Mr. Georges Cohen reports

ROBEX: SIGNIFICANTLY IMPROVED OPERATING AND FINANCIAL RESULTS

Robex Resources Inc. has published its financial results for the first quarter ending March 31, 2022.

All amounts are in Canadian dollars.

Quarterly corporate summary

Operations

The number of ounces produced was 12,089 ounces, a 14-per-cent increase compared with the same quarter last year. The operational improvements completed by the company's teams have allowed Robex to continue to optimize the processing capacity of the Nampala plant. 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 capacity of the plant.

In line with the new mine plan, the operational stripping ratio has significantly decreased (3.2, compared with 5.7 for the same period in 2021), prompting a 33-per-cent decrease in the all-in sustaining cost (per ounce sold), going from $1,732 to $1,166.

Exploration

Robex continued major exploration work on all of its licences (geochemistry, geophysics reinterpretation, surface sampling) on the Senegalo-Malian shear zone (Sanoula and Diagounte) and on the licences neighbouring Nampala (Mininko and Gladie) by investing an amount of $316,000 during the first quarter of 2022. Reverse circulation (RC) drilling and diamond drilling 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 gram per tonne (g/t), compared with 0.76 g/t for the same period in 2021) and an increase in the average gold price ($2,365 per ounce, compared with $2,281 for the same period in 2021) resulted in a 53-per-cent increase in the operating income and a 43-per-cent 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 with $9.3-million on Dec. 31, 2021.

Transaction

The company continues its work to complete the prefeasibility 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.

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."

For more information, Robex's MD&A (management's discussion and analysis) and the consolidated financial statements are available on the company's website in the investors section. These reports and other documents produced by the company are also available on SEDAR.

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