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Correction – Robex Resources Inc., The Canadian Business Journal

In the release issued by Robex Resources Inc. (TSXV: RBX) on Monday, November 28, the headline should read “Strong Q3 Results” instead of “Strong Q2 Results.” Note that there was Also note that the first paragraph should have read “Financial results for the third quarter ended September 30, 2022.” It is not “financial results for the second quarter ended June 30, 2022.” That the quarter has been updated in the table. Here is the fixed release:

Robex: Strong Third Quarter Results and Closed Deal with Sycamore

QUEBEC CITY, November 29, 2022 (GLOBE NEWSWIRE) — Robex Resources Inc. (“Robex“,”group” Also “Company) (TSXV: RBX) is pleased to announce financial results for the third quarter ended September 30, 2022.

All amounts are in Canadian dollars (CAD).

Quarterly company overview

operation:

The number of ounces produced was 11,124 ounces, a decrease of 1.7% compared to the same quarter last year. This is especially true in September, when the wet season is much more severe, and the start of Trommel and higher feeding grades (0.82 g/t compared to 0.79 g/t he for the same period in 2021) cannot be compensated. In fact, the unprecedented rainfall caused hopper procurement issues, loader cycle timing and availability issues, and primary grizzly clogging. By early October, things had returned to normal.

search:

During the third quarter of 2022, Robex continued significant exploration work completed by remote sensing on all licenses (Sanoula, Diangounté, Mininko and Gladie) and on nearby promising land. The results of this exploration are encouraging in each zone, with significant intersections reported during the Mininko drilling campaign. It represents an important target zone (Nampala) near the mine for follow-up exploration from the rest of 2022 to 2023. Ambition to increase global resources.

In Guinea, exploration and geological surveys of the Kiniero mine have essentially been carried out in support of the Pre-Feasibility Study (PFS) and the Definitive Feasibility Study (DFS). Drilling purposes include pairing, filling, geology, water production, mining geotechnical engineering, civil geotechnical engineering, metallurgy, lateral expansion, depth expansion and sterilization. All drilling samples are analyzed and reported. The results confirm Kiniero’s geological understanding, and the prospects for large-scale open pits and depths associated with each deposit considered for mining operations, particularly his SGA, Sabali South, and Mansounia deposits, We continue to support. Exploration will remain at the forefront in Q4 through 2023 to support DFS. After completion of his DFS in 2023, management will begin exploration with a focus on geological mining studies, discovering and contouring supplemental resources near the mine to extend the life of the mine as indicated by the DFS. intended to draw.

Finance:

Gold sales reached $30.8 million for the quarter ended September 30, 2022, compared with $16.7 million for the same period in 2021, due in particular to an increase in the number of ounces of gold sold. Average selling prices per ounce remained relatively stable over the period ($2,269/oz vs. $2,254/oz). Note that the discrepancy between gold production and sales during the quarter was a result of the timing of shipments. Operating profit increased 159% for the quarter ended September 30, 2022 ($10.3 million compared to $4.0 million for the quarter ended September 30, 2021). Higher fuel prices and higher subcontracting costs drove operating costs up sharply. Administrative costs were also increasing, especially with the consolidation of projects and the start of field work in Guinea. For the quarter ended September 30, 2022, the Group was able to generate $11.9 million in cash flow from operations (compared with $5.2 million for the quarter ended September 30, 2021). . As at 30 September 2022, the Group had a solid balance sheet (net debt of $2.9 million at 30 September 2021 and net cash of $9.3 million at 31 December 2021). ). End of September (includes $7.7 million for the quarter ended September 30, 2022 alone).

transaction:

The merger with Sycamore Mining Ltd confirms a step change for Robex. The closing of the deal on November 9 merged the two companies into his one public company. Now you can focus on building Kiniero and developing Nampala.

M. George Cohen, Executive Chairman: « Despite the high inflation environment and devastating rainfall, Nampala mine activity is very resilient. However, Nampala’s operational performance is still improving and costs continue to be contained. We are very pleased to have successfully completed our merger with Sycamore Mining Ltd. When We warmly welcome all officers and employees to join our group. This transaction is important step into robex Growth strategy»

