QUÉBEC CITY, May 31, 2019 (GLOBE NEWSWIRE) -- Robex Resources Inc. ("Robex" and/or "the Company") (TSXV: RBX / FWB: RB4) is pleased to publish their financial results for the quarter ended March 31, 2019.
All amounts are in Canadian dollars.
Highlights for the first quarter of 2019
- Gold production of 11,291 ounces (351 kg) compared to 9,793 ounces (305 kg) for the same period in 2018. Gold production increased by 15.3% compared to the same period in 2018.
- Increased the plant’s accessibility, namely an average of 91.6% for the first quarter of 2019 compared to 88.4% for 2018
- $18.9 million of gold sold compared to $20.6 million for the same period in 2018 (difference in gold sales from production can be attributed to each of the periods presented). Work on the elution circuit caused a delay in the casting process of the gold produced. These ounces of gold will figure in the sales of the next quarterly report.
- Cash flows from operating activities1 of $7.7 million or $0.013 per share2 compared to $9.6 million or $0.017 per share2 for the same period in 2018. This is directly related to the delay in the sale of some of the gold produced.
- After 2018 EMR (Estimation of Mineral Resources) figures were issued, depreciation calculations changed in accordance with IFRS standards. This had an adverse effect on operating income but had no impact on cash flows from operating activities ($7.7 million).
- An increase in administrative costs is attributed to the inauguration and the wells being drilled for neighbouring populations.
- Decrease in the Company’s liability in the amount of $4 million compared to December 31, 2018
- Exploration investments using the Nampala operating permit amounting to $0.9 million and $1.6 million in research and exploration using the Mininko and Kamasso permits.
- Activities initiated at the Nampala mine literacy centre, which will provide more than 65,000 hours of training to employees and neighbouring communities in 2019
Mining operation: Nampala, Mali
| Quarters ended March 31, |
||||
| 2019 | 2018 | |||
| Operating Data | ||||
| Ore mined (tonnes) | 498,433 | 491,342 | ||
| Ore processed (tonnes) | 424,561 | 445,226 | ||
| Waste mined (tonnes) | 817,729 | 1,047,870 | ||
| Operational stripping ratio | 1.6 | 2.1 | ||
| Head grade (g/t) | 0.95 | 0.93 | ||
| Recovery (%) | 85.0% | 83.9% | ||
| Gold ounces produced | 11,291 | 9,793 | ||
| Gold ounces sold | 10,935 | 11,989 | ||
| Financial Data | ||||
| (rounded to the nearest thousand dollars) | ||||
| Revenues – Gold sales | 18,870,000 | 20,573,000 | ||
| Mining operation expenses | 7,131,000 | 7,184,000 | ||
| Mining royalties | 588,000 | 672,000 | ||
| Administrative expenses | 1,774,000 | 1,338,000 | ||
| Depreciation of property, plant and equipment and amortization of intangible assets | 8,363,000 | 2,906,000 | ||
| Segment operating income | 1,014,000 | 8,473,000 | ||
| Statistics | ||||
| (in dollars) | ||||
| Average realized selling price per ounce | 1,726 | 1,716 | ||
| Cash operating cost per tonne processed3 | 18 | 15 | ||
| Total cash cost per ounce sold3 | 706 | 655 | ||
| All-in sustaining cost per ounce sold3 | 1,053 | 1,036 | ||
| Administrative expenses per ounce sold | 162 | 112 | ||
| Depreciation of property, plant and equipment per ounce sold | 765 | 242 | ||
ROBEX’S MD&A and the consolidated financial statements are available on the Company's website in the Investors section at: Robexgold.com. These reports and other documents produced by the Company are also available at Sedar.com.
For information :
Robex Resources Inc.
Augustin Rousselet, CFO and COO
Head Office : (581) 741-7421
This email address is being protected from spambots. You need JavaScript enabled to view it.
This press release contains statements that may constitute “forward-looking information” or “forward-looking statements” as set out within the context of security law. This forward-looking information is subject to many risks and uncertainties, some of which are beyond Robex’s control. The actual results or conclusions may differ considerably from those that have been set out, or intimated, in this forward-looking information. There are many factors which may cause such disparity, especially the instability of metal market prices, the results of fluctuations in foreign currency exchange rates or in interest rates, poorly estimated reserves, environmental risks (stricter regulations), unforeseen geological situations, unfavourable extraction conditions, political risks brought on by mining in developing countries, regulatory and governmental policy changes (laws and policies), failure to obtain the requisite permits and approvals from government bodies, or any other risk relating to mining and development. There is no guarantee that the circumstances anticipated in this forward-looking information will occur, or if they do occur, how they will benefit Robex. The forward-looking information is based on the estimates and opinions of Robex’s management at the time of the publication of the information and Robex does not assume any obligation to make public updates or modifications to any of the forward-looking statements, whether as a result of new information, future events, or any other cause, except if it is required by securities laws. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
1 Cash flows from operating activities exclude net change in non-cash working capital items.
2 Cash flows from operating activities per share are non-IFRS financial measures for which there is no standardized definition under IFRS. Se the "Non-IFRS Financial Performance Measures" section of the MD&A.
3 Cash operating cost, total cash cost and all-in sustaining cost are non-IFRS financial performance measures with no standard definition under IFRS. See the "Non-IFRS Financial Performance Measures" section of the MD&A.
