Mr. Aurelien Bonneviot reports

ROBEX CORPORATE STRATEGY UPDATE

Robex Resources Inc. has provided a corporate strategy update for Guinea and Mali.

Revised timeline for Kiniero and development update

Timeline

Following the updated resource estimate at Mansounia published on Dec. 22, 2023, the management and the board of directors have decided to revise and update the development schedule. This will allow us to work on a National Instrument 43-101 updated feasibility study (UFS) to tentatively improve project economics and derisk the metallurgy with a higher oxide mix. The revised timeline will be:

• March to May, 2024: Definition drilling at Mansounia with a target to bring additional reserves into the mine plan;
• March to September, 2024: Earthworks, plant equipment and key infrastructure investments;
• September, 2024: Updated feasibility study with increased production and higher oxides mix;
• October, 2024: Formal construction decision for the revised plant layout;
• December, 2025: First gold pour.

The new timeline has been sent to the government of Guinea for approval.

Construction progress

The company's construction subcontractor (Wacom) will remain mobilized on site to advance development, and take advantage of the additional time to prepare the site and improve access. Formal construction decision will be taken after the updated feasibility study. Detailed engineering has been finalized with the new throughput and this will feed the UFS.

Construction timeline:

• Plant workshop concrete foundation is being poured;
• Tower crane foundation continuing, and will be ready for structural, mechanical, and piping installations;
• CIL (carbon in leach) bottom plates are prefabricated, starting of shell plates rolling;
• CIL concrete foundation in preparation;
• ROM (run of mine) pad preparation started;
• Completion of the management and workers camp refurbishment with a total capacity of approximately 120 beds;
• Access road and site road upgraded and completed;
• LTI (lost time injury) is currently at 1.1 million free hours (4.3 million hours group-wide).

Long-lead items:

• All long-lead items have been ordered (25 per cent of total plant capex (capital expenditure) has been spent); the SAG mill is constructed and ready to be shipped;
• Remaining equipment will be stored, ready to be shipped later in the year.

Mali update

The board of directors and the management of Robex have reassessed assumptions underpinning the current operation in Mali, considering challenging operating conditions and rising energy costs. These assumptions have deteriorated Nampala's viability, and the company anticipates the current end of operation in June, 2026.

Considering these significant changes, Robex will test the Nampala mine for impairment and are currently working with its experts to perform the impairment test as of Dec. 31, 2023, to reflect the impact in Robex's audited annual financial statements, which will be published on April 29, 2024. With the information to date, this test will likely result in a material non-cash asset impairment. Considering the new parameters as of today, the valuation for the Nampala mine is estimated between $30-million and $55-million against a net book value of $115-million as of Sept. 30, 2023. The current discussions with fiscal authorities in Mali may further negatively impact the company's operations and its financial outlook may result in an earlier responsible closing of the mine.

The board of directors and the management of Robex remain committed to finding the best possible outcome for this asset going forward. The company continues to have constructive discussions with the Malian government to find a sustainable solution for Nampala by allowing further investment in exploration.

Financing and cash position

Unaudited cash position as of Feb. 29, 2024, is $12.7-million, and Robex has liquidity to meet all the cash and short-term ratios. Robex also has $10-million of undrawn credit line facilities subject to financial covenants.

As a reminder, the company has an up-to-date short form base shelf prospectus, authorizing it to issue securities for an aggregate offering amount of up to $250-million. This prospectus will be used to finance the equity portion of the construction capital expenditure.

Corporate advisory

With elevated gold prices and current market conditions being very favourable for transactions the board of directors and management have engaged SCP Resource Finance to advise on corporate or assets transactions to maximize shareholder value.

Updated corporate presentation

An updated presentation will be made available on the company's website alongside this press release, with more information about the current process and a detailed revised project timeline.

Aurelien Bonneviot, chief executive officer, commented: "Kiniero has delivered outstanding results to date and the resources are growing fast. We now need to adjust engineering to match the scale of the deposit. This updated feasibility study will show updated project while keeping all the capital invested to date for swift full-scale development and construction restart. Despite a rising gold price, persistent inflationary concerns and the high interest rate environment has made it challenging for smaller companies to finance self-developments in an accretive manner for existing shareholders. SCP will support us to explore our options to maximize value."

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 long-life low-AISC (all-in sustaining cost) Kiniero project in Guinea.

Robex is supported by two strategic shareholders and has the ambition to become a mid-tier gold producer in West Africa.

We seek Safe Harbor.