Third Quarter 2022 Operating and Financial Results Highlights

For the quarter ended September 30,
2022 2021 change
gold ounces produced 11,124 11,317 -1.7%
ounces of gold sold 13,644 7,348 +85.7%
(Rounded to the nearest thousand dollars)
Revenue – Gold sales 30,750,000 16,672,000 +84.4%
Operating income 10,354,000 3,997,000 +159.0%
Net income attributable to shareholders 7,073,000 4,127,000 +71.4%
basic earnings per share 0.012 0.007 +71.4%
Diluted earnings per share 0.012 0.007 +71.4%
Adjustment amount
Net income attributable to shareholdersMe 7,868,000 3,992,000 +97.1%
per shareMe 0.013 0.007 +96.6%
Cash flow
Cash flow from operating activities 11,896,000 5,207,000 +128.5%
per shareMe 0.020 0.009 +128.0%
statistics
(dollar)
Average Realized Selling Price (per ounce) 2,254 2,269 -0.7%
All-In Upkeep (per ounce sold)Me 1,327 1,559 -14.9%
Adjusted all-in sustained cost (per ounce sold)I 896 950 -5.5%
Current
September 30
Current
December 31
2022 2021 change
Total assets 152,656,000 142,668,000 7.0%
total liabilities 32,000,000 44,020,000 -27.3%
Net Debt (Cash)Mev 42,000 (9,281,000)


Mining Business (Gold):

End of 3rd Quarter
September 30
9 months
September 30
2022 2021 2022 2021
driving data
ore mined (tons) 398,566 484,359 1,680,789 1,469,695
ore processed (tons) 482,624 481,690 1,507,977 1,428,535
mined waste (tons) 1,667,252 1,379,329 6,350,476 6,513,038
Operation peeling rate 4.2 2.8 3.8 4.4
Head grade (g/t) 0.82 0.79 0.82 0.79
recovery 87.2% 92.1% 88.9% 91.3%
gold ounces produced 11,124 11,317 35,398 33,083
ounces of gold sold 13,644 7,348 38,296 30,589
financial data
(Rounded to the nearest thousand dollars)
Revenue – Gold sales 30,750,000 16,672,000 89,442,000 68,964,000
Mining operating expenses 10,111,000 5,393,000 26,470,000 23,473,000
mining royalties 955,000 411,000 2,768,000 1,720,000
management fee 2,995,000 3.3 million 8,781,000 7,740,000
Depreciation of property, plant and equipment and amortization of intangible assets 3,073,000 2,891,000 7,949,000 8,713,000
Segment operating profit 13,616,000 4,677,000 43,474,000 27,318,000
statistics
(dollar)
Average Realized Selling Price (per ounce) 2,254 2,269 2,336 2,255
Cash operating costs (per tonne processed)Me 20 19 18 18
Total Cash Cost (per ounce sold)Me 811 790 763 824
All-In Upkeep (per ounce sold)Me 1,327 1,559 1,330 1,625
Adjusted all-in sustained cost (per ounce sold)Meiii 896 950 892 974
Administration Fee (per ounce sold) 220 449 229 253
Depreciation of property, plant and equipment and amortization of intangible assets (per ounce sold) 225 393 208 285

For more information, Robex’s MD&A and Consolidated Financial Statements are available on our website in the investor section of robexgold.com. These reports and other documents produced by us are also available on sedar.com.

For more information:

This news release contains statements that may be deemed “forward-looking information” or “forward-looking statements” with respect to security laws. These forward-looking statements are subject to uncertainties and risks, some of which are beyond Robex’s control. Actual and final results may differ materially from any implicit or explicit projections. Actual results may differ materially from those currently anticipated due to a number of assumptions, factors and risks. These assumptions and risks include assumptions and risks relating to our ability to complete the planned financing to undertake our future program of work and the results of future exploration activities by us; but not limited to these. There is no guarantee that the circumstances set out in these projections will occur. Forecasts are based on his Robex management’s estimates and opinions at the time of publication. Robex does not undertake to update or change these published projections based on new information or events or otherwise, except as required by applicable security laws. TSX Venture Exchange Inc. neither endorses nor disapproves of the contents of this news release. Neither TSX Venture Exchange nor its regulated service providers (as those terms are defined in the TSX Venture Exchange Policy) are responsible for the adequacy or accuracy of this release.

Me Adjusted net income attributable to stockholders, adjusted basic earnings per share, operating cash flow per share, cash operating expenses, total cash expense, all-in maintenance cost (or AISC) and adjusted all-in maintenance cost are IFRS financial measures. There is no standardized definition in IFRS. See the “Non-IFRS Financial Performance Measures” section of MD&A.
Cash flows from operating activities do not include net changes in non-cash working capital items.
iii Adjusted total maintenance costs exclude stripping and exploration costs.
iv Refer to the Net Debt (Cash) Position section of MD&A.


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Correction – Robex Resources Inc., The Canadian Business Journal

Source link Correction – Robex Resources Inc., The Canadian Business Journal

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