Mr. Benjamin Cohen reports

ROBEX RESOURCES INC. BEGINS YEAR IN STRENGTH WITH FIRST QUARTERLY FINANCIAL RESULTS

Robex Resources Inc. has published its financial results for the quarter ended March 31, 2020.

Highlights for the first quarter of 2020:

• 32-per-cent increase in gold production:
• The gold production totalled 14,918 ounces compared with 11,291 ounces produced during the same period in 2019. The 12-per-cent increase in the quantity of processed ore at the Nampala plant (476,720 tonnes versus 424,561 tonnes for the first quarter of 2019), the improvement of the average recovery rate (88.8 per cent versus 85.0 per cent for the same period in 2019) and the higher average grade of processed ore (1.10 grams per tonne compared with 0.95 g/t for the first quarter of 2019) are all favourable factors for this good quarterly production performance.
• The company is continuing its efforts to optimize its plant in Mali with the objective of reaching a daily production of 5,600 tonnes until the end of 2020. In addition, work is under way to add a crushing circuit to the crusher's milling circuit.
• 64-per-cent increase in revenue:
• During the first quarter of 2020, 14,646 ounces of gold were sold for $30.9-million compared with 10,935 ounces of gold for $18.9-million for the same period in 2019. The quantity produced being greater than the quantity sold is attributable to the time delay between casting and refining gold ingots.
• Significant increase in net income attributable to shareholders for this quarter of $8.9-million:
• The company achieved net income attributable to shareholders of $9.7-million (1.7 cents per share), including $7.4-million in amortization of the book value of fixed assets for this quarter, compared with $800,000 (0.1 cent per share) for the same period in 2019.
• Decrease in the total cash cost (1) of 21 per cent -- that is, $560 per ounce sold for the first quarter of 2020 compared with $706 per ounce sold for the same period in 2019:
• The constant improvement of the Nampala plant and its organization now allow the company, among other things, to integrate a preventive maintenance program, thereby reducing costs and unplanned shutdowns and therefore significantly reducing the total cash cost (1) of an ounce of gold.
• 143-per-cent increase in cash flows from operating activities (2):
• The operating activities of the company generated cash flows of $18.7-million (3.2 cents per share (3)) compared with $7.7-million (1.3 cents per share (3)) for the same period in 2019. Cash flows are 60 per cent higher than overall revenue.
• Improvement of the working capital of $2.4-million as at March 31, 2020, compared with Dec. 31, 2019, and this, considering the declared dividend of $11.6-million paid on April 7, 2020.

                           MINING OPERATION: NAMPALA, MALI

                                                                 Quarters ended March 31,
                                                                2020                2019
Operating data
Ore mined (tonnes)                                           502,280             498,433
Ore processed (tonnes)                                       476,720             424,561
Waste mined (tonnes)                                       1,350,806             817,729
Operational stripping ratio                                      2.7                 1.6
Head grade (g/t)                                                1.10                0.95
Recovery (%)                                                    88.8%               85.0%
Gold ounces produced                                          14,918              11,291
Gold ounces sold                                              14,646              10,935
                                                      --------------      --------------
Financial data
(rounded off to the nearest thousand dollars)
                                                      --------------      --------------
Revenue -- gold sales                                    $30,864,000         $18,870,000
                                                      --------------      --------------
Mining operation expenses                                  7,436,000           7,131,000
Mining royalties                                             770,000             588,000
Administrative expenses                                    1,650,000           1,774,000
Depreciation of property, plant and equipment,
and amortization of intangible assets                      7,387,000           8,363,000
                                                      --------------      --------------
Segment operating income                                  13,621,000           1,014,000
                                                      --------------      --------------
Statistics
(in dollars)
Average realized selling price (per ounce)                     2,107               1,726
Cash operating cost (per tonne processed) (3)                     17                  18
Total cash cost (per ounce sold) (3)                             560                 706
All-in sustaining cost (per ounce sold) (3)                      968               1,053
Administrative expenses (per ounce sold)                         113                 162
Depreciation of property, plant and equipment
(per ounce sold)                                                 504                 765
                                                      --------------      --------------

Robex's management's discussion and analysis and the condensed interim consolidated financial statements (unaudited) are available on the company's website in the investors section at the Robex website. 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 increased price of gold, 2020 is looking promising for the company on many levels, in spite of the COVID-19 pandemic. I would like to congratulate all the employees who are working tirelessly to reach the objectives set by Robex's management and to thank all those who made the Nampala mine's lockdown possible in order to ensure continued mining.

"Despite our ore's low grade, tight management of production costs will enable us to obtain one of the lowest cash costs per ounce of gold in the sector."

(1) Total cash cost is a non-international financial reporting standard measure for which there is no standardized definition under IFRS. See the "Non-IFRS Financial Performance Measures" section of management's discussion and analysis.

(2) Cash flows from operating activities exclude net change in non-cash working capital items.

(3) Cash flows from operating activities per share, cash operating cost, total cash cost and all-in sustaining cost are non-IFRS measures for which there is no standardized definition under IFRS. Refer to the "Non-IFRS Financial Performance Measures" section of the MD&A.

We seek Safe Harbor.