All amounts are in Canadian dollars (CAD).
Quarterly Corporate Summary
Operations:
The number of ounces produced was 12,089 ounces, a 14% increase compared to the same quarter last year. The operational improvements completed by our teams have allowed us to continue to optimize the Nampala plant’s processing capacity. The replacement of the cyclone pumps, completed last December, met expectations with a performance superior throughput. A water drilling program was started in early 2022 to support the increase of the plant’s capacity.
In line with the new mine plan, the operational stripping ratio has significantly decreased (3.2 compared to 5.7 for the same period in 2021), prompting a 33% decrease in the all-in sustaining cost (per ounce sold), going from $1,732 to $1,166.
Exploration:
We continued major exploration work on all of our licences (geochemistry, geophysics reinterpretation, surface sampling), on the Senegalo-Malian shear zone (Sanoula and Diagounte) and on the licenses neighboring Nampala (Mininko and Gladie), by investing an amount of $316,000 during the first quarter of 2022. Reverse circulation (RC) and diamond drillings have started at the beginning of the year 2022 with the objective of increasing the resources. A compilation of the geological work will be created and published during the third quarter.
Finance:
A higher grade (0.82 g/t compared to 0.76 g/t for the same period in 2021) and an increase in the average gold price ($2,365 per ounce compared to $2,281 for the same period in 2021) resulted in a 53% increase in the operating income and a 43% increase in cash flows from operating activities. While improving its cash flow, the Company continues debt reduction with a net cash position of $ 3.1 million on March 31, 2022, compared to $ 9.3 million on December 31, 2021.
Transaction:
The Company continues its work to complete the pre-feasibility study for the Kiniero project in Guinea, perform accounting work, and integrate the Sycamore teams and procedures, in order to meet all preliminary conditions for completing of the transaction, with the objective of closing the transaction with Sycamore Mining Ltd before the end of the second quarter.
Mr. Georges Cohen, President of Robex, declared: “A quarter with strong improvements across all metrics. I am thrilled to finally see the benefits of the investments and the teamwork done in 2021. Our financial balance sheet has been strengthened and allows us to consider our new growth phase from a strong position, with the exploration of our properties and our new development project in Guinea.”
First Quarter of 2022 Operating and Financial Results Highlights
Quarters ended March 31,
2022 2021 Variation
Gold ounces produced 12,089 10,642 +14%
Gold ounces sold 13,671 11,502 +19%
(rounded off to the nearest thousand dollars)
Revenue – Gold sales 32,333,000 26,241,000 +23%
Operating income 15,363,000 10,035,000 +53%
Net income attributable to equity shareholders 12,505,000 9,710,000 +29%
Basic earnings per share 0.021 0.016 +29%
Diluted earnings per share 0.021 0.016 +29%
Adjusted amounts
Net income attributable to equity shareholders[i] 12,394,000 9,604,000 +29%
Per sharei 0.021 0.016 +29%
Cash flows
Cash flows from operating activities[ii] 16,481,000 11,526,000 +43%
Per sharei 0.027 0.019 +43%
Statistics
(in dollars)
Average realized selling price (per ounce) 2,365 2,281 +4%
All-in sustaining cost (per ounce sold)i 1,166 1,732 -33%
Adjusted all-in sustaining cost (per ounce sold)i [iii] 851 1,053 -19%
As of March 31, 2022 As of December 31, 2021 Variation
Total assets 137,074,000 142,668,000 -4%
Total liabilities 29,311,000 44,020,000 -33%
Net debt (cash)[iv] (3,074,000) (9,281,000) -66%
Mining Operations (Gold):
Quarters ended March 31,
2022 2021
Operating Data
Ore mined (tonnes) 638,772 477,350
Ore processed (tonnes) 509,374 472,410
Waste mined (tonnes) 2,074,601 2,720,038
Operational stripping ratio 3.2 5.7
Head grade (g/t) 0.82 0.76
Recovery 90.1% 92.8%
Gold ounces produced 12,089 10,642
Gold ounces sold 13,671 11,502
Financial Data
(rounded off to the nearest thousand dollars)
Revenue – Gold sales 32,333,000 26,241,000
Mining operation expenses (8,934,000) (9,188,000)
Mining royalties (1,002,000) (656,000)
Administrative expenses (3,178,000) (2,244,000)
Depreciation of property, plant and equipment and amortization
of intangible assets
(2,443,000) (2,632,000)
Segment operating income 16,776,000 11,521,000
Statistics
(in dollars)
Average realized selling price (per ounce) 2,365 2,281
Cash operating cost (per tonne processed)i 17 18
Total cash cost (per ounce sold)i 727 856
All-in sustaining cost (per ounce sold)i 1,166 1,732
Adjusted all-in sustaining cost (per ounce sold)i iii 851 1,053
Administrative expenses (per ounce sold) 232 195
Depreciation of property, plant and equipment and amortization
of intangible assets (per ounce sold)
179 229
For more information, Robex’s MD&A and the consolidated financial statements are available on the Company’s website in the Investors section at robexgold.com. These reports and other documents produced by the Company are also available at sedar.com.
For more information:
Benjamin Cohen, CEO
Aurélien Bonneviot, investors relations and corporate development.
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