Robex Resources Inc. ("
Robex" or the
"
Company") (TSXV: RBX) today reports operational
and financial results for the third quarter ending September 30th,
2024 ("
Q3 2024").
Matthew Wilcox, Managing Director: "Kiniero is
advancing quickly with the key members of the construction team now
mobilized. Key workstreams are running in parallel to meet our
first pour target in Q4 2025. We will be releasing frequent updates
to the market as the construction progresses. We are maintaining
our safety record with now 678 days LTI free for the Group despite
a significant ramp-up on site in Guinea. At Nampala, production and
costs are in line with our budget to match our 2024 guidance."
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 |
Nine-month Ending September
30th |
|
|
SAFETY |
2024 |
|
2023 |
|
Variation |
|
Number of hours of work without lost time injury |
Days |
678 |
|
249 |
|
NA |
|
|
|
|
|
|
MINING |
|
|
|
|
Ore mined |
kt |
1,708 |
|
1,605 |
|
6.4 |
% |
Waste mined |
kt |
3,021 |
|
4,684 |
|
-35.5 |
% |
Operational stripping ratio |
x |
1.8 |
|
2.9 |
|
-39.4 |
% |
|
|
|
|
|
PROCESSING |
|
|
|
|
Ore processed |
kt |
1,569 |
|
1,682 |
|
-6.7 |
% |
Head grade |
g/t |
0.81 |
|
0.77 |
|
4.7 |
% |
Recovery |
% |
88.0 |
|
90.2 |
|
-2.2 |
pts |
Gold produced |
oz |
35,752 |
|
37,520 |
|
-4.7 |
% |
Gold sold |
oz |
37,857 |
|
37,830 |
|
0.1 |
% |
|
|
|
|
|
UNIT COST OF PRODUCTION |
|
|
|
|
Total cash cost per ounce of gold sold(1) |
$/t |
870 |
|
880 |
|
-1.2 |
% |
All-in sustaining cost (AISC) per ounce of gold sold(1) |
$/oz |
1,221 |
|
1,273 |
|
-4.1 |
% |
|
|
|
|
|
INCOME |
|
|
|
|
Gold sales |
$000s |
116,559 |
|
98,519 |
|
18.3 |
% |
Operating income |
$000s |
33,322 |
|
26,329 |
|
26.6 |
% |
Net income (loss) |
$000s |
(9,805 |
) |
18,672 |
|
-152.5 |
% |
|
|
|
|
|
CASH FLOWS |
|
|
|
|
Cash flows from operating activities |
$000s |
25,467 |
|
34,427 |
|
-26.0 |
% |
Cash flows from investing activities |
$000s |
(64,758 |
) |
(56,069 |
) |
15.5 |
% |
Cash flows from financing activities |
$000s |
97,738 |
|
37,913 |
|
157.8 |
% |
Cash increase |
$000s |
58,235 |
|
14,531 |
|
300.8 |
% |
|
|
|
|
|
FINANCIAL POSITION |
|
As at 30thSept. 2024 |
|
As at 31stDec. 2023 |
|
|
Cash, End of Period ("EoP") |
$000s |
70,457 |
|
12,222 |
|
476.5 |
% |
Net debt(1) EoP |
$000s |
-32,261 |
|
46,629 |
|
-169.2 |
% |
QUARTERLY REVIEW
In the third quarter of 2024, gold production
reached 10,031 ounces, representing a 25% decrease compared to
13,375 ounces produced in the third quarter of 2023. This decline
was mainly due to extended maintenance shutdowns for critical
equipment. Gold sales generated revenues of $38.1 million, marking
a 5.2% increase compared to the same period in 2023, driven by a
higher realized average gold price of $3,271 per ounce, up from
$2,568 in 2023. However, the number of ounces sold decreased from
14,090 to 11,635, reflecting the drop in production. Although
472.58 ounces from the last September shipment, sold in early
October, could have helped narrow this gap.
Mining operating income for the third quarter
amounted to $15.5 million, a 15.7% decrease compared to 2023. This
drop was due to higher depreciation charges following the revision
of the Nampala mine's estimated lifespan, now projected until June
2026. Despite this, operating income remained stable at $10.1
million, supported by a 30.3% reduction in administrative
expenses.
Net income for the third quarter reached $22.5
million, compared to $6.8 million for the same period in 2023. This
variance was primarily due to a positive $12.6 million change in
the fair value of warrants, reducing financial liabilities.
Additionally, the company recorded a $9.6 million gain from
reversing a tax provision following the finalization of an
agreement with the Government of Mali. However, these gains were
partially offset by a $5.6 million write-off of deferred financing
costs.
