,129 |
) |
(44,395,937 |
) |
(3,784,002 |
) |
|
NET INCOME |
(187,742 |
) |
4,989,239 |
|
(32,270,196 |
) |
11,838,142 |
|
|
ATTRIBUTABLE TO COMMON SHAREHOLDERS: |
|
|
|
|
|
Net income |
(1,639,353 |
) |
4,587,314 |
|
(30,774,080 |
) |
10,971,168 |
|
|
Basic earnings per share |
(0.018 |
) |
0.051 |
|
(0.336 |
) |
0.122 |
|
|
Diluted earnings per share |
(0.018 |
) |
0.051 |
|
(0.336 |
) |
0.122 |
|
|
Adjusted net income(1) |
4,735,111 |
|
4,275,598 |
|
18,239,332 |
|
10,173,935 |
|
|
Adjusted net income per share(1) |
0.051 |
|
0.048 |
|
0.199 |
|
0.113 |
|
|
CASH FLOW |
|
|
|
|
|
Cash flow from operating activities |
12,479,579 |
|
11,349,046 |
|
33,386,965 |
|
24,258,208 |
|
|
Cash flow from operating activities pershare(1) |
0.135 |
|
0.126 |
|
0.365 |
|
0.270 |
|
(1) non-IFRS
measures please refer to the sections below
DETAILED INFORMATION
We strongly recommend that readers consult
Robex's Management's Discussion and Analysis and Consolidated
Financial Statements for the second quarter ended June 30th, 2024,
which are available on Robex's website at www.robexgold.com and
under the Company’s profile on SEDAR+ at www.sedarplus.ca for a
more complete discussion of the Company’s operational and financial
results.
NON-IFRS AND OTHER FINANCIAL
MEASURES
The Company's consolidated financial statements
for the period ended June 30th, 2024, available under the Company's
profile on SEDAR+ at www.sedarplus.ca, are prepared in accordance
with IFRS Accounting Standards ("IFRS") as issued
by the International Accounting Standards Board (IASB).
However, the Company also discloses the
following non-IFRS financial measures, non-IFRS financial ratios
and supplementary financial measures in this news release, for
which there is no definition in IFRS: adjusted net income
attributable to common shareholders, all-in sustaining cost and net
debt (non-IFRS financial measures); adjusted net income
attributable to common shareholders per share, all-in sustaining
cost per ounce of gold sold (non-IFRS ratios); and cash flow from
operating activities per share, average realized selling price per
ounce of gold sold and total cash cost per ounce of gold sold
(supplementary financial measures). The Company's management
believes that these measures provide additional insight into the
Company’s operating performance and trends and facilitate
comparisons across reporting periods. However, the non-IFRS
measures disclosed in this news release do not have a standardized
meaning 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 from,
confused with or construed as a substitute for performance measures
calculated according to IFRS.
These non-IFRS financial measures and ratios and
supplementary financial measures and non-financial information are
explained in more detail below and in the "Non-IFRS and Other
Financial Measures" section of the Company’s Management's
Discussion and Analysis for the period ended March 31, 2024
("MD&A"), which is incorporated by reference
in this news release, filed with securities regulatory authorities
in Canada, available under the Company's profile on SEDAR+ at
www.sedarplus.ca and on the Company's website at www.robexgold.com.
Reconciliations and calculations between non-IFRS financial
measures and the most comparable IFRS measures are set out below in
the "Reconciliations and Calculations" section of this news
release.
RECONCILIATIONS AND
CALCULATIONS
Total cash cost per ounce of gold sold
Total cash cost per ounce of gold sold is a
supplementary financial measure. This measure is calculated by
dividing the sum of operating expenses and mining royalties by the
number of ounces of gold sold. These expenses include:
-
Operating and maintenance supplies and services;
-
Fuel;
-
Reagent;
-
Employee benefits expenses;
-
Change in inventory;
-
Less: production costs capitalized as stripping costs; and
-
Transportation costs.
