Mr. Benjamin Cohen reports
ROBEX RESOURCES INC. HAD AN EXCELLENT QUARTER AND ONCE AGAIN SIGNIFICANTLY INCREASED ITS PERFORMANCE
Robex Resources Inc. has provided its financial results for the quarter ended Sept. 30, 2019.
Highlights for the third quarter of 2019
- Increase in gold production of 19 per cent:
Gold production reached 15,175 ounces (472 kilograms) compared with 12,772 ounces (397 kg) during the same period in 2018, which is the best quarter ever.
- This quarterly production record is the result of:
An 18-per-cent increase in ore processed (512,377 tonnes versus 432,538 tonnes in 2018, a record average of 5,569 tonnes per day with an initial planned capacity of 4,000 t/d);
A 10-per-cent decrease in downtime per quarter over the last four quarters, resulting in an availability of 92.2 per cent;
Higher processed grade (1.05 g/t Au versus 0.97 g/t Au in Q3 2018);
Improvement in the recovery rate (87.7 per cent versus 87.3 per cent) despite the increase in production and therefore the decrease in retention time in the CIL.
- Increase in revenue of 29 per cent:
Gold sales of $25.5-million compared with $19.8-million for the same period of 2018.
- Increase in operating income of 22 per cent:
Operating income reached $7.3-million compared with $6-million for the same period in 2018, despite the $4.2-million increase in the quarterly amortization rate (in accordance with IFRS (international financial reporting standards)).
- Increase in cash flows from operating activities of 78 per cent:
The cash flows from operating activities reached $13.9-million (2.4 cents per share) compared with $7.8-million (1.3 cents per share) for the same period of 2018.
Decrease in debt of $9.3-million in only one quarter;
Repayment of one-third of the principal of debentures:
In addition, on Nov. 26, 2019, all non-convertible debentures and accrued interest were repaid.
Mining operation: Nampala, Mali
Third quarter Nine-month period
ended Sept. 30, ended Sept. 30,
2019 2018 2019 2018
Ore mined (tonnes) 477,676 365,759 1,378,787 1,306,075
Ore processed (tonnes) 512,377 432,538 1,370,536 1,313,988
Waste mined (tonnes) 645,784 474,115 2,309,402 2,341,676
Operational stripping ratio 1.4 1.3 1.7 1.8
Head grade (g/t) 1.05 0.97 1.01 0.95
Recovery (%) 87.7% 87.3% 86.5% 84.5%
Gold ounces produced 15,175 12,772 38,324 34,281
Gold ounces sold 13,276 12,733 35,971 36,202
(rounded to the nearest thousand dollars)
Revenues -- gold sales $25,478,000 $19,820,000 $64,789,000 $59,769,000
Mining operation expenses 7,489,000 6,984,000 22,027,000 20,577,000
Mining royalties 681,000 681,000 1,891,000 1,984,000
Administrative expenses 1,284,000 1,502,000 4,625,000 4,224,000
Depreciation of property, plant and equipment and
amortization of intangible assets 7,189,000 3,175,000 22,690,000 8,999,000
Segment operating income 8,835,000 7,478,000 13,556,000 23,985,000
(in Canadian dollars)
Average realized selling price (per ounce) 1,919 1,557 1,801 1,651
Cash operating cost (per tonne processed) 16 16 17 15
Total cash cost (per ounce sold) 615 602 665 623
All-in sustaining cost (per ounce sold) 893 843 988 937
Administrative expenses (per ounce sold) 97 118 129 117
Depreciation of property, plant and equipment (per ounce sold) 542 249 631 249
Robex's management'd 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 at SEDAR.
A word from the president Georges Cohen:
"Beyond the improved results due to the price of gold, it is interesting to note that all production parameters (tonnage, grade, recovery, availability, production cost per ounce of gold, etc.) have all improved significantly, thus contributing in a sustainable and structural way to the company's performance. These results were obtained through efforts focused on the mine's process and organization. I congratulate the teams who contributed to this fundamental work.
"Mindful of the recent dramatic events that have struck some mines in West Africa, we have further strengthened our procedures and means of protecting property and people."
We seek Safe Harbor.
© 2020 Canjex Publishing Ltd. All rights reserved.