NINE MONTHS REVIEW
For the nine-month period ending September 30,
2024, gold production totaled 35,752 ounces, a 4.7% decline
compared to 37,520 ounces produced in the same period in 2023. Gold
sales revenue reached $116.6 million, an 18.3% increase, attributed
to higher average selling prices per ounce. The number of ounces
sold remained stable at 37,857 in 2024 compared to 37,830 in
2023.
For the nine months ending September 30, 2024,
mining operating income was $50.7 million, reflecting a 2.3%
increase compared to the same period in 2023. However, this period
resulted in a net loss of $9.8 million, compared to net income of
$18.7 million in 2023. This loss was primarily due to the write-off
of deferred financing costs of $5.6 million, warrant issuance costs
of $4.1 million, and a $3.1 million foreign exchange loss.
Additionally, the tax expense for the nine-month period reached
$35.4 million, compared to $6.3 million in 2023, reflecting the
impacts of the tax agreement with the Government of Mali.
CASH FLOWS
Cash flows from operating activities were
negative at $(7.9) million in Q3 2024, due to the reduction in
accounts payable, which decreased from $64.2 million as of June 30,
2024, to $31.7 million as of September 30, 2024. This reduction is
directly related to the settlement of the tax contingency provision
as part of the agreement with the Government of Mali.
Management, advised by TerraFranca, is in
advanced negotiations to secure up to $175.7 million in new credit
facilities from international lenders. These funds are intended to
support strategic initiatives, including the development of the
Guinea project.
LIQUIDITY AND BALANCE SHEET
The Group's cash position increased from $12.2
million as of December 31, 2023, to $70.5 million as of September
30, 2024.
Net debt1 stood at $(32.3) million as of
September 30, 2024, decreasing from $46.6 million as of December
31, 2023.
SUMMARY OF Q3 2024 FINANCIAL
RESULTS
|
Three-month EndingSeptember
30th |
|
Nine-month
EndingSeptember 30th |
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
Gold production (ounces) |
10,031 |
|
13,375 |
|
35,752 |
|
37,520 |
|
Gold sales (ounces) |
11,635 |
|
14,090 |
|
37,857 |
|
37,830 |
|
|
$ |
|
$ |
|
$ |
|
$ |
|
MINING |
|
|
|
|
Revenues – gold sales |
38,058,745 |
|
36,188,940 |
|
116,559,300 |
|
98,518,580 |
|
Mining expenses |
(9,921,990 |
) |
(10,679,996 |
) |
(28,654,262 |
) |
(30,239,337 |
) |
Mining royalties |
(1,343,069 |
) |
(1,124,569 |
) |
(4,273,513 |
) |
(3,049,434 |
) |
Depreciation of property, plant and equipment and amortization of
intangible assets |
(11,327,654 |
) |
(6,044,994 |
) |
(32,883,792 |
) |
(15,624,432 |
) |
MINING INCOME |
15,466,032 |
|
18,339,381 |
|
50,747,733 |
|
49,605,377 |
|
OTHER EXPENSES |
|
|
|
|
Administrative expenses |
(5,182,588 |
) |
(7,438,676 |
) |
(16,945,663 |
) |
(22,152,380 |
) |
Exploration and evaluation expenses |
(137,892 |
) |
(186,779 |
) |
(176,375 |
) |
(312,245 |
) |
Stock option compensation cost |
--- |
|
(422,674 |
) |
--- |
|
(422,674 |
) |
Depreciation of property, plant and equipment and amortizationof
intangible assets |
(154,682 |
) |
(82,486 |
) |
(414,498 |
) |
(248,073 |
) |
Write-off of property, plant and equipment |
--- |
|
--- |
|
--- |
|
(8,933 |
) |
Other income (expenses) |
74,062 |
|
(124,196 |
) |
110,923 |
|
(132,492 |
) |
OPERATING INCOME |
10,064,932 |
|
10,084,570 |
|
33,322,120 |
|
26,328,580 |
|
FINANCIAL EXPENSES |
|
|
|
|
Financial costs |
(465,829 |
) |
(671,495 |
) |
(1,612,572 |
) |
(2,099,523 |
) |
Foreign exchange gains (losses) |
(3,092,812 |
) |
(459,146 |
) |
(3,146,571 |
) |
289,007 |
|
Change in the fair value of share purchasewarrants |