Management uses this ratio to establish the
profitability of mining operations, considering operating expenses
in relation to the number of ounces of gold sold.
|
|
Three-month periods ended June
30th |
Six-month periods ended June
30th |
|
|
2024 |
2023 |
2024 |
2023 |
|
|
|
|
|
|
|
Ounces of gold sold |
12,150 |
11,069 |
26,222 |
23,739 |
|
(in dollars) |
|
|
|
|
|
Mining operating expenses |
8,920,604 |
8,306,313 |
18,732,272 |
19,559,341 |
|
Mining royalties |
1,468,812 |
905 232 |
2,930 444 |
1,924,865 |
|
Total cash cost |
10,389,416 |
9,211,545 |
21,662,716 |
21,484,206 |
|
Total cash cost (per ounce of gold sold) |
855 |
832 |
826 |
905 |
All-in sustaining cost and all-in sustaining
cost per ounce of gold sold
AISC is a non-IFRS financial measure. AISC
includes cash operating costs plus sustaining capital expenditures
and stripping costs per ounce of gold sold. The Company has
classified its sustaining capital expenditures which are required
to maintain existing operations and capitalized stripping costs.
AISC is a broad measure of cash costs, providing more information
on total cash outflows, capital expenditures and overhead costs per
unit. It is intended to reflect the costs associated with producing
the Company's principal metal, gold, in the short term and over the
life cycle of its operations.
AISC per ounce of gold sold is a non-IFRS ratio.
AISC per ounce of gold sold is calculated by adding the total cash
cost, which is the sum of mining operating expenses and mining
royalties, to sustaining capital expenditures and then dividing by
the number of ounces of gold sold. The Company reports AISC per
ounce of gold sold to provide investors with information on the
main measures used by management to monitor the performance of the
Nampala Mine in commercial production and its ability to generate a
positive cash flow.
The table below provides a reconciliation of
AISC for the current period and the comparative period to the most
directly comparable financial measure in the financial statements:
"mining operating expenses".
|
|
Three-month periods ended June
30th |
Six-month periods ended June
30th |
|
|
2024 |
2023 |
2024 |
2023 |
|
|
|
|
|
|
|
Ounces of gold sold |
12,150 |
11,069 |
26,222 |
23,739 |
|
(in dollars) |
|
|
|
|
|
Mining operating expenses |
8,920,604 |
8,306,313 |
18,732,272 |
19,559,341 |
|
Mining royalties |
1,468,812 |
905,232 |
2,930,444 |
1,924,865 |
|
Total cash cost |
10,389,416 |
9,211,545 |
21,662,716 |
21,484,206 |
|
Sustaining capital expenditures |
3,839,154 |
5,034,145 |
8,518,705 |
11,415,871 |
|
All-in sustaining cost |
14,228,570 |
14,245,690 |
30,181,421 |
32,900,077 |
|
All-in sustaining cost (per ounce of gold
sold) |
1,171 |
1,287 |
1,151 |
1,386 |
Net debt
Net debt is a non-IFRS financial measure that
represents the total amount of bank indebtedness, including lines
of credit and long-term debt, as well as lease liabilities, less
cash at the end of a given period. Management uses this metric to
analyze the Company's debt position and assess the Company's
ability to service its debt.
Net debt is calculated as follows:
|
|
June 30th,
2024 |
|
December 31st, 2023 |
|
|
|
$ |
|
$ |
|
|
Lines of credit |
4,139,493 |
|
4,953,133 |
|
|
Bridge loan |
26,397,060 |
|
45,530,538 |
|
|
Long-term debt |
27,895 |
|
159,936 |
|
|
Lease liabilities |
7,734,598 |
|
8,206,916 |
|
|
Less: Cash |
(113,791,863 |
) |
(12,221,978 |
) |
|
NET DEBT |
(75,492,817 |
) |
46,628,545 |
|
The table below provides a reconciliation to the
most directly comparable financial measure in the financial
statements, total liabilities less current assets, for the current
and comparative period.
