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Robex Resources Inc
Symbol RBX
Shares Issued 580,259,566
Close 2019-11-27 C$ 0.115
Recent Sedar Documents

Robex Resources' Q3 operating income at $7.3-million

2019-11-28 08:39 ET - News Release

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
Operating data
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
Financial data
(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
Statistics
(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.

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