12,637,435 |
|
352,877 |
|
7,180,468 |
|
410,890 |
|
Purchase warrant issuance expenses |
(49,307 |
) |
--- |
|
(4,080,750 |
) |
--- |
|
Write-off of deferred financing fees |
(5,592,046 |
) |
--- |
|
(5,592,046 |
) |
--- |
|
Expense related to extinguishment of the Matured Bridge Loan |
--- |
|
--- |
|
(439,789 |
) |
--- |
|
INCOME BEFORE INCOME TAXES |
13,502,373 |
|
9,306,806 |
|
25,630,860 |
|
24,928,954 |
|
Income tax recovery (expense) |
8,959,835 |
|
(2,473,353 |
) |
(35,436,301 |
) |
(6,257,355 |
) |
NET INCOME (LOSS) |
22,462,208 |
|
6,833,453 |
|
(9,805,441 |
) |
18,671,599 |
|
ATTRIBUTABLE TO COMMON SHAREHOLDERS: |
|
|
|
|
Net income (loss) |
20,286,302 |
|
6,243,934 |
|
(10,485,231 |
) |
17,215,106 |
|
Basic earnings (loss) per share |
0.134 |
|
0.069 |
|
(0.093 |
) |
0.190 |
|
Diluted earnings (loss) per share |
0.134 |
|
0.069 |
|
(0.093 |
) |
0.190 |
|
Adjusted net income(1) |
16,333,725 |
|
6,772,877 |
|
34,580,627 |
|
16,946,816 |
|
Adjusted net income per share(1) |
0.108 |
|
0.075 |
|
0.307 |
|
0.187 |
|
CASH FLOWS |
|
|
|
|
Cash flows from operating activities |
(7,920,101 |
) |
10,169,153 |
|
25,466,864 |
|
34,427,360 |
|
Cash flows from operating activities pershare(1) |
(0.053 |
) |
0.112 |
|
0.226 |
|
0.381 |
|
(1) Non-IFRS financial measure,
non-IFRS ratio or supplementary financial measure. Please refer to
the “Non-IFRS and Other Financial Measures” section of this press
release for definitions of these measures and their reconciliation
to the most directly comparable IFRS measure, as applicable.
DETAILED INFORMATION
We strongly recommend that readers consult
Robex's Management's Discussion and Analysis and Consolidated
Financial Statements for the third quarter ended September 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 September 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 September 30th, 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 September
30th |
Nine-month periods ended September
30th |
|
2024 |
2023 |
2024 |
2023 |
Ounces of gold sold |
11,635 |
14,090 |
37,857 |
37,830 |
(in dollars) |
|
|
|
|
Mining expenses |
9,921,990 |
10,679,996 |
28,654,262 |
30,239,337 |
Mining royalties |
1,343,069 |
1,124,569 |
4,273,513 |
3,049,434 |
Total cash cost |
11,265,059 |
11,804,565 |
32,927,775 |
33,288,771 |
Total cash cost (per ounce of gold sold) |
968 |
838 |
870 |
880 |
All-in sustaining cost (AISC) (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 September
30th |
Nine-month periods ended September
30th |
|
2024 |
2023 |
2024 |
2023 |
Ounces of gold sold |
11,635 |
14,090 |
37,857 |
37,830 |
|
|
|
|
|
(in dollars) |
|
|
|
|
Mining expenses |
9,921,990 |
10,679,996 |
28,654,262 |
30,239,337 |
Mining royalties |
1,343,069 |
1,124,569 |
4,273,513 |
3,049,434 |
Total cash cost |
11,265,059 |
11,804,565 |
32,927,775 |
33,288,771 |
Sustaining capital expenditures |
4,778,712 |
3,459,494 |
13,297,417 |
14,875,365 |
All-in sustaining cost |
16,043,772 |
15,264,059 |
46,225,193 |
48,164,137 |
All-in sustaining cost (per ounce of gold
sold) |
1,379 |
1,083 |
1,221 |
1,273 |
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:
|
As at September 30th,
2024 |
|
As at December 31st, 2023 |
|
|
$ |
|
$ |
|
Lines of credit |
4,701,768 |
|
4,953,133 |
|
Bridge loan |
26,252,420 |
|
45,530,538 |
|
Long-term debt |
--- |
|
159,936 |
|
Lease liabilities |
7,241,934 |
|
8,206,916 |
|
Less: Cash |
(70,457,226 |
) |
(12,221,978 |
) |
NET DEBT |
(32,261,104 |
) |
46,628,545 |
|
The following table presents a reconciliation to
the most directly comparable financial measure in the financial
statements, i.e., total liabilities less current assets, for the
current and comparative period.