|
|
June 30th,
2024 |
|
December 31st, 2023 |
|
|
|
$ |
|
$ |
|
|
TOTAL LIABILITIES |
175,118,536 |
|
82,918,032 |
|
|
Less: |
|
|
|
Accounts payable |
(64,174,705 |
) |
(19,664,396 |
) |
|
Dividend to be paid |
(1,609,512 |
) |
-- |
|
|
Warrants |
(67,822,916 |
) |
(1,340,850 |
) |
|
Environmental liabilities |
(1,322,493 |
) |
(1,168,859 |
) |
|
Other long-term liabilities |
(1,889,864 |
) |
(1,893,404 |
) |
|
|
38,299,046 |
|
58,850,523 |
|
|
CURRENT ASSETS |
153,077,337 |
|
38,967,942 |
|
|
Less: |
|
|
|
Inventories |
(18,570,430 |
) |
(15,620,800 |
) |
|
Accounts receivable |
(12,835,546 |
) |
(6,733,583 |
) |
|
Prepaid expenses |
(1,021,722 |
) |
(465,795 |
) |
|
Deposits paid |
(1,335,316 |
) |
(1,345,035 |
) |
|
Deferred financing charges |
(5,522,460 |
) |
(2,580,751 |
) |
|
|
113,791,863 |
|
12,221,978 |
|
|
NET DEBT |
(75,492,817 |
) |
46,628,545 |
|
Adjusted net income attributable to common
shareholders and adjusted net income attributable to common
shareholders per share
Adjusted net income attributable to common
shareholders is defined as adjusted net earnings attributable to
common shareholders of the Company divided by the weighted average
number of basic shares outstanding for the period. It consists of
basic and diluted net earnings attributable to common shareholders
adjusted for certain specified items that are significant, but
which management believes do not reflect the underlying operations
of the Company. These costs include foreign exchange gains
(losses), change in the fair value of share purchase warrants, and
the provision for tax contingencies, all divided by the weighted
average number of shares outstanding.
The table below provides a reconciliation of
adjusted net income attributable to common shareholders for the
current period and the comparative period to the most directly
comparable financial measure in the financial statements: "basic
and diluted net income attributable to common shareholders." This
reconciliation is provided on a consolidated basis.
|
|
Three-month periods ended June
30th |
|
Six-month periods ended June
30th |
|
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
|
(in dollars) |
|
|
|
|
|
Basic and diluted net earnings attributable to common
shareholders |
(1,639,353 |
) |
4,587,314 |
|
(30,774,080 |
) |
10,971,168 |
|
|
Foreign exchange gains (losses) |
(255,736 |
) |
(262,636 |
) |
48,736 |
|
(748,153 |
) |
|
Change in the fair value of share purchase warrants |
6,190,411 |
|
(58,013 |
) |
5,456,967 |
|
(58,013 |
) |
|
Write-off of property, plant and equipment |
--- |
|
8,933 |
|
--- |
|
8,933 |
|
|
Provision for tax contingencies |
--- |
|
--- |
|
43,067,920 |
|
--- |
|
|
Expense related to extinguishment of matured bridge loan |
439,789 |
|
--- |
|
439,789 |
|
--- |
|
|
Adjusted net income attributable to common
shareholders |
4,735,111 |
|
4,275,598 |
|
18,239,332 |
|
10,173,935 |
|
|
Basic weighted average number of shares outstanding |
92,527,281 |
|
89,985,972 |
|
91,466,446 |
|
89,971,707 |
|
|
Adjusted basic earnings per share (in
dollars) |
0.051 |
|
0.048 |
|
0.199 |
|
0.113 |
|
Cash flow from operating activities per
share
Cash flow from operating activities per share is
a supplementary financial measure. It is composed of cash flow from
operating activities divided by the basic weighted average number
of shares outstanding. This supplementary financial measure allows
investors to understand the Company's financial performance based
on cash flows generated from operating activities.
