Mr. Aurelien Bonneviot reports

ROBEX RESOURCES INC. ANNOUNCES INCREASE OF INFERRED RESOURCES, CONSTRUCTION UPDATE AND BRIDGE EXTENSION

Robex Resources Inc.: (i) has provided a National Instrument 43-101 mineral resource estimate update for the Mansounia deposit and will start an optimized feasibility study for second quarter 2024; (ii) will prioritize workstreams to bring Mansounia in the Kiniero project and review the impact on the project timeline; and (iii) will extend the existing $35-million (U.S.) bridge facility with Taurus Mining Finance Fund No. 2 LP, alongside its support for the $115-million (U.S.) project finance facility.

Highlights of the Mansounia 2023 mineral resource estimate update include:

• The total contained gold for Mansounia inferred mineral resources on a stand-alone basis has increased by 169 per cent compared with the previous 2022 Kiniero gold project feasibility study MRE on Mansounia.
• The 2023 MRE update for Mansounia increases the total contained gold of the Kiniero gold project inferred mineral resources by 52 per cent compared with the previous 2022 Kiniero gold project FS MRE.

Mansounia deposit resource increase confirms prospectivity of the Kiniero project

Following completion of the first phase of mineral resource delineation drilling at the Mansounia deposit1 and recent drill spacing study, Robex reports a significant increase in its inferred resources base as shown in the attached table. The Mansounia Central deposit is approximately three kilometres south of the Kiniero processing plant at the Kiniero gold project in Guinea, West Africa.

The mineral resource estimate update, prepared by Micon International Co. Ltd., includes the Mansounia Central and Mansounia South deposits, and has been updated based on an extensive 147 reverse circulation drill hole delineation drilling program totalling 23,310 metres, with a complete review and remodelling of the wire frame interpretations.

Start an optimized feasibility study for second quarter 2024

Robex has engaged Soutex and Wacom to engineer the required small design modifications, including two additional carbon-in-leach tanks and a larger oxygen plant for a throughput increase to 4.1 million tonnes per year.

Robex is starting work on an optimized feasibility study to: (i) include the Mansounia resource modelling across the deposits and update the reserves and resources on the entire project; (ii) update the capital expenditure to accommodate a higher oxide mix at 4.1 Mtpy; and (iii) add flexibility in the current design to accommodate future expansion of six Mtpy.

Construction update -- slowdown due to fuel supply risk and engineering

At this stage, the impact on the project timeline is under review due to the new engineering work required and the current situation in Guinea with the fuel supply disruption, which are slowing down construction activities. A revised project timeline will be communicated during first half 2024.

Current spending on the project stands at about $50-million (U.S.) as of Oct. 30, 2023, and earthworks on site are progressing well. The dewatering is also progressing well with a nine-metre drop from original topography. This will give Robex access to continue delineating the resources at SGA (479,000 ounces of inferred resources at 1.54 grams per tonne).

Taurus bridge extension until June 21, 2024

The current bridge facility provided by Taurus was drawn from time to time since closing of the facility in April, 2023, and is fully drawn at $35-million (U.S.). Proceeds of the funds were allocated to developing the Kiniero gold project by ordering long-lead items and starting earthworks and other work programs.

Given the resource update at Mansounia Central and continuing technical works to carry out as part of the optimized feasibility study, Robex and Taurus agreed to extend the maturity of the bridge facility by six months from Dec. 22, 2023, to June 21, 2024. This additional time will allow Robex to optimize value of the Kiniero gold project and will provide additional time to finalize the $115-million (U.S.) project finance facility as set out in the mandate letter previously signed. The extension comes alongside the following revised key terms:

• Interest rate at 10 per cent per annum (from 8 per cent currently);
• Royalty of 0.25 per cent capped at 1.5 million oz of gold across Kiniero's licences, including buyback mechanism subject to specifics conditions;
• Permitted indebtedness headroom increased from $4-million (U.S.) to $12-million (U.S.) subject to certain conditions;
• Security, covenants and other conditions remain unchanged.

The bridge still has no requirements for hedging. Closing of the extension is subject to customary conditions.

Aurelien Bonneviot, president and chief executive officer, said: "We are pleased to see Mansounia delivering inferred resources increase. This is a significant advancement towards the delineation of the 4.5-kilometre Sabali-Mansounia corridor. This resource confirms the prospectivity of our Mansounia licence, and that's why the company have decided to include it in an optimized feasibility study. We thank Taurus for supporting Robex in extending the maturity of the bridge and reiterating their support for the project financing."

Qualified person

The information in this announcement, which relates to the updated mineral resource estimate for Mansounia, has been approved by Dr. Ryan Langdon, PhD, MCSM, MEarthSci, CGeol, FGS, who is a professional registered with the Geological Society of London and an independent consultant to the company. Dr. Langdon is the senior mineral resource geologist of Micon International Co. Ltd., and has over 12 continuous years of exploration and mining experience in various mineral deposit styles. Dr. Langdon has sufficient experience relevant to the style of exploration, mineralization and type of deposit under consideration and to the activity he is undertaking to qualify as a qualified person under the terms of NI 43-101. Dr. Langdon consents to inclusion in the announcement of the matters based on this information in the form and context in which it appears.

About Robex Resources Inc.

Robex is a multijurisdictional 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.

Robex is supported by two strategic shareholders and has the ambition to become an A-tier gold producers in West Africa.

We seek Safe Harbor.