|
As at September 30th,
2024 |
|
As at December 31st, 2023 |
|
|
$ |
|
$ |
|
TOTAL LIABILITIES |
130,477,488 |
|
82,918,032 |
|
Less: |
|
|
Accounts payable |
(31,702,638 |
) |
(19,664,396 |
) |
Warrants |
(57,034,300 |
) |
(1,340,850 |
) |
Environmental liabilities |
(1,457,203 |
) |
(1,168,859 |
) |
Other long-term liabilities |
(2,087,226 |
) |
(1,893,404 |
) |
|
38,196,122 |
|
58,850,523 |
|
CURRENT ASSETS |
107,104,974 |
|
38,967,942 |
|
Less: |
|
|
Inventory |
(19,081,011 |
) |
(15,620,800 |
) |
Accounts receivable |
(15,379,068 |
) |
(6,733,583 |
) |
Prepaid expenses |
(736,848 |
) |
(465,795 |
) |
Deposits paid |
(1,129,490 |
) |
(1,345,035 |
) |
Deferred financing fees |
(321,331 |
) |
(2,580,751 |
) |
|
70,457,226 |
|
12,221,978 |
|
NET DEBT |
(32,261,104 |
) |
46,628,545 |
|
Adjusted net income attributable to
common shareholders and adjusted net income attributable to common
shareholders per share
Adjusted net earnings attributable to common
shareholders per share is a non-IFRS ratio calculated by dividing
adjusted net earnings available to common shareholders by the basic
weighted average number of common shares issued and outstanding.
The Company uses this measure as an indicator of the financial
performance of the Company’s activities, and it allows the Company
to present adjusted net earnings attributable to Robex
shareholders. Share price divided by adjusted net earnings
attributable to common shareholders per share allows investors to
compare the Company’s valuation to that of its peers.
The following table reconciles adjusted net
earnings attributable to common shareholders and adjusted net
earnings attributable to common shareholders per share for the
current and comparative periods to the most directly comparable
financial measure in the financial statements, i.e., "Basic and
diluted net earnings attributable to common shareholders." This
reconciliation is provided on a consolidated basis. The following
table reconciles adjusted net earnings attributable to common
shareholders for the current period and the comparative period to
the most directly comparable financial measure in the financial
statements, i.e., "Basic and diluted net income attributable to
common shareholders." This reconciliation is provided on a
consolidated basis.
|
Three-month periods ended September
30th |
|
Nine-month
periods ended September 30th |
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
(in dollars) |
|
|
|
|
Basic and diluted net earnings attributable to common
shareholders |
20,286,302 |
|
6,243,934 |
|
(10,485,231 |
) |
17,215,106 |
|
Stock option compensation cost |
--- |
|
422,674 |
|
--- |
|
422,674 |
|
Foreign exchange gains (losses) |
3,092,812 |
|
459,146 |
|
3,146,571 |
|
(289,007 |
) |
Change in the fair value of share purchase warrants |
(12,637,435 |
) |
(352,877 |
) |
(7,180,468 |
) |
(410,890 |
) |
Write-off of property, plant and equipment |
--- |
|
--- |
|
--- |
|
8,933 |
|
Provision for tax adjustments in prior years |
--- |
|
--- |
|
43,067,920 |
|
--- |
|
Write-off of deferred financing costs |
5,592,046 |
|
--- |
|
5,592,046 |
|
--- |
|
Expense related to extinguishment of the Matured Bridge Loan |
--- |
|
--- |
|
439,789 |
|
--- |
|
Adjusted net income attributable to common
shareholders |
16,333,725 |
|
6,772,877 |
|
34,580,627 |
|
16,946,816 |
|
Basic weighted average number of shares outstanding |
150,837,400 |
|
90,393,339 |
|
112,734,134 |
|
90,383,887 |
|
Adjusted basic earnings per share (in
dollars) |
0.108 |
|
0.075 |
|
0.307 |
|
0.187 |
|
Cash flows from operating activities
(per share)
Cash flow from operating activities per share is
a supplementary financial measure. It consists of cash flow from
operating activities divided by the basic weighted average number
of shares outstanding. This supplementary financial measure enables
investors to understand the Company’s financial performance on the
basis of cash flows generated by operating activities.
For the three-month period ended September 30,
2024, cash flows from operating activities stood at $(7,920,101)
and the basic weighted average number of shares outstanding was
150,837,400, for a per-share amount of $(0.053). In comparison, for
the three-month period ended September 30, 2023, cash flows from
operating activities stood at $10,169,153, and the basic weighted
average number of shares outstanding was 90,393,339, for a
per-share amount of $0.112.
For the nine-month period ended September 30,
2024, cash flows from operating activities stood at $25,466,864 and
the basic weighted average number of shares outstanding was
112,734,134, for a per-share amount of $0.226. In comparison, for
the nine-month period ended September 30, 2023, cash flows from
operating activities stood at $34,427,360, and the basic weighted
average number of shares outstanding was 90,383,887, for a
per-share amount of $0.381.
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 OfficerAlain
William, Chief Financial Officer+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