For the six-month ended June 30th, 2024, cash
flow from operating activities was equivalent to $18,239,332 and
the basic weighted average number of shares outstanding was
91,466,446, for an amount of cash flow from operating activities
per share of $0.199. For the period ended June 30th, 2023, cash
flow from operating activities was $10,173,935 and the basic
weighted average number of shares outstanding was 89,971,707, for
an amount of cash flow from operating activities per share of
$0.113.
Average realized selling price per ounce of gold
sold
Average realized selling price per ounce of gold
sold is a supplementary financial measure. It is composed of gold
sales revenue divided by the number of ounces of gold sold. This
measure provides management with a better understanding of the
average realized price of gold sold in each financial reporting
period, net of the impact of non-gold products, and it allows
investors to understand the Company's financial performance based
on the average proceeds realized from the sales of gold production
during the reporting period.
For more
informationROBEX RESOURCES INC.
Matthew Wilcox, Chief Executive OfficerAurelien
Bonneviot, GM Strategy and Business Development
+1 581 741-7421
Email:
investor@robexgold.comwww.robexgold.com
CAUTION REGARDING CONSTRAINTS RELATED TO
THE REPORTING OF SUMMARY RESULTS
This earnings release contains limited
information intended to assist the reader in evaluating Robex's
performance, but this information should not be relied upon by
readers unfamiliar with Robex and should not be used as a
substitute for Robex's financial statements, notes to the financial
statements and Management’s Discussion and Analysis.
FORWARD-LOOKING INFORMATION AND
FORWARD-LOOKING STATEMENTS
Certain information set forth in this news
release contains “forward‐looking statements” and “forward‐looking
information” within the meaning of applicable Canadian securities
legislation (referred to herein as “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 news 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
perceived merit and further potential of the Company’s properties;
the Company’s estimate of mineral resources and mineral reserves
(within the meaning ascribed to such expressions in the Definition
Standards on Mineral Resources and Mineral Reserves adopted by the
Canadian Institute of Mining Metallurgy and Petroleum (“CIM
Definition Standards”) and incorporated into National
Instrument 43-101 – Standards of Disclosure for Mineral Projects
(“NI 43-101”)); capital expenditures and
requirements; the Company’s access to financing; preliminary
economic assessments (within the meaning ascribed to such
expressions in NI 43-101) and other development study results;
exploration results at the Company’s properties; budgets; strategic
plans; market price of precious metals; the Company’s ability to
successfully advance the Kiniero Gold Project on the basis of the
results of the feasibility study (within the meaning ascribed to
such expression in the CIM Definition Standards incorporated into
NI 43-101) with respect thereto, as the same may be updated, the
whole in accordance with the revised timeline previously disclosed
by the Company; the potential development and exploitation of the
Kiniero Gold Project and the Company’s existing mineral properties
and business plan, including the completion of feasibility studies
or the making of production decisions in respect thereof; work
programs; permitting or other timelines; government regulations and
relations; optimization of the Company’s mine plan; the future
financial or operating performance of the Company and the Kiniero
Gold Project; exploration potential and opportunities at the
Company’s existing properties; costs and timing of future
exploration and development of new deposits; the Company’s ability
to enter into definitive documentation in respect of the USD115
million project finance facility for the Kiniero Gold Project
(including a USD15 million cost overrun facility, the
“Facilities”), including the Company’s ability to
restructure the Taurus USD35 million bridge loan and adjust
the mandate to accommodate for the revised timeline of the enlarged
project; timing of entering into definitive documentation for the
Facilities; if final documentation is entered into in respect of
the Facilities, the drawdown of the proceeds of the Facilities,
including the timing thereof; and the Company’s ability to reach an
agreement with the Malian authorities to establish a sustainable
new tax framework for the Company, and for the sustainable
continuation of the Company's activities and further exploration
investments at Nampala.
