Robex Resources Generated Net Cash Flow From Operating Activities of $6.9 Million in the Second Quarter of 2017 for Revenues of $15.2 Million
QUEBEC CITY, QUEBEC--(Marketwired - Aug 30, 2017) - Robex Resources Inc. ("Robex" and/or "the Company") (TSX VENTURE:RBX)(FRANKFURT:RB4) is pleased to announce their financial and operating results for the quarter ended June 30, 2017. This second quarter has given encouraging results.
Unless otherwise indicated, all amounts are in Canadian dollars.
Highlights for the second quarter of 2017
- Net cash flows from operating activities(1) of $6.9 million or $0.012 per share1, an increase of 35 % compared with the first quarter of 2017 ($5.1 million or 0,009 $ per share1)
- 8,987 gold ounces sold for $15.2 million, an increase of 22 % compared to the first quarter of 2017 (7,548 gold ounces sold for $12.4 million)
- Total cash costs(2) of $591 per ounce sold and all-included sustaining costs2 of $873 per sold ounce (total cash costs2 of $665 per ounce sold and all-included sustaining costs2 of $891 $ per ounce sold in the first quarter of 2017)
- Adjusted net income attributable to equity shareholders2 of $3.8 million or $0.007 per share2, an increase of 38 % compared to the first quarter of 2017 ($2.7 million or $0.005 per share2)
- 16,525 drilling meters planned at the Nampala mine, starting on October 1st, 70 % of which will be RC drilling and 30 % of core drilling, with the primary objective of increasing the exploitable resources at Nampala
Mining operation: Nampala, Mali
| Second quarters ended June 30, | First halves ended June 30, | |||
| 2017 | 2016 | 2017 | 2016 | |
| Operating Data | ||||
| Ore mined (tonnes) | 379,719 | 151,149 | 645,148 | 268,268 |
| Ore processed (tonnes) | 381,710 | 102,998 | 741,919 | 240,418 |
| Waste mined (tonnes) | 615,750 | 316,821 | 1,219,487 | 622,188 |
| Operational stripping ratio | 1.6 | 2.1 | 1.9 | 2.3 |
| Head grade (g/t) | 0.77 | 0.89 | 0.85 | 0.84 |
| Recovery (%) | 85.9 % | 81,8 % | 85,9 % | 83.2 % |
| Gold ounces produced | 8,965 | 2,985 | 16,735 | 3,443 |
| Gold ounces sold | 8,987 | 2,985 | 16,535 | 3,443 |
| Financial Data | ||||
| (all amounts below were rounded to the nearest thousand dollars) | ||||
| Revenues - Gold sales | 15,207,000 | --- | 27,613,000 | --- |
| Mining operation expenses | 4,941,000 | --- | 9,659,000 | --- |
| Change in environmental liabilities | 6,000 | 9,000 | 12,000 | (18,000) |
| Mining royalties | 363,000 | 29,000 | 657,000 | 34,000 |
| Administrative expenses | 1,479,000 | 168 000 | 2,296,000 | 382 000 |
| Depreciation of property, plant and equipment | 1,940,000 | 43,000 | 3,537,000 | 191,000 |
| Segment operating income | 6,478,000 | (249,000) | 11,451,000 | (589,000) |
| Statistics3 | ||||
| (all amounts below are expressed in dollars) | ||||
| Average realized selling price (per ounce) | 1,692 | --- | 1,670 | --- |
| Cash operating cost (per tonne processed)4 | 11 | --- | 12 | --- |
| Total cash cost (per ounce sold)4 | 591 | --- | 625 | --- |
| All-in sustaining cost (per ounce sold)4 | 873 | --- | 881 | --- |
| Administrative expenses (per ounce sold) | 165 | --- | 139 | --- |
| Depreciation of property, plant and equipment (per ounce sold) | 216 | --- | 214 | --- |
Exploration
Nampala Mining site
The drilling program has been fully planned and includes 4,750 meters of core drilling and 11,775 meters of reverse circulation ("RC") drilling. The drillings will begin once the rainy season is over, around October 1st, 2017 and will take place in the last quarter of 2017.
ROBEX's Management's Discussion and Analysis and Consolidated Financial Statements are available on the Company's website in the Investor section at: Robexgold.com. These reports and other documents produced by the Company are also available at: Sedar.com.
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 changes in non-cash working capital items. |
| 2 | Operating cash flows per share, total cash costs, all-in sustaining cost and adjusted net income attributable to equity shareholders are non-IFRS financial performance measures with no standard definition under IFRS. See the "Non-IFRS financial measures" section of MD&A, on page 32. |
| 3 | The statistics relate entirely to the mining operations of the Nampala mine. As the mine was not in commercial operation in 2016, the comparative does not apply for this period. |
| 4 | Cash operating cost, total cash cost and all-in sustaining costs are non-IFRS financial performance measures with no standard definition under IFRS. See the "Non-IFRS financial measures" section of MD&A, on page 32. |
Contact
Renmark Financial Communications Inc.
Bettina Filippone
Montreal: (514) 939-3989
Toronto: (416) 644-2020
bfilippone@renmarkfinancial.com
www.renmarkfinancial.com
Robex Resources Inc.
Guillaume Emond, CPA, CMA, VP Admin
Head office : (581) 741-7421
info@robexgold.com
www.robexgold.com