Robex Reports 2024 Financial Results
QUEBEC CITY, March 31, 2025 (GLOBE NEWSWIRE) -- Robex Resources Inc. ("Robex" or the "Company") (TSXV:RBX) today reported its operational and financial results for 2024.
Matthew Wilcox, Managing Director, commented: "2024 was a transformative year for Robex and we have achieved a lot to deliver shareholder value. The transition to the new board and management was executed and I look forward to 2025 with the first pour at Kiniero."
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.
RESULTS HIGHLIGHTS
Safety: the Group accumulated 5.2 million hours worked without injury with lost time work, (the "Group" refers to the Company collectively with one, several or all of its subsidiaries);
Ore mined increased slightly compared to 2023 (+1.5% to 2,294mt), and the operating stripping ratio improved from 3.0 to 2.1;
Ore processed decreased by 6.7% to 1,569t, while grade and recoveries stood at 0.79g/t and 87.8%, respectively.
Gold production reached 46,715 ounces, at the low end of annual guidance, at an all-In Sustaining Cost ("AISC") per ounce of gold sold1 of $1,359, increasing 5.8%;
Operating income stood at $44,3 million in 2024,;
Operating cash flow is positive at $46,9 million, down -12% compared to 2023, and;
Cash and net debt1 stood at $41.4 million and -$5,8 million respectively at the end of 2023.
NOMINATIONS
Robex is confirming the nomination of Susan Park and Ross Mclean as joint corporate secretaries of the company effective March 24th, 2025.
GRANT OF PERFORMANCE SHARE UNITS
As part of its long-term incentive program as determined by the Board, Robex is announcing the grant of Performance Share Units ("PSUs") to management and directors in accordance with the Company's recently approved Omnibus Equity Incentive Plan (the "Omnibus Plan").
On the recommendation of the Company's remuneration committee (the "RemCom"), the Board has approved the grant of an aggregate of 5,150,000 PSUs to the Company's Management.
Each vested PSU can be redeemed for one fully paid and non-assessable common share of the Company issued from treasury and shall vest in accordance upon achievement of the vesting conditions set forth in the letter awarding the grant, provided that no PSU shall vest sooner than on the first anniversary of the date of the grant.
The Omnibus Plan's objective is to create an incentive compensation program that is aligned with the Company's long-term objectives. Stock options, DSUs, RSUs and PSUs are granted in accordance with Policy 4.4, Security Based Compensation of the TSX Venture Exchange (the "Exchange"), the terms and conditions of the Omnibus Equity Incentive Plan and the terms of the award agreement evidencing such equity compensation security. Further, the aforementioned grant of PSUs are subject to confirmation and approval by the Company's shareholders at its annual general meeting of its shareholders to be held later in 2025.
OPERATIONAL AND FINANCIAL SUMMARY
Unit
For Completed Fiscal December 31
SAFETY OF OPERATIONS
2024
2023
Number of hours of work without lost time injury
Mh
5.2
3.6
MINING OPERATIONS
Ore mined
kt
2,294
2,260
Waste mined
kt
4,905
6,690
Operational stripping ratio
x
2.1
3.0
MILLING OPERATIONS
Ore processed
kt
1,569
2,225
Treated grade
g/t
0.79
0.81
Recovery
%
87.8
89.5
Gold production
oz
46,715
51,827
Gold sales
oz
48,564
51,205
UNIT COST OF PRODUCTION
Total cash cost (per once of gold sold)1
$/t
938
867
All-in sustaining cost ("AISC") per ounce of gold sold1
$/oz
1,359
1,285
INCOME
Revenues, gold sales
$000s
158,386
134,668
Operating income
$000s
44,349
(13,196
)
Net income
$000s
(12,555
)
(9,346
)
CASH FLOW
Cash flow from operating activities
$000s
46,894
53,267
Cash flow from investing activities
$000s
(12,271
)
(76,734
)
Cash flow from financing activities
$000s
92,219
35,196
Increase (decrease) in cash
$000s
29,221
8,611
FINANCIAL POSITION
Cash, end of the year
$000s
41,443
12,222
Net debt1
$000s
(5,782
)
46,629
Gold Production and Financial Results
At year-end 2024, gold production reached 46,715 ounces, down 9.9% from 2023. This decline was driven by a 5.5% decrease in ore processed due to longer processing times for transitional ore and increased downtime hours. Additionally, the head grade declined by 2.5%, primarily due to the late 2023 prioritization of high-grade ore, which raised the previous year's average.
The volume of gold sold declined by 5.2%, from 51,205 in 2023 ounces to 48,564 ounces in 2024, as a result of lower production. Despite lower production, gold sales revenues increased by 17.6% to $158.4 million, compared to 134.7 million in 2023. This was driven by a 24.0% increase in the average realized selling price, which rose from $2,630 per ounce in 2023 to $3,261 per ounce in 2024.
Mining income surged to $73.4 million, a nearly fivefold increase compared to 2023. This significant improvement was primarily due to the absence of impairment charges in 2024, whereas in 2023, a $53.9 million impairment loss was recorded on the Nampala mine. This increase was partially offset by higher depreciation and amortization expenses in 2024, reflecting the shortened remaining mine life of Nampala. Although the most recent technical report (NI 43-101), effective September 2024, extended the mine life by 6 months to December 31, 2026, it had initially been revised down at the end of 2023. The net impact on 2024 was an accelerated asset depletion and corresponding increase in depreciation and amortization.
Despite this improvement, the Company recorded a net loss of $12.6 million in 2024, compared to a loss of $9.3 million in 2023. This was primarily due to a $58.9 million income tax expense that resulted from a tax settlement with the Government of Mali in September 2024. The settlement of all outstanding tax and customs claims amounted to approximately $33.5 million (FCFA 15.0 billion), which is included in the 2024 tax expense.
Cash Flows and Strategic Investments
In 2024, cash flows from operating activities totaled $46.9 million, compared to $53.3 million in 2023, reflecting higher tax payments in Mali. Investing cash flows rose by 46.3% to $112.3 million, mainly due to continued investments in Kiniéro, following the positive results of an updated feasibility study that confirmed the project's technical feasibility and commercial viability. As a result, as of December 31, 2024, Kiniéro was reclassified from mining properties to property, plant, and equipment.
To support these efforts, the Company raised $126.5 million in June 2024, enabling it to advance feasibility work and continue earthworks, erect key infrastructure, and secure critical production equipment, including the power plant and ball mill. As a result, financing activities generated $92.2 million, primarily driven by this equity financing, net of debt repayments and project-related financing fees.
SUMMARY OF 2023 FINANCIAL RESULTS
In $
For Completed Fiscal Years December 31
2024
2023
Gold production (ounces)
46,715
51,827
Gold sales (ounces)
48,564
51,205
MINING
Revenues, gold sales
158,386,395
134,668,343
Mining expenses
(39,679,451
)
(40,210,170
)
Mining royalties
(5,862,839
)
(4,174,388
)
Depreciation of property, plant and equipment and amortization of intangible assets
(39,400,282
)
(21,144,791
)
Nampala impairment charge
---
(53,887,997
)
MINING INCOME
73,443,823
15,250,997
OTHER EXPENSES
Administrative expenses
(29 396 182
)
(26,632,559
)
Exploration and evaluation expenses
(188,002
)
(585,783
)
Stock option compensation cost
(264,331
)
(422,674
)
Depreciation of property, plant and equipment and amortization of intangible assets
(559,302
)
(261,819