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 ability to execute the Company’s plans
relating to the Kiniero Gold Project as set out in the feasibility
study with respect thereto, as the same may be updated, the whole
in accordance with the revised timeline previously disclosed by the
Company; the Company’s ability to reach an agreement with the
Malian authorities to establish a sustainable new tax framework for
the Company, and for the sustainable continuation of the Company's
activities and further exploration investments at Nampala; the
Company’s ability to complete its planned exploration and
development programs; the absence of adverse conditions at the
Kiniero Gold Project; the absence of unforeseen operational delays;
the absence of 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; the Company’s ability
to restructure the Taurus USD35 million bridge loan and adjust
the mandate to accommodate for the revised timeline of the enlarged
project; the Company’s ability to enter into definitive
documentation for the Facilities on acceptable terms or at all, and
to satisfy the conditions precedent to closing and advances
thereunder (including satisfaction of remaining customary due
diligence and other conditions and approvals); 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 including,
but not limited to: geopolitical risks and security challenges
associated with its operations in West Africa, including the
Company’s inability to assert its rights and the possibility of
civil unrest and civil disobedience; fluctuations in the price of
gold; limitations as to the Company’s estimates of mineral reserves
and mineral resources; the speculative nature of mineral
exploration and development; the replacement of the Company’s
depleted mineral reserves; the Company’s limited number of
projects; the risk that the Kiniero Gold Project will never reach
the production stage (including due to a lack of financing); the
Company’s capital requirements and access to funding; changes in
legislation, regulations and accounting standards to which the
Company is subject, including environmental, health and safety
standards, and the impact of such legislation, regulations and
standards on the Company’s activities; equity interests and royalty
payments payable to third parties; price volatility and
availability of commodities; instability in the global financial
system; the effects of high inflation, such as higher commodity
prices; fluctuations in currency exchange rates; the risk of any
pending or future litigation against the Company; limitations on
transactions between the Company and its foreign subsidiaries;
volatility in the market price of the Company’s shares; tax risks,
including changes in taxation laws or assessments on the Company;
the Company’s inability to successfully defend its positions in
negotiations with the Malian authorities to establish a new tax
framework for the Company, including with respect to the current
tax contingencies in Mali; the Company obtaining and maintaining
titles to property as well as the permits and licenses required for
the Company’s ongoing operations; changes in project parameters
and/or economic assessments as plans continue to be refined; the
risk that actual costs may exceed estimated costs; geological,
mining and exploration technical problems; failure of plant,
equipment or processes to operate as anticipated; accidents, labour
disputes and other risks of the mining industry; delays in
obtaining governmental approvals or financing; the effects of
public health crises, such as the COVID-19 pandemic, on the
Company’s activities; the Company’s relations with its employees
and other stakeholders, including local governments and communities
in the countries in which it operates; the risk of any violations
of applicable anticorruption laws, export control regulations,
economic sanction programs and related laws by the Company or its
agents; the risk that the Company encounters conflicts with
small-scale miners; competition with other mining companies; the
Company’s dependence on third-party contractors; the Company’s
reliance on key executives and highly skilled personnel; the
Company’s access to adequate infrastructure; the risks associated
with the Company’s potential liabilities regarding its tailings
storage facilities; supply chain disruptions; hazards and risks
normally associated with mineral exploration and gold mining
development and production operations; problems related to weather
and climate; the risk of information technology system failures and
cybersecurity threats; and the risk that the Company may not be
able to insure against all the potential risks associated with its
operations.
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.
See also the "Risk Factors" section of the
Company's Annual Information Form for the year ended December 31,
2023, available under the Company’s profile on SEDAR+ at
www.sedarplus.ca or on the Company's website at www.robexgold.com,
for additional information on risk factors that could cause results
to differ materially from forward-looking statements. All
forward-looking statements contained in this news release are
expressly qualified by this cautionary statement.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
Robex Resources (TSXV:RBX)
過去 株価チャート
から 11 2024 まで 12 2024
Robex Resources (TSXV:RBX)
過去 株価チャート
から 12 2023 まで 